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INDLX TO MINUTES OF BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 1942 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 1942 Pages Acceptances, bankers: Legislative clarification of the status of, for the purposes of the Excess Profits Tax, reply to inquiry of the Committee on Foreign Banking of New York advising that there have been no further developments in connection with the proposed 5/13 amendment to the Internal Revenue Code surplus: Acceptances up to 100% of capital and American National Bank & Trust Company of Mobile, Alabama, action on application deferred pending opinion of Comptroller as to whether condition of 3/30 bank justifies grant of authority 4/16 Application approved Accountants, cost, Major General Olmstead to be advised that FRBanks have none on their staffs and suggested that he contact American Institute of Accountancy 3/2 and American Association of Accountants Accounts: Loan agencies of Reconstruction Finance Company, advice to FRBanks that there is no legal reason for not 6/17 opening with meeting at discussed banks, small by opening War loan, 9/14 Federal Advisory Council on 9/18 to FRBanks Department Treasury from Telegram Addresses: Raisty, Lloyd B., on consumer credit, telegram listing sug11/ 9 gested changes plan: compensation Adjusted Presidents' Conference requests regarding, discussed and restrictions modified with understanding that plan will not be applied where it would increase any salary beyond $6,000 and not to be 2/27 effective until after March 1, 1942 Presidents' Conference advised that liberalization of, has been approved in accord with request, letter 3/2 to be sent to FRBanks Advertisements: 8/22 Charge sale, violation of Regulation W by store in Rochester regional Expenditures by FRBanks in newspapers of cities where 11/25 offices of Victory Fund Committees are located as Regulation, Furniture company advertisement in violation of articles are closely related but down payments 2/7 required are insufficient to cover total http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 929 592 730 389 1238 1798 1842 2137 364 394 1661 2230 223 2 Pages Advertisements: (Continued) Harold A. Lifton Co., New York, promotion items under Regula7/31 tion W Home Furniture Company, compliance of group offerings with 9/10 Regulation W Boston to reply W, Regulation with connection in Misleading, Better Business Bureau in regard to distribution of the National Bureau's statement in 5/15 respect to Radio, sale of, as advertised, permissible under section 6(j) of Regulation W, letter sent to Mr. W. E. 1/7 Carney and Bureau of Internal Revenue in discrimination of press from complaints financing, Treasury 12/ 1 placing of for with, contract of continuation Company, Aetna Life Insurance 4/22 group life insurance for employees of Board Affiliates: Bank of America National Trust & Savings Association: Letter advising that Board does not consider holding company affiliate relationship with Transamerica Corporation as terminated, and that Board is without authority to waive filing of reports of 1/22 affiliates Copies to be sent to Messrs. Clerk and Crowley, and the 1/22 Comptroller of the Currency Review of relationships with First Trust and Savings Bank of Pasadena, California in connection with establishment of branches at Temple City and Alhambra, letter to be drafted advising of denial of permission on present information 2/ 6 before the Board Letter from FDIC expressing opposition to further expan2/6 sion by 2/14 restricted Under present policy further expansion of, to be FDIC 2 /14 and Copy of letter to be sent to the Comptroller reconto Peoples Bank of Lakewood Village, Calif., Board sider application upon showing that relations 3/11 with, have been severed appliapprove not did Board why Mr. Knox advised of reasons 3/11 cation extended time Calif., Pasadena, of Bank First Trust and Savings 4/21 for filing of reports of 7/16 of reports time to file Extension of on agreement Wis., Milwaukee, Inc., Avenue, Wisconsin 425 West form P-3 must be executed by, before authority is granted for issuance of voting permit to 10/15 Wisconsin Bankshares Corporation http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1528 1767 941 23 2248 755 101 105 208-14 212 256 257 463 465 749 1443 2024 3 Pages Affiliates: (Continued) Hotel Conneaut at Conneaut Lake, Pennsylvania, publication of report by Peoples-Pittsburgh Trust Company, waived, but report should be rendered at next call if affiliation still exists Lanphar Agency, Inc., examination report of Romeo Savings Bank, Romeo, Mich., shows affiliate relationship Maine Real Estate Title Company, Bangor, Me., of Merrill Trust Company, now in liquidation and report not required Mellon National Bank and the Union Savings Bank of Pittsburgh, purchase of additional stock of, by the Union Trust Company of Pittsburgh held to be in violation of FRAct and Revised Statutes Melvyn F. Lanphar & Co., examination report of Romeo Savings Bank, Romeo, Mich., shows affiliate relationship Merrill Mortgage Company, Bangor, Maine, of Merrill Trust Company, publication of last condition report not to be required to be published in future Not in formal liquidation, report should be submitted by Merrill Trust Co. Morgan Grenfell & Co. Ltd., considered an affiliate of J. P. Morgan & Co., Incorporated, New York City in connection with admission to membership Belief of Board that when steps have been taken by J. P. Morgan & Company, Inc., the affiliate relationship will have been terminated Mutual National Bank in the same position as regards capital as Chicago City Bank and Trust Company, FRBank of Chicago and National Bank Examiner to determine measures which should be taken by Pilgrim Vaults, Inc., title to real estate of Pilgrim Trust Company transferred to, question of publication of reports Relationships where corporate stocks are pledged with member banks as security for loans, policy of Board not to reply to hypothetical questions but possible reply suggested to FRBank of San Francisco Romeo Savings Bank, Romeo, Mich., stock disposed of by Melvyn F. Lanphar and not considered affiliate of Melvyn F. Lanphar Co. and Lanphar Agency, Inc. Union Savings Bank of Pittsburgh and the Mellon National Bank, purchase of additional stock of, by the Union Trust Company of Pittsburgh held to be in violation of FRAct and Revised Statutes http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/13 928 9/12 1789 6/17 1231 2/21 308 9/12 1789 6/17 1231 11/11 2149 4/23 757 6/23 1271 3/2 400 8/ 6 1575 2/26 358 10/12 2008 2/21 308 4 Pages Affiliates: (Continued) Union Savings Bank of Pittsburgh: (Continued) Union Savings Bank to be taken over by Union Trust Co. of Pittsburgh Val Verde Wool & Mohair Company, Del Rio Bank & Trust Company, Del Rio, Texas, attention of, to be called to definition of affiliates in connection with reports on relationship with FRSystem: Agencies, Savannah: Personnel classification plan, changes approved Staff: Bowden, Jas. H., Manager, salary approved Looney, Earle, Assistant Manager, salary approved Salary approved as Acting Manager Air carriers: Priority for travel on, authority to sign certificates for, limited to Members of Board and Secretary Letter to FRBanks recommending that authority to sign certificates be restricted Alabama: Limitation on loans to one person, application of State law to guaranteed loans Alaska: Destruction of currency in, procedure affecting FRnotes and FRbank notes approved Nonmember banks to be permitted to carry account with FRBank of San Francisco during War emergency Regulation W, provision inapplicable to Ketchikan Merchants Association, Ketchikan, Alaska, letter giving reasons why provisions of Regulation W were not made applicable to Alien Property Custodian: Delegation of power over, to Secretary of Treasury, statement for publication in FRBulletin Executive Order establishing office, statement for publication in FRBulletin Statement regarding appointment of Deputy Custodian ordered published in FRBulletin Executive Order Allocating Powers to be published in FRBulletin Aliens: Employment policy regarding, no fixed policy to be adopted, recommendations to Board to be made on the merits of the person involved Alpin, A. L., reply to Senator Ellender on application of RegulationW to financing of certain purchases http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/10 2142 4/9 664 9/11 1784 5/5 862 5/5 862 9/11 1784 2/5 196 2/5 197 8/ 6 1577 9/ 1 1717 9/15 1819 6/29 1319 3/24 551 3/24 551 4/22 754 7/21 1468 2/10 229 7/ 1 1347 5 Pages Amer, Cunningham & Keeney, Akron, Ohio, advised that dental laboratories are not subject to Regulation W unless they make sales of listed articles American Association of Personal Finance Companies, explanation of possibility of revision under Regulation W following default on instalment payments American Banker: Default of contractor, guarantee of loan not affected by statement, misquoted Association: American Bankers Committee to work for classification of bank employees as in essential industry, discussed by Federal Advisory Council Examination of insured banks, suggestion of amendment to bill to provide for absorption by FDIC of cost of one each year Meeting of Executive Council, meeting of April 19-22 may be attended by Mr. Cravens to present plan for war loans Regulation F, quoted by Mr. Leonard as favoring a liberalization in the amount of any one trust fund that may be invested in a common fund Reports on consumer credit statistics, letter to, regarding transfer to Board, request for list of reporting banks, procedure and form of report outlined of transfer advised FRBanks Instructions for submission of reports transmitted to FRBanks for withholding tax at source on wages, providing Act Revenue etc., problem of administration and expense placed on tax, studied by Banking: of American Institute to questions on single payment loans under reply Topeka Chapter, Regulation W American Legion: Loans to, not exempt from provisions of Regulation W American nationals in territories where interests of United States are represented by Switzerland, procedure in extending financial assistance to American Security Company, New Castle, Indiana, advised that Board cannot foretell rulings and regulations that may make loans on automobiles more hazardous American Shuffle Board Company, Union City, N. J., letter to Mr. Jordan that shuffle boards are included under games equipment under Regulation W Annual leave: (See Leaves of absence) http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/25 1037 1/14 51 6/ 8 1158 11/16 2186 6/ 3 1115 4/9 685 5/5 856 2/4 2/4 187 188 3/ 5 419 8/ 5 1553 6/ 5 1145 5/27 1070 4/1 613 2/23 320 7/13 1417 6 Pages Annual reports: FRBank of Minneapolis, narrative of activities under Regulation V, no objection to including if first submitted to Board 12/23 First Securities Corporation of Syracuse, N. Y., requested for 1941, although holding only limited voting permit 1/7 affiliates company to be obtained on Form FR 437, letHolding 12/16 ter of instructions to FRBanks Speaker of to the approved, presentation Proofs submitted and the House of Representatives approved, distri5/20 bution to be made by Mr. Draper Anonymous letters: Borrowings and check operations of G. H. Wagner, Vice President 8/22 of FRBank of Cleveland Appraisal guides: American Auto Appraisal, Morris Plan Savings Bank of Jacksonville, Florida, advised of reasons of Board for not designating 4/ 7 Automobile not listed by a particular guide, dealer is not guilty of violation if in good faith he extends 5/ 6 credit on, without consulting other guides Blue Book National Used Car Market Reports - Executive Edition, designated for use in additional territories, letter to Mr. Leukhart of the National Used Car Market Report, Inc. 4/ 9 information on, to be furnished to FRBanks as soon Designation, as possible but will not be completed in time to mail to registrants with Amendment No. 3 to Regulation W 3/ 3 use in connection with Regulation W, memorandum Designated for 3/21 and list of of list 12/19 Designation of publications for 1943, District L Edition NADA Official Used Car Guide, Nevada should be added to list of states covered by 3/23 Kelley Blue Book, Los Angeles, California, reply to several questions of, to be advised of answers to other 3/27 questions at a later date Reply to letter regarding practice of some publishers to imply that theirs is the only officially designated guide 4/14 Advised of possible results of the establishment of price ceilings on used automobiles 4/16 Advised that Board will designate for use in additional States upon submission of data in support of 5/ 6 the suggestion http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2374 21 2322 1003 1660 652 871 667 409 521-32 2346 545 580 717 731 874 7 Pages Appraisal guides: (Continued) Kelley Kar Company, Los Angeles, Calif., advised that Board expects each publication to quote average retail values of used cars in its territory Market Record, implication that it has a better official standing than other designated guides to be eliminated Letter to Mr. Anderson acknowledging advice of change in publication date National Used Car Market Report, Inc., Chicago, Illinois, advised that Board will consider data supporting requested additional designations Advised that consideration is being given to designating their Red Book and Executives Edition for use in the Detroit area for purposes of Regulation W Reply to, regarding Market Record, designation in certain territories, and possible effect of price ceilings on used cars Advised of guides designated for use in certain counties in Michigan Official Automobile Guide, Board willing to consider for designation in connection with Regulation 1%, noninclusion is not a reflection upon the accuracy of guides Letter to Mr. Dillard on effect of failure to designate under Regulation W Letter to Recording & Statistical Corporation, Chicago, Ill., on designation Included among designated publications Official Automobile Guide Price Edition, letter to Mr. Meffley on designation of publication Official Guide, Los Angeles, California, advised of designation of, for purposes of Regulation W Advised that Board has no objection to higher quotations if they reflect the actual market, other questions answered Official Guide, (Pacific Auto Guide, Inc.) advised of possible results of the establishment of price ceilings on used automobiles Official Nebraska Used Car Survey, designation to apply to June issue until replaced by new issue Publishers of, requested to submit information regarding, for determining value of used cars in connection with Amendment No. 3, RegulationW Publishers of guides designated by Board in connection with Regulation W, letter to http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/4 625 4/14 717 5/28 1078 3/24 550 4/ 9 667 4/15 723 5/26 1060 4/10 694 4/14 717 6/30 1327 7/15 1436 10/12 2011 3/27 581 4/10 693 4/16 731 8/19 1641 3/9 439 3/21 532 8 Pages Appraisal guides: (Continued) Reasons for designating guides which in some cases quote separate prices for cars having special features, reply to FRBank of Kansas City regarding Revised list of those now designated for purpose of section 13(c) of Regulation W sent to FRBanks of appreciation for suggestions regarding, letter Sapers, A. E., advised that they are used merely for setting maximum credit values on used cars Values as determined by, items which may be added to, in determining maximum credit values Wisconsin Automobile Guide, designation of July - August edition extended services: Appreciation of Creighton, A. M., as member and chairman of Industrial Advisory Committee for First FRDistrict Approval numbers to report forms, procedure prescribed by Bureau of the Budget for assignment of Armistice Day, Board's offices to remain open Articles for publication: Jewelers, reply to FRBank on answering inquiry concerning registrations under Regulation W Asbestos Cement Product Association, Philadelphia, Pa., reply to proposal for amendment to Regulation li to allow longer periods of credit for purchase of certain asbestos cement products Request for exemption of asbestos siding from provisions of Regulation W Asher, Norman, reply to letter of, referred to Board by Securities and Exchange Commission, copies of Regulation T and related publications enclosed Assessments on FRBanks to cover expenses of Board of Governors: Last six months of 1942 First six months of 1943 Assignment of claims: Acknowledgment and return of notices, letter to General Accounting Office on Assignment of Letters of Intent and Notice of Award, opinion of Comptroller General of United States transmitted to FRBanks Letters on Intent and Notices of Award, letter to Comptroller General of United States on Moneys due under contract for benefit of creditors of a company where no funds are advanced by a bank, bank acting merely as trustee, assignment not permissible http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/30 832 7/15 1438 4/ 8 660 4/ 6 640 8/24 1666 2/11 238 10/10 2004 11/ 6 2130 10/ 5 1943 9/10 1770 11/ 3 2108 3/12 485 6/17 1236 12/21 2354 6/11 1187 11/ 2 2100 10/14 2018 9/ 5 1741 9 Pages Assignment of claims: (Continued) Procedure of Office of Comptroller General, especially in con9/ 3 nection with war loans relinquish claim to assignee of as bank one Procedure permitted claim and permit second bank to obtain assign11/ 2 ment under same contract Association of Life Insurance Presidents, New York City, reply to question of, as to whether they are required to 3/26 register under section 3(a) of Regulation W Atlantic Refining Company, Philadelphia, Pa., credit card system of, compliance would necessitate promptness in assigning and forwarding charge slips and notifying of account in default under Regulation 8/14 States: United Attorney General of the H. R. 6269, to amend the Foreign Agents Registration Act of 1938, letter to, suggesting that the proposal be amended so banks will not be required to 3/17 register as agents of foreign principals Regulation W, plan of enforcement for, submitted to, for ap5/22 proval 5/22 Letter to be sent to FRBanks if plan is approved by Program to secure compliance with provisions of, supply 5/28 sent to Department of Justice Taxation of Board's Building, not to give opinion but to co12/24 operate in any litigation (See also Taxes, Building of Board) Auditors of FRBanks: Duties and responsibilities to be discussed at Conference of 9/18 Chairmen Relationship with Division of Examination of Board and Chairman of Board of Directors of FRBank, topic for dis9/ 8 cussion at Conference of Chairmen Relationship discussed by Mr. Szymczak at meeting with di9/15 rectors at FRBank of Cleveland 9/18 Relationship to be discussed at conference of Chairmen 11/18 Resolution of Conference of Chairmen Audits: Jacksonville Branch, investigation regarding disproportionate 3/12 cost of operating cafeteria to be made Automobile appraisal guides: (See Appraisal guides) Automobiles: 5/13 Board of Governors, purchase of Chrysler limousine approved Peoples State Bank, Cherryvale, Kansas, advised re floor plan loan on pick-up that Board has no control over either RFC or OPA, and that Congress is giving 4/14 consideration to solution of problem http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1724 2100 566 1620 501 1018 1018 1078 2384 1839 1752 1813 1832 2195 486 932 718 10 Pages Automobiles: (Continued) Rationing, discussion of whether to continue coverage under Regulation W, in view of rationing system of the Office of Price Administration Used, publishers of appraisal guides for determining the value of, requested to submit information regarding 2/24 328 3/9 439 Baker, Dr. John C., Assistant Dean of Harvard University: 1/ 5 Cost of luncheon to be borne by Board Payment authorized for transportation costs to Washington for interview in connection with possible employment 1/12 Balances: Reciprocal bank balances, proposed procedure for reporting, agreeable to Comptroller, no change to be made on the face of the report and the form of published statement 5/11 Balderston, Dr. C. C., of the Wharton School of the University of Pennsylvania, cost of luncheon to be borne by 1/26 Board (See also Studies, Balderston report) Baltimore and Ohio Railroad Company, advised that plans suggested for purchase of watches are permissible under Regulation Vi 4/6 Bank debits: FRBank of Minneapolis, figures not to be released before date of Board's release 6/ 6 Release of monthly figures, letter to Mr. Willoughby, Managing Editor of Nation's Business, Washington, D. C., on release and publication of figures 5/30 Reports on monthly basis rather than weekly, instructions transmitted to FRBanks for 3/26 Statement and compilation of, to be on a monthly basis only, instead of weekly 5/6 Suggestion and form for reporting, on monthly basis rather than weekly transmitted to FRBanks for comments and suggestions 1/23 Bank earnings: Study of problem by Division of Research and Statistics, Messrs. Goldenweiser and Smead to collaborate in continuing study 7/28 Bank for International Settlements: Daily press reviews prepared by, letter advising Coordinator of Information that Board would be glad to rely on their service as a source for 5/ 4 Bank supervisory agencies: Examination and supervisory policy with reference to investments by banks in and loans upon Government securities, 11/11 joint statement http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 16 43 921 124 641 1154 1099 569 874 112 1501 845 2148 11 Pages Bank supervisory agencies: (Continued) Uniform bank examination procedure adopted by, reported change by Comptroller of the Currency without consultation with Board and FDIC Bankers Magazine, advised that Regulation W was designed to discourage unwise borrowing and not prohibit instalment buying generally Banking, classification as essential industry: Discussed by members of Executive Committee of Federal Advisory Council at meeting with Board Suggested by Federal Advisory Council because of loss of trained personnel Banking quarters: FRBank of Atlanta, authority to purchase six-story brick building requested but action postponed Offer for property approved and provision made for increase in offer FRBank of Kansas City, no objection to expenditure for improvements in building FRBank of New York, tax assessment on buildings, payment to L. B. Altreuter in connection with effort to obtain reduction in FRBank of Philadelphia, payments on account of building in excess of amount estimated and expenditure for furniture less than amount estimated Jacksonville Branch, no objection by Board to purchase of vacant lot adjoining Mechanics and Farmers' Bank of Albany, New York, sharing quarters with uninsured nonmember bank opposed by FDIC, action on application deferred Letter from FDIC regarding deposit insurance Action deferring application not to be included in policy record Merchants State Bank, Rhinelander, Wisc., purchase of interest in premises from trustees for waiving depositors, no objection to transactions Springville Banking Company, Springville, Utah, additional expenditure for remodeling, no objection State Bank of Albany, New York, permission to take over bank holdings from affiliate and transactions involved Wayne State Bank, Wayne, Mich., expenditure for purchase of bank premises and for improvements, no objection to Bankruptcy: H.R. 7121, reply to Bureau of the Budget that bill is not of interest to FRSystem but no objection to approval by the President http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/17 2037 1/16 77 10/ 7 1960 11/16 2185 12/ 1 2249 12/26 2395 2/23 319 11/ 6 2128 10/ 6 1951 2/16 278 2/18 2/18 295 296 2/24 348 8/25 1680 10/ 2 1934 12/23 2373 9/ 5 1740 10/ 9 1999 12 Pages Barnard, Kenneth: (See Better Business Bureaus) Barnes-Duluth Shipbuilding Company, guaranteed loan approved by Maritime Commission Beauty parlor: Insurance, reduction in amount that must be kept in force to cover liability arising from malpractice Beers, L. A.: (See Institute of Carpet Manufacturers of America, Inc.) Ben Feferman Motor Sales, South Bend, Indiana, advised that maximum credit value may not be in excess of figure contained in guide book unless higher down payment is made Bendix Aviation Corporation, notes issued by, not negotiable and ineligible for rediscount Beneficial Management Corporation, treatment of instalment loans to purchase coupon books to purchase listed articles Berry, Hamer F., advised that Board cannot answer his question on Regulation W, regarding consolidations of balances due on furniture as all necessary facts are not included Copy of letter sent to Baltimore Branch with suggestions regarding proper answer Better Business Bureaus: Boston, reply to, in regard to distribution of the National Bureau's statement in respect to misleading advertising in connection with Regulation W Providence, Rhode Island, reply on letter of authorization and form of statement Regulation W, enforcement of, letter from Mr. Hodgson regarding, to be sent to References in, to press statement to be omitted Relationships of FRSystem with, to be considered at conference of FRBank representatives, report on, sent to FRBanks FRBanks requested to submit comments and suggestions, conference to be avoided by submission of plan by Board Secretary's note, letter to, as amended regarding the enforcement of Regulation Vi Bilbo, Senator Theodore G., reply to letter with advice that Board does not favor extension of safekeeping service of FRSystem to nonmember banks Billings Utility Company, Billings, Montana, Senator B. K. Wheeler advised that report in connection with the application of, for a loan from the FRBank of Minneapolis cannot be made available because of its confidential nature and relation to pending litigation http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/ 2 1934 4/7 652 4/4 626 9/18 1832 9/23 1871 1/24 115 1/24 116 5/15 941 2/k. 186 5/5 5/5 847 848 3/11 468 3/27 576 5/ 5 848 7/ 8 1384 5/4 844 13 Pages Billings Utility Company: (Continued) Letter to Representative O'Connor and Senators Murray and 5/20 Wheeler explaining reasons more fully Request for report of examiner who made investigation in connection with application for loan, letter to 7/ 9 Senator Wheeler on refusal of Request for confidential report in connection with application 10/ 2 for loan denied Bisselle, Hulbert T., Vice President of Riggs National Bank, reply to, regarding renewals and revisions under Sec4/25 tion 8(a) and (b) of Regulation W Blacklist of individuals whose accounts are in default, proposal 7/10 abandoned for local credit bureaus Bland, Representative S. O., charges imposed by banks on checking 12/16 accounts, provisions of law relating to Board of Economic Welfare: Staff: 1/16 Kaiser, Philip M., no objection to employment by Board of Governors: Annual leave, policy modified to provide for 2-1/2 days at a 10/31 time Annual report, proofs submitted and approved, presentation to the Speaker of the House of Representatives ap5/20 proved, distribution to be made by Mr. Draper 5/13 Automobile, purchase of Chrysler limousine approved Beauty parlor: Insurance, reduction in amount that must be kept in force 4/7 to cover liability arising from malpractice Budget: 12/23 1943, approved Division of Personnel Administration: 5/27 To be prepared and submitted for approval Cost of operating division for remainder of year ap6/29 proved Increase in items stationery and supplies and medical 11/24 services and supplies Division of Research and Statistics: 9/17 Amount added to item of postage and expressage 11/25 Hansen H. Alvin of Increase to provide for compensation Division of Security Loans: Expenses of Mr. Mayer to be charged to item of travel2/26 ing expenses in budget of Hodgson Mr. of assignment of cover expenses to Increase 6/29 from staff of FRBank of Minneapolis Office: Secretary's Increase to take care of non-personal services to cover 5/13 the cost of the Chrysler limousine approved Stationery and supplies for Building Operation and Main10/19 tenance functions, increase in item approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1001 1388 1937 766 1400 2325 68 2096 1003 932 652 2376 1068 1313 2228 1828 2231 360 1316 932 2040 14 Pages Board of Governors: (Continued) Budget: (Continued) War Loans Committee: Budget for non-personal services of, to be submitted to Board Covering estimated requirements to December 31, 1942, approved Increase in items Telephone and Telegraph and Stationery and Supplies Building: Insurance, fire and supplemental renewed but war damage not to be renewed at present Inter-American Defense Board, letter to Mr. Baird Snyder on vacating of space occupied Letter to Mr. Patterson that northwest wing be vacated by 1st of July Letter to Mr. Patterson, Under Secretary of War on assignment of certain space for Brazilian-United States Joint Defense Commission Chairman Eccles to discuss situation with Mr. Patterson Inter-American Strategy Board, agreement providing office space for Introduction of two bills in Congress re taxation of real estate in District of Columbia, memorandum of Mr. Vest, no action by Board at this time Safeguarding of, J. Watson Belt designated representative of Board on Advisory Committee on Subversive Activities to cooperate with the Public Buildings Administration in regard to Taxation of: Memorandum of Mr. Vest on two bills introduced in Congress, Board will take no action at this time Report of Mr. Dreibelbis on discussion of possible action with Mr. Carusi, executive assistant to the Attorney General Discussion of Mr. Dreibelbis with Messrs. Keech and Carusi and to be taken up with Senator McCarran for inclusion in Senate report on pending bill Developments with respect to, outlined in MB= by Mr. Dreibelbis Resume by Mr. Dreibelbis and advice by Mr. Ransom that Board's building had been removed from list of property advertised for sale No provision made in budget for 1943 Attorney General not to give opinion on taxation of, but to cooperate in any litigation http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/6 628 4/14 719 10/ 9 1999 10/23 2057 5/29 1093 6/13 1213 6/22 1267 6/26 1296 3/24 543 8/ 7 1583 2/27 379 8/ 7 1583 11/24 2221 12/ 1 2250 12/ 8 2289 12/14 2309 12/23 2377 12/24 2384 15 Pages Board of Governors: (Continued) Confinement cases, policy regarding amended to limit contributions to Retirement System to one year from the date upon which the absence began 4/7 644 8/10 1596 Counsel's Office, realignment of duties and changes in titles Division of Bank Operations, vouchers for reimbursement of expenses in connection with war loans to be sub6/ 2 1111 mitted through Vouchers for reimbursement for war loan expenditures to be 7/15 1432 forwarded through Division of Personnel Administration: Establishment approved, organization and functions outlined 5/27 1064 and budget to be submitted 6/25 1279 Letter to FRBanks on establishment and scope of 6/29 1313 Budget for remainder of year approved Program with respect to FRBank matters, to be presented at 9/18 1841 Chairmen's Conference Budget, increase in items stationery and supplies and 11/24 2228 medical services and supplies Division of Research and Statistics: 9/17 1828 Budget item of postage and expressage increased Budget, increase to provide for compensation of Alvin H. 11/25 2231 Hansen work in the Consumer credit, research and statistical field of, Mr. Ransom authorized to confer with Mr. Taylor in regard to the taking over by the Board 5/19 979 Problems faced in maintaining adequate staff, memo of Dr. 8/12 1606 Goldenweiser to be report division Studies of projects under way in 7/28 1504 made on credit from Transfer of statistical work on consumer 8/ 6 1578 Bureau of Foreign and Domestic Commerce to Division of Security Loans: Budget increased to cover expenses of assignment of Mr. 6/29 1316 Hodgson from FRBank of Minneapolis of charged to item traveling Mr. Mayer to be Expenses of 2/26 360 expenses in budget of Employees, release of, under Executive Order, reply to Civil Service Commission advising that Board needs all present employees and that Mr. Nelson is 2/25 351 the proper person to contact regarding Expenses: 6/17 1237 Last six months of 1942, assessment on FRBanks to cover 12/21 2354 First six months of 1943, assessment on FRBanks to cover http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 16 Pages Board of Governors: (Continued) Holidays: Armistice Day, offices to remain open Thanksgiving Day, arrangements to be made for skeleton force but final decision reserved Offices to be closed and skeleton force not to be maintained Christmas Day, Board's offices to be closed New Year's Day, to be full working day Hours of work, FRBanks advised of official hours of Board, and intention of Board to move its time ahead under daylight saving time, request for procedure of FRBanks made To be increased to 44 per week, official hours to be from 9:00 a.m. to 5:45 p.m. with 45 minutes for lunch, Saturdays from 9:00 a.m. to 1:00 p.m. Approved for 8:45 a.m. to 5:15 p.m. Insurance, group life for employees of Board, continuation of contract with Aetna Life Insurance Company approved Investigative activities of, reply to Mr. Hoover outlining Leave regulations, restrictions on annual, approved Legal Division: Absorption of exchange and collection charges by member banks, to prepare memorandum on steps necessary to meet problem Meetings: Docket, amendments to several loan acts introduced in House and Senate, to be placed on, for next meeting following circulation of Mr. Ransom's memorandum Executive committee of Federal Advisory Council each month with certain exceptions proposed, no objection by Board Arrangements completed for meetings on the second Thursday of each month, Secretary's note Interim meeting arrangements approved by Board Meeting held Change in date suggested Meeting on April 9 Meeting on June 3 Meeting on July 1 Meeting on August 5 Meeting on October 7 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/ 6 2130 11/20 2208 11/24 2224 12/ 7 2278 12/ 7 2278 2/ 3 169 1/16 62 12/30 2410 4/22 755 11/16 2176 5/26 1051 9/15 1810 1/16 68 2/16 272 273 2/16 2/23 3/ 437t 3/12482 3 . 672 7 7/ 1 1330 8/ 5 1553 10/ 7 1959 17 Pages Board of Governors: (Continued) Meetings: (Continued) Federal Advisory Council with Board 2/16 260 5/18 951 9/14 1793 11/16 2178 Presidents of FRBanks: Davis, Chester, President of FRBank of St. Louis, to be advised that Board has no objection to Mr. Attebery attending in his place 5/ 5 Meetings with Board 2/3 3/2 5/8 9/29 Special to be held on April 30, to consider proposed Amendment No. 4 to Regulation IV 4/27 Members: Assignment of subjects for primary consideration 7/ 3 Civil Service Retirement Act, question submitted to Commission on coverage of members by 2/27 Draper, Ernest G.: 7/ 3 Assignment of subjects for primary consideration Designated as Board's representative on the Censorship Operating Board of the Office of Censorship 1/2 Designated member of Censorship Operating Board 1/16 Improvements in banking system, means for bringing about and for bringing nonmember banks into FRSystem discussed, but no action taken 11/20 Operation of building of Board, problem of meeting loss of employees referred to 10/ 2 To act as Vice Chairman of War Loans Committee 3/26 Eccles, M. S.: Assignment of subjects for primary consideration 7/ 3 Authorized to ask whether a reply to Tydings questionnaire is desired or may ask staff to prepare an answer, Mr. Ransom opposed to any answer which is not complete 3/10 Credit control as supplement to price control, priorities, and rationing in controlling trend toward inflation, discussion by 2/16 Meeting called to consider reserve requirements, unable to attend because of other pressing matters 11/14 Memorandum on organization of War Loans Committee presented by, approved with minor change 3/26 Report by, on the findings of the special committee appointed by the President to study inflation 5/18 Statement by, on conference of Board with Reserve Bank representatives regarding interest rates and guarantee charges on war loans under Executive 4/3 Order 9112 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 857 170 381 885 1897 775 1366 369 1367 8 78 2204 1929 555 1366 449 263 2171 554 954 618 18 Pages Board of Governors: (Continued) Members: (Continued) Eccles, M. S.: (Continued) To represent the Board in discussions with the Treasury in furthering the distribution of Government securities To represent Board on committee to meet with Treasury and representatives of investment bankers re sale and distribution of Government securities War Loans Committee, to act as ex officio Chairman of Evans, Rudolph M.: Advice of appointment as member of Board for unexpired term Advice of appointment and oath of office Appointed to serve as member of Personnel Committee for year beginning March 1, 1942, subject to confirmation and qualification as member of the Board Appointed Vice Chairman of Personnel Committee for period ending February 28, 1943 Assignment of subjects for primary consideration Class C directors, continuance of six-year rule, statement to be prepared for consideration of Board Direction of efforts of Board to develop program of coordinating research and statistical activities of Board and National Resources Planning Board Studies of financial requirements and economical welfare of the country, to act as contact man with National Resources Planning Board in developing program Study of national and regional problems, memorandum on Outline of studies on regional and national problems for research departments of FRBanks McKee, John K.: American and service flags presented by, accepted by Board Appointed to serve as member of Personnel Committee for six-months period beginning March 1, 1942 Assignment of subjects for primary consideration Authorized to confer with Mr. Crowley and Comptroller regarding adoption of policy refusing to permit further expansion by Transamerica Corporation Conference of National Association of Supervisors of State Banks in Philadelphia, withdrawal from meeting to leave for Examiners' Conference in Philadelphia, report on matters discussed at, and on banking offices of Transamerica Corporation http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/ 5 858 5/ 8 3/26 887 2/27 4/16 374 494 2/27 374 555 7/ 3 1369 7/ 3 1368 7/28 1504 6/ 9 1177 6/ 9 1164 7/21 1460 7/30 1520 4/ 7 645 2/27 374 7/ 3 1367 1/22 11/16 101-5 2185 9/24 1878 19 Pages Board of Governors: (Continued) Members: (Continued) McKee, John K.: (Continued) Meeting called at request of, to consider reserve requirements, adjourned because Mr. Eccles could 11/14 not attend National Association of State Bank Supervisors, to attend meeting of executive committee of 3/23 Peoples Bank in Lakewood Village, Los Angeles County, California, to confer with FDIC on membership 1/16 application of Reserve requirements, opposed to attitude of Federal 8/ 5 Advisory Council regarding change 3/26 War Loans Committee, to act as member of Ransom, Ronald: Appointed to serve as member of executive committee for 2/27 six-months period beginning September 1 7/ 3 Assignment of subjects for primary consideration Authorized to confer with Mr. Taylor regarding the taking over by the Board from the Department of Commerce certain research and statistical work in the field of consumer credit 5/19 Draft of program for enforcement of Regulation W submitted by Ir. Hodgson referred to, with power to put program into effect and make such changes as they deem desirable 5/5 Explanation of reasons for amending RegulationWwith5/8 out discussing with Presidents Extension of credit in connection with sales of petroleum products, draft of reply to letter from Mr. Davis to be prepared 9/ 4 FRnotes, statement on paying out 1928 series 4/7 General counsel at FRBanks, opposed to employment of one who had been out of practice for a long 10/19 time Inventory problem and restriction of use of credit for increasing inventories, to supervise prepara6/ 9 tion of draft of letter to all banks Liaison officer between Treasury and Victory Fund Committees, to carry on duties of Chairman Eccles 9/11 during his absence National Association of State Bank Supervisors, to attend meeting of executive committee of, authorized to extend invitation for use of Board Room for meeting 3/23 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2171 540 70 1556 555 375 1366 979 850 893 1732 648 2039 1170 1779 540 20 Pages Board of Governors: (Continued) Members: (Continued) Ransom, Ronald: (Continued) Questionnaire prepared by, in connection with inclusion of charge accounts sent to FRBanks Supplementary question added Reduction of individual debt through amortization of bank loans, letter to be prepared to Federal bank supervisory agencies for report by examiners Report by, on proposed Amendment No. 3 to Regulation 11, with regard to comments of FRBanks and inclusion of recommendations of the Office of Price Administration Statement regarding status of proposed Amendment No. 4 to RegulationW Withholding tax, applicability to interest on bonds, memorandum to be prepared for submission to Senate Finance Committee Application to interest on bonds, letter to Mr. Randolph Paul to be delivered at hearing room of Senate Finance Committee Szym.czak, M. S.: Appointed to serve as Board's representative on System Committee on Currency Hoarding Assignment of subjects for primary consideration Conclusions reached by, in discussions with Mr. Bell regarding fiscal agency conferences Designated as Board representative on Presidents' Conference Personnel Selection and Training Committee Draft of program for enforcement of RegulationW submitted by Mr. Hodgson referred to, with power to put program into effect and make such changes as they deem desirable Evacuees, to go to Pacific Coast in connection with program to protect the property of Secretary's note, Mr. W. B. Pollard to go to Coast Executive committee of FRBanks, to take up with banks changes in bylaws on composition of FRbank notes and FRnotes of 1928 series and drafting of a press statement, memorandum from regarding the paying out of Fiscal Agency Conference, to attend Functional expense reports of FRBanks to be discussed with Mr. Leach http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/21 3/24 534 549 6/26 1294 2/24 322 4/27 768 8/ 6 1567 8/26 1683 7/15 1440 7/ 3 1367 1/28 140 2/20 303 5/5 850 3/ 6 3/6 424 427 9/ 4 1732 5/26 1061 836 5/1 9/29 1903 21 Pages Board of Governors: (Continued) Members: (Continued) Szymczak, M. S.: (Continued) Holidays at FRBanks, observance during war period, summary of replies from FRBanks, matter to be reviewed and further communication prepared if desirable Issuance of 1928 series of FRnotes and FRbank notes referred to, for consideration, authorized to discuss with Treasury and bring to attention of Board for further consideration Memorandum on control of frozen funds prepared by Mr. Knapp to be given to Overprinting of currency for use in Hawaii, memo from regarding Mr. Sproul advised to contact, in regard to a conference of the FRBank of New York directors' committee with a committee of the Board Program for the enforcement of Regulation W outlined by, at meeting of the Presidents with the Board Ration check clearing, designated to be in charge of work for Board Retirement System, memorandum on problems of Statement on Government financing, excess reserves, and reduction in discount rates Traveling expenses, additional expenditure to cover price of compartment because no other accommodations were available, approved Victory Fund Committees, to keep in close touch with activities of Wagner, G. H., to phone Yr. Brainard as to decision reached by Board in case of Mr. Wagner Investigation of actions by board of directors of FRBank of Cleveland, to meet with directors on September 14 Statement on meeting with directors of FRBank of Cleveland on indebtedness of Mr. Wagner and other matters Withholding tax, applicability to interest on bonds, memorandum to be prepared for submission to Senate Finance Committee Application to interest on bonds, letter to Mr. Randolph Paul to be delivered at hearing room of Senate Finance Committee http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/10 1397 4/ 7 648 3/ 6 428 5/26 1062 5/ 5 861 5/ 8 893 12/ 5 2273 12/21 2350 10/ 9 1979 10/23 2057 9/11 1779 8/27 1693 9/10 1763 9/15 1812 8/ 6 1567 8/26 1683 22 Pages Board of Governors: (Continued) Minutes: Meetings of Board approved: December 31 January 1 January 2 January 5 January 6 January 7 January 8 January 9 January 10 January 12 January 13 January 14 January 15 January 16 January 17 January 19 January 20 January 21 January 22 January 23 January 24 January 26 January 27 January 28 January 29 January 30 January 31 February 2 February 3 February 3, with Presidents February 4 February 5 February 6 February 7 February 9 February 10 February 11 February 12 February 13 February 14 February 16 February 16, with Federal Advisory Council February 17 February 13 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/2 1/2 1/5 1/6 1/7 1/8 1/9 1/10 1/12 1/13 1/14 1/15 1/16 1/17 1/19 1/20 1/21 1/22 1/23 1/24 1/26 1/27 1/29 1/29 1/30 1/31 2/2 2/3 2/4 2/4 2/5 2/6 2/9 2/9 2/10 2/11 2/12 2/16 2/16 2/16 2/17 2/17 2/18 2/19 7 7 10 17 19 26 31 36 40 44 48 54 76 81 87 89 92 106 110 115 120 125 143 143 146 159 163 166 184 184 193 214 225 225 231 237 241 277 277 277 290 290 294 298 23 Pages Board of Governors: (Continued) Minutes: (Continued) Meetings of Board approved: (Continued) February 19 February 20 February 21 February 23 February 24 February 25 February 26 February 27 March 2 March 2, with Presidents M March 3 M March 4 M March 5 March 6 March 9 March 10 March 11 March 12 sory of Federal Adviso March 12, executive committeeAdvi Council March 13 March 16 March 17 March 18 March 19 March 20 March 21 March 23 March 24 March 26 March 27 March 28 March 30 March 31 April 1 April 2 April 3 April 4 April 6 April 7 April 8 April 9 April 9, executive committee of Federal Advisory Council April 10 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/20 2/21 2/23 302 307 317 2/24 349 2/25 351 2/26 357 2/27 3/ 2 376 396 404 3/ 3 3/ 3 3/ 4 3/ 5 3/ 9 3/ 9 3/10 404 412 416 435 435 455 i 1' 12 g 488 333///113 36 48 44 3/17 499 3/18 3/19 3/20 3/21 503 505 513 519 3/23 3/24 544 547 3/26 3/27 3/28 3/30 3/31 4/ 1 4/ 2 4/ 3 562 572 585 588 607 614 622 4/ 6 4/ 6 4/ 7 627 627 650 4/ 8 658 597 4/ 9 663 4/10 4/10 4/11 687 687 696 24 Pages Board of Governors: (Continued) Minutes: (Continued) Meetings of Board approved: (Continued) April 11 April 13 April 14 April 15 April 16 April 17 April 18 April 20 April 21 April 22 April 23 April 25 April 27 April 26 April 30 May 1 May 2 May 4 May 5 May 6 4/13 4/14 4/15 4/16 4/17 4/18 4/27 4/27 4/27 4/27 4/27 4/27 4/28 4/30 5/1 707 714 720 726 734 744 775 775 775 775 775 775 781 816 833 5/2 838 5/ 4 5/ 5 5/6 5/7 841 864 867 876 May 7 5/8 899 May 8 May 8, with Presidents May 9 May 11 May 12 May 13 May 15 May 16 May 18 May 18, with Federal Advisory Council May 19 May 20 May 21 May 22 May 23 May 25 May 26 May 27 May 28 May 29 May 30 June 1 5/9 910 5/ 9 910 5/11 914 5/12 923 5/13 927 5/15 933 5/16 947 5/18 973 5/19 985 5/19 985 5/20 995 5/21 1006 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/22 5/23 5/25 5/26 1012 1023 1030 1052 5/27 1068 5/28 1073 5/29 1080 5/30 1095 6/ 1 1101 6/ 2 1108 25 Pages Board of Governors: (Continued) Minutes: (Continued) Meetings of Board approved: (Continued) June 2 June 3, with executive committee of Federal Advisory Council June 3 June 4 June 5 June 6 June 8 June 9 June 10 June 11 June 12 June 13 June 15 June 16 June 17 June 18 June 19 June 20 June 22 June 23 June 24 June 25 June 26 June 27 June 29 June 30 July 1, with executive committee of Federal Advisory Council July 1 July 2 July 3 July 6 July 7 July July July July July July July July 8 9 10 11 13 14 15 16 July 17 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/ 3 1128 6/ 4 6/ 4 6/ 5 6/ 8 1133 1133 1136 1155 6/ 8 1155 6/ 9 6/10 6/11 6/12 6/15 6/15 6/16 6/17 6/18 6/19 6/20 6/22 6/23 1171 1178 1186 1198 1215 1215 1222 1230 1243 1253 1260 1263 6/24 6/25 6/26 6/29 6/29 6/30 7/ 1 1269 1275 1278 1297 1311 1311 1320 1341 7/ 2 7/ 2 7/ 3 7/ 6 7/ 7 1354 1354 1359 1370 1378 7/ 8 1382 7/ 9 7/10 7/13 7/13 7/14 7/15 7/16 7/17 7/18 1386 1402 1410 1410 1419 1428 140 1446 1454 26 Pages Board of Governors: (Continued) Minutes: (Continued) Meetings of Board approved: (Continued) July 18 July 20 July 21 July 22 July 23 July 24 July 25 July 27 July 28 July 29 July 30 July 31 August 1 August 3 August 4 August 5 August 5, with executive committee of Federal Advisory Council 6 August August 7 August 8 August 10 August 11 August 12 August 13 August 14 August 15 August 17 August 18 August 19 August 20 August 21 August 22 August 24 August 25 August 26 August 27 August 28 August 29 September 1 September 2 September 3 September 4 September 5 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/20 7/21 7/22 7/23 1456 1465 1469 1472 7/24 1476 7/25 1482 7/27 1490 7/28 1508 7/29 1510 7/30 7/31 8/ 1 8/ 3 8/ 4 8/ 5 8/ 6 1516 1523 1530 1538 1541 1563 1570 8/ 6 8/ 7 8/ 8 8/10 8/11 8/12 8/13 8/14 8/15 8/17 8/18 8/19 8/20 8/24 8/24 8/24 8/25 8/26 9/ 1 9/ 1 9/ 1 9/ 1 1570 1587 1593 1596 1601 1606 1611 1615 1624 1627 1631 1635 1643 1664 1664 1664 1678 1686 1716 1716 1716 1716 9/ 2 1719 9/ 3 1721 9/ 4 1733 9/ 5 1737 9/ 8 1747 27 Pages Board of Governors: (Continued) Minutes: (Continued) Meetings of Board approved: (Continued) 9/ 9 1761 September 8 9/10 1764 September 9 1783 9/11 10 September 1786 9/12 September 11 9/15 1814 September 12 9/15 1815 September 14 9/15 1815 Council Advisory Federal September 14, with 1820 9/16 September 15 1823 9/17 September 16 9/18 1843 September 17 9/19 1844 September 18 9/21 1852 September 19 9/22 1861 September 21 9/24 1879 September 22 9/24 1879 September 23 9/25 1881 September 24 9/26 1889 September 25 9/28 1894 September 26 1908 9/30 September 28 1908 9/30 Presidents with September 29, 10/ 1 1917 September 30 10/ 2 1933 October 1 10/ 3 1938 October 2 10/ 5 1943 October 3 10/ 6 1947 October 5 7 1956 10/ October 6 1969 8 10/ October 7 Advisory Federal of committee executive with October 7, 10/ 8 1969 Council 10/ 9 1993 October 8 10/10 2001 October 9 10/12 2007 October 10 10/13 2013 October 12 2016 10/14 October 13 10/16 2029 October 15 10/17 2032 October 16 10/20 2041 October 17 10/20 2041 October 19 10/21 2044 October 20 10/26 2060 October 21 10/26 2060 October 22 10/26 2060 October 23 10/26 2060 October 24 10/27 2071 October 26 10/28 2076 October 27 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 28 Pages Board of Governors: (Continued) Minutes: (Continued) Meetings of Board approved: (Continued) October 28 October 29 October 30 October 31 November 2 November 3 November 4 November 5 November 6 November 7 November 9 November 10 November 11 November 12 November 13 November 14 November 16 November 16, with Federal Advisory Council November 17 November 18 November 19 November 20 November 21 November 23 November 24 November 25 November 27 November 28 November 30 December 1 December 2 December 3 December 4 December 5 December 7 December 8 December 9 December 10 December 11 December 12 December 14 December 15 December 16 December 17 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/29 10/30 10/31 11/ 2 11/ 3 2083 2089 2095 2099 2104 11/ 4 2114 11/ 5 2121 11/ 6 2126 11/ 7 2131 11/ 9 2133 11/10 2140 11/11 2149 11/12 2152 11/13 2162 11/14 2168 11/16 2173 11/17 2190 11/17 2190 11/18 2193 11/19 2199 11/20 2208 11/21 2213 11/23 2216 11/24 2225 11/25 2229 11/27 2232 11/28 2236 11/30 2240 12/ 1 2253 12/ 2 2257 12/ 3 2261 12/ 4 2266 12/ 5 2270 12/ 7 12/ 8 12/ 9 12/10 12/11 12/12 12/14 12/15 12/16 12/17 12/18 2275 2289 2292 2296 2300 2305 2311 2313 2317 2329 2337 29 Pages Board of Governors: (Continued) Minutes: (Continued) Meetings of Board approved: (Continued) December 18 December 19 December 21 December 22 December 23 December 24 December 26 December 28 December 29 December 30 Operation of building, analysis being prepared by Mr. Morrill Organization of, and number of persons employed by, information regarding, supplied to Senator Tydings in reply to questionnaire Organizational charts of separate divisions, copies sent to Civil Service Commission Pay roll deduction plan for purchase of War Savings bonds, reply to Admiral Conard that Board does not favor modification plan as to minimum deduction for employees Personnel policy regarding aliens, no fixed policy to be adopted, recommendations to Board to be made on the merits of the person involved Persons under consideration for employment, authority to all divisions to pay travelling expenses and per diem at increased rate Petty cash fund, increase from ten to fifty dollars to permit purchase of railroad and pullman tickets for FRBank officials and Mr. Nelson designated as responsible for fund with Mr. Carpenter as alternate Policy record, drafts of entries for 1941 approved Protection of records of, letter to Mr. Dan Lacy on measures taken Replies to hypothetical questions, letter to FRBank of San Francisco on affiliate relationships where corporate stocks are pledged with member banks as security for loans, suggested form of reply Salary adjustments, procedure approved by Commissioner of Internal Revenue covering Secretary's note: Meetings, interim, with Federal Advisory Council executive committee members arranged for second Thursday of each month with certain exceptions Interim meeting arrangements approved by Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/19 12/21 12/22 12/23 12/24 12/26 12/28 12/29 12/30 12/31 10/ 2 234.1 2347 2355 2368 2378 2392 2396 2400 2404 2410 1929 3/ 2 396 7/ 1 1348 8/28 1710 2/10 229 9/19 1847 12/ 2 2259 1/20 91 11/13 2166 2/26 358 12/24 2379 2/16 2/23 273 321 30 Pages Board of Governors: (Continued) Secretary's note: (Continued) Rates on industrial advances at FRBank of New York, consid5/29 eration given changes suggested 12/ 1 Security officer, designation of Elliott Thurston as Space occupied by Inter-American Defense Board, letter to Ir. 5/29 Baird Snyder on vacating of (See supra Building) Staff Personnel Committee recommendations regarding release of employees and examination by Civil Service Commission rejected, former policy rescinded and no objection to be made to transfers and examination and certification by Civil Service 1/16 Commission Tour of duty to include, Mr. Ruml advised that Board is willing 2/6 to provide office space for officers of FRBanks Travel regulations amended to provide increase in per diem al2/17 lowance War Loans Committee: Budget, covering estimated requirements to December 31, 4/14 1943, approved Additions to items Telephone and Telegraph and Stationery 10/ 9 and Supplies War time fiscal policy, reply to Bureau of the Budget on par12/28 ticipation in Board of War Communications: Leased wire system, request for information on books of mes11/18 sages sent and on use of leased circuits • Bodflsh, Mr. of Morton, and George West, report of discussions Ransom with, concerning amendments to several 1/16 loan acts 1082 2256 1093 64 202 286 719 1999 2399 2196 68 Bonds: Defense savings, requirement of presentation of savings passbook interferes with use of form for purchase of, reply to Treasury that Board and FDIC will consider waiver of requirement if felt neces1/15 sary sales on information with Treasury Form enclosed to provide of, under pay roll allotment plan, same informa1/28 tion requested by Board W Regulation on work relations public combining Article with program for, Presidents' Conference asked if it desires that Board continue with prepa2/13 ration of Proposed amendment to Regulation Q to permit immediate withdrawal of savings deposits for purchase of, opinion of Federal Advisory Council that amend2/16 ment should not be adopted by Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 56 140 252 273 31 Pages Bonds: (Continued) Defense savings: (Continued) May be given to purchaser as bonus when payment for the article has been fully made without violating Regulation Simplification of procedure for issuing referred to the Defense Savings Bond Committee of the Presidents' Conference and recommendations to be submitted to Treasury Withdrawal of savings deposits without notice for purchase of, comments of Comptroller of Currency and FDIC indicating that it is not advisable to amend to permit, sent to Mr. Fleming Reply to FRBank of Chicago as to inquiries received, that Treasury is not in favor of amending Regulation Q Amendment to Regulation Q suggested Operations, certain FRBanks asked to furnish information regarding the scope of, at their branches Series F and G, discussion of whether FRBank organizations should handle them or leave them entirely in the hands of the Treasury Pay roll deduction plan for the purchase of, letter to Rear Admiral Conard, Chairman of the Inter-departmental War Savings Bond Committee, advising of the extent of participation of Board employees in, and designation of Mr. Bethea as an alternate for Mr. Eccles on the committee Pay roll savings plan for purchase of, telegram to FRBanks on information to be reported Interest on, application of withholding tax to, letter to Mr. Randolph Paul prepared by Messrs. Ransom and Szymczak to be delivered at hearing room of Senate Finance Committee Surety: Ashley, John M., as Assistant FRAgent at Dallas Bagby, T. Wesley, FRAgent's Representative at Charlotte Branch Barnard, O. H., as FRAgent's Representative at Salt Lake City Branch Barnett, Genevieve M., as Alternate Assistant FRAgent at Atlanta Boyd, John A., as FRAgent's Representative at Dallas with letter to Hartford Accident and Indemnity Company on description of appointment Creighton, Albert M., FRAgent at Boston Dunphy, Raymond J., alternate assistant FRAgent at Boston http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/27 377 3/2 391 3/9 437 4/25 12/ 1 763 2252 4/8 661 5/8 891 5/13 930 12/14 2312 8/26 1683 3/3 404 12/ 1 2253 3/18 503 4/21 749 7/24 1477 1/28 135 11/14 2168 32 Pages Bonds: (Continued) Surety: (Continued) 10/30 Erste, Anne J., alternate assistant FRAgent at Cleveland MinFRAgent at alternate assistant as S., Walter Ferrian, 2/16 neapolis Board 4/25 Agent of the Fiscal as E., Oliver Foulk, 3/18 Geller, R. N., as FRAgent's Representative at Los Angeles 1/21 San at Francisco FRAgent as F., Henry Grady, 5/13 Lally, Josephine E., as Deputy Fiscal Agent of Board 10/20 FRAgent at Chicago as E., Leland, Simeon Newcomb, Margaret R., as Alternate Assistant FRAgent at 1/24 Philadelphia approved 9/ 2 Louisville Representative at FRAgent's Parsell, G. H., 10/17 Detroit Representative at FRAgent's J., as Pettke, August Scanlon, Charles J., as alternate assistant FRAgent at 10/17 Chicago Snow, G. A., as alternate assistant FRAgent at San Francisco 1/10 Stone, Philip M., alternate assistant FRAgent at San Fran10/28 cisco 8/11 Stover, George William, FRAgent's Representative at Dallas 2/10 Taylor, Jay, as FRAgent at Dallas 2/16 Tillander, Clayton E., as Assistant FRAgent at Minneapolis 8/ 6 Wilgus, Richard G., as Assistant FRAgent at Philadelphia War, savings deposits represented by time certificates, reply to question of permitting immediate withdrawal 4/25 prior to maturity for purchase of B00k Manufacturers' Institute, Inc., New York, letter to Mr. Tiffany on effect of Regulation W on purchases of books 10/24 in charge accounts 8°urgeois & Harris, Atlantic City, N. J., payment of one-third necessary as down payment of uniforms of street 8/ 8 railway employees under Regulationt BoY 6/29 Scouts of America, exempted from provisions of Regulation W loranch banks, domestic: Auburn Trust Company, Auburn, N. Y.: Port Byron, New York, in connection with proposed purchase of assets and assumption of liabilities of Na11/18 tional Bank of Port Byron Bank of Westchester, Yonkers, New York: Larchmont, retention approved in connection with applica3/30 tion for membership Mt. Kisco, retention approved in connection with application 3/30 for membership country, Canadian Bank of Commerce of Seattle, branches in this being named as assignee of contracts between 6/15 Navy Department and shipbuilding concerns Commonwealth Bank, Detroit, Michigan: City of Highland Park, Michigan, establishment and operation of branch in, approved 5/26 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2090 277 762 503 92 927 2041 115 1719 2032 2032 36 2076 1601 231 277 1570 763 2058 1594 1319 2194 591 591 1220 1054 33 Pages Branch banks, domestic: (Continued) Fidelity Bank, Durham, N. C.: Camp Butner, N. C., establishment approved First Trust and Savings Bank of Pasadena, Calif.: Alhambra and Temple City, request for permission to establish branches after acquiring assets of Temple City National Bank Discussion of application for permission to establish branches, to be advised that Board is unwilling to approve because of connection with Bank of America N.T. & S.A. Letter from FDIC expressing opposition to further expansion by Bank of America Permission to acquire the assets of the Temple City National Bank and establish branches at Temple City and Alhambra denied on basis of information before Board at present Transamerica Corporation advised that further expansion will not be permitted Request for establishment of, disapproved Reply to Mr. Knox on reasons for refusing application to be prepared Letter to Mr. Giannini on reasons for denying application Letter to Mr. Knox and letter to bank explaining action of Board Granite Trust Company, Quincy, Mass.: Weymouth, Mass., retention of three branches approved upon admission to membership Manufacturers Trust Company, New York, N. Y., no objection to proposed purchase of assets and assumption of liabilities of the Standard National Bank of New York, and establishment of a branch in the quarters of the national bank Markle Banking and Trust Company, Hazleton, Penn., approval for establishment of branch at Weatherly Pennsylvania by assumption of liabilities of First National Bank of Weatherly, rescinded Merchants and Planters Bank, Norfolk, Virginia, retention of branch in South Norfolk, Virginia, approved Monongahela Trust Company, Homestead, Pa., extension of time for disposal of stock of Hays National Bank or conversion into branch Ogdensburg Trust Company, Ogdensburg, New York, permission given to, for establishment of a branch in Winthrop, New York, in connection with the purchase of assets and assumption of liabilities of First National Bank of Winthrop http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/27 2073 1/22 102 2/ 6 208-14 2/6 212 2/14 255 2/14 256 7/10 1403 8/ 7 1583 11/13 2163 11/19 2200 10/15 2023 2/7 221 1/27 126 4/16 729 7/ 6 1372 2/14 254 34 Pages Branch banks, domestic: (Continued) Peoples City Bank, McKeesport, Pa.: Clairton, Pa., proposed absorption of Union Trust Company of Clairton and establishment of branch on 12/ 3 2262 premises Peoples Pittsburgh Trust Company, Pittsburgh, Pa.: Dormont, Pa., permission to establish under plan for purchase of assets and assumption of liabil11/23 2218 ities of Dormont Savings and Trust Co. Etna, Pa., establishment approved under plan to purchase assets and assume liabilities of the First 10/13 2014 National Bank of Etna S. 2393, which would require each branch to publish statements and condition reports, letter regarding, sent 5/11 920 to the Executive Office of the President 5/18 977 Reply to Senator Wagner regarding State Bank of Mayville, Wisconsin, withdrawal from membership to assume the deposits of the Knowles State Bank, Knowles, Wisconsin, and establish as 1/14 branch bank 49 Union Bank of Michigan, Grand Rapids, Mich.: Home Acres, Michigan, retention and operation approved 6/16 1224 after admission to membership Amendment to conditions of membership that if branch is 6/29 1317 discontinued, capital need not be increased Union Savings & Trust Co., Warren, Ohio: Newton Falls, Ohio, retention and operation of branch after 3/16 admission to membership, approved 496 Washington Irving Trust Company, Tarrytown, New York, permission to change head office to Port Chester and transfer Port Chester branch to Tarrytown 2/11 239 granted Westfield Trust Company, Westfield, New Jersey: Garwood, purchase of assets and assumption of liabilities of First National Bank of Garwood, and establishment and operation of branch at, approved 3/26 564 Branch banks, FRSystem: Baltimore: Personnel classification plan: Changes approved 2/5 194 6/ 5 1138 Changes approved 6/17 1230 Changes approved under, from Mr. question regarding Regulation W, letter H. F. Berry .Who was advised to contact the 1/24 116 Baltimore Branch Staff: 815 4/30 Cupit, John R., Cashier, salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 35 Pages Branch banks, FRSystem: (Continued) Baltimore: (Continued) Staff: (Continued) Hagner, Donald F., Assistant Cashier, salary approved Johnston, John A., Assistant Cashier, salary approved Milford, W. R., Managing Director, salary approved Zirckel, John H., FRAgent's Representative, salary approved Birmingham: Personnel classification plan, changes approved Staff: Beavers, P. L. T., Managing Director, salary approved Starr, Leo W., Assistant Cashier, salary approved Urquhart, H. J., Cashier, salary approved Buffalo: Personnel classification plan: Changes approved Changes approved Staff: Assistant Manager, position not to be filled at present time Doll, George J., Assistant Cashier, salary approved Salary approved Snow, H. W., Cashier, salary approved Wiltse, Reginald B., Managing Director, salary approved Salary approved Charlotte: Checks cleared through, no objection to granting request of newspaper for total face value of Personnel classification plan: Changes approved Changes approved Staff: Bagby, T. Wesley, FRAgent's Representative: Appointment and salary approved Bond of Salary approved Brooks, Louis D., Assistant Cashier, salary approved Cherry, Robert L., Cashier, salary approved Clements, W. T., Managing Director, salary approved Francis, Charles E., resignation as FRAgent's representative to report for military duty Spangler, C. D., Special Investigator of Regulation W matters, large indebtedness to be investigated by Mr. Leach Cincinnati: Functions and services of expansion discussed by Mr. Szymczak with Mr. Fleming http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/30 4/30 4/30 815 815 815 12/24 2380 5/8 900 5/5 862 862 862 5/5 5/5 32 1/9 9/25 1883 1/15 56 1/15 5/5 5/5 55 860 860 1/15 55 5/ 5 860 8/21 1659 2/5 194 6/ 5 1138 11/14 12/ 1 12/24 4/30 4/30 4/30 2169 2253 2380 815 815 815 11/14 2169 10/21 2044 9/15 1814 36 Pages Branch banks, FRSystem: (Continued) Cincinnati: (Continued) Personnel classification plan: Changes approved VA) Changes approved 9/25 Changes approved Staff: 2/ 4 Bruce, Howard, designated special assistant examiner 4/30 Geers, P. J., Assistant Cashier, salary approved 2/ 4 Hurst, George, designated special assistant examiner 4/30 approved Johnson, R. C., Assistant Cashier, salary approved 4/30 Lazar, B. J., Managing Director, salary Managing Director, no objection to continuing use of 12/16 title for present Oettinger, Richard, designated special assistant exami2/ 4 ner 4/30 Ott, H. N., Cashier, salary approved Swerdeski, Walter, designated special assistant exami2/ 4 ner exWachtel, Harry H., designation as special assistant aminer not affected by transfer from FRBank of 2/ 4 Cleveland Denver: Personnel classification plan: 1/19 Changes approved 1/26 1942 31, May to Salaries of officers for period January 1 Staff: 5/22 Brown, S. A., Cashier, salary approved 5/22 approved Olson, J. E., Managing Director, salary 5/22 approved salary Stempel, H. L., Assistant Cashier, /30 12 approved salary ive, Young, W. R., FRAgent's Representat Detroit: Bylaws, revision discontinuing office of managing director, changing number of directors from seven to five, 12/31 and revising basis of fees Personnel classification plan: 8/ 3 Changes approved 9/14 Changes approved Staff: Allen, H. A., Return Items Teller, Check Department, payment of salary in excess of maximum approved Bloomfield, R. W., Assistant Cashier, salary approved // 4 7 S lary approved as increased salary Cashier, Assistant T., Cameron, W. 3/26 recommended 7/22 Salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 176T 1883 185 814 185 814 814 2321 185 814 185 185 88 121 1016 1016 1016 2407 2413 1543 1802 55 0 14 3 a 559 1470 37 Pages Branch banks, FRSystem: (Continued) Detroit: (Continued) Staff: (Continued) 559 3/26 Chalfont, H. J., Managing Director, salary approved DepartDe Yonkers, F. C., Return Items Teller, Check ment, payment of salary in excess of maximum 8/ 3 1543 approved 3/26 559 Diehl, H. L., Cashier, salary approved FRAgent's representative, increase in maximum salary 8/ 4 1543 approved MacDonald, T., Utility Man, Maintenance Department, 8/ 3 1543 payment of salary in excess of maximum approved Mehney, G. N., Supervisor, Service Department, payment 8/ 3 1543 of salary in excess of maximum approved Mesle, Mary M., Switchboard Operator, Telephone Department, payment of salary in excess of maximum 8/ 3 1543 approved 9/26 1890 Pettke, August J., designated FRAgent's Representative 10/17 2032 Bond as FRAgent's Representative approved RepresentaRaether, Lawrence B., salary as FRAgent's 46 7/14 tive approved 1599 8/10 Salary approved Robertson, James Louis, Assistant Counsel, salary ap12/12 2306 proved payDepartment, Maintenance Samolin, Steve, Janitor, 8/ 3 1543 ment of salary in excess of maximum approved 559 3/26 approved salary Cashier, M.egandt, A. J., Assistant 7/22 1470 Salary approved El Paso: Personnel classification plan: 2/ 5 195 Changes approved 9/30 1908 Changes approved Staff: FRAgent's Representative, proposed discontinuance of 9/21 1859 position 5/26 1053 approved salary Hermann, J. L., Managing Director, 9/28 approved salary 1894 Page, Grover C., Cashier, upon Stover, William George by To be succeeded 8/ 3 1538 resignation 5/26 1053 approved salary Cashier, Allen, Sayles, Stover, George William, FRAgent's Representative, appointment and salary approved effective upon 8/ 3 1538 resignation of Grover C. Page Territory: Brewster County, Texas, transfer of First National Bank 12/14 2311 of Alpine from San Antonio Branch http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 38 Pages Branch banks, FRSystem: (Continued) Functions and services, increase in to be reviewed at Chair9/18 men's Conference Helena: Facilities available to Montana member banks, request of Montana Bankers Association for use for safe7/14 keeping and redemption of war savings bonds Washto reference Guarantee of loans up to 8100,000 without ington after receiving certificate of necessity 8/17 from liaison officer at Minneapolis through Applications to be forwarded to Washington FRBank of Minneapolis and not direct, and loans not in excess of A100,000 to be referred to 8/27 head office Personnel classification plan: Changes involving Manager of Defense Contract Service 2/23 and Fiscal Agency Department approved 3/18 Changes approved 6 /18 Changes approved 8 20 / Revised sheet approved Staff: 2/17 Johnson, A. W., Assistant Manager, salary approved 2/17 approved salary Manager, Assistant Larson, C. J., 2/17 approved salary Director, Towle, R. E., Managing Houston: Legal grounds for refusal to make deposition for use in private litigation as to signature under Reg6/ 9 ulation W, Board knows of none plan: classification Personnel 8/ 6 Changes approved 8/29 Changes approved Staff: Boyd, John Armstrong, appointed as FRAgent's Representative to serve while Mr. Reed is in7/16 capacitated approved salary Cashier, Assistant 3/27 Cook, J. Lee, 5/26 Salary approved 5/26 DeMoss, H. R., Cashier, salary approved 5/26 Gentry, W. D., Managing Director, salary approved Reed, I. J., substitute appointed to serve as FRAgent's 7/16 Representative during incapacity Jacksonville: Audit to be made regarding the disproportionate cost of 3/12 operating cafeteria 5/ 8 Personnel classification plan, changes approved Staff: 5/ 5 Lanford, T. A., Cashier, salary approved Vardeman, Geo. S., Jr., Managing Director, salary ap5/ 5 proved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1842 1427 1628 1698 318 504 1244 1645 292 292 292 1171 1571 1713 1442 575 1053 1053 1053 1442 486 900 862 862 39 Pages Branch banks, FRSystem: (Continued) Jacksonville: (Continued) 2/16 278 Vacant lot adjoining, no objection by Board to purchase of Little Rock: Personnel classification plan: 6/1 1102 General revision of 7/15 1428 Changes approved Staff: 6/ 4 1134 Bailey, Arthur F., Managing Director, salary approved 6/ 4 1134 Childers, Clay, Assistant Cashier, salary approved 1/26 120 Links, J. A., FRAgent's Representative, salary approved 6/ 4 1134 Wood, Clifford, Cashier, salary approved Los Angeles: Personnel classification plan: 399 3/2 Changes approved 6/ 4 1134 Changes approved 12/22 2359 Changes approved Staff: 4/30 816 Ambrose, W. N., Managing Director, salary approved 2/25 352 Bold, F. C., Assistant Manager, salary approved 4/30 816 Salary approved Craft, H. M., Assistant Manager, connection severed with, use of services suggested in connection with program for protection of property of 3/6 427 evacuees Durran, W. D., Chief Clerk, salary in excess of maximum 4/9 664 approved Geller, R. N., FRAgent's Representative, appointment and 3/10 456 salary approved 3/18 503 Bond of 4/30 816 McRitchie, M., Assistant Manager, salary approved 4/30 816 Meyer, L. C., Assistant Manager, salary approved Personnel classification plan: Change approved General revision of Changes approved Staff: Burton, Fred, Cashier, salary approved for year Jenks, Stanley B., Assistant Cashier, salary approved for year Parsell, Garland H., FRAgent's Representative, appointment approved Bond of Schacht, Charles A., Managing Director, salary approved for year http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 88 1/19 6/ 1 1102 8/20 1644 6/ 4 1134 6/ 4 1134 8/20 1645 9/ 2 1719 6/ 4 1134 40 Pages Branch banks, FRSystem: (Continued) Memphis: 6/ 1 Personnel classification plan, general revision of Regulation W, letters from firms in Memphis on billing of purchases made on last five days of calendar 5/29 month referred to, for reply Staff: Belcher, S. K., Cashier, salary approved for year be6/ 4 ginning June 1 Glasgow, W. H., Managing Director, salary approved for 6/ 4 year beginning June 1 Goldschmid, J. P., FRAgent's Representative, salary ap1/26 proved Martin, C. E., Assistant Cashier, salary approved for 6/ 4 year beginning June 1 Nashville: 5/8 Personnel classification plan, changes approved Staff: 5/5 Fort, Joel B., Jr., Managing Director, salary approved Harrison, E. R., Cashier, salary approved 5/5 Hooper, Jesse, designation as special assistant examiner to participate in the examination of the Commerce Union Bank of Nashville approved 3/3 Magee, Stuart, designation as special assistant examiner to participate in examination of the Commerce Union Bank of Nashville approved 3/3 Miller, Marvin L., designation as special assistant examiner to participate in examination of Commerce Union Bank of Nashville approved 3/3 New Orleans: Personnel classification plan: 2/3 Changes approved 5/8 Changes approved Staff: McCravey, J. R., Jr., Acting Cashier, salary approved 5/ 5 5/ 5 Paris, E. P., Managing Director, salary approved 5/ 5 Shaw, M. L., Cashier, salary approved Vasterling, F. C., Assistant Cashier, salary approved 5/ 5 Oklahoma City: 1/26 Salaries of officers for period January 1 to May 31, 1942 Staff: Clark, J. C., Jr., FRAgent's Representative, salary ap12/30 proved 1/26 Davenport, L. B., Assistant Cashier, salary approved 5/22 Salary approved 1/26 Mathes, R. L., Cashier, salary approved 5/22 Salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1102 1089 1134 1134 120 1134 900 862 862 407 407 407 167 900 862 862 862 862 121 2407 121 1016 121 1016 41 Pages Branch banks, FRSystem: (Continued) Oklahoma City: (Continued) Staff: (Continued) Pipkin, G. H., Managing Director, salary recommended not approved and salary which Board will approve if fixed by directors Omaha: Salaries of officers for period January 1 to May 31, 1942 Staff: Berry, U. S., Assistant Cashier, salary approved Cordill, O. P., Assistant Cashier, salary approved Salary approved Earhart, L. H., Managing Director, salary approved Gregory, G. A., Cashier, salary approved Pittsburgh: Functions and services of, expansion discussed by Mr. Szymczak with Mr. Fleming Personnel classification plan: Changes approved Changes approved Changes approved Staff: Bolthouse, C. J., Assistant Cashier, salary approved Brown, P. A., Managing Director, salary approved Cobun, F. E., Assistant Cashier, salary approved Corlett, Baird, designated special assistant examiner Eicher, William, designated special assistant examiner Foster, A. G., Cashier, salary approved Goldstrom, Louis, designated special assistant examiner Houpt, C. E., designated special assistant examiner Kossin, J. W., Cashier, salary recommended not approved but figure stated at which salary would be approved Salary approved Salary as Branch Manager approved Rickert, Harry, designated special assistant examiner Schmidt, J. A., Assistant Cashier, salary approved Steinbrink, R. J., Assistant Cashier, salary approved Portland: Personnel classification plan: Changes approved Changes approved Staff: Blanchard, J. P., Assistant Manager, salary approved Davis, D. L., Managing Director, salary approved MacEachron, S. A., Assistant Manager, salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/22 1016 1/26 121 7/ 6 1372 5/22 7/ 6 5/22 5/22 1016 1372 1016 1016 9/15 1814 817 4/30 1761 9/ 9 9/25 1883 4/30 4/30 4/30 2/ 4 2/ 4 12/16 2/ 4 2/ 4 814 814 814 185 185 2320 185 185 1/23 111 814 4/30 12/16 2320 185 2/ 4 12/16 2320 12/16 2320 399 3/ 2 6/ 4 1134 4/30 816 4/30 816 816 4/30 42 Pages Branch banks, FRSystem: (Continued) Powers and functions of, resolution of Conference of Chairmen 11/18 on increasing Regulations relating to, revision to provide for vice president or other officer to be in charge of branch in11/20 stead of managing director Relationship to board of directors of FRBanks and to examiners of Board of Governors, topic for discussion at 9/ 8 Conference of Chairmen 9/ 8 Letter to Mr. Ruml relating to Salt Lake City: Personnel classification plan: 3/2 Changes approved, additional pages to be submitted 6/ 4 Changes approved Staff: Barnard, 0. H., FRAgent's Representative, appointment 3/10 and salary approved 3/18 Bond of 4/30 Leisner, J. I., Assistant Manager, salary approved 4/30 Partner, W. L., Managing Director, salary approved 4/30 Scott, W. M., Assistant Manager, salary approved Simms, D. E., Accountant, salary in excess of maximum 4/ 9 approved San Antonio: Personnel classification plan: 8/ 6 Changes approved 8/29 Changes approved 11/12 Change approved Staff: 9/28 Austin, Earl B., Managing Director, salary approved 5/26 approved Crump, M., Managing Director, salary to allowance cash as Payment of 6 months' salary supplement retirement benefits under disability 7/27 provisions 3/27 approved salary Davis, H. K., Assistant Cashier, 5/26 Salary approved 5/26 approved Eagle, W. E., Cashier, salary 9/28 approved salary Cashier, Rowland, Claude I., Territory: Brewster County, Texas, transfer of First National Bank 12/14 of Alpine to El Paso Branch Savings Bond and Tax Note operations, certain FRBanks asked to furnish information regarding the scope of, 4/8 at their branches Seattle: Personnel classification plan: 3/2 Changes approved 6/ 4 Changes approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2195 2210 1745 1752 399 1134 456 503 816 816 816 664 1571 1713 2154 1894 1053 1490 576 1053 1053 1894 2311 661 399 1134 43 Pages Branch banks, FRSystem: (Continued) Seattle: (Continued) Staff: Reif, G. W., Assistant Manager, salary approved Salary approved Russell, B. A., Assistant Manager, salary approved Shaw, C. R., "lanaging Director, salary approved Symms, Ronald T., Assistant Manager, salary approved Salary approved Staff: Managing Directors, suggestion of changing title of, to Vice President and Managing Director and making appropriate adjustment in salary, discussed at meeting of Presidents and Board, to be further considered by Presidents Stock of Treasury notes, certificates of indebtedness, etc., not sufficient at present for placing supply at branches tar loans, applications for guarantees of, FRBanks requested to give consideration to suggestion that such applications be forwarded directly to Washington from the FRBranch banks Br, auen banks, foreign: Bankers Trust Company, New York, N. Y., examination of foreign branch of, not considered necessary at present time Central Hanover Bank and Trust Company, New York, N. Y., examination of foreign branch of, not considered necessary under present conditions Chase Bank, New York, New York, special instructions for preparation of condition report on Far Eastern branches of, as year-end statements are not available Examination of, not considered necessary under present conditions Guaranty Trust Company, New York, N. Y.: Examination of five foreign branches of, not considered necessary under present conditions London, England, authority to establish granted during emergency Brantley, Jordan H., advised that regulation of lenders who specialize in small loans is not intended by Regulation W, and is subject to State regulation Brazilian-United States Joint Defense Commission, assignment of space in Board's building, letter to Mr. Patterson, Under Secretary of War with regard to http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/25 4/30 4/30 4/30 2/25 4/30 352 816 816 816 352 816 3/ 2 390 12/31 2418 5/25 1032 11 /1 3/ 4466: 1/14 48 3/11 466 467 7/14 1421 3:11-13 4 71 6/22 1267 44 Pages Brazilian-United States Joint Defense Commission: (Continued) Space in Board's building occupied by and now needed by Divisions of Board, Chairman Eccles to discuss with Mr. Patterson Brett, W. J., inquiry relating to section 12(d) of Regulation 1,4 covering law-away plans Brown, Senator Prentiss M., meeting with Mr. Crowley and members of Board on proposed amendment to FRAct discussed Brubaker, C. S., reply to questions of, regarding rugs and clocks under Regulation W B• runewick-Balke-Collender Co., reply to inquiry on classification of billiard tables and bowling alleys under Regulation W Budgets: Board of Governors: Approved for year 1943 Division of Personnel Administration: To be prepared and submitted for approval Cost of operating division for remainder of year approved Increase in items stationery and supplies and medical services and supplies Division of Research and Statistics: Amount added to item of postage and expressage Increase to provide for compensation of Alvin H. Hansen Division of Security Loans: Expenses of Mr. Mayer to be charged to item of traveling expenses in budget of Increase to cover expenses of assignment of Mr. Hodgson from staff of FRBank of Minneapolis Secretary's Office: Increase to take care of non-personal services to cover the cost of the Chrysler limousine approved Stationery and supplies, increase in item approved War Loans Committee: Budget for non-personal services of, to be submitted to Board Covering estimated requirements to December 31, 1942, approved Addition to items Telephone and Telegraph and Stationery and Supplies PREank of Dallas, statistical and analytical function, increase for 1942 approved FRBank of Minneapolis, revised budget for Research and Statistical Department approved PRBanks: Annual, submission to Board to be discontinued for all except statistical and analytical and bank examination http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/26 1296 5/22 1017 12/ 8 2287 3/28 586 6/ 1 1104 12/23 2376 5/27 1068 6/29 1313 11/24 2228 9/17 1828 11/25 2231 2/26 360 6/29 1316 5/13 932 10/19 2040 4/6 628 4/14 719 10/ 9 1999 12/31 2419 8/ 6 1580 8/20 1647 45 Pages Budgets: (Continued) FRBanks: (Continued) 11/27 Bank examination function, request for submission of 5/8 Examination departments approved Presidents' Conference to discuss question of whether parts of, should not be submitted to Board during the 4/16 war Statistical and analytical functions: 5/13 Approved for 1942 11/27 Request for submission of Statistics of department store inventories to be collected monthly instead of quarterly, increase probable 6/13 as result of Building safety: Conference of representatives of FRBanks, request for list of 4/16 topics for discussion Protection of buildings against air raids and sabotage, FRBanks to submit floor plans to Public Building Administration and designate officer for contact 5/ 7 Letter to Public Building Administration with plans of build5/29 ings Code for buildings and contents sent to FRBanks and defense 6/13 coordinator to be selected Building safety and vault control, standards on, suggested as topic 5/ 4 for discussion at Presidents' Conference ! 8 1,01 Ich, B ch, Robert: (See Peoples Cash Store, Mt. Olive, Mississippi) of the Budget: Assignment of approval numbers to report forms, list of forms 10/10 used by Board and FRBanks forwarded to approval Forms of FRBanks to he submitted for assignment of numbers, to be discussed at next Presidents' 12/22 Conference Economic studies including inflationary developments to be undertaken at request of President, Mr. 3/23 Hansen to assist Mr. Leland in Hours of work, circular letter to heads of executive and other agencies on suspending Saturday half holiday and revising work schedules to comply with 48-hour 12/26 week " Advice of changes in, for staff of Board 12/30 6521 to extend benefits of soldiers and sailors civil relief act, letter to Mr. bailey assuming that 6/ 1 expression of views is no longer necessary HeR. 7121 to amend Act to establish uniform system of bankruptcy, reply that bill is not of interest to FRSystem 10/ 9 but no objection to approval by President http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2235 908 732 931 2235 1211 732 883 1091 1213 844 2004 2364 541 2388 2410 1106 1999 46 Pages Bureau of the Budget: (Continued) Regulation VI, designation of development and administration furnished to for use in compiling history of developments in Viar program Descriptive statement on development and administration of Request for advice as to the intention of Board to increase working hours, hours of work for Board increased to 44 in response to request S. 2039, Mr. Bailey, Assistant Director of Legislative Reference, advised that Board has no objection to, if the changes suggested by the Treasury are made S. 2565 to amend sections 12A and 19 of FRAct, recommendation that bill be approved by the President Statistical series, suspension of publication of, for duration of war, Mr. Thomas to represent Board in conferences on, letter advising Mr. H. D. Smith _21ar time fiscal policy, reply on Board's participation in 11'41.--au of the Census: Housing conditions in City of Norfolk, Va., Bulletin will be furnished to State banks holding real estate mortgages ' r -v-k1 of Engraving and Printing: FRnotes, orders for printing: (See FRnotes) Reduction in standard of fitness for circulating requested by, considered at meeting of Board with Presidents and discussion of desirability of using unissued notes of 1928 series Hureau of Foreign and Domestic Commerce: Statistical work on consumer credit, letter to Mr. Taylor on transfer to Board Letter to FRBanks on transfer of work to FRSystem Bureau of Internal Revenue: Exemption certificate in connection with transportation tax not available but letter or statement may be filed Necessity Certificates for use under code of, revised form of application sent to FRBanks Public Debt Act of 1942, effect on additional FRBank stock, Legal Division of Board to confer with, re- garding o, sale of, as advertised permissible under section 6(j) of Regulation W, copy of reply to Yr. W. E. Carney sent to SProuse v. Commissioner of, interpreted as an attempt to get a decision that would make stock dividends taxable as income, discussion at meeting of Board with Federal Advisory Council with regard to steps that should be taken in the event of such a decision http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/30 11/28 2093 2238 1/16 62 4/23 760 7/ 6 1377 1/12 43 2399 12/28 7/ 8 1385 3/ 2 391 8/ 6 8/21 1578 1658 11/30 2245 8/14 1620 4/ 2 616 1/ 7 23 2/16 273 47 Pages Bureau of Internal Revenue: (Continued) Stock dividends to be made taxable as income, by amendment to regulations of, or reversal of ruling in Eisner v. Macomber Wage and salary adjustments of employees of Board and FRBanks, procedure for handling reau of Standards: Test of paper processed by Mr. H. Scherbak for increasing life of paper currency, request for report on tests Burgess, John: (See National banks, Northwestern National Bank and Trust Co., Minneapolis, Minn.) Business firms: Loans to small business for war purposes, new bill to provide for, reported on by Mr. Eccles at meeting of Board with Presidents, Mead Bill considered inadequate Expression of opinion regarding, by Messrs. Eccles, McKee, and Ransom Surplus funds of business firms, suggestion by Mr. Williams that they be used for war financing, no action to be taken until after discussion with executive committee of the Federal Open Market Committee Butler, J. G., Vice President of the Industrial Bank, St. Louis, reply to question regarding schedule of payments under Regulation W BYlaws: Detroit Branch, revision discontinuing managing director, reducing number of directors from seven to five and revising basis for fees FRBank of Philadelphia, chairman of meeting of directors, proposed revision in case no Class C director is present PRBanks, executive committee, Mr. Szymczak to take up with banks where committee is not composed exclusively of directors 2/12 249 12/12 2305 8/ 6 1579 2/ 3 178 2/ 3 181 1/16 69 1/30 152 12/31 2413 12/22 2365 9/ 4 1732 UCH Call 0„.._ reports: (See Condition reports) -419 McCoy, Sparta, Wis., supply of currency for new induction center at, letter to FRBank of Chicago on furfishing Call,„4„ P'ell County Protestant Orphan's Home, Newport, Ky., accounts are exempt from provision of Regulation W because eleemosynary institution Canada: Bank of, to be visited by Ir. Rouse, request of Board for copies of any reports http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/25 1486 6/12 1206 4/21 750 48 Pages Canada: (Continued) Charge accounts, effect of regulating in, discussed at meeting of Board with Federal Advisory Council Executive Committee, in regard to proposed revision of Regulation W Consumer credit, Messrs. Brown and Robinson authorized to go to, for study of Dollar exchange in Canada, memorandum re maintaining supply of, sent to Mr. Hansen Canadian Bank of Commerce of Seattle, question of branches situated in this country being named as assignees of contracts between Navy Department and shipbuilding concerns Canadian financing, memorandum prepared by Mr. Piser, copies to be furnished to members of Federal Advisory Council CaPital ratios to deposits, change in formula discussed at meeting of members of Executive Committee of Federal Advisory Council with Board Ca J. C.: (See Bureau of the Census) ia-ribbean area, copies of study furnished to Board and other Federal agencies by FRBank of New York Cay.„ 'ue.Y, William E., plumber and heating engineer, Philmont, New York, advised that sale of radio as advertised is permissible under section 6(j) of Regulation I'd Censorship: Carpenter, S. R., designated to be responsible for security of intercepts received by Board Code of Wartime Practices for the American Press and a copy of Rules for the Guidance of Persons Corresponding with Foreign Countries issued by the Office of Censorship sent to FRBanks, advised that any problem submitted will be taken up with Office of Censorship by Mr. Draper Commonwealth Bank of Australia, request to send messages through FRBank of New York in private code to commercial banks in United States relating to wool shipments Communications ruling issued by Director of, statement for publication in FRBulletin rape_, IDr Ernest G., designated as Board's representative on Censorship Operating Board Employees, Mr. Byron Price, Director of, advised that Board cannot spare any of its employees at present time http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/12 478-82 3/10 443 1/ 6 17 6/15 1220 7/ 1 1336 10/ 7 1967 11/ 2 2101 1/7 23 12/28 2400 1/22 108 7/17 1451 3/24 551 1/ 2 8 2/11 237 49 Pages Censorship: (Continued) Executive Order establishing Office of, ordered published in 113 1/23 FRBulletin Information requests of censor, FRBanks asked to cooperate, advise Board of volume and nature of requests, and consult Board before furnishing question189 2/4 able information Information of value to Board obtained from international communications by Office of Censorship to be sent by Board to FRBanks having an interest in 195 certain information 2/5 Letter to FRBanks advising them of availability of information, requested to designate information of interest to them 2/5 196 Intercepts, means for protecting confidential character in re12/28 2399 striction of circulation of information Licenses and exemptions, designation of authority to issue, 1/23 113 ordered published in FRBulletin Operating Board: 1/2 8 Draper, Ernest G., designated as Board's representative on Establishment under executive order and procedure explained to FRBanks, Mr. Draper designated member of, 78 1/16 questions may be submitted to Board Procedure, letters from Mr. MacLeish to Chairman Eccles regard1/27 130 ing, transmitted to FRBanks Cert. Cert of indebtedness, response to use of telegrams and solicitation to urge subscription to, discussed at meeting of Federal Advisory Council executive 671 committee with Board 4/9 Certificates of membership: First State Bank of Hotchkiss, Colorado, advised that it is not necessary that the certificate be posted in the 5/23 1028 lobby Chambers, Cal C./ reply to protest of the observance of legal holi776 days by banks and post offices during the war 4/27 Charge offs: PRBanks, on industrial advances and commitments, information furnished to National Bureau of Economic Re2/26 360 search Charters: Barnes Banking Company, Naysville, Utah, new application must 8/18 1632 be made for membership upon expiration of Charts: °rganization of divisions of Board of Governors, copies sent to Civil Service Commission http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/ 1 1348 50 Pages Checks: Treasury Department, use of tabulating card form of check in making disbursements at Chicago and New 6/11 York offices (See also Clearing and collection) China: Campaign to raise funds for United China Relief, to be ascertained whether Mr. Hersey would be willing to represent Board in 4/15 C irculars: Board of Governors: Accounts for local loan agencies of Reconstruction Finance Corporation, no objection to opening by FRBank 6/17 of Dallas Adjusted compensation plan to be liberalized and letter to be sent to FRBanks, as requested by Presidents' 3/2 Conference 5/26 Amendments to FRAct, draft transmitted to FRBanks Amendments to Regulation W: (See infra Regulation W) Appraisal guides, information on designation of, to be furnished to FRBanks as soon as possible but will not be completed in time to mail to registrants with Amendment No. 3 3/3 Letter to publishers of those designated by Board in 3/21 connection with Regulation W Bank debits, suggestion and form for reporting, on monthly basis rather than weekly transmitted to FRBanks 1/23 for comments and suggestions Instructions to FRBanks on discontinuance of weekly re3/26 ports and substitution of monthly reports To be compiled monthly instead of weekly 5/6 Letter to Mr. Maloughby, Managing Editor of Nation's Business,on release and publication of copies 5/30 sent to FRBanks Bank examination departments of FRBanks, conference of representatives to be held in Philadelphia on 8/26 September 22 Banking facilities at military reservations, FRBanks to be advised of designation of State member banks by 11/30 Treasury Branches of FRBanks, revision of regulation to provide for vice president or other officer of bank to be in charge of branch instead of managing di11/20 rector Censor requesting information, FRBanks asked to cooperate with, advise Board of volume and nature of requests, and consult Board before furnishing 2/4 questionable information http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1193 724 1238 394 1050 409 532 112 569 874 1099 1691 2243 2210 189 51 Pages Circulars: (Continued) Board of Governors: (Continued) Censorship, letters from Mr. MacLeish to Chairman Eccles regarding censorship procedure transmitted to 1/27 130 FRBanks Censorship Operating Board, establishment under executive order and procedure explained to FRBanks, Ir. Draper designated member of, questions may be 78 1/16 submitted to Board Chairmen of FRBanks requested to discuss the future of Regulation W with directors and advise Board as to 1/28 136 views Chairmen's Conference, letter to Chairmen emphasizing importance of meetings, suggestion that if Chairman is unable to attend arrangements be made for attendance by either Deputy Chairman or 2/6 219 other Class C director Checks held without presentation, report on FR 494 need no 5/22 1022 longer be submitted China, Government of, opening and maintaining of accounts 3/16 498 for, by FRBanks approved Clearing of checks outside FRBank and branch cities, arrangements with local clearing house associa12/23 2376 tions, reports to be made every three years Code of Wartime Practices for the American Press and a copy of Rules for the Guidance of Persons Corresponding with Foreign Countries issued by the Office of Censorship sent to FRBanks, advised that any problem submitted will be taken up 1/22 108 with Office of Censorship by Mr. Draper Coin bags, return of, when empty to the office of the Di538 3/21 rector of the Mint requested Condition reports: Call as of April 4, on FR 105e and 220a, change in in742 4/17 structions for Reciprocal interbank demand balances in United States should be reported in call reports as net in6/24 1276 stead of gross securities government values of show par to Unnecessary 7/ 1 1344 until further notice Weekly reporting member banks to show Treasury certificates of indebtedness separately, code words and instructions sent all FRBanks 4/ 9 669 Conference on building safety and vault control, FRBanks requested to advise whether they feel conference is justified, results that might be ex4/16 732 pected, and suggestions as to additional topics http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 52 Pages Circulars: (Continued) Board of Governors: (Continued) Consumer credit statistics, FRBanks advised of transfer of reports from American Bankers Association to Board, procedure and form of report outlined Instructions for submission of reports transmitted to FRBanks Currency, held in liquid form by State and local governments, FRBanks requested to report amount of Daylight saving time, Board to set its time ahead one hour to correspond with, FRBanks advised of, also official hours of Board and request made for information as to procedure of FRBanks Debt, letter to FRBanks to encourage the reduction of, by individuals, to be submitted to Board for approval after consideration by Messrs. Ransom, McKee, and Szymczak Letter to FRBanks approved Defense contracts, information requests by War Department re the awarding of, Defense Contract Officers asked to send Board copy of the reports Defense Savings Bonds, form enclosed to provide Treasury with information on sales of, under pay roll allotment plan, same information requested by Board Department store inventories, letter to FRBanks on monthly instead of quarterly collection of Destruction of currency in Panama Canal Zone, copy of Treasury order sent to FRBanks Directors of FRBanks, reappointment of Class C with six years of continuous service, modification of policy on Earnings and dividends reports of State member banks, proposed revision of form 107, letter to FRBanks for comments and suggestions Examinations of State member banks, modification of policy requiring one each year, letter to FRBanks Expenses in connection with war loans, vouchers for reimbursement to be submitted by FRBanks through Division of Bank Operations Federal Advisory Council, members of, traveling on official business, held to be entitled to use F. R. 158 in obtaining exemption from transportation tax FRbank notes, telegram to FRBanks on procedure for issuance of Inquiries being received by Secret Service on new notes being counterfeits http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/ 4 188 3/ 5 419 1/ 5 15 2/ 3 169 5/ 5 5/ 8 851 903 1/ 5 14 1/28 140 6/13 1211 7/17 1452 9/22 1862 10/23 2056 6/26 1288 6/ 2 1111 2/27 379 12/ 8 2290 12/24 2383 53 Pages Circulars: (Continued) Board of Governors: (Continued) FRnotes, letter to FRBanks on recommendation of Presidents' Conference that existing stocks be put in circulation and letter to Mr. Bell on position of Treasury FR 563-a, registration statement for newly organized concerns, and letter of instructions to FRBanks approved Financial ability of ship repair and building yards, request by Board that information furnished to Navy Department regarding, also be reported to Board Foreign relationships of FRBanks, report of Presidents' Conference Committee and proposed revision of Regulation N Form 579, amount of loans to be reported in column 4, instructions to FRBanks Forms and instructions of Bureau of Governmental Requirements of War Production Board, copies sent to FRBanks Guarantee agreement: Preliminary draft of, for making war loans, sent to FRBanks for comments and suggestions Form proposed by War Department for adoption for its use, sent to FRBanks Proposed standard form transmitted to FRBanks with requests for comments and suggestions Procedure for the execution of, sent FRBanks, supersedes prior instructions Standard form of, documents relating to the approval of, by the War and Navy Departments and the Maritime Commission sent to FRBanks Holding company affiliates, ruling of Board changing basis for determining Holidays, copies of correspondence regarding the observance during the war, sent to FRBanks all FRBanks on policy to be followed in obto Letter serving at banks and branches Indebtedness of officers and employees, procedure for handling reports of Information received from the Office of Censorship to be sent to FRBanks having an interest in, request that Board be advised of interests of FRBanks Insurance, joint report of Insurance Plan Committee and Standing Committee on Insurance, Board concurs with Presidents' Conference in resolution approving, adoption of self-insurance plan favored, plan and letter sent to FRBanks, comments and suggestions requested http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/20 1646 1/30 149 1/22 107 8/25 1673 10/ 1 1921 7/30 1519 4/ 7 653 4/15 721 5/ 8 902 5/18 974 5/19 989 2/19 300 4/27 778 7/20 1458 9/18 1831 2/ 5 196 3/30 595 54 Pages Circulars: (Continued) Board of Governors: (Continued) Inventories of consumer goods, use of credit in connection with accumulation of, letter to be prepared and sent to all banks and other financing institutions Letter to banks and financing institutions approved for transmittal for approval by agencies mentioned Letter to banks and financing institutions revised and to be given to press for publication Report by Mr. Eccles of approval by interested Government agencies, copy of letter as sent to banks and other financing institutions Leadership in FRSystem, letter to FRBanks on development and maintenance of and on establishment of Division of Personnel Administration by Board of Governors List of Stocks Registered on National Securities Exchanges, supplementary lists to be issued in future and distributed by FRBanks upon request Loans, commercial and industrial, outline of procedure and forms for reports on, by member banks sent to FRBanks for comments and suggestions Loans to individuals for nonproductive purposes, amortization of, letter to FRBanks for instructions to examiners Loans, new industrial and commercial, forms for reporting, FR 574-A and 574-B sent to FRBanks Military Government Division of Army, suggestions for personnel to be submitted Military service, employees to be accorded benefits of military leave and those not entitled to them Money orders representing transfer of funds by soldiers in Alaska, handling of National economic problems, letter on development of program for study of, by FRBanks in cooperation with National Resources Planning Board Necessity Certificates for use under Internal Revenue Code, revised form of application sent to FRBanks Nickels, advice to National Automatic Merchandising Association that information on number should be obtained from Treasury Department Overdrafts at FRBanks by Treasury anticipated within the next few days, telegram to Banks on procedure for handling Priorities, letter to Mr. Maury Maverick on request for assistance from FRSystem and designating those to act in the liaison capacity http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/11 1185 6/12 1196 6/17 1233 6/26 1292 6/25 1279 2/25 353 2/ 6 207 5/25 1034 4/ 1 611 11/28 2237 11/10 2141 8/22 1662 7/21 1463 8/14 1620 6/ 4 1135 6/18 1248 7/21 1467 55 Pages Circulars: (Continued) Board of Governors: (Continued) Priorities, Governmental requirements plan for obtaining assistance from War Production Board, reports 8/ 5 1565 on Form PD 408 Priority travel on air carriers, recommendation of Board that certificates issued by FRBanks be signed 197 2/ 5 by President or First Vice President Procedure for making war loans, pending appointment of 709 4/13 liaison officers by the War Department Procedure outlined by State Department to be followed in extending financial assistance to American nationals in territories where the interests of the United States are represented by Switzer613 4/ 1 land Protection of buildings against air raids and sabotage, FRBanks requested to submit floor plans to Public Buildings Administration and to designate officer to whom correspondence should be 5/ 7 883 sent defense and Air raid protection code sent to FRBanks 6/13 1213 coordinator to be selected at each bank stock FRBank additional Public Debt Act of 1942, effect on undetermined, further issuance to be withheld pending conference of Legal Division with 616 4/ 2 Bureau of Internal Revenue at disbursements making of Punch card check for purpose Chicago and New York offices of Treasury's 6/11 1194 Division of Disbursement 10/ 5 1945 FRBanks to sent Copies of correspondence 5/23 1026 R letters to be discontinued Registrant under Regulation W not required to act when payment is omitted or paid only in part, copies of explanation to FRBank of Minneapolis sent to 22 1/ 7 all FRBanks in11, Regulation by for provided statements Registration structions to FRBanks with regard to tabulation of Registrants who do no instalment business or 38 1/10 business in listed articles Regulation A, amendment to subsection (b) of section 2 adopted, letter to FRBanks advising, copy of 3/17 499 press statement enclosed Amendment transmitted with instructions on treatment of notes evidencing loans guaranteed under Execu9/21 1853 tive Order No. 9112 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 56 Pages Circulars: (Continued) Board of Governors: (Continued) Regulation D, amendment proposed to permit member banks in central reserve cities or in cities in which a FRBank or branch is located to compute reserves on a weekly basis, FRBanks requested to submit comments FRBanks advised of amendment adopted, statement to be released to press included FRBanks advised that amendment is to be effective on computation period beginning February 28 Regulation R, amendment proposed to permit officers, directors, or employees of trusts to serve in the same capacity with member banks under certain conditions, letter regarding, not to be sent to FRBanks Regulation V, revision of guarantee agreement form sent to FRBanks with request for suggestions Regulation W: Amendments to, FRBanks notified of intention to add to listed articles and restrict terms, procedure for obtaining comments of FRBanks and trade to be outlined Amendment No. 3: Draft of, transmitted for comments and suggestions Draft sent to Mr. Brown and FRBanks, requested to consult with trade and members of Federal Advisory Council and forward suggestions Entire regulation to be reprinted upon adoption of amendment, FRBanks to advise Board whether they desire proofs or offset negatives Bracketing principle to be applied to certain articles, opinion of FRBanks and Federal Advisory Council requested Summary of principal provisions of, sent to FRBanks Changes in interpretations caused by, to be prepared and transmitted to FRBanks List of articles on back of Statement of Borrower Form rendered incomplete by, suggestion that additional items be added by rubber stamp or other convenient method Amendment No. 4, to be wired to FRBanks along with press statement and held in confidence until release date Board has no objection to release of information developed from Registration Statements Fnforcement, plan for, submitted to Attorney General, letter to be sent to FRBanks upon advice from Attorney General that there are no objections http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/17 285 2/21 314 2/26 358 2/27 375 5/ 8 894 1/ 8 29 1/ 9 33 1/23 111 2/ 3 168 2/12 3/ 2 244 402 3/ 4 415 3/20 517 4/30 786 3/20 518 5/22 1018 57 Pages Circulars: (Continued) Board of Governors: (Continued) Regulation W: (Continued) Questionnaire prepared by Mr. Ransom in connection with inclusion of charge accounts, sent to FRBanks Supplementary question added Revision of, press statement regarding, sent to FRBanks Reports on question of relationships between the FRSystem and Better Business Bureaus and problem of enforcement under Regulation W, sent to FRBanks, conference to be arranged to solve these questions FRBanks requested to submit comments and suggestions, conference to be avoided by submission of plan by Board Reports, manual governing the preparation of functional expense, sent to FRBanks, changes involving reimbursement for expenses incurred in making war loans Reserves of member banks, summary statements by classes of banks to be furnished to Board Resolutions adopted by Conference of Chairmen, action of boards of directors of Banks to be reported Retention in service or reemployment of officers and employees after age sixty-five, previous letters canceled S letters, new procedure for Salaries of officers and employees of FRBanks, application of regulations of National War Labor Board and Secretary of Treasury to Adjustments under regulations issued by Director of Economic Stabilization Telegram on regulations of National War Labor Board with regard to payment of supplemental compensation General order of National War Labor Board with procedure for handling adjustments Certificates to be forwarded to joint committee on salaries and wages Salary data at FRBanks, preparation for annual reports to Board Savings accounts, letter to FRBanks enclosing Treasury letters denying rumor that Government intends to confiscate http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/21 3/24 5/ 4 534 549 841 3/11 468 3/27 576 5/4 842 9/17 1827 11/18 2195 12/ 3 2262 5/23 1026 10/28 2076 11/ 4 2115 11/ 6 2127 12/16 2318 12/23 2370 12/28 2397 1/12 41 58 Pages Circulars: (Continued) Board of Governors: (Continued) Second War Powers Act, amendment contained in, to Sec. lh(b) of FRAct, memorandum to be prepared and sent to FRBanks showing effect on power of Federal Open Market Committee to direct FRBanks to purchase Government securities Statistical work on consumer credit, transfer from Bureau of Foreign and Domestic Commerce to FRSystem Stock of FRBanks, removal of Federal tax exemption on dividends of, FRBanks advised that matter is still pending before the Bureau of Internal Revenue and to continue to withhold issuance of stock certificates Taxes on dividends of FRBank stock: Decision of Treasury Department on date stock is issued Requirements necessary to avoid application of first-in, first-out rule, letter from Commissioner of Internal Revenue Unconditional, definition of term used in revised statutes, letter from Comptroller of the Currency on compliance of standard form of guarantee agreement with definition Victory Fund Committee, letter to FRBanks on expanded activity and on meeting expenses of War loan deposit accounts, banks to be encouraged to make greater use of War loans, War Department has not officially approved guarantee agreement for, form to be sent to all FRBanks upon receipt of approval Form, instructions, and documents sent to FRBanks Instructions of War Department not for general publication, but disclosures may be made as necessary in connection with negotiations Schedule of rates on, not to be generally released but used in connection with actual transactions as they arise Authorization memoranda for the execution of guarantees for, to be sent to FRBanks by air mail instead of by wire, telegram to be used only to notify of action taken on applications Made by national banks, letter on applicability of sec. 5200, Revised Statutes to, Board has no objection to the giving of a copy of, to interested parties, information on State limitations on loans made by State banks requested http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/26 560 8/21 1658 5/ 2 839 7/ 8 1383 9/22 1865 6/24 1275 11/12 2159 11/17 2191 4/10 4/11 690 4/13 710 4/14 716 5/11 915 5/12 924 698 59 Pages Circulars: (Continued) Board of Governors: (Continued) War loans: (Continued) War Loans Committee to continue for time being to wire entire memoranda to the FRBank of San Francisco war (See also War loans) Savings Program, summary of reports of activities of FRBank liaison officers, monthly reports need no longer be submitted Weekly reserve computation period for all central reserve and reserve city banks, FRBanks advised of approval of Board and effective date of Civil Service Commission: Civil Service Retirement Act, list of positions of Board which should be excluded from benefits of, reply to circular from FRBank of Chicago: War loan depositaries, letter to certain banks suggesting that they qualify as Little Pock Clearing House Association, letter from Board to FRBank of St. Louis on circular regarding uniform analysis of correspondent bank accounts and absorption of exchange on checks Memphis Clearing House Association, letter from Board to FRBank of St. Louis on circular regarding uniform analysis of correspondent bank accounts and absorption of exchange on checks °ffice of Defense Transportation, holiday travel, curtailment by Government employees over Thanksgiving and Christmas periods requested Secretary of Treasury: Public circulars issued by, statement to be published in FRBulletin Treasury Department: Foreign funds control, statement ordered published in FRBulletin 113, authorizing Division of Foreign Funds Control to make information available to censors and others 696, Treasury tax savings notes, Series C, pledge as collateral by commercial bank on loan from FRBank 4-4 Service Corrunission: Career system, study on "Executive Development in the FRBanks" copy of, not to be made available to the TrainC,ing Division of • vi1 Service Retirement Act, discussion and approval of questions to be submitted to, regarding coverage of Board members and employees of Board and FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/12 925 6/18 1248 3/ 2 402 3/ 5 417 11/16 2175 1/ 1 6 1/ 1 6 11/17 2192 3/24 552 4/22 755 2/ 4 189 12/ 8 2290 5/20 1000 2/27 369 60 Pages Civil Service Commission: (Continued) Deferment of employees from military service, advice to Mr. Mitchell that it is general policy of Board not to ask for Examination and certification by: Depenbrock, Mrs. Barbara S., request for assent of Board to, presents borderline case under Board's policy No objection to, for position of Architect Eaheart, Mrs. Mary Elizabeth, permission for the jobs of attendant and kitchen helper and mess attendant Morin, Florence R., assent given to, for position of personnel assistant, with understanding that before accepting another job, she obtain consent of Board Impounded funds of employees of Board who are thought to be subject to the Civil Service Retirement Act, discussion of and decision to transfer to Treasury and advise the Civil Service Commission Funds sent to Treasury Department membership of Retirement System of the Federal Reserve Bank, statement reviewed and checked for accuracy Oroa • • nizational charts of divisions of Board of Governors, copy sent to Mr. Mitchell Positions • in Board's organization concerned with War effort, and which might be considered for deferment for military service, list of List submitted Problems of occupational deferment, advice to Mr. McNutt that Mr. R. F. Leonard will act for Board of Governors Positions eliminated from list of proposed key positions, additional information submitted in asking for reconsideration of positions which should be excluded from the benefits of the Civil Service Retirement Act, reply to circular from, listing Release of employees under Executive Order, reply to, advising that Board needs all present employees and that Mr. Nelson is the proper person to contact regarding Staff Personnel Committee recommendation regarding rejected, former policy rescinded, and no objection to be made by Board to examination and certification of employees by http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/ 1 1348 1/16 64 68 1/5 11 1/15 55 1/16 2/27 3/ 6 367-71 429 8/14 1623 7/ 1 1348 10/ 2 1926 10/ 6 1948 10/23 2051 10/27 2072 3/ 5 417 2/25 351 1/16 64 61 Pages Civil Service Retirement System: Employees added to staff of Board who were not members of, to be required to become members of the Retirement System of the FRBanks Impounded funds of employees of Board thought to be covered by the Civil Service Retirement Act, sent to Treasury Department Retirement System of FRBanks to be studied by Staff Personnel Committee in regard to liberalization of, to correspond with benefits of the Civil Service Retirement System and to discuss with the Personnel Committee Clark Brothers Furniture Company, Chattanooga, Tenn., violations of Regulation W, procedure now under consideration °rder to be issued to close store for one week Designated terms of agreement in connection with suspending license and violation of Regulation IV Telegram that Board insists on full week's closing as minimum penalty for violation ci__Order suspending license for violation d-ring accounts: Morris Plan Banking Co. of Boston, Mass., permission to FRBank to open and maintain clearing account for Cle ' a A ing and collection: .4bsorption of exchange on checks and uniform analysis of correspondent bank accounts, letter from Board to FRBank of St. Louis on Little Rock and Memphis Clearing House Associations circulars regarding Absorption of exchange and collection charges: No action to be taken on attempt to get amendment to Regulation Q Enforcement of Regulation Q Summary of replies received from Presidents of FRBanks and Legal Division to prepare memorandum of recommended actions Discussion of steps to meet problem Procedure recommended by Mr. Dreibelbis Discussed at meeting of Federal Advisory Council with Board , Action against national bank for violation suggested uertification of checks and drafts by FRBanks at request of public finance officers or nonmember banks, letter to FDIC Charge of 15 cents by the Albertville National Bank, Albertville, Alabama, for the cashing of veterans' checks, reply to Senator Hill regarding http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/27 371 3/6 429 2/27 372 7/30 1517 11/ 3 2103 11/ 4 2119 11/ 5 2124 11/ 9 2134 3/10 458 1/1 6 8/ 7 1586 9/14 1796 9/15 9/29 10/ 9 11/16 11/16 1810 1902 1987 2184 2184 6/18 1249 5/23 1028 62 Pages Clearing and collection: (Continued) Charges made by banks, reply to Mr. McCravey of Bank of Forest, Miss. Checking accounts, charges imposed by banks on, letter to Representative Bland on laws and regulations relating to Checks: Cleared through Charlotte Branch, no objection to granting request of newspaper for total face value Drawn by Board of Governors on Treasurer of United States, letter to Comptroller General on custody after payment Held without presentation, report on FR 494 need no longer be submitted Issued by Board of Governors, advice to Comptroller General that they should be obtained from Treasurer of the United States Punch card: (See infra Punch card checks) ulearing account of nonmember bank may be accepted or declined according to the discretion of the FRBank, letter to FRBank of Minneapolis advising Group clearing of checks outside of FRBank and branch cities, arrangements with local clearing house associations, reports to be requested every three years Interdistrict time schedule, change in time from El Paso to Los Angeles M°neY transfer orders drawn by soldiers in Alaska, letter to FRBanks on handling of Noncash items, competition of FRBanks with member banks with respect to collection of Par clearance of checks, letter to Mr. Davis on changes in rules and regulations of Nashville and Memphis Clearing House Associations and on letter from Farmers Bank and Trust Company, Blytheville, Arkansas Punch card checks, plans for use in Chicago and New York offices of Division of Disbursement and payment through FRBanks Letter to Mr. Bell on plan .Letter to FRBanks transmitting correspondence on plan tation check clearing, letter to Mr. Henderson on cooperation by Board and Mr. Szymczak designated to be in charge of work for Board Service charges of Chittenden County Trust Company, Burlington, Vermont, Mr. B. Frank advised that Board has no control over http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/11 2150 12/16 2325 8/21 1659 10/27 2074 5/22 1022 10/ 1 1924 2/11 239 12/23 2376 11/14 2170 8/22 1662 11/16 2185 2/16 278 6/11 1193 9/10 1772 10/ 5 1945 12/ 5 2273 4/18 746 63 Pages Clearing house associations: Little Rock, letter from Board to FRBank of St. Louis on circular regarding uniform analysis of correspondent bank accounts and absorption of exchange on checks Memphis, letter from Board to FRBank of St. Louis on circular regarding uniform analysis of correspondent bank accounts and absorption of exchange on checks Changes in rules and regulations on par clearance of checks Nashville, changes in rules and regulations on par clearance of checks Ole ci4 vz.Land Retail Credit Mens Company: (See Regulation IV) 'ne, R. D., letter on avoidance of Regulation W by renting furniture instead of selling it C°1*, C. L.: (See National banks, Peoples National Bank, Rock Hill, S. C.) Code messages: Commonwealth Bank of Australia, permission requested to send messages to FRBank of Boston for transmission by mail to commercial banks covering wool shipments, letter to Director of Censorship Codes: 1/ 1 6 1/ 1 6 2/16 278 2/16 278 6/ 5 1141 7/17 1451 Air raid protection for Federal buildings, copies sent to FRBanks and attention called to selection of 6/13 defense coordinator tartime Practices for the American Press and a copy of Rules for the Guidance of Persons Corresponding with Foreign Countries issued by the Office of Censorship sent to FRBanks, advised that any problem submitted will be taken up with Office 1/22 of Censorship by Mr. Draper bags: Director of the Mint advised of cooperation of Board in securing 3/21 the return of C°ins, difficulty in obtaining adequate supplies: Discussed at meeting of Federal Advisory Council with Board Discussed by Presidents V.9 1 coleiscussed by Mr. Ransom at meeting of Federal Advisory Council 11/16 eck, J. R.: (See National banks, Minnesota National Bank of Duluth, Minnesota) Collateral: Treasury tax savings notes, Series C, use as pledge for loan 12/ 8 from FRBank by commercial bank Conyt,,4 'tssioner of Internal Revenue: 'alaries and wages regulations being prepared to comply with 11/ 4 executive order http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1213 108 538 1.4 9 70 98 2189 2290 2115 64 Pages Commissioner of Internal Revenue: (Continued) Salary adjustments at FRBanks, procedure for filing certifi12/23 2370 cates Salary adjustments of employees of Board and FRBanks, procedure 12/24 2379 covering Taxation of dividends on FRBank stock, action necessary to make first-in, first-out rule inapplicable to shares 8/ 4 1550 surrendered by member bank Requirements necessary to avoid application of first-in, 9/22 1865 first-out rule Committees: Advisory Committee on Subversive Activities: 2/27 379 Belt, J. Watson, designated representative of Board on Board of Governors: Nomination of employee each month for Post award in making suggestion for improvement of Federal service, composed of Mr. Bethea and Yr. Leonard and em9/26 1892 ployee selected by the committee of employees Personnel: 5/26 1051 Annual leave, restrictions proposed by, approved 7/ 3 1368 Duties assigned to Evans, Rudolph M., appointed to serve as member of, for year beginning March 1, 1942, subject to confirmation and qualification as member of the 374 2/27 Board Appointed Vice Chairman for period ending February 7/ 3 1369 28, 1943 McKee, John K., appointed to serve as member of, for 2/27 six-months period beginning March 1, 1942 374 Menze, Robert E., question of salary and appointment as an economic assistant in Division of Research and Statistics submitted to, for con2/17 280 sideration and recommendation Ransom, Ronald, appointed to serve as member for six2/27 375 months period beginning September 1 by studied Retirement System of the FRBanks, to be Staff Personnel Committee in regard to liberalization of, to correspond with benefits of the Civil Service Retirement System and to be dis2/27 372 cussed with Personnel classification: Revised job description sheets to be submitted to, covering employees in the Division of Research and Statistics whose salaries were approved though not in line with existing procedure and salary 2/ 6 214 policy http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 65 Pages Committees: (Continued) Board of Governors: (Continued) Staff Personnel: Recommendations regarding release of employees and examination by Civil Service Commission rejected, former policy rescinded and no objection to be made by Board to transfers and examinations by 1/16 Civil Service Commission liberalizaRetirement System of the FRBanks, to study tion of, to correspond with benefits of the Civil Service Retirement System and to dis2/27 cuss with the Personnel Committee of, Supplemental compensation plan, report that adoption for employees of Board would be inadvisable, continuation of periodic salary reviews deemed 1/16 adequate to meet present situation 7/ 3 capi i r. Loans, duties assigned to Issues, need for as part of restriction of use of credit for financing inventories of consumers 6/26 goods Chairmen's Conference: Executive Development in the FRBanks, copy of study not to be made available to the Training Division of 5/20 the Civil Service Commission Commercial policy aspects of exchange, monetary and investment problems, Mr. J. Burke Knapp to represent 9/14 Board of Governors on C°11110eting Lending Agencies of Nebraska Bankers Association, resolution adopted rith reference to production 10/ 8 credit associations CO nservation of cultural resources, letter to ar. Dan Lacy on 11/13 measures taken to protect records of Board C onsumer credit, created by executive order, proposals to amend Regulation W sent to, replies received advising 2/24 that proposals were satisfactory Draft and revised draft of proposed Amendment No. 3 to 2/24 Regulation W sent to, report on replies D irectors on Welfare of Staff of the FRBank of New York, conference with Board to be arranged through Mr. Szymczak for the purpose of evolving a plan of 5/ 9 executive compensation for officers Examiners' Conference, report on program as to scope, procedure, 9/29 and frequency of examinations F• air Employment Practice: 9/12 Colored employees, report to be made on number employed Reply to letter alleging discriminatory requisition for 12/11 elevator operators http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 64 372 73 1369 1295 1000 1735 1976 2166 340 340 910 1905 1787 2301 66 Pages Committees: (Continued) Federal Advisory Council: Executive committee, interim meetings of members of, with Board each month with certain exceptions proposed, no objection by Board Arrangements completed for meetings on the second Thursday of each month, Secretary's note Interim meeting arrangements approved by Board Change in date of suggested Meeting with Board 2/16 272 2/16 2/23 3/12 273 321 482 7/V/ 13 12 8/ 5 Monthly meetings with Board, belief that they should be continued Meeting with Board Meeting scheduled for December 2 canceled Federal Open Market: FRAct, proposed amendment to Section 14(b) to allow FRBanks to purchase securities directly from the Treasury subject to direction of, discussion at meeting of Board with Federal Advisory Council Meeting to be held in Washington June 22, to be followed by a meeting of the Conference of Presidents Meeting of executive committee with Treasury officials to discuss Treasury financing Meeting of members of executive committee with Secretary of Treasury on new Treasury financing Meeting scheduled for January 25 Members in Washington to consider draft of statement prepared by Messrs. Goldenweiser and Rouse at request of Mr. Morgenthau Opinion of, that there was an amount of short-term funds that might flow into a short-term security, discussed at meeting of Federal Advisory Council executive committee with board Policy record, draft of letter to be enclosed with drafts of entries covering actions for 1941, approved Entries for 1941 approved Regrouping of FRBanks for selection of members in manner that insures representation of FRBank of New York by amendment to Section 12A of FRAct discussed, decision of Board to consult Treasury and FRBanks before introducing legislation into Congress http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1330 1553 9/14 1800 10/ 7 1959 11/24 2224 2/16 264 5/ 8 896 9/29 1897 11/11 12/19 2144 2347 10/ 6 1955 4/ 9 672 1/ 9 2/10 35 236 2/17 282 67 Pages Committees: (Continued) Federal Open Market: (Continued) Regrouping of FRBanks: (Continued) Proposed amendment to FRAct for regrouping of FREanks to be discussed with Presidents Draft of amendment to be sent to Treasury, not to be taken up with Federal Advisory Council Bill to amend FRAct changing representation discussed at meeting of Board with executive committee of Federal Advisory Council Letter to Senator Wagner favoring enactment of S. 2565 to amend FRAct to provide for Recent amendment to FRAct to be published in FRBulletin Reserve requirement, placing authority in the hands of, discussed Action on reduction not to be taken until after meeting Resolution of Federal Advisory Council favoring an increase in the amount of Treasury bills issued, to be brought to the attention of, at its next meeting Second War Powers Act, amendment contained in, to Sec. 14(b) of FRAct, memorandum to be prepared showing effect on power of, to direct FRBanks to purchase Government securities Treasury bills, recommendation of Federal Advisory Council that amount issued each week be increased, Federal Open Market Committee reported as favoring Resolution to be brought to the attention of, copy sent to Secretary of the Treasury Treasury financing, program sent to Treasury by representatives of War financing, suggestion in memorandum from Mr. Williams that surplus funds of business concerns be used for, no action to be taken until after discussion with executive committee of the Federal Open Market Committee PRBank of Cleveland, directors on official personnel at Bank, telegram to Mr. Klages on meeting with Board Meeting with Board to be held in January ank of New York directors, conference of Board committee with, to be arranged by Mr. Sproul through Mr. Szymczak FRBanks, executive, amendment to bylaws providing for composition of, to be taken up by Mr. Szymczak with banks where committee is not composed exclusively of directors http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/27 373 5/19 982 6/ 3 1112 6/17 1239 7/21 1468 5/18 962 9/11 1780 2/27 363 3/26 560 2/16 264 2/27 363 5/ 5 852 1/16 69 12/10 12/11 2298 2301 5/ 5 861 9/ 4 1732 68 Pages Committees: (Continued) FRSystem, currency hoarding: Szymczak, M. S., appointed to serve as Board's representa7/15 1440 tive on Foreign Banking of New York City, bankers' acceptances, legislative clarification of the status of, desired by, reply from Board advising that there have been no further developments in connection with the proposed amendment to the Internal Revenue 929 5/13 Code Government securities, composed of representatives of Board and Presidents to confer with Treasury and a committee of investment bankers in regard to 886 5/ 8 promoting the distribution and sale of Mr. Eccles to represent Board and Messrs. Day, Sproul, Young, and Williams appointed to represent 887 5/ 8 Presidents sepameet to regarding, Treasury with meet to Committee rately for the purpose of formulating recom892 5/ 8 mendations for submission at that time Suggestion that program proposed by Mr. Sproul regarding organization for the promotion of the sale of, be adopted with size and number of committees depending upon the needs of the district, and that there be proportionate representation of 892 5/ 8 investment bankers on the committees House: Banking and Currency, Revised Statutes, alternate drafts of amendment to Section 5200 to exempt loans covered by guaranties or commitments made by the U. S. or by any FRBank, copy of memo from Mr. 976 5/18 Wyatt regarding, sent to Interstate and Foreign Commerce, hearings on amendment to section 7(d) of Securities Exchange Act of 1934, request of Federal Advisory Council that testimony of, be sent to and that they be al97 1/22 lowed to file a memorandum with Federal Advisory Council to be advised that Congressman Lea, Chairman of the House Committee, has been informed of request for hearings and fil1/22 98 ing of statement 117-8 1/24 Lea Letters to Mr. Brown and Congressman Memorandum prepared reviewing Yr. Brown's letter to Congressman Lea regarding, to be mailed to members of executive committee of Federal Advisory Council, dropping of proposal discussed at 3/12 meeting of Board with executive comnittee 474 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 69 Pages Committees: (Continued) Industrial Advisory: FRBank of Atlanta: French, Vv.1, Sr., reappointed for one year Lockett, Andrew 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, Malthrop L., reappointed for 1942 Creighton, Albert K., resignation expected in view of appointment as a Class C director Resignation, to be succeeded by Ralph E. Thompson Dennett, Carl P., reappointed for 1942 Draper, Paul A., reappointed for 1942 Graham, Edward M., reappointed for 1942 Thompson, Ralph E., appointed for unexpired portion of term and also for one-year term, to succeed Mr. Creighton FRBank of Chicago: Epstein, Max, reappointed for one year Harnischfeger, Walter, reappointed for one year Kennelly, Martin H., reappointed for one year Kerwin, Edward M., appointment for term expiring Feb. 28, 1943, as successor to Mr. Monroe Monroe, R. R., reappointed for one year Resignation of, and appointment of Mr. Kerwin Moxley, G. Barret, reappointed for one year FRBank of Cleveland: Folsom, Edward C., reappointed for one year Resignation as member Gibbs, Carl C., appointed for one year to succeed Mr. F. A. Smythe Death of Hood, Clifford F., appointed to serve for unexpired term of Mr. E. C. Folsom Ladds, Herbert P., appointed for unexpired portion of term Neff, Herman R., reappointed for one year Smythe, F. A., succeeded by Mr. Gibbs Swander, Dan C., reappointed for one year Withington, W. W., reappointed for one year rRBank of Dallas: Hamon, Jake L., appointed for 1942 Moore, Charles R., reappointed for 1942 Moore, Ira T., appointed for 1942 Pollock, Lawrence S., appointed for 1942 Simmons, E. P., appointed for 1942 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/14 1/14 1/14 1/14 48 48 48 48 48 1/20 89 1/20 2/11 1/20 89 238 89 1/20 1/20 89 89 2/11 238 1/29 1/29 1/29 144 144 3/26 1/29 3/26 1/29 563 144 563 144 1/14 144 2/ 4 184 12/29 2401 2/ 4 184 10/ 2 1934 12/29 2401 10/ 2 1933 2/4 2/4 2/4 2/4 184 184 184 184 3/27 3/27 3/27 3/27 3/27 575 575 575 575 575 70 Pages ecxuraittees: (Continued) Industrial Advisory: (Continued) FRBank of Kansas City: Forrester, D. Bruce, reappointed for one year Gray, R. L., reapoointed for one year McNally, Thomas, reappointed for one year Miller, Ed S., reappointed for one year Thompson, Mason L., reappointed for one year FRBank of Minneapolis: Bush, John M., reappointed for 1942 Follett, C. O., reappointed for 1942 Miller, Albert L., reappointed for 1942 Wood, Sheldon V., reappointed for 1942 FRBank of New York: Beach, Herman K., due to small volume of applications for loans no appointment made to fill vacancy caused by death of Nelson, Arthur G., reappointed for one year Noble, Edward J., reappointed for one year Pouch, William H., reappointed for one year Reynolds, Francis B., reappointed for one year FRBank of Philadelphia: McDade, John T., reappointed for 1942 Mechling, B. F., reappointed for 1942 Powlison, Keith, reappointed for 1942 Schultz, Daniel H., appointed for unexpired portion of term ending February 28, 1942 Reappointed for 1942 Skinner, James I., appointed for unexpired portion of term ending February 28, 1942 Reappointed for 1942 FRBank of Richmond: Balduin, Ludlow H., succeeded by Mr. Douglas Gorman Dennis, Overton D., reappointment for one-year term Gorman, Douglas, appointment for one-year term to succeed Mr. L. H. Baldwin Holtsclav,, J. G., reappointment for one-year term Manning, William L., reapnointment for one-year term Stuart, Vialker D., reappointment for one-year term FRBank of St. Louis: Embry, Foster H., appointed for one year Finch, M. E., appointed for one year Norris,',111. K., appointed for one year VanDyke, Jacob, appointed for one year Maurice, appointed for one year FRBank of San Francisco: Baker, ;,akefield, reappointed for term of one year http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/26 1/26 1/26 1/26 1/26 121 121 121 121 121 1/31 1/31 1/31 1/31 160 160 160 160 2/12 243 2/12 2/12 2/12 2/12 243 243 243 243 3/ 5 3/5 418 418 3/5 418 1/1 3/ 5 2 418 1/1 3/5 2 418 2/18 2/13 294 294 2/18 2/18 2/18 2/13 294 294 294 294 1/29 1/29 1/29 1/29 1/29 144 144 144 144 144 2/25 352 71 Pages Coramittees: (Continued) Industrial Advisory: (Continued) FRBank of San Francisco: (Continued) Crandall, Shannon, reappointed for term of one year Hayes, Edmund, reappointed for term of one year Nichols, Henry D., reappointed for term of one year Starr, Walter A., reappointed for term of one year Insurance, joint report of Insurance Plan Committee and Standing Committee on Insurance accepted by Presidents' Conference and recommendations made to Board at meeting with Presidents Board concurs with Presidents' Conference in resolution approving, adoption of self-insurance plan favored, letter sent to FRBanks, comments and suggestions requested Joint report approved by a majority of FRBank boards of directors, plan for self-insurance now being prepared by the two committees Interdepartmental War Savings Bond: Bethea, Liston P., designated as alternate for Mr. Eccles on Reply to Admiral Conard that Board does not favor change in minimum deduction for employees in payroll deduction plan for purchase of War Savings Bonds Letter to Admiral Conard that staff of Board had exceeded ten per cent goal in pay roll savings plan Joint Economic Committees of Canada and U. S., dollar exchange in Canada, memorandum re maintaining supply of, sent to Messrs. Hansen and Berle Leased Viire System, advice that Mr. Nelson will be representative of Board designated to meet with National Association of State Bank Supervisors, executive committee of, invited to use Board Room for meeting, Messrs. Ransom and McKee to attend , 1) ::s?nnel, restrictions on annual leave proposed by, approved 'r sl.dent of the United States, special committee appointed by, to study inflation, report by Mr. Eccles on the findings of, at a meeting of the FAC with the Board Presidents Conference: Bank examination procedure, letter to Mr. Sproul on study being given to modification Meeting of committee with Board to be postponed until after conference of Representatives of Bank Examination Departments in Philadelphia Defense Savings Bond Committee to study simplification of procedure for issuance of defense savings bonds and submit recommendations to Treasury http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/25 2/25 2/25 2/25 352 352 352 352 3/ 2 392 3/30 593-6 5/ 8 908 5/13 930 8/28 1710 11/ 2 2101 1/ 6 17 12/22 2364 3/23 540 5/26 1051 5/18 954 7/28 1509 9/ 3 1729 3/ 2 391 72 Pages Committees: (Continued) Presidents' Conference: (Continued) Foreign accounts of FRBanks, participation of FRBanks in, report suggesting revision of Regulation N, etc., presented and discussed Free Services, System Committee on, composed of Messrs. Leach, Peyton, and Gilbert Subcommittee composed of Messrs. Walden, Lysen, and Stroud Mr. E. L. Smead designated to represent Board on subcommittee Insurance, representative to be selected by each President to serve as member of continuing committee Insurance plan, resolution on policy with respect to War insurance Operations: Functional expense report, value discussed Insurance agreement as revised submitted to Board for approval Supervision of Washington office of Leased Wire System transferred from, Mr. Carpenter to Mr. Nelson, advice to Mr. Leach as Chairman Personnel Selection and Training: Fleming, Matthew J., President of FRBank of Cleveland, appointment as member of standing committee Peyton, John N., appointment as member of standing committee Sproul, Allan, President of FRBank of New York, appointment as member of standing committee Szymczak, M. S., designated to represent Board on Not to be invited to meet with Chairmen on October 5 Research and Statistics, not to be invited to meet with Chairmen's Conference on October 5 Meeting of subcommittee scheduled for October Retirement System, questionnaires returned by Board, no opinions or suggestions with regard to changes to be made at this time Report discussed and special meeting of Presidents to be called to consider problems Change in interest base recommended Self-insurance special committee, report of, to be considered by Presidents, Chairmen's Conference advised of necessity for prompt action on Standing Committee on Insurance charged with the duty of continuing study in accordance with the recommendation in the joint report Supplemental Compensation, adjusted plan discussed and restrictions modified with understanding it shall apply where it would increase any salary beyond t6,000 and effective date http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/25 1668 2/ 3 169 2/ 3 169 2/ 3 169 9/29 1898 9/29 1897 9/29 1903 12/11 2303 12/22 2364 2/20 303 2/20 303 2/20 303 2/20 303 9/ 8 1744 9/ 8 1744 9/30 1915 2/26 357 9/29 1901 12/21 2350 1/22 96 5/ 8 908 2/27 364 73 Pages Ninattees: (Continued) Relation between the domestic and international measures contemplated in article 7 of the master lendlease agreements, Mr. Walter Gardner to represent Board of Governors on Senate: Appropriations, Tyding's questionnaire, Mr. Eccles authorized to ask whether a reply is desired or may ask staff to prepare an answer, Mr. Ransom opposed to any answer which is not complete Currency: Banking and Inter-American Bank, Messrs. Goldenweiser, Wyatt, and Gardner designated to prepare draft of statement which Board representative might make at hearings on Draft of statement discussed, to be revised and when approved to be submitted to Mr. Berle for comments S. 2146, 2147, and 2148, to amend Home Owners' Loan Act of 1933, National Housing Act, and Federal Home Loan Bank Act, opposed by Board as they include objectionable features of S. 4095 S. 2250, report on Murray Bill to be submitted to, after clearing with Budget Bureau, proposal by Mr. Eccles may be substituted S. 2393, relating to the publication in places where branch banks are operated of statements of resources and liabilities of banks, etc., advised that Board has nothing to add to opinion sent to the Bureau of Budget S. 2565 to amend sections 12a and 19 of FRAct, letter to Senator Wagner favoring enactment Finance Committee: Withholding tax, application to interest on bonds including Government securities, memorandum to be prepared for Messrs. Ransom and Szymczak and submitted to Treasury for suggestions Letter to Mr. Randolph Paul stating position of Board to be delivered at hearing room of Small business, letter to Mr. Thompson on dealings by FRBanks with customers other than member banks SYst,em Committee on Collections, meeting called to consider ration banking plan Changes suggested in plan for clearance of ration checks victory Fund: Advertisements in connection with Treasury financing, complaints from press of discrimination in placing http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/ 4 1735 3/10 449 1/22 99 1/28 132-5 3/27 583 2/17 290 5/18 977 6/18 1239 8/ 6 1567 8/26 1683 12/ 3 2264 12/ 5 12/16 2273 2327 12/ 1 2248 74 Pages Committees: (Continued) Victory Fund: (Continued) Discussion of, and decision that all of the Presidents should meet with the representatives of the Treasury and the investment bankers Discussion of work at dinner meeting of Presidents with representatives of Treasury Distribution of Series B Tax Notes, to be requested to make special effort to obtain wide, and Messrs. Ransom and Szymczak to keep in close touch with committees Executive manager at FRBank of Chicago, position not within scope of personnel classification plan Expansion because of increased activity in connection with new Treasury financing Expansion of activities to include smaller communities discussed Expenditures by FRBanks for advertising in newspapers of cities where regional offices are located Expenses of, instructions for including in Functional Expense Report Letter to FRBanks on expanded activity Meeting of Chairmen scheduled for January 26 Offering of short-term in market issue to be part of work of Service in connection with new issue, question of furnishing names of member banks with substantial excess reserves for use in committee work Statement furnished to Bureau of the Budget on participation of FRSystem in Treasury financing Treasury bills, program to educate member banks on advantages of holding suggested Use of Form 158 in obtaining transportation exemption for members War loan accounts, telegram from Treasury Department to FRBanks that small banks should be encouraged to open and increase war _L egislation, to be included in another War Powers Bill, Mr. Wyatt authorized to advise Mr. Cox that Board has no additional War loans: Budget for non-personal services of, to be submitted to Board Draft of Regulation V approved by Funds received under Executive Order 9112, Mr. Bartelt of the Treasury to confer with, regarding covering of funds into the Treasury Organization of, as outlined in memorandum from Mr. Eccles approved with th minor change http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/ 8 887 9/24 1878 9/11 1778 9/14 1802 11/11 2144 12/18 2336 11/25 2230 5/20 1000 11/12 2159 12/19 2347 7/ 1 1334 7/ 8 1384 11/28 2238 8/ 5 1560 6/12 1206 9/18 1843 2/17 288 4/ 6 4/ 1 628 601 : 3/2 4 5: 6 50 75 Pages Commodity Credit Corporation: Certificate of interest issued by, classification by Citizens State Bank of Knox City, Texas, in condition reports as loans or guaranteed securities Loan used to purchase listed article not exempt from provisions of Regulation W Co-m,tionwealth Investment Company: See. 32 of Banking Act of 1933 because open-end investment company Oopw,4. -vkiroller General of the United States: Assignment of claims under act of 1940, letter on acknowledgment and return of notices Procedure of office with regard to, especially in connection with war loans Assignment of Letter of Intent and assignment of Notice of Award, letter on assignability at request of FRBank of Minneapolis Opinion transmitted to FRBanks Cheeks issued by Board of Governors are not returned to issuing office and should be taken up with office of the Treasurer of the United States Custody of checks after payment, question of filing in Treasurer's office or General Accounting Office C°T4Ptroller of the Currency: Absorption of exchange and collection charges by member banks, correspondence on Agreements under Regulation V, proposed revision of standard form submitted for suggestions American National Bank and Trust Company of Mobile, Alabama, action on application to make acceptances up to 100% of capital and surplus, deferred pending opinion of, as to whether the condition of the bank justifies the grant of authority Condition reports of national banks, change in item due to and due from other banks being considered by Copies of correspondence on denial of application of First Trust and Savings Bank of Pasadena to establish branches sent to Enforcement of Regulation W, letter on cooperation with regard to national banks 4aIllination procedure agreed upon in 1938, provisions abandoned by Uniform policy adopted by bank supervisory agencies, reported change without consultation with Board and FDIC Proposed change in, letter to Mr. Upham that conference of bank supervisory agencies be held http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/ 5 1147 6/20 1262 10/28 2080 6/11 1187 9/ 3 1724 10/14 2018 11/ 2 2100 10/ 1 1924 10/27 2074 10/ 9 1987 12/23 2375 3/30 592 3/24 550 11/19 2201 6/12 1204 10/ 9 1991 10/17 2037 10/30 2093 76 Pages Comptroller of the Currency: (Continued) Examination and supervisory policy with reference to investments by banks in and loans upon Government securities Joint statement with special reference to investments in and loans on Government securities Individual debts: (See Loans) Inscription for front page of examination report of national banks Press statement regarding reduction of individual debt to be submitted to, for approval following consideration by Messrs. Ransom, McKee, and Szymczak Statement as approved for release Reciprocal bank balances, proposed procedure for reporting, agreeable to, no change to be made on the face of the report and the form of published statement Regulation IV, advice that office will cooperate with Board in enforcement of Savings deposits, withdrawal without notice for purchase of defense savings bonds, comments sent to FRBank of Cleveland Second National Bank of Ravenna, Ohio, copy of report by Mr. Gaffney on investigation of trust department in connection with surrender of its fiduciary powers, sent to Letter containing same information sent to FRBank of Cleveland Staff: Roberts, T. V., Assistant Counsel, cost of luncheon to be borne by Board St atistics of national and State banks, no need for extension of clerks on reimbursable basis as help can now be supplied by Board's staff, reimbursement of only one clerk necessary for December as Mr. Martin resigned TMasamerica Corporation: Expansion by, Mr. McKee authorized to confer with Mr. Crowley and Comptroller regarding adoption of Policy of refusing to permit further Readily marketable assets of the kind and amount required by sec. 5144 of the Revised Statutes held by loans: Guaranteed by provisions of Executive Order, question of making, by national banks without being subject to section 5200 of Revised Statutes Participation in lending program by national banks, letter to be published in FRB1111etin http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/11 2148 11/20 2205 11/19 2202 5/5 5/7 851 880 5/11 921 7/ 6 1374 3/9 437 2/14 258 2/14 257 1/29 145 1/5 11 1/22 105 5/9 911 4/8 661 5/25 1033 77 Pages NINlsory savings: War financing, discussion of Federal Advisory Council with Board as to whether it should be conducted on a voluntary basis or whether a plan of, should be adopted Cona Admiral Charles, Chairman of Interdepartmental War Savings Bond Committee, advice that staff of Board had exceeded the ten per cent goal in pay roll savings plan Cohdition of banks: American Bank and Trust Co., New Orleans, La., unsatisfactory features to be corrected as result of conference of Mr. McLarin with officers of bank and representatives of Louisiana Banking Department Peoples Trust Company, Martinsburg, W. Va., change in management suggested and examination to be made by FDIC and FRBank of Richmond 011r14 1• ---610n reports: Bank of America N.T. & S.A., submission of report of holding company affiliate relationship with Transamerica Corporation waived Call reports: Forms and instructions for next call transmitted to FRBanks Memo of Mr. Smead on revisions Fall call to be omitted with understanding that banks would obtain from member banks a classification of loans and investments including information on personal loans and retail instalment paper Fall call not contemplated, telegram to FRBanks and advice may be given to State banking departments Call not contemplated at present time, no objection to advice to State member banks End of year call, proposed revision of Form 105 reducing from four to two pages CaPtion to appear at top of publishers copy and be acceptable to State banking authorities and Board of Governors, suggestion of Mr. McAdams approved with modification Changes in caption for use in joint publication, advice to FRBank of Dallas approving Certificates of interest issued by Commodity Credit Corporation, advice to Citizens State Bank, Knox City, Texas on classification as loans or guarantee securities Chase Bank, New York, Far Eastern branches, special instructions for preparation of, as year-end statements are not available for http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/18 952 11/ 2 2101 10/22 2049 10/28 2078 3/20 516 4/ 2 614 6/10 1183 7/18 1454 9/28 1895 10/ 3 1942 11/18 2198 6/26 1299 7/30 1520 6/ 5 1147 1/14 48 78 Pages Cond• ltion reports: (Continued) Deposits, differences in reporting time certificates especially 8/29 those subject to reserve Deposits by post exchanges at Army posts and of company, battery, and similar funds should be reported as Government deposits if not designated depositaries 10/13 FRBank weekly statement, FRnote statement to be discontinued, information to be shown under liabilities, and statement to be reduced to two sheets 5/5 Memo of Mr. Smead on manner of showing Government securities purchased in open market or directly from 6/15 Treasury Changes in wording of weekly statement in connection with 8/25 participation of FRBanks in foreign accounts Retirement System interest base adjustment, manner of show12/31 ing payment in First Trust and Savings Bank, Pasadena, Calif., extension of 7/16 time for filing reports of affiliates °rms and instructions for next call transmitted to FRBanks, 6/10 memo of Mr. Smead on revisions Gov ernment securities, figures showing par values of, unneces7/ 1 sary to furnish in future 0 int publication of those rendered to State and Federal Re7/16 serve authorities, amended form 105e for use in Kentucky banks, forms to be furnished if Division of Banking de9/16 sires to make fall call Loan schedules, memo of Messrs. Smead and Goldenweiser for taking out of call report and submitting separately, referred to Messrs. Ransom, Evans, and McKee 10/ 6 with power to act blember banks in 101 leading cities weekly report, change being considered in item due to and due from other banks 3/24 Ue • rrill Mortgage Co., Bangor, Maine, report should be submitted by Merrill Trust Company because not in formal 11/11 liquidation National Bank of Vtashington, Tacoma, Washington, submission of report of holding company affiliate relation3/20 ship with Transamerica Corporation waived National banks: Call as of December 31, 1941 1/2 Call as of April 4 4/7 Call as of June 30 7/ 3 Due to and due from other banks, change in method of reporting being considered by Comptroller of Currency 3/24 grim Trust Company, Boston, Mass., corrections to be made 8/ 6 in, republication not to be required http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1713 2014 865 1221 1673 2415 1443 1183 1344 1445 1822 1952 550 2149 516 8 650 1359 550 1575 79 Pages Condition reports: (Continued) Publication in places where branch banks are operated, refer6/26 ence to S. 2393 Reciprocal bank balances, proposed procedure for reporting, agreeable to Comptroller of the Currency, no change to be made on the face of the report 5/11 and the form of published statement Reciprocal interbank demand balances with banks in United States should be reported on call reports as net in6/24 stead of gross S. 2393, which would require the publication of statements and condition reports by each insured bank and branch, letter regarding, sent to the Executive 5/11 Office of the President , Reply to Senator Wagner regarding 5/18 Qocial Security taxes, opinion of Board that they should not be classified as deposits but should be shown as 5/ 8 "Other liabilities" Standard caption to appear at top of Form 105e for use in joint 9/25 publication State member banks: Call as of December 31, 1941 1/ 2 Call as of April 4 4/ 7 Change in instructions for reporting on forms 105e and 220a 4/17 Call as of June 30 7/ 3 Revision of form 105 to obtain break down of maturities of 11/21 Government bonds from insured commercial banks Instructions and definitions covering loans and discounts, 12/16 revised form approved m Forms and instructions transmitted to FRBanks 12/24 "kK bills of City of Kansas City, manner of showing those held 6/17 by Riverview State Bank Undisbursed portion of irrevocable loan commitment should be reported in contingent liability schedules 7/16 Weekl 47 reporting member banks: Debits to demand deposit accounts to be shown in press statement, memo from Mr. Smead 4/18 Treasury certificates of indebtedness to be shown separately, Coro, code words and instructions sent all FRBanks 4/ 9 nces: Ilditors, calling of, question of responsibility 9/18 °Lnkers and members of executive committee of the Federal Open Market Committee with the Secretary of the Treas11/11 ury on proposed Treasury financing t http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1300 921 1276 920 977 907 1886 8 650 742 1359 2214 2327 2383 1232 1443 744 669 1839 2145 80 Pages COnt erences: (Continued) Board, Treasury, and SEC, report on, by Mr. Eccles regarding pending capital issues for the purpose of paying off bank loans which would leave the companies free to borrow again from banks for the purpose of building up inventories Chairmen: Auditors, relationship of Reserve Bank, resolution on Balderston study on "Executive Development in FRBanks," Mr. Ruml advised that Board concurs in objectives of, and is willing to provide space for officers on tour of duty at Board Branches of FRBanks, resolution increasing powers and functions of Dinner to be arranged for January 26, Mr. Hansen to be invited to make talk following Dinner to be given to members, advisers, and staff of National Resources Planning Board and cost to be paid by Board Executive development plan, resolution on implementation of Functions of FRBanks, letter from Mr. Ruml regarding discussion by, Board to take no action on Indebtedness of Reserve Bank officers and employees, resolution on procedure for reporting Luncheon, arrangements to be made for luncheon in Board's dining rooms on January 26 Meeting to be held in New York on October 5, agenda for Meetings of, importance emphasized, suggestion that Chairman if unable to attend should arrange for attendance by either Deputy Chairman or the other Class C director Minutes and stenographic record of meeting, revised copy sent to Chairmen with request for suggestions Personnel objectives as expressed in Balderston study on "Executive Development in FRBanks," Mr. Ruml advised that Board concurs in, and is willing to provide space for officers on tour of duty at the Board Presidents of FRBanks not to be invited to meeting to be held in New York on October 5 Regional program for economic studies and planning, resolution on Resolutions adopted at meeting, action of boards of directors of Banks to be reported to Board Self-insurance, Chairman Eccles to advise Chairmen of reasons for prompt action on this matter http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/19 981 11/18 2195 2/ 6 202 11/18 2195 1/22 96 9/18 1842 11/18 2195 5/ 5 853 11/18 2195 39122 /3 146 /: 2/ 6 219 11/18 2195 2/ 6 202 9/ 8 1744 11/18 2195 11/18 2195 1/22 96 81 Pages erences: (Continued) Chairmen: (Continued) Stenographic record to be made of meeting on October 5 Topics for discussion: Auditors at FRBanks: Duties and responsibilities of Relationship to boards of directors of FRBanks and examiners of Board of Governors Letter to Mr. Ruml relating to Branches of FRBanks, functions to be performed by Increase of services and functions Executive development plan of FRBanks Indebtedness of officers and relation of auditors to directors to be discussed at meeting on October 9/18 1842 9/18 1839 9/ 8 9/ 8 9/ 8 9/18 9/ 8 1745 1752 1745 1842 1745 9/18 1832 5 National economic problems, plan of cooperation between 7/21 1465 FRSystem and National Resources Planning Board Plan for coordinating research and statistical activities of Board of Governors and National Resources Planning Board, to be placed on pro6/ 9 1177 gram for next meeting with Administration Program of Division of Personnel 9/18 1841 respect to FRBank matters, outline of of giving FRBanks, at Report of Executive Development 5/20 1001 publicity to be to studies expanded FRBanks, of Research departments 9/ 8 1745 conducted by C2 ,,,ILLttee of Directors on Welfare of Staff of the FRBank of New ' York with Board, to be arranged through Mr. Szymczak for the purpose of evolving a plan 5/9 910 of executive compensation for officers Eacaminers at Philadelphia in September: Examination departments of FRBanks, representatives to meet 8/26 1691 in Philadelphia beginning September 22 9/24 1878 Matters discussed at, report of Mr. McKee on Regulation W, enforcement to be discussed and representatives of FRBanks to be prepared for 9/ 5 1742 Enforcement of, to be open for discussion at, telegram 9/ 9 1762 to FRBank of Atlanta 10/28 2081 Summary of discussion of problems in connection with Report of Mr. McKee on success of meeting at Philadelphia 9/29 1904 and recommending future conferences 1,_Report on scope, procedure, and frequency of examinations 9/29 1905 ral Open Market Committee, meeting to be held on January 25 12/19 2347 ''t(eBank representatives: Better Business Bureaus, conference to be arranged to assist in solving question of relationships of FRSystem with, copy of report on problem sent 3/11 468 FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 82 Pages Corif erences: (Continued) FRBank representatives: (Continued) Better Business Bureaus: (Continued) FRBanks requested to submit comments and suggestions, conference to be avoided by submission of plan by Board Building safety and vault control, FRBanks requested to advise whether they feel conference is justified, results that might be expected, and suggestions as to additional topics Enforcement of Regulation IA, conference to be arranged to assist in solving problem of, copy of report on, sent FRBanks FRBanks requested to submit comments and suggestions, conference to be avoided by submission of plan by Board Regulation V, draft of, approved by Board for purpose of discussion by Statement of Mr. Eccles regarding discussion by, of interest rates and guarantee charges on war loans War loans, suggestion that meeting be arranged to draft plans, regulations, and instructions for War loans, table of rates on, which might be adopted by War Department considered for submission to PRnotes and FRbank notes of 1928 series, representatives of Treasury and Board, regarding issuance of iseal Agency: Agenda, no topics suggested by Board to be added to, Messrs. Smead, Szymczak, Myrick, and Morrill to attend Report of Mr. Szymczak on conclusions reached in discussions with Mr. Bell regarding Government securities, committee composed of representatives of Board and Presidents to confer with Treasury and a committee of investment bankers in regard to promoting the distribution and sale of Int ernational finance reconstruction after War, report of Messrs. Eccles and Goldenweiser on meeting with representatives of Treasury and State and others Departments Nationa, Association of State Bank Supervisors, executive committee of, invited to use Board Room for meeting, Messrs. Ransom and McKee to attend Absorption of exchange and collection charges, report of discussion on http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/27 576 4/16 732 3/11 468 3/27 576 4/ 1 601 4/ 3 618 3/20 513 4/ 1 606 5/26 1061 5/ 1 836 1/28 140 5/ 8 886 5/26 1047 3/23 540 9/29 1902 83 Pages COni erences: (Continued) Presidents: (Continued) Adjusted compensation plan, liberalization of, approved by Board, advice to, letter to be sent to FRBanks regarding Advances for periods up to 90 days secured by Government obligations, discussion of authority of FRBanks to make, at meeting of Presidents with Board Article combining public relations work on Regulation IV with defense saving bond program, Presidents' Conference asked if it desires that Board continue with preparation of Defense Savings Bond Committee to study simplification of procedure for issuance of defense saving bonds and submit recommendations to Treasury Dinner at Carlton Hotel on September 28 with representatives of Treasury to discuss work with Victory Fund Committees, members of Board and Messrs. Morrill and Smead to attend Examinations of member banks, suggestion that number be reduced, discussed at meeting with Board FRnotes, unissued 1928 series, not to be issued until consent of Treasury is obtained, discussed at meeting of Board with Presidents in connection with request of Bureau of Engraving and Printing that standard of fitness for circulating be reduced Holidays at FRBanks, observance during war period, summary of replies of FRBanks, matter to be reviewed by Mr. Szymczak Hot Springs, Virginia on Sept. 25-27, report of actions taken at Industrial advances, letter to FRBank of Kansas City suggesting that in light of discussion by Presidents it might desire to reconsider its schedule for advances and commitments Industrial loan corporation, statement of Presidents regarding, and discussion at meeting of Board with Presidents Insurance, joint report of Insurance Plan Committee and Standing Committee on Insurance accepted by, and recommendations made to Board at meeting with Presidents Board concurs with, in resolution approving, adoption of self-insurance plan favored, letter sent to FRBanks, comments and suggestions requested http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/ 2 394 3/ 2 382 2/13 252 3/ 2 391 9/24 1878 3/ 2 390 3/ 2 391 7/10 1397 9/29 1897 5/12 925 3/ 2 385 3/ 2 392 3/30 593-6 84 Pages Coriferences: (Continued) Presidents: (Continued) Insurance: (Continued) Charged with the duty of continuing study in accordance with the recommendation in the joint report Insurance agreement as revised and agreed upon, approved Managing Directors at FRBranch banks, change in title to Vice President and Managing Director with appropriate adjustment in salary, discussed at meeting of Presidents and Board, to be studied by Presidents Meetings: No objection by Board to meeting on February 2 and 3, but suggested to Mr. Day that it be delayed to correspond to meeting of Federal Open Market Committee in March Meeting to be held in Washington on February 2 and 3 With Board of Governors 5/8 908 12/11 2303 3/2 390 1/16 73 1/22 2/ 3 3/2 96 5/8 170 381 885 Separate session at this time considered unnecessary as Presidents will return to Washington some5/ 8 896 time in June To be held in Washington following the meeting of the 5/ 8 896 Federal Open Market Committee on June 22 9/29 1897 With Board of Governors 12/19 2347 Scheduled for January 25-27 Pay roll savings plan for purchasing securities, record of 9/29 1903 FRBanks discussed Rates on 10b loans, discussion of need for uniform action 9/29 1906 Recommendations: Budgets, submission of annual to be discontinued except 8/20 1647 statistical and analytical and bank examination FRnotes, that existing stocks be put in circulation as War Emergency measure, letter to FRBanks and 8/20 1646 letter to Mr. Bell on position of Treasury Insurance on shipments of currency and coin, resolution 9/29 1897 that FRBanks not assume war risk on Joint report on insurance by Insurance Plan Committee and the Standing Committee on Insurance, to be 3/ 2 392 made to the board of directors of each FRBank Rediscount rate, discussion of uniform reduction to 1 per cent, no objection by Presidents in meeting 3/ 2 381 with Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 85 Pages 3rif erences: (Continued) Presidents: (Continued) Regulation W, changes in, discussed by Mr. Ransom with, to 3/ 2 be reprinted when amended again 394 9/29 1901 Retirement System, report of committee discussed Safekeeping of Treasury bills and certificates of indebtedness of nonmember banks to be permitted for 10/14 2019 duration of war Supplemental Compensation Committee of, request regarding adjusted compensation plan discussed and restrictions modified with understanding that plan shall not be applied where it would increase any salary beyond $6,000 and not to 2/27 be effective until after March 1, 1942 364 Topics for discussion: Advances secured by Government obligations for a period 2/27 373 of 90 days, authority of FRBanks to make Budgets of FRBanks, question of whether parts of, should not be submitted to Board during the war 732 4/16 Building safety and vault control, standards on, suggested as 5/ 4 844 Federal Open Market Committee, amendment to section 12A of FRAct to regroup FRBanks for representa2/27 373 tion on Forms of FRBanks, assignment of approval numbers by Budget Bureau to be discussed 12/22 2364 Government securities, transfer by wire of long-term as well as short-term, suggested by FRBank of Chicago 1/12 42 Holidays, observance of, by banks and post offices during the war, suggested in letter to FRBanks 4/27 778 National economic problems, plan of cooperation between FRSystem and National Resources Planning Board 7/21 1465 Overdrafts at FRBanks by Treasury, procedure for handling in future to be discussed at 6/18 1248 Rates on advances under Section 10(b) of FRAct, maximum rate to be discussed at next conference 8/20 1647 Rates on advances to nonmember banks, whether it should be same as rate to member banks 10/27 2067 Rediscount rates, Board willing to approve a rate of one per cent 2/27 373 Report of Executive Development at FRBanks, giving of publicity to 5/20 1001 Reserve requirements, amendment to section 19 of FRAct to authorize Board to change 2/27 373 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 86 Pages COnf erences: (Continued) Presidents: (Continued) Topics for discussion: (Continued) Self-insurance, report of special committee to be considered, Chairmen's Conference advised of necessity for prompt action on Victory Fund Committees, discussion of expanded activities and expenses Regulation W: Meeting of representatives of the trade with the Board, employment of a stenographer from Hart & Dice to report, authorized Representatives of trade regarding, questionnaire on nonpurpose loans sent to RePresentatives of Treasury, War Production Board, Office of Price Administration, etc., to consider measure to restrict use of credit for purposes of finance inventories of consumer credit Re presentatives of Treasury and State Departments, Export-Import Bank, Board of Economic Warfare, etc., to discuss establishment after Vvar of International Stabilization Fund and International Bank Research departments of FRBanks and representatives of Division of Research and Statistics to be held on October 13 and 14 Standards of building safety and vault control, calling of, placed on program for President's Conference Victory Fund Committee discussed, and decision that all of the Presidents should meet with the representatives of the Treasury and the investment bankers Meeting Chairmen to be held on January 26 of War loans, suggestions that meeting be arranged to draft plans, regulations, and instructions for FRBanks requested to send representatives to Washington to outline procedure for making, under authority of Executive Order Draft of regulation and instructions being prepared, so as to be available for consideration of conference Conference postponed from Monday until Wednesday Table of rates which might be adopted by War Department considered for submission to Representatives of FRBanks, to be held in Washington at early date Representatives of FRBanks and representatives of the Board and services, to be held on October 19, 20, and 21 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/22 96 11/12 2159 3/12 487 4/6 640 6/ 9 1166 6/ 9 1161 9/30 1915 5/ 4 844 5/8 887 12/19 2347 3/20 513 3/26 553 3/26 3/27 554 584 4/3 606 10/ 2 1933 10/ 6 1952 87 Pages Con ferences: (Continued) War loans: (Continued) Cost of making stenographic record of conference in Washington of representatives of Board, FRBanks, and the services, payment authorized Expenses of those attending to be assumed by each FRBank Proceedings sent to FRBank representatives and others Cc3rinally, Senator Tom: Credit restriction to dampen demand on pianos, letter on questions raised by 0. H. Ross Legal holidays by banks and post offices during the war, reply to letter from Mr. Chambers forwarded to Board by, protesting against observance of Copy sent FRBanks to Colino)) -4Y, Brigadier General Donald H., memorandum from, recommendation that authority be limited to sign certificates for priority on air carriers, approved Auburn Trust Company, Auburn, N. Y., purchase of assets and assumption of liabilities of National Bank of Port Byron and establishment of branch in Port Byron Crawford County Trust Company, Meadville, Pa., assuming of deposit liabilities of Townville State Bank, Townville, Pa., no objection to transaction but need for conservation of earnings to be impressed on bank First National Bank and Trust Company of Floral Park, New York, permission given to FDIC to examine Floral Park Bank and Trust Co., in connection with the assumption of its liabilities and by assets P -0 Trust and Savings Bank of Pasadena, California, permission to acquire the assets of the Temple City National Bank and establish branches at Temple City and Alhambra denied on basis of information before Board at present Transamerica Corporation advised that further expansion Kanewill not be permitted aidnk and Trust Co., Kane, Pa., permission to purchase assets and assume liabilities of First National Bank of Kane http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/12 10/29 11/20 2012 2086 2209 8/ 4 1547 4/27 4/27 776 778 2/ 5 196 11/18 2194 10/10 2002 1/30 148 2/14 255 2/14 256 12/30 2408 88 Pages Oonso . lidations: (Continued) Lenawee County Savings Bank, Adrian, Mich., purchase of assets and assumption of liabilities of National Bank of Adrian Licking County Bank, Newark, Ohio, to take over assets and assume liabilities of Union Trust Company after stock is purchased by BancOhio Corporation Proposed absorption of Union Trust Company of Newark, Ohio, with change in title, new voting permit not necessary for BancOhio Corporation Purchase of assets and assumption of liabilities of Union Trust Company of Newark, and title changed to Union Licking Bank Manu facturers Trust Company, New York, N. Y., no objection to proposed purchase of assets and assumption of liabilities of the Standard National Bank of New York, and establishment of a branch of the trust company in the quarters of the national bank Banking and Trust Company, Hazleton, Penn., approval for establishment of branch at Weatherly, Pennsylvania by assumption of liabilities of First National Bank of Weatherly, rescinded °gclensburg Trust Company, Ogdensburg, New York, permission given to, for establishment of a branch in Winthrop, New York, in connection with the purchase of assets and assumption of liabilities of First National Bank of Winthrop Peoni es City Bank, McKeesport, Pa., proposed absorption of " Union Trust Co., Clairton, Pa., and establishment of branch at Clairton approved Pen,' -"-Les-Pittsburgh Trust Company, Pittsburgh, Pa.: Dormant Savings and Trust Company, to purchase assets and assume liabilities of, and branch to be established at Dormont First National Bank of Etna, plan to purchase assets and assume liabilities and establish branch State t 'Plank of Mayville, Wisconsin, withdrawal to assume the deposits of the Knowles State Bank, Knowles, Wisconsin, and establish as branch bank State Savings Bank of Woodville, Ohio, to take over Woodville Savings Bank Company, technical requirements waived and to be allowed to continue as member bank Markle http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/14 1618 5/19 986 8/ 8 1593 11/18 2194 2/7 221 1/27 126 2/14 254 12/ 3 2262 11/23 2218 10/13 2014 1/14 49 8/26 1689 89 Pages Consolidations: (Continued) Union Trust Company of Pittsburgh, Pa., to take over its affil11/10 iate Union Savings Bank of Pittsburgh United Bank and Trust Co., St. Louis, Mo., absorption of Telegraphers National Bank of St. Louis, no ob10/ 8 jection to Warren Bank and Trust Company, Warren, Pa., purchase of assets and assumption of liabilities of Clarendon 11/30 State Bank, Clarendon, Pa. Westfield Trust of purchase Jersey, New Company, Westfield, assets and assumption of liabilities of First National Bank of Garwood, and establishment and operation of branch at Garwood 3/26 approved Wilmington Trust Company, Vd1mington, Delaware, purchase of assets and assumption of liabilities of Union 11/ 4 National Bank of Wilmington ec)risunier credit: (See also Regulations, Board of Governors, TO Address to be made by Ir. Lloyd Raisty, telegram suggesting 11/ 9 changes in Can rl for to, gm a'-tal Messrs. Brown and Robinson authorized to 3/10 study of Reduction in, opinion of members of Federal Advisory Council expressed at meeting with Board Statement 4/ 7 /21 . 2 ordered published in FRBulletin Sta Domestic and tistical work conducted by Bureau of Foreign Commerce to be transferred to Board, letter 8/ 6 to Mr. Taylor 8/21 FRSystem Letter transfer of work to Statisti s to FRBanks on Association c reports on, letter to American Bankers regarding transfer to Board, request for list of reporting banks, procedure and form of re2/ 4 port outlined FRBanks advised of transfer 2/ 4 I to transmitted reports nstructions for submission of 3/ 5 FRBanks To be considered at meeting of representatives of re9/30 search departments of FRBanks and Board Suspension of licenses, statement for publication in FRBul11/24 letin V°1ume of, to be frozen by proposed program for administration 4/ 7 of Regulation W, discussion of Volume of all types declining, report made at meeting of Fed9/14 eral Advisory Council with Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2142 1972 2243 564 2116 2137 443 73 1? /4 58 1578 1658 187 188 419 1915 2228 649 1797 90 Pages Consumer goods: Inventories, conference on measures to restrict use of credit for purpose of financing Use of credit in connection with accumulation of, letter to be prepared and to be sent to all banks and other financing institutions Letter to banks and financing institutions, approved for transmittal for approval by agencies mentioned Letter to banks and financing institutions revised and to be given to press for publication Letter to State bank supervisors for cooperation Consumers Home Equipment Company of Detroit, Mich., violation of Regulation W, procedure now under consideration C(Iltracts. Information on financial ability of ship repair and building yards furnished by FRBanks to Navy, request by that information also be reported to Board 4nversions: 3ational bank into nonmember State bank being considered, mentioned in letter to FRBank of St. Louis -Perative banking institutions, reply to Congressman Voorhis on Coord., possible membership in FRSystem ,tnator of Information: QT,aff Kilgour, Frederick G., Executive Secretary of the Interdepartmental Committee, advised that Board would be glad to rely on the service of the Coordinator of Information as a source for the daily press reviews prepared by the Bank for International Settlements CoorA, lrlator of Inter-American Affairs: taff: Hanson, Elliott S., Inter-American Scholarship program, letter regarding conference of Mr. Clayton with, Mr. Stark designated as proper person to contact with respect to participation of Board in Hayward, Harold, Inter-American Scholarship program, letter regarding conference of Mr. Clayton with, Mr. Stark designated as proper person to contact with respect to participation of Board in http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/ 9 1167 6/11 1185 6/12 1196 6/17 1233 6/26 1293 7/30 1518 1/22 107 1/ 1 6 2/ 4 191 5/ 4 845 4/20 748 4/20 748 91 Pages ' dller, Carter H.: (See First Thrift of Los Angeles, Calif.) ,()I vorporate seal: Financing institution, should appear on guarantee agreements executed by War Department • of Counell Governments: State °ffer to assist in obtaining State legislation to facilitate war effort, Mr. Wyatt to deal with oUnsel, FRBanks: Cowan, J. Harding, FRBank of New York, salary approved, request that Board be advised upon termination of his employment K etchum, Phillips, Associate, FRBank of Boston, payment for services approved Payment of retainer approved IlacCoY, Brittain, Evans, and Lewis, FRBank of Philadelphia, payment of retainer approved Robertson, James Louis, Assistant Counsel, assigned to Detroit Branch, salary approved Squire, Sanders, and Dempsey, FRBank of Cleveland, payment of retainer approved Bills for service including work in connection with Regulation V loans Present arrangement to be continued Bill for legal services incident to 13b loan Bills in connection with war loans, payment approved Courir.— Bill for services approved 7'1, General, Memoranda of: sorption of exchange and collection charges by member banks ding company affiliates, change in definition of , °1cling Ft Statutes, alternate drafts of amendment to Section 5200, which would exempt loans covered by guaranties or commitments made by the U. S. or by any FRBanks, memo from Mr. Wyatt regarding CoUrisel, Special, FRBanks: A ltreuter, L. B., FRBank of New York, services in connection with effort to obtain reduction in tax assessments on buildings Davis, Polk, Wardwell, Sunderland, and Kiendl, letter on inclusion in guarantee agreements of provisions of loan made to General Motors Corporation Holt, Robert N., employment by MBank of Chicago in tax matter approved 7 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/ 3 1725 9/14 1808 1/15 55 1/7 1/20 24 89 2/12 244 12/12 2306 1/17 81 7/28 1505 9/15 1814 9/17 1824 10/31 2097 12/29 2402 10/ 9 1987 2/19 300 5/18 976 11/ 6 2128 11/27 2234 3/31 598 92 Pages COunsel Special, FRBanks: (Continued) Lynch and Cahn, FRBank of New York, fee for services and expenses in connection with preparation of briefs 12/10 approved Mayer, Meyer, Austrian and Platt, employment of, by FRBank of Chicago as special counsel in tax matter ap3/31 proved Qu nterfeit notes: Board willing to print notices of, on a reisdbursable basis for the Secret Service Division of the Treasury De5/20 partment new whether to Inquiries being received by Secret Service as 12/24 bank notes being paid out are counterfeits C°Urt cases: Rockmore v. Lehman, assignment of moneys as against a trustee 9/14 in bankruptcy, validity upheld Nilts & Co., Atlanta, Georgia, letter to Mr. Broadwell on loan to a general partner to enable him to make contribution to capital of the firm under Regula/4/1 tion T C°118e) John H., no objection to reprinting Sec. 5 of Regulation 5/18 W to enclose with statements to customers /lepresentative E. H., reply to letter of inquiry of Southern Specialty Company on contract in form of lease with option to purchase under Regula6/12 tion W CO , 2297 598 1004 2383 1805 608 975 1205 Sear: Legislation relating to the war effort, to be advised that Board has no additional to suggest "Pinion on legality of executive order, 9112, no distribution to be made unless requested l'aft) H M., former Assistant Manager of the Los Angeles Branch, use of services of, suggested in connection with program for protection of property of evacuees 0l'iav ens/ Kenton R.: fc)st of luncheon to be borne by Board erlorandum on appraisal manuals read in connection with proposed ' Amendment No. 3 to Regulation W Pr esent at Board meeting Suggestion that the Board within 30 days move to apply restrictions on open-book accounts http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/17 288 5/19 984 3/ 6 427 1/30 157 2/24 2/24 332 322 2/24 338 93 Pages Cravens, Kenton R.: (Continued) Voucher covering expenses for attending meeting in V:ashington at request of War Loans Committee approved Credit bureaus: Blacklist of individuals whose accounts are in default, idea abandoned Credit Bureaus of America, Inc., letter from, and reply regarding the organization of, to report names of customers whose charge accounts are in default, sent to FRBanks Credit control: Amendment No. / to Regulation Vr, reduction in the volume of 4 consumer debt that will result from the adoption of Executive Ord er 8843, scope of authority to prescribe regulations in relation to, granted to Board by Inflation, discussion by Mr. Eccles with regard to the role of credit control as supplementing price control, priorities, and rationing in controlling trends toward President Roosevelt's anti-inflation message to Congress relating to, press statement read at Board meeting IT T _ -nion National Association: an to member of credit union, conditions for renewal under Regulation W Credit unions: 11/ 6 2129 7/10 1h00 5/21 1008 W3° 784 4/30 786 2/16 263 4/27 773 9/10 1771 League Credit Union of St. Paul, Minn., letter for information on becoming member of FRSystem referred to 12/ 5 2271 of Minneapolis for reply FRBank Lean , -s for purpose of purchasing shares under laws of annesota, 7/ 7 1381 applicability of Regulation W to Lomade by and secured by its shares, question of exemption 11/ 5 2124 under provisions of Regulation W LO Lea secured partly by shares of, interpretation of Regulation W, statement for publication in FRBul11/2h 2228 letin Mem 6/ 3 1128 11,rship in FRSystem, eligibility requirements for Laigibility in Minnesota and generally 8/ 6 1572 Letter to FRBank of Minneapolis on inquiry of League Credit 12/ 5 2271 Union of St. Paul for information on unions or cooperative banking institutions, reply to Congressman Voorhis advising of amendments neces191 sary to allow membership in FHSystem by 2/4 Crecl- • dllot Company, Inc., North Tonawanda, N. Y., effect of amendment No. 6 to Regulation W on credit sales of 9/10 1769 products of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 94 Pages Cuba: Agricultural bank, statement of Mr. Gardner on proposed establishment in connection with creation of central bank of Cuba 6 Central bank, statement of Mr. Gardner on proposed report of mission covering currency stabilization fund, proposed agricultural bank, and selection of directors and management of bank 2/ 6 Mission to, to send letter to Minister of Finance of Cuba regarding draft of monetary law, no objection by Board 5/11 Clrland Electric Company, opinion that down payment must be made on radios used as demonstrators under provisions of Regulation It; 10/26 ellnlberland Maytag Company, advised of the necessity for written statements under section 4(1) of Regulation 1/21 Curt Ernest L.: (See Amer, Cunningham, & Keeney, Akron, Ohio) Currency: Counterfeit: Inquiries being received by Secret Service as to whether new bank notes being paid out are counterfeits Notices of, Board willing to print for Secret Service Division of the Treasury on a reimbursable basis Destruction in Alaska, copy of Treasury order setting forth procedure for Destruction in Panama Canal Zone, copy of Treasury order sent to FRBanks Destril"c+.on in Puerto Rico, procedure for 'illoank notes, issuance of reserve stock by FRBanks to reduce demand on FRnotes Hawaii: Currency in, to be over-printed with word, "Hawaii", no objection by Board Destruction of FRnotes and FRbank notes in, procedure as outlined in letter from Treasury Department approved by Board . Statement to be published in FRBulletin 'urance on shipments of FRnotes, request of Board that Treasury write Board that when notes are completely destroyed in transit no charge will be made against the FRBank except for printing, letter desired so that Board may obtain reduction in premiums for http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/24 203 203 919 2064 94 2383 5/20 1004 9/ 1 1717 7/17 1452 10/15 2027 11/20 2210 5/26 1062 3/3 410 7/21 1468 2/21 315 95 Pages Currency: (Continued) Nickels advice to National Automatic Merchandising Association that information on number of, should be obtained from Treasury Department Paper: Press statement to be released by Treasury with Board's approval on conservation to save metal and paper and increase investments in War Savings Stamps Request for report on tests of process of sizing paper developed by Mr. Scherbak Shipment to First National Bank of Rantoul, Ill., for army pay roll purposes, letter to FRBank of Chicago on shipping direct to camp Shipments, resolution of Presidents' Conference on war risk insurance in connection with Silver certificates of five and ten-dollar denominations, request of Treasury that paying out be discontinued State and local governments, FRBanks requested to report the amounts of liquid funds held by SuPply to induction center at Camp McCoy, Sparta, Wis., letter to FRBank of Chicago on furnishing U. S. notes, negotiation of, by South African Reserve Bank for Naval personnel, suggestion of Board that same arrangements as developed for Javasche Bank be followed 6/ 4 1135 6/18 1250 8/ 6 1579 7/30 1519 9/29 1897 9/29 1904 1/ 5 15 7/25 1486 2/ 4 190 takins, J. Gordon, comments of Board on Layman's Handbook of Regu7/24 lation W, sent to 141-11.— S and Fisher Stores Company, Denver, correspondence with A. B. Trott, President, on customers taking advantage of full amount of time under Regula8/ 4 tion W Nlr1es3 Ralph K., Deputy Petroleum Coordinator for War, letter on restricting retail credit sales of petroleum products 9/ 4 41118Y Polk, Wardwell, Sunderland, and Kiendl, request that provisions of loan agreement with General Motors Corporation be included in all guarantee 10/27 agreements 4flight saving time, Board to set its time ahead one hour to correspond with, FRBanks advised of, also official hours of Board and request made for information as to procedure of FRBanks 2/3 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1480 1546 1732 2074 169 96 Pages De bentures and capital notes: Ossining Trust Co., Ossining, N. Y., retirement approved in plan involving sale of preferred stock to 6/25 R.F.C. Peoples Bank, Pikesville, Md., copy of form to be forwarded in 6/16 connection with application for membership Washington County State Bank, Brenham, Texas, retirement not 6/19 permitted unless capital stock is increased No objection to retirement under circumstances, but disregard of technical requirements of law cited 7/27 Debit balances collected from certain member firms of New York Stock Exchange, figures not to be furnished to report9/30 ing firms Debt: 1281 1223 1254 1490 1914 P residents informed of announcement to encourage the reduction 5/8 of individual debt 893 Press statement to encourage reduction of, by individuals, to be considered by Messrs. Ransom, McKee, and Szymczak and then submitted to Board, FDIC, and Comptroller, letter to FRBanks regarding, to be cleared only with the Board 5/ 5 851 Press statement approved 5/ 7 880 , Letter to FRBanks 5/ 8 903 Ileduction of individual through amortization of bank loans, letters to be addressed to FRBanks, supervising examiners of FDIC and chief national bank examiners to submit reports based on findings 6/26 1294 during examination Repayment under high tax rates, memorandum of Mr. Randolph Paul, report of Mr. Ransom on meeting with 8/25 1677 Secretary of Treasury Iperense: Savings stamps may be given to purchaser as bonus under Regulation W if full payment has been made for ar2/10 235 ticle from military service, Board not in favor of classification of FRBanks as essential industry for pur6/ 1 1102 pose of Nrsrment of bank employees from draft on occupational grounds dis11/16 2185 Dertn. cussed at meeting of Federal Advisory Council _Itions: tiolding company affiliates, ruling of Board changing basis for Nrerment, 2/19 300 determining °1lginal maturity, meaning of term as used in standard form of 10/23 2053 guarantee agreement neonditional guarantee, statement for publication in FRBulletin 6/22 1268 in regard to War Financing http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 97 Pages Def initions: (Continued) Unconditional guarantee: (Continued) Term as used in revised statutes, letter from Comptroller of the Currency, compliance of standard form 6/24 1275 of guarantee agreement with definition 12/23 2375 Currency on Letter Comptroller of the to Del Mar Company, reply to, regarding the instalment financing of the premium on a three-year fire insurance 5/15 policy in connection with section 8(g) 943 ne, Loans are subject to Regulation W 7/23 1474 4'ano, Frederick A., present at meeting of Board to discuss plan of coordinating research and statistical activities of Board of Governors and National 6/ 9 1173 Planning Board Resources (3 also National Resources Planning Board) oe„v rarm Lighting Systems, classification under Regulation W 6/26 1299 t-artment of Agriculture: SuPPlemental loans made under Bankhead-Jones Farm Tenant Act are exempt from Regulation W, under section 1/15 57 6(a), letter to NPartment of Commerce: R°using conditions in City of Norfolk, Va., bulletin of Bureau of the Census will be furnished to State banks 7/ 8 1385 with investments in real estate mortgages Research and statistical work in the field of consumer credit, Yr. Ransom authorized to confer with NT. Taylor in regard to the taking over by the Board 5/19 979 Statistical work on consumer credit transferred from Bureau of Foreign and Domestic Commerce to Board, letter 8/ 6 1578 to Mr. Taylor on St atistics on furniture sales, inventories, etc., memorandum of Mr. Goldenweiser on collection of statistics 5/15 °ePartby FRBoard 943 ment of Justice: Be rge, Wendell, Assistant Attorney General: Correspondence on plan involving misrepresentations under 7/25 1484 Regulation W, sent to FRBank of Kansas City Letter submitting collection letter used by R. H. Johnson & Company, Wilmington, Del., in connection 8/27 1698 with Regulation W : (1 0i:cement of Regulation W, program of Board cleared through 10/17 2036 reign exchange reports, copies sent to Mr. Howard N. Meyer, 11/23 2219 special assistant to the Attorney General Small loan companies, request for permission for investigators of Antitrust Division to inspect registration 12/22 2363 statements filed by ; http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 98 Pages De,a rtment of Justice: (Continued) State legislation, reply outlining laws for enactment that would be helpful to the war effort Board suggestions to submit at present time has no De 8/21 1655 12/26 2396 Balance in differential account, whether deposit liability against which reserves must be carried, in connection with contracts for purchase of instalment paper by Bank of America National 1/8 26 Trust & Savings Association Call reports, differences in those reported in and on deposits 8/29 1713 subject to reserve Co rrespondent balances, discussion at meeting of executive committee of Federal Advisory Council with Board as to Reserve Bank cities in which they should 3/12 472 be placed Debits to demand deposit accounts to be shown in member bank weekly statements, memo from Mr. Smead and 4/18 press statement regarding 744 Differential account set up in connection with contracts for purchase of instalment paper by Bank of America 2/21 310 N.T. & S.A., reserves required against Ins urance policy holders, suggestion of Mr. Harrison as avail7/ 1 1338 able for investment in Government securities Post exchanges at Army posts and company, battery, and similar funds to be treated as public moneys in condi10/13 2014 tion reports if designated depositaries Public funds, deposits made by post exchanges to be reported as public moneys in condition reports if not 10/13 2014 designated depositaries Ratio of bank capital to, discussed at meeting of Federal Ad11/16 2179 visory Council with Board Savings: Acceptance from Army Post Exchange by First National Bank of Galveston, Texas 9/14 1804 Account of University of Georgia School of Medicine carried by Georgia Railroad Bank and Trust Co. of Augusta, question as to whether properly classified as, Mr. Vest to prepare memorandum reconciling possible exception to Regulation Board to raise no further questions regarding funds of University of Georgia School of Medicine as they have been transferred from, to checking accounts Article in Wall Street Journal that Federal Reserve officials were contemplating control of, denied http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/10 451 3/30 591 9/21 1849 99 Pages Deposits: (Continued) Savings= (Continued) Classification under Regulation Q not affected by discontinuance of interest payment Donations, gifts and bequests, not considered property of State and classified as savings deposits Passbook, requirement of presentation for withdrawals, interferes with use of form for purchase of U.S. defense savings bonds, reply to Treasury that Board and FDIC will consider waiver of requirement if felt necessary Payment of interest on, by national banks in Mississippi, may not be in excess of rates prescribed by State Bank Comptroller Proposed amendment to Regulation Q to permit immediate withdrawal of, for purchase of defense bonds, opinion of Federal Advisory Council that amendment should not be adopted by Board Rumor that Government intends to confiscate, letter to FRBanks enclosing Treasury letters denying State Bank of Lima, Howe, Indiana, change to be made in savings pass books Social security taxes, opinion of Board that they should not be classified as, but should be shown as "Other liabilities" in condition reports m. Statement ordered published in FRBulletin Ilale certificates, failure of member banks to properly report those past due War Loan accounts, banks to be urged to make greater use of Means of increasing to handle Government borrowing discussed by Ir. McKee As deposits subject to reserve requirements and FDIC assessment, proposed amendment to FRAct to be submitted to Congress Withdrawal prior to maturity for purchase of defense savings bonds, comments of Comptroller of the Currency and FDIC sent to Mr. Fleming indicating that it is not advisable to amend Regulation Q to permit waiving of notice Reply to question of permitting immediate withdrawal prior to maturity for purchase of U. S. War Bonds Suggested amendment to Regulation Q to aid in purchase of etruct, Government securities Ala :Lon of currency: Haw.. 31 , procedure affecting FRnotes and FRbank notes approved ' 11, procedure affecting FRnotes and FRbank notes as outlined in letter from Treasury Department http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/ 8 1750 3/30 592 1/15 56 1/27 126 2/16 273 1/12 41 4/30 818 5/8 907 5/25 1042 8/29 1713 11/17 2191 12/ 1 2247 12/ 8 2284 3/9 437 4/25 763 12/ 1 2252 9/ 1 1717 3/3 410 100 Pages Des truction of currency: (Continued) Panama Canal Zone, copy of Treasury order sent to FRBanks 7/17 Puerto Rico, procedure as to FRnotes and FRbank notes approved 10/15 test ruction of records: Examination reports of State member banks for 1931-5, applications under the Clayton Act, letter to Ar8/26 chivist on National bank examination reports, instructions for retention does not apply to extra copies sent to branches 11/ 3 Regulation VI, question of preservation of loan applications, 7/29 credit reports, etc. Dirp, Lers: 1452 2027 1691 2113 1513 Chairmen of FRBanks, to be arranged for January 26, Mr. Hansen 1/22 96 to be invited to make talk following Chairmen of FRBanks and members and staff of National Resources 9/18 1842 Planning Board Presidents of FRBanks at Carlton Hotel on September 28 with representatives of Treasury to discuss work of Victory Fund Committees, members of Board and Messrs. Morrill and Smead invited to at9/24 1878 tend nirectives: Petroleum products, prohibiting use of collective systems of 12/23 2366 bi effecting credit by motor fuel suppliers rector of Economic Stabilization: Regulation on wages and salaries, letter to FRBanks on effect 10/28 2076 of tire , 2t,or of the Mint: kioin bag_, letter to, advising of Board's cooperation in se3/21 538 curing the return of Central bank of Cuba, statement of Mr. Gardner on selection Of PRBank of Atlanta: Neely, Frank H., redesignated Chairman and FRAgent for 1943 Porter, J. F., reappointed Class C for three years FRBank Reappointed Deputy Chairman for 1943 of Boston: Classification of member banks for electoral purposes, no change contemplated at present time Creighton, Albert M., Class C, appointment and designation as Chairman and FRAgent for remainder of threeyear term Redesignated for 1943 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/6 205 12/ 8 2281 12/ 8 2281 12/ 8 2281 9/ 8 1749 1/9 12/ 8 32 2281 101 Pages Directors: (Continued) PRBank of Boston: (Continued) Dennison, Henry S., reappointed Class C for three years Reappointed as Deputy Chairman for 1943 Election, special, to choose successor to Mr. Reed Reed, Lewis S., Class A, resignation of and special election to be held to choose successor PRBank of Chicago: Avery, Clarence W., resignation as director of Detroit Branch to assume duties as Compensation and expenses of, resolution approved after modified as suggested Resolution of FRBank on payment approved Hoffman, Paul G., appointed Class C for unexpired term Leland, Simeon E.: Designated Chairman and FRAgent for remainder of year Redesignated for 1943 Lewis, F. J., Chairman and FRAgent: Letter of regret from Board that illness prevented his attendance at the Chairmen's Conference, importance of conference emphasised, suggestion that Deputy Chairman attend when Chairman cannot avoid being absent Engaged in unethical transactions with the Continental Illinois National Bank and Trust Co., with respect to Government securities Purchase and sale of Government securities by, report of Mr. Eccles on efforts to contact and Mr. Eccles to prepare letter for consideration of Board requesting resignation Letter requesting resignation not sent because of agreement to Come to Washington Resignation accepted effective July 1 Resignation accepted Waymack, W. W.: Appointed Deputy Chairman for remainder of year Reappointed Class C for three years Reappointed Deputy Chairman for 1943 PRA. -ank of Cleveland: Baker, A. Z., appointment as Class C recommended by personnel committee and advice of acceptance to be obtained through Chairman or Deputy Chairman of Bank Appointed Class C for unexpired portion of term Brainard, Gem C., redesignatulChairman and FRAgent for 12/ 8 2280 12/ 8 2281 7/30 1516 7/30 1516 11/12 2153 11/24 2225 12/31 204 11/14 2170 10/ 9 1992 12/ 8 2281 2/6 219 5/22 1011 5/26 1044 5/27 1064 6/ 1 1106 6/26 1291 10/ 9 1992 12/ 8 2281 12/ 8 2281 8/ 6 1570 8/ 7 1589 12/ 8 2281 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 102 Pages Directors: (Continued) FRBank of Cleveland: (Continued) Committee to meet with Board on official personnel situation at Bank Klages, R. E.: Official personnel at FRBank, reply to letter requesting meeting Reply that meeting must be postponed until January Reappointed Class C for three years Reappointed Deputy Chairman for 1943 Lloyd, Walter H., Class C, resignation because of position with Department of Agriculture not considered necessary Resignation as Class C accepted Meeting to be held on September 14 to consider actions of Mr. Wagner, Mr. Szymczak to attend Meeting attended by Messrs. Szymczak and Cagle in connection with indebtedness and other matters FRBank of Dallas: Briscoe, Dolph, Class C: Appointed for unexpired portion of three-year term Resignation as director of San Antonio Branch to accept appointment as Class C Cozzo, J. B., appointed Deputy Chairman for remainder of 1942 Reappointed Deputy Chairman for 1943 Taylor, Jay: Designated Chairman and FRAgent for remainder of 1942 Request for leave of absence during period of service with ArmY Continuation during absence on active duty with U. S. Army, no action necessary at this time Reappointed Class C for three-year term and redesignated Chairman and FRAgent and to be on leave of absence as long as necessary because of service military FRBank of Kansas 6 Caldwell, R. B., Chairman and FRAgent, redesignated for 1943 hornay, R. L., reappointed Deputy Chairman for 1943 'rwank of Minneapolis: Coffey, W. C., reappointed Class C for three years Redesignated Chairman and FRAgent for 1943 Shepard, Roger B., reappointed Deputy Chairman for 1943 ank of New York: Day, Edmund E., reappointed Class C for three years Reappointed Deputy Chairman for 1943 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/ 8 2284 12/10 2298 12/11 2301 12/ 8 2280 12/ 8 2281 6/30 1329 8/ 6 1570 9/10 1763 9/15 1812 1/28 136 2/ 3 167 1/28 136 12/ 8 2282 1/28 136 6/26 1290 6/29 1317 12/ 8 2283 12/ 8 2281 12/ 8 2282 12/ 8 2281 12/ 8 2281 12/ 8 2282 12/ 8 2280 12/ 8 2281 103 Pages (Continued) FRBank of New York: (Continued) Day, Edmund E.: (Continued) Letter on request not to be reappointed and expressing appreciation for past service Myers, William I., Class C, appointment for three-year term Paul, Randolph, Class C, resignation approved Ruml, Beardsley: Functions of FRBanks, letter on discussion of, with Chairmen's Conference, Board to take no action on Present at meeting of Board to discuss cooperation of FRSystem with National Resources Planning Board in developing a program of study of national and regional problems Redesignated Chairman and FRAgent for 1943 PRBank of Philadelphia: Chairman of meeting in case no Class C director is present, suggested revision of bylaws McCabe, Thomas B., reappointed Class C for three years Redesignated Chairman and FRAgent for 1943 Riefler, Winfield W., Class C, resignation because of assignment in England t„, Ahittier, Warren F., reappointed Deputy Chairman for 1943 -rmBank of Richmond: Lassiter, Robert, redesignated Chairman and FRAgent for 1943 1Vsor, W. G., reappointed Class C for three years Reappointed Deputy Chairman for 1943 R13ank of St. Louis: Classification of member banks for electoral purposes, advice that no changes are contemplated Johnston, Oscar G., reappointed Deputy Chairman for 1943 Nardi, William T., reappointed Class C for three years Redesignated Chairman and FRAgent for 1943 FRB ank of San Francisco: Fees and allowances for 1942 approved Grady, Henry F., redesignated Chairman and FRAgent for 1943 Holden, St. George, reappointed Deputy Chairman for 1943 Wellman, Harry R., appointment as Class C, for unexpired term being considered Advice of appointment for unexpired term Reappointed Class C for three years http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/21 2353 12/22 2358 8/13 1612 5/5 853 7/21 1460 12/ 8 2281 12/22 2365 12/ 8 2280 12/ 8 2281 9/11 1777 12/ 8 2281 12/ 8 12/ 8 12/ 8 2281 2280 2281 9/12 1788 12/ 8 2281 12/ 8 2281 12/ 8 2281 1/22 107 12/ 8 2281 12/ 8 2282 10/ 9 1993 10/27 2073 12/ 8 2281 104 Pages Directors: (Continued) PRBanks: Chairmen of meeting in case no Class C director is present, letter to FRBank of Philadelphia on proposed revision of bylaws Class C, continuance of six-year rule discussed and Mr. Evans and Mr. Thurston to prepare statement for consideration Modification of policy Regulation W, future need to be submitted for discussion and advice of views to be given to Board of Governors Relationship of auditors of FRBanks to, topic for discussion at Conference of Chairmen Letter to Mr. Rural relating to FRBranch banks: Baltimore: Baker, Joseph D., Jr., reappointed for term of three years Birmingham: Gray, Howard, reappointed for term of three years Buffalo: Prole, Gilbert A., reappointed for term of three years Charlotte: . Watkins, D. W., reappointed for term of three years Cincinnati: Brown, Frank A., reappointed for a term of two years Managing director, no objection to continuing use of title for present Detroit: Avery, Clarence W., resignation accepted and to become director of FRBank of Chicago Fees, revised basis approved Managing director, office discontinued and Vice President to be placed in charge of branch Number of, revision of bylaws reducing from seven to five Pierson, H. L., reappointed for term of three years El Paso: Sherman, R. E., reappointed for term of three years Helena: Cunningham, Alex, question of submitting resignation upon entering military service . Resignation to enter military service Richardson, R. B., appointment for unexpired term being considered Advice of appointment for unexpired term Reappointment for term of two years http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/22 2365 7/28 1502 9/22 1862 1/28 137 9/ 8 1745 9/ 8 1752 12/ 8 2282 12/ 8 2282 12/ 8 2282 12/ 8 2282 12/ 8 2282 12/16 2321 11/12 2153 12/31 2413 12/31 2413 12/31 2413 12/ 8 2282 12/ 8 2282 8/28 1707 10/ 6 1950 10/ 9 1993 10/27 2073 12/ 8 2282 105 Pages Dir (Continued) PRBranch banks: (Continued) Houston: Abercrombie, J. S., to be appointed if willing to accept, Deputy Chairman authorized to offer informally Jacksonville: Love, James J., appointment for unexpired term being considered Phillips, Howard, resignation accepted Little Rock: Short, R. E., reappointed for term of three years Los Angeles: Fees and allowances for 1942 approved Freeman, Y. Frank, appointed for unexpired term Myers, C. E., to be appointed for two-year term if willing to accept, to be offered through Chairman of FRBank Appointment for two-year term Louisville: Boomer, G. O., reappointed for term of three years Managing directors of, change in title to Vice President and Managing Director with appropriate adjustment in salary, discussed at meeting of Presidents and Board, to be studied by Presidents Memphis: Norfleet, J. P., reappointed for term of three years Nashville: McEwen, W. E., reappointed for term of three years New Orleans: Chalkley, H. G., Jr., reappointment not recommended because on active duty in NavyOklahoma City: Noble, Lloyd, reappointed for term of three years Pittsburgh: Kossin, J. W., Managing Director, salary approved Managing director, no objection to continuing use of title for present Portland: Fees and allowances for 1942 approved Steen, William H., appointment for unexpired term being considered Appointment approved for unexpired term Reappointed for term of two years SaltLake Fees and allowances for 1942 approved Rich, R. C., reappointed for term of two years http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/ 8 2284 10/ 9 1992 4/18 744 12/ 8 2282 1/22 107 11/19 2199 12/ 8 2279 12/29 2402 12/ 8 2282 3/2 390 12/ 8 2282 12/ 8 2282 12/ 8 2280 12/ 8 2282 12/16 2320 12/16 2321 1/22 107 10/ 9 1993 10/29 2085 12/ 8 2282 1/22 107 12/ 8 2282 106 Pages Directors: (Continued) PRBranch banks: (Continued) San Antonio: Briscoe, Dolph, resignation to accept Class C directorship at FRBank of Dallas Cartwright, Holman, appointed for unexpired term Seattle: Fees and allowances for 1942 approved Nelsen, Fred, reappointed for term of two years Six-year rule continuance discussed, policy not to be changed Functions of FRBanks, discussion of, at Chairmen's Conference, Board to take no action on letter from Mr. Ruml regarding Inter -American Bank, selection of American director discussed, consideration given to suggestions of Personnel Committee, Mr. Grady considered as possibility Suggestion by Mr. Gardner that member of Board be designated to familiarize himself with Inter-American Bank so that he may participate in selection of American director National banks, suits against directors, etc., for expenses incurred in defense of actions, suits, etc., report on S. 2039 Rock Island Bank and Trust Co., Rock Island, Ill., number of directors in connection with membership to be biaai taken up Itssal wage: att°x, Charles A., Examiner, FRBank of St. Louis, salary for three months approved Sal-vetti, Umberto F., to be paid two months salary in connection with termination of services as laborer illagnery G. H., FRBank of Cleveland, request for payment withdrawn klridends: PRBank of Boston, payment for last six months of 1942 authorized FRBanks: Payment of regular semi-annual on June 30 approved Payment for last six months for 1942 approved Stock, tax exemption on, FRBanks advised that matter is still pending before the Bureau of Internal Revenue and to continue to withhold issuance of stock certificates Decision of Treasury Department on date stock is issued for tax purposes http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/3 167 11/ 5 2123 1/22 107 12/ 8 2282 7/28 1503 5/5 853 1/22 99 1/28 132-5 4/23 760 2/9 226 8/ 3 1544 6/15 1216 9/ 8 1746 12/28 2398 6/25 1284 12/24 2381 5/2 839 7/ 8 1383 107 Pages Divid ends: (Continued) FRBanks: (Continued) Taxes on, banks to continue practice of cancellation of 7/14 old and issuance of new certificates Marine Midland Corporation, Jersey City, N. J., policy adopted 9/19 by directors Member banks, suggested amendment to FRAct to repeal prohibition against paying while reserves are de2/3 ficient Suggested amendment to Sec. 19 of FRAct to eliminate re6/ 3 quirement Public Debt Act of 1942, question as to exemption of dividends of additional issues of FRBank stock from tax provided by, Legal Division of Board to confer 4/2 with Bureau of Internal Revenue regarding Sec. 19, amendment suggested that bank not make new loans or 5/18 pay dividends while reserves are deficient 8t°ck, reply to inquiry of McIlroy Bank and Trust Co. as to 11/ 4 taxable income -Lar exchange: Canada, memorandum re maintaining supply in, sent to Messrs. 1/6 Hansen and Berle Dryers of Regupurpose and Joseph E., reply to letter on intention and extension of credit to persons lation 9/21 subject to military service 1426 1846 182 1115 616 963 2120 17 1859 11E11 t. A 1c117 Furniture Company, New Haven, Connecticut, letter to, giving opinion of Board regarding delivering of range of more expensive type than one originally ordered, amount of down payment required by Regulation W 1/28 49411ks, study being made by Division of Research and Statistics, ' Messrs. Goldenweiser and Smead to collaborate 7/28 on continuing study PRE , anr,s, earnings on industrial advances and commitments by, information furnished to National Bureau of 2/26 Economic Research -Vgs and Dividends: L'ate member banks, proposed revision in form 107, letter to 10/23 FRBanks for comments and suggestions Supply of form 107 sent to FRBanks with instructions for 12/16 preparation 41,r11._ Revised form approved 11/30 ags and expenses of FRBanks, guarantee fees on loans, treat10/22 ment in reports of FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 138 1501 360 2056 2328 2245 2049 108 Pages Eas4— wain Kodak Company, Velox Rapid Printer manufactured by, not to be classified as an enlarger under Regulation 710 4/13 Easi J Furniture Company, Chattanooga, Tennessee, action regarding violation of Regulation W by, to be held in abeyance pending development of a program of 5/20 997 enforcement v, • -"mic Stabilization Board, statement on emergency price control 10/24 2059 to be published in FRBulletin 48ner V. Macomber, reversal of, sought by Bureau of Internal Rev2/12 249 enue to make stock dividends taxable as income Reversal attempted in Sprouse v. Commissioner of Internal Revenue to render stock dividends taxable as income, discussion at meeting of Board with Federal Advisory Council with regard to steps that should be taken in the event of such a 2/16 273 decision 41c:rider, Senator Allen J., reply to letter on inquiry of A. L. Alpin on application of provision of Regulation 7/ 1 1347 W to financing of certain purchases 2-neY price control: tconomic Stabilization Board, statement to be published in 10/24 2059 FRBulletin Erian Ey ger, Julius: (See Wm. Erlanger Company) 4euees: Property of, memorandum from Treasury suggesting that FRBank of San Francisco act as fiscal agent to take care of, Mr. Szymczak to go to the Pacific 3/ 6 424 Coast 3/ 6 Coast 427 the to go to Pollard B. W. Mr. note, Secretary's pr Report on progress made in plans for, by Mr. Szymczak 3/10 453 ading with the Enemy Act, discussion of effect of transferring authority to Treasury over sections 3(a) and 5(b) on control of FRBank of San Francisco over property of, Mr. Foley to confer with 3/10 453 Mr. Agnew concerning '11-art Surgical Supply Company, Atlanta, Ga., articles sold by are mostly unlisted articles under Regulation 12/23 2375 43c6-Mi-nati0n policy of supervisory agencies with reference to investments by banks in, and loans upon Govern11/11 2148 ment securities nations: American Bank and Trust Co., New Orleans, La., problems needing immediate correction disclosed by, Mr. McLarin to meet with bank's board of direc9/ 3 1723 tors for full discussion http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 109 Pages Examinations: (Continued) Bank Examination Procedure, letter to Mr. Sproul on study being given to modifications in Presidents' Conference committee on, letter to Mr. Sproul that meeting of committee with Board not be held until after forthcoming conference of Representatives of Bank Examination Departments at Philadelphia Bankers Trust Company, New York, N. Y., examination of foreign branch of, not considered necessary under present conditions Berwind Bank, Berwind, West Virginia, report shows operation of trusteeship, no objection to handling, but permission necessary to handle other fiduciary powers Blo=field State Bank, Bloomfield, Ind., acting as trustee of mortgage bond issue disclosed by Central Hanover Bank and Trust Company, New York, N. Y., examination of foreign branch of, not considered necessary under present conditions Chase Bank, New York, N. Y., copy of report to be sent to bank Citizens Bank, Marshall, N. C., permission to FDIC to examine for continuation of insurance after withdrawal from membership Citizens State Bank, Marianna, Fla., permission to FDIC to conduct in connection with continuance as insured bank after withdrawal from membership Commerce Union Bank of Nashville, Tenn., list of employees designated special assistant examiners to participate in the examination of Continental Illinois National Bank and Trust Co., Chicago, Ill., unethical transactions involving Government securities between, and Mr. Lewis, Chairman and FRAgent at FRBank of Chicago Easton Trust Company, Easton, Pennsylvania, FDIC granted permission to examine in connection with rehabilitation program Bank of Atlanta, report of, attention called to operation of auditing department and forthcoming audit of Jacksonville Branch regarding operation of cafeteria FRBank of Chicago, copy of report left at bank for attention of directors Bank of Cleveland, copy of report left for consideration of officers and directors FitBank of Dallas, request for comments or action taken on matters mentioned in report http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/28 1509 9/ 3 1729 3/11 466 7/31 1524 5/21 1007 3/11 466 12/17 2333 11/12 2154 10/20 2042 3/ 3 407 5/22 1011 3/31 598 3/12 486 6/16 1225 6/ 2 1108 3/23 546 110 Pages Examinations: (Continued) FRBank of Kansas City, copy left for consideration of Bank and directors with special comments requested on embezzlement by employee of Post Office station FRBank of Minneapolis, copies of report left at bank for information of officers and directors FRBank of New York, confirmation of certain foreign accounts not to be requested FRBank of Philadelphia, copy of report left for attention of President and directors FRBank of Richmond, copy of report left for information of officers and directors FRBank of St. Louis, report of February 21, 1942, request for advice of action on matters mentioned in FRBank of San Francisco, copy of report left at bank for information of officers and directors FRBanks: Ur. Paulger directed to make at least one of each FRBank during 1942 Employees of one bank assisting in examination of another, increase in per diem allowance Mr. Paulger authorized and directed to conduct during 1943 First Trust and Savings Bank of Pasadena, Calif., resolution of directors authorizing transmission of report to Transamerica Corporation Floral Park Bank and Trust Company, Floral Park, New York, permission given to FDIC to examine in connection with assumption of liabilities and assets of, by First National Bank and Trust Company of Floral Park P• °reign branches of State member banks, examination of, not considered necessary under present conditions aranty Trust Company, New York, N. Y., examination of the five foreign branches of, not considered necessary under present conditions Ins cription for front page of reports for use by FRBanks 411eured banks, suggested amendment to bill to provide for absorption of cost of one each year by FDIC Inventories of consumer goods, use of credit for accumulation of, letter to be sent to all national bank examiners and to examiners of FRBanks and FDIC for guidance Member banks, suggestion that number of examinations of, be reduced, discussion at meeting of Board with Presidents http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/ 8 1975 7/15 1440 10/31 2096 11/16 2175 10/21 2044 4/22 754 8/11 1605 1/16 79 10/26 2065 12/11 2302 6/ 5 1146 1/30 148 3/11 466 3/11 11/19 467 2201 6/ 3 1115 6/26 1292 3/2 390 111 Pages LITiinations: (Continued) Peoples Trust Company, Martinsburg, West Virginia, to be made jointly by examiners of FDIC and FRBank of Richmond because of unsatisfactory condition Policy to be followed by bank supervisory agencies with special reference to investments in and loans on Government securities Procedure agreed upon in 1938 by FDIC and office of Comptroller of Currency, change by Comptroller of Currency in treatment of group 2 securities Letter to Mr. Upham on conference to be held to consider proposed change in procedure Provident Savings Bank and Trust Company, Cincinnati, Ohio, charge for special investigation of, to be left to the discretion of FRBank of Cleveland Reduction in number of complete examinations to be made each year, not to be discussed with Federal Advisory Council Report of committee to Examiners Conference on program for scope, procedure, and frequency Reports of national banks, copies sent to branches can be destroyed if copies retained in files of head office RePorts of State member banks for 1931-5, destruction authorized Romeo Savings Bank, Romeo, Mich., report shows affiliate relationship of Melvyn F. Lanphar&Co., and The Lanphar Agency, Inc., and report should be submitted Second National Bank of Ravenna, Ohio, comments in report relating to application to surrender fiduciary powers SPringville Banking Company, Springville, Utah, report shows expenditure for remodeling banking quarters in excess of amount approved, no objection to additional expenditure State Bank of Mayville, Wisconsin, permission to FDIC to examine in order to continue as nonmember insured bank after withdrawal from FRSystem State member banks, modification of policy requiring one examination each year, letter to FRBanks approved Tax bills of City of Kansas City, manner of showing those held by Riverview State Bank Ulliform procedure adopted by Board, Comptroller, and FDIC, reported change in method of valuation of banks securities without consulting other agencies http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/28 2078 11/20 2205 10/ 9 1991 10/30 2093 1/30 148 2/10 230 9/29 1905 11/ 3 2113 8/26 1691 9/12 1789 7/15 1429 10/ 2 1934 1/14 49 6/26 1287 6/17 1232 10/17 2037 112 Pages Eltaira ners: Board of Governors: Barker, Clarence S., Assistant FRExaminer, granted per diem in lieu of subsistence during period of illness Brown, W. G., travel expenses, voucher including difference in price of standard lower berth and roomette approved Connell, Joseph J., FRExaminer, salary increased Eaton, Charles, Assistant FRExaminer, appointment and salary approved English, J. Fred, Assistant FRExaminer, salary increased Folsom, George H., FRExaminer, granted leave of absence for military service Good, George E., Assistant FRExaminer, granted leave of absence without pay to enter military service Goodman, Glenn M., FRExaminer, salary increased Hagler, Herbert H., Assistant FRExaminer: Granted leave without pay to enter military service Salary increased Hart, John Joseph, Assistant FRExaminer, salary increased dighfield, Carroll R., Assistant FRExaminer, salary increased Hopkins, Julia B., Assistant FRExaminer, salary increased Resignation accepted Hostrup, Clarence C., FRExaminer, salary increased Howard, Thomas P., FRExaminer, resignation accepted Jones, Laurence H., FRExaminer, resignation accepted Johnson, Edwin J., Assistant FRExaminer, granted leave of absence for military service Knight, James, appointment and salary as assistant approved Krug, Harold T., appointment and salary as assistant on temporary basis with headquarters at Omaha Lang, Arthur H., Assistant FRExaminer: Appointment and salary approved Headquarters changed from Chicago, Ill., to Cleveland, Ohio Salary increased Leef, Thomas N., appointed assistant on temporary basis and salary approved Malone, Charles T., FRExaminer, granted leave of absence for military service Massey, E. R., Assistant FRExaminer, transfer to Office of Mr. McKee as secretary and increase in salary approved McClelland, W. J., FRExaminer, salary increased http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/27 377 8/ 6 1580 10/29 2084 12/21 2348 9/15 1815 5/ 7 877 11/21 11/14 2213 2169 11/ 7 2133 9/15 1815 5/25 1030 9/15 1815 6/ 1 1101 8/12 1607 T /1. T3,2, 9/16 1821 5/25 1031 5/22 1014 6/ 6 1150 3/ 4 412 8/15 1625 12/10 2297 11/ 5 2121 5/11 914 2/10 5/25 231 1030 113 Pages 4a1flin ers: (Continued) Board of Governors: (Continued) Millard, Edwin R., FRExaminer: 12/10 Salary increased Travel expenses: Voucher including difference in price of standard 8/ 6 lower berth and roomette approved Voucher including additional expenditure for higher12/ 9 priced accommodation 5/25 Murff, Gordon R., FRExaminer, salary increased 9/15 Myers, Edward S., Assistant FRExaminer, salary increased Niles, Donald C., Assistant FRExaminer, appointment and 6/12 salary on temporary basis Noell, J. Carroll, leave due to illness and not to be 8/10 charged against future leave approved 9/17 Extension of leave on account of sickness approved Pollard, William B., appointed Assistant Chief of Division 6/26 of Examinations and salary increased Porter, Joseph H., FRExaminer: Appointment and salary approved and transferred from 1/31 Division of Bank Operations Headquarters changed from Atlanta, Ga., to Washington, 8/15 D. C. 12/10 increased Salary Voucher for traveling expenses approved to cover drawing room because no other accommodation avail9/ 8 able 11/16 Radford, John R., Jr., FRExaminer, salary increased Schoenhoff, Robert J., Assistant FRExaminer, salary in9/15 creased Assistant appointment Jr., FRExaminer, H., William Seeger, 7/ 6 and salary on temporary basis assistant apand salary appointment as C., Smith, James 5/21 proved 12/10 increased Salary Thompson, Andrew N., Assistant FRExaminer, appointment and 8/26 salary approved 5/30 Troup, Fred W., Assistant FRExaminer, salary increased 5/25 Winkler, P. J., FRExaminer, salary increased Wright, Marion E., appointed assistant FRExaminer and salary increased, transferred from War Loans Commit7/14 tee 9/15 Zidek, Louis W., Assistant FRExaminer, salary increased rederal Deposit Insurance Corporation, instructions to report on use of credit for accumulation of inventories 6/26 of consumer goods PRBank of Atlanta: 2/4 Cooper, S. Frank, designated special assistant http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2297 1580 2294 1030 1815 1199 1598 1823 1297 159 1625 2297 1752 2174 1815 1370 1006 2297 1686 1095 1030 1419 1815 1292 185 114 Pages 4abniners: (Continued) FRBank of Atlanta: (Continued) Crow, Vestus L., name removed from list as special assistant Dance, W. A., appointment approved and indebtedness to be liquidated Raisty, Lloyd B., designation as special assistant approved Shaw, Morgan L., designation as special assistant approved Varnadoe, T. V., designation as special assistant Appointment as assistant approved Wilson, R. P., designation as special assistant Reappointment as assistant, not approved by Board, but Board willing to approve assignment to Bank Examination Department and designation as special assistant Appointment as assistant approved Appointment as examiner approved PRBank of Boston: Cederval, Roy E., appointment as assistant approved Gilman, Richard Irving, appointment approved PRBank of Chicago: Brann, Denver B., Assistant, appointment as examiner approved Buster, James S., designation as special assistant examiner approved Craig, Carlos H., designation as special assistant approved Appointment as assistant approved Davis, Edwin N., designation as special assistant approved Appointment as assistant examiner approved Dreusicke, Oscar Frank, special assistant, appointment as assistant approved Elliott, Daniel B., designation as special assistant approved Appointment as assistant examiner approved Hart, John L., designation as special assistant Helmer, H. J., designation as special examiner approved Jones, Laurence H., appointment approved Newman, H. J., designation as special examiner following transfer to Personnel Department approved Peterson, Roy Edward, appointment as assistant approved Scanlon, Charles J., Assistant, appointment as examiner approved Siegler, George R., appointment as assistant approved Sorg, Robert E., designation as special assistant approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/ 4 185 10/ 9 1994 867 5/ 6 867 5/ 6 3/ 3 407 10/ 8 1970 3/ 3 407 574 3/27 689 4/10 11/21 2213 7/ 9 1387 10/ 1 1919 5/ 7 878 7/24 1477 462 3/11 12/ 2 2258 4/22 752 12/ 1 2254 1/13 46 11/17 12/ 1 2/17 12/ 2 9/ 4 2190 2254 291 2259 1734 4/15 12/11 721 2302 5/ 7 2/10 1/ 6 878 233 17 115 Pages liners: (Continued) PRBank of Chicago: (Continued) 2/17 291 Washburne, Elihu B., designation as special assistant 12/ 2 2258 Appointment as assistant approved FRBank of Cleveland: 185 2/4 Blake, Ted, designation as special assistant Boyd, Tayler M., appointment approved, formerly assistant 7/ 3 1361 examiner 8/21 1653 Clark, Gilbert, Assistant, appointment approved 8/21 1653 Clifford, William Dale, appointment approved Davies, Chalmer L., designation as special assistant ap3/12 proved 484 5/27 1069 Appointment as assistant approved 185 2/4 Denton, Elwood, designation as special assistant 2/4 185 Galyas, Vincent, designation as special assistant 2/4 185 Green, Kenneth A., designation as special assistant Hentze, Donald D., designation as special assistant exami6/ 8 1156 ner approved 2/4 185 Holkenburg, Ralph, designation as special assistant 2/1 185 Kappanadze, Nicholas J., designation as special assistant 2/4 185 Koza, F. J., designation as special assistant 2/4 185 Louis, Henry, designation as special assistant assistant 2/4 185 Mahar, William, designation as special 2/4 185 assistant as special McLaughlin, Francis M., designation 5/16 approved 947 McLean, Archibald t., appointment 11/27 2233 Mekus, Francis A., Assistant, appointment approved 185 2/4 Mellert, Robert, designation as special assistant 8 / approved 13 1613 appointment Assistant, Nichols, James Hart, 185 2/4 O'Connor, John E., designation as special assistant 185 special assistant as designation 2/4 Oswald, Robert, 185 assistant special designation as 2/4 M., Potter, H. 2/4 185 Reebel, Jacob, designation as special assistant Restel, Arthur E., appointment as assistant approved 4/ 3 623 2/4 185 Rudd, Robert, designation as special assistant 185 2/4 Strukar, Rudolph, designation as special assistant Wachtel, Harry H., designation as special assistant not affected by transfer to Cincinnati Branch 2/4 185 185 2/4 Watkins, Glenn E., designation as special assistant 185 , Wright, Gordon, designation as special assistant 2/4 rRBank of Dallas: Holder, George A., designation as special assistant ap82 1/17 proved 6/25 1281 Appointment as assistant approved 6/10 1179 Kelly, J. V., appointment approved approved 1/21 assistant 94 Neill, John H., Jr., appointment as http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 116 Pages 4alniners: (Continued) FRBank of Dallas: (Continued) O'Hearn, Ernest, Jr., assistant, appointment as examiner approved Segelhurst, Thomas Arthur, appointment as assistant approved Thaxton, E. A., special assistant, designation as assistant approved FRBank of Kansas City: Bennett, Arthur, name removed from those designated as special assistants Boysen, John T., designation as special assistant Burnett, C. N., designation as special assistant Durdee, John, designation as special assistant Euans, Joe R., designation as special assistant Euans, John R., designation as special assistant Fairly, W. F., designation as special assistant Fritz, Fred, designation as special assistant Geary, E. V., designated special assistant Keck, George E., removed from list of approved special assistants Land, Everett D., appointment approved Moore, William D., Jr., designation as special assistant Pugh, Stanley, designation as special assistant Ratkie, M. E., designation as special assistant Reynolds, F. A., designation as special assistant Scott, C. B., designation as special assistant Trimble, Harry, designation as special assistant , Wilson, Byron A., designation as special assistant rIlBank of Minneapolis: Anderson, Morris G., designation as special assistant approved Grobel, Roger K., appointment approved Kelly, Douglas C., designation as special assistant McNulty, Arthur J., designation as special assistant approved Tillander, Clayton E., approval of Board unnecessary for designation as Chief Examiner Wilcox, Robert L., appointment as assistant approved 'RBank of New York: Gilpin, Francis A., assistant, appointment approved Howard, Thomas P., appointment approved Huf, John F., assistant, appointment approved Knoepfel, Louis J., assistant, appointment approved McComb, James M., assistant, appointment approved Liowak, Theodore E., assistant, appointment approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/21 94 12/ 9 2293 1/7 20 2/11 2/11 2/11 2/11 3/2 2/11 2/11 2/11 238 238 238 238 398 238 238 238 10/ 7 1957 3/ 2 3/27 2/11 2/11 3/2 2/11 2/11 2/11 2/11 398 575 238 238 398 238 238 238 238 6/16 1223 4/17 735 6/16 1223 6/16 1223 4/17 735 6/16 1223 8/20 8/20 8/20 8/20 8/20 8/20 1644 1644 1644 1644 1644 1644 117 Pages Examiners: (Continued) FRBank of Philadelphia: Adams, Charles IN., appointment as assistant approved Aikens, James A., designation as special assistant examiner approved Allen, William J., designation as special assistant examiner approved Brenner, John J., designation as special assistant examiner approved Burr, Glendon M., appointment as assistant approved Callender, Marion H., appointment approved on temporary basis Campbell, Hugh S., designation as special assistant examiner approved Gordon, James A., designation as special assistant examiner approved Griffith, Maurice H., Assistant, appointment approved Hespenheide, Carl F. W., appointment as assistant approved with understanding that indebtedness will be reduced Lythgoe, Edgar H., designation as special assistant examiner approved Markford, Leonard, appointment approved, was formerly assistant examiner McIninch, Ralph A., appointment as assistant approved Moore, Edwin M., designation as special assistant examiner approved Murphy, John IN., designation as special assistant examiner approved Snyder, Edward C., Jr., Assistant, appointment approved Thatcher, Clifford R., designation as special assistant examiner approved Ulmer, Willis IN., designation as special assistant examiner approved Bank of Richmond: Hall, Charles E., designation as special assistant approved Appointment as assistant approved and indebtedness to national bank to be liquidated Jenkins, Joseph L., designation as special assistant approved Keller, R. T., designation as special assistant examiner approved Kendall, F. 0., designation as special assistant approved Appointment as assistant approved Martin, Upton S., appointment approved Miller, Robert L., appointment as assistant approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/8 1155 12/ 1 2254 12/ 1 2254 12/ 1 1/15 2254 56 11/ 3 2106 12/ 1 2254 12/ 1 2254 4/17 735 10/26 2061 12/ 1 2254 1/28 3/10 136 456 12/ 1 2254 12/ 1 2254 10/17 2033 12/ 1 2254 12/ 1 2254 1/30 147 12/11 2301 4/23 756 12/ 9 2293 1/17 82 2301 20 1/7 3/21 520 12/11 118 Pages 411Inin ers: (Continued) FRBank of Richmond: (Continued) Regester, Charles E., appointment as assistant approved Sauerwein, C. H., designation as special assistant examiner approved Seidell, W. T., designation as special assistant examiner approved Speicher, J. W., designation as special assistant approved Webb, P. L., appointment as assistant approved Whitaker, Roland E., designation as special assistant approved Woodzelle, K. V., designation as special assistant approved FRBank of St. Louis: Baggott, George I., appointment as examiner approved and designated special examiner until effective Cange, Melvyn Paul, appointment as assistant approved Chapman, Bertram Lee, appointment approved Chapman, W. A., appointment approved Hitt, F. Guy, designation as, and designated as officer in charge of Bank Examination Department Hodges, Samuel B., appointment as assistant approved Klose, Julius H., appointment as assistant examiner approved Mattox, Charles A., three months' salary approved as dismissal wage Moore, Harold Norris, designation as special examiner approved Mueller, Maurice LeRoy, Assistant, appointment approved _ Schalk, Robert F., designated special assistant *Bank of San Francisco: Blakemore, Claude C., Assistant, appointment approved Lyons, Jim Robert, appointment approved Stone, Philip M., appointed assistant approved tm Walker, M., appointment ,George anks: Adequacy of present staffs of FRBanks, information to be furnished Board Conference to be held in Philadelphia on September 22 Employees of one bank assisting in exmination of another, increase in per diem allowance Instructions to report on use of credit for accumulation of inventories of consumer goods Branch banks: Cincinnati: Bruce, Howard, designated special assistant Hurst, George, designated special assistant http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/30 817 12/ 9 2293 2293 2293 12/ 9 12/ 9 1/17 82 4/23 756 12/ 9 2293 7/ 9 1388 6/ 8 1156 7/ 9 1388 2/19 299 10/22 2048 6/ 8 1156 6/ 8 1156 8/ 3 1544 6/ 8 1156 8/21 1653 6/ 8 1156 9/ 3 1723 5/26 1053 9/26 1891 721 4/15 6/26 8/26 1290 1691 10/26 2065 6/26 1292 2/ 4 2/ 4 185 185 119 Pages 4anu.'ners: (Continued) FRBranch banks: (Continued) Cincinnati: (Continued) Oettinger, Richard, designated special assistant Swerdeski, Walter, designated special assistant Wachtel, Harry H., designation as special assistant not affected by transfer from FRBank of Cleveland Nashville: Hooper, Jesse, designation as special assistant to participate in the examination of the Commerce Union Bank of Nashville Magee, Stuart, designation as special assistant to participate in the examination of the Commerce Union Bank of Nashville Miller, Marvin L., designation as special assistant to participate in examination of Commerce Union Bank of Nashville Pittsburgh: Corlett, Baird, designated special assistant Eicher, William, designated special assistant Goldstrom, Louis, designated special assistant Houpt, C. E., designated special assistant Rickert, Harry, designated special assistant National bank: Gaffney, I. F., report of investigation of the Second National Bank of Ravenna, Ohio, in connection with surrendering of fiduciary powers sent to FRBank of Cleveland Letter containing same information sent to Comptroller Instructions to report on use of credit for accumulation of inventories of consumer goods tx4mini ng Physicians: uaughton, A. D., Alternate Medical Examiner, resignation approved ve officers: l'oan to executive officer on leave of absence which will mature before expiration of leave, no objection by Board RePort by, of loans from another bank which existed at time of admission to FRSystem ordered published in P43teFRBulletin u eLive Orders: Alien Property Custodian: Allocating powers, to be published in FRBulletin Office established, statement for publication in FRBulletin ' ensorship Operating Board established by, procedure explained to FRBanks, Mr. Draper designated member of, questions may be submitted to Board 0 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/ 4 2/ 4 185 185 2/ 4 185 3/3 407 3/3 407 3/ 3 407 2/4 2/4 2/4 2/4 2/4 185 185 185 185 185 2/14 2/14 257 258 6/26 1292 8/17 1627 4/14 716 1/23 113 7/21 1468 3/24 551 1/16 78 120 Pages Exec1"lve 4.. Orders: (Continued) Government contracts, statement for publication in FRBulletin Office of Censorship, order establishing, ordered published in FRBulletin Release of employees under, Civil Service Commission advised that Board needs all present employees and that Mr. Nelson is the proper person to contact regarding Securities and issues, drafting of order as part of restriction of use of credit for financing inventories of consumer goods Statement of, dealing with war contracts ordered published in FRBulletin Transfers of property of foreign countries and their nationals, order regarding, ordered published in FRBulletin War contracts, order dealing with, ordered published in FRBulletin War loans: Financing of war production contracts, plan discussed whereby FRBanks by authority of, would act as fiscal agents for War and Navy Departments and Maritime Commission in regard to . Statement by Major Paul Cleveland regarding Fiscal agents for War Department, etc., order authorizing FRBanks to act as, reviewed by Chairman Eccles, discussed with regard to effect upon industrial loan corporation bill Order authorizing FRBanks to act as fiscal agents for War Department, etc., in making, signed by President FRBanks advised of Order, requested to send representatives to conference for development of procedure Conference postponed from Monday until Wednesday 9112, objections of Treasury Department to, as expressed by Under Secretary Bell Statement of legal basis for, by Mr. Vest, and discussion by Board Mr. John Kenney designated as authorized representative of the Secretary of the Navy to act under Section 4 of Proposed instructions for making war loans under, copy of, and letter sent to Under Secretary of War Patterson Proposal of having FRBanks act as fiscal agents for the making of war loans, reviewed and discussed at meeting of the executive committee of the Federal Advisory Council with the Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/24 2228 1/23 113 2/25 351 6/26 1295 4/22 754 1/23 113 1/23 113 3/20 3/20 507 509 3/23 542 3/26 553 3/26 3/27 553 584 4/ 1 602 4/ 1 605 4/ 2 616 4/ 6 628 4/ 9 683 121 Pages 4eeutive Orders: (Continued) War loans: (Continued) Opinion of Mr. Oscar Cox on legality of, no distribution 5/19 984 to be made unless requested War Production Board, order establishing, ordered published in 113 1/23 FRBulletin War Relocation Authority office established, statement for pub551 3/24 lication in FRBulletin 8843, scope of authority to prescribe regulations to control 786 4/30 credit granted to Board by 9112: (See supra tar loans) 9135, pay roll deduction plan for the purchase of Defense Savings Bonds, letter to Rear Admiral Conard, Chairman of the Interdepartmental War Savings Bond Committee, advising of the extent of participation of Board employees in, and designation of Mr. Bethea as an alternate for Mr. 930 5/13 Eccles on the committee Noenses: Board of Governors: Assessment on FRBanks for last six months of 1942, resolu6/17 1237 tion approved Assessment on FRBanks for first six months of 1943, resolu12/21 2354 tion approved FRBanks: Victory Fund Committee, manner of showing in functional ex5/20 1000 pense report Reimbursable: Counterfeit notes, Board willing to print notices of, on a reimbursable basis for the Secret Service Divi5/20 1004 sion of the Treasury Department Government securities, discussion of whether FRBanks should seek reimbursement for expenses incurred in establishing organizations for the promotion and 890 5/ 8 sale of War loans, traveling expenses and other costs in connection with, letter to FRBank of Dallas regarding pro996 5/20 cedure for allocating Reimbursement of banks by the Treasury Department suggested by Mr. McKee for out-of-pocket expenses incurred for services rendered the Government without charge 4/ 9 677 "I Credit Administration: Institutions subject to supervision and examination by, enforce12/ 5 ment of Regulation W http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2272 122 Pages Farm Credit Administration: (Continued) Staff: Orchard, C. R., Director of the Credit Union Section, advised that a loan to a Federal credit union for purchase of a house is not subject to Reg5/ 2 ulation Vi deral Advisory Council: Absorption of exchange and collection charges: 11/16 Discussion of 9/14 Suggestion that Regulation Q be enforced e Am ndment No. 3 to Regulation W, draft of, sent to Mr. E. E. Brown for his comments and suggestions as the 1/ 9 representative of Draft sent to Mr. Brown, also request that as representative of, he forward comments and suggestions 1/23 to Board Banking as essential industry, feeling that classification should be made to avoid loss of trained person11/16 nel 8enks, question of giving them preferential treatment under the tax program in view of the substantial part they play in war financing, considered at meeting of the executive committee with the Board 4/ 9 p, Opinion regarding, to be presented to Congress 4/ 9 "rtificates of indebtedness, result of using telegrams and solicitation to urge subscription to, discussed at meeting of executive committee with Board 4/ 9 C°mPensation of members, FRBank of Philadelphia, payment for 4/25 each meeting attended authorized Competition of FRBanks with member banks with respect to collec11/16 tion of noncash items Consumer credit, reduction in, opinion of members of Council 7/ 1 expressed at meeting with Board COrporate funds, short-term tap issue to attract, discussed by 5/18 Chairman Eccles at meeting with Exe • cutive Committee: Amendment proposed to sec. 7(d) of Securities and Exchange Act of 1934, memorandum prepared in reply to letter from Mr. Brown to be mailed to members of, dropping of proposal discussed at meeting 3/12 of Board with http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 839 2184 1796 33 111 2185 676 681 671 762 2185 1338 958 474 123 Pages ledePal Advisory Council: (Continued) Executive Committee: (Continued) Correspondent balances, discussion as to Reserve Bank cities in which they should be deposited, at meeting with Board Financing of war, discussion of progress made by Board and Treasury in formulation of a long range program for, at meeting of Board with Government securities, transfer of all types by telegraph suggested by Mr. Brown Insurance agents, use in sale of series F and G war savings bonds, discussed at meeting with Board Meetings: Interim of executive committee members of, with Board each month with certain exceptions proposed, no objection by Board Arrangements completed for meetings on the second Thursday of each month, Secretary's note Interim meeting arrangements approved by Board Purpose and scope of, to be discussed at next meeting Change in date of suggested Meeting with Board Meeting with Board on July 1, telegram to Mr. Lichtenstein on Meeting with Board Meeting with Board Monthly meeting of, suggestions to be made to make meetings productive of better results Monthly meetings with Board, belief that they should be continued Meeting with Board Meeting scheduled for December 2 canceled Money market: Reserve situation in, and effect on future market issues of the Treasury, discussed at meeting of Board with Substitution of other cities for New York as, suggestion that more than one market could be established through use of telephone and telegraph, discussion at meeting of Board with Rates on Treasury issues for long-term money during the war, discussion of pattern of rates at meeting with Board Regulation W, inclusion of charge accounts discussed in meeting of Board with Reserve requirements in central reserve cities, discussion of reduction as result of legislation http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/12 472 3/12 471 3/12 477 7/ 1 1337 2/16 272 273 321 447 482 6/ 3 1112 2/16 2/23 3/10 3/12 6/ 9 1172 7/ 1 1330 8/ 5 1553 8/ 5 1561 9/14 1800 10/ 7 1959 11/24 2224 3/12 471 3/12 477 3/12 473 3/12 478-82 7/ 1 1330 124 Pages Fed era]. Advisory Council: (Continued) Executive Committee: (Continued) Treasury financing to be discussed at interim meeting, with 3/10 447 regard to recommendations made to the Treasury ExPenditure tax discussed as means of financing the war, at 956 5/18 meeting of the Board with there was an amount Federal Open Market Committee opinion that of short-term funds that might flow into a short-term security, discussed at meeting of 672 executive committee with Board 4/ 9 FRAct, Bill H.R. 7158 to amend certain sections discussed at 6/ 3 1112 meeting of executive committee with Board Financing, development of a long-term program of, by the Treasury Department discussed at a meeting of the 677 executive committee with the Board 4/ 9 Government securities, discussion by Mr. Eccles with Council on organization being set up in each FRDis5/18 960 trict for distribution of Distribution of, opinion of Mr. Adams that present method is unsatisfactory and suggestion that it be placed in the hands of the FRSystem, discussed 957 5/18 at meeting of the Board with , Short-term tap issue opposed 983 5/19 Insurance policy loans, discussion of provisions of Regulation W with respect to, at meeting of the FAC with 965 5/18 the Board of execudiscussed at meeting W Provisions of Regulation 6/ 3 1119 tive committee with Board L°ans, nonpurpose up to t1500, opinion of Mr. Brown that inclusion of, in Amendment No. 4 to Regulation W, was unjustified, discussed at meeting of the 5/18 Board with 964 2/16 Meeting with Board 260 Meeting with Board 5/18 951 Meeting with Board 9/14 1793 Meeting 11/16 2178 with Board Members: 1/20 89 Spencer, Charles E., Jr., FRBank of Boston, reappointed "ew York and Chicago, discontinuance as central reserve cities 5/18 961 opposed by Council Rates, effect of short-term on long-term, discussed at meeting 675 4/ 9 of executive committee with the Board Ratio of bank capital to deposits discussed at meeting with 11/16 2179 Board Re commendations: Written statements with reasons to be submitted to Board 8/ 5 1556 prior to meetings, suggested by Mr. Eccles http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 125 Pages Pecie ral Advisory Council: (Continued) Regrouping of FRBanks for the purpose of electing members of FOMC not to he taken up with, draft of amendment to FRAct to be sent to Treasury Regulation Q, amendment proposed to permit immediate withdrawal of savings deposits to purchase defense bonds, opinion of, that amendment should not be adopted by Board Regulation 14, Amendment No. 3, bracketing principle to be applied to certain articles, opinion of, requested Proposed Amendment No. 3, two drafts sent to, and reply received Reimbursement of banks by the Treasury Department for out-ofpocket expenses incurred for services rendered the Government without charge, suggested by Ir. McKee at a meeting of the executive committee with the Board Renegotiation of war contracts, resolution adopted at separate session of Council read at meeting with Board Probable losses to Banks resulting from exercise of right by Government Reserve requirements, recommendation of Council that they should remain stable unless change is clearly required, discussion of resolution by Board with regard to Treasury financing Copy of resolution to be sent to Secretary of Treasury Discussion of possible effect on inflation if requirements were lowered, at meeting of the executive committee with the Board Amendment to FRAct to change those in central reserve cities discussed Change at present time opposed , To be considered at coming meeting rtesolution adopted at meeting of Council on September 14 presented to Board for consideration sa les tax as means of financing the war, discussion of, at meeting of the FAC with the Board Se curities Act of 1933 and Securities Exchange Act of 19342 proposed amendments to section 7(c) and (d), letter to Mr. Brown explaining consideration and stating why amendments were not discussed with Council Se curities Exchange Act of 1934, amendment to section 7(d), request of Mr. Brown that testimony of hearings be sent to, and that they be allowed to file a memorandum with the Interstate and Foreign Commerce Committee http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/19 982 2/16 273 2/12 2)14 2/24 341 4/ 9 677 9/14 1794 10/ 7 1959 2/16 2/27 261 363 4/ 9 675 6/ 3 1113 8/ 5 1556 11/14 2171 9/18 1830 5/18 956 1/17 82 1/22 97 126 Pages Fed eral Advisory Council: (Continued) Securities Exchange Act of 1934: (Continued) Mr. Brown to be advised that Congressman Lea, Chairman of the House Committee, has been informed of request for hearings and filing of statement 1/22 98 Letters to Mr. Brown and Congressman Lea 117-8 1/24 Letter suggesting that statement of, concerning amendment be submitted to be held for committee consideration, but not to be included in printed hearings 1/29 144 Proposed amendment to Section 7(d), giving Board power to regulate the amount that could be loaned on unregistered securities, opinion of Federal Advisory Council that power should not be given to any agency 2/16 270 S hort-term nonmarket issue in Treasury financing program, desirability discussed at meeting of executive committee with Board 6/ 3 1120 Silver, suggestion that Treasury dispose of holdings and more silver used in minting coins discussed at meeting with Board 9/14 1797 Disposal of holdings of Treasury for industrial purposes suggested 11/16 2189 Staff: Lichtenstein, Walter, Secretary, exemption from Federal transportation tax, suggestions as to means of obtaining Stock dividends, taxation as income pending court decision discussed and considered in regard to steps that should be taken following such a decision Tap issues, issuance of, and whether legal investments for corporate investors and trust funds, discussed at meeting of the executive committee with the Board Taxes, effect of pending tax bill on amount of short-term corporate money for investment, discussed at meeting of executive committee with the Board Pies for discussion: Advice that Board has no topics to suggest Advice to Mr. Lichtenstein that Board has no topics to suggest, but wishes to be advised in advance of any questions Council wishes to present to Board Examinations, reduction in number of complete, not to be discussed with Letter to, advising that Board has no topics to suggest, to contain no reference to the Treasury financing program http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/31 599 2/16 273 4/ 9 679 4/ 9 672 1/22 100 8/25 1667 2/10 230 5/ 5 852 1 27 Pages Fed eral Advisory Council: (Continued) Topics for discussion: (Continued) Opinion of council that matters under consideration should be furnished them in advance of meetings Securities Exchange Act of 1934, amendment proposed to section 7(d) To be furnished Board in advance Transportation tax, members of, traveling on official business, entitled to use F.R. 158 in obtaining exemption from Treasury bills, resolution that amount issued each week be increased, discussion of Board with, Board in favor of resolution, Federal Open Market Committee reported as being in agreement with Board Resolution to be brought to the attention of the Federal Open Market Committee, copy sent to Secretary of the Treasury , Means to broaden distribution of, discussed easury financing discussed at meeting with Board nar, financing of, discussion of long-range program for, by Board in meeting with Federal Advisory Council Discussion with Board as to whether it should be conducted on a voluntary basis or a plan of compulsory savings should be adopted War -Loan accounts, opening by small banks discussed War loans: Proposal of having FRBanks act as fiscal agents for the purpose of making war loans, reviewed and discussed at meeting of the executive committee with the Board Interest rates and guarantee fees for, discussed at meeting of the executive committee with the Board ?e Discussion of provisions of Executive Order No. 9112 J.. Bureau of Investigation, investigative activities of Board outlined in letter to Mr. Hoover Pectera_ I credit agencies, statement of Ir. Ransom on confusion resulting from number of, as applying to situation in Cuba ,4erea Credit Unions, enforcement of Regulation W, letter to Fed FDIC on cooperation in connection with l Deposit Insurance Corporation: sorption of cost of one examination each year of insured banks suggested as possible amendment to bill http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/ 5 1557 1/24 117 9/14 1800 2/27 379 2/16 263 2/27 363 8/ 5 1559 11/16 2180 2/16 264 5/18 952 9/14 1798 4/ 9 V/18 9 683 8 65-72 11/16 2176 2/ 6 204 6/12 1205 6/ 3 1115 128 Pages Pede ral Deposit Insurance Corporation: (Continued) Assessment on Government deposits, proposed legislation not to require member banks to maintain, Mr. Eccles opposed to inclusion with other proposed legislation Assessments on insured banks against deposits of war loan accounts, problems in connection with, discussed by Mr. McKee Proposed amendment to FRAct to exempt war loan deposit accounts from Bank of America National Trust and Savings Association, question as to whether differential account in connection with contracts for instalment paper constitutes deposit liability against which reserves must be carried, submitted to, for comments Certification of banks as members of FRSystem: Curwensville State Bank, Curwensville, Pa. Danville Loan and Savings Bank, Danville, Va. First State Bank of Larned, Kansas J. P. Morgan & Co., Incorporated, New York, New York Peoples Bank, Beaufort, S. C. Peoples Bank, Lakewood Village, California State Bank of Marathon City, Marathon, Wisconsin Union State Bank, Clay Center, Kansas r, University State Bank, Houston, Texas ertification of checks and drafts by FRBanks at request of public finance officers or nonmember banks C°Pies of correspondence on denial of application of First Trust and Savings Bank of Pasadena to establish branches sent to Easton Trust Company, Easton, Pennsylvania, permission granted to, to examine in connection with rehabilitation program Examination and supervisory policy with reference to investments by banks in and loans upon Government securities Joint statement with special reference to investments in and loans on Government securities 4aminations: Citizens Bank, Marshall, N. C., permission to examine in connection with continuation of insurance after withdrawal from membership Citizens State Bank, Marianna, Fla., permission to examine in connection with continuance of insurance after withdrawal from membership http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/26 1050 12/ 1 2247 12/ 8 2284 1/ 8 27 12/18 12/16 6/27 4/28 7/ 7 5/15 4/10 2340 2321 1302 782 1379 944 690 3/10 16 4 5 7 6/18 1249 11/19 2201 3/31 598 11/11 2148 11/20 2205 11/12 2154 10/20 2042 129 Pages Pled, era] Deposit Insurance Corporation: (Continued) Examinations: (Continued) Floral Park Bank and Trust Company, Floral Park, N. Y., permission to examine, in connection with assumption of liabilities and assets of, by First National Bank and Trust Co. of Floral 1/30 Park Peoples Trust Co., Martinsburg, West Virginia, permission to examine jointly with FRBank of Richmond because of unsatisfactory condition 10/28 State Bank of Mayville, Wisconsin, permission to examine in connection with continuance of deposit insurance upon withdrawal from FRSystem 1/14 Individual debts: (See Loans) .11,ecription for use on front page of examination reports 11/19 Inventories of consumer goods, use of credit in connection with accumulation of, letter to financing institutions to be cleared through 6/11 (See also Inventories) 4leohan1c5 and Farmers' Bank of Albany, New York, action on application deferred, FDIC opposed to extending deposit insurance to a bank sharing quarters with an uninsured nonmember bank 2/18 Letter from FDIC regarding deposit insurance 2/18 Action deferring application not to be included in policy record 2/24 Peoples Bank of Lakewood Village, Los Angeles County, California, action on application to be deferred until consideration of matter with, by Mr. McKee, because of possible connection with Transamerica Corporation 1/16 Discussion between Messrs. McKee and Crowley resulted in decision that application for membership should not be approved 1/22 Insurance to be granted upon severing of connections with Transamerica 3/10 Press statement regarding reduction of individual debt to be submitted to, for approval following consideration by Messrs. Ransom, McKee, and Szymezak 5/ 5 ?_ Statement approved 5/ 7 egulation W, enforcement of, letter on cooperation with respect to nonmember insured banks and Federal Credit unions 6/12 Advice that corporation will cooperate with Board in en7/ 6 forcement of o Inge deposits, withdrawal of, without notice for purchase of defense savings bonds, comments of, regarding, sent to FRBank of Cleveland 3/ 9 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 148 2079 49 2202 1186 295 296 348 70 103 444 851 880 1205 1374 437 130 Pages Fe dvral Deposit Insurance Corporation: (Continued) Staff: Greensides, N. G., Acting Chief of the Division of Examina1/29 145 tion, cost of luncheon to be borne by Board Oppegard, G. J., Attorney, cost of luncheon to be borne by 1/29 145 Board Statistics of national and State banks, no need for extension of clerks on reimbursable basis as help can now be supplied by Board's staff, reimbursement of only one clerk necessary for December as Mr. 1/ 5 11 Martin resigned Transamerica Corporation, Mr. McKee authorized to confer with Mr. Crowley and Comptroller regarding adoption of policy of refusing to permit further expan1/22 105 sion by "ral Home Loan Bank Act: Anlendments introduced in Senate and House, report of Mr. Ransom on discussions with Messrs. Bodfish and West, Counsel requested to keep Board advised of 1/16 68 progress of legislation Fed, 'rat Home Loan Bank System: Enforcement of Regulation W, letter to Mr. Fahey for coopera10/17 2035 tion of his office in Staff: Fahey, John H., Commissioner, cost of luncheon to be borne by Board 4/17 743 Twohy, James F., Governor, cost of luncheon to be borne by Board 4/17 743 ?ed— 71 Industrial Credit Corporation: ' 4egislation to establish, letters from Mr. Eccles to Messrs. Donald Nelson and Weinberg regarding, read at 2/17 289 Feder Board meeting Le_al Open Market Committee: (See Committees, Federal Open Market) 'al Outfitting Company, Fresno, California, reply to, regarding a customer in default under Regulation W at one store obtaining credit at another store 5/25 1039 and definition of term "Budget" Amendment proposed to repeal prohibition against member banks paying dividends or making loans while reserves are deficient, Board to retain power to prescribe penalties for deficiencies in reserves, discussion at meeting of Board with Presidents Amendment to Section 14(b), statement to be published in letin Amendments to Sections 12a and 19, recommendation that bill S. 2565 be signed by President http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/ 3 182 3/24 551 7/ 6 1377 131 Pages IllAct: (Continued) Printing of, order placed with Government Printing Office for, new amendments to be added in supplement, charge to be made for copies sent to those 3/6 not on free list Regrouping of FRBanks for the purpose of electing members of FOMC not to be taken up with the Federal Advisory Council, draft of amendment to FRAct 5/19 to permit, to be sent to Treasury Section 9, discussion of amendment to permit a State bank with capital as low as 25,000 to become a member 5/19 of the FRSystem Sections 12A(b) and (c) and 14(b), interpretation of, by Chairman Eccles with regard to purchase of Government securities held to be correct after discussion of, by Board at meeting of Federal Advisory 2/16 Council Section 12A, discussion of amendment to permit regrouping of FRBanks for selection of members of Federal Open Market Committee to insure representation of FREank of New York, Treasury and FRBanks to be consulted before introducing legislation 2/17 in Congress Section 13, clearing account of nonmember bank may be accepted or declined at discretion of the FRBank in2/11 volved permit FRBanks to Discussion of authority granted by, to make advances for periods up to 90 days secured by Government obligations, at meeting 3/2 of Board with Presidents Morris Plan Banking Company of Boston, held to be a "bank" 3/10 within the provisions of Se • ction 14(b), provision contained in second war powers bill to eliminate, to allow direct purchase of Government securities from Treasury by FRBanks, dis2/3 cussion of Presidents in meeting with Board Proposed amendment to allow FRBanks to purchase securities directly from the Treasury subject to direction of the Federal Open Market Committee discussed at meeting of the Board with the Federal Ad2/16 visory Council Amendment contained in Second War Powers Act, memorandum to be prepared showing effect on power of Federal Open Market Committee to direct FRBanks 3/26 to purchase Government securities http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 433 982 983 265 282 239 382 458 170 264 560 132 Pages + PRAe-: (Continued) Section 19, proposed amendment to repeal prohibition against making of loans or payment of dividends by member banks whose reserves are deficient, and give Board power to prescribe penalties for reserve deficiencies, memorandum distributed at meeting of Board with Federal Ad2/16 visory Council to be considered Proposed amendment to permit changes in reserve requirements of central reserve city banks independently of the requirements for reserve city banks and eliminate the provision that no bank shall make new loans or pay dividends while its reserves 5/19 are deficient gents. Assistant: Ashley, J. M., FRBank of Dallas: Appointment approved with understanding that Mr. Hall will resign Bond approved Barnett, Genevieve M., FRBank of Atlanta, bond as alternate approved Dunphy, Raymond J., alternate at FRBank of Boston: Appointment and salary approved Bond approved Erste, Anne J., alternate at Cleveland: Appointment approved with no change in salary Bond of Salary approved Ferrian, Walter S., FRBank of Minneapolis: Appointment and salary as alternate approved Bond approved Duties outlined, letter to Mr. Peyton Fricek, E. F., alternate at Cleveland, to resign when Miss Erste assumes duties Hall, Charles Clifton, FRBank of Dallas, appointment of Mr. Ashley approved with understanding that resignation will be submitted by Johnson, John, FRBank of Minneapolis, salary as alternate Assistant approved Kearschner, Alfred C., salary as alternate at FRBank of St. Louis approved Salary approved Larson, Earl B., FRBank of Minneapolis, salary as alternate approved to January 31, 1942, now Assistant Cashier Newcomb, Margaret R., FRBank of Philadelphia, bond as alternate approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 273 982 2/19 3/ 3 299 404 4/21 749 11/ 5 11/14 2122 2168 10/17 10/30 12/24 2033 2090 2380 2/ 6 2/16 2/20 216 277 303 10/17 2034 2/19 299 2/17 293 408 3/ 3 10/ 8 1970 2/17 293 1/24 115 133 Pages PRAgents: (Continued) Assistant: (Continued) Parker, Frank S., FRBank of St. Louis, salary approved Post, Arthur E., FRBank of Philadelphia, payment to supplement retirement allowance approved Payment of salary from July 1 to July 14 Rehfuss, J. Frank, alternate at FRBank of Philadelphia, salary increased Sawyer, Dana D., alternate at FRBank of Boston, salary increase approved Scanlon, Charles J.: Appointed alternate at FRBank of Chicago Bond approved Snow, G. A., FRBank of San Francisco: Bond as alternate approved To resign when appointment of Mr. Stone becomes effective Stone, Philip M., alternate at FRBank of San Francisco: Appointment and salary approved Bond approved Tillander, Clayton E., FRBank of Minneapolis: Appointment and salary approved Bond approved Duties outlined, letter to Mr. Peyton Wilgus, Richard G., FRBank of Philadelphia: Appointment and salary approved Bond of Zehner, Edward A., alternate, FRBank of St. Louis, salary approved 4ainard, George C., FRBank of Cleveland, redesignated for 1943 caldwell, R. B., FRBank of Kansas City, redesignated for 1943 (co ,(IffeY, W. C., FRBank of Minneapolis, redesignated for 1943 ' 1'eighton, Albert M., FRBank of Boston: Designation for 1942 Bond of G. Redesignated for 1943 Henry F., FRBank of San Francisco: Bond approved Ta Redesignated for 1943 ssiter, Robert, FRBank of Richmond, redesignated for 1943 'eland, Simeon E., FRBank of Chicago: Designated for remainder of year Bond approved Redesignated for 1943 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/23 1473 5/30 1096 6/ 6 1151 7/ 9 1387 7/28 1508 9/26 1890 10/17 2032 1/10 36 10/ 8 1971 10/ 8 1970 10/28 2076 2/6 2/16 2/20 216 277 303 7/23 1473 8/ 6 1570 7/23 1473 12/ 8 2281 12/ 8 2281 12/ 8 2281 32 1/9 135 1/28 12/ 8 2281 92 1/21 12/ 8 2281 12/ 8 2281 10/ 9 1992 10/20 2041 12/ 8 2281 134 Pages FRAg'ents: (Continued) Lewis, F. J., Chairman, FRBank of Chicago: Letter of regret from Board that illness prevented his attendance at Chairmen's Conference, importance of conference emphasized, suggestion that Deputy Chairman attend when Chairman cannot avoid being absent Engaged in unethical transactions with the Continental Illinois National Bank and Trust Co., with respect to Government securities Purchase and sale of Government securities by, report of Mr. Eccles on efforts to contact and Mr. Eccles to prepare letter for consideration of Board requesting resignation Letter requesting resignation not sent because of agreement to come to Washington Resignation accepted effective July 1 Resignation as Class C director and FRAgent, accepted /4cCabe, Thomas B., FRBank of Philadelphia, redesignated for 1943 Nardi, R. B., FRBank of St. Louis, redesignated for 1943 Neely, Frank H., FRBank of Atlanta, redesignated for 1943 1,11m1, Beardsley, FRBank of New York, redesignated for 1943 raylor, Jay, FRBank of Dallas: Designated for remainder of 1942 Bond approved Leave of absence requested by FRBank during service in Army, letter to be prepared for consideration of Board Continuation of service as Chairman and FRAgent during absence on active duty with U. S. Army, no action by Board at this time Redesignated, and to be on leave of absence as long as necessary because of military service Nge,, 101.''81 representatives: "agbY, T. Wesley, Charlotte Branch: Appointment and salary Bond of , Salary approved 116arnard, 0. H., Salt Lake City: Appointment and salary approved 8 Bond approved °Yd, John Armstrong, Houston Branch: Appointment to serve while Mr. Reed is incapacitated Bond approved with letter to Hartford Accident and Indemnity Company on description of appointment 1 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/6 219 5/22 1011 5/26 1044 5/27 1064 6/ 1 1106 6/26 1291 12/ 12/ 12/ 12/ 8 8 8 8 2281 2281 2281 2281 1/28 2/10 136 231 6/26 1290 6/29 1317 12/ 8 2283 11/14 12/ 1 12/24 2169 2253 2380 3/10 3/18 456 503 7/16 1442 7/24 1477 135 Pages PRAgents' representatives: (Continued) 12/30 2407 Clark, J. C., Jr., Oklahoma City, salary approved 8/ 4 1543 Detroit Branch, increase in maximum salary approved El Paso Branch, discontinuance of position and arrangement for 9/21 1859 custody of unissued FRnotes Francis, Charles E., Charlotte Branch, resignation to report 11/14 2169 for military duty Geller, R. N., Los Angeles Branch: 3/10 456 Appointment and salary approved 3/18 503 Bond approved Goldschmid, J. P., Memphis Branch, salary approved 1/26 120 Links, J. A., Little Rock Branch, salary approved 1/26 120 Page, Grover C., resignation at El Paso 8/ 3 1538 Parsell, Garland H., at Louisville Branch: 8/20 1645 Appointment approved 9/ 2 1719 Bond of Pettke, August J., Detroit Branch: 9/26 1890 Designation Bond of 10/17 2032 1/13 Raether, Lawrence B., Detroit Branch, salary approved 46 8/10 1599 Salary approved Reed, I. J., substitute to serve at Houston Branch during 7/16 1442 incapacity of Stover, George William, El Paso Branch: Appointment and present salary approved, effective upon 8/ 3 1538 resignation of Grover C. Page , Bond of 8/11 1601 12/30 2407 W. R., Denver Branch, salary approved 41rckel, John H., Baltimore Branch, salary approved 12/24 2380 notes: Destruction of: 9/1 1717 Alaska, procedure outlined in Treasury order approved apDepartment Hawaii as outlined in letter from Treasury proved 410 3/ 3 , Puerto Rico, procedure approved 10/15 2027 -Lnquiries being received by Secret Service as to new notes now 12/24 2383 being issued as counterfeits I"uance and redemption of, amendment to Treasury regulations to permit pledge of Government securities with 12/16 2325 FRAgent as security 1928 series, memo on issuance of, from Mr. Smead, question referred to Mr. Szymczak for further consideration 4/7 646 Report by Mr. Szymczak advising that Mr. Bell of the Treas5/8 897 ury is not opposed to Memo from Mr. Szymczak regarding the paying out of, and 5/26 1061 the drafting of a press statement http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 136 Pages PRb flk notes: (Continued) 1928 series: (Continued) Payment as part of program of Treasury to conserve currency, press statement to be issued by Treasury with approval of Board Letter to all FRBanks on recommendation of Presidents' Conference that existing stocks be put into circulation and letter to Mr. Bell on position of Treasury Stock of unissued to be utilized as war emergency Issuance to relieve demand on FRnotes because of increase in money in circulation Telegram to FRBanks on procedure for issuance Press statement on issuance of, to be released ?ape nk of Atlanta: Applications for war loans, letter commenting on mimeograph sheet calling for supplemental data to be furnished with applications Charge off on land on which banking houses at head office and certain branches are located Examination report, attention called to operation of auditing department and forthcoming audit of Jacksonville Branch regarding operation of cafeteria PRnotes: Supplemental order for printing in large denominations Supplemental order for printing of Supplemental order approved Supplemental order for printing of 1928 Series, no objection to use if only currency available Personnel classification plan: Change involving creation of position of Chief File Clerk and maximum salary approved Change involving proposed increase in maximum salary for Chief Telegraph Operator not approved, salary which Board will approve stated Change providing for appointment of Mr. Raisty as Manager of Statistical and Analytical Department to devote one-half of time to supervising the Consumer Credit Control Department with change in salary approved Changes approved Changes approved Change creating position of General Assistant http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/18 1251 8/20 1646 9/29 1904 11/20 12/ 8 12/12 2210 2290 2307 7/13 1413 12/24 2383 3/12 486 3/31 598 5/20 1004 8/ 4 1551 9/21 1860 10/29 2086 3/6 431 3/ 6 431 5/ 5 863 5/8 900 6/ 5 1139 6/30 1320 137 Pages PRBank of Atlanta: (Continued) Personnel classification plan: (Continued) Page 72-a covering new position of Assistant Chief Clerk, Fiscal Agency and Securities Department, approved Change providing for position of director of personnel approved Quarters, purchase of six-story brick building, authority requested by, action postponed Board will approve increase in amount offered for purchase of piece of property if necessary Reserve for contingencies, transfer from surplus authorized Staff: Ashley, John M., Assistant FRAgent, bond approved Attorney to assist in handling work at, annual salary, not to be officer of Bank and personnel classification sheet to be submitted Barnett, Genevieve M., Alternate Assistant FRAgent, bond approved Boman, V. K., Assistant Vice President, salary approved Bryan, Malcolm, First Vice President, salary approved but not as recommended Camp, C. R., Assistant Vice President, salary approved Clark, L. M., Vice President, salary approved Conniff, H. F., Vice President, salary approved Cooper, S. Frank, designated special assistant examiner Crow, Vestus L., name removed from list of special assistant examiners Dance, W. A., appointment as examiner approved and indebtedness to be liquidated General Auditor, salary approved E., J. Denmark, Foreign Funds Control Department, Manager, E., Frazer, H. salary in excess of maximum for grade approved McLarin, W. S., Jr., President, salary approved Neely, Frank H., Chairman and FRAgent, redesignated for 1943 Pike, W. E., Acting Assistant Vice President, salary approved Raisty, Lloyd B.: Address to be made on consumer credit, telegram making suggestions for changes Appointment approved as Manager of Statistical and Analytical Department, to devote one-half of time to supervising the Consumer Credit Control Department, salary approved and change to be made in personnel classification plan Designation as special assistant examiner approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/28 1706 11/24 2225 12/ 1 2249 12/26 2395 12/24 2383 3/ 3 404 10/27 2073 4/21 5/ 5 749 861 5 5 862 862 5 5 861 861 4 185 2/ 4 185 5/ 5/ 5/ 5/ 2/ 10/ 9 1994 862 5/ 5 5/28 1074 5/ 5 861 12/ 8 2281 5/ 5 862 11/ 9 2137 5/ 5 863 5/ 6 867 138 Pages 111Bank of Atlanta: (Continued) Staff: (Continued) Schuessler, S. P., Assistant Vice President, salary approved 5/ 5 Shaw, Morgan L., designation as special assistant examiner approved 5/ 6 Turman, Pollard, Counsel, salary approved but not as recommended 5/ 5 Varnadoe, T. V., designation as special assistant examiner approved Appointment as assistant examiner approved Wilson, R. P., designation as special assistant examiner approved 3/ 3 Reappointment as assistant examiner not approved by Board, but Board willing to approve assignment to Bank Examination Department and designation as special assistant examiner 3/27 Appointment as assistant examiner approved 4/10 Appointment as examiner approved 11/21 Naxlk of Boston: Classification of member banks for election of directors, no changes contemplated at present 9/ 8 Dividend for last six months for 1942, payment authorized 12/28 PRnotes: Supplemental order for printing of 5/15 Supplemental order for printing of 8/28 , Supplemental order for printing of 10/17 'c3rm of loan agreement in connection with guarantees, replies of War and Navy Departments and Maritime Commission on proposed additional paragraph 12/ 2 Personnel classification plan: Changes approved 1/ 2 Changes approved 6/18 Changes establishing position of investigator, Consumer Credit Department 9/21 Reserves for losses on industrial loans for contingencies approved 12/28 Staff: Buckner, William J., supervisor in Auditing Department, no objection to temporary employment after retirement, to terminate when special conditions no longer exist Carrick, Krickel K., Vice President and General Counsel, salary approved Cederval, Roy E., appointment as assistant examiner approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 862 867 862 1(;70 17 407 574 689 2213 1749 2398 946 1710 2038 2259 8 1243 1852 2398 8/ 3 1541 4/30 813 7/ 9 1387 139 Pages PRBank of Boston: (Continued) Staff: (Continued) Creighton, Albert M.: Designation as Chairman and FRAgent for 1942 1/9 1/28 Bond approved 12/ 8 Redesignated for 1943 Dunphy, Raymond J.: 11/ 5 Appointment as alternate Assistant FRAgent approved 11/14 Bond approved Examiners assisting in examination of FRBank of New York, payment of sum for use of all pullman train 10/26 approved Fogg, John J., Auditor, salary approved 4/30 10/ 1 Gilman, Richard Irving, appointed assistant examiner Hansen, Dr. Alvin H., salary approved as Economic Adviser 12/30 to Board of Directors 4/30 Hult, Ellis G., Vice President, salary approved 4/30 Hunter, John C., Assistant Cashier, salary approved Kennel, A. C., Jr., Assistant Counsel, report on enforcement of Regulation W prepared in collaboration with Messrs. Hodge and Rounds sent to FRBanks 3/11 for consideration Salary approved 4/30 Ketchum, Phillips, Associate Counsel: Payment for services approved 1/7 1/20 Payment of retainer fee approved 4/30 Retainer approved Murphy, Edward R., Assistant Cashier, salary approved 4/30 1/20 Officers, advice of reappointment for 1942 succeed Mr. Paddock, W. W., appointment as President to 2/27 Young approved 3/27 Salary approved approved salary 4/30 Pitman, Carl B., Cashier, Sawyer, Dana D., Manager of the Securities Exchange Division and alternate Assistant FRAgent, salary 7/28 increase approved Van Amringe, Roy F., Assistant Cashier, salary approved 4/30 Lillett, William, appointment as First Vice President, no action taken on, to be discussed at later date . 2/27 Appointment as First Vice President for unexpired portion of five-year term and salary approved 3/27 Young, Roy A., President, resignation of, to accept presidency of the Merchants National Bank of Boston, 2/27 W. W. Paddock appointed as successor To be advised by Mr. Morrill of Board's decision not to 2/27 amend Regulation R at present time http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 32 135 2281 2122 2168 2065 813 1919 2406 813 813 468 813 24 89 813 813 89 361 574 813 1508 813 361 574 361 375 140 Pages 111BanK of Boston: (Continued) Staff: (Continued) Young, Roy A.: (Continued) Advised that Board does not consider amendment to Regulation R desirable at present time, requested to inform Mr. Griswold of Board's decision Vouchers submitted to War Department for reimbursement in connection with war loans covering furniture and equipment to be deducted FR ank of Chicago: Charge to surplus account and transfer to reserve for deficiencies, amount equal to net earnings transferred to surplus account Compensation and expenses of directors approved after modified as suggested Currency supply to new induction center at Camp McCoy, Sparta, Wis., letter on needs of camp and manner of furnishing Examination, copy of report left at bank for attention of directors FRnotes: Supplemental order for printing of Supplemental order for printing of Supplemental order for printing of Government securities, transfer by wire of long-term as well as short-term, suggested by, reply from Board Layer, Meyer, Austrian and Platt, employment of, as special counsel in tax matter approved Personnel classification plan: Changes approved Changes approved Changes approved and adjustment made in salaries of window washers as requested approved Changes Changes approved Changes approved Changes approved Changes approved except page relating to executive manager of Victory Fund Committee Economic Adviser, office of, formerly held by Dean C. A. Phillips, abolished, new pages to be submitted Protection of, plans sent to Mr. Blakeslee for study and suggestions Punch card checks, proposed plan for use in office of Division of Disbursement and payment through FRBank Plan adopted by Treasury http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/6 432 9/21 1857 12/30 2409 11/24 2225 7/25 1486 6/16 1225 8/28 1710 10/ 6 1951 10/29 2087 1/12 42 3/31 598 1/12 3/19 40 506 3/19 506 4/11 697 4/30 817 5/11 915 8/ 3 1542 9/14 1802 3/5 418 5/29 1092 9/10 1772 10/ 5 1945 141 Pages of Chicago: (Continued) Resolution regarding authority to issue 1928 series of FRnotes, which was adopted by the directors of, read and discussed at meeting of the Board with the Presidents Staff: Bachman, W. C., Assistant Vice President, salary approved Bernodet, Conrad, Chef, Cafeteria Department, payment of salary in excess of maximum, approved Black, A. M., Cashier, salary increased Brann, Denver B., assistant examiner, appointment as examiner approved Buster, James S., designation as special assistant examiner approved Chief, Research and Statistics Department, information on establishment of position to be forwarded Craig, Carlos H., designation as special assistant examiner approved Appointment as assistant examiner approved Davis, Edwin N., designation as special assistant examiner approved Appointment approved Dawes, Neil B., Assistant Vice President, increase recommended but salary approved at old figure Diercks, W. R., Assistant Vice President and Chief Examiner, increase recommended but salary approved at old figure H., Vice President, increase recommended but Dillard, J. salary approved at old figure Dreusicke, Oscar Frank, special assistant examiner, appointment as assistant approved Dunn, C. B., Vice President and General Counsel, salary increased as recommended Elliott, Daniel B., designation as special assistant examiner approved Appointment as assistant examiner approved Endres, John J., Auditor, salary approved Salary approved as of September 1 Harris, E. C., Vice President, salary approved Hart, John L., designation as special assistant examiner approved Helmer, H. J., designation as special examiner approved Hoadley, Walter E., Jr., statistician and analyst, salary in excess of maximum for grade approved Hodge, Paul C., Assistant Counsel: Opinion in connection with discussion of proposed Amendment No. 4 to Regulation IN, that downpayment provision should be eliminated because of administrative problem http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/ 8 897 3/26 558 8/ 8 1593 3/26 559 5/ 7 878 7/24 1477 1/12 41 462 3/11 12/ 2 2258 4/22 752 12/ 1 2254 3/26 559 3/26 559 3/26 559 1/13 46 3/26 558 11/17 2190 12/ 1 2254 3/26 559 12/23 12/19 2372 2342 2/17 291 12/ 2 2259 11/27 2233 4/27 772 142 Pages N3ank of Chicago: (Continued) Staff: (Continued) Hodge, Paul C.: (Continued) Present at Board meeting Report on enforcement of Regulation Wprepared in collaboration with Messrs. Rounds and Kennel sent to FRBanks for consideration Salary approved Holt, Robert N., employment of, as special counsel in tax matter approved Hopkins, W. A., Assistant Cashier, salary approved Salary approved Jones, Laurence H., Examiner, appointment approved Langum, John K.: Appointment as Manager of the Research and Statistics Department approved Salary as Assistant Vice President approved Leland, Simeon E.: Designated Chairman and FRAgent for remainder of year Bond of Redesignated for 1943 Lewis, F. J., Chairman: Letter of regret from Board that illness prevented his attendance at the Chairmen's Conference, importance of conference emphasized, suggestion that Deputy Chairman attend when Chairman cannot avoid being absent Engaged in unethical transactions with the Continental Illinois National Bank and Trust Co., with respect to Government securities Purchase and sale of Government securities by, report of Mr. Eccles on efforts to contact and Mr. Eccles to prepare letter for consideration of Board requesting resignation Letter requesting resignation not sent because of agreement to come to Washington Resignation accepted effective July 1 Resignation as Class C director and Chairman and FRAgent accepted Lies, Mark A., Assistant Cashier: Salary approved Designated as contacting officer for Public Buildings Administration in connection with protection of bank building Salary approved Lindsten, Frank A., Assistant Cashier, salary approved Salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/27 768 3/11 3/26 468 559 3/31 598 3/26 558 7/22 1470 9/ 4 1734 3/6 432 8/14 1616 10/ 9 1992 10/20 2041 12/ 8 2281 2/6 219 5/22 1011 5/26 1044 5/27 1064 6/1 1106 6/26 1291 3/26 558 5/29 1093 7/22 1470 3/26 558 7/22 1470 143 Pages FRBank of Chicago: (Continued) Staff: (Continued) 40 1/12 Mall, John, Custodian, salary in excess of maximum approved 3/26 559 Meyer, L. G., Assistant Cashier, salary approved Salary approved 7/22 1470 Monson, A., Supervisor of Mail Department, payment of sal8/ 3 1543 ary in excess of maximum approved Mulroney, A. J., Vice President: Salary increase recommended but salary approved at old figure, Board willing to give consideration to 3/26 559 an adjustment on or after September 1 Letter to, regarding proposal of LaSalle National Bank for the operation of a common trust fund 5/15 945 9/ 9 1761 Salary approved Netterstram, O. J., Assistant Vice President, increase 3/26 559 recommended but salary approved at old figure Newman, H. J., designation as special examiner following 721 transfer to Personnel Department approved 4/15 Olson, A. L., Assistant Vice President: Salary increase recommended but salary approved at old 3/26 559 figure Requested to assist in formulating a schedule of fees for guarantees on war loans 4/ 3 618 7/22 1470 Salary approved of salary in Olson, If G., Chief,Mail Department, payment 8/ 3 1543 excess of maximum approved approved 7/14 1420 salary Petersen, I. J., Assistant Cashier, appointment apEdward, assistant examiner, Peterson, Roy 12/11 2302 proved Economic formerly Adviser office of A., Phillips, Dean C. 418 held by, abolished 3/ 5 3/26 558 Preston, H. P., First Vice President, salary approved 3/26 559 Purrington, F. L., Assistant Cashier, salary approved 3/26 559 Roberts, J. G., Assistant Cashier, salary approved 3/26 559 Saltnes, Carl M., Assistant Cashier, salary approved Scanlon, Charles J., assistant examiner: 5/ 7 878 Appointment as examiner approved 9/26 1890 Appointed alternate Assistant FRAgent 10/17 2032 Bond approved Siegler, George R., assistant examiner, appointment ap2/10 233 proved 3/26 559 Sihler, A. T., Vice President, salary increased Smith, Minor B., general clerk, Discount Department, salary 9/15 1816 in excess of maximum for grade approved Sorg, Robert E., designation as special assistant examiner 17 1/ 6 approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/44 Pages PRBank of Chicago: (Continued) Staff: (Continued) Thomas, O., Record Custodian, Bindery and Old Records Department, payment of salary in excess of max8/ 3 imum approved Tongue, W. W., statistician and analyst, salary in excess 9/15 of maximum for grade approved Tucker, George T., General Clerk, salary in excess of ma.x.i1/12 mum approved 6/16 Turner, William W., Assistant Cashier, salary approved Vavricka, J., bookkeeper, Bond Department, payment of 8/ 3 salary in excess of maximum approved a.lker, Duncan, Chief, Protection Department, payment of 8/ 3 salary in excess of maximum approved Washburne, Elihu B., designation as special assistant exami2/17 ner approved 12/ 2 Appointment as assistant examiner approved Young, C. S., President: 3/26 Salary approved To represent Presidents on committee to meet with Treasury and representatives of investment bankers re sale and distribution of government securi5/8 ties Report of meeting with Secretary of the Treasury on Treasury financing 11/11 Zimmerman, Arthur C., General Man, Personnel Department, 11/27 salary in excess of maximum for grade approved War loan depositaries, letter to certain banks suggesting they 11/16 qualify as 'Tc of Cleveland: ' 4amination, copy of report left with Chairman and one with 6/ 2 President of Bank Fzcaminations: Provident Savings Bank and Trust Company, Cincinnati, Ohio, levying of charge for special investigation to 1/30 be left to the discretion of FRBank PRnotes: 5/20 Supplemental order for printing of 7/17 Supplemental order for printing of p 10/ 6 Supplemental order for printing of ersonnel classification plan: 1/12 Changes approved Changes approved 4/15 Change increasing salary of Helen Kessler in excess of maximum for grade 4/3 4/30 Changes approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 15h3 1816 LO 1222 1543 1543 291 2258 558 887 2144 2233 2175 1108 148 1004 1453 1951 40 721 623 817 145 Pages PRElank of Cleveland: (Continued) Personnel classification plan: (Continued) Change approved Changes increasing maximum salaries in auditing department Changes approved Personnel situation at Bank, Mr. Szymczak to make recommendation as to meeting with committee of directors of FRBank Reply to Mr. Klages on request for meeting Reply to Mr. Klages that meeting with committee of directors be postponed until January Protection of, plans sent to Mr. Blakeslee for study and suggestions Salaries of officers, meeting of committee of directors with Board shortly after first of year Squire, Sanders and Dempsey, bill for services approved Staff: Arnold, C. W., Vice President, salary recommended not approved but figure stated at which salary would be approved Salary as recommended not approved, but salary that Board is willing to approve if so fixed by directors Assistant counsel to be appointed among employees of Bank Attorney for work in connection with Regulation V loans, employment for full time favored by Board Benjamin, Lloyd W., credit analyst senior clerk, salary in excess of maximum for grade approved Blake, Ted, designation as special assistant examiner approved Bolthouse, C. J., assistant cashier, salary approved Boyd, Tayler M., assistant examiner, appointment as examiner approved Brainard, George C., Chairman and FRAgent, redesignated for 6/26 1293 7/ 8 1383 9/ 9 1760 12/ 8 2284 12/10 2298 12/11 2301 5/29 1092 12/16 2320 12/29 2402 1/23 111 4/30 814 9/15 1814 7/28 1506 11/12 2153 2/4 12/16 135 2320 7/ 3 1361 12/ 8 2281 1943 1/23 111 Carter, E. A., Assistant Vice President, salary approved 814 Salary approved 4/30 8/21 1653 Clark, Gilbert, assistant examiner, appointment approved 8/21 1653 Clifford, William Dale, examiner, appointment approved Davies, Chalmer L., designation as special assistant examiner approved 3/12 484 5/27 1069 Appointment as assistant examiner approved Denton, Elwood, designation as special assistant examiner 2/4 185 approved Erste, Anne J., alternate Assistant FRAgent: 10/17 2033 Appointment approved with no change in salary 10/30 2090 Bond approved 12/24 2380 Salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 146 Pages Nank of Cleveland: (Continued) Staff: (Continued) Findeisen, Walter, Assistant Cashier, salary approved Fleming, Matthew J., President: Appointment on standing committee of Presidents on Personnel Selection and Training Salary as recommended not approved, but salary that Board is willing to approve if so fixed by directors Fletcher, IN. H., Vice President, salary approved Foster, A. G., Assistant Cashier, salary approved Fricek, E. F., alternate Assistant FRAgent, resignation of Galyas, Vincent, designation as special assistant examiner approved Grayson, F. V., Auditor, salary approved Green, Kenneth A., designation as special assistant examiner approved Harrell, Clyde, Assistant Cashier, salary approved Salary approved Salary approved Hays, R. B., Assistant Vice President: Requested to assist in formulating a schedule of fees for guarantees on war loans Salary approved Action on increase in salary deferred Hentze, Donald D., designation as special assistant examiner approved Holkenburg, Ralph, designation as special assistant examiner approved Kappanadze, Nicholas J., designation as special assistant examiner approved Kessler, Helen, salary in excess of maximum approved Koza, F. J., designation as special assistant examiner approved Laning, Alfred H., Assistant Vice President, salary approved Salary approved Louis, Henry, designation as special assistant examiner approved MacKenzie, K. H., Manager, Business Statistics Function: Title of Assistant Vice President approved Salary approved with understanding that he will continue in charge of Department of Business Statistics Salary approved Return from War Production Board to head Research and Statistical work to be requested Appointment and salary approved and to continue to direct statistical work of Cleveland Office of War Production Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/16 2320 2/20 303 814 4/30 814 4/30 814 4/30 10/17 2034 2/4 4/30 185 814 2/4 185 111 1/23 814 4/30 7/28 1508 4/3 618 814 4/30 12/16 2320 6/ 8 1156 2/4 185 2/4 4/ 3 185 623 2/4 185 9/26 1889 12/16 2320 2/4 185 1/23 111 2/5 4/30 194 814 10/29 2084 11/13 2163 147 Pages PlIBank of Cleveland: (Continued) Staff: (Continued) Mahar, William, designation as special assistant examiner approved McLaughlin, Francis M., designation as special assistant examiner approved McLean, Archibald W., appointment as examiner approved Mekus, Francis A., assistant examiner, appointment approved Mellert, Robert, designation as special assistant examiner approved Morrison, W. Martin, Assistant Cashier, salary approved Salary approved Newell, Sterling, Counsel, to be requested to come to Washington to discuss war loans procedure Hart, Assistant Examiner, appointment apJames Nichols, proved O'Connor, John E., designation as special assistant examiner approved Oswald, Robert, designation as special assistant examiner approved Potter, H. M., designation as special assistant examiner approved Reebel, Jacob, designation as special assistant examiner approved Restel, Arthur E., assistant examiner, appointment approved Rudd, Robert, designation as special assistant examiner approved Smith, H. E. J., Assistant Cashier, salary approved Squire, Sanders, and Dempsey, payment of retainer approved Retainer approved Bills for legal service including closing Regulation V loans Present arrangement to be continued Bill for legal fees incident to 13b loan Bills for legal services in connection with war loans, payment approved Strukar, Rudolph, designation as special assistant examiner approved Taylor, W. F., Vice President and Cashier, salary approved Wachtel, Harry H., designation as special assistant examiner not affected by transfer to Cincinnati Branch Wagner, G. H., Vice President: Salary approved Designated as contacting officer for Public Buildings Administration in connection with protection of bank building http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/4 185 2/4 185 5/16 947 11/27 2233 2/4 185 7/28 1508 12/24 2380 3/20 513 8/13 1613 2/4 185 2/4 185 2/4 185 2/4 14./3 185 623 2/4 4/30 185 814 1/17 4/30 81 814 7/28 1505 9/15 1814 9/17 1824 10/31 2097 2/4 4/30 185 814 2/4 185 4/30 814 5/29 1093 148 Pages PRBazik of Cleveland: (Continued) Staff: (Continued) Wagner, G. H.: (Continued) Borrowings and check operations reported to Board in anonymous letter, letter from Mr. Fleming, and Mr. Szymczak to discuss with Mr. Brainard Mr. Szymczak to phone Mr. Fleming for additional information Indebtedness of, report of Mr. Szymczak on conversation with Messrs. Fleming and Brainard, and Mr. Cagle to go to Cleveland to discuss matter Resignation as vice president, letter to be prepared to Mr. Brainard on further action to be taken, request for dismissal pay withdrawn Draft of letter to Mr. Brainard discussed and to be revised by Messrs. Dreibelbis and Cagle Revised letter to Mr. Brainard outlining transactions leading to resignation, and Mr. Cagle to go to Cleveland to take letter for presentation at meeting of directors Special meeting of directors to be held to investigate actions of, Mr. Szymczak to be present and to be accompanied by Mr. Cagle Report of Mr. Cagle on meeting with directors at FRBank of Cleveland and Messrs. Szymczak and Cagle to attend meeting of directors on September 14 Indebtedness of, statement of Mr. Szymczak on meeting of board of directors of FRBank Policy and procedure with respect to reports of indebtedness of officers at FRBanks to be reviewed Watkins, Glenn E., designation as special assistant examiner approved Wright, Gordon, designation as special assistant examiner approved Zurlinden, F. J., First Vice President, salary as recommended not approved, but salary that Board is willing to approve if so fixed by directors Retirement of, discussed by Mr. Szymczak with directors of FRBank Voucher for reimbursement of expenses on behalf of Maritime Commission, request that it be withheld until loans are actually made ar loans, reply to, regarding procedure for determining authenticity of authorizations for the execution of guarantees for Pliga of Dallas: "count for local loan agency of Reconstruction Finance Company, no legal reason for not opening http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/22 1660 8/25 1676 8/27 1693 9/ 8 1746 9/ 9 1753 9/ 9 1757 9/10 1763 9/11 1774 9/15 1812 9/18 1830 2/4 185 2/4 185 4/30 814 9/15 1814 8/29 1715 4/17 738 6/17 1238 149 Pages FRBarik of Dallas: (Continued) Budget for statistical and analytical function, increase ap12/31 2419 proved 546 Examination report left with FRBank, request for comments 3/23 FRnotes: Special order for additional notes requested placed with 1/ 6 18 Bureau of Engraving and Printing 5/13 931 Supplemental order for printing of Supplemental order for printing of 9/ 5 1743 10/ 6 1951 Supplemental order for printing of 12/ 7 2277 Supplemental order for printing of Personnel classification plan: 1/ 9 33 Changes approved 195 2/ 5 Changes approved 5/19 986 Change approved 8/ 6 1571 Change approved 8/29 1713 Changes approved 9/30 1908 Changes approved Changes approved 10/17 2034 Reimbursement for expenses in connection with war loans, letter 5/20 996 to, regarding procedure for allocating Staff: Ashley, J. Y., Assistant FRAgent, appointment approved with 2/19 299 understanding that Ir. Hall will resign 5/26 1053 Austin, E. B., Assistant Cashier, salary approved Boyd, John A., FRAgent's Representative, bond approved with letter to Hartford Accident and Indemnity 7/24 1477 Company on description of appointment approved 5/26 1053 Coleman, R. B., Vice President, salary approved salary Eagle, W. E., Assistant Cashier, 9/28 1894 5/26 1053 Evans, W. J., Vice President and Secretary, salary approved approved 5/26 1053 salary Ford, W. 0., Cashier, President: Gilbert, R. R., Copy of reply regarding protest by Mr. Chambers against the observation of legal holidays by banks and 778 4/27 post offices during the war, sent to FRBanks 1053 5/26 Salary approved Hall, Charles Clifton, appointment of Mr. Ashley as Assistant FRAgent approved with understanding that 2/19 299 resignation will be submitted by Holder, George A., designation as special assistant examiner 82 1/17 approved 6/25 1281 Appointed assistant examiner 5/26 1053 Holloway, W. H., General Auditor, salary approved 6/10 1179 Kelly, J. V., appointment as examiner approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 150 Pages ,Bank of Dallas: (Continued) Staff: (Continued) Neill, John H., Jr., appointment as assistant examiner approved O'Hearn, Ernest, Jr., assistant examiner, appointment as examiner approved Pondrom, L. G., Assistant Cashier, salary approved Segelhurst, Thomas Arthur, appointment as assistant examiner approved Smyth, Mac C., Assistant Cashier, salary approved Stover, George William, FRAgent's Representative, bond approved Stroud, E. B., First Vice President and Counsel, salary approved Taylor, Jay, Chairman and FRAgent: Designated for remainder of 1942 Bond approved Leave of absence requested because of Army service, letter to be drafted for consideration of Board Continuation in spite of absence on active duty with U. S. Army, no action by Board at this time Reappointed Class C director for three-year term and redesignated Chairman and FRAgent and to be on leave of absence as long as necessary because of military service Thaxton, E. A., special assistant examiner, designation as assistant approved Webb, R. O., Assistant Cashier, salary approved 1.1k of Kansas City: Building, no objection by Board to expenditure for improvement of Examination, copy left with Bank for consideration and comment requested on embezzlement by employee of Post Office station PRnotes: 1928 series, advised to hold, until policy for disposition is determined Supplemental order for printing of Supplemental order for printing of Supplemental order for printing of Supplemental order for printing of Personnel classification plan: Changes approved Chief Telegraph Operator, Board does not approve maximum salary suggested for position Reserve for contingencies, transfer from surplus authorized Salaries of officers for period January 1 to May 31, 1942 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/21 94 1/21 94 5/26 1053 12/ 9 2293 5/26 1053 8/11 1601 5/26 1053 1/28 2/10 136 231 6/26 1290 6/29 1317 12/ 8 2283 1/7 5/26 20 1053 2/23 319 10/ 8 1975 2/24 7/17 8/28 10/ 6 11/21 349 1453 1710 1951 2214 1/19 88 3/16 495 12/24 2383 1/26 121 151 Pages ?REank of Kansas City: (Continued) Staff: Bennett, Arthur, name removed from those designated as special assistant examiners Boysen, John T., designation as special assistant examiner approved Burnett, C. N., designation as special assistant examiner approved Caldwell, R. B., Chairman and FRAgent, redesignated for 1943 Durdee, John, designation as special assistant examiner approved Euans, John R., designation as special assistant examiner approved Euans, Joe R., designation as special assistant examiner approved Fairly, W. F., designation as special assistant examiner approved Fritz, Fred, designation as special assistant Examiner approved Geary, E. V., designated special assistant examiner Gregory, C. A., Assistant Vice President, salary approved Hall, Raymond b., Vice President and General Counsel, advice to bank that Board would approve proposed salary Salary approved Helm, J. W., Vice President and Cashier, salary approved Keck, George E., removed from list of approved special assistant examiners Koppang, H. 0., First Vice President, salary approved Land, Everett D., appointment as examiner approved Leedy, H. G., President, salary with increase proposed by directors approved by the Board Salary approved Moore, William D., Jr., designation as special assistant examiner approved Park, M. W. E., Assistant Cashier, salary approved Phillips, John, Jr., Assistant Vice President, salary approved Phillips, Wm., Assistant Cashier, salary approved Pugh, Stanley, designation as special assistant examiner approved Ratkie, M. E., designation as special assistant examiner approved Reynolds, F. A., designation as special assistant examiner approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/11 238 2/11 238 2/11 238 12/ 8 2281 2/11 238 2/11 238 3/2 398 2/11 238 2/11 238 10/ 7 1957 7/ 6 1371 10/19 2039 11/30 2242 5/22 1015 3/2 398 5/22 1015 3/27 575 5/19 981 5/22 1015 2/11 238 5/22 1015 5/22 1015 5/22 1015 2/11 238 3/2 398 2/11 238 152 Pages P.Bank of Kansas City: (Continued) Staff: (Continued) Robb, T. Bruce, Manager, Research and Statistical Department, salary approved 5/22 1015 Scott, C. E., designation as special assistant examiner approved 238 2/11 Sherman, E. U., Assistant Cashier, salary approved 7/ 6 1371 Stannard, Albert, action on salary deferred until it can be discussed with Mr. Leedy or Mr. Koppang 88 1/19 Salary in excess of maximum approved 3/16 495 Trimble, Harry, designation as special assistant examiner approved 2/11 238 Tyner, E. P., Assistant Cashier, salary approved 5/22 1015 Wardell, S. A., Auditor, salary approved 5/22 1015 Wilson, Byron A., designation as special assistant examiner approved 2/11 238 Woolley, D. W., Vice President and Secretary, salary approved 5/22 1015 PR Iknk of Minneapolis: Annual report, narrative of activities under Regulation V, no objection if first submitted to Board 12/23 2374 Assignment of Letter of Intent and Notice of Award, letter to Comptroller General of the United States on assignability of 10/14 2018 Bank debits, figures not to be released before date of Board's release 6/ 6 115L Clearing account of nonmember banks may be accepted or declined according to the discretion of 2/11 239 EXamination of, copies left at bank for information of officers and directors 7/15 1440 FRnotes, supplemental order for printing 9/25 1886 Personnel classification plan: Changes involving Manager of Defense Contract Service and Fiscal Agency Department approved 2/23 318 Changes approved 3/18 504 , Changes approved 6/18 1244 liegistration statements, Board has no objection to release by, of summary data from, copy of release requested 3/10 459 Research and Statistical Department, revised budget approved 8/ 6 1580 otaff: Anderson, Morris G., designation as special assistant examiner approved 6/16 1223 Coffey, W. C., Chairman and FRAgent, redesignated for 1943 12/ 8 2281 Core, H. C., Personnel Officer, salary approved 2/17 292 Salary approved 5/22 1015 Ferrian, Walter S., Alternate Assistant FRAgent: Appointment and salary approved 2/6 216 Bond of 2/16 277 2/20 Duties outlined, letter to Mr. Peyton 303 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 153 Pages FRBank of Minneapolis: (Continued) Staff: (Continued) Grobel, Roger K., examiner, appointment approved 4/17 Hodgson, T. H., Assistant Counsel: 2/17 Salary approved Voucher for reimbursement to FRBank to cover expenses in connection with assignment to staff of Board 6/29 approved 2/17 Johnson, John, alternate Assistant FRAgent, salary approved Kelly, Douglas C., designation as special assistant exami6/16 ner approved 2/17 Larson, A. R., Assistant Cashier, salary approved 2/17 Larson, E. B., Assistant Cashier, salary approved Salary as alternate Assistant FRAgent approved to Jan. 2/17 31, 1942, now Assistant Cashier 5/22 Salary approved 2/17 Lysen, M. E., Operating Research Officer, salary approved McConnell, H. G., Assistant Vice President, salary ap2/17 proved 5/22 Salary approved McNulty, Arthur J., designation as special assistant exami6/16 ner approved 2/17 Mills, A. W., Cashier and Secretary, salary approved 2/17 Ohnstad, O. W., Auditor, salary approved 5/22 Salary approved 2/17 Peterson, W. E., Assistant Cashier, salary approved Peyton, J. N., President: 2/17 Salary approved Presidents on PerAppointment on standing committee of 2/20 sonnel Selection and Training Secretary, salary Vice President and Powell, O. S., First 2/17 approved salary Assistant Vice President, approved 2/17 Preston, O. R., salary President, approved 2/17 Vice Swanson, E. t., FRAgent: Assistant E., Clayton Tillander, 2/ 6 Appointment and salary approved Approval of Board unnecessary for designation as Chief Examiner 4/17 2/16 Bond of 2/20 Duties outlined, letter to Mr. Peyton 2/17 Turner, W. H., Assistant Cashier, salary approved 5/22 Salary approved 2/17 Ueland, Sigurd, Counsel, payment of retainer approved Upgren, Dr. Arthur Reinhold, Vice President and Economist, 10/28 salary approved No objection to continuing work on joint project of Province of Manitoba and the State of Min11/12 nesota http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 735 292 1316 293 1223 292 292 293 1015 292 292 1015 1223 292 292 1015 292 292 303 292 292 292 216 735 277 303 292 1015 292 2078 2153 154 Pages FRBank of Minneapolis: (Continued) Staff: (Continued) Wilcox, Robert L., Assistant Examiner, appointment approved Ziemer, H. I., Vice President, salary approved FRBank of New York: Bank of America National Trust & Savings Association, question as to whether differential account in connection with contracts for instalment paper constitutes deposit liability against which reserves must be carried, submitted to, for comments with regard to practices of the National City Bank of New York Banque de France, litigation pending between Banque de France and Banque Nationale de Belgique, permission to FRBank to participate in discussion of counsel China, opening and maintaining of accounts by FRBanks for, approved, FRBanks to be advised Executive compensation for officers, Committee of Directors on Welfare of Staff to arrange conference with Board through Mr. Szymczak regarding plan for Federal Open Market Committee, representation on, discussion of amendment to Section 12A of FRAct to insure, Treasury and FRBanks to be consulted before introducing legislation in Congress FRnotes: Supplemental order for printing of Supplemental order for printing of Supplemental order for printing of Foreign accounts: Authority to purchase Government securities for account of foreign central banks and Governments increased Certain accounts not to be requested in connection with current examination Foreign banks and governments, State Department informed of conditions upon which they are carried Foreign central banks and governments, increase in amount authorized to purchase Government securities Forms of loan agreement and assignment of a Government contract for use in connection with guaranteed loans, copies sent to War and Navy Departments and Maritime Commission Gold held by, question of moving to an interior FRBank for safekeeping Government securities, authority of, to purchase for the accounts of foreign governments extended http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/16 1223 2/17 292 1/8 28 6/26 1301 3/16 498 5/ 9 910 2/17 282 5/20 1004 7/17 1453 9/21 1860 9/15 1818 10/31 2096 4/ 9 669 11/25 2231 6/19 1255 2/27 373 5/25 1041 155 Pages 111Bank of New York: (Continued) Loans: Against gold in vaults, general policy adopted by bank Banco de la Republica Oriental del Uruguay, loan by FRBank approved, other FRBanks to be advised that they may participate in , Revision as to collateral Lynch and Cahn, bill for services in connection with preparation of briefs approved Personnel classification plan: Changes approved Changes approved Changes approved Changes approved Changes approved Changes approved Changes approved Changes approved Changes approved Punch card checks, proposed plan for use in New York office of Division of Disbursement and payment through FRBank Plan adopted by Treasury Reserve on fixed machinery and equipment to cover cost of air conditioning Qafekeeping of securities for other FRBanks, letter to Mr. Foote on Salaries: Officers, proposed increases, action deferred as Messrs. Eccles and Szymczak are out of city, payment approved at rates now in effect Mr. Sproul to arrange with Mr. Szymczak a conference of the FRBank of New York directors' committee with a committee of the Board Committee of Directors on Welfare of Staff to arrange conference with Board through Mr. Szymczak regarding plan for , Supplemental compensation payment may be continued Panish courses, plan of Bank for sharing cost of, with employees participating in, noted by Board, also opinion that same arrangement should be made for Portuguese Staff: Alexander, Frederick L., Assistant Chief, Applications and Records Division, Bank Examinations Department, temporary assignment to Division of Bank Operations of Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/27 1699 5/ 8 906 8/28 1709 12/10 2297 1/ 9 3/26 5/20 563 8/24 9/ 5 9/25 9/30 11/16 1665 1738 1883 1908 2174 32 995 8/17 1628 9/10 1772 10/ 5 1945 12/24 2382 12/16 2326 4/13 707 5/5 861 5/9 910 11/16 2175 5/20 996 11/28 2236 156 Pages FRBank of New York: (Continued) Staff: (Continued) Alexander, Frederick L.: (Continued) Extension of assignment to staff of Board, FRBank to be reimbursed for subsistence and transportation expenses Allen, Loren B., Manager of Credit Department: Report on relationships between FRSystem and Better Business Bureaus prepared in collaboration with Messrs. Sienkiewicz and Williams sent to FRBanks for consideration Salary approved Barrows, D. H., Manager, Cash Department, salary approved Bilby, H. A., Acting Manager: Appointed Manager of Check Department and to continue as Assistant Secretary at present salary Salary approved at rate previously in effect Boyd, Harry M., appointed manager of Savings Bond Redemption Department, salary approved Brome, R. H., Assistant Counsel, salary approved Burt, W. W., Manager, Government Bond Department, salary approved Cameron, D. J., Assistant General Auditor, salary approved Carpentier, Phil, Clerk in Clearings Division, payment to supplement retirement allowance and extra monthly payments for period of year approved Clarke, John J., Legal Department assigned to Foreign Control Department, salary approved and classification sheet to be submitted Cowan, J. Harding, Legal Department, salary approved, request that Board be advised upon termination of his employment Davis, F. T.,Manager, R.F.C. Custody Department, salary approved Davis, N. P., Manager, salary approved at rate previously in effect Dillistin, W. H., General Auditor, salary approved Douglas, Edward 0., Assistant Vice President, salary approved Salary approved Drury, Alice N., appointment and salary as clerk on staff of Board Ferguson, G. W., Assistant Vice President, salary approved French, E. C., Manager, Collection Department, salary approved Gidney, R. M., Vice President, salary approved Gilpin, Francis A., Assistant Examiner, appointment approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/15 2315 3/11 5/ 5 5/5 468 859 859 6/23 1271 5/5 860 10/ 1 1919 860 5/5 5/ 5 5/ 5 859 860 6/22 1264 5/27 1069 1/15 55 5/ 5 859 5/5 5/5 860 1/15 5/ 5 55 859 861 7/ 3 1360 5/ 5 859 5/5 5/5 859 859 8/20 1644 157 Pages PRBank of New York: (Continued) Staff: (Continued) Harris, M. A., Manager, Securities Department, salary approved Heinl, William A., Manager, salary approved Salary approved Howard, Thomas P., appointment as examiner approved Howell, Raynor D., extension of employment as field representative in connection with issuance of war savings bonds Hudson, Alfred J., Chief, Press and Circulars Division, salary in excess of maximum approved Huf, John F., Assistant Examiner, appointment approved Ingalls, Frederick W., extension of employment as field representative in connection with issuance of war savings bonds Johnson, N. O., Manager, Research Department, salary approved Jones, J. 1A., Assistant Vice President, salary approved at rate previously in effect Kettner, William M., Manager, Securities Custody Department, salary approved Kimball, H. H., Assistant Vice President, salary approved at rate previously in effect Salary approved Knoepfel, Louis J., Assistant Examiner, appointment approved Knoke, L. W., Vice President, salary approved Logan, W. S., Vice President and General Counsel, salary approved Macdonell, Moyland J., extension of employment as field representative in connection with issuance of war savings bonds McCahill, M. C., Manager, Service Department, salary approved McComb, James M., Assistant Examiner, appointment approved McMurray, R. F., Manager, Safekeeping Department, salary approved Miller, S. A., Assistant Vice President, salary approved at rate previously in effect Nowak, Theodore E., Assistant Examiner, appointment approved Officers, advice of reappointment Phelan, A., Assistant Vice President, salary approved at rate previously in effect Rice, J. M., Vice President, salary approved Roelse, H. V., Assistant Vice President, salary approved at rate previously in effect http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/ 5 859 1/15 55 859 5/ 5 8/20 1644 10/ 8 1969 32 8/20 1644 1/ 9 10/ 8 1969 5/ 5 859 5/ 5 860 6/25 1281 5/ 5 5/ 9 860 5/ 5 859 5/ 5 859 910 8/20 1644 10/ 8 1969 EV/20 1294 5/ 5 859 5/ 5 860 8/20 1644 1/15 55 5/ 5 5/ 5 860 5/ 5 860 859 158 Pages PlIBank of New York: (Continued) Staff: (Continued) Rounds, L. R., First Vice President, report on enforcement of Regulation W prepared in collaboration with Messrs. Kennel and Hodge sent to FRBanks for consideration To be requested to come to Washington to discuss war loans procedure Salary approved Rouse, Robert G., Vice President: Present at meeting of the Board with the Presidents Present at meeting of Board with draft of statement prepared at request of Mr. Morgenthau Salary approved at rate previously in effect Visit to Bank of Canada, request of Board for copies of any reports made by Rural, Beardsley, Chairman and FRAgent, redesignated for 1943 Sanford, H. L., Manager, Foreign Department, salary approved at rate previously in effect Salary approved Sheehan, W. F., Manager, Bank Examinations Department, salary approved Smith, I. B., Manager, Bank Relations Department, salary approved Sproul, Allan, President: Appointment on standing committee of Presidents on Personnel Selection and Training Conference of the FRBank of New York directors' committee with a committee of the Board, advised to contact Mr. Szymezak to arrange Present at meeting of Board and consideration of rates on industrial advances Reserve requirements of banks in central reserve cities, telephone conversation on reduction in Salary approved Series A and Series B tax notes, changes in, letter to Secretary of Treasury suggested Statement by, regarding the organizations that might be created to promote the distribution and sale of Government securities To represent Presidents on committee to meet with Treasury and representatives of investment bankers re sale and distribution of government securities To meet with Mr. Hopkinson to formulate the details of a program for the promotion and sale of Government securities http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/11 468 3/20 5/ 5 513 859 5/ 8 885 10/ 6 1954 5/ 5 860 4/21 750 12/ 8 2281 5/ 5 5/ 9 861 910 5/ 5 859 5/ 5 860 2/20 303 5/ 5 861 6/ 3 1125 9/ 9 1754 5/ 5 859 8/28 1700 5/ 8 888 5/ 8 887 5/ 8 896 159 Pages al3arlic of New York: (Continued) Staff: (Continued) Stocker, Frederick, Manager, Cash Custody Department, salary approved Streck, Isidore, Jr., payment of sum to supplement retirement allowance approved Ten Eyck, 0. IA., Superintendent of Bank Building, salary in excess of maximum but not as recommended approved Tiebout, T. G., Assistant General Counsel, salary approved at rate previously in effect Treiber, W. F., Assistant Counsel and Secretary, salary approved Trimble, R. J., Assistant General Counsel, salary approved Van Houten, C. N., Manager, Security Custody Department, salary approved Assigned as Manager, Foreign Property Control Department Williams, J. H., Vice President, salary approved to receive only one-third of his regular annual salary during part-time service \Urns, Valentine, Assistant Vice President, salary approved at rate previously in effect Wurts, J. H., Assistant Counsel, salary approved Salary approved as Manager, Government Bond Department Studies on Caribbean area, advice that other studies furnished to certain agencies should be routed through Board of Governors Tax assessment on buildings, payment to Mr. L. B. Altreuter for services in connection with obtaining reduction in ik of Philadelphia: Building, payments on account of, in excess of amount estimated 4amination, copy of report left for attention of President and directors P'ederal Advisory Council member, compensation for each meeting attended authorized PRnotes: Supplemental order for printing of Supplemental order for printing of , Supplemental order for printing of rersonnel classification plan: Changes approved Harris, Earl W., Clerk A, Accounting Department, Board records do not show approval of salary in excess of maximum for, request for information regarding http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/5 860 10/ 8 1969 5/5 861 5/5 861 5/ 5 5/5 860 860 5/ 5 860 6/23 1271 5/ 5 859 860 5/ 5 860 5/ 5 8/ 3 1542 11/ 2 2101 11/ 6 2128 10/ 6 1951 11/16 2175 4/25 762 742 4/17 7/17 1453 9/21 1860 1/7 20 2/12 244 160 Pages PPlq --ank of New York: (Continued) Personnel classification plan: (Continued) 7/ 8 Chane creating position of Research Supervisor Protection of, plans sent to Mr. Blakeslee for study and sug— 5/29 gestions Staff: 6/ 8 Adams, Charles li,., Assistant Examiner, appointment approved Aikens, James A., special assistant examiner, designation approved 12/ 1 Allen, William J., designation as special assistant examiner 12/ 1 approved Brenner, John J., designation as special assistant examiner approved 12/ 1 Burr, Glendon M., appointment as assistant examiner approved 1/15 Callender, Marion H., appointment approved on temporary 11/ 3 basis Campbell, Hugh S., designation as special assistant exami12/ 1 ner approved Coleman, Philip F., Assistant Vice President: Designated as contacting officer for Public Buildings Administration in connection yvlth protection 5/29 of Bank building Salary approved 1/13 Salary approved 5/30 9/12 Salary approved Dambach, William L., employed in temporary capacity in Fiscal Agency Department, no objection to retaining status as registered employee of member 9/25 of New York Stock Exchange Davis, V. J., Vice President, action deferred on proposed increase and salary approved at old rate 5/30 6/12 Salary approved Donaldson, L. E., Assistant Vice President, action deferred on proposed increase and salary approved at old 5/30 rate 6/12 Salary approved 5/30 Drinnen, Frank J., First Vice President, salary approved Gordon, James A., designation as special assistant examiner 12/ 1 approved Griffith, Maurice H., assistant examiner, appointment approved 4/17 Harris, Earl W., Clerk A, Accounting Department, request for information as salary in excess of maximum has not been approved according to Board 2/12 records Hespenheide, Carl F. W., assistant examiner, appointment approved with understanding that indebtedness 10/26 will be reduced http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1382 1092 1155 2254 2254 2254 56 2106 2254 1093 45 1095 1788 1883 1096 1201 1096 1201 1095 2254 735 244 2061 161 Pages /- ‘, FR Bank of 'liew---York: (Continued) Staff: (Continued) Hilkert, Robert N., salary as Manager of Personnel Department that Board is willing to approve Hill, E. C., Vice President, salary approved Lythgoe, Edgar H., designation as special assistant examiner approved UacCoy, Brittain, Evans and Lewis, payment of retainer approved Retainer as counsel Markford, Leonard, assistant examiner, appointment as examiner approved McCabe, Thomas B., Chairman and FRAgent, redesignated for 3/11 461 6/12 1201 12/ 1 2254 2/12 244 5/30 1095 1/28 136 12/ 8 salary apMcCreedy, William G., Assistant Vice President, 5/30 proved McIlhenny, C. A., Vice President, action deferred on proposed increase and salary approved at old 5/30 rate approved appointment 3/10 assistant examiner, McIninch, Ralph A., Moore, Edwin M., designation as special assistant examiner 12/ 1 approved Murphy, John W., designation as special assistant examiner 12/ 1 approved Newcomb, Margaret R., Alternate Assistant FRAgent, bond ap1/24 proved 5/30 Poorman, Philip M., Auditor, salary approved Post, Arthur E., Assistant FRAgent and Secretary, payment 5/30 to supplement retirement allowance approved 5/30 Salary approved to June 30 6/ 6 Payment of salary from July 1 to July 14 Rehfuss, J. Frank, Alternate Assistant FRAgent, salary increased based on work as Manager of Department 7/ 9 of Research and Statistics Sienkiewicz, C. A., Vice President: Report on relationships between FRSystem and Better Business Bureaus prepared in collaboration with Messrs. Williams and Allen sent to FRBanks for 3/11 consideration Salary approved at old rate, action deferred on proposed 5/30 increase 6/12 Salary approved Snyder, Edward C., Jr., assistant examiner, appointment ap10/17 proved Thatcher, Clifford R., designation as special assistant ex12/ 1 aminer approved 5/30 Toy, James M., Assistant Cashier, salary approved 2281 1943 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1095 1096 456 2254 2254 115 1095 1096 1096 1151 1387 468 1096 1201 2033 2254 1095 162 Pages ' 'RBank of New York: (Continued) Staff: (Continued) Ulmer, Willis W., designation as special assistant examiner 12/ 1 Wilgus, Richard G., Assistant FRAgent: Appointment and salary approved and appointed alternate 7/23 until effective 8/ 6 Bond approved Williams, Alfred H., President: 4/27 Present at meeting of the Board Present at meeting in connection with Amendment No. 4 4/30 to Regulation W to, proposed amendment regarding comments Regulation V, opinion that it might result in black markets and suggestion that a ceiling be applied to 4/27 amount of consumer credit 5/30 Salary approved to letter in, changes notes, Series A and Series B tax 8/28 Secretary of Treasury suggested no financing, war for Surplus funds of business firms action to be taken on memorandum from, regarding the use of, until he discusses subject with the executive committee of the Federal Open Market 1/16 Committee To represent Presidents on committee to meet with Treasury and representatives of investment bankers re 5/8 sale and distribution of government securities of Secretary with meeting of report financing, Treasury 11/11 the Treasury on relationships on report Statistician, R., Robert Williams, between FRSystem and Better Business Bureaus prepared in collaboration with Messrs. Sienkiewicz and Allen sent to FRBanks for 3/11 consideration of Richmond: Checks cleared through Charlotte Branch, no objection to releas8/21 ing total face value of Examination, copy of report for information of officers and di10/21 rectors 2254 1473 1570 768 787 771 1095 1700 69 837 2144 468 1659 2044 notes: Advised not to put new notes of 1928 series in circulation until further advice from Board 1928 series, advised that use of, is permissible in an emergency when no other currency in the $5 and $50 denominations is available Supplemental order for printing of Supplemental order for printing of Supplemental order for printing of Supplemental order for printing of , Supplemental order for printing of rersonnel classification plan: Changes approved, new sheet to be submitted to show correct maximum salary for position of General Clerk http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/24 1481 5/ 7 4/27 5/20 7/17 9/ 5 9/21 884 779 1004 1453 1743 1860 2/5 194 163 Pages PRBank of Richmond: (Continued) Personnel classification plan: (Continued) Change involving increase in maximum salary for position of General Clerk, Discount and Credit Depart2/10 ment 6/ 5 Changes approved Reserve for alterations and improvements in addition to pre12/24 vious reserve set up 12/24 Reserve for contingencies, transfer from surplus authorized Staff: 4/30 Brock, R. S., Jr., Auditor, salary approved 4/30 Dillard, W. W., Assistant Cashier, salary approved Fry, J. G., Vice President, salary approved 4/30 4/30 Guthrie, Claude L., Assistant Cashier, salary approved Hall, Charles E., designation as special assistant examiner 1/30 approved Appointment as assistant examiner approved with understanding that indebtedness to national bank 12/11 will be liquidated Jenkins, Joseph L., designation as special assistant ex4/23 aminer approved Johnstone, Albert S., Assistant Cashier, salary approved 4/30 Keesee, George H., Cashier and Secretary, salary approved 4/30 12/ 9 Keller, R. T., designation as special assistant examiner Kendall, F. O., designation as special assistant examiner 1/17 approved 12/11 Appointment as assistant examiner approved Lassiter, Robert, Chairman and FRAgent, redesignated for 12/ 8 1943 approved salary 4/30 Leach, Hugh, President, 1/ 7 Martin, Upton S., appointment as examiner approved McLaughlin, Mrs. Charlotte Nowell, stenographer in Office of Chairman of Victory Fund Committee in Washington, salary in excess of maximum for grade 9/23 approved President, approved salary Mercer, Roger W., Vice 4/30 Miller, Robert L., appointment as assistant examiner ap3/21 proved Regester, Charles E., appointment as assistant examiner approved 4/30 Sauerwein, C. H., designation as special assistant examiner 12/ 9 12/ 9 Seidell, W. T., designation as special assistant examiner Speicher, J. W., designation as special assistant examiner 12/ 9 approved 4/30 Strathy, Clair B., Assistant Cashier, salary approved 4/30 Walden, John S., Jr., First Vice President, salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 233 1138 2382 2383 815 815 815 815 147 2301 756 815 815 2293 82 2301 2281 815 20 1869 815 520 817 2293 2293 2293 815 815 164 Pages PRBank of Richmond: (Continued) Staff: (Continued) 4/30 Wallace, Maxwell G., Counsel, salary approved 4/30 Waller, Edward, Jr., Assistant Cashier, salary approved 1/17 Webb, P. L., appointment as assistant examiner approved Whitaker, Poland E., designation as special assistant exam4/23 iner approved Woodzelle, K. V., designation as special assistant examiner 12/ 9 approved PRA. -ank of St. Louis: 4/22 Examination, request for advice of action on matter mentioned PRnotes: 9/10 Supplemental order for printing of 10/ 1 Supplemental order for printing of Personnel classification plan: 2/19 Changes approved 3/21 Changes approved Salary in excess of maximum for Willis G. Johns for six 4/30 months approved 6/ 1 General revision of Trust examiner, discontinuance of position assumed to be 6/ 1 temporary Change establishing position of assistant to General Counsel 9/17 approved 12/18 Changes approved 12/24 Reserve for contingencies, transfer from surplus authorized Salaries, officers, payment of salaries for year beginning 6/ 4 June 1 approved Staff: Attebery, 0. M., Vice President: Board has no objection to his attending in the place of Mr. Davis the meeting of the Board with the Presidents 5/ 5 5/ 8 Present at meeting of the Board with the Presidents 6/ 4 Salary approved for year beginning June 1 and approved Baggott, George I., appointment as examiner 7/ 9 designated special examiner until effective approved for year salary Auditor, Bailey L. H., General 6/ 4 beginning June 1 Cange, Melvyn Paul, Assistant Examiner, appointment ap6/ 8 proved approved for salary Counsel, Lewis H., General Carstarphen, 6/ h year beginning June 1 7/ 9 Chapman, Bertram Lee, appointment as examiner approved 2/19 Chapman, W. A., appointment as examiner approved has no Board objecadvised that President, Chester, Davis, tion to Ir. Attebery attending in his place the meeting of the Board with the Presidents 5/5 Salary approved for year beginning June 1 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 815 815 82 756 2293 754 1773 1924 298 521 817 1102 1102 1824 2339 2383 1134 857 885 1134 1388 1134 1156 1134 1388 299 857 6/ 4 1134 165 Pages FRB ank of St. Louis: (Continued) Staff: (Continued) Edmiston, Henry H., Assistant Vice President, salary approved for year beginning June 1 Female employees entering military service or entering special service accorded same benefits as male employees Gilmore, S. F., Assistant Cashier, salary approved for year beginning June 1 Haill, A. H., Assistant Cashier, salary approved for year beginning June I Hall, F. N., Assistant Cashier, salary approved for year beginning June 1 Hitt, F. Guy, First Vice President: Designated officer in charge of Bank Examination Department and appointed examiner Salary approved for year beginning June 1 Hodges, Samuel B., Assistant Examiner, appointment approved Hollocher, Assistant Cashier, salary approved for year beginning June 1 Johns, Willis L., salary in excess of maximum approved for six-month period Kearschner, Alfred C., Alternate Assistant FRAgent, salary approved Salary approved Klose, Julius H., appointment as assistant examiner approved Longmire, John R., salary approved as Director, War Finance Agency Mattox, Charles A., salary as dismissal wage approved Moore, Harold Norris, designation as special examiner approved Mueller, Maurice LeRoy, Assistant Examiner, appointment approved Nardin, W. T., Chairman and FRAgent, redesignated for 1943 Parker, Frank S., Assistant FRAgent, salary approved Schalk, Robert F., designation as special assistant examiner approved M., Cashier and Secretary, election of, Clarence Stewart, as vice president and secretary noted and salary approved Salary approved for year beginning June 1 Weigel, Howard H., Assistant Vice President, salary approved for year beginning June 1 Salary approved Zehner, Edward A., Alternate Assistant FRAgent, salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/ 4 1134 6/12 1201 6/ 4 1134 6/ 4 1134 6/ 4 1134 10/22 2048 6/ 4 1134 6/ 8 1156 6/ 4 1134 4/30 817 408 3/3 10/ 8 1970 6/ 8 1156 708 4/13 8/ 3 1544 6/ 8 1156 8/21 1653 12/ 8 2281 7/23 1473 6/ 8 1156 5/7 878 6/ 4 1134 6/ 4 1134 12/22 2359 7/23 1473 166 Pages FRBank of San Francisco: Examination of, copy left at bank for information of officers and directors FRnotes: Supplemental order for printing of Desire of Treasury to have additional notes printed with Hawaiian overprinting Will be shipped to Hawaii on telegraphic advice from Supplemental order to cover notes to be overprinted for use in Hawaii Supplemental order for printing of Supplemental order for printing of Supplemental order for printing of Torlmember banks in Hawaii and Alaska, to be permitted to carry accounts with during war emergency Personnel classification plan: Changes approved Changes approved Change approved Property of evacuees, to act as fiscal agent of Treasury in taking care of, memorandum from Treasury suggesting program, Ir. Szymczak to go to the Pacific Coast Secretary's note, Mr. V. B. Pollard to go to the Coast 4egulati0n issued as fiscal agents for U. S. on foreign funds control, statement for publication in FRBulletin Staff: 8/11 1605 3/2 403 7/13 1418 8/11 1605 9/25 1886 8/21 1659 8/25 1681 11/ 3 2113 9/15 1819 3/2 399 6/ 4 1134 6/26 1297 3/6 3/ 6 423 427 3/24 552 Agnew, Albert C., Counsel: Salary approved 816 4/30 To confer with Mr. Foley regarding authority of FRBank over evacuee property following transfer to the Treasury of sections 3(a) and 5(b) of the Trading with the Enemy Act 3/10 454 Armstrong, Howard, Assistant Cashier, salary approved 816 4/30 Blakemore, Claude C., assistant examiner, appointment approved 9/ 3 1723 Clerk, Ira, First Vice President: Mr. McKee to suggest to, that membership application of Peoples Bank of Lakewood Village be forwarded without recommendation of executive committee of FRBank of San Francisco as question of policy to be determined by Board 1/22 105 Salary approved 4/30 815 Day, Wm. A., President: Salary approved 815 4/30 To represent Presidents on committee to meet with Treasury and representatives of investment bankers re sale and distribution of government 887 5/8 securities http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 167 Pages PRBank of San Francisco: (Continued) Staff: (Continued) 815 4/30 Earhart, C. E., Cashier, salary approved 2380 12/24 Salary approved 816 L/30 Everson, R. E., Assistant Cashier, salary approved Grady, Henry F., FRAgent: 92 1/21 Bond approved 12/ 8 2281 Redesignated for 1943 Hale, W. I., Vice President and Secretary: Requested to assist in formulating a schedule of fees 618 4/3 for guarantees on war loans 815 !,/30 Salary approved 816 4/30 Hardy, R. T., Assistant Cashier, salary approved 816 4/30 Holman, F. H., General Auditor, salary approved 5/26 1053 Lyons, Jim Robert, Examiner, appointment approved 816 4/30 Mailliard, E. C., Assistant Cashier, salary approved 815 4/30 Mangels, H. N., Assistant Cashier, salary approved 12/24 2380 Salary approved 816 4/30 Osmer, J. Y., Assistant Cashier, salary approved increase Physician, increase in retaining fee because of 6/26 1297 in number of employees service in retention to Riley, Mrs. Martha G., no objection 8/24 1665 beyond retirement age 816 approved salary Cashier, 4/30 Sherman, V. M., Assistant 816 4/30 approved salary Cashier, Slade, H. F., Assistant FRAgent: Assistant Snow, G. A., alternate 1/10 36 Bond approved becomes effecStone Mr. appointment of To resign when 10/ 8 1971 tive M.: Stone, Philip 9/26 1891 Appointed assistant examiner Assistant alternate salary approved as and Appointment 10/ 8 1970 FRAgent 10/28 2076 assistant FRAgent Bond as alternate 721 examiner approved as appointment 4/15 Walker, George M., 815 approved salary President, 4/30 West, R. B., Vice 816 4/30 'idheeler, 0. P., Director of Research, salary approved °I1Pplemental order for printing FRnotes to cover notes to be 9/25 1886 overprinted for use in Hawaii War Loans Committee to continue for time being to wire to, the entire authorization memoranda for the execu925 5/12 tion of guarantees for war loans Adjusted compensation plan, liberalized in accord with request of Presidents' Conference, letter to be sent to FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/2 394 168 Pages Filaanks: (Continued) Assessment to cover expenses of Board of Governors: For last six months of 1942 For first six months of 1943 Budgets: Bank examination departments approved Bank examination and statistical and analytical functions, forms sent to FRBanks for submission of Presidents' Conference to discuss question of whether parts of, should not be submitted to Board during the war Submission of annual to be discontinued except statistical and analytical and bank examination Building safety and vault control, FRBanks requested to advise whether they feel conference is justified, results that might be expected, and suggestions as to additional topics Career system, copy of study on "Executive Development in the FRBanks" not to be made available to the Training Division of the Civil Service Commission Cooperation with field units of Office of Price Administration, letter to Mr. Hubachek on Customers other than member banks, letter to Mr. Thompson of Senate Small Business Committee on extension of dealings with Dividends: Payment of regular semi-annual on June 30 approved Payment for last six months for 1942 approved ternings and expenses for 1942 EmPloyees, question submitted to Civil Service Commission with regard to coverage of, by the Civil Service Retirement Act Essential industry for purposes of deferment from military service, Board not in favor of classification as 4amination department representatives, conference to be held in Philadelphia on September 22 Examinations: Mr. Paulger directed to make at least one of each FRBank during 1942 Mr. Paulger authorized and directed to conduct during 1943 4xecutive development plan, resolution of Conference of Chair' men on implementation of ExPenditures, advertising in newspapers where regional offices of Victory Fund Committees are located Expenses: Conference in Washington in connection with war loan operations under Regulation V, to be assumed by http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/17 1236 12/21 2354 5/ 8 908 11/27 2235 4/16 732 8/20 1647 4/16 732 5/20 1000 6/ 9 1171 12/ 3 2264 6/25 1284 12/24 2381 12/24 2381 2/27 369 6/ 1 1102 8/26 1691 1/16 12/11 79 2302 11/18 2195 11/25 2230 10/29 2086 169 Pages FRBanks: (Continued) Expenses: (Continued) Incurred in connection with war loans, vouchers for reimbursement to be submitted 6/ 2 1111 Forms, submission to Budget Bureau for assignment of approval numbers to be discussed at next Presidents' 12/22 2364 Conference 5/20 1000 Functional expense report, Victory Fund Committee, form for Functions of: Discussion at Chairmen's Conference, letter from Mr. Ruml regarding, Board to take no action on 5/5 853 Importance to the war effort, outline submitted to Civil 10/ 6 1948 Service Commission Holidays, observance during the war period, summary of replies received, matter to be reviewed by Mr. 7/10 1397 Szymczak Letter to all banks on policy to govern observance at banks and branches 7/20 1458 Industrial advances and commitments, amount of, charge offs for, and earnings on, by FRBanks information furnished to National Bureau of Economic Re2/26 360 search Information requested by Treasury in telegram direct to FRBanks 12/ 8 2287 without knowledge of Board Insurance, joint report of Insurance Plan Committee and Standing Committee on Insurance accepted by Presidents' Conference and to be recommended to 3/2 392 the board of directors of each FRBank Leadership at, development and maintenance of efficient management in FRSystem, letter to FRBanks on results of Balderston study and establishment of Division of Personnel Administration at Board of 6/25 1279 Governors Officers of, on tour of duty, Mr. Ruml advised that Board is 2/6 202 willing to provide office space for aY roll savings plan for purchase of bonds, record of FRBanks discussed with Presidents 9/29 1903 aYment to Retirement System in connection with adjustment in interest base, telegram to FRBanks on charging 12/30 2408 against this year's earnings Per sonnel classification plans, reclassification of salary limits to meet problems in connection with 9/29 1898 loss of personnel discussed Pe— '-.annel objectives as expressed in Balderston study on "Executive Development in the FRBanks," Mr. Ruml advised that Board concurs in, and is willing to provide space for officers on tour of duty 202 2/6 at the Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 170 Pages FRBanks: (Continued) Personnel problems confronting FRBanks in continuous loss and 9/29 necessity of supplementing existing salaries Presidents not to be invited to meet with Chairmens' Conference 9/ 8 in New York on October 5 Priority, request for assistance regarding Governmental Require8/ 1 ment Plan Program of Division of Personnel Administration with respect to matters relating to, to be presented for discus9/18 sion at Conference of Chairmen Protection of buildings against air raids and sabotage, FRBanks requested to submit floor plans to Public Buildings Administration and to designate officer to whom correspondence should be sent 5/7 Letter to Public Buildings Administration with plans of certain buildings and services in connection 5/29 with Code for buildings and contents sent to FRBanks and defense 6/13 coordinator to be selected Regrouping of, for the purposes of electing members of FOMC, not to be taken up with the FAC, draft of amendment 5/19 to FRAct to permit, to be sent to Treasury Reimbursable expenses, Government securities, discussion of whether FRBanks should seek reimbursement for expenses incurred in establishing organizations 5/8 for the promotion and sale of Research Departments, outline of subjects for regional and na7/30 tional studies Conference of representatives to meet with representatives of Division of Research and Statistics of 9/30 Board on October 13 and 14 Reserves for depreciation for contingencies at end of 1942 12/24 Retirement System, liability to be charged to 1942 earnings 12/31 and manner of showing in published statements Salaries: Adjusted compensation plan, requests of Presidents' Conference regarding, discussed and restrictions modified with understanding that plan shall not be applied where it would increase any salary beyond $6,000 and not to be effective 2/27 until after March 1, 1942 Employees, lists approved 4/ 7 Increases of officers and employees, regulation of director of Economic Stabilization Board, application 10/28 to Adjustments under Regulations of Director of Economic 11/ 4 Stabilization Regulations issued by National War Labor Board, telegram to FRBanks on payment of supplemental com11/ 6 pensation http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1898 1744 1536 1841 883 1091 1213 982 890 1520 1915 2381 2415 364 651 2076 2115 2127 171 Pages FRB anks: (Continued) Salaries: (Continued) Increases: (Continued) Procedure for handling, general order No. 19 of National War Labor Board Procedure for filing certificates with joint committee on salaries and wages Procedure approved by Commissioner of Internal Revenue covering Preparation of annual reports for submission to Board Savings Bond and Tax Note operations, certain FRBanks asked to furnish information regarding the scope of, at their branches 12/16 2318 12/23 2370 12/24 2379 12/28 2397 4/ 8 661 Staff: Continuation of employment after age 65, authorization discussed Cost accountants, Major General Olmstead to be advised that FRBanks have none on their staff and suggested that he contact American Institute of Accountancy and American Association of Accountants Deferment of employees from draft on occupational grounds discussed by members of Executive Committee of Federal Advisory Council at meeting with Board Female employees entering military service or entering special service to Government should be accorded same benefits as male employees Military Government Division of Army, information on persons fitted to serve in banking and financial phases of work in occupied territories Retention in service or reemployment during war emergency after attainment of age 65, previous letters canceled Salary and wage adjustments, letter to Commissioner of Internal Revenue on procedure for handling Service in occupied countries, survey to be made of men qualified for Statistical and analytical function, budget for 1942 approved Statistics of department store inventories by departments to be collected monthly instead of quarterly, probable increase in staff and budget to provide for them tidy of national regional problems, discussion of development 1 of program of cooperation with National Resources Planning Board and study of national and regional problems http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/ 2 1928 3/2 389 10/ 7 1960 6/12 1201 11/28 2237 12/ 3 2262 12/12 2305 11/ 6 5/13 2129 931 6/13 1211 7/21 1460 172 Pages FRB Advances on Government obligations, statement ordered published 411 3/3 in stateAlien Property Custodian, Executive Order establishing, 551 3/24 ment for publication in Appointment of Deputy Custodian, statement ordered pub4/22 754 lished in 7/21 1468 Executive Order Allocating Powers, to be published in Article on bank credit, war financing and savings and article written by Mr. Flynn in Wall Street Journal 9/21 1849 commenting on Censorship: Communication rulings issued by Director of, statement for 551 3/24 publication in Executive Order establishing Office of, ordered published 113 1/23 in Licenses and exemptions, designation of authority to issue, 113 1/23 ordered published in Chan ges in discount rates to be referred to in Review of the 10/27 2071 Month Consumer credit: 4/22 754 Statement ordered published in , Suspension of licenses, statement for publication in 11/24 2228 k;urrency, statement on overprinting of series for Hawaii to 7/21 1468 be published in colorations of War, statement for publication in 6/22 1268 Discount rate schedules to be changed to clarify authority of FRBanks to make advances on notes secured by 3/10 447 Government obligations Eniergency price control, statement on Economic Stabilization 10/24 2059 Board to be published in Executive Orders: 1/23 113 Dealing with war contracts, ordered published in 4/22 754 9/23 1875 11/24 2228 1/23 113 Establishing War Production Board, ordered published in natheir and countries Transfers of property of foreign 1/23 113 tionals, ordered published in PRAct: Amendments to section 12(a) and section 19 to be published 7/21 1468 in published in 551 3/24 Amendment to section 14(b), statement to be FRbank stock, statement on tax on dividends to be published in 10/24 2059 °reign funds control: Regulation issued by FRBank of San Francisco as fiscal 552 3/24 agent, statement for publication in FRBulletin http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 173 Pages FRB (Continued) Foreign funds control: (Continued) Statement covering circular issued by the Treasury or4/22 755 dered published in General rulings and public interpretations, statement for 8/25 1682 publication 9/23 1875 Public circulars and public interpretations to be published 11/24 2228 Treasury Department releases, statement for publication in Government contracts, executive order dealing with war con11/24 2228 tracts, statement for publication in Government securities, purchase of, amendment to section 14(b) 551 3/24 of FRAct, statement to be published in Holding company affiliates, ruling of Board changing basis for 300 2/19 determining Licenses and public circulars issued by Secretary of the Treas316 2/21 ury ordered published in 552 3/24 Statement for publication in Lcans from another bank which existed at time of admission to FRSystem, report by executive officer of, or1/23 113 dered published in Public circulars issued by Secretary of Treasury, statement to 552 3/24 be published in Rates on advances to individuals, partnerships, and corporations, elimination of schedule suggested by Mr. 10/ 9 1985 Goldenweiser Rediscounts, statement on eligibility of notes evidencing 10/24 2059 guaranteed loans to be published in Regulation A, amendment to, regarding advances on government 3/24 551 obligations, statement for publication in 9/23 1875 Statement to be published in Regulation D, amendment to be published in 7/21 1468 1875 9/23 Amendment to supplement to be published in 4/22 Regulation V, statement ordered published in 754 Regulation W: 7/21 1468 Amendments to, statement for publication 8/25 1682 10/24 2059 1/23 113 Interpretations ordered published in 2/21 316 551 3/24 754 4/22 5/25 1042 6/22 1268 7/21 1468 8/25 1682 1875 2059 13%2 interpretations: Publication of Draperies and reupholstering, statement to be pub6/24 1277 lished in for statement Efforts to collect unpaid obligations, 11/24 2228 publication in http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 174 Pages 1;1Bu11etin: (Continued) Regulation W: (Continued) Publication of interpretations: (Continued) Loan secured partly by credit union shares, statement 11/24 for publication in 10/20 Policy, letter to Mr. Gilmore on Regulations covering Alien Property Custodian, statement ordered published in 4/22 Reserves: Balance in differential account set up from purchase of instalment paper, statement to be published in 3/24 8/25 Central reserve city banks, statement for publication in Secretary of Treasury, delegation of powers of Alien Property Custodian to, statement for publication in 3/24 Social security tax deductions as deposits, statement ordered 5/25 published in Statements for publication in December issue 11/24 Tax on dividends of FRBank stock, statement to be published in 7/21 Treasury, general ruling, licenses, and public circulars, issued by, ordered published in 1/23 War contracts, Executive Order dealing with, ordered published in 1/23 War financing, statement regarding to be published in 4/22 Act to Mobilize Productive Facilities of Small Business 6/22 Definition of term Unconditional Guarantee, statement for publication in 6/22 War loans, letter from Mr. Upham on participation by national banks in lending program to be published in 5/25 War Production Board, Executive Order establishing, ordered published in 1/23 War Relocation Authority, Executive Order establishing office of, statement for publication in 3/24 -uotes: Destruction in Alaska, procedure outlined in Treasury order approved 9/1 Destruction of, in Hawaii as outlined in letter from Treasury approved by Board 3/ 3 Destruction in Puerto Rico, procedure approved 10/15 PRBank of Atlanta: 1928 Series, no objection to use if only currency available 10/29 Supplemental order for printing in large denominations 3/31 5/20 Supplemental order for printing of Supplemental order for additional notes approved 8/ 4 9/21 Supplemental order for printing of ?ftBank of Boston: Supplemental order for printing of 5/15 8/28 Supplemental order for printing 10/17 Supplemental order for printing http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2228 2043 754 551 1682 551 1042 2228 1468 113 113 754 1268 1268 1033 113 551 1717 410 2027 2086 598 1004 1551 1860 946 1710 2038 175 Pages Notes: (Continued) PRBank of Chicago: Resolution adopted by directors of, regarding authority to issue 1928 series, read and discussed at 897 5/8 meeting of the Board with the Presidents 8/28 1710 Supplemental order for printing of 10/ 6 1951 Supplemental order for printing of 10/29 2087 Supplemental order for printing of PRBank of Cleveland: 5/20 1004 Supplemental order for printing of 7/17 1453 Supplemental order for printing of 10/ 6 1951 Supplemental order for printing of PRBank of Dallas: Special order for additional notes requested placed with 1/6 18 Bureau of Engraving and Printing Supplemental order for printing of 5/13 931 Supplemental order for printing of 9/ 5 1743 10/ 6 1951 Supplemental order for printing of 12/ 7 2277 Supplemental order for printing of PRBank of Kansas City: Request for permission to cancel and return to Washington for destruction stock of new 1928 series, reply requesting that they be held until policy for disposition is determined 2/24 349 Supplemental order for printing of 7/17 1453 8/28 1710 Supplemental order for printing of 10/ 6 1951 Supplemental order for printing of 11/21 2214 Supplemental order for printing of eRBank of Minneapolis: 9/25 1886 Supplemental order for printing of PRBank of New York: 5/20 1004 Supplemental order for printing of Supplemental order for printing of 7/17 1453 9/21 1860 Supplemental order for printing of PrtBank of Philadelphia: Supplemental order for printing of 4/17 742 7/17 1453 Supplemental order for printing of „ Supplemental order for printing of 9/21 1860 " 1,Bank of Richmond: 1928 series, advised that use of, is permissible in an emergency when no other currency in the 5 and $50 denominations is available 5/ 7 884 Supplemental order for printing of 4/27 779 5/20 1004 Supplemental order for printing of 7/17 1453 Supplemental order for printing of Supplemental order for printing of 9/ 5 1743 9/21 1860 Supplemental order for printing of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 176 Pages FRn 4°'des: (Continued) PRBank of St. Louis: Supplemental order for printing Supplemental order for printing PRBank of San Francisco: Supplemental order for printing Supplemental order for printing Supplemental order for printing Supplemental order for printing of, to cover notes to be overprinted for use in Hawaii Supplemental order for printing approved Hawaii, no objection by Board to over-printing on currency for use in Arrangement with Treasury for distribution of costs of overprinting and transportation Desire of Treasury to have additional notes printed with Hawaiian overprinting Printing of notes with Hawaiian overprinting, shipments will be made on telegraphic advice as required to meet currency needs in Hawaii Insurance of, request of Board that Treasury write Board that when shipments of FRnotes are completely destroyed in transit no charge will be made against the FRBank except for printing, letter desired so that Board may obtain reduction in premiums for Insurance on shipments of, Board concurs with Presidents' Conference in approving self-insurance plan suggested in joint report of Insurance Plan Committee and Standing Committee on Insurance, letter sent to FRBanks requesting comments and suggestions Order for printing for fiscal year placed with Bureau of Engraving and Printing inting of five-dollar denomination, increase authorized 1928 series, unissued notes of, not to be issued until consent of Treasury is obtained, discussed in connection with request of Bureau of Engraving and Printing that standard of fitness for circulating be reduced Memo on issuance of, from Mr. Smead, question referred to Mr. Szymczak for consideration Issuance of, discussed at meeting of the Board with the Presidents and decision to defer action until June meeting at which time a joint report will be submitted by the Presidents http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/10 1773 10/ 1 1924 3/ 2 403 8/21 1659 8/25 1681 9/25 1886 11/ 3 2113 5/26 1062 7/10 1398 7/13 1418 8/11 1605 2/21 315 3/30 593-6 V/g 1 2Pr : 3/ 2 391 4/ 7 646 5/ 8 897 177 Pages Pliriotes: (Continued) 1928 series: (Continued) Issuance of, report by Mr. Szymczak regarding discussion in respect to, with Mr. Bell of the Treasury that there would be no material pubPresidents Opinion of lic reaction to issuance of Memo from Mr. Szymczak regarding the paying out of, and the drafting of a press statement Payment as part of program of Treasury to conserve currency, press statement to be issued by Treasury with approval of Board Telegram to FRBank of Richmond not to place new notes of this series in circulation until further advice Letter to all FRBanks on recommendation of Presidents' Conference that existing stocks be put into circulation and letter to Mr. Bell on position of Treasury Shipment cost to San Francisco to be paid by Treasury for use in Hawaii and Board to pay for overprinting Statements on, in FRBank weekly statement to be discontinued, information to be shown under liabilities, and statement to be reduced to two sheets Unissued at El Paso Branch, arrangement for handling after discontinuance of position of FRAgent's Representative Perl 'Aeral service: Suggestions for improvement in, program of Washington Post to give 8100 war bond each month to Federal employee making most constructive suggestion ' eral Works Agency: SPace in Board's building occupied by Inter-American Defense Board, letter to Mr. Baird Snyder on vacating of Pees) directors of Detroit Branch, revised basis for payment approved ?idIll?iary powers: American State Savings Bank, Lansing, Mich., no objection to acting as trustee in case cited but to accept no other business without permission Serwind Bank, Berwind, West Virginia, no objection to handling one trusteeship now held, but permission necessary to exercise trust powers Bloomfield State Bank, Bloomfield, Indiana, granted permission to act as trustee for one account only ez.lpital National Bank in Austin, Texas, application approved Citizens National Bank of Hope, Ark., application approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/8 897 5/8 898 5/26 1061 6/18 1251 7/24 1481 8/20 1646 7/10 1398 5/5 865 9/21 1859 9/26 1892 5/29 1093 12/31 2413 6/30 1328 7/31 1524 5/21 1007 10/22 2048 12/31 2415 178 Pages Piduciary powers: (Continued) Commercial Savings Bank, Lohrville, Iowa, no objection to administering trusteeship accepted, but to accept no 7/24 further fiduciary business without permission Farmer's National Bank of Danville, Kentucky, supplemental appli4/ 3 cation for, approved 2/ 2 First National Bank of Arcola, Illinois, application denied 1/20 First National Bank of El Campo, Texas, application denied . Application approved, to act as co-trustee 3/27 First National Bank in Fort Collins, Colo., application approved upon assurance that bank will improve facilities 6/25 for handling trusts First National Bank of Newark, Arkansas, application to act as 2/ 2 trustee in certain cases approved 7/15 . Surrender approved First National Bank of Sparta, Illinois, surrender approved 3/ 3 First National Bank of Warsaw, Ind., granted permission to act 6/30 as trustee in case cited only Permission to act as trustee in case cited in addition to 7/21 powers previously granted Genesee County Savings Bank, Flint, Mich., application subject 8/ 4 to conditions prescribed, approved Haddonfield National Bank, Haddonfield, New Jersey, application 5/ 8 approved Hunterdon County National Bank of Flemington, N. J., application 10/14 approved Lake State Bank, Richland, Indiana, no objection to administering executorship now held but permission to be obtained before acquiring other fiduciary busi10/ 8 ness LaSalle National Bank, Chicago, Illinois, advised that Board will not undertake to comment on proposals for the operation of common trust funds in connection with Regulation F, informal discussion with Mr. Mulroney at FRBank of Chicago 5/15 suggested Letter to Mr. Mulroney regarding 5/15 Lawrenceburg National Bank, Lawrenceburg, Ky., application for 8/18 additional powers approved Lincoln County National Bank of Stanford, Ky., application approved, conditions for taking over trust ac7/ 9 counts of affiliated bank Michigan, reply to question of Minnesota National Bank of Duluth, asking whether the Board would grant limited fiduciary powers to a national bank 5/ 7 in the State of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1478 623 163 90 476 1282 164 1429 408 1322 1465 1544 901 2017 1972 944 945 1633 1389 879 179 Pages Fiduciary powers: (Continued) Minnesota National Bank of Duluth, Minn., reply to question asking whether the Board would grant limited fiduciary powers to a national bank in the State of Michigan Second National Bank of Ravenna, Ohio, copy of report on investigation of trust department of, in connection with surrender of, no action to be taken by Board because of pending litigation, letter to FRBank of Cleveland Letter containing same information sent to Comptroller Action on application to surrender deferred until litigation is terminated Temple National Bank, Temple, Texas, application approved Tobacco Exchange Bank, Edgerton, Wisconsin, application for, denied Waterloo Savings Bank, Waterloo, Iowa, collective judgment of directorate or duly appointed committee suggested as condition of membership Pirst Boston Corporation, opinion of Board that it is subject to Regulation T, as it transacts a securities business through the medium of a member Pirst Thrift of Los Angeles, Calif., letter to Mr. Cordner on criticism of Regulation W and possible liberalization of Regulation "al agency operations of FRBanks: Conferences of fiscal agency, report of Mr. Szymczak on conclusions reached in discussions with Mr. Bell regarding Evacuees, property of, FRBank of San Francisco to act as fiscal agent for Treasury Department Secretary's note, Mr. W. B. Pollard to go to the Coast Executive order authorizing FRBanks to act as fiscal agents for War Department, etc., in making war loans, reviewed by Mr. Eccles and discussed with regard to effect upon industrial loan corporation bill Financing of war production contracts, plan discussed whereby FRBanks by authority of Executive Order would act as fiscal agents for War and Navy Departments and Maritime Commission in regard to Proposal of having FRBanks act as fiscal agents for the purpose of making war loans, reviewed and discussed at meeting of the executive committee of the Federal Advisory Council with the Board Reimbursement for expenses incurred in creating organizations for the promotion and sale of Government securities, question of, discussed at meeting of Presidents with Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/ 7 879 2/14 2/14 257 258 7/15 10/26 1429 2064 5/19 988 12/23 2372 2/ 7 222 5/27 1071 1/28 140 3/ 6 3/ 6 427 3/23 542 3/20 507 4/ 9 683 5/ 8 890 423 180 Pages Flags: American and service, presented to Board by Mr. McKee, accepted by Board and to be hung over the main stairway Secretary's note, Mr. Eccles recorded as favoring the acceptance 4, James Lawrence: (See Board of War Communications) FlYnn, Mr., reporter for Wall Street Journal, article to effect that Federal Reserve officials were contemplating control of savings accounts P°reign accounts: Central banks and governments, authority to FRBank of New York to purchase Government securities for, increased China, opening and maintaining of accounts by FRBanks for, approved, FRBanks to be advised Confirmation not to be requested in examination of FRBank of New York RBank of New York, authority to purchase Government securities for, extended Government securities purchased by FRBank of New York for foreign central banks and Governments, authority increased Participation by FRBanks in, report of Committee of Presidents' Conference presented recommendations for revision of Regulation N, changes in wording of weekly press statement, etc. State Department informed of conditions upon which accounts of foreign government and banks are carried by the FRBank of New York Fore: 4..gn Agents Registration Act of 1938, proposed amendment, H.R. 6269, suggestion that it be changed so banks will not be required to register as agents of principals foreign Pc:0,4 banking corporations: Chase Bank, New York, New York: Condition report on Far Eastern branches, special instructions for preparation of, as year-end statements are not available Copies of correspondence of Board with, sent to Mr. Foley, Acting Secretary of the Treasury Examination report sent to bank French American Banking Corporation, New York, N. Y., position of, not to be changed as it is maintaining a of liquidity condition P . °4 eign banks: Banco Central de Bolivia, State Department advised of the terms on which the FRBank of New York carries the account of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/ 7 645 4/ 7 645 9/21 1849 11/25 2231 3/16 498 10/31 2096 5/25 1041 9/15 1818 8/25 1668 4/ 9 669 3/17 501 1/14 48 750 4/21 12/17 2333 3/12 484 4/ 9 669 181 Pages P°reign banks: (Continued) Banco de la Republica Oriental del Uruguay, loan by FRBank of New York approved, other FRBanks to be advised that they may participate in Revision of loan agreement as to collateral Bank of Canada, Mr. Rouse to visit, request of Board for copies of any reports made by Banque de France, litigation with Banque Nationale de Belgique, permission to FRBank of New York to participate in discussion for Banque Nationale de Belgique, litigation with Banque de France, permission to FRBank of New York to participate in discussion with counsel Canadian Bank of Commerce, branches located in this country being named as assignee of contracts by the Navy Department and ship building concern Commonwealth Bank of Australia, permission requested to send messages to FRBank of Boston in private code for transmission by mail to commercial banks covering wool shipments Cuban central bank, statement of Mr. Gardner on proposed report of mission covering currency stabilization fund, proposed agricultural bank, and selection of directors and management of bank Javasche Bank, suggestion of Board in letter to Treasury that in negotiation of U. S. notes for Naval personnel by South African Reserve Bank, same arrangements be followed that were developed for South African Reserve Bank, negotiation of U.S. notes for Naval personnel, suggestion of Board in letter to Treasury that same arrangements as developed for Javasche Bank be followed State Department informed of conditions upon which the accounts of, are carried by the FRBank of New York Sveriges Riksbank, procedure for obtaining confirmation of account in connection with examination of FRBank of New York Po,• 4elgn exchange: Cuban peso, possible effect of demand for sugar, mission's proposal for stabilization of Reports, copies sent to Howard N. Meyer, special assistant to the Attorney General South African Reserve Bank, negotiation of U. S. notes for Naval personnel, suggestion of Board in letter to Treasury that same arrangements as developed for Javasche Bank be followed http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/8 906 8/28 1709 4/21 750 6/26 1301 6/26 1301 6/ 5 1140 7/17 1451 2/6 203 2/4 190 2/4 190 4/9 669 10/31 2097 2/6 203 11/23 2219 2/4 190 182 Pages Poreign funds control: Executive Order on transfers of property of foreign countries and their nationals, ordered published in FRBulletin 1/23 113 Frozen funds, information to be given censors and others, authority given to divisions at FRBanks by Treasury 2/4 189 Memorandum on control of, to be prepared by Mr. Knapp and given to Mr. Symczak 3/6 428 General license and public circulars issued by the Secretary of the Treasury, statement ordered published in FRBulletin 2/21 316 Information on number and cost of applications furnished to FRBanks by Mr. Pehle of Treasury Department 10/14 2020 Public circulars and public interpretations to be published in FRBulletin 9/23 1875 Regulation issued by FRBank of San Francisco as fiscal agent, statement for publication in FRBulletin 3/24 552 Rulings, circulars, and interpretations issued by Secretary of the Treasury 5/25 1043 Rulings and public interpretations, statement for publication in FRBulletin 8/25 1682 Statement covering circular issued by Treasury Department ordered published in FRBulletin 4/22 755 po Treasury Department releases for publication in FRBulletin 11/24 2228 reign govermments: China, opening and maintaining of accounts by FRBanks for, approved, FRBanks to be advised 3/16 498 Executive order on transfers of property of foreign countries and their nationals, ordered published in 1/23 FRBulletin 113 PRBank of New York, authority to purchase Government securities for the accounts of extended 5/25 1041 9/15 1818 Authority increased 11/25 2231 State Department informed of conditions upon which the accounts of, are carried by the FRBank of New York 669 4/9 Vatican City, procedure for obtaining confirmation of account in connection with examination of FRBank of New York 10/31 2097 1)*ecl Deer Electric Cooperative, Inc., Halls, Tenn., Statement of Borrower under Regulation Vinot required for purchase by member from 4/2 615 Porms. APPlication to be submitted by financing institutions for guarantees of war loans, modification of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/ 3 1725 183 Pages 4 " 13: (Continued) Bureau of Governmental Requirements, War Production Board, copies of forms and instructions sent to FRBanks Condition reports of State bank members, memo of Mr. Smead on transmitting to FRBanks and on revision in Condition reports of State member banks and affiliates, supply transmitted to FRBanks Earnings and dividends of State member banks, revised form approved FRBanks, submission to Budget Bureau for assignment of approval numbers to be discussed at next Presidents' Conference Guarantee agreement for making war loans, preliminary draft of, sent to FRBanks for comments and suggestions To be sent to FRBanks upon official approval of the War Department Form and documents sent to FRBanks Forms proposed by War Department for adoption for its use sent to FRBanks Revision sent to FRBanks with request for suggestions Standard form of, documents relating to the approval of, by the 'Mar and Navy Departments and the Maritime Commission sent to FRBanks Loan agreement and assignment of Government contract for use in connection with guaranteed loans, copies of form in use by FRBank of New York sent to War and Navy Departments and Maritime Commission paragraph to be included in form of additional Suggested FRBank of Boston, replies of War and Navy Departments and Maritime Commission on for use under Internal Revenue Code, reCertificates Necessity form of application sent to FRBanks vised Report forms in use by Board and FRBanks, list submitted to Bureau of the Budget and assignment of approval numbers Reports by member banks on commercial and industrial loans, proposed form for, to be sent to FRBanks for comments and suggestions Request for report reconsidered and approved with letter to FRBanks Statement of Borrower form used in connection with Regulation W, no objection by Board to changes proposed by National City Bank of Nem-York Statement of Borrower and Statement of Necessity should be retained pending establishment of time limits by the Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/30 1519 6/10 1183 12/24 2383 11/30 2245 12/22 2364 4/ 7 653 4/10 4/11 690 698 4/15 5/ 8 721 894 5/19 989 6/19 1255 12/ 2 2259 8/14 1620 10/10 2004 2/ 6 200 2/ 6 206 2/23 319 5/ 6 872 184 Pages Forms: (Continued) Statistics on furniture sales, inventories, etc., for use in collection of statistics by Board previously collected by other agencies War loans, use of mimeographed forms temporarily, reply to FRBank of Atlanta Adoption by the War Department and the Maritime Commission of a standard form of guarantee agreement for, letter to FRBanks regarding 34, manner of showing holdings of Treasury certificates of indebtedness 105, copy submitted to Comptroller of the Currency indicating changes being considered Proposed revision reducing from four to two pages Revision to obtain breakdown of maturities of Government bonds from insured commercial banks 105a, instructions for preparation of report of condition by State bank members, revised form approved 105e, change in instructions for use of, in connection with condition report Caption amended for use in States in which joint publication is made Standard caption to be used for joint publication of condition reports rendered by State member banks 105e-1 for use when reports made to FRBanks are published separately from those submitted to State banking authorities 107, earnings and dividends reports of State member banks, letter to FRBanks for comments and suggestions on proposed revision Supply transmitted to FRBanks with detailed instructions 107a, instructions for preparation of earnings and dividends reports of State member banks approved 158, members of Federal Advisory Council traveling on official business entitled to use, in obtaining exemption from transportation tax Transportation exemption certificates to be used by members of Victory Fund Committee whose traveling expenses are paid on reimbursable basis 220a, change in instructions for use of, in connection with condition report 240, reports to be submitted semiannually by all except 15 members of New York Stock Exchange and certain changes to be made in form 416, manner of showing holdings of Treasury certificates of indebtedness 417 and 417a, applications for industrial advances and commitments to be submitted monthly instead of weekly 437, annual reports of holding company affiliates, instructions to FRBanks for obtaining http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/15 943 4/17 739 5/16 948 4/9 669 3/24 11/18 550 2198 11/21 2214 12/16 2328 L/17 742 7/16 1445 9/25 1886 9/25 1887 10/23 12/16 2056 2328 12/16 2328 2/27 379 6/12 1206 4/17 742 8/20 1648 4/9 669 11/24 2227 12/16 2322 185 Pages F 48: (Continued) " 456, member bank operating ratios for 1942, supply sent for com12/ 3 piling data 494, officer's and certified checks held for a long period, re5/22 port on, need no longer be submitted 508a, report of action on applications for industrial advances 11/24 to be discontinued 563-a, registration statement for newly organized concerns, and 1/30 letter of instructions to FRBanks approved 1/30 Copy of 564, rendered incomplete by Amendment No. 3 to Regulation %, suggestion that additional items be added by rubber 3/20 stamp or other convenient method Statement of Borrower, not suitable for use following revision of Regulation W, changes to be made in, pending preparation of new form which will be 5/ 5 immediately forwarded to all FRBanks Request of financial institutions in Richmond District to 7/29 continue use of old form, Board not in favor of 564-a, Statement of Borrower, specimen form, transmitted to FRBanks for use in connection with regulation as revised, FRBanks advised that with certain changes use of the old form may be continued until July 31, instructions for printing and 5/11 distribution included of, use 565, Statement of Necessity to Prevent Undue Hardship, to be continued in connection with regulation as amended, certain changes necessary in some cases pointed out, request for suggestions in5/11 cluded in letter to FRBanks pendcases, Deletion of word "instalment" from, in certain 7/31 ing revision commerand 574) 574-B, and 574-C, for reporting new industrial cial loans made by member banks, sent to FRBanks 4/ 1 577, may be used to report war loans, pending further discussion 4/17 of reports with War Department Sent to FRBanks with instructions for reporting outstanding 5/ 2 war loans guaranteed by FRBanks war for guarantee date Should be forwarded to Board on loan is executed and mailed or delivered to 5/22 financing institution Maritime by guaranteed loans Instructions for reporting 7/ 3 Commission continue to Department War by guaranteed Reports on loans to be forwarded to Board for transmission to 7/25 War Department http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2263 1022 2227 149 158 517 864 1514 916 916 1528 611 738 838 1016 1361 1483 186 Pages P°11115: (Continued) 577a, instructions for reporting loans made by Army and Navy Departments 579, sent to FRBanks with instructions for reporting outstanding war loans guaranteed by FRBanks Instructions for reporting loans outstanding at end of month Amount of loans to be reported in column 4, instructions to FRBanks 1034, vouchers for reimbursement for expenses in connection with war loans, suggestions for uniform preparation 3044, application for necessity certificate under Internal Revenue Code, superseded by form TA 8-21 9746-c, report to Board on salary data by FRBanks, to be based on basic salaries B-1318a and B-1318b, supply sent to FRBanks for submitting budgets for bank examination and statistical and analytical functions NHA-38, excepts extension of credit to remodel or rehabilitate any structure from provisions of Regulation supply sent to FRBanks PD 408, copies received from War Production Board and sent to FRBanks To be submitted by bank and sent to War Production Board Report of FRBanks for preference rating assistance Application for priority assistance for fourth calendar quarter S-604-a-b-c-d submitting salaries of officers and employees of FRBanks annually to Board AS-21, supply sent to FRBanks AS-24, General Instructions for application for Necessity Certificates under Internal Revenue Code O. 1, Treasury Department form for deposits not subject to check, to be used by FRBanks in depositing guarantee fees to Maritime Commission P Campbell County Protestant Orphan's Home, (See Oscar H.: ster, Newport, Ky.) c. J. H.: (See Lion, San Diego, Calif.) ! ) , a 'chise taxes, question of restoration of provision of law in case earnings of FRSystem were increased WC, Belmont, advised that service charges of Chittenden County Trust Company, Burlington, Vermont, are not subject to Board control Pl'eenlan, Messrs. T. R., and W. S., reply to, advising that transaction is a rental-purchase contract and constitutes a sale Advised of reasons for including furniture transactions in Regulation Itt http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/ 3 1361 5/ 2 838 7/ 3 1361 10/ 1 1920 12/31 2416 8/14 1620 12/28 2397 11/27 2235 7/ 1 1346 7/30 1519 8/ 1 1536 8/ 5 1565 8/19 1642 12/28 2397 8/14 1620 8/14 1620 10/ 9 1998 9/15 1811 4/18 746 5/19 993 5/26 1059 187 Pages Pprench, Walter B.: (See American Bankers Association) , r()zen Funds Control: (See Foreign funds control) nanctional expense reports, simplification, and discontinuance of certain portions discussed by Presidents ?kinds: Frozen, control of: (See Foreign funds control) Impounded funds of employees of Board thought to be covered by Civil Service Retirement Act sent to Treasury Department Surplus funds of business concerns, suggestion by Mr. Williams that they be used for war financing, no action to be taken until after discussion with executive committee of the Federal Open Market Committee Punt, Morris, report of possible violation of Regulation W by use of payroll deduction order and script as down payment Plar Trade Review, inquiry from, relating to Regulation W, section 12(d) covering lay-away plans PUrniture: Purchase in connection with war loans and work performed for War Department not to be made Statistics on sales, inventories, etc., and memorandum of Ir. Goldenweiser on collection 9/29 1903 3/ 6 430 1/16 69 5/19 991 5/22 1017 9/15 1818 5/15 943 11Gt1 --g, Secord, Stead and McIntosh, attorneys for Mercantile National Bank of Chicago, letter on interpretation of 6/ 6 Sec. 6 of guarantee agreement of an automothe financing regarding to, Garner, Hester G., reply 5/25 bile under Regulation W era] Accounting Office, assignment of claims under act of 1940, 6/11 letter on acknowledgment and return of notices 12 /21 R on informal opinion Assignment of original contract, ' eneral motors Acceptance Corporation, effect of Regulation W on Credit Service Plan rlve,,...Letter to Mr. Benkhart on effect of Regulation W on plan 7 7/23 ''ral Motors Corporation: Notes issued by are not negotiable and are ineligible for re9/18 discount Rate to be charged on loan to, discussed in connection with 9/29 rate on 10b loans Guarantee agreement used in connection with loan to, compliance with paragraph 10 of sec. 5200 of revised 10/23 statutes http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1152 1037 1187 2353 13 4(ig 1833 1906 2052 188 Pages General Motors Corporation: (Continued) Special provisions in guarantee agreement in connection with loan to, suggestion that they be included in all guarantee agreements Provisions of guarantee agreement in connection with loan to, request for inclusion in all guarantee agreements Ge°rge, Senator Walter F., reply to inquiry from Mr. Roesel which was forwarded to the Board by, advising that Regulation W is in accord with program suggested by the President Letter restrictions to business caused by Regulation W on G . . lantana., A. P., letter on denial of application of First Trust and Savings Bank of Pasadena to establish branches at Temple City and Alhambra and on future expansion of Transamerica Corporation Expansion of banking institutions in Transamerica Corporation, letter for signature of Chairman Eccles on position of Board Gilmore, S. F., sales of building materials in same account on different dates, date when considered in default Glendale Merchants Association, Ltd., Glendale, Calif., reply to number of questions on unlisted articles and other things concerning RegulationW Gold, earmarked, held at FRBank of New York, discussion of moving to some of the interior FRBanks for safekeeping Gold certificate fund, checks drawn on by Board, advice to Comptroller General that they should be obtained from the Treasurer of the United States G°41bright, L. H., Jr., Vice President-Treasurer of the Heating and Plumbing Finance Corporation, advised that "Summer Plan" for modernization loans in connection with Federal Housing Act are no longer permissible under RegulationW Goldman, Benjamin F., reply to letter from, regarding violation of Regulation W, opinion of Board that uniform policy of enforcement should be adopted Gov._ 'mment I agencies, employees of Board not to be loaned to, without specific authority from Board -riment contracts: r-xecutive Order dealing with war contracts, ordered published in FRBulletin Statement for publication in FRBulletin Statement for publication in FRBulletin Gov._ 'nment Employees Finance Corporation, advised that under Regulation W, Statement of Borrower is required in connection with the proposed loan, unless it is a renewal or revision http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/27 2074 11/27 2234 5/ 8 905 6/ 5 1142 11/13 2163 12/19 2343 8/14 1621 5/29 1091 2/27 373 10/ 1 1924 3/26 586 2/ 6 217 1/ 1 1 1/23 113 9/23 1875 11/24 2228 2/27 378 189 Pages Gwernment financing: Long-term program, development of, by the Treasury Department discussed at a meeting of the executive committee of the Federal Advisory Council with the Board 4/ 9 677 War, financing of, discussion of long-range Treasury program for, by Board in meeting with Federal Advisory 2/16 264 Council Further discussion directed toward an exchange of views of 2/16 266 Board and Federal Advisory Council Discussion of progress made by Board and Treasury in formulation of a long range program for, at meeting of Executive Committee of Federal Advisory 3/12 471 Council with Board War powers bill, second, provision for eliminating Section 14(b) of FRAct to allow direct purchase of Government securities from Treasury by FRBanks, instead of limiting purchases to open market, discussion by Presidents in meeting with 2/ 3 170 Board Gove officials, public statements relating to differences of opinion between, reply to letter from the Pres9/11 1784 ident placed of FRAct with, G°7errunent Printing Office, order for printing new amendments to be added in supplement to be printed in office of Board, charge to be made 3/ 6 for copies sent to those not on free list 433 G ()Irrnment securities: Advances for periods up to 90 days secured by, authority to 373 2/27 FRBanks to make of make, at meeting of to FRBanks authority Discussion of 382 3/ 2 Presidents with Board 411 published in FRBulletin 3/ 3 Statement ordered Advances on notes secured by, amendment proposed to Regulation A to clarify authority of FRBanks to make, draft submitted, opinion of Board that it is 3/10 unnecessary at this time 446 551 Statement for publication in FRBulletin 3/24 Amount subscribed for 1-3/4% bonds, information requested by 12/ 8 2287 Treasury direct to FHBanks Bank earnings, relation of yields to, study being made by Divi7/28 1502 sion of Research and Statistics Committee composed of representatives of Board and Presidents to confer with Treasury and a committee of investment bankers in regard to promoting the 5/ 8 886 distribution and sale of Defense Savings Bonds: Forms enclosed to provide Treasury with information on sales of, under pay roll allotment plan, same informa140 1/28 tion requested by Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 190 Pages Gov ernment securities: (Continued) Defense Savings Bonds: (Continued) Given to purchaser as bonus when payment for the article has been fully made without violating Regulation Vi Deposits of insurance policy holders, suggestion of Mr. Harrison as available for investment in Distribution of: Mr. Eccles to represent the Board in discussion with the Treasury in furthering Opinion of Mr. Adams that present method is unsatisfactory and suggestion that it be placed in the hands of the FRSystem, discussed at meeting of the FAC with the Board Organization being set up in each FRDistrict for, discussed by Mr. Eccles with Federal Advisory Council Examination and supervisory policy with special reference to investments by banks in, and loans upon, joint statement proposed to be issued by Board, Comptroller of Currency and Federal Deposit Insurance Corporation FRAct, sections 12A(b) and (c) and 14(b), interpretation by Chairman Eccles with regard to purchase of, held to be correct after discussion by Board at meeting of Federal Advisory Council FRBank of New York, authority to purchase, for the accounts of foreign governments extended Foreign central banks and Governments, authority to FRBank of New York to purchase increased Idle business balances, statement proposing special security designed to absorb, approved for transmission to Mr. Bell as reflecting general viewpoint of Board Investment of as many nonbank funds as possible in, desired before making a reduction in reserve requirements, discussed at meeting of Board with the executive committee of the Federal Advisory Council Investments in and loans on, joint statement on examination and supervisory policies of bank supervisory agencies Issue of short-term obligation of open market security as part of war savings, discussed at meeting of Federal Advisory Council Chairman and FRAgent, engaged in unethical J., Lewis, Frank transactions with Continental Illinois National Bank and Trust Co. involving Maturities held by insured commercial banks, revision of form 105 to get four-fold breakdown http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/27 377 7/ 1 1338 5/5 858 5/18 957 5/18 960 11/11 2148 2/16 265 5/25 1041 9/15 1818 1/26 134 4/9 673 11/20 2205 7/ 1 1332 5/22 1011 11/21 2214 191 Pages Government securities: (Continued) Maturity of tap issue discussed at meeting of Federal Advisory Council to counteract inflationary developments Offerings, as basis for quotas for FRDistricts discussed Par values reported in condition reports, unnecessary to furnish figures until further notice Program for the promotion and sale of, Messrs. Sproul and Hopkinson to confer regarding the details of Purchase of: Accounts of foreign central banks and Governments, increase in authority granted FRBank of New York FRBanks directly from Treasury, discussion by Presidents and Board of provision in second war powers bill to eliminate Section 14(b) of FRAct to allow Statement to be published in FRBulletin Open market or directly from Treasury, memo to Mr. Smead on manner of showing in weekly press statement System open market account, question of increased earnings of FRSystem and suggestion that franchise tax might be restored by law S afekeeping service of FRBanks, Board does not favor extension to nonmember banks for holding of Board does not favor extension to nonmember banks for holding of Discussed at meeting with Presidents Board does not favor extending service to cover bonds 'ale to non-bank investors, means of increasing discussed at meeting of members of Executive Committee of Federal Advisory Council with Board Savings bonds, request that facilities of Helena Branch be available to Montana member banks for safekeeping and redemption of Second War Powers Act, amendment contained in, to Sec. 14(b) of FRAct, memorandum to be prepared showing effect on power of Federal Open Market Committee to direct FRBanks to purchase Series A and Series B tax notes, letter to Secretary of Treasury on changes in, recommending graduated scale of rates on Series B instead of flat rate Series E bonds, reduction in amount offered, suggested by Mr. Eccles eris F and G, savings bonds, discussion of whether FRBank organizations should handle them or leave them entirely in the hands of the Treasury Use of insurance agents for sale of, discussed at meeting of Federal Advisory Council with Board Discontinuance discussed by Mr. Eccles http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/16 12/18 2183 2336 7/ 1 1344 5/ 8 896 11/25 2231 2/ 3 3/24 170 551 6/15 1221 9/15 1811 7/ 8 1384 8/20 1649 9/29 1901 11/ 5 2125 10/ 7 1967 7/14 1427 3/26 560 8/28 1700 11/16 2183 5/ 8 891 7/ 1 1337 11/16 2183 192 Pages G°Irerrunent securities: (Continued) Series G savings bonds, held in common trust fund, basis for valuing Service of Victory Fund organization used in connection with, telegram to FRBanks on furnishing names of member banks with substantial excess reserves for use in committee work Short-term nonmarket Treasury securities, copies of memorandum relating to reasons for issuance of, furnished to members of Federal Advisory Council Short-term tap issue to attract corporate funds, discussed by Chairman Eccles at meeting with Federal Advisory Council Opposed by Federal Advisory Council Statement by Mr. Sproul regarding the organizations that might be created to promote the distribution and sale of Tap issues, issuance of, and whether legal investments for corporate investors and trust funds, discussed at meeting of the executive committee of the Federal Advisory Council with the Board Taxable United States issues, effect of proposed law providing for withholding tax at source on interest coupons Transfer by wire of long-term as well as short-term, suggested by FRBank of Chicago, reply advising that both Treasury and Federal Advisory Council have gone on record as opposed to Transfer by telegraph of all types suggested by Mr. Brown Treasury bills, recommendation of Federal Advisory Council that amount issued each week be increased, discussion of Board with Federal Advisory Council Resolution to be brought to the attention of the Federal Open Market Committee, copy sent to Secretary of the Treasury Treasury bills and certificates of indebtedness to be held in safekeeping for nonmember banks by FRBanks for duration of war Treasury certificates of indebtedness to be shown separately in condition reports of weekly reporting member banks, code words and instructions sent to all FRBanks Treasury issues for long-term money during the war, discussion of adoption of a pattern of rates on, at meeting of executive committee of the Federal Advisory Council with Board Treasury notes, certificates of indebtedness, etc., stock not sufficient at present to keep supply at branches http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/15 1431 7/ 8 1384 7/ 1 1339 5/18 5/19 958 983 5/8 888 4/9 679 8/ 5 1554 1/12 3/12 42 477 2/16 263 2/27 363 10/14 2019 4/9 669 3/12 473 12/31 2418 193 Pages Government securities: (Continued) Treasury tax savings notes, Series C, use as pledge for loan by commercial bank from FRBank 12/ 8 2290 War bonds, savings deposits represented by time certificates, reply to Question of permitting immediate withdrawal prior to maturity for purchase of 763 4/25 War savings bonds, letter to Admiral Conard that pay roll savings plan of Board had exceeded 10% goal in October 11/ 2 2101 Withholding tax, application to interest on bonds, memorandum to be prepared by Messrs. Ransom and Szymczak for submission to Senate Finance Committee 8/ 6 1567 G°vernments: Foreign: (See Foreign governments) State and local governments, FRBanks requested to report the Gradamounts of liquid funds held by 15 1/5 uate School of Banking: Collier, Raymond D., not to attend 1942 session 688 4/10 Horbett, J. E., selected to attend 1942 session, and allowed leave with pay, travel expenses and tuition fees 688 4/10 Great Eastern Fire Insurance Company, White Plains, N. Y., suggested amendment to Regulation IN that loans to cover fire or casualty insurance premiums be exempt from provisions of 8/19 1637 Reply to letter on applicability of Regulation W to financing of fire and casualty insurance premiums 9/14 1808 Grialv°1d, Merrill, to be advised by Mr. Young, President of FRBank of Boston, that Board does not consider the suggested amendment to Regulation R desirable at present time 3/6 432 4°88, J A.: (See Retail Merchants Credit Association of Los Angeles, California) Glaar ntee agreements, amendment submitted in memo from War Department, copies sent to Navy Department and to Maritime Commission 12/ 9 2294 (See also War loans) HaZilton Ross Industries, Chicago, Illinois, method of selling merchandise, applicability of Regulation W 4 • to 4:mllt°n Ross Toolmaster, classification under Regulation W risen, Alvin H., Chairman of the American Committee of the Joint Economic Committees of Canada and U. S.: Me morandum re maintaining supply of dollar exchange in Canada, sent to http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/27 1497 6/25 1283 1/ 6 17 194 Pages Hansen, Alvin H.: (Continued) To be invited to attend dinner for Chairmen of FRBanks and to make a talk following Ha,rold A. Lifton Co., New York, advertisement of promotion items, applicability of Regulation W H• arrington, L. P.: (See Phil A. Halle, Memphis, Tennessee) Hart 8: Dice, employment of stenographer of, to report conference of Board with representatives of the trade on Regulation Wauthorized Hartford Accident and Indemnity Company, Hartford, Conn., letter describing appointment of John A. Boyd as FRAgent's Representative at Dallas : 1/22 96 7/31 1528 3/12 487 7/24 1477 Hawaii Currency in, to be over-printed with the word, "Hawaii", no objection by Board FRnotes overprinted for use in, arrangement with Treasury for paying for overprinting and transportation FRnotes to be printed with Hawaiian overprinting, arrangement with Treasury Department on expenses of printing and shipping Statement to be published in FRBulletin FRnotes of FRBank of San Francisco printed with Hawaiian overprinting, shipments to be made on telegraphic advice as needed Supplemental order for printing notes of FRBank of San Francisco to cover overprinting for use in Destruction of FRnotes and FRbank notes in, as outlined in letter from Treasury Department approved by Board Nonmember banks to be permitted to carry account with FRBank of San Francisco during war emergency Hay den, Senator Carl, reply to letter on application for war loan which was not executed by any financial institution, ruling of War Department that no application exists Rea • Banking and Currency Committee of Senate: Inter-American Bank, Uessrs. Goldenweiser, 'Ayatt, and Gardner designated to prepare draft of statement for representative of Board for Draft of statement discussed, to be revised and when approved to be submitted to Mr. Berle for comments Statement for representative of Board called to testify on, to be approved by Chairman Eccles and Mr. Gardner and then sent to Mr. Berle for his comments and suggestions Securities Exchange Act of 1934, amendment to section 7(d), Letter to Federal Advisory Council suggesting that statement be submitted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/26 1062 7/10 1398 7/13 1417 7/21 1468 8/11 1605 8/21 1659 3/ 3 410 9/15 1819 7/11 1407 1/22 99 1/28 132-5 3/10 448 1/29 144 195 Pages Hearings: (Continued) Interstate and Foreign Commerce Committee of House: Securities Exchange Act of 1934, amendment to section 7(d), request of Mr. Brown of Federal Advisory Council, that testimony of hearings be sent them and they be allowed to file a memorandum with Mr. Brown to be advised that Congressman Lea, Chairman of the House Committee, had been informed of request for hearings and filing of statement Letters to Mr. Brown and Congressman Lea Regulation IN, suggestion that in case of willful violations of, there should be a hearing to show cause why violator's license should not be suspended Tulloch, Donald, Jr., request for hearing on exemption of asbestos siding from provisions of Regulation W Heating and Plumbing Finance Corporation advised that "Summer Plan" for modernization loans in connection with Federal Housing Act are no longer permissible Advised that careful consideration will be given opinion regarding restriction of deferment of payments on credit sales of seasonal goods under RegulationW Reat°n, Mules, Ireton & Hatch, Baltimore, Md., loans in excess of M.500 by building corporation, not covered by regulation, reply to inquiry of Her ' 411s, Senator L., reply to letter from constitutent on applicability of Regulation W to salaried worker who owns a farm and borrows for same purpose the farmer might borrow Senator Lister, reply to letter from Mr. Pinkard forwarded to Board by, regarding a charge of 15 cents by the Albertville National Bank, Albertville, Alabama, for the cashing of veterans' checks '"-LsY, Allen, Tillingast & Wheeler, Counselors at Law, Providence R. I., certified copy of contract to contractor, procedure agreed to by War and Navy Departments Rix() ns, Milwaukee, Wis., applicability of Regulation W to storing, cleaning, etc., of fur coats es, Mrs. Frances: (See White House Market, Wichita Falls, Texas) H 1-1ng company affiliates: American Investment Corporation, Ogden, Utah, determined not to be for purposes other than section 23(A) of FRAct Annual report to be obtained on form FR 437, instructions to FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/22 97 1/22 1/24 98 117-8 5/ 5 849 11/ 3 2108 3/28 586 4/ 7 652 8/19 1639 6/11 1192 5/23 1028 6/16 1225 6/10 1181 7/13 1411 12/16 2322 196 Pages Hold-ing company affiliates: (Continued) BancOhio Corporation, Columbus, Ohio, no objection to purchase of stock of Union Trust Company of Newark, Ohio, for liquidation and consolidation with Licking County Bank 5/19 986 New voting permit not necessary because of absorption of a bank by a subsidiary bank and change in title 8/ 8 1593 of bank C. w. H. Corporation, New York, N. Y., determined not to be for purposes other than those of Section 23A of 10/ 8 1971 FRAct Definition ruling that organization is holding company affiliate if number of shares owned or controlled is equal to more than 50 per cent of number of shares voted, regardless of whether shares 2/19 were or were not voted 300 First Securities Corporation of Syracuse, New York, granted limited permit to vote the stock of four banks, limitation on dividend payments and purchase of own capital stock, requested to furnish annual holding company affiliate report 21 1/7 Home and Foreign Securities Corporation, Jersey City, N. J., ruled not to be for purpose other than those of section 23A of FRAct 6/23 1272 Interbanc Investors, Inc., Kenmore, New York, ruled not to be for purpose other than those of Sec. 23A of 8/28 1708 FRAct Legislation, suggested by Mr. McKee to prevent further expansion and control by 1/22 104 2/6 Discussion of 211 Marine Midland Corporation, Jersey City, N. J., dividend policy adopted by directors 9/19 1846 NOrthwest Bancorporation, Minneapolis, Minnesota: Application of Austin State Bank, Austin, Minn., approved subject to compliance by Northwest Bancorporation of conditions incident to permit to vote stock of 4/30 819 General voting permit approved subject to certain conditions 823 4/30 Application of State Bank of Northfield, Minn., approved subject to compliance by Northwest Bancorporation of conditions incident to permit to vote stock of 820 4/30 General voting permit approved subject to certain conditions 823 4/30 Application of State Bank of Virginia, Minn., approved subject to compliance by Northwest Bancorporation of conditions incident to permit to vote stock 821 4/30 General voting permit approved subject to certain conditions 4/30 823 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 197 Pages Holding company affiliates: (Continued) Pentscn Corporation of New Jersey, ruling not to be for purpose other than those of Section 23A of FRAct Securities Act of 1933, letter to Congressman Lea, advising that Board feels that banks and holding company affiliates should be exempted from proposed section 17(c) of amendments to, regarding false reports Transamerica Corporation: Bank of America N.T. and S.A., letter to, advising that Board does not consider holding company affiliate relationship with, as terminated, and that Board is without authority to waive filing of reports of affiliates Copies to be sent to Messrs. Clerk and Crowley, and the Comptroller of the Currency Submission of report covering holding company affiliate relationship with, waived Comptroller of the Currency advised that it holds readily marketable assets of the kind and amount required by Sec. 5144 of the Revised Statutes Expansion by, Mr. McKee authorized to confer with Mr. Crowley and Comptroller regarding adoption of policy of refusing to permit further Expansion of banking offices owned or controlled by, discussed by Mr. McKee and Mr. West First Trust and Savings Bank of Pasadena, California, denied permission to establish branches because of relationship with, advised that under present policy further expansion will not be permitted Copy of letters to be sent to the Comptroller and FDIC Authority for transmission of examination report to National Bank of Washington, Tacoma, Washington, submission of report covering holding company affiliate relationship with, waived Peoples Bank in Lakewood Village, Los Angeles County, California, action on application to be deferred until consideration of matter by Mr. McKee with FDIC, because of possible connection with Relationship with, reviewed in connection with its application for membership, to be advised that further acquisitions by, is opposed to policy of Board, FDIC, and Comptroller Letter from FDIC expressing opposition to further expansion by http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/23 1272 1/30 155 1/22 101 1/22 105 3/20 516 5/ 9 911 1/22 105 9/24 1878 2/14 255 2/14 257 6/ 5 1146 3/20 516 1/16 70 2/ 6 208-14 2/ 6 212 198 Pages Hold. Ing company affiliates: (Continued) Transamerica Corporation: (Continued) Peoples Bank in Lakewood Village: (Continued) FDIC will insure and Board grant membership upon severing connection with, letter advising, to be drafted Board to reconsider application of, upon condition that all relations with, have been severed Mr. Knox advised of reasons why Board did not approve application Union Bond and Mortgage Company, Port Angeles, V4ashington, classification now being reconsidered Determination not to be requested by Mr. Phillips, not warranted Union Trust Company of Pittsburgh, Penn., purchase of additional stock in the Union Savings Bank of Pittsburgh and the Mellon National Bank, both affiliates, held to be in violation of FRAct and Revised Statutes United States Investment Company, East Chicago, Ind., held not to be holding company affiliate of national banks for any purposes other than those of Section 23A of FRAct Wisconsin Bankshares Corporation of Milwaukee, Wis., limited permit granted to vote the stock of the Baraboo National Bank, action on general permit deferred until capital structure of First Wisconsin National Bank is strengthened General permit granted to vote stock of Baraboo National Bank Agreement on Form P-3 must be executed by 425 West Wisconsin Avenue, Inc. before authority to issue voting permit is renewed General voting permit to vote stock of Baraboo National Bank 1104A maYs: -mistice Day, November 11, Board's offices to remain open ...,41ristmas, Board's offices to be closed 'RBanks, letter to Presidents on policy to be followed by FRBanks and branches in observing New Year's Day to be full working day (Thservance of, by banks and post offices during the war, reply to Senators Conally and O'Daniel regarding protest of Copies sent to FRBanks Suggested as topic for discussion at Presidents' Conference Memorandum of replies received from FRBanks, Mr. Szymczak to review matter http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/10 444 3/11 463 3/11 465 9/10 1765 10/ 9 1996 2/21 308 1/10 37 1/10 36 6/ 8 1157 10/15 2024 12/ 3 2263 11/ 6 2130 12/ 7 2278 7/20 1458 12/ 7 2278 4/27 4/27 776 778 4/27 779 7/10 1397 199 Pages (Continued) Saturday half holiday removed by temporary war pay resolution Thanksgiving Day, arrangements to be made for skeleton force with decision reserved Board's offices to be closed and skeleton force not to be maintained Travel by Government employees over Thanksgiving and Christmas holiday periods, curtailment requested by Director of Office of Defense Transportation and Furnace Company, Holland, Michigan, reply to question of, regarding circulating fans of the type which installed in furnaces are Rout R. F.: (See Independent Bankers Association) Rolthster' ausen, Duncan, transfer to Board in connection with transfer of statistical work not to be requested Rome Furniture Company, Dallas, Texas, group offerings contained in advertisement, compliance with Regulation W 114; Loan Bank System: Membership in both FRSystem and, not permissible, Beloit Savings Bank, Beloit, Wisconsin, to be advised to withdraw from one or the other Rome vwners' Loan Act of 1933, amendments introduced in Senate and House, report of Mr. Ransom on discussions with Messrs. Bodfish and West, Counsel requested to keep Board advised of progress of legislation Rn 4 'r, John Edgar: (See Federal Bureau of Investigation) inson, Edward, Jr., representative of investment bankers, to meet with Mr. Sproul to formulate the details of a program for the promotion and sale of Government securities liNghtoril H. D., Manager of the Long Beach Plant of Douglas Aircraft Company, Inc., advised that Board has acted upon the membership application of the Peoples Bank of Lakewood Village, California 11, u of work: Increase to 44 Per week for Board, official hours to be from 9:00 a.m. to 5:45 p.m. with 45 minutes for lunch, Saturdays from 9:00 a.m. to 1:00 p.m. PRBanks advised of official hours of Board, and intention of Board to move its time ahead under daylight saving time, request for procedure of FRBanks made 1„1,eave regulations amended re compensatory leave for overtime 4Yrel1, Alice E., file clerk, special arrangement for indefinite temporary period Charwomen, five-hour basis per day changed to full-time 44 hours per week http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/26 2386 11/20 :::: 11/17 2192 5/11 918 8/ 6 1579 9/10 1767 5/18 974 1/16 68 5/ 8 896 2/19 300 1/16 62 2/3 2/ 9 169 226 4/16 727 8/ 1 1532 200 Pages Holars of work: (Continued) Questionnaire as to preference to be circulated to Board's em12/14 2312 ployees Effect of Congress resolution on, memo to Mr. Leonard 12/18 2338 Press statement issued by President on temporary war pay reso12/26 2386 lution Official hours approved from 8:45 a.m. to 5:15 p.m. and letter 12/30 2410 to Bureau of the Budget advising of change Memorandum to members of Board's staff on changes in and on 12/31 2411 computing overtime payments Paul V., Attorney at Law, Newark, Ohio, advised as to when a charge account is held in default under pro992 5/19 visions of Regulation W 11°11sehold Finance Corporation, preservation of, statements of bor9/14 1806 rower in connection with Regulation W ii°118ing, analysis of conditions in Norfolk, Va., letter to Bureau of the Census on furnishing bulletins to State 7/ 8 1385 banks 11°1%rd, George F., of the Kelley Blue Book, Los Angeles, California, reply regarding 1934 automobiles and earlier models and quotation of automobiles having 765 special equipment 4/25 /ill„ (See also Appraisal guides, Kelley Blue Book) R ue.chek, p B., present at Board meeting 1/16 60 llinble Oil ;rid Refining Company, reply on application of Regulation 6/19 1257 W to use of credit cards business balances, statement proposing special security designed to absorb, approved for transmission to Mr. Bell as reflecting general viewpoint 111 4 of Board 4141:3 ls Tool and Machine Company: (See War loans) 4clebtedne55 of individuals: (See Loans to individuals) 'edness of officers and employees: uance, W. A., noted in connection with appointment as examiner at FRBank of Atlanta Hail -----, Charles E., Assistant Examiner at FRBank of Richmond, indebtedness to national bank to be liquidated He spenheide, Carl F. W., appointment as assistant examiner at FRBank of Philadelphia approved with understanding that indebtedness will be reduced endall, Forrest O., Assistant Examiner at FRBank of Richmond, indebtedness to national bank to be placed on regular reduction basis 1/26 134 I http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/ 9 1994 12/11 2302 10/26 2061 12/11 2302 201 Pages Ind ebtedness of officers and employees: (Continued) Policy and procedure with respect to reports to be reviewed to 9/18 1830 prevent recurrence of case like Mr. Wagner's 11/18 2195 Procedure for reporting, resolution of Conference of Chairmen SPangler, C. D., special investigator of Regulation W matters at Charlotte Branch, large indebtedness to be 10/21 2044 investigated by Mr. Leach UPgren, Arthur R., no objection to completion of study in connection with joint project of Province of 11/12 2153 Manitoba and the State of Minnesota Wagner, G. H.: (See FRBank of Cleveland, Staff) Lwe pendent Bankers Association, Portland, Ore., reply to Mr. Hollister on Senate Bill 2393 on publication 6/26 1300 of condition reports rial loan corporation: Executive order authorizing FRBanks to act as fiscal agents for War Department, etc., effect on proposed bill 542 3/23 providing for, discussed Statement of Presidents regarding, and discussion at meeting of 385 3/2 Board with Presidents , cl,suri.al loans: 826 4/30 1 egulati0n S, amended to gear the FRBanks to the war program ; 4w, kSee also Loans, Industrial) atrial Mortgage Company of Grand Rapids, Michigan, purchase of ' entire business of small loan company which holds nonconforming paper would be violation 2/12 247 of Regulation W Control of trend toward, by supplementing credit control with price control, priorities, and rationing, dis2/16 263 cussion by Mr. Eccles Memorandum of Mr. Goldenweiser regarding possibility of dangerous inflation in authorizing Government to borrow directly from the central bank, distributed at 2/16 266 meeting of Board with Federal Advisory Council Possible effect on, if reserve requirements were lowered, discussed at meeting of the executive committee of 675 4/ 9 the Federal Advisory Council with the Board Possibility after war because of backlog of accumulated purchas11/16 2183 ing power discussed by Mr. Eccles requested be to Hansen StIldY of inflationary developments, Mr. 541 3/23 to come to Washington to assist Mr. Leland with President, the by appointed committee StudY of, by special report by Mr. Eccles on the findings of, at 5/18 954 a meeting of the FAG with the Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 202 Pages illfc)rmation: Censor requesting, FRBanks asked to cooperate with, advise Board of volume and nature of requests, and consult Board before furnishing questionable 2/ 4 information Defense contracts, information requests by War Department re the awarding of, Defense Contract Officers 1/ 5 asked to send Board copy of the reports Financial ability of ship repair and building yards furnished by FRBanks to Navy Department, request that in1/22 formation also be reported to Board International communications, information of value to Board obtained from, by Office of Censorship to be sent by Board to FRBanks having an interest in cer2/ 5 tain information Letter to FRBanks advising them of availability of information, requested to designate information of in2/ 5 terest to them Number and amount of applications for war loans, letter to 6/ 3 FRBanks on release of 414„, " " Empire Electrical Equipment Association, advised by Board that suggested reduction in down payment requirements under Regulation W, for electrical equip1/ 1 ment is not justified by present conditions Congressman C. H. Leavy advised that Board gave careful consideration to request of, that Regulation be amended to provide for a lower down payment on 1/15 electrical equipment INIcription for front page of report of examination to be used by 11/19 FRBanks, FDIC, and Comptroller of the Currency 418talr aent paper, reserve balance in differential account, statement 3/24 for publication in FRBulletin tute of Carpet Manufacturers of America, Inc., letter to Mr. Beers on why down payment required for rugs and carpets is greater than that required for fur9/ 3 niture . 111812.Lastic Corporation of America, New York, letter to Mr. Johnston on request for amendment to Regulation W to ex11/ 9 empt products from provisions of Agreement revised and agreed upon by committee of Presidents' Conference approved by Board A• ssoclation of Life Insurance Presidents, New York City, reply to question of, as to whether they are required to register under section 3(a) of Regulation Bea 4 IluY parlor, reduction in amount of liability insurance for malpractice that must be kept in force http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 189 14 107 195 196 1129 5 58 2201 551 1728 2137 12/11 2303 3/26 566 4/7 652 203 Pages Ins urance: (Continued) PRnotes, request of Board that Treasury write Board that when shipments of, are completely destroyed in transit no charge will be made against the FRBank except for printing, letter desired so that Board may obtain reduction in premiums 2/21 for insurance of Fire and supplemental contract renewed but war damage not to be 10/23 purchased at present Grout) life for employees of Board, continuation of contract 4/22 with Aetna Life Insurance Company approved Joint report of Insurance Plan Committee and the Standing Committee on Insurance accepted by Presidents' Conference and recommendations made to Board, 3/ 2 at meeting of Board with Presidents Board concurs with Presidents' Conference in resolution approving, adoption of self-insurance plan favored, letter sent to FRBanks, comments and suggestions 3/30 requested diof Joint report approved by a majority of FRBank boards rectors, plan for self-insurance now being pre5/ 8 pared by the two committees Viwith Regulation L°ans on policies, discussion of provisions of respect to, at meeting of the FAC with the Board 5/18 Policy loans, provisions of Regulation Vt relating to, discussed at meeting with executive committee of Federal 6/ 3 Advisory Council 9 6/ Discussed by Mr. Ransom commitexecutive of meeting Discouraging of, discussed at 7/ 1 tee of Federal Advisory Council with Board insurance life of Loans secured by cash surrender value 9/30 policies, applicability of Regulation W to Premiums on fire and casualty, applicability of Regulation W 9/14 to financing of Pre • 8/ 5 discussed , mums on life, credit for income tax purposes elf-insurance, Chairmen's Conference to be advised by Chairman ' 1/22 Eccles of necessity for prompt action on Presidents' at considered be to Report of special committee 1/22 Conference on February 2 and 3 to FRBanks by for execution form appropriate of Development 9/29 be worked out by committee • S taading Committee on Insurance charged by the Presidents' Conference with the duty of continuing study in accordance with the recommendation in the joint 5/ 8 report risk on shipments of currency and coin, resolution of Presi9/29 dents' Conference on policy http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 315 2057 755 392 593-6 908 965 1119 1170 1338 1910 1808 1561 96 96 1898 908 1897 204 Pages Insurance: (Continued) War damage to building of Board, not to be purchased at present 10/23 2057 Insurance agents: Use in sale of series F and G war savings bonds, discussed at 7/ 1 1337 meeting of Federal Advisory Council with Board Inter-American Affairs: Staff: Rockefeller, Nelson A., Coordinator, reply advising that when detailed proposal on Inter-American Scholarship program is developed it be re4/20 748 ferred to Mr. Stark n erIt American Bank: Draft of statement which Board representative might make at hearings on, before the Senate Banking and Currency Committee, Messrs. Goldenweiser, 99 1/22 Wyatt, and Gardner designated to prepare be to approved when and revised be to discussed, Statement 1/28 132-5 submitted to Mr. Berle for comments Statement prepared for representative of Board for use in hearings on, to be approved by Messrs. Eccles and Gardner and then sent to Mr. Berle for corn3/10 448 ments and suggestions Inter -American Defense Board, space occupied in Board's building 5/29 1093 by, letter to Mr. Baird Snyder on vacating of Northwest wing to be vacated by 1st of July 6/13 1213 Space occupied in Board's building now needed by Divisions of Board, Chairman Eccles to discuss with Mr. 6/26 1296 Patterson InterAmerican Scholarship program, Mr. Rockefeller advised Mr. Stark is the person to contact regarding par4/20 748 ticipation of the Board in space American Strategy Board, arrangement providing office 3/23 543 for, in Board building Inter. ;st,: (See also Rates) ssissippi, national banks in, opinion of Board that they may not make interest payments in excess of 126 1/27 rates prescribed by State Bank Comptroller Rates, graduated scale on series B tax notes to be suggested 8/27 1696 to Mr. Morgenthau '.tes on war loans in excess of five per cent is in violation 5/22 1016 of rates established by the Board 6/10 1180 4.ar loans, computation to be on 365 day basis ?locking directorates: APPlications for permission to serve prior to August 23, 1935, letter to Archivist on destruction of files 8/26 1691 on Service under Banking Act of 1935: Ambrose, J. S., service as director of banks in Hancock, Md., and Berkely Springs, W. V., not prohibited 9/24 1879 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 205 Pages Inte rlocking directorates: (Continued) Service under Banking Act of 1935: (Continued) Harper, Harry F., relationship not prohibited under Clayton Act Hull, N. P., relationship not prohibited under Clayton Act James, Henry, service with national banks, a State bank and as partner in private banking firm To terminate business of Bank of Bradshaw or sever relationship E., comments on relationship in connection George Monroe, with admission of Industrial State Bank of Kalamazoo, Mich., to membership Thoman, F. H., relationship not prohibited under Clayton Act Illternational bank: Establishment after the war, report of Mr. Goldenweiser of discussion at meeting of representatives of Treasury and State Departments and other organizations Plans prepared as basis for discussion at meeting of representatives of Board, Treasury, and State Departments, and others ational stabilization fund: Plans prepared as basis for discussion at meeting of representatives of Board with Treasury and State Departments and others Report of Mr. Goldenweiser on further conferences, no action to be taken until discussed with Secretary Hull I'entories: 6/30 1328 6/30 1328 6/10 1183 8/ 6 1576 9/19 1845 6/30 1328 6/ 9 1161 5/26 1047 5/26 1047 7/10 1401 , Consume goods, conference on measure to restrict use of credit 6/ 9 for financing of Use of credit in connection with accumulation of, letter to be prepared to be sent to all banks and financ6/11 ing institutions Letter to banks and financing institutions approved for 6/12 transmittal for approval by agencies mentioned Letter to banks and financing institutions revised at suggestion of certain agencies and to be sent promptly and to be given to press for publica6/17 tion Use of credit for accumulation of, report of Mr. Eccles on approval by interested Government agencies, copy of letter sent to banks, other financing insti6/26 tutions 6/26 cooperation Letter to State bank supervisors for Need for Capital Issues Committee for restriction of credit 6/26 for accumulation of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1167 1185 1196 1233 1292 1293 1295 206 Pages 1117entories: (Continued) Pending capital issues for the purpose of paying off bank loans which would leave the companies free to borrow again from banks for the purpose of building up, report by Mr. Eccles on discussion of, at Treasury meeting a Iriv, stment bankers: Committee composed of, and Treasury to confer with representatives of Board and Presidents in regard to promoting the distribution and sale of government securities ir sument companies: Open-end, reply to Senator Wagner on issuance of regulation to permit service under Sec. 32 of Banking Act of 1933 Railway and Light Securities Co. is closed-end investment company and not subject to provisions of Sec. 32 of Banking Act of 1933 Iriv stm.ents of banks: Composition of security portfolio of certain size banks, reply to Citizens Banking Company, Sandusky, Ohio best Syndicate, loans on certificates issued by, telegram to Mr. Hodgson on 5/19 981 5/ 8 886 12/16 2323 12/29 2402 12/31 2418 7/ 9 1390 Hp W. E., of Tucson, Arizona, reply to Senator Hayden on application for war loan that War Department ruled that no application exists from any financial institution Jacobs Wind Electric Company, Inc., Minneapolis, Minnesota, reply to letter concerning application of Regulation W to credit sales of wind electric plants 41"etzki, Alfred, Jr.: (See National Association of Investment Companies) jellelerst Circular-Keystone, questions submitted by Yr. McNeil concerning registration of jewelers under Regula- tion W Russell Chevrolet Co., El Campo, Texas, plan of selling automobile to Dr. John W. Evans on terms other than prescribed, not permitted under Regulation W 4int Brazil-United States Defense Commission also may occupy northeast wing of Board's building, but northwest wing to be vacated by 1st of July 4tie8 & Brown, Inc., Pittsburgh, Pa., reply to letter describing INSELBRIC and INSELSTONE, not applicable to special exemption in Amendment 6 of Regulation 7/11 1407 3/27 582 10/ 5 1943 8/ 8 1595 6/13 1213 9/1 1717 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 207 Pages j"ke Bros. Company: (See Regulation W, Billing of charge accounts) IfK11 411eY Blue Book, Los Angeles, California, reply regarding 1934 automobiles and earlier models and quotation of automobiles having special equipment Kelley Kar Company, Los Angeles, California, advised that Board expects each publication to quote average retail values of used cars in its territory Ke ntucky: Condition reports of banks in, forms to be furnished Division of Banking if call is made for ICII°X, George J., Superintendent of Banks of the State of California: APplication for membership of Peoples Bank of Lakewood Village, California, letter to be drafted with regard to letter to FRBank of San Francisco concerning Advised of reasons for not approving the membership application of the Peoples Bank of Lakewood Village, California Letter on reasons for not approving application of First Trust and Savings Bank of Pasadena to establish branches in Alhambra and Temple City Reply to telegram explaining denial of application for establishment of branches `-`' .8 Stores, Inc., question of possible violation of Regulation 4attW,by use of scrip which is not redeemed daily 4,4118, Elmer R.: (See Jones & Brown, Inc., Pittsburgh, Pa.) 'A* E.: (See Regulation W, Government Employees Finance Corporation) ' and Mrs. Dale, letter on refinancing of contract under itl4tzIA.Regulation W F.: (See State member banks, Pennsylvania Company for Insurances on Lives and Granting Annuities, Philadelphia, Pennsylvania) 4/25 765 4/4 625 9/16 1822 3/10 445 3/11 465 8/ 7 1583 11/19 2200 5/19 991 11/23 2218 11/10 2142 Labor draft, letter to Mr. Hitt that no decision can be made until regulations are promulgated Lacy, Dan, reply to letter with report on measures taken by Board for protection of records of Board Lawres, (See National Association of Supervisors of Irving A. j State Banks) te4) Co ngressman C. F., letter to, advising that Board feels that banks and holding company affiliates should be exempted from proposed section 17(c) of amendments to Securities Act of 1933, regarding false reports http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/13 2166 1/30 155 208 Pages Le aeed wire system: Supervision of Washington office transferred from Mr. Carpenter to Mr. Nelson, advice to Mr. Leach Lea Use of circuits, reply to Mr. Fly on extension of lies of absence: Annual, restrictions on, approved Policy modified to provide for 2-1/2 days at a time instead of day or two at a time Accumulation of annual leave up to 90 days, amendment to regulation in conformity with recent bill Ball, Mrs. Margaret K., clerk in Division of Bank Operations, granted, including leave without pay for six months Barker, Clarence S., Assistant FRExaminer, granted per diem in lieu of subsistence during period of illness Bertol, Louis N., Captain of the Guard, granted for military service Bloch, Stanley J., foreman operator (duplicating devices) granted leave without pay to enter duty with Navy Brennan, John C., granted for military service trundage, Dean E., unearned sick and annual, reimbursement waived upon acceptance of resignation as page Buckley, Thomas N., telegraph operator, granted leave without pay to enter service with Naval Reserve Collier, Mrs. Margaret, granted leave to join husband on duty in the Navy for not over six months, contributions to retirement system not to be made Collier, Raymond J., junior economist, granted leave of absence to serve with Naval reserve °mPsnsatory for overtime, amendment to leave regulations approved o°11finement cases, policy regarding, amendment to limit contributions to Retirement System to one year from date upon which the absence began C°°1eY, Leroy H., guard, granted leave of absence for military service Counts, Catherine M., clerk in Division of Research and Statistics, leave without pay extended Leave without pay extended, contributions to Retirement System to be continued on condition that she continue her contributions , Refund to be made for advanced sick leave upon resignation Cr James D., guard, granted for military service Grant of leave for military service rescinded and resignation accepted • e, Curri Lauchlin, leave without pay extended for one year, contributions to Retirement System to be discontinued, adjustment to be made pending return to active service http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/22 11/18 2364 2196 5/26 1051 10/31 2096 12/21 2352 9/ 3 1722 2/27 377 3/4 414 11/25 5/18 2229 973 10/30 2091 11/16 2174 6/23 1270 5/28 1073 2/9 226 14./7 644 4/16 727 3/21 520 4/ 7 643 9/16 1821 689 4/10 5/1 835 1/16 74 209 Pages Leave S of absence: (Continued) Dampley, Chester B., painter, granted military leave to enter Navy Edwards, Harry L., clerk in Division of Personnel Administration, granted to enter Maritime service Faulkner, Kathryn S., clerk in Division of Research & Statistics, granted leave without pay because of approaching confinement To discontinue her payments to Retirement System while on leave without pay because of confinement, but Board to continue its contributions Extension of leave because of confinement and reemployment at end of period approved Leave without pay because of confinement extended for three months Pp°180m, George H., FRExaminer, granted for military service rase, Mrs. Eleanor S., junior economist in Division of Research and Statistics, granted because of confinement including leave without pay but to remain at office fifteen days of period Freeman, Rose S., clerk in Secretary's Office, granted leave of absence without pay for approaching confinement Gad, Thomas H., clerk, granted leave for military service, payment of unearned salary limited Gaither, Anna Margaret, clerk-stenographer in Division of Research and Statistics, leave without pay to accompany husband to California, contributions to Retirement System to be continued GOod, George E., granted leave without pay to enter service with Army Grtra wood, Gordon, granted leave without pay to enter service with Army Hagler, Herbert H., granted leave without pay for military service Hai I, gu, S. Julia, granted leave without pay because of illness, Board to continue contributions to Retirement System on condition that she continues hers Hart, Bishop, granted leave for military service, to re-enter active duty with the U.S. Army, unearned salary not to be given as previously paid Har t, John J., Assistant FRExaminer, granted military leave to enter service with Army Hutchinson, Mrs. Clara A., stenographer in Counsel's Office, granted leave without pay for approaching confinement Extension of leave because of confinement http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/19 1844 10/10 2002 3/21 519 6/29 1314 10/10 2001 11/ 6 2127 877 5/ 7 10/22 2047 3/24 547 1/ 5 10 7/ 1 1343 11/21 2213 11/30 2210 11/ 9 2133 5/11 915 1/16 76 11/12 2152 406 3/ 3 10/ 7 1956 210 Pages Leav es of absence: (Continued) Jarvenpa, Mrs. Aili L., amount of unearned leave to be de11/19 2199 ducted from last salary check Johnson, Edwin J., Assistant FRExaminer, granted for military 5/25 1031 service 9/ 3 1722 Johnson, Sven E., foreman of laborers, granted to enter Navy Kay-, George R., granted for military service 720 4/15 4ellnY, Mrs. Gunhild Anderson, junior economist, granted leave without pay, in accord with policy regarding 2/10 232 confinement cases 8/14 1616 Leave without pay because of confinement extended Kilgore, J. E., granted leave to enter Navy 9/ 8 1749 Kline, William A., printing clerk, granted leave without pay to 11/24 2225 enter military service Knight, Grover C., index clerk in Secretary's Office, granted 7/18 1454 leave without pay to enter Army service Langham, 19 1/7 Lee W., guard, granted leave for military service Longstreet, Victor M., Senior Economist, granted leave to en5/15 937 ter military service on, John N., military leave without pay to enter Naval Re6/15 1215 serve Maize, Mrs. Margery, granted leave without pay in addition to other leave to spend time with husband while in 10/ 9 1993 Army camp Malone, Charles T., FRExaminer, granted for military service 5/11 914 McDonnell, Mary, stenographer in Counsel's Office, leave without pay extended for six months, not to be a 6/29 1311 member of Retirement System during period Maleany, Bernadine, junior file clerk in Secretary's Office, granted leave without pay and contributions 8/13 1612 to Retirement System to continue Leave without pay extended for period necessary to recover 9/12 1786 from operation MO Mrs. Lida Sloan, leave without pay discontinued, resignation to be effective at end of accrued annual 2/3 166 leave accepted 2/23 317 Leave without pay extended, former action of Board amended u7er, Mrs. Eleanor, leave without pay extended for one year, contributions to Retirement System to be discontinued, adjustment to be made pending re1/16 74 turn to active service Noell, J. Carroll, Examiner in Division of Examinations, leave due to illness and not to be charged against 8/10 1598 future leave, approved not be to and Extension of leave on account of sickness 9/17 1823 charged against future annual or sick leave Par service 715 4/14 Sons, Thomas M., granted leave for military http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 211 Pages Leav ee of absence: (Continued) Peregory, Walter L., operator, duplicating devices, granted leave without pay to enter service with Naval 11/16 Reserve Rauber, Margaret E., Secretary to Mr. Draper, granted leave without pay not to exceed 90 days, contribu5/7 tions to Retirement System to be continued Reading, Benjamin R., guard, granted leave for military serv3/13 ice Resignation of Board employees, procedure when odd amount is 11/ 3 equal to 1/2 day or more or less than 1/2 day Rieseberg, Robert W. accounting clerk in Secretary's Office, 2/27 granted leave of absence for military service Sanderson, James W., guard, leave without pay for military serv7/17 ice Solomon, Frederic, Assistant Counsel, granted for military 4/20 service SPurney, F. E., granted leave without pay for remainder of calendar year for defense work with Turner Con2/16 struction Co. Stuart, Mrs. Maxine G., economic assistant in Division of Research and Statistics, granted for period of 9/16 confinement Walters, Alvin C., secretary to Governor McKee, granted leave 3/9 of absence for military service W inkler, Patrick J., granted leave without pay to enter service 10/15 in the Army Leal, w'Y' C ongressman Charles H., advised that Board gave careful consideration to request of Inland Empire Electrical Equipment Association of Spokane, that Regulation W be amended to provide for a lower Lee 1, 1/15 down payment on electrical equipment r abric treatment on letter to reply Ohio, Cleveland, Corporation, of reupholstering and treatment of furniture as 6/16 L en regards down payment 2174 877 490 2105 376 1447 747 278 1820 435 2022 58 1228 ?RBank stock, writing across face of certificate in connection 4,14 9/30 1914 with tax on dividend "slation: chrne A 8artk ents to FRAct: (See infra FRAct) ruptcy Act, letter to Bureau of the Budget that H.R. 7121 is not of interest to FRSystem but no objection to 10/ 9 1999 approval by President Civil Service Retirement Act, discussion and approval of questions to be submitted to the Civil Service Commission regarding coverage of Board members and 369 2/27 employees of Board and FRBanks by http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 212 Pages LerA E.Lslation: (Continued) Civil Service Retirement Act: (Continued) Impounded funds of employees of Board brought within, sent to Treasury Department Cuban central bank, statement of Mr. Gardner on proposed report of mission covering currency stabilization fund, proposed agricultural bank, and selection of directors and management of bank Examination of insured banks, suggestion that FDIC absorb cost of one each year Federal Deposit Insurance Corporation, assessment on Government deposits, proposal not to require member banks to pay, Mr. Eccles opposed to inclusion in other legislation Federal Home Loan Bank Act, amendments introduced in Senate and House, report of Ir. Ransom on discussions with Messrs. Bodfish and West, Counsel requested to keep Board advised of progress of legislation Senator Wagner advised that Board is opposed to S. 2146, 2147, and 2148 which would amend Memo prepared by Mr. Wingfield discussed, decision to take no action at present, Counsel's Office to watch the progress of Reply to National Association of Supervisors of State Banks regarding Board's reasons for opposing Fe Industrial Credit Corporation, legislation to establish, letters from Mr. Eccles to Messrs. Donald Nelson and Leinberg regarding, read at Board meeting Fe deral industrial loan corporation bill, effect of Executive Order upon discussed, and necessity of clearing proposal with President considered Federal Open Market Committee, report on bill S. 2565 to amend FRAct to regroup FRBanks for election of members, enactment favored Federal Open Market Committee members, regrouping of banks for election of representatives of FRBanks, HR 7158 to amend FRAct FRAet: Amendment proposed to repeal prohibition against member banks paying dividends or making loans uhile reserves are deficient, Board to retain power to prescribe penalties for deficiencies in reserves, discussion at meeting of Board with Presidents Amendments proposed, letter to FRBanks transmitting draft http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/ 6 430 2/ 6 203 6/ 3 1115 5/26 1050 1/16 68 3/27 583 5/ 5 856 5/25 1042 2/17 289 3/23 542 6/17 1239 6/ 3 1112 2/ 3 182 5/26 1050 213 Pages Le gislation: (Continued) FRAct: (Continued) 11/16 Amendment at present time considered undesirable of Amendment proposed to exempt deposits arising from sale Government securities from FDIC assessments and 12/ 8 reserve requirements Regrouping of FRBanks for the purpose of electing members of the Federal Open Market Committee not to be taken up with the FAC, draft of amendment to 5/19 be sent to Treasury Section 9, discussion of amendment to permit a State bank with capital as low as $25,000 to become a mem5/19 ber of the FRSystem Section 12A, discussion of amendment to permit regrouping of FRBanks for selection of members of Federal Open Market Committee to insure representation of FRBank of New York, Treasury, and FRBanks to be consulted before introduction of legislation 2/17 in Congress Proposed amendment to regroup FRBanks for representa2/27 tion on Federal Open Market Committee 3 6/ banks of H.R. 7158, bill to provide for regrouping 6/17 S. 2565, report on bill favoring enactment 7/21 Amendment to be published in FRBulletin war powers second in contained Section 14(b), provision bill to eliminate, to allow direct purchase of Government securities from Treasury by FRBanks, 2/ 3 discussion of Presidents in meeting with Board to to allow FRBanks 14(b) to Section Proposed amendment purchase securities directly from the Treasury subject to direction of the Federal Open Market Committee, discussed at meeting of Board with 2/16 Federal Advisory Council against prohibition repeal to amendment Section 19, proposed making of loans or payment of dividends by member banks whose reserves are deficient, and give Board power to prescribe penalties for reserve deficiencies, memorandum distributed at meeting of Board with Federal Advisory Coun2/16 cil to be considered Amendment proposed to authorize Board to change reserve requirements for member banks in central re2/27 serve cities Proposed amendment to permit changes in reserve requirements of central reserve city banks independently of the requirements for reserve city banks and eliminate the provision that no bank shall make new loans or pay dividends while its reserves 5/19 are deficient 7/21 Recent amendment to be published in FRBulletin http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2181 2284 982 983 282 373 1112 1239 1468 170 264 273 373 982 1468 214 Pages Legislation: (Continued) Foreign Agents Registration Act of 1938, proposed amendment, H. R. 6269, suggestion that it be changed so banks will not be required to register as agents of foreign principals Holding companies, suggestion by Mr. McKee that legislation be sought to prevent further expansion and control 3/17 501 1/22 104 bY Legislation to prohibit further expansion of, or to re211 2/ 6 quire dissolution of, discussed Home Owners' Loan Act of 1933, amendments introduced in Senate and House, report of Mr. Ransom on discussions with Messrs. Bodfish and West, Counsel requested to keep Board advised of progress of 68 1/16 legislation Senator 'Wagner advised that Board is opposed to S. 2146, 583 3/27 2147, and 2148 which would amend Memo prepared by Mr. Wingfield discussed, decision to take no action at present, Counsel's Office to watch 856 5/ 5 the progress of Reply to National Association of Supervisors of State Banks 5/25 1042 regarding Board's reasons for opposing H. R. 6269, to amend the Foreign Agents Registration Act of 1938, letter to Attorney General suggesting that the amendment be amended so banks will not be required to register as agents of 501 3/17 foreign principals H. R. 6521 to extend benefits to soldiers and sailors civil relief act, letter to Bureau of the Budget that expression of views is no longer neces6/ 1 1106 sary H. R. 4 - 859, copy of, sent to Peoples State Bank, Cherryvale, ,, Kansas, as evidence of steps toward solution 718 4/14 of the problem of floor plan loan on pick-up H. R- 7029, amendments to soldiers and sailors civil relief act 6/ 1 1106 of 1940, new bill to take place of H. R. 6521 H. R. of banksystem 7121 to amend act to establish uniform ruptcy, not of particular interest to FRSystem 10/ 9 1999 but no objection to approval by President H. York New of banks survey R. 7156, report of Mr. Harrison on with respect to and possibility of including 6/ 3 1123 other amendments H. R. 7158 to amend FRAct discussed at meeting of Board with the executive committee of the Federal Advisory6/ 3 1112 Council ePendent Offices Appropriation Act of 1943 signed by President making funds available to Maritime Commission to carry out provisions of Executive 7/ 2 1354 Order 9112 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 215 Pages „ (Continued) Inter-American Bank, Messrs. Goldenweiser, Wyatt, and Gardner designated to prepare draft of statement which Board representative might make at hearings on, before the Senate Banking and Currency Committee Draft of statement discussed, to be revised and when approved to be submitted to Mr. Berle for comments Internal Revenue Code, proposed amendment to, the Committee on Foreign Banking of New York City advised that there have been no further developments in regard to, in respect to determining the status of bankers' acceptances for the purposes of the Excess Profits Tax Loans to small business, new bill to provide for, reported on by Mr. Eccles at meeting of Board with Presidents, Mead Bill considered inadequate Expression of opinion regarding, by Messrs. Eccles, McKee, and Ransom Mead Bill: (See supra Loans to small business) Murray bill to mobilize small business for war purposes, submission of report to Senate Banking and Currency Committee discussed, to be cleared with Budget Bureau as proposal by Mr. Eccles may be substituted National Housing Act, amendments introduced in Senate and House, report of Mr. Ransom on discussions with Messrs. Bodfish and West, Counsel requested to keep Board advised of progress of legislation Senator Wagner advised that Board is opposed to S. 2146, 2147, and 21L8 which would amend Memo prepared by Mr. Wingfield discussed, decision to take no action at present, Counsel's Office to watch the progress of Reply to National Association of Supervisors of State Banks regarding Board's reasons for opposing Ne utrality Act, amendment proposed to section 7, State Department advised that Board favors 4-le Debt Act of 1942, effect on additional FRBank stock undetermined, further issuance to be withheld pending conference of Legal Division with Re8Bureau of Internal Revenue 'I'Ve requirements, proposed amendment to law to authorize Board to change in central reserve cities or reserve cities http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/22 99 1/28 132-5 5/13 929 2/ 3 178 2/ 3 181 2/17 290 1/16 68 3/27 583 5/ 5 856 5/25 1042 1/27 130 4/ 2 616 5/18 961 216 Pages (Continued) Reserves against Government deposits, proposal not to require member banks to maintain, opinion of Mr. Eccles that it should not be included in proposed legislation at present Reserves, proposed amendment to Sec. 19 of FRAct, that bank not make new loans or pay dividends while reserves are deficient H. R. 7158 discussed with executive committee of Federal Advisory Council Deficient, suggested amendment to Sec. 19 of FRAct to eliminate requirement that bank can not make new loans or pay dividends during period of Revenue Act, problem of administration and expense placed on banks by current bill which provides for withholding tax on wages, dividends, etc. Revised Statutes, alternate drafts of amendment to Section 5200, which would exempt loans covered by guaranties or commitments made by the U. S. or by any FRBanks, memo from Mr. Wyatt regarding Second War Powers Act, amendment contained in, to Sec. 14(b) of FRAct, memorandum to be prepared showing effect on power of Federal Open Market Committee to direct FRBanks to purchase Government securities Securities Act of 1933 and Securities Exchange Act of 1934) proposed amendments to section 7(c) and (d), letter to Federal Advisory Council explaining consideration and stating why amendments were not discussed with Council 8ecurities Act ofl letter to Congressman Lea, advising that Board feels that banks and holding company affiliates should be exempted from proposed section 17(c) of amendments to Securities Act of 1933, regarding false reports Securities Exchange Act of 1934, amendment to section 7(d), request of Mr. Brown of Federal Advisory Council, that testimony of hearings be sent them and they be allowed to file a memorandum with the Interstate and Foreign Commerce Committee B. to be made to Mr. Brown that Congressman Lea, Chairman of the House Committee, has been advised of request for hearirws and filing of statement Letters to Mr. Brown and Congressman Lea Letter to Federal Advisory Council suggesting that statement be submitted to be held for committee consideration, but not to be included in printed hearings LegiSlation: http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/26 1050 5/18 963 6/ 3 1112 6/ 3 1115 8/ 5 1553 5/18 976 3/26 560 1/17 82 1/30 155 1/22 97 1/22 1/24 98 117-8 1/29 144 217 Pages Legislation: (Continued) Securities Exchange Act of 1934: (Continued) Opinion of Federal Advisory Council that power to regulate amount that could be loaned on unregistered securities should not be given to any agency Memorandum prepared in reply to letter from Mr. Brown to be mailed to members of executive committee of Federal Advisory Council, dropping of proposal discussed at meeting of Board with executive committee S. 2039, Bureau of Budget advised that Board has no objection to, if the changes suggested by the Treasury are made 8. 2146, 2147, and 2148, to amend Home Owners' Loan Act of 1933, etc., reply to request of Senator Wagner for opinion on, advised that Board is opposed as they include the objectionable features of S. 4095 Memo prepared by Mr. Wingfield discussed, decision to take no action at present, Counsel's Office to watch the progress of Reply to National Association of Supervisors of State Banks regarding Board's reasons for opposing S. 2250 to mobilize small business for war purposes, submission of report to Senate Banking and Currency Committee discussed, to be cleared with Budget Bureau as proposal by Mr. Eccles may be substituted S. 2315, prepared by Special Committee to Study Problems of American Small Business, copy of, sent to Peoples State Bank, Cherryvale, Kansas, as evidence of steps toward solution of the problem of floor plan loan on pick-up S. 2393, which would require each bank and branch to publish a condition statement, letter regarding, sent to the Executive Office of the President Reply to Senator Wagner regarding Publication of statements of resources and liabilities of banks where branch banks are operated, reply S.to Mr. Hollister on 2565 to amend sections 12A and 19 of FRAct, letter to Senator 'Wagner on bill favoring enactment Letter to Bureau of the Budget recommending that bill be approved by the President S. 4095, amendments to several loan acts, report of Mr. Ransom on discussions with Messrs. Bodfish and West, Counsel requested to keep Board advised of progress of legislation http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/16 270 3/12 474 4/23 760 3/27 583 5/ 5 856 5/25 1042 2/17 290 4/14 718 5/11 5/18 920 977 6/26 1300 6/17 1239 7/ 6 1377 1/16 68 218 Pages Le gislation: (Continued) S. 4095: (Continued) Comparison with bills S. 2146, 2147, and 2148 in reports to 3/27 Senator Wagner S.R. 223, Senator Tydings Questionnaire, reply to, regarding organization and number of persons employed by 3/2 Board to heads reply staff 3/23 Decision of Board that Silver holdings of Treasury, disposal for industrial purposes, bill mentioned at meeting of Federal Advisory 11/16 Council State governments to facilitate war effort, offer of Council of State Governments to assist in obtaining 9/14 State legislation to facilitate suggestions Letter to Attorney General that Board has no for consideration of Council of State Govern12/26 ments State: Laws limiting loans to one person, compilation of reports 8/ 6 on application to war loans Laws that may be helpful to the war effort, letter to Department of Justice with suggestions for enact8/21 of ment 8 1, • u-sistence Expense Act of 1926, amendment to section 3, travel 2/17 regulations of Board amended to conform with • s against directors, etc., of national banks for expenses incurred in defense of actions, suits, etc., re4/23 port on S. 2039 Tax bills, effect on amount of short-term corporate money for investment, discussed at meeting of executive committee of the Federal Advisory Council with the Board 4/9 in treatment under, preferential banks giving Question of view of the substantial part they play in war financing, considered at meeting of the executive committee of the Federal Advisory Council 4/9 with the Board T ()Pinion regarding, to be presented to Congress 4/9 axation of building of Board, discussion of possibility of se11/24 curing Tr 1?i1l now before House on exemption from, discussed 12/ 1 adlng with the Enemy Act, delegation of authority under sections 3(a) and 5(b) to Treasury, discussion of effect on consumer credit and authority of FRBank of San Francisco over evacuee property, 3/10 Mr. Foley to confer with Mr. Agnew concerning http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 583 396 543 2189 1809 2396 1577 1655 286 760 672 676 681 2222 2251 454 219 Pages Legislation: (Continued) War powers bill, second, provision for eliminating Section 14(b) of FRAct to allow direct purchase of Government securities from Treasury by FRBanks, discussion of Presidents in meeting with Board Mr. Wyatt authorized to advise Mr. Cox that Board has no legislation it wishes included in another Let+ver Aul Intent: 'esignment of, letter to Comptroller General of the United States for advice on Lette , of appreciation: ravens, Kenton R., on resignation as Administrator for War Loans Committee Edmund E., Class C director at FRBank of New York LeiiklDaY , "art, G. A., advised of additional territories in which the Blue Book National Used Car Market Reports Executives Edition may be used for purposes of Regulation W, and consideration being given to designation of the Red Book and Executive Edition dviseu regarding Market Record, designation in certain territories and possible effect of price ceilings Wion used cars sconsin Automobile Guide, July-August edition, extension of designation approved (See also Regulation W, Appraisal guides, National Used Car Libb„. Market Report, Inc.) r urniture and Linoleum Company, obligation sold by registrant and additional obligation entered into by apLicen plication of Regulation VI ' es, authority of Board to suspend, for violations of Regulation W, and procedure for hearings discussed 4.1 Re-Upholstering Co., Inc., Chicago, Ill., reply to letter on amount of down payment required above that Lincol_ required on furniture u Loan Corporation, Indianapolis, Ind., reply to question regarding a case in which a Registrant is asked to make an instalment loan for the purpose of paying off an instalment sale contract which was made before May 6, for an article which at the time was unlisted under Regulation W Lette_ to Mr. 'Aesley on effect of options of regulation on consolidations of debt 1 coats, loans may not be for more than 16 months under Regulation W, reply to inquiry of ' e rl. Diego, Calif., letter to Mr. Fox on loopholes under Regulation W provided by lay-away plans http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/ 3 170 2/17 288 10/14 2018 10/ 6 1947 12/21 2353 4/ 9 667 4/15 723 8/24 1666 11/30 2244 5/ 5 850 8/ 4 1549 5/11 918 7/ 9 1394 8/19 1640 5 1145 220 Pages Lists: Stocks Registered on National Securities Exchanges, supplementary lists to be issued in future and distributed by FRBanks upon request Litigation: Banque de France and Banque Nationale de Belgique, permission to FRBank of New York to participate in discussion of counsel on agreement staying proceedings 2/25 353 6/26 1301 Advances on Government securities, statement ordered published 3/ 3 411 in FRBulletin Amortization of bank, for reduction of individual debt, examiners of Federal bank supervising agencies to 6/26 1294 look into Bank loans, capital issues for the purpose of paying off, which would leave the companies free to borrow again from banks for the purpose of building up inventories, report by Mr. Eccles on discussion 981 5/19 of, at Treasury meetings Bardco Manufacturing and Sales Company, Dayton, Ohio, bill of Squire, Sanders, and Dempsey for legal services 9/17 1824 incident to loan to Bj1 ings Utility Company, Billings, Montana, application for loan from FRBank of Minneapolis, Senator B. K. Wheeler advised that report in connection with, cannot be made available because of its confidential nature and relation to pending litigation 5/ 4 8414 Letter to Representative O'Connor and Senators Murray and 5/20 1001 Wheeler explaining reasons more fully Request for copy of report of examiner making investigation in connection with application for, letter to 7/ 9 1388 Senator Wheeler on refusal of request Request for confidential report in connection with applica10/ 2 1937 tion for loan, refused Collateral for pledge of Treasury tax savings notes, Series C, 12/ 8 2290 for loan from FRBank by commercial bank C°11ege students for college courses, reply to Rotary Club of Florence, S. C., on applicability of Regula6/12 1203 tion W to tumerclal, results of survey conducted by Mr. Goldenweiser for 5/19 984 one month period . Co rrullerolal and industrial, reports on, by member banks and proposed form approved, to be sent to FRBanks for 2/6 200 comments and suggestions Request for reports reconsidered and approved with letter 2/6 206 to FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 221 Pages 14ane: (Continued) Commitments, undisbursed portion should be reported in contingent liability schedule of condition reports Consolidated, discussion of whether maturity for, should be further limited in connection with Amendment No. 4, Section 10(b) Option 2 Corporate stocks pledged with member banks as security for, existence of affiliate relationships because of, policy of Board not to reply to Ilypothetical questions but possible reply suggested to FRBank of San Francisco Executive officer on leave of absence, loan to, which will expire prior to his leave of absence, Board to make no objection 7/16 1443 4/30 788 2/26 358 4/14 716 FOreign: Banco de la Republica Oriental del Uruguay, loan by FRBank approved, other FRBanks to be advised that 5/8 they may participate in 8/28 Revision as to amount of collateral General Motors Corp., provisions included in guarantee agreement, letter from FRBank of New York on inclu11/11 sion in all agreements Gold , In vaults, submission to Board for specific approval, letter to FRBank of New York on general policy 8/27 adopted Guaranteed by the U. S. or by any FRBank, memo from Mr. Wyatt regarding alternate amendments to Section 5200 5/18 of the Revised Statutes to exempt Individual debt, reduction through amortization of bank loans, 5/25 banks and other lending agencies to report I• ndividuals for nonproductive purposes: Telegram to FRBanks prepared by Messrs. Ransom, Szymczak, and McKee on carrying out program outlined by 5/8 President exto instructions for FRBanks Amortization of, letter to 5/25 aminers Trust Commercial of President to letter of, Amortization Company of New Jersey on situation in Jersey 5/26 City Industrial: Applications, forms 417 and 417a to be submitted monthly 11/24 instead of weekly Commitments, amount of, charge offs for, and earnings on, by FRBanks, information furnished to National 2/26 Bureau of Economic Research designate, to Treasury of Secretary FRBanks as fiscal agents, advances under FRAct to be guaranteed under Ex3/26 ecutive Order http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 906 1709 2150 1699 976 1041 903 1034 1058 2227 360 560 222 Pages L°arls: (Continued) Industrial: (Continued) List of advances and commitments outstanding to be submitted semi-annually instead of quarterly Losses by FRBanks on, reply to National Bureau of Economic Research for information on Losses shared by Treasury and FRBanks, liberalization of Treasury regulations discussed at meeting with Presidents Operations under Sec. 13b of FRAct discussed at meeting of Presidents with Board Proposal of Board that funds for, be furnished directly to FRBanks by Treasury Regulation S amended to gear FRBanks to war program Report of action on applications, form 508a to be discontinued Reserves of certain FRBanks set aside for estimated losses Survey of new industrial and commercial loans made by member banks, memo of Mr. Goldenweiser on procedure for, approved Forms F.R. 574-A and 574-B for reporting sent to FRBanks Industrial loan corporation, statement of Presidents' Conference in regard to creation of, to make loans to small business for war purposes, and discussion at meeting of Board with Presidents Effect of bill on Executive Order authorizing FRBanks to act as fiscal agents for War Department, etc., discussed Instalment, fall call for condition reports to be omitted, but information with respect to personal loans and retail instalment paper to be obtained for member banks Insurance policy loans, discussion of provisions of Regulation with respect to, at meeting of the FAC with the Board Discouraging of, discussed at meeting of executive committee of Federal Advisory Council with Board Limitations, letter on applicability of Sec. 5200, Revised Statutes to war loans made by national banks, Board has no objection to the giving of a copy of, to interested parties, information on State limitations on loans made by State banks requested Member banks, suggested amendment to FRAct to repeal prohibition against making while reserves are deficient Memorandum on proposed amendment distributed at meeting of Board with Federal Advisory Council http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/24 2227 2/26 360 3/2 385 2/3 177 4/1 607 4/30 826 11/24 12/24 2227 2382 4/ 1 4/1 609 611 3/2 385 3/23 542 7/18 1454 5/18 965 7/ 1 1338 5/12 924 2/3 182 2/16 273 223 Pages Lc)alls: (Continued) Member banks: (Continued) Discussion of proposed amendment with Federal Advisory 5/18 Council 5/19 Proposed amendment considered 7/21 Amendment to be published in FRBulletin Modernization loans in connection with Federal Housing Act under "Summer Plan" no longer permissible under Regulation t, letter advising Mr. Goldbright 3/28 of the Heating and Finance Corporation liOrris Plan Industrial Bank of New York, advised that Board does not favor amendment to Regulation W, that would permit the initial payment on instalment loans to be deferred for 90 days 1/14 Mortgage loans, letter to Commercial Trust Company of New Jersey on, joint statement of amortization of loans to 5/26 individuals for nonproductive purposes !\T°n-purpose, receiving consideration in relation to a possible amendment to Regulation W 3/23 Questionnaire on, sent to representatives of the trade and bank and finance companies giving reasons for 4/ 6 including under Regulation W Opinion of Mr. Brown that inclusion of, up to ,1500 in Amendment No. 4 to Regulation W, was unjustified, discussed at meeting of FAC with board 5/18 Peoples State Bank, Cherryvale, Kansas, advised re floor plan loan on pick-up that Board has no control over either RFC or OPA, and that Congress is giving consideration to solution of problem 4/14 Report by executive officer of loans from another bank which existed at time of admission to FRSystem, ordered 1/23 published in FRBulletin Schedules in call reports, memo of Messrs. Smead and Golden10/ 6 weiser on chan7es in form of Sec. 19: (See supra Member banks) 'ecurities issued for purpose of paying off, to place borrower in position for further use of bank credit, 6/ 9 methods of restriction discussed Single-payment, opinion that they should be included to prevent evasions of the purpose of Regulation W 4/30 Loans in excess of $1500 not subject to Regulation t, disposition by banks and borrowers to reduce, discussed at meeting of executive committee 8/ 5 of Federal Advisory Council with Board Reduction in volume of, summary presented at meeting of 9/14 Federal Advisory Council with Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 963 982 1468 586 53 1058 539 640 964 718 113 1952 1167 786 1561 1796 224 Pages Loans: (Continued) Small, lenders who specialize in, Mr. Brantley advised that Regulation W is not intended to regulate pos712 sible undesirable practices of 4/13 Small business, new bill to provide for, reported on by Mr. Eccles at meeting of Board with Presidents, 2/ 3 178 Mead Bill considered inadequate Expression of opinion regarding, by Messrs. Eccles, McKee, 2/ 3 181 and Ransom Supplemental, made under Bankhead-Jones Farm Tenant Act are exempt from Regulation W, under section 6(a), 1/15 57 letter to Department of Agriculture Term, receiving consideration in relation to a possible amendment to Regulation W 3/23 539 Violating Regulation W, taken without knowledge by First National Bank of Fairmont, Minnesota, no punitive action recommended, program of enforcement to 2/20 305 be developed, letter to FRBank of Minneapolis Loa,— " and investments, member banks, fall call for condition reports to be omitted with understanding that FRBanks 7/18 1454 obtain classification of their member banks SeParate schedules classifying for weekly reporting member 10/ 6 1953 banks suggested Loe,, Draft Board No. 3, Chevy Chase, Md., letter requesting deferment of Leroy M. Piser on occupational grounds 11/ 4 2114 a 1c)n of banks: nashington Irving Trust Company, Tarrytown, New York, permission to change head office to Port Chester and transfer Port Chester branch to Tarrytown 2/11 239 granted Lon—_ '°e Leaf Service, procedure for R and S letters, new procedure 5/23 1026 to be followed oa A 'Ingeles Stock Exchange, contemplated transactions involving stock of Pacific Finance Corporation of Cali7/ 6 1372 fornia Loss industrial loans and commitments, reply to National Bureau 2/26 360 of Economic Research for information on tokt,e 14111,1,Y, Paul, apparent violation of Regulation Vv by 6/ 2 1109 Baker, J. C., Assistant Dean of Harvard University, cost of luncheon to be borne by Board 8alderston, Dr. C. C., of the Wharton School of the University of Pennsylvania, payment authorized CH • -alrmen of FRBanks, arrangements to be made for, in Board's dining rooms on January 26 ravens, Kenton R., cost of luncheon to be borne by Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/ 5 16 1/26 124 1/22 1/30 96 157 225 Pages Llincheons: (Continued) Pahey, John H., Chairman of the Federal Home Loan Bank Board, cost to be borne by Board Kenney, John, Special Assistant to the Under Secretary of the Navy, cost to be borne by Board Greensides, N. G., Federal Deposit Insurance Corporation, payment of cost of luncheon approved Morris, Dave H., Jr., Assistant Secretary of the Treasury, cost of luncheon to be borne by Board Cost of luncheon to be borne by Board Newman, Dr. W. H., of the Marton School of the University of Pennsylvania, payment authorized °PPegard, G. J., Federal Deposit Insurance Corporation, payment of cost of luncheon approved Roberts, T. V., Office of the Comptroller of the Currency, cost of luncheon to be borne by Board Twohy, James F., Governor of the Federal Home Loan Bank System, cost to be borne by Board 4/17 743 4/ 1 613 1/29 145 1/5 1/8 16 30 1/26 124 1/29 145 1/29 145 4/17 743 Plan Management Bureau, reply to question regarding Regulation V:, transfer of equity in automobile from son to 150 1/30 father tlae • lsh Archibald, letters from, to Chairman Eccles regarding Le, 1/27 130 censorship procedure, transmitted to FRBanks 5/29 1088 ,.8 Bank, New York, overdrafts, treatment of tialL4 -Llng list: Addressograph plates for commercial banks to be made available to Office of Price Administration by Board and 11/30 2245 FRBanks Regulation 14, purchase of list from R. L. Polk and Company 6/24 1276 FRBank of Cleveland for distribution of 44,a agenent of banks:by AMerican Bank and Trust Company, New Orleans, La., features disclosed by examination that require immediate 9/ 3 1723 correction Central Home Trust Company, Elizabeth, New Jersey, close observation of situation should be continued, although process of rehabilitation appears sen12 1/ 5 sible Rock Island Bank and Trust Company, Rock Island, Illinois, admitted to membership with understanding that 2/ 9 226 management is to be strengthened fl accounts, reports of ledger balances on Form-240 to be made by all firms semiannually, except 15 8/20 1648 largest firms in New York City http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 226 Pages 14ar1ttlie Commission: Delegation of authority to guarantee loans, copy of revised general order sent to FRBanks Financing of war production contracts, plan discussed whereby FRBanks by authority of an Executive Order would act as fiscal agent for, in regard to Funds available to carry out provisions of Executive Order 9112, Act signed by President providing for General order No. 54 revised on guaranteed loans, interpretation of provisions of Guarantee agreements: Inclusion of provisions included in loan to General Motors Corporation, views requested Modification in standard form where loan is made or participated in by FRBank is guaranteed by Commission Special conditions to be inserted in, approved by Guarantee loans, not necessary to submit to Commission for approval if amount of guarantee does not exceed Instructions for war loans, copies of sent to FRBanks Interest, fees, and other charges to credit of, manner of covering into general fund Manner of crediting to account of Q u estionl in connection with loan applications called to attention of FRBanks RePresentatives designated to act for Commission in execution of guarantee agreements, letter to FRBanks on Staff: Clark, Y. G., designated as representative of Commission in connection with loan applications in place of George Mayor Land, Rear Admiral Emory S., Chairman, advised of slight change in guarantee fees to avoid uncertainty F., authorized to execute guarantees for war W. Rockwell, loans on behalf of, signature sent to FRBanks War loans, manner of handling negotiations by subcontractor Adoption by, of a standard form of guarantee agreement for, letter to FRBanks regarding Mr. Rockwell authorized to execute guarantees for, signature sent to FRBanks Form of certificate to be used by 141'ket Record, Inc., Chicago, Ill., letter to Mr. Anderson acknowledging change in publication date and purposes of Regulation 1% Ilassa chusetts Investors Trust, to be advised by Mr. Young, President of FRBank of Boston of Board's decision not to amend Regulation R http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/19 1847 3/20 507 7/ 2 1354 10/ 8 1974 11/11 2150 6/15 1218 10/30 2091 8/14 1619 5/16 948 7/ 3 1364 7/20 1456 9/26 1891 5/30 1097 9/26 1891 V 9 666 5/21 1008 4/22 753 5/16 948 5/21 5/25 1008 1031 5/28 1078 3/6 432 227 Pages Ilather, Cotton, comments on difficulties in administration of Regulation Vi IlaYer, Howard G., reimbursed for expenses of trip to Washington to discuss problems arising under Regulation W cAd Jno. Q., Commissioner of Banking of State of Texas, suggested standard caption for top of publishers copy of condition form acceptable to State banking authorities and Board of Governors liceawley, James: (See Regulation W, United Roofing Contractors Association) Y S.F.!)., Special Representative of the Recording & Statistical Corporation, advised that non-inclusion of an appraisal guide is not a reflection on its accuracy ue ,(See also Recording & Statistical Corporation, Chicago, Ill.) Moer banks: Condition reports of weekly reporting member banks to show Treasury certificates of indebtedness separately, code words and instructions sent all FRBanks , (See also Condition reports) r-xaminations of, suggestion that number of, be reduced, discussed at meeting of Board with Presidents National banks: (See National banks) Aerating ratios, supply of Form F.R. 456 for compiling data for 1942 sent to FRBanks RePorts on commercial and industrial loans, suggested in memorandum from Mr. Goldenweiser and proposed form to be sent to FRBanks for comments and suggestions, discussed and approved Request for report reconsidered and approved with letter to FRBanks State member banks: (See State member banks) 1%ek1y reporting, new schedules classifying loans and investments suggested liternb„ 7'Ship in FRSystem: Abingdon Bank and Trust Company, Abingdon, Illinois, application approved subject to condition of payment of deferred certificate of deposit e Am rican Bank and Trust Company, Miami, Florida, application approved, management situation to be watched carefully ':"Ies Trust and Savings Bank, Ames, Iowa, application approved 'rkansas Trust Company, Hot Springs, Arkansas, application approved and savings account to be brought into conformity with law Austin State Bank, Austin, Minnesota, application approved subject to increase in capital structure, Northwest Bancorporation to comply with conditions for general voting permit entitling it to vote the stock of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/11 2151 2/26 360 6/26 1299 4/10 694 4/ 9 669 3/ 2 390 12/ 3 2263 2/ 6 200 2/ 6 206 10/ 6 1953 1/31 160 5/ 1 3/ 4 835 414 9/14 1803 4/30 819 228 Pages Membership in FRSystem: (Continued) Austin State Bank: (Continued) General voting permit approved subject to certain condi4/30 tions Bank of Auburn, Alabama, application approved subject to charge off of losses and permission must be obtained 12/10 to exercise powers not being used to subject Bank of Menomonie, Wisconsin, application approved certain charge offs and capital requirements2/21 Bank of Mount Eaton Company, Mount Eaton, Ohio, application approved and savings deposits to be brought into 5/28 conformity with law Batik of Neosho, Missouri, application approved 3/20 Bank of Oakfield, Wisconsin, application approved and savings account to be brought into conformity with 5/ 6 law Bank of Southold, New York, application approved subject to 3/11 certain charge offs Baank of lharwick, Hilton Village, Va., application approved and 9/10 criticized matters to be supervised Baank of Waverly, Inc., Waverly, Va., application approved and savings deposits withdrawals to be made to con11/17 form with provisions of law Bank of Westchester, Yonkers, New York, application approved subject to certain charge offs, and employment of an Executive Vice President satisfactory to FDIC and RFC, retention and operation of 3/30 branches at Mt. Kisco and Larchmont approved must application new Utah, Kaysville, Barnes Banking Company, 8/18 be made upon expiration of charter Beloit Savings Bank, Beloit, Wisconsin, to be advised that it should not belong at the same time to the Home 5/18 Loan Bank System and the FRSystem Bruceton approved 10/28 application W. Va., Bank, Bruceton Mills, ancellation of conditions: Monongahela Trust Company, Homestead, Pa., involving holding 12/22 of stock in Hays National Bank Central apapplication Indiana, Connersville, State Bank, proved subject to certain charge offs, common 5/15 stock to be shown at par value Certificates of, reply to First State Bank of Hitchkiss, Colo., 5/23 that it is not necessary to display in lobby Chicago City Bank and Trust Company, Chicago, Ill., application approved subject to certain conditions, including charge offs and increasing of capital 3/ 2 .structure C . i.zens Bank, Cardington, Ohio, application approved 6/30 'ltazens Bank of Follansbee, W. Va., application approved sub6/22 ject to charge off of losses http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 823 2298 307 1074 515 867 462 1765 2190 590 1632 974 2078 2360 937 1028 400 1322 1264 229 Pages ership in FRSystem: (Continued) Citizens Bank, Magnolia, Arkansas, application approved, applicability of sec. 32 to one of directors Citizens Bank of Montana, Havre, Montana, application approved and banking situation in community to be watched Reasons for including statement on following situation in connection with application Citizens Banking Company, Perrysburg, Ohio, application approved subject to charge off of losses Citizens Loan and Trust Company, Washington, Ind., application approved and compliance with condition No. 6 waived Citizens State Bank, Ellsworth, Kansas, application approved, savings accounts to be brought into conformity with law and excess balance with nonmember bank to be reduced Citizens State Bank, Hempstead, Texas, application approved Cltizens State Bank of Petersburg, Ind., application approved and compliance with condition No. 6 waived Colonial Savings Bank, Fremont, Ohio, application approved subject to bank bringing savings accounts into conformity with law and further inquiry into outstanding obligation Commercial and Savings Bank of Millersburg, Ohio, application approved and bank to reduce excess balance with nonmember bank Conditions: FRAct, Section 9, discussion of amendment to permit a State bank with capital as low as !',',25,000 to become a member of the FRSystem C operative banking institutions, reply to Congressman Voorhis on possible membership in FRSystem Credit unions, eligibility for, telegram to Mr. Swanson for full information on particular case Eligibility under laws of State of Minnesota and generally Letter from Treasurer of League Credit Union of St. Paul, Minn., referred to FRBank of Minneapolis for reply Credit unions or cooperative banking institutions, reply to Congressman Voorhis advising of amendments necessary to allow membership in FRSystem by 6ensville State Bank, Curwensville, Pa., application approved subject to charge off of losses and payment of interest on time certificates of deposit to be browTht into conformity with law http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/13 708 12/19 2343 12/31 2414 12/17 2333 11/ 7 2131 12/22 2359 6/12 1202 10/26 2062 8/25 1678 7/ 1 1344 5/19 983 2/ 4 191 6/ 3 1128 8/ 6 1572 12/ 5 2271 2/ 4 191 12/ 5 2270 230 Pages ership in FRSystem: (Continued) Deriville Loan and Savings Bank, Danville, Va., application approved subject to charge off of losses and deposits to be brought into conformity with law DeMotte State Bank, DeMotte, Ind., application approved subject to charge off of losses Dundee State Bank, Dundee, New York, application approved Exchange Bank and Trust Company, El Dorado, Ark., application approved subject to charge off of losses and permission of Board must be obtained to exercise fiduciary powers beyond one account now handled Farmers and Citizens Bank, Tiro, Ohio, application approved Farmers and Merchants Bank of Spencer, N. Y., application approved subject to charge off of losses Farmers State Bank of Buffalo, Ill., application approved Farmers State Bank of Englewood, Ohio, application approved, savings department to conform with the provisions of law and the Board's regulations Farmers State Bank of Illiopolis, Ill., application approved subject to increase in number of directors Pirst Jeannette Bank and Trust Company, Jeannette, Pa., application approved subject to charge off of losses and management of trust department to be watched and savings departments to be brought into conformity with law First State Bank of Hotchkiss, Colorado, application approved Advised that it is not necessary that the certificate of membership be posted in the lobby P. 'lrst State Bank of Lamed, Kansas, application approved, telegram to FRBank to advise of approval and FRBank to follow matter of amending charter with respect to number of directors First State Bank, Lockwood, Texas, application approved rirst State Bank of West Manchester, Ohio, application approved First Trust & Savings Bank, Kankakee, Ill., application approved Pirst Union Bank and Trust Company, Winamac, Ind., application approved and shareholders meeting to take action to make increase of capital valid French Lick State Bank, French Lick, Indiana, compliance with condition No. 6 waived and possible merger of banks to be considered Glenn,s Ferry Bank, Limited, Glenns Ferry, Idaho, application approved subject to charge off of losses and excess balance with nonmember bank to be reduced G°1dfield State Bank and Trust Co., Goldfield, Iowa, application approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/ 4 2268 7/16 1/26 1442 122 8/25 1679 11/ 2 2099 7/ 7 1379 10/ 9 1995 5/ 7 878 9/30 1909 8/14 1617 736 4/17 5/23 1023 6/22 1265 10/12 2008 5/29 1085 12/ 9 2293 7/25 1482 11/ 3 2106 9/ 5 1739 5/12 924 231 Pages Memb erehiP in FRSystem: (Continued) Granite Trust Company, Quincy, Mass., application approved subject to charge off of losses and permission 10/15 granted to retain branches in Weymouth, Mass. Grant County Bank, Sheridan, Ark., application approved 5/29 Havre de Grace Banking and Trust Company, Havre de Grace, Md., application approved and savings deposits withdrawals to be brought into conformity with 8/12 law Industrial State Bank of Kalamazoo, Mich., application approved and comments on interlocking relationship of 9/19 Director George E. Monroe J. P. Morgan & Co., Incorporated, New York, New application approved with understanding that the Morgan Grenfell & Co., Ltd. will be an affiliate 4/23 Lado— gd State Bank, Ladoga, Indiana, application approved 10/ 9 'Lorain County Savings & Trust Company, Elyria, Ohio, action deferred on application until management has been 3/26 strengthened Manufacturer's Bank of Cohoes, New York, application approved, 3/30 attention to be given to management problem 6/ 8 Marion State Bank, Marion, Texas, application approved Mechanics and Farmers' Bank of Albany, New York, action on application deferred, FDIC opposed to extending deposit insurance to a bank sharing quarters 2/18 with an uninsured nonmember bank 2/18 Letter from FDIC regarding deposit insurance Action deferring application not to be included in policy 2/24 record Merchants and Planters Bank, Norfolk, Virginia, application approved subject to the establishment and maintenance of complete records of the trust de4/16 partment and reduction in number of directors Ilexico Savings Bank, Mexico, Missouri, application approved, subject to further progress in banks asset condition and Reserve Bank will follow up situa8/28 tion Mc)gadore Savings Bank, logadore, Ohio, application approved and savings account to be brought into conformity 12/26 OtBwith law annon Banking Company, Buffalo, Missouri, application approved, reasonable dividend policy to be fol1/26 lowed Ind., application %)apital Bank and Trust Company, Corydon, approved, telegram to Mr. Davis to transmit ad6/26 vice http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2023 1085 1607 1845 757 1994 563 589 1156 295 296 348 727 1708 2393 123 1298 232 Pages liembership in FRSystem: (Continued) . Peninsula Bank of Ishpeming, Ishpeming, Mich., application approved Peoples Bank, Beaufort, S. C., application for membership approved subject to certain charge offs and adequate capital to be maintained Peoples Bank of Lakewood Village, Los Angeles County, California, action on application to be deferred until consideration of matter by Mr. McKee with FDIC, because of possible connection with Transamerica Corporation Discussion between Messrs. McKee and Crowley resulted in decision that application should not be approved Application to be forwarded without recommendation of executive committee of FRBank of San Francisco as question of policy to be determined by Board Advised that application is receiving the attention of the Board Discussion of application, review of connections with Transamerica Corporation, letter from FDIC regarding, letter to be drafted by Legal Division and Division of Examinations advising that Board is unwilling to approve application on information before the Board After careful consideration of application Board has decided not to approve on basis of present information Copy of letter to be sent to the Comptroller and FDIC Reply to letter of Mr. Houghton advising him that the Board has acted upon the application of Letter to be drafted advising that application may be approved upon severing connections with Transamerica and maintaining an independent status Reply to be drafted to Mr. Knox, Superintendent of California Banks, in light of above letter Board to reconsider application, conditions upon which approval will be given, Messrs. Crowley and Delano in agreement with suggestions according to memorandum prepared by Mr. Wingfield Mr. Knox advised of reasons why Board did not approve application Application approved subject to authorization of appropriate State authorities, and maintaining status as a local independent institution Letters sent to Comptroller and FDIC advising of Board's approval of the application Pe °Pies Bank, Pikesville, Md., application approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/26 1688 6/12 1201 1/16 70 1/22 103 1/22 105 1/31 161 2/ 6 208-14 2/14 2/14 257 257 2/19 300 3/10 444 3/10 445 3/11 463 3/11 465 5/ 6 868 5/ 6 6/16 1223 869 233 Pages Uerabership in FRSystem: (Continued) Peoples Banking Company of Lewisburg, Ohio, application approved Peoples Savings Bank, Laurel, Iowa, application approved Perrysburg Banking Company, Perrysburg, Ohio, action on application deferred Peru Trust Company, Peru, Indiana, application approved, certain practices to be watched by FRBank Pickerington Bank, Pickerington, Ohio, application approved Plan for bringing in nonmember banks or affiliating them with System suggested by Mr. Draper but no action taken P°rt Byron State Bank, Port Byron, Ill., application approved and FRBank to follow situation with respect to waived deposits Po ughkeepsie Trust Company, Poughkeepsie, N. Y., application approved subject to charge off of losses and compliance with condition number 6 waived r attsburgh State Bank, Prattsburgh, New York, application approved subject to certain charge offs Ran dallstown Bank, Randallstown, Md., application approved and savings account to be brought into conformity with law Ravalli County Bank, Hamilton, Mont., application approved subject to charge offs and FRBank to give bank close supervision , Extension of time for completion of membership 'c)ck Island Bank and Trust Company, Rock Island, Illinois, application approved, with understanding that management is to be strengthened St. Michaels Bank, St. Michaels, Md., application approved and excess balance with nonmember bank to be reduced Seguin State Bank and Trust Company, Seguin, Texas, application approved and bank not to handle trust business until necessary organization and equipment are set up Seville State Bank, Seville, Ohio, application approved, savings account to be brought into conformity with law South Chicago Savings Bank, Chicago, Illinois, application approved subject to certain charge offs Extension of time to accomplish admission State Bank of East Moline, Illinois, application approved subject to charge off of losses State Bank of Hardinsburg, Indiana, application approved and excess balance carried with nonmember banks to be reduced http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/29 1084 2/18 295 6/11 1186 1/26 122 7/ 3 1361 11/20 2204 8/26 1687 6/30 1320 3/24 548 9/ 5 1738 6/15 1216 7/10 1402 2/9 226 10/11 2007 6/13 1209 12/30 2407 5/15 5/25 939 1031 6/17 1231 7/29 1512 234 Pages Ileniber 1„; 8-u-P in FRSystem: (Continued) State Bank of Latham, Ill., application approved 12/10 2299 State Bank of Lima, Howe, Indiana, application approved, change to be made in savings pass books in regard to 818 4/30 withdrawals State Bank of Marathon City, Marathon, Wisconsin, application 4/ 2 614 approved State Bank of Milan, Indiana, application approved subject to certain charge offs, common stock to be shown 752 4/22 at par value State B Bank of Northfield, Minnesota, application approved subject to increase in number of directors, Northwest Bancorporation to comply with conditions for general voting permit entitling it to vote 820 4/30 the stock of General voting permit approved subject to certain condi823 4/30 tions State Bank 9/12 1789 of St. Charles, Ill., application approved State ' e Bank of Virginia, Minnesota, application approved subject to increase in number of directors, etc., Northwest Bancorporation to comply with conditions for general voting permit entitling it to vote 821 4/30 the stock of 823 voting permit approved subject to certain conditions 4/30 State ''te Street Bank and Trust Company, Quincy, Ill., application approved subject to charge off of losses and savings deposit withdrawals to be brought into 7/29 1511 conformity with provision of law Stockraen, S Bank, Gillette, Wyoming, application approved and savings accounts to be brought into conformity with law and balance with nonmember bank to be 9/21 1853 reduced ,1„4full tamers Bank, Tipton, Mo., application approved 6/13 1209 ''PLon State Bank, Tipton, Iowa, application approved subject to 10/ 1 1919 charge off of losses uu Matthews Banking Co., Chillicothe, Ill., application ap7/17 1448 proved Twin Valley Bank, West Alexandria, Ohio, application approved and change in wording of savings pass book to 5/28 1075 be made Union Bank, Loogootee, Ind., application approved and excess 7/14 1420 balance with nonmember bank to be reduced Uni°n Bank of Michigan, Grand Rapids, Michigan, Board willing to approve application on condition that it create a reserve of $150,000 for dividends 5/19 986 and increase its capital stock to $500,000 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 235 Pages 14embershlp • in FRSystem: (Continued) Union Bank of Michigan: (Continued) Application approved, to create reserve for payment of dividends in capital stock and increased capital stock and operation and retention of branch approved Condition amended providing that capital need not be increased if branch is not operated on Bank and Trust Company, Bowling Green, Va., application approved, bylaws to be revised and other changes to be made Uni°n Savings and Trust Co., Warren, Ohio, application approved, retention and operation of branch at Newton Ohio, to be permitted Falls, Union State Bank, Clay Center, Kansas, application approved, Wheelock indebtedness and assigned claims to be eliminated and other corrections to be made University iversity State Bank, Houston, Texas, application approved despite insufficiency of capital stock, provision as to maintenance of reserves and given 90 days to complete membership Ireedersburg State Bank, Veedersburg, Ind., application approved and bank to revise trust operations to conform condition to approved procedure Waiver of Richland Trust Company, Mansfield, Ohio, FRBank of Cleveland authorized to waive membership condition numbered 6 Union Savings and Trust Co., Warren, Ohio, FRBank of Cleveland authorized to waive membership condition numbered 6 Water 100 Savings Bank, Waterloo, Iowa, application approved by telegram and fiduciary activities to be organized whir:Lnster Savings Bank, Westminster, Id., application approved ll°use State Savings Bank, Whitehouse, Ohio, application approved subject to charge off of losses Willi am Penn Bank of Commerce, Pittsburgh, Pa., application approved and management situation to be superl vised by FRBank annetka Trust and Savings Bank, Yannetka, Ill., application 4e approved and trust operations to be revised MPhis ci earing House Association, changes in rules and regulations on par clearance of checks "chant Marine, • of FRBanks joining are entitled to benefits accorded to those entering military service http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/16 1224 6/29 1317 10/ 3 1938 3/16 496 8/ 6 1571 2/17 287 7/29 1510 4/11 697 4/11 697 12/23 2372 3/2 399 11/30 2242 12/ 7 2275 12/18 2339 2/16 278 11/10 2142 236 Pages t 7T, Howard N., copies of foreign exchange reports sent to calgan: Minnesota National Bank of Duluth, reply to question asking whether the Board would grant limited fiduciary powers to a national bank in the State of National Used Car Market Report, Inc., advised of guides designated for use in certain counties of icrof press reviews of Bank for International Settlements, facilities of Coordinator of Information to be used for ry Government Division of Army: 4esistance of Board requested with reference to banking and financial phase, outline in plans and studies being made by Tel egram to FRBanks for information as to officers in Army who are fitted for dealing with financial phases of work in occupied territory klitarY governments, synopsis of War Department program for, Mr. Lawrence Clayton designated to maintain liaison in connection with Problems in military occupation of countries, Mr. Clayton authorized to supervise compilation of list of names qualified for service in connection with 4ilitary r eservations, banking facilities at, FRBanks to be advised of designation by Secretary of the Treasury of State member banks in connection with u1jt, /7 service: zank s as essential industries, classification recommended by Federal Advisory Council 13ert°-, Louis N., captain of the guard, granted leave of absence for Stanley J., foreman operator (duplicating devices), granted leave of absence without pay to enter duty with Navy Brennan .oun J Buckl C., granted leave of absence for -4eY, Thomas N., telegraph operator, granted leave without pay to enter service with Naval Reserve Colli er, Raymond J., junior economist, granted leave of absence to serve with Naval reserve Coolo -41e, Leroy H., guard, granted leave of absence for Pinar, resignation as guard to enlist in Coast Guard Reserves because of temporary status Crawf D., granted leave of absence for Grant of LTrant leave for, rescinded and resignation accepted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/23 2219 5/ 7 879 5/26 1060 5/ 4 845 11/ 6 2128 11/28 2237 10/10 2005 10/21 20/,5 11/30 2243 6/ 3 1118 3/ 4 414 11/25 5/18 2229 11/16 2174 973 5/28 1073 727 4/16 6/29 1315 689 /I/10 5/ 1 835 237 Pages ililitary service: (Continued) Cunningham Alex, resignation as director at Helena Branch to enter DamPley, Chester B., painter, granted leave to enter service with U. S. Navy Deferment of employees of Board: Advice to Civil Service Commission that it is general policy not to ask for Piser, Leroy Y., Chief of Government Securities Section, deferment requested Letter to President of the United States requesting reclassification De De ferment of employees of FRBanks from draft on occupational grounds discussed by executive committee of Federal Advisory Council Edwards, Harry L., clerk in Division of Personnel Administration, granted leave to enter Maritime service but not to be reimbursed for life insurance premiums 3rees of Board and FRBanks to be accorded benefits and those not entitled to them FRBanks as essential industry for purposes of deferment from, Board not in favor of classification as ". Lc..1-e employees of FRBanks entering military service should be accorded same benefits as male employees Fels_ George H., FRExaminer, granted leave of absence for Gad, "gq, Thomas H., granted leave for, payment of unearned salary Good, d, George E., granted leave without pay to enter service with Army liwood, Gordon, granted leave without pay to enter service with Army Rao.,er, Herbert H., assistant FRExaminer, granted leave without pay to enter duty with Navy rt, Bishop, granted leave without pay for, to reenter active duty with the United States Army, unearned salJ.,ary not to be given as previously paid Hart, John assistant FRExaminer, granted leave without pay to enter service with Army Johns() , n Edwin J., Assistant FRExaminer, granted leave of absence for -'°/13 Sven E., foreman of laborers, granted leave to enter Navy IC4Y, George R., granted leave of absence for /c41 KV-gore, J. E., granted leave of absence to enter Navy Ine, William A., printing clerk, granted leave without pay to enter service with Army Air Corps reserve http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/ 6 1950 9/19 1844 7/ 1 1348 11/ 4 2114 11/23 2217 10/ 7 1960 10/10 2002 11/10 2141 6/ 1 1102 6/12 1201 5/7 877 1/5 10 11/21 2213 11/30 2241 11/ 9 2133 1/16 76 11/12 2152 5/25 1031 9/ 3 1722 4/15 720 9/ 8 1749 11/24 2225 238 Pages 1411ta ,rY service: (Continued) 4/light, Grover C., index clerk in Secretary's Office, granted leave without pay to enter United States Army Lan g,iam, Lee W., guard, granted leave for 1Jor1gstreet, Victor M., Senior Economist, granted leave of absence without pay for Ly°n, John N., clerk in Secretary's Office, granted leave without pay to enter Naval Reserve One, Charles T., FRExaminer, granted leave of absence for ?parsons, Thomas M., granted leave of absence for eregory, Walter L., operator, duplicating devices, granted leave without pay to enter service with Naval Reserve Pis—, Leroy M., letter to Local Draft Board No. 3, Chevy Chase, Md., requesting deferment on occupational grounds Letter to President requesting reclassification for deferment Rem104 -lng, Benjamin R., guard, granted leave of absence for "-Leseberg, Robert W., accounting clerk in Secretary's Office, granted leave of absence for Sanderson, James W., guard, granted leave of absence without pay for service with Coast Guard So 1°mon, Frederic, Assistant Counsel, granted leave of absence for Ta,Jlor, Jay, FRAgent at Dallas, reappointed with understanding that leave would be for period necessitated by service military Walters , Alvin C., secretary to Governor McKee, granted leave of absence for ".4-er, Patrick J., granted leave of absence without pay so'Jesse I.: (See Provost Marshal General's Office) RTPhed letters: series to be discontinued IltriltE:Z: new procedure for distribution of 11440Ze it unions, eligibility for membership in FRSystem A-endall & Co., Inc., Boston, Mass., reply advising that under Regulation T, dealers are not prohibited from purchasing from a customer securities called for redemption to enable the customer to purchase from the dealer other securities in ad141111 vance of the call date 7/18 1454 1/ 7 19 5/15 937 6/15 1215 5/11 914 715 4/14 11/16 2174 11/ 4 2114 11/23 3/13 2217 490 2/27 376 7/17 1447 4/20 747 12/ 8 2283 3/ 9 10/15 435 2022 5/23 1026 5/23 1026 8/ 6 1572 5/ 6 870 11/18 2195 Board of Governors: (See Board of Governors, Minutes) nference of Chairmen, revised copy sent to Chairmen with request for suggestions http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 239 Pages 1118SiS81ppi: 4ational banks in, opinion of Board that they may not make interest payments in excess of rates prescribed by State Bank Comptroller 14°cle Arthur S.: (See Regulation W, Leo S. Mode & Company) %de) 111-Art & National Shuffleboard Co., Irvington, N. J., sales made that did not comply with Regulation W before advice that shuffleboards were listed articles tgOn eY markets: Reserve situation in, and effect on future market issues of the Treasury, discussed at meeting of Executive Committee of Federal Advisory Council with Board Sub stitution of other cities for New York as money market, suggestion that more than one market could be established through use of telephone and telegraph, discussion at meeting of Board with Executive Committee of the Federal Advisory tiOney Council orders, telegraphic transfer orders representing funds transferred by soldiers in Alaska, letter to all FRBanks on handling of Vorltana Bankers Association, Helena, Mont., request that facilities of Helena Branch be available to Montana banks for safekeeping and redemption of war savings bonds 4°°t1e, Donald A., advised that contract providing for balloon payment at its end may be revised to provide for monthly payments further tiorris Plan Bankers Association, letter to Mr. Vane on questions in connection with Regulation W Reply regarding application of Regulation Vi to stokers and coal loans RePly that loan under Regulation W may have maximum maturity of 12 months over date of loan even if charge c)rrie account is in default mor;-!-an companies: ls Plan Banking Company of Boston ruled to be a "bank" within meaning of section 13 of FRAct 140r'ri3 Plan Industrial Bank of New York, advised that Board does not favor amendment to Regulation W that would permit the initial payment on instalment loans to be deferred for 90 days 143rris Plan Savings Bank, Jacksonville, Florida, advised of reasons of Board for not designating American Auto Appraisal for use in connection with Regulation W http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/27 126 7/30 1517 3/12 471 3/12 477 8/22 1662 7/14 1427 4/16 731 1/13 46 5/19 993 7/ 9 1394 3/10 458 1/14 53 4/7 652 240 Pages tiorr; Hohfeld, Foerster, Shuman & Clark, San Francisco, California, reply to questions relating to the existence of affiliate relationships when corporate stocks are pledged with member banks as security for loans 4ortgages: 2/26 358 First lien under Regulation W regardless of status of any 2/ 3 168 property taxes RRe . properties, list of State member banks holdings will be furnished Bureau of the Census for mail7/ 8 1385 ing bulletin on housing conditions Second mortgage considered as first lien when both notes are held by the same lender, under Regulation W, 415 Interpretation 128 3/ 4 P B. 140tor 11.ehiscie (See Billings Utility Company, Billings, Montana) Division, State of Nebraska, Lincoln, Neb., publication of Official Nebraska Used Car Survey to be made only when necessary instead of guar8/19 1641 terly 111-1-er, Gustave: (See National banks, First National Trust and Savings Bank, San Diego, Calif.) 1111148, We Russell: (See Heaton, Mules, Ireton & Hatch, Baltimore, Id.) Senator James E., advised of reasons ahy the report in connection with the application of the Billings Utility Company, Billings, Montana, for a loan from the FRBank of Minneapolis cannot be made 5/20 1001 available Letter On refusal of request of Mr. Moss of Billings Utility Company for copy of report of examiner who made investigation in connection with application 7/ 9 1389 for loan Letter on request of Billings Utility Company for confidential 10/ 2 1937 report in connection with application for loan Tr , srings bank: , suees 1 Citizens Savings Bank, Providence, Rhode Island, advised that an exception to section 32 of Banking Act of 1933 can not be made 436 3/ 9 "N" Ne•shirial 'e Clearing House Association, changes in rules and regulakat; ,oaal A tions on par clearance of checks "sociation of Credit Jewelers, New York, request for opportunity to be heard on matters pertaining to instalment sale of jewelry and request to be put on mailing list for information on Regulation http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/16 278 10/28 2082 241 Pages Nati onal Association of Credit Men, letter on applicability of Regulation W to establishments that furnish services ual Association of investment Companies, Regulation R, request for amendment to exempt interlocking relationships between member banks and open-end investment companies disapproved nal Association of Supervisors of State Banks: Executive Committee meeting April 18, Messrs. Ransom and McKee to attend, to be invited to use Board Room for meeting Reply to, regarding Board's reasons for opposing S. 2146, 2147, and 2148, to amend the Home Owners' Loan Act of 1933, etc. Regulation VI, outline of program for enforcement of, sent to Mr. White to obtain cooperation of Supervisors of State Banks Re solution adopted by and executive committee to come to Washington for meeting NaticInal Automatic Merchandising Association, Chicago, Illinois, to be advised that information on number of nickels should be obtained from Treasury Department ilaticaal banks: Absorption of exchange and collection charges, action against, for violation of regulation discussed • Albertialle National Bank, Albertville, Alabama, charge of 15 cents made by, for cashing veterans' checks, reply to Senator Hill regarding AMerican National Bank of Jacksonville, Fla., permission to South Side Bank of Jacksonville to carry reserves required of banks in outlying districts upon conversion of nonmember bank into national bank Araerican National Bank and Trust Company of Mobile, Alabama, action on application to make acceptances up to 100% of capital and surplus, deferred pending opinion of Comptroller as to whether the condition of the bank justifies the grant of authority BankAPP,,lication to make acceptances up to 100% approved p?' America National Trust & Savings Association: leferential account in connection with contracts for instalment paper constitutes deposit liability against which reserves must be carried, question to be submitted to FDIC and another FRBank http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/12 2306 9/ 4 1731 3/23 540 5/25 1042 7/15 1438 11/20 2205 6/ 4 1135 11/16 2184 5/23 1028 10/26 2063 3/3o 4/16 592 730 1/8 26 242 Pages Nati()nal banks: (Continued) Bar* of America N.T. & S.A.: (Continued) Differential account: (Continued) Letter to FDIC Letter to Mr. Sproul, FRBank of New York Reply to FRBank of San Francisco on conclusions Holding company affiliate relationship with Transamerica Corporation, letter advising that Board does not consider as terminated, and that Board is without authority to waive filing of reports of affiliates Copies to be sent to Messrs. Clerk and Crowley, and the Comptroller of the Currency Peoples Bank of Lakewood Village, Board to reconsider application of, for membership upon showing that affiliate relationships with, have been severed Mr. Knox advised of reasons why Board did not approve application Submission of report by, covering holding company affiliate relationship with Transamerica Corporation waived Ca al National Bank in Austin, Texas, application for fidupowers approved Citizens ens National Bank of Hope, Ark., application for fiduciary powers approved Condition reports: Call as of December 31, 1941 Call as of April 4, 1942 Call as of June 30 Change in item due to and due from other banks being considered by Comptroller of Currency Centinental Illinois National Bank and Trust Co., letter from Treasury regarding examination which revealed that Mr. Lewis, Chairman and FRAgent was engaged in unethical transactions with, involving Government securities Purchase and sale of Government securities by Frank J. Lewis through, Mr. Cagle in Chicago Corm— . "slon into nonmember State bank being considered, mentioned in letter to FRBank of St. Louis .rcement of Regulation W, letter to Comptroller of the Currency- on cooperation with other authorities in 'r s National Bank of Danville, Kentucky, supplemental application for fiduciary powers approved Pil ' st National Bank of Alpine, Brewster County, Texas, transfr from San Antonio to El Paso territory Pirs+, National Bank of Arcola, Illinois, application for fiduciary powers denied http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/ 8 1/ 8 2/21 27 28 310 1/22 101 1/22 105 10/22 2048 12/31 2415 1/2 4/7 8 650 7/ 3 1359 3/24 550 5/22 1011 5/26 1046 1/ 1 6 6/12 1204 4/ 3 623 12/14 2311 2/ 2 163 243 Pages Natio nal banks: (Continued) First National Bank of Boston, Mass., letter of Mr. Charles E. Spencer, Jr., on amendment to Regulation R with respect to interlocking relationships between member banks and open-end investment companies First National Bank of El Campo, Texas, application for fiduciary powers denied APPlication for fiduciary powers granted after reconsideration, to act as co-trustee First National Bank of Etna, Pa., assets to be purchased and liabilities assumed by Peoples-Pittsburgh Trust Company and branch to be established and operated Pirst National Bank of Fairmont, Minnesota, FHA loans taken by/ without knowledge that such loans were in violation of Regulation W, no punitive action to be recommended, program of enforcement to be developed, letter to FRBank of Minneapolis First National Bank in Fort Collins, Colo., application for fiduciary powers approved upon assurance of improvement in the facilities for handling trusts First National Bank of Galveston, Texas, acceptance of savings deposits from Army Post Exchange First National Bank of Garwood, New Jersey, purchase of assets and assumption of liabilities of, by the Westfield Trust Company, Westfield, New Jersey, and establishment and operation of branch at Garwood approved First National Bank, Hattiesburg, Miss., letter to Mr. Foote on FRBank of New York holding securities in Pi safekeeping for other FRBanks rst National Bank of Kane, Pa., purchase of assets and assumption of liabilities by Kane Bank and Trust First National Company Bank of Newark, Arkansas, application for fiduciary powers to act as trustee in certain cases approved pirsStuili7ender of fiduciary powers approved 'ational Bank of Paris, Texas, penalty for deficient reserves waived Bank of Princeton, N. J., procedure under Regula tion W as to loans to college professors and First school teachers National Bank of Rantoul, Illinois, letter to FRBank of Chicago on shipments of currency for Army pay Pi roll purposes rst National Bank of Sparta, Illinois, surrender of fiduciary powers approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/17 2037 1/20 90 3/27 576 10/13 2014 2/20 305 6/25 1282 9/14 1804 3/26 564 12/16 2326 12/30 2408 2/2 164 7/15 1429 2/2 163 2/27 378 7/30 1519 3/3 408 244 Pages National banks: (Continued) First National Bank of Warsaw, Ind., granted permission to act as trustee in case cited only Permission to act as trustee in case cited in addition to powers previously granted First National Bank of Weatherly, Pennsylvania, approval for assumption of liabilities of, by Markle Banking and Trust Company, Hazleton, and establishment of branch at Weatherly, rescinded First National Bank of Westwood, N. J., letter to Mr. Dickson commenting on section of Regulation W relating to insurance policy loans First National Bank of Winthrop, New York, permission given to Ogdensburg Trust Company, Ogdensburg, New York to establish a branch in Winthrop in connection with the purchase of the assets and assumption of liabilities of First National Bank and Trust Company of Floral Park, New York, permission given to FDIC to examine Floral Park Bank and Trust Co., in connection with the assumption of its liabilities and assets by First National Bank and Trust Company, Minneapolis, Minn., accounts paid on sales contracts found not to conform to regulation, should be returned First National Trust and Savings Bank of San Diego, California, basis to be used in valuing Series G savings bonds held in common trust fund First National Trust and Savings Bank of Santa Barbara, Calif., inquiry on depositing securities held in trust accounts with some inland bank for safekeeping during emergency Hackl°nfield National Bank, Haddonfield, New Jersey, application for fiduciary powers granted Nrs National Bank, Hays, Pa., extension of time to Monongahela Trust Co. to dispose of stock of, or convert into branch Co ndition of membership involving holding of stock by Monongahela Trust Company, Homestead, Pa., canceled Hunted don County National Bank of Flemington, N. J., application for fiduciary powers approved '°n-State National Bank, Jackson, Miss., opinion of Board that national banks in Mississippi may not make interest payments in excess of rates preL4Salle scribed by State Bank Comptroller National Bank, Chicago, Illinois, advised that Board will not undertake to comment on proposals for the operation of common trust funds in connection with Regulation F, informal discussion with Mr. Mulroney at the FRBank of Chicago suggested http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/30 1322 7/21 1465 1/27 126 5/30 1098 2/14 254 1/30 148 6/25 1283 7/15 1431 7/14 1424 5/8 901 7/ 6 1372 12/22 2360 10/14 2017 1/27 126 5/15 944 245 Pages Nati onal banks: (Continued) LaSalle National Bank: (Continued) Letter to Mr. Mulroney regarding Lawrenceburg National Bank, Lawrenceburg, Ky., application for additional fiduciary powers approved Lin,oln ^ County National Bank of Stanford, Ky., application for fiduciary powers approved and conditions for taking over trust accounts of affiliated bank Manufacturers National Bank, Corinth, New York, advised that money borrowed by Union Free School District #7 in anticipation of taxes for purchase of oil burner is not considered an extension of instalment credit under Regulation V: Man ufacturers National Bank of Detroit, Mich., letter to Mr. Verhelle on meaning of words original maturity as used in form of guarantee agreement Mellon National Bank, Pittsburgh, Penn., purchase of additional stock of, by the Union Trust Company of Pittsburgh held to be in violation of FRAct and Revised Statutes tier • cantile National Bank, Chicago, Ill., interpretation of section 6 of standard form of guarantee agreement, reply to letter from attorney for Questions on standard form of credit agreement requesting interpretation Mercha A* n-lse National Bank of Chicago, Ill., application of Regulation W to check credit plan of, and use of statement of borrower in connection with To be advised that Check Credit Plan as outlined is not permissible under Regulation W Mer chants National Bank of Boston, Mass., resignation of Mr. Young as President of the FRBank of Boston to accept presidency of Merchants National Bank, Port Arthur, Texas, letter on protection afforded Government securities held in custody by FRBank of Dallas Michigan, reply to question of Minnesota National Bank of Duluth, asking whether the Board would grant limited fiduciary powers to a national bank in the State of Minnesota National Bank of Duluth, reply to question asking whether the Board would grant limited fiduciary powers to a national bank in the State of Michigan National Bank affiliate of Chicago City Bank and Trust Company, both in same position as regards capital, FRBank of Chicago and National Bank Examiner to determine measures to be taken by http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/15 945 8/18 1633 7/ 9 1389 1/24 117 10/ 1 1923 2/21 308 6/ 6 1152 6/19 1256 5/28 1077 7/17 1450 2/27 361 10/15 2027 5/7 879 5/7 879 3/2 400 246 Pages Nati onal banks: (Continued) National Bank of Adrian, Mich., assets purchased and liabilities assumed by Lenawee County Savings Bank, 8/14 1618 Adrian, Mich. National Bank of Commerce of Lincoln, Neb., absorption of ex8/ 7 1586 change and collection charges National Bank of Port Byron, N. Y., assets to be purchased and liabilities assumed by Auburn Trust Company, Auburn, N. Y., and branch to be established in 11/18 2194 Port Byron National Bank of Washington, Tacoma, Washington, submission of report covering holding company affiliate rela3/20 516 tionship with Transamerica Corporation waived National City Bank of New York, no objection to proposed changes in Statement of Borrower form used in 2/23 319 connection with Regulation Vi 4orthwestern National Bank and Trust Company, Minneapolis, Minnesota, reply to suggestion that the Board publish a pamphlet saying what "can" and 5/22 1021 can't" be done under Regulation W List of things that lending agencies cannot do under Regulation W, Board will edit list but assume no 6/ 3 1131 responsibility Peo 1 PJ-es National Bank, Rock Hill, S. C., reply that Federal Housing Administration loans must comply with 6/19 1259 Reportsprovisions of Regulation W of examination, copies sent to branches can be destroyed if copies retained in files of head 11/ 3 2113 office Riggs National Bank, Washington, D. C., reply to, regarding application of Regulation W to loan plans operated for two local public utility com5/20 998 panies Second National Bank of Ravenna, Ohio, copy of report on investigation of trust department of, in connection with surrender of its fiduciary powers, no action to be taken by Board because of pending 2/14 litigation, letter to FRBank of Cleveland 257 Letter to Comptroller containing the same information 2/14 258 Action to surrender fiduciary powers deferred until litigaStandard tion is terminated 7/15 1429 National Bank of New York, N. Y., no objection to purchase of assets and assumption of liabilities of, by the Manufacturers Trust Company, New York, and establishment of a branch of the trust company in the quarters of the national bank 2/7 221 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 247 Pages National banks: (Continued) Suits against directors, etc., of national banks for expenses incurred in defense of actions, suits, etc., report on S. 2039 Tel egraphers National Bank of St. Louis, Mo., absorbed by United Bank and Trust Company, no objection Temple City National Bank, Temple City, California, request of First Trust and Savings Bank, Pasadena, California, for permission to acquire assets of, and operate as a branch Request of First Trust and Savings Bank of Pasadena denied on present information before Board Transamerica Corporation advised that further expansion will not be permitted NV of letters to First Trust and Savings Bank of Pasadena and Transamerica Corporation to be sent to Comptroller and FDIC Tem,i_ National Bank, Temple, Texas, application for fiduciary powers approved Union Nat ional Bank, Wilmington, Delaware, assets to be purchased and liabilities assumed by Wilmington Trust Company Valley National Bank, Tucson, Arizona, declined to participate in war loan to W. E. Jacob, letter to Senator Hayden on War loan , s making of, by national banks, Comptroller asked to give consideration to question of permitting without holding national banks subject to section 5200 of Revised Statutes Letter On applicability of section 5200, Revised Statutes to, Board has no objection to the giving of a copy of, to interested parties Letter from Mr. Upham on participation in lending program, to be published in FRBulletin national Bureau of Economic Research, industrial advances and commitments, amount of, charge offs for, and earnl'Itional defense, intga) -(tjii.Onb3 et ieto ;e7.1:7t11;%yi=7:;17ffix--s awarding of defense contracts, Defense Contract Officers asked to send Board copy of the reports Housing Act, amendments introduced in Senate and House, report of Mr. Ransom on discussions with Messrs Bodfish and West, Counsel requested to keep (See T ' ord .o advised of progress of legislation a150 Legisla E'Z http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/23 760 10/ 8 1972 1/22 102 2/14 255 2/14 256 2/14 257 10/26 2064 11/ 4 2116 7/11 1407 4/ 8 661 5/12 924 5/25 1033 2/26 360 1/ 5 14 1/16 68 248 Pages tonal Housing Agency: R emodeling or rehabilitation projects as defense housing under Regulation W, request for copies of orders and forms Letter on proposed revision of Administrator's Order No. 8 delegating authority for designation of Natio,_,Proposed changes in procedure for designation of "q4.-L Faint, Varnish and Lacquer Association, Washington, D. C., letter on applicability of Regulation W to credit granted by wholesaler to retailer and by manufacturer to wholesaler Nation , Resources Planning Board: °flomic welfare of the country, suggestion that studies of FRBanks on financial requirements and studies of planning board on physical needs be coordinated Members, advisers and staff to be present at dinner for Chairmen of FRBanks for coordinating resources and statistical activities of Board of Governors with, Messrs. Delano and Ruml present at Board meeting to discuss Pr() blaja of cooperation between FRSystem and National Resources Planning Board for study of national and regional problems Staff: 6/18 1247 10/28 11/12 2081 2158 6/ 5 1144 6/ 9 1164 9/18 181,2 6/ 9 1173 7/21 1460 Blaisdell, Thomas C., Assistant Director, to confer with Mr. Goldenweiser on developing plan of coordinating research and statistical activities of Board of Governors and National Resources Planning 6/ 9 1175 Board Rm1, Beardsley, Adviser to: To meet with Board on program for coordination of study of physical needs with study of financial re6/ 9 1166 quirements and economic welfare Present at meeting of Board to discuss development of plan for coordinating research and statistical activities of Board and National Resources Planning Board 6/ 9 1173 Present at meeting of Board to consider collection of statistics on national and regional problems 7/21 1460 Tentn+e outline of national and regional studies subjects for _ to be made by research departments of FRBanks 7/30 1520 unal net • Nati1312.10. . all Association: ' 111 on charge accounts of husbands and wives under ReguStat. lation W 10/12 2010 18tios on furniture sales, inventories, etc., memorandum from Mr. Goldenweiser on taking over collection by Board of Governors 5/15 943 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 249 Pages Natio nal securities exchanges, list of Stocks Registered on, supplementary lists to be issued in future and distributed by FRBanks upon request Natio nal Used Car Market Report, Inc., Chicago, Ill., advised that Board will consider data supporting requested additional designations for purposes of Regulation W Natio ,nal War Labor Board: Effect of regulations that may be issued on salaries of officers and employees of FRBanks Sa larIes and wages regulations being prepared to comply with executive order Regulations regarding payment of supplemental compensation or allowances Gen , eral order No. 19, procedure for handling adjustment in salaries for employees of FRBanks and Board Wage and salary adjustments of employees of Board and FRBanks, procedure for handling SalarY adjustments at FRBanks, procedure for filing certifina+4 cates _ E usiness: ioank , uebits figures, letter to Mr. Willoughby on release and 1TA publication of -v3r D n: ePartment -°11tracts with ship building concerns, branches of Canadian Bank of Commerce being named assignee of nuPlicate copies of guarantees executed on behalf of, should be forwarded to the Board, reply to FRBank of Fee, Chicago ' collected on behalf of, to be credited to suspense account Finu ,_ . until further notice ,clng of war production contracts, plan discussed whereby FRBanks by authority of an Executive Order would act as fiscal agent for, in regard to Guarantee agreement modification where loan made or participated in by FRBank may be guaranteed by department inf°rmation on financial ability of ship repair and building yards furnished by FRBanks to, request by Board that information also be reported to Board . , Interes L, fees, and other charges derived from loans and guarantees, instructions for crediting of 8°11th African Reserve Bank, negotiation of U. S. notes for Naval personnel, suggestion of Board in letter to Treasury that same arrangements as developed for Javasche Bank be followed http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/25 353 3/24 550 10/28 2077 11/ 4 2115 11/ 6 2127 12/16 2318 12/12 2305 12/23 2370 5/30 1099 6/ 4 1140 5/8 903 8/28 1709 3/20 507 6/15 1218 1/22 107 9/19 1847 2/4 190 250 Pages N811%1 2epartment: Quaff: Conard, Rear Admiral Charles, Chairman of the Inter-departmental War Savings Bond Committee, advised of extent of participation of Board employees in, and of the designation of Mr. Bethea as an al5/13 930 ternate for Mr. Eccles on the committee Forrestal, James V., Under Secretary, advised of slight 665 4/ 9 change in guarantee fees to avoid uncertainty Kenney, W. John, Special Assistant to the Under Secretary of the Navy and Assistant Chief of the Procure507 3/20 ment Legal Division, present at Board meeting 613 Cost of luncheon to be borne by Board 4/ 1 Designated as authorized representative of the Secretary of the Navy to act under Section 4 of 616 4/ 2 Presidential Order No. 9112 War 1 ,°ans, instructions for, as approved by, sent to FRBanks 5/19 991 PIebras,_ lSee also War loans) Bankers Association, resolution of Committee on Competing Lending Agencies with reference to production Negroes 10/ 8 1976 credit associations 'rePly to President's Committee on Fair Employment Practice on charge alleging discriminatory requisition N 12/11 2301 for elevator operators tY Act, amendment proposed to section 7, State Department %ow 1/27 130 advised that Board favors ngland Home Equipment Company, reply to inquiry on instalment 6/19 1257 sales of silverware and dinnerware 11:4t, D H., of the Wharton School of the University of " Pennsylvania, cost of luncheon to be borne 1/26 124 by Board ,also Wharton School of Finance and Commerce) 'discussion of substitution of other cities as money mar/4/1, 3/12 ket 475 -Lork urb Exchange, advised that an odd-lot dealer is considered as acting under Regulation T in spite New of entry into the armed forces 545 3/23 Yoric 0, nari L'Lc'ek Exchange: uach, William L., no objection to retaining status as registered employee while employed in tem9/25 1883 porary capacity at FRBank of Philadelphia List of member firms reporting customers debit balances of more than e5,000,000 which are to continue 9/ 8 1751 filing monthly reports 4(onthii, J reports of ledger balances of 15 firms to be submitted Statist. 8/20 1648 monthly, all others semi-annually " 1 on customers debit balances being collected from certain member firms not to be furnished to 9/30 1914 firms Nelat http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 251 Pages Nickel8, advice to National Automatic Merchandising Association that information should be obtained from Treasury Department 143nraember banks: Alaska, to be permitted to carry accounts with FRBank of San during war emergency American can Security Bank, Honolulu, to be permitted to carry account with FRBank of San Francisco during war emergency Bank of • Phil adelphia, Mississippi, Board not in favor of extending safekeeping service of FRBanks to nonmember Chittebanks for holding Government securities nden County Trust Company, Burlington, Vermont, Ir. B. Frank advised that Board has no control over service charges instituted by Citizens Savings Bank, Providence, Rhode Island, to be advised that an exception to section 32 of Banking Act of 1933 cannot be made for trustees of a mutual savings bank Clarendon State Bank, Clarendon, Pa., assets purchased and liabilities assumed by Warren Bank and Trust Cornpany, Warren, Pa. Clearing account of, FRBank of Minneapolis advised that it may accept or decline according to its own discretion C°flvers' -1°n of national bank into nonmember State bank being considered, mentioned in letter to FRBank of St. Louis enforce -ement of Regulation W, letter to FDIC on cooperation with respect to insured P4rMer s & Merchants Bank, Rochester, Ind., reply to letter with advice that Board does not favor extension of safekeeping service of FRSystem to nonmember ilawn banks to be permitted to carry accounts with FRBank of San Indllstr•Francisco during war emergency al Bank, St. Louis, Missouri, reply to question of, regarding schedule of payments under Regulation Lo •Vi raln County Savings & Trust Company, Elyria, Ohio, action deferred on application for membership until management has been strengthened Barn: and Trust Company, Fayetteville, Ark., reply to inquiry on proposed stock dividend as taxable Morris income Plan Banking Co. of Boston, Mass., permission to FRBank Pe°Plesto open and maintain clearing account for Bank of Cumberland, Md., loan obtained by borrower on inadequate statement for which loan is used http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/ 4 1135 9/15 1819 9/15 1819 7/ 8 1384 4/18 746 3/9 436 11/30 2243 2/11 239 1/ 1 6 6/12 1205 8/20 1649 9/15 1819 1/30 152 3/26 563 11/ 4 2120 3/10 458 8/ 7 1590 252 Pages Nonmember banks: (Continued) Peoples Bank of Lakewood Village, Los Angeles County, California, discussion between Messrs. McKee and Crowley resulted in decision that application for membership should not be approved Application to be forwarded without recommendation of executive committee of FRBank of San Francisco as question of policy to be determined by Board Advised that application for membership is receiving the attention of the Board Discussion of application, review of connections with Transamerica Corporation, letter from FDIC regarding, letter to be drafted by Legal Division and Division of Examinations advising that Board is unwilling to approve application on information before Board Peoples State Bank, Cherryvale, Kansas: Floor plan loan on pick-up, advice that Board has no control over either RFC or OPR, and that Congress is giving consideration to solution of problem Safekeeping, reply to letter on FRBanks holding United State Government bonds for nonmember banks P"r"burg Banking Company, Perrysburg, Ohio, action on application for membership deferred because of slow progress in rehabilitation Prince Georges Bank and Trust Co., Hyattsville, Md., letter to Mr. Wilson on effect of Regulation W on certain modernization loans Safekeeping service for holding government securities, Board does not favor extension of service to Board does not favor extension to , -)30- cussed at meeting with Presidents 5 ard not in favor of extending this service to nonmember banks Safek— 'Ping of Treasury bills and certificates of indebtedness by FRBanks for, to be permitted 8°11th si de Bank of Jacksonville, Fla., permission to carry reserves required of banks in outlying districts upon conversion into American National Bank of Townvlile . Jacksonville State Bank, Townville, Pa., deposit liability to be assumed by Crawford County Trust Company, Uni —Meadville, Pa., no objection to transaction --"°n Ba of Michigan Grand Rapids, Michigan, Board willing to approve application for membership on condition that it create a reserve of $150,000 for dividends and increase its capital stock to $500,000 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/22 103 1/22 105 1/31 161 2/ 6 208-14 04 718 11/ 5 2125 6/11 1186 10/23 2055 7/ 8 1384 8/20 1649 9/29 1901 11/ 5 2125 10/14 2019 10/26 2063 10/10 2002 5/19 986 253 Pages Nonmember banks: (Continued) Union Savings Bank of Pittsburgh, Pa., proposed take over by 11/10 Union Trust Co. of Pittsburgh Un ion Trust Co., Clairton, Pa., proposed absorption by Peoples City Bank, McKeesport, Pa., and establishment 12/ 3 of branch at Clairton Union Trust Company, Newark, Ohio, purchase of stock by BancOhio Corporation and assets to be taken over 5/19 by Licking County Bank Assets purchased and liabilities assumed by Licking County 11/18 Bank and title changed to Union Licking Bank Warlm -848, authorizing deposits of advance payments in banks not members of the FRSystem discussed with War 5/23 Department Woo • dville Savings Bank Company, Woodville, Ohio, to be taken 8/26 Norfoll. over by State Bank of Woodville . Anal Virgini . • • a. Ysls of housing conditions in, bulletin will be furnished by Bureau of Census to State banks holding real 7/ 8 ilorth estate mortgages "werican Investment Corporation, applicability of Sec. 32 of 10/28 °Weg. Banking Act of 1933 to " Fin statement prepared for short wave broadcast to Notes 8/24 Europe at request of Office of War Information , advances on, secured by Government obligations, amendment proposed to Regulation A to clarify authority of FRBanks to make, draft submitted, opinion of Notice of A 3/10 Board that it is unnecessary at this time kiward, assignment of, letter to Comptroller General of the 10/14 United States for advice on 2142 2262 986 2194 1024 1689 1385 2080 1663 446 2018 !toll °t 13ritn, , 1Nalter A.: (See National banks, LaSalle National Bank, °'Connor„ Chicago, Illinois) , fi.e presentative James F., advised of reasons why the report in connection with the application of the Billings Utility Company, Billings, Montana, for a loan from the FRBank of Minneapolis cannot be OtDanie,, made available 1. Senator i. Lee, reply to copy of letter from Mr. Chambers, forwarded to Board by, protesting against the observance of legal holidays by banks and post Co offices during the war 4ticePY cfsent , to FRBanks „ ,,ensorehip: Ini ormati-on of value to Board obtained from international communications by, to be sent by Board to FRBanks having an interest in certain information http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/20 1001 4/27 776-8 778 2/ 5 195 254 Pages Oirfl ce of Censorship: (Continued) Information of value: (Continued) Letter to FRBanks advising them of availability of information, requested to designate information of in2/5 terest to them ota(_See also Censorship) ee of Defense Transportation, reply to Mr. Eastman that members of Board and staff cooperate in restriction of 11/17 holiday travel °ttice of Emergency Management: Staff: Moon, Lida S., former action of Board amended to extend leave without pay and accept resignation at a later date as she is to be continued on the pay roll of °trice A,.0f Price Administration: 4oaressograph plate for addressing commercial banks, facilities of Board and FRBanks to be made available to Ann° uncement by, of commodities in which shortages are expected should be discontinued in opinion of Mr. Fleming Charge Char accounts under Regulation W, authority of merchants to charge penalty rate of interest on those in default, report of Mr. Ransom on Coope, iont between FRBanks and field units of, letter to Mr. Hubachek Cl'edits, transfer through bank accounts, plan to be tried experimentally in Albany, Schenectady, and Troy, and surrounding territory I lvent°ries • of consumers goods, use of credit in connection with accumulation of, letter to financing institutions to be cleared through (See also Loans Inventories) Peoples State Bank, Cherryvale, Kansas, advised re floor plan loan on pick-up that Board has no control over either RFC or OPA, and that Congress is giving consideration to solution of problem Maturi ties under Regulation W, views of, given by Mr. Hubachek Penaltin discussion at meeting of Board Y interest rate on defaulted charge accounts, proposal for establishment abandoned Ration b anking, letter to Mr. Henderson on cooperation by Board and Governor Szymczak designated to take charge of work Plan " with suggested revisions by System Committee on Collections Letter to Mr. Henderson presented, but action deferred Letter to Mr. Henderson on cooperation of Board in http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 196 2192 2/23 317 11/30 2245 3/12 480 7/ 2 1353 6/ 9 1171 9/24 1876 6/11 1186 4/14 718 1/16 60 7/10 1400 12/ 5 2273 12/16 2327 12/18 2337 12/28 2399 255 Pages °Irace of Price Administration: (Continued) Ration coupons, handling by banks for, discussed at meeting of executive committee of Federal Advisory Council with Board Regulationw, proposed Amendment No. 3, statement with regard to the extent of help that its adoption would be to Modification of, desirable in opinion of, as it would relieve necessity for rationing certain commodities Questions of policy under consideration by, that involve changes in, reviewed by Mr. Ransom Staff: 10/ 7 1968 Bonner, Francis A., reply to question of, regarding application of Regulation W to charge accounts of department store employees, the accounts to be liquidated in full within 42 days by pay roll deductions Henderson, Leon, Administrator: Letter from, opposing ceiling on consumer credit quoted in regard to proposed Amendment No. 4, to Regulation W Letter from, suggesting inclusion of provisions that would permit local law enforcement in the proF.pd amendment to Regulation W Hubachek, Present at Board meeting Present at Board meeting Statement by, giving reasons for broader restrictions not being recommended by the Office of Price Administration Present at Board meeting Statement opposing application of instalment credit ceilings Opinion that 115 was important as providing distinction between wool and non-wool goods, in connection with proposed Amendment No. 4 statis..Present at Board meeting tics of department store inventories by departments, letter to Mr. Goldenweiser on monthly instead of quarterly collection --ug of banks for work in connection with collection of coupons used in rationing commodities and for other tasks, discussed at meeting of Federal Advisory Council with Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/24 324 3/12 482 3/23 539 5/25 1036 4/27 771 4/30 787 1/16 60 322 2/24 2/24 337 4/27 768 4/27 772 4/27 774 4/30 784 6/13 1211 9/14 1799 256 Pages Offl ce of War Information: Norwegian Finance, statement prepared for short wave broadcast to Europe at request of Mr. Farish poiicy and procedure in connection with, letter to Mr. Davis designating Mr. Thurston as representative of Board to cooperate with Security officer to be designated by Board, reply designating Mr. Elliott Thurston Olmstead, Major General Dawson, to be advised that FRBanks have no cost accountants on their staffs, and suggestion that he contact American Institute of Accountancy and American Association of Accountants °Pen , F.N.rKet operations: nAct, proposed amendment to Section 14(b) to allow FRBanks to purchase securities directly from the Treasury subject to direction of the Federal Open Market Committee, discussed at meeting of Board with Federal Advisory Council War Powers bill, second, provision for eliminating Section 14(b) of FRAct to allow direct purchase of Government securities from Treasury by FRBanks, instead of limiting purchases to the open market, discussion by Presidents in meeting with Board (See i Operat, a, -so Committees, Federal Open Market) -Lng ratios of member banks, supply of Form 456 for compiling Orders: data for 1942 sent to FRBanks 01aT. Bros. Furniture Stores, Chattanooga, Tenn., to close stores for one week for violation of Regulation W on of banks: P e°Ples Bank of Lakewood Village, Los Angeles County, California, action on application to be deferred until consideration of matter by Mr. McKee with FDIC, because of possible connection with Transamerica Corporation °Ireqiirafts, acY s Bank, New York, treatment of Regulat' 1°n IV, not subject to provisions of, unless used as Trean. means of evasion 'Airy at FRBanks anticipated within the next few days, telegram to FRBanks on manner of handling S Senator John H., reply to letter on inquiry of constituents on application of Regulation W to charge accounts of farmers http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/24 1663 7/25 1485 12/ 1 2256 3/2 389 2/16 264 2/3 170 12/ 3 2263 11/ 3 2103 1/16 70 5/29 1088 5/29 1088 6/18 1248 7/ 1 1347 257 Pages Hp' Pael 4-,•4 . .Lc Finance Corporation of California, transactions involving stock of, questions raised by Los Angeles Stock 7/ 6 1372 Panama , Exchange Canal Zone, destruction of currency in, copy of Treasury 7/17 1452 order sent to FRBanks Paper. . 3 sizing of, process developed by Mr. Scherbak to increase life of paper currency, letter to Mr. Bell for report 8/ 6 1579 on Par collection system, rules and regulations of Nashville and 2/16 278 Memphis Clearing House Association, changes in PaYnients: Cravens, Kenton R., for expenses in coming to Washington for discussions on procedure under Executive Order 9112 4/13 Payment for expenses incurred in coming to Washington for 4/13 consultation on Regulation Wapproved Granted per diem in lieu of subsistence for one day in connection with conference arising under Executive 4/15 9112 FRBank of Dallas: Crump, M., cash allowance equal to 6 months salary to supplement retirement benefits under disability 7/27 provisions 1Ta er, Howard G., reimbursed for expenses of trip to Washington 2/26 to discuss problems arising under Regulation W Per A • die and travelling expenses for persons under consideration for employment by Board, policy for paying 9/19 Res.— Reserve Board Club, Board to make monthly contribution to, to be used for the employment of Miss Jeanne Tydings as an attendant in the recreation room 2/12 Salvetti, Umberto F., two months salary because of termination PaYne, vi„ . 6/15 of employment Uor, advised that Board cannot foretell rulings and regulations that will make loans on automobiles more 2/23 . hazardous gc[ ction plan for purchase of savings bonds, forms for 1/28 furnishing information to Secretary of Treasury 4tent 01 participation of Board employees in, and designation of Mr. Bethea as an alternate for Mr. Eccles on the committee, letter to Rear Admiral Conard, Chairman of the Inter-departmental War Savings Bond Committee, advising of 5/13 Letter t 0 Admiral Charles Conard that staff of Board had ex11/ 2 ceeded ten per cent goal to FRB n s on 12/14 information reporting ) Char les O., Counsel, War Department Price Adjustment Board, meeting with committee of Federal Advisory 9/18 Council and committee of Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 712 712 724 1490 360 1847 243 1216 320 140 930 2101 2312 1830 258 Pages 13eri 4 "on funds of employees of City of Birmingham, effect of RegulaPeoplestion V: on Cash Store, Mt. Olive, Mississippi, letter of appreciation for suggestion that a customer in default at one store might obtain credit at another and thus avoid Regulation W Per.s°rIn pers_ e classification plans: (See FRBank of vnnel problem facing banks discussed at meeting of Federal Ad Peters u visory Council with Board '"-• E., President of the Pacific Auto Guide, reply to, informing of possible results of the establishment of price ceilings on used automobiles (See (See also Appraisal guides; Official Guide) et u-Leum Administration for War, proposed directive to be issued to restrict retail credit sales of petroleum Pq1.01 products eum products: zixtension • of credit in connection with sales by or through retail outlets, letter from Mr. Davies, Mr. Ransom to look into matter Restriction of retail credit sales of proposed directive to be Petty issued by Petroleum Administration for War cash fund, increase from ten to fifty dollars to permit purchase of railroad tickets for FRBank officials and Mr. Nelson designated to be responsible for fund with Mr. Carpenter as alternate phil°r13 G. B.: (See Regulation W, Billing of charge accounts) 4, Halle, Memphis, Tennessee, reply to, regarding problem of making the billing month correspond to the calendar month with respect to charge accounts under Regulation W -Llips Petroleum Company, effect of Regulation Vi on credit cards P v al ex . issued by amlnations: Bettal an) Alfred, not to be required because of appointment on part time basis as special consultant in Division of Research and Statistics 3 David M., in connection with appointment as Associate Economist in Division of Research and Statistics, report of test made at University of Virginia to be obtained and further consideration to be given to appointment Report of Dr. Swineford of University of Virginia and Dr. 4uks.ra Barr of no evidence of tuberculosis '3 Charles Doyle, reply to letter from, forwarded to Board by Senator Hill regarding a charge of 15 cents by the Albertville National Bank, Albertville, Alabama, for the cashing of veterans' checks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/22 1864 5/23 1025 9/14 1799 4/16 731 12/23 2366 9/ 4 1732 12/23 2366 12/ 2 2259 5/22 1020 7/ 9 1392 6/23 1269 7/10 1399 7/22 1469 5/23 1028 259 Pages 1 outh Co-Operative Oil Company, Le Mars, Iowa, inquiry of Mr. Meek on treatment of charge account under Regulation W when customer charges at two or more stations P°11cY record: Board of Governors: Drafts of entries for 1941 approved Mechanics and Farmers' Bank of Albany, New York, action deferring application for sharing quarters with uninsured nonmember bank not to be included in policy record Federal Open Market Committee: Draft of letter to be enclosed with drafts of entries coveractions for 1941, approved ingDraft of entries for 1941 approved ' Ll aJ- affiliations of directors: °Yd, Walter H., resignation because of acceptance of position in Department of Agriculture not deemed necessary P011"d, Robert V., report by Mr. Ransom on discussions with, in regard to S. 2146, 2147, and 2148 to amend Home Post, chn Owners' Loan Act of 1933, etc. -r4-es A., President of the Citizens Savings Bank, Providence, Rhode Island, to be advised that an exception cannot be made for trustees of mutual savings Post bank exchanges: 7/20 1456 1/20 91 2/24 348 1/9 35 236 2/10 6/30 1329 5/5 856 3/9 436 AccePtan -ce of savings deposit by First National Bank of Gal9/14 1804 veston, Texas, from Deposits made by, to be reported as public moneys in condition P°st Offi 10/13 2014 reports if not designated depositaries ce station at FRBank of Kansas City, embezzlement by employee of, special comment requested and study Poti• 10/ 8 1975 to be made on operations of station t - er, Iv (See Glendale Merchants Association, Ltd.) pedn 6 of the United States: eral Open Market Committee, opinion of Mr. Eccles that amendment to FRAct to regroup FRBanks for purpose of selecting members of, is not of sufficient imPiser 2/17 283 portance to take up with 'LeroY M., letter requesting reclassification for military Preo_ 11/23 2217 service for purpose of deferment " statement containing message to Congress relating to consumer credit control read at meeting of the Board 4/27 773 Publ.'le statements relating to differences of opinion between agencies or officials of the Federal Government, reply acknowledging letter 9/11 1784 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 260 Pages Pr-. eza.dent of the United States: (Continued) Special committee appointed by, to study inflation, report by Mr. 'Eccles on the findings of, at a meeting of Presid the FAC with the Board f ents, meeting with Board of Governors \See also Conferences, Presidents) Pre88: 5/18 954 9/29 1897 Code of Wartime Practices for the American Press and a copy of Press Rules for the Guidance of Persons Corresponding with Foreign Countries issued by the Office of Censorship sent to FRBanks, advised that any problem submitted will be taken up with Office of Censorship by Mr. Draper 1/22 , statements* 16ank debits:no longer to be compiled on weekly basis but on a monthly basis only 5/6 Bank for International Settlements, daily press reviews prepared by, letter advising Coordinator of Information that Board would be glad to rely on their service as a source for 5/4 Clark Bros. Stores, notice of suspension of license for violation of Regulation ion WW 11/ 9 Conser .._ vation of vital metals, paper, etc., used in making coins, currency, campaign of Treasury to increase investments 6/18 in War Savings Stamps, etc. Debt, s tatement to encourage reduction of, by individuals, to be considered by Messrs. Ransom, McKee, and Szymczak and then submitted to Board, FDIC, and Comptroller 5/5 S tatement approved 5/7 .1scount rate changes, no special statement to be released but attention of press representatives called to 10/27 reference in FRBulletin 'Ilbank notes, to be released by Board and FRBanks to be advised 12/12 PI nk week, Ly statement of condition: anote statement to be discontinued, information to be shown under liabilities, and statement to be reduced to two sheets 5/5 Memo of Mr. Smead on manner of showing government securities purchased in open market or directly from Treasury 6/15 Changes in connection with participation of FRBanks in PRnni. 8/25 foreign accounts ' - es and FRbank notes of 1928 series, statement regarding the issuance of, to be drafted by Mr. Bernstein and 5/26 checked with Ir. Vest Inlientori es of consumers goods, use of credit in connection with accumulation of, letter to banks and financing institutions revised and to be released for 6/17 publication http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 108 874 845 2136 1250 851 880 2071 2307 865 1221 1673 1061 1233 261 Pages PresTe _statements: (Continued) "elle to individuals for nonproductive purposes, statement on amortization to be sent to member banks by FRBank of Cleveland llernber bank weekly statements: Debits to demand deposit accounts to be shown in Press statement to be released when change is made Reciprocal bank balances, proposed procedure for reporting, agreeable to Comptroller, no change to be made on the face of the report and the form of published statement Prepared by Messrs. Goldenweiser and Rouse at request of Secretary Morgenthau to be considered by members of Federal Open Market Committee present in Washington P'eeident Roosevelt's anti-inflation message to Congress relating to consumer credit control, read at meeting of Board President of the United States on temporary war pay resolution and increasing hours of work week Registration statements, Board has no objection to release by FRBank of Minneapolis of summary data from, copy of release requested Regulation A, proposed amendment to clarify authority of FRBanks to make advances on notes secured by Government obligations, press statement submitted with draft of amendment COpy of press statement enclosed with letter to FRBanks advising of adoption of amendment to Regglation D, amendment proposed to permit weekly computation of reserves by member banks in central reserve cities or in cities in which a FRBank or branch is located, statement to be prepared regarding, if reaction of FRBanks is favorable to Statement released to press Amendment reducing reserves required of member banks in central reserve cities Mr. Thurston to prepare statement denying that procedure of, is being used to create a monopoly for member banks Re Statement to be released in connection with the adoption of W: Arilendment No. 3 adopted, to be released to the press March 9, 1942 COPY of statement to be sent to FRBanks -"endment No. 4, to be wired to FRBanks and held in confidence until release date http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/11 1189 4/18 4/18 744 745 5/11 921 10/ 6 1954 4/27 773 12/26 2386 3/10 459 3/10 446 3/17 500 2/17 2/21 285 314 10/ 2 1931 4/10 602 690 2/24 2/25 341 354 4/30 786 4/1 262 Pages Peee statements: (Continued) Regulation IV: (Continued) Amendments number 6 and 7 on fuel conservation credits and disaster credits adopted and to be released for 7/27 publication Amendment No. 9 to be released 10/14 Enforcement of, memoranda from Mr. Hodgson including, sent 5/5 to Board members Not to be given out as it lacks news value 5/5 m Statement regarding revision of, sent to FRBanks 5/ 4 ileserve requirements, reduction in, origin of statements dis6/ 3 cussed at meeting with FAC tail Street Journal, article that Federal Reserve officials were contemplating control of savings accounts 9/21 denied 14ek lY reports of member banks in 101 leading cities, change in 3/24 Price item due to and due from being considered Pri' ce ' - 711°n: (See Office of Censorship) ,control: discussion by Chairman Eccles with regard to the role of credit control as supplementing price control, priorities, and rationing in controlling trend toward 2/16 APPlications forwarded on Form PD-408 for fourth calendar guar8/19 Form_ ter, for assistance on and instructions furnished by War Production Board sent to 7/30 FRBanks 1°n, discussion by Chairman Eccles with regard to credit control as supplementing price control, priori2/16 ties, and rationing in controlling trend toward Of FRSystem for, letter to Mr. Maury Maverick on needs of FRSystem and designating Mr. Myrick to act in the liaison capacity with War Production 7/21 Board ''''emental forms PD-408, to be submitted by bank and transmit8/ 1 ted to War Production Board Trave, s and materials, Governmental classification of 8/ 5 air carriers, recommendation that authority to sign certificates for, be limited to members of Board 2/ 5 and Secretary approved Letter to they authority restrict that FRBanks recommending Pro, 2/ 5 to sign certificates credit associations, resolution of Committee on Competing Lending Agencies of Nebraska Bankers Associarcd_c 10/ 8 tIon c tion redit Corporation: ture loans, letter to Mr. T. P. Coats on exemption under 12/19 provisions of Regulation W http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1489 2019 847 848 841 1116 1852 550 263 1642 1519 263 1466 1536 1565 196 197 1976 2344 263 Pages Prc)tecti°n of Public buildins against air raids and sabotage: FRBanks requested to submit floor plans and to designate officor to whom correspondence should be sent Let+ Letter to Mr. Blakeslee transmitting plans of FRBanks and suggesting needs of FRBanks Code sent to FRBanks and defense coordinator to be selected by each bank Protee • tlon of recol-ds, letter to Mr. Dan Lacy on measures taken to Provid_ protect records of Board ' ence Better Business Bureau, reply on letter of authorization 1form of statement Pr°vost liv.Marshal General: 'LltarY occupation of countries, memo of Mr. Clayton on conversation with Mr. Jesse I. Miller on problems involved and on procuring qualified personnel Pla , ' and studies being made by Military Government Division, Lawrence Clayton designated as liaison officer to cooperate with ' -1 rule registered companies being considered by Securities and Exchange Commission George reply to letter on application of Regulation V. to credit extended by Great Atlantic and Pacific Tea Company to employees ' Lle Build. lngs Administration: nefe nse coordinator, appointment by FRBanks, letter to FRBanks on protective measures Protecf. --1°n of buildings against air raids and sabotage, FRBanks requested to submit floor plans to, and to designate officer to whom correspondence should be sent Letter to Mr. Blakeslee transmitting plans of certain buildP141,1. ' 4-1c ings and suggesting needs of FRBanks staff: ,kallgs of the Federal Works Agency: 5/7 5/29 1092 6/13 1213 11/13 2166 2/4 186 10/21 2045 11/ 6 2128 10/ 2 1932 Howe, George, Acting Commissioner, advised that Board has designated Mr. Belt as its representative on Nblic the Advisory Committee on Subversive Activities statements, differences of opinion between agencies or officials of the Federal Government, reply to let131.11) 1 icatio ter from the President on 13ant:ers 1 ns: , dagazine, advised that Regulation W was designed to discourage unwise borrowing and not prohibit instalment buying generally C°11nteri• 4 it notes, Board willing to print notices of, on a reimbursable basis for the Secret Service Division of the Treasury Department http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 883 9/ 4 173h6/13 1213 5/7 883 5/29 1092 2/27 379 9/11 1784 1/16 77 5/20 1004 264 Pages (Continued) 114", order for printing of, placed with Government Printing Office, new amendments to be added in supplement, charge to be made for copies sent to 3/ 6 those not on free list 433 Juldn s Handbook of Regulation W, comments of Board to be sent 7/24 1480 to Mr. J. Gordon Dakins List of Registered on National Securities Exchanges, supplementary lists to be issued in future and dis353 2/25 tributed by FRBanks upon request Regulation W, upon adoption of Amendment No. 3 entire regulation to be reprinted, FRBanks to advise Board whether 2/ 3 they desire proofs or offset negatives 168 Pamlohlet saying what "can" and "can't" be done under, suggestion of Northwestern National Bank and Trust Company, Minneapolis, Minnesota, that Board pub5/22 1021 lish Statistical manual, no need for extension of clerks on reimbursable basis as help can now be supplied by Board's staff, reimbursement of only one clerk necessary for December as Mr. Martin resigned 1/ 5 11 ; -alformation on number and amount of applications of war 1111el'to Rico: loans, letter to FRBanks on release of 6/ 3 1129 Destruction of currency in, procedure as to FRnotes and FRbank 10/15 notes approved by Board 1'11°1811°s* Jewelry Co., answers to questions of, rendered incorrect by revision of Regulation WI letter to FRBank of 5/ 5 Cleveland advising q11 " .t. nn 4 /41 0°--res: a-L '4Purpose loans, questionnaire on, sent to representatives of the trade, and bank and finance companies, giving reasons for regulation of egUlat'o /T 1 -n questionnaire prepared by Mr. Ransom in connection with regulation of charge accounts transmitted to FRBanks Su -D1ementa -etireP ry question added ment System questionnaire returned to committee of Presidents' Conference, no opinions or suggestions with regard to changes to be made at this time by Board -alestionnaire, reply to, giving outline of organization of Board and number of persons employed http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2027 865 4/6 640 3/21 3/24 534 549 2/26 357 3/2 396 265 Pages Q1lest ionnaires: (Continued) dings Questionnaire: (Continued) Chairman Eccles authorized to ask whether in view of circumstances Board should make a reply or ask staff to prepare an answer, Mr. Ransom opposed to any answer which is not complete worhpecision of Board that staff heads answer questionnaire 'lng hours of Board, Ir. Leonard authorized to circulate to staff 3/10 3/23 449 543 12/14 2312 !IR!? Rabaut, Congressman Louis C.: (See Regulation W) Code of Wartime Practices of the American Press and a copy of Rules for the Guidance of Persons Corresponding with Foreign Countries issued by the Office of Censorship sent to FRBanks, advised that any problem submitted will be taken up Radi with Office of Censorship by Mr. Draper 0 broadcasts: Mcrwegian Finances, statement prepared for short wave broadcast to Europe at request of Office of har InformaRatea: tion Advances to individuals, partnerships, and corporations secured by direct obligations to United States will be approved at 2 per cent if established by FRBanks Advn, under Section 10(b), reduction discussed "Banks to be advised that Board would approve reduction to 1-1/2 per cent CePtificates of indebtedness, suggestion of Mr. McKee that FRSystem post buying rate on °I-8e°11nts, rate schedules in FRBulletin to be changed to clarify authority of FRBanks to make advances on notes 4feetsecured by Government obligations of short-term rates on long-term rates discussed at meeting of the executive committee of the Federal PRHA„,_ Advisory Council with the Board Atlanta:ivisory of Advn., -"ces to individuals, partnerships, or corporations established at 2% Adv co at:Ices under section 10(b) established at 1-1/2 per cent I, 111114tment rate fixed at 1/4 to 1/2 per cent nwastrial advances established at 1-1/2 to 6 per cent http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/22 108 8/24 1663 10/ 9 1986 10/ 6 1954 10/ 9 1985 7/ 1 1339 3/10 447 4/9 675 10/15 2021 10/15 3/20 3/20 2021 514 514 266 Pages Plates: (Continued) PRBank of Atlanta: (Continued) Industrial advances, schedule for advances and commitments approved Rediscount established at one per cent Rediscount established at 1/2 per cent on advances secured by direct or guaranteed obligations of United States Schedules of discount and purchase approved PRBank of Boston: Advances to individuals, partnerships, or corporations established at 2 per cent Ad vances under sec. 10(b) of FRAct established at 1-1/2 per cent Industrial advances under section 13b established on advances and commitments, approval of Rediscount established at 1/2 per cent on advances secured by direct or guaranteed obligations of United States Sc od,.1 --"4-Les of discount and purchase approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/15 3/20 934 514 10/15 1/9 1/23 2/6 2/20 3/20 4/3 4/17 5/1 5/29 6/12 6/26 7/10 7/24 8/ 7 8/21 9/ 4 9/18 10/ 2 10/30 11/13 11/27 12/11 12/26 2021 31 110 199 302 514 622 734 833 1083 1198 1286 1396 1476 1582 1651 1730 1829 1925 2089 2161 2232 2300 2384 10/26 2060 10/26 2061 5/29 1080 10/26 2060 31 1/9 1/23 110 2/6 199 302 2/20 3/20 515 4/3 622 267 Pages Rates: (Continued) r mank of Boston: (Continued) Schedules of discount and purchase: (Continued) 4/17 5/1 6/12 6/26 7/10 7/24 8/ 7 734 833 1198 1286 1396 1476 9/ 4 9/18 10/ 2 10/26 10/30 11/13 11/27 12/11 12/26 1730 1829 1925 2060 2089 2161 2232 2300 2384 1582 8/21 1651 PlIBank of Chicago: Advances to individuals, partnerships, and corporations established at 2 per cent Advances ances under Sec. 10(b) established at 1-1/2 per cent -Industrial advances under section 13b, changes in rates on advances and commitments approved Rediscount rate of 1 per cent on advances, establishment of, approved under sections 13 and 13a of the FRAct Rediscount established at 1/2 per cent on advances secured by direct or guaranteed obligations of United States Schedules of discount and purchase approved 10/16 2029 8/28 1706 5/29 1083 2/27 10/16 2029 1/2 7 1/9 1/16 1/23 1/30 2/6 2/20 3/13 3/20 3/27 4/3 4/10 4/17 4/25 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 362 31 75 110 146 199 302 489 515 572 622 687 734 761 268 Pages Rates: (Continued) raank of Chicago: (Continued) Schedules of discount and purchase: (Continued) 5/1 833 5/8 899 5/22 1012 5/29 1083 6/ 5 6/12 6/19 6/26 7/10 7/17 7/24 7/31 8/ 7 8/14 8/21 1138 1198 1253 1286 1396 1446 1476 1522 1582 1615 1651 8/28 1706 9/ 4 1730 9/11 1777 9/18 1829 9/25 1881 10/ 2 1925 111Bank of Cleveland: Advances to individuals, partnerships, or corporations established at 2 per cent Adva flees to lenders other than banks, deletion of rate from schedule Adv,-"ces to nonmember banks secured by Government obligations, establishment at 1 per cent approved t il *arIces under section 10b approved at 1-1/2 per cent ! qustrial advances, schedule for advances and commitments approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis loi 9 10/16 lo/26 11/ 6 11/13 11/2o 12/ 4 12/11 12/18 12/26 1977 2029 2061 2126 2161 220 2266 2300 2334 2384 1026 2060 4/11 696 4/11 696 9/11 1777 5/8 900 269 Pages Rates: (Continued) rilbank of Cleveland: (Continued) Rediscount, establishment at 1 per cent approved 4/11 Rediscount, established at 1/2 per cent on advances secured by direct or guaranteed obligations of United 10/26 States Schedules of discount and purchase approved 1/ 2 1/16 1/30 2/13 3/13 4/11 4/25 5/22 6/ 5 6/19 7/ 3 7/17 7/31 8/14 8/28 9/11 9/25 10/ 9 10/26 11/ 6 11/20 PRBank of Dallas: 4avances to individuals, partnerships, and corporations established at 2 per cent Achi„ -"ces under section 10(b) established at 1-1/2 per cent Industrial advances, schedule for advances and commitments approved illeecll.scount established at 1 per cent ulecount, established at 1/2 per cent, on advances secured by direct or guaranteed obligations of U. S. Schedules of discount and purchase approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1V/1 696 2060 7 75 146 251 489 696 761 1012 1138 1253 1359 1446 1522 1615 1705 1777 1881 1977 2060 2126 2203 3636 4 2029 10/16 2029 10/16 5/15 3/20 936 514 10/16 2029 1/2 7 1/16 75 1/30 146 2/13 251 3/13 489 3/20 514 4/3 622 4/10 687 270 Pages Rates, (Continued) PRBank of Dallas: (Continued) Schedules of discount and purchase: (Continued) PRga nk of Kansas City: Advances to individuals, partnerships, or corporations established at 2 per cent Advances es under section 10(b) of FRAct established at 1-1/2 per cent Industrial advances, letter to, suggesting that in light of discussion by Presidents it might desire to reconsider its schedule for advances and commitments Schedule Rediscount: on advances and commitments approved Establishment at 1 per cent approved Established at 1/2 per cent on advances secured by di— rect or guaranteed obligations of U. S. Schedules of discount and purchase approved 4/25 5/8 5/29 6/12 6/26 7/10 7/24 8/ 7 8/21 9/ 4 9/11 9/25 10/ 9 10/16 10/30 11/13 11/20 12/ 4 12/18 761 899 1083 1198 1286 1396 1476 1582 1651 1730 1777 1881 1977 2029 2089 2161 2203 2266 2334 10/26 2060 10/26 2061 5/12 925 6/ 5 1137 4/11 697 10/26 2060 1/ 2 7 1/16 75 1/30 146 2/13 251 3/13 1.492, 4/11 697 4/25 761 6/ 5 1137 6/19 1253 7/ 3 1360 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 271 Pages 11°48: (Continued) PRBank of Kansas City: (Continued) Schedules of discount and purchase: (Continued) 7/31 1522 8/14 1615 8/28 9/11 9/25 10/ 9 1705 1777 1881 1977 10/26 2060 11/ 6 2126 11/20 2203 11/27 2232 PRIkrik 12/ 4 2266 12/18 2334 of Minneapolis: Advances to individuals, partnerships, or corporations es10/29 tablished at 2-1/2 per cent Advances under section 10(b), reduction recommended 10/ 9 Advances to member banks under section 10(b) of FRAct established at 1-1/2 per cent 10/29 Advances to nonmember banks secured by Government obligations, establishment at 1 per cent approved 3/26 Industrial advances, schedule for advances and commitments approved 5/15 Rediscount establishment at 1 per cent approved 3/26 Reduction voted by executive committee, action deferred 10/ 9 Report of Mr. Morrill of discussion with Mr. Powell and advice that action is to be taken at next 10/27 meeting Establishment of 1/2 per cent on advances to member banks secured by direct or guaranteed obliga10/29 tions of U. S. approved Sc hedules of discount and purchase approved 1/ 9 1/23 2/13 3/13 3/26 4/10 4/25 5/8 5/29 6/12 6/26 7/10 7/24 2083 1981 2083 562 935 562 1980 2070 2083 31 110 251 489 562 687 761 899 1083 1198 1286 1396 1476 8/ 7 1582 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 272 Pages Rates: (Continued) FRBank of Minneapolis: (Continued) Schedules of discount and purchase: (Continued) PRBank of New York: Advances to individuals, partnerships, and corporations, recommendation of rate of 2-1/2 per cent . Established at 2-1/2 per cent Advances under section 10(b) of FRAct established at Industrial 1-1/2 per cent loans, rate of 1/2 to 2 per cent on commitments for future discount of loans under Sec. 13b of FRAct, approved Letter to Mr. Sproul on changes submitted, Board does not favor 6 per cent limit Discussion of maximum rate of 6 per cent desired by directors of FRBank, Board in favor of 5 per cent maximum _S Red chedule on advances and commitments approved lscount, recommendation that rate be established at 1/2 per cent on advances and that rate be applicable to nonmember banks as well as to member banks, Mr. Eccles to take up with Mr. Sproul before formal action Established at 1/2 per cent on advances to member banks secured by direct or guaranteed obligations of U. S. Sch edules of discount and purchase approved 8/14 8/28 9/11 9/25 10/29 11/ 6 11/13 11/27 12/11 12/26 10/27 2066 10/30 2090 10/30 2090 5/1 834 5/29 1081 6/ 3 1125 6/ 5 1136 10/27 2066 10/30 2090 1/2 7 31 1/9 1/16 75 1/23 110 1/30 2/6 2/20 3/2 3/13 3/20 3/27 4/3 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1615 1705 1777 1881 2083 2126 2161 2232 2300 2384 146 199 302 396 489 515 572 622 273 Pages Rates: (Continued) FRBank of New York: (Continued) Schedules of discount and purchase: (Continued) A, of Pri8anit Philadelphia: 4avanoe s to individuals, partnerships, and corporations established at two per cent Advances to nonmember banks secured by Government obligations, establishment at 1 per cent approved Ind es under section 10(b) established at 1-1/2 per cent ustrial advances, schedul e for advances and commitments approved Redisc_ Re,, ount established at one per cent '18count established at 1/2 per cent on advances secured ect or guaranteed obligations of United Sa ITt http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/10 4/17 4/25 5/8 6/ 5 6/12 6/19 6/26 7/ 3 7/10 7/17 7/24 7/31 8/ 7 8/14 8/21 8/28 9/ 4 9/11 9/18 9/25 10/ 2 10/ 9 10/30 11/ 6 11/13 11/20 11/27 12/ 4 12/11 12/18 687 734 761 899 1136 1198 1253 1286 1359 1396 1446 1476 1522 1582 1615 1651 1705 1730 1776 1829 1881 1925 1977 2090 2126 2161 2203 2232 2266 2300 2334 10/16 2029 3/20 10/16 513 2029 5/19 3/20 985 513 10/16 2029 274 Pages Rates: (Continued) PRBank of Philadelphia: (Continued) Schedules of discount and purchase approved 1/2 1/16 1/30 2/6 2/20 3/20 4/3 4/17 5/1 5/29 6/ 5 6/19 7/ 3 7/17 7/31 8/ 7 8/21 9/ 4 9/18 10/ 2 10/16 10/30 11/ 6 11/20 12/ 4 12/18 7 75 146 199 302 513 622 734 833 1083 1138 1253 1359 1446 1522 1582 1651 1730 1829 1925 2029 2089 2126 2203 2266 2334 ank of Richmond: Advances to individuals, partnerships, and corporations established at 2-1/2 per cent approved 10/27 2066 Advan --ess under section 10(b) of FRAct established at 1-1/2 per cent approved 10/27 2066 Industrial advances, schedule for advances and commitments 5/22 1013 Rediscount approved : Established at one per cent 488 3/13 Established at 1/2 per cent on advances to member banks secured by direct or guaranteed obligation of United States 10/27 2066 Schedules for discount and purchase approved 31 1/9 1/23 110 2/6 199 2/13 251 3/13 488 3/27 572 4/10 687 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 275 Pages Rates: (Continued) FRBank of Richmond: (Contin ued) Schedules of discount and purchase: (Continued) 4/25 5/8 5/22 6/ 5 6/12 6/26 7/ 3 7/10 7/24 8/ 7 8/14 8/28 9/11 9/25 10/ 9 10/27 11/ 6 11/13 11/27 12/11 12/26 761 899 1013 1138 1198 1286 1359 1396 1476 1582 1615 1705 1776 1881 1977 2070 2126 2161 2232 2300 2384 PRBank of St. Louis: A dvances to individuals, partnerships, and corporations established at 3 per cent 3/13 488 Advances to individuals, partnerships, or corporations established at 2 per cent 10/26 2060 &Ivances under section 10(b), established at 1-1/2 per cent 488 3/13 Industrial advances, Board has no objection to proposed schedule for advances and commitments 5/15 933 1, Schedule for approve commitm d ents advance s and 5/15 935 lie discount: Established at one per cent 488 3/13 Established at 1/2 per cent on advances secured by direct or guaranteed obligations of U. S. 10/26 2060 Schedules of discount and purchase approved 1/2 7 31 1/9 1/23 110 2/6 199 2/13 251 488 3/13 3/27 572 687 4/10 761 4/25 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 276 Pages Rates: f ‘COntinUed) ritbank of St. Louis: (Continued) Schedules of discount and purchase: (Continued) 111/3atAlk‘vof San Francisco: ances to individuals, partnerships, and corporations established at 2-1/2 per cent approved Advances secured by direct obligations of the United States, changes receiving consideration Ad Rates recommended by FRBank, action deferred vances to nonmember banks secured by Government obligations, establishment at 1 per cent approved AdvA,,4ces — under Sec. 10(b) of FRAct established at 1-1/2 per cent approved Indus+ • ' ,Mal advances, letter to, suggesting that in light of discussion by Presidents it might desire to reconsider schedule for advances and commitments aedis Schedule for advances and commitments approved count, establishment at 1 per cent requested by FRBank, action deferred Establishment at 1 per cent approved Established at 1/2 per cent on advances to member banks secured by direct or guaranteed obligations of U. S. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/8 5/22 5/29 6/12 6/26 7/10 7/24 7/31 8/ 7 8/14 8/21 8/28 9/11 9/25 10/ 9 10/26 10/30 11/13 11/27 12/11 12/26 899 1012 1083 1198 1286 1396 1476 1522 1582 1615 1651 1705 1777 1881 1977 2060 2089 2161 2232 2300 2384 10/27 2066 3/20 3/26 515 561 4/3 622 10/27 2066 5/12 925 5/22 1013 3/26 4/ 3 561 622 10/27 2066 277 Pages Rate8: (C OntinUed) rRBarik of San Francisco: (Continued) Schedules of discount and purchase approved 1/ 2 1/16 1/23 1/30 2/ 6 2/13 2/20 3/13 3/20 4/ 3 4/10 4/17 4/25 5/ 1 5/ 8 7 75 110 146 199 251 302 489 515 622 688 734 761 833 9/11 9/18 9/25 10/ 2 10/ 9 10/27 11/ 6 11/13 11/20 11/27 12/ 4 12/11 12/18 12/26 1777 1829 1881 1925 1977 2070 2126 2161 2203 899 5/22 1014 5/29 1083 6/ 5 1138 6/12 1198 6/19 1253 6/26 1286 7/ 3 1360 7/10 1396 7/17 1446 7/24 1476 8/ 7 1582 8/14 1615 8/21 1651 8/28 1706 9/ 4 1730 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2232 2266 2300 2334 2384 278 Pages Rates: (continued) Advances under Section 10(b) of FRAct, maximum rate to be discussed at next conference of Presidents Discussion of possible changes in, and necessity for uniformity Government obligations, preferential rate for loans by FRBanks to member banks on security of, discussed at meeting of Federal Advisory Council Graduated scale on series B tax notes suggested to Ur. Morgenthau by Board of Governors I ndustrial advances, existing schedules should be changed and made uniform at all FRBanks Telegram to FRBanks suggesting schedule of rates Schedule of, covering loans and commitments under Sec. 13b to be reviewed Rediscount, change at all FRBanks whose rate is above one per cent, advice to Presidents that Board will approve Discussion of uniform reduction to 1 per cent, no objection by Presidents in meeting with Board Comments in minutes of Conference of Presidents Reduction discussed in connection with possible change in rate on 10b loans Discussion of reduction in and establishment of preferential rate on advances secured by Government obligations Establishment of preferential rate on advances secured by direct obligations of United States discussed Reduction as compared with establishment of preferential rate discussed Preferential rate on advances secured by obligations of United States maturing within one year Preferential rate of 1/2 per cent on advances to member banks secured by direct or guaranteed obligations with one year or less to run, motion approved after lengthy discussion Interest: Advice that interest after maturity, interest on overdue interest, or otherwise, should not exceed maximum rate prescribed for guaranteed loans Graduated scale of series B tax notes, to be suggested to Mr. Morgenthau by Board • sissiPpi, national banks in, opinion of Board that they may not make interest payments in excess of rates prescribed by State Bank Comptroller http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/20 1647 9/29 1906 7/ 1 1340 8/27 1696 4/ 3 4/30 621 825 5/ 8 895 2/27 373 / /2 13 68 47 9/29 1907 10/ 2 1926 10/ 6 1954 10/ 6 1954 10/ 7 1963 10/ 9 1978 9/14 1805 8/27 1696 1/27 126 279 Pages RateS: T_ I (Continued) -Liiterest: (Continued) Penalty rate on defaulted charge accounts, idea abandoned by Office of Price Administration PatternWar loans: (See infra War loans) of, on Treasury issues for long-term money during the war, discussed at meeting of executive committee of the Federal Advisory Council with Board Tre aQurY bills, increasing to 3/8 per cent or higher, suggested by Mr. Harrison to protect banks Maximum rate discussed by Federal Advisory Council at meetof Board ingIs Issues for long-term money during the war, discussion of adoption of a pattern of rates on, at meeting of Executive Committee of the Federal Advisory Council with Board Inc Increase to broaden distribution suggested by Mr. Fleming Purchases, relation to discount rate policy discussed War loans, table of interest rates and guarantee charges which might be adopted by War Department considered for submission to conference of Reserve Bank representatives Board to submit to War Department recommendations on schedule of rates on Me Messrs Hays, Hale, and Olson requested to assist in the preparation of Report by Mr. Eccles on results of discussion by the Reserve Bank representatives conference on interest rates and guarantee charges on Letter containing schedule of rates on, approved to be sent to Under Secretary of War to be cleared with Navy Department and Maritime Commission, copy to be sent to Major Cleveland Schedule of interest rates and guarantee fees to be charged for, and copy of proposed regulation sent to Under Secretary of War Patterson 8 , imilar letters to be sent to Under Secretary of Navy Forrestal and Chairman Land of Maritime Commission Schedule of rates for guarantees and interest rate of 5 per cent on, approved S1 ight change in guarantee fees for, made to avoid possible confusion, Navy Department and Maritime Commission advised Interest rates and guarantee fees for, discussed at meeting of the executive committee of the Federal Advisory Council with the Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/10 1400 3/12 473 6/ 3 1117 7/ 1 1335 3/12 473 8/ 5 1559 10/27 2069 4/1 606 4/3 618 4/ 3 618 4/3 618 4/3 619 4/6 634 4/6 635 4/6 639 4/9 665 4/9 685 280 Pages Rates: (Continued) "ar loans: (Continued) Information regarding schedule on, not to be generally released but used in connection with actual transactions as they arise Interest rates on, in excess of five per cent is in violation of rates established by the Board Ratio comPutation to be on 365 day basis of be-nk capital to deposits, change in formula discussed at meeting of members of executive committee of Federal Advisory Council with Board Dis^ Ration 1pussed at meeting of Federal Advisory Council with Board anking, letter to Mr. Henderson on proposed plan for clearing checks and offering cooperation of Board in plan Ior clearance of ration checks as submitted by Office of Price Administration with changes by System Committee on Collections Letter to 4._ Le+.4.__ Mr. Henderson on inauguration of action deferred R iat ori 4r to Mr. Henderson on cooperation of Board in plan uP°ne, handling by banks for Office of Price Administration, procedure discussed at meeting of members of executive committee of Federal Advisory Ratio, Council with Board credits, transfer through bank accounts, plan to be tested by Office of Price Administration in Albany, Schenectady, and Troy, and surrounding terRationing: ritory Alltomobiles, 4/14 716 5/22 1016 6/10 1180 10/ 7 1967 11/16 2179 12/ 5 2273 12/16 2327 12/18 2337 12/28 2399 10/ 7 1968 9/24 1876 discussion of whether to continue coverage of, under Regulation W, in view of rationing sys2/24 328 tem of Office of Price Administration C°mmodities, use of banks in collection of coupons, discussed 9/14 1799 by Federal Advisory Council Distribution of goods by manufacturer as means of credit control and as check to inflationary influence of ex6/ 9 1168 panded inventories on the financing of the war, discussed at a meeting 5/18 953 of the FAC with the Board 41flation, discussion by Chairman Eccles with regard to credit control as supplementing price control, prioriOffice 2/16 263 ties, and rationing in controlling trend toward of Price Administration of opinion that necessity for, can be relieved by further modification of Reg3/12 482 ulation W -i;g1IT:reable assets: erlea Corporation, Comptroller of the Currency advised that it holds assets of the kind and amount 5/9 911 required by sec. 5144 of the Revised Statutes l'feet of, http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 281 Pages Reconstruction Finance Corporation: Accounts for local loan agency, letter to FRBanks on opening 6/17 of Central Home Trust Company, Elizabeth, New Jersey, not inclined to disturb the management of the bank at this 1/5 time 00 mrarcial loans, results of survey conducted by Mr. Golden5/19 weiser for one-month period 1484s, Peoples State Bank, Cherryvale, Kansas, advised re floor plan loan on pick-up that Board has no control over either RFC or OPA, and that Congress is 4/14 RecorA! giving consideration to solution of problem g and Statistical Corporation, Chicago, Ill., letter to Mr. Meffley on designation of Official Automobile 6/30 Guide °fficial Automobile Guide published by, included among appraisal guides designated for purpose of Regu7/15 lation W °facial Automobile Guide Price Edition, letter to Ir. Meffley on designation of publication for purposes of Iled• 10/12 RegulationW lecolants. of war loans for, discussed at meeting with Federal 9/14 Advisory Council Gove rament securities, authority to FRBanks to make advances 2/27 on, up to 90 days Discussion of uniform reduction of rediscount rate on, to 1 per cent at all FRBanks, no objection by 3/2 GuarantPresidents in meeting with Board zasts, eed loans, amendment to Regulation A on eligibility of 9/18 .4.-unent paper purchased by Bank of America N.T. & S.A., balances in differential account as deposits 2/21 against which reserves must be maintained U°tes PNr4A -"'"ericing guaranteed loans, statement on eligibility to 10/24 be published in FRBulletin Regulat' lon A, amendment to, suggested to clarify authority of FRBanks to make advances on notes secured by Government obligations, draft, press statement and letter to FRBanks submitted, Board of 3/10 opinion that it is unnecessary Re (See also Regulations, Board of Governors, A) glonal Pr°gram for economic studies and planning, resolution of 11/18 (See Conference of Chairmen on c14-80 Studies at' loae: len Property Custodian, statement ordered published in 4/22 FRBulletin http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1238 12 984 718 1327 1436 2011 1801 373 382 1838 310 2059 446 2195 754 282 Pages Regulesations: (Continued) bo4rd of Governors: AY Discounts for and Advances to Member Banks, amendment to section 2(b) to clarify authority of FRBanks to make advances for periods up to 90 days to member and nonmember banks on notes secured by Government obligations, draft of, submitted with press statement 3/10 and letter to FRBanks 446 Amendment to subsection (b) of section 2 adopted, letter to FRBanks advising, copy of press state3/17 ment enclosed 499 Amendment regarding advances on government obligations, 3/24 551 statement for publication in FRBulletin 9/18 1838 Amendment approved Amendment transmitted to FRBanks with instructions on treatment of notes evidencing loans guaranteed 9/21 1853 under Executive Order No. 9112 Amendment to be published in FRBulletin 9/23 1875 Discount of notes representing guaranteed loans, effect of amendment on 10/ 3 1940 Amendment to, relates to eligibility of paper evidencing guaranteed loans and does not affect ac10/29 2085 ceptability D, Reserves of Member Banks: Amendment proposed to permit member banks in central reserve cities or in cities in which a FRBank or branch is located to compute reserves on a weekly basis, FRBanks requested to submit comments, if reaction is favorable staff to prepare press release and an appropriate amend2/17 285 ment Amendment adopted to permit member banks in central reserve cities or in cities in which a FRBank or branch is located to compute reserves on a 2/21 312 weekly basis 2/21 Circular letter to FRBanks containing press release 314 FRBanks advised that amendment is to be effective on computation period beginning February 28 358 2/26 Amendments to conform to recent amendment of section 19 of FRAct discussed, Legal Division to prepare 7/10 1402 revised draft of regulation Arnendments adopted and regulation to be reprinted and 7/14 1423 supplies sent to FRBanks Amendment to be published in FRBulletin 7/21 1468 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 283 Pages Re • guletions: (Continued) Board of Governors: (Continued) D: (Continued) Amendment to supplement to reduce requirements of mem8/ 6 1568 ber banks in central reserve cities Amendment to reduce required reserves of member banks 9/11 1782 in central reserve cities 9/23 1875 Amendment to supplement to be published in FRBulletin Amendment to reduce reserves required of member banks 10/ 2 1929 in central reserve cities Weekly reserve computation period for all central reserve and reserve city banks, FRBanks advised of approval of Board and effective date of 3/ 2 402 P, Trust Powers of National Banks: Common trust fund, amendment suggested by Penn. Co. for Insurances on Lives and Granting Annuities, Philadelphia, to eliminate the restriction that not more than $25,000 of any one trust fund might be invested in, consideration deferred 5/ 5 854 American Bankers Association quoted by Mr. Leonard as being in favor of an amendment to eliminate the amount of any one trust fund that may be 856 5/ 5 invested in LaSalle National Bank, Chicago, Illinois, advised that Board will not undertake to comment on plans for the operation of common trust funds in connection with, informal discussion with Mr. 5/15 944 Mulroney at the FRBank of Chicago suggested R, . Letter to Mr. Mulroney regarding 5/15 945 Admission to Membership in FRSystem: Credit unions or cooperative banking institutions, reply to Congressman Voorhis advising of amendments necessary to allow membership in FRSys2/ 4 tem 191 PRBank Stock, am contemplate not 1426 Board 7/14 does to, amendment Leave: Amendment to section on compensatory leave for overtime Annual, restrictions on, approved Accumulation of unused annual leave up to 90 days, amendment to regulations to conform to bill recently passed ' 11 Procedure with Respect to Foreign Relationships of FRBanks, revision recommended in report of Committee of Presidents' Conference, staff of Board to draft revision http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 226 2/ 9 5/26 1051 12/21 8/25 2352 1668-75 284 Pages aegulat' Boa1°113:(Continued) rd of Governors: (Continued) Q, Payment of Interest on Deposits: Absorption of exchange and collection charges, Board feels it inadvisable to attempt amendment Amendment proposed to permit immediate withdrawal of savings deposits to purchase defense bonds, Federal Advisory Council of opinion that amendment should not be adopted by Board Conference arranged with Chairman of FDIC to reconcile differences between regulations, and if desirable, with Chairmen of the Banking and Currency Committees of House and Senate and Congressman Doughton Defense savings bonds, requirement of presentation of savings passbook interferes with use of form for purchase of, reply to Treasury that Board and FDIC will consider waiver of requirement if felt necessary Georgia Railroad Bank and Trust Co. of Augusta, Georgia, account carried by, for the University of Georgia School of Medicine, question as to whether properly classified as savings deposit, Mr. Vest to prepare memorandum reconciling possible exception to Jackson-State National Bank, Jackson, Mississippi, Opinion of Board that national banks in Miss. may not make interest payments in excess of rates prescribed by State Bank Comptroller Savings, classification not affected by discontinuance of interest payment Savin6s passbook, requirement of presentation of, for withdrawals, interferes with use of form for purchase of U. S. defense savings bonds, reply to Treasury that Board and FDIC will consider waiver of requirement if felt necessary Savings represented by time certificates, amendment to permit immediate withdrawal prior to maturity for purchase of war bonds unwarranted Withdrawal of savings deposits without notice for purchase of defense savings bonds, comments of Comptroller of Currency and FDIC sent to Mr. Fleming indicating that it is not advisable to amend to permit http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/ 7 1586 2/16 273 8/ 7 1585 1/15 56 3/10 451 1/27 126 9/ 8 1750 1/15 56 4/25 763 3/9 437 285 Pages .00 ions: (Continued) of Governors: (Continued) Q: (Continued) Withdrawal of time deposits prior to maturity suggested, amendment to aid in purchase of Gov12/ 1 2252 ernment securities R3 Relationships with Dealers in Securities: Amendment proposed to permit officers, directors, or employees of trusts to serve in the same capacity with member banks under certain conditions, not to be adopted at this time, letter regarding not to be sent to FRBanks, and Ir. Morrill to advise Mr. Young of FRBank of Boston of 2/27 375 Board's decision Amendment to permit certain officers of investment companies to serve as officers of member banks, Mr. Young, President of FRBank of Boston, advised that Board does not consider amendment 3/6 432 desirable at present time Member banks and open-end investment companies, amendment to exempt interlocking relationships be9/ 4 1731 tween, disapproved Open-end investment companies, administration of Regu9/22 1863 Loans:n relationship with member banks lation Industria Amendment adopted for purpose of gearing the FRBanks to 4/30 826 • the war program T, Extension of Credit by Brokers: Asher, Norman, reply to letter of, referred to Board by Securities and Exchange Commission, copies of Regulation T and related publications en3/12 485 closed Dealers not prohibited from purchasing from a customer securities called for redemption to enable the customer to purchase from the dealer other securities in advance of the call date, answer to question of Minot, Kendall & Co., Inc., Boston, 5/6 870 Mass. First Boston Corporation, opinion of Board that it is subject to regulation as it does transact a securities business through the medium of a member 2/7 222 Loan to a general partner to enable him to make a contribution to the capital of the firm, secured by securities not registered on any national 608 4/1 securities exchanges, permissible http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 286 Pages Regulati (Continued) Governors: (Continued) T: (Continued) Odd-lot dealer considered as acting in spite of entry 3/23 into the armed forces 545 Travel regulations: 2/17 286 Amendment to provide for increase in per diem allowance No change because of amendment to standardized Government travel regulations, changes in vouchers 11/ 4 2115 approved U: Loan, if purpose is to purchase listed article, it is not subject to Regulation but would not be 912 exempted by section 8(b) of Regulation W 5/9 V, War Financing, draft of, approved for purpose of discus601 4/1 sion with Reserve Bank representatives Press statement to be prepared by Mr. Thurston denying that procedure under, is being used to create a monopoly for member banks 4/ 1 602 Adopted, following notification of informal approval of War and Navy Departments and Maritime Com4/6 mission 635 Copies of proposed regulation sent to War and Navy Departments and Maritime Commission 634-5 4/ 6 Guarantee fees, slight change in, made to avoid possible confusion, Navy Department and Maritime Commis665 sion advised 4/9 Press statement to be released in connection with the 690 4/10 adoption of Procedure to be followed in making war loans, pending appointment of liaison officers by War Depart709 ment 4/13 Guarantee agreement may be signed by officers of War 722 4/15 Department named in memo from General Styer ,S..tatement ordered published in FRBulletin 4/22 754 Funds may be released immediately upon execution of the assignment by the contractor, memo from War De_ . partment 870 5/6 txperience of the Board under, reviewed by Mr. Draper at meeting of the Board with the Presidents 5/8 894 Guarantee agreement, revision of the form sent to 5/8 FRBanks with request for suggestions 894 overnment's right to cancel a contract, discussion of, at meeting of the Board with the Presidents 5/8 895 Guarantee agreement for, proposed standard form transmitted to FRBanks with requests for comments and suggestions 5/8 902 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 287 Pages Regill Thations: (Continued) 4card of Governors: (Continued) V: (Continued) Guarantee agreements executed on behalf of the Navy and War Departments, duplicate copies of, should be forwarded to the Board, reply to FRBank of 5/8 903 Chicago Guarantees, authorization memoranda for the execution of, to be sent to FRBanks by air mail instead of by wire, telegrams to be used only to notify 5/11 915 of action taken on applications War Loans Committee to continue for time being to wire 5/12 925 entire memoranda to the FRBank of San Francisco Guarantee agreement, procedure for the execution of, 5/18 sent FRBanks, supersedes prior instructions 974 Interest rates on war loans in excess of five per cent is in violation of rates established by the 5/22 1016 Board W, r -onsumer Credit: Accounts of Campbell County Protestant Orphan's Home, 6/12 1206 Newport, Ky., are exempt from provisions of Accounts carried for employees by department stores in San Francisco to be paid by pay roll deductions 6/19 1258 Add-on to cash loan, answers to several questions of FRBank of Minneapolis 1/9 34 Administration of, difficulties due to green personnel, FRBank of Atlanta to have inspectors visit cer11/11 2151 tain stores Advances made by general agents of insurance companies to sub-agents for living expenses, applica12/11 2303 bility to Advertisement of promotion items by Harold A. Lifton 7/31 1528 Company, New York City Advertising, misleading, reply to Boston Better Business Bureau in regard to distribution of the 5/15 941 National Bureau's statement in respect to Agreement between oil company and credit card holders to permit sale of listed articles even though account is in default 7/14 1426 A gricultural loans: Credit to salaried worker for purpose of permitted 6/11 1192 improvements not considered listed articles Loans to persons engaged in, letter to Mr. T. P. 12/19 2344 Coats on exemption of Meaning of phrase "engaged in agriculture" used in 6/27 1308 section 8(1) http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 288 Pages Regta_aoations: (Continued) rd of Governors: (Continue d) W: (Continued) Air coolers, evaporative type manufactured by Essick Manufacturing Co., not among listed articles Alaska, provisions inapplicable to Amendment to permit the initial payment on instalment loans to be deferred for 90 days, Morris Plan Industrial Bank of New York advised that Board does not favor Amendment No. 3, draft of, transmitted for comments and suggestions of FRBanks, Federal Advisory Council, and the trade Sent to Mr. Brown and FRBanks, requested to consult with trade and members of Federal Advisory Council and forward comments and suggestions Bracketing principle to be applied to certain articles, opinion of FRBanks and Federal Advisory Council requested Proposed, report by Mr. Ransom with regard to comments of FRBanks and incorporation of recommendations of the Office of Price Administration Statement by Mr. Hubachek with regard to the extent of assistance that its adoption would be to the Office of Price Administration and the War Production Board Draft of, sent to Consultative Committee, report on replies received Revised draft of, sent to Consultative Committee, report on replies Two drafts of, sent to Federal Advisory Council and reply received Adopted with understanding that it be printed and sent to FRBanks as promptly as possible, and date for release to press agreed upon FRBanks notified of effective date of, requested to inform Board of number of copies needed, and advised that entire regulation will not be reprinted at this time Summary of principal provisions of, sent to FRBanks Changes in interpretations caused by, to be prepared and transmitted to FRBanks Rendered list of articles on back of Statement of Borrower Form incomplete, suggestion that additional items be added by rubber stamp or other convenient method http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/ 6 433 6/29 1319 1/14 53 1/ 9 33 1/23 111 2/12 244 2/24 322 2/24 324 2/24 340 2/24 340 2/24 341 2/24 341 2/25 3/ 2 402 3/ 4 415 3/20 517 354 289 Pages Reglilations: (Continued) Board of Governors: (Continued) W: (Continued) Amendment No. 3: (Continued) Reply to questions regarding instalment obligations created before the effective date of Effect on a prior bona fide commitment to make a subsequent sale or loan, reply to questions regarding Amendment No. 4, proposed, to add to listed articles, increase down payment and reduce maximum maturity Statement regarding and review of status by Mr. Ransom Comments regarding by Mr. Williams, opinion that it might result in black markets and suggestion that a ceiling be applied to amount of consumer credit Letter from Leon Henderson opposing fixing of ceiling on amount of consumer credit, quoted by Mr. Ransom Points agreed upon in response to questions presented by Mr. Ransom Special meeting of the Board to be held on April 30, to consider Revised draft of, distributed for consideration, and memo outlining the important changes that would result if adopted Reduction in the volume of consumer debt that will result from the adoption of To be made effective May 6 Press statement to be wired to FRBanks and held in confidence until release date Discussion of changes that would result from the adoption of Section 10(b), Option 2, regarding consolidated loans, discussion as to whether maturity period should be shortened Adopted and regulation as revised Explanation by Mr. Ransom of reasons for adoption of, without prior discussion with Presidents List showing the effect of, on Interpretations and changes in section numbers and in substance, sent to FRBanks Effect of provision including cash loans up to $1500 and other provisions discussed by executive committee of Federal Advisory Council http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/27 577 3/27 578 4/ 7 649 4/27 768 4/27 771 4/27 771 4/27 774 4/27 775 4/30 784 4/30 4/30 784 786 4/30 786 4/30 787 g 788 788 5/ 8 893 5/ 9 912 6/ 3 1118 290 Pages Regtaa • tlons: (Continued) 8°ard of Governors: (Continued) W: (Continued) 7/ 2 Amendment No. 5 providing for cycle billing approved 7/21 Amendment to be published in FRBulletin 7/27 Amendment number 6 on fuel conservation credits adopted 7/27 Amendment number 7 on disaster credits adopted Amendment number 8 adopted applying to certain loans to farmers, permitting railroad employees to purchase watches without down payment, and chang8/12 ing down payment for reupholstering 8/25 Amendment to, statement for publication in FRBulletin Amendment on charge-send transactions, draft to be sent 9/21 to FRBanks shortly Amendment No. 9, draft sent to FRBanks for comments and 9/23 suggestions Adoption of, adding new sections on approvals, 10/14 demonstrators, and charge accounts Amendment to, statement for publication in FRBulletin 10/24 Amendment proposals sent to Consultative Committee, replies received from Messrs. Upham, Jones, and Henderson advising that proposals were satis2/24 factory Am endment to section 5(f) requested, no change to be made at present 6/27 e Am ndments, FRBanks notified of intention to add to listed articles and restrict terms, procedure for obtaining comments of FRBanks and trade to 1/ 8 be outlined Amendments, floods causing families to lose house furnishings and clothing, letter to Mr. Hays on 7/23 need for action on American Association of Personal Finance Companies, explanation of possibility of revision following 1/14 default on instalment payments Answers to questions of FRBank of Cleveland, based on definition of instalment loan credit in section 1 /9 Answers ( oeq questions of Pugh Bros. Jewelry Co., rendered incorrect by revision, letter to FRBank of Cleve5/ 5 land advising Apartment nonresiresidential and for hotels, designed dential use, classification of 4/ 3 Apartment hotels are residential structures although 6/11 accepting some transient guests http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1349 1468 1487 1487 1608 1682 1858 1871 2018 2059 340 1304 29 1473 51 34 865 624 1190 291 Pages t1On: (Continued) a of Governors: (Continued) W: (Continued) Appraisal manuals for determining value of used cars, discussion of, suggestions by Mr. Cravens of 2/24 325-30 manuals that could be used Memorandum on, by Mr. Cravens read in connection 2/24 332 with proposed Amendment No. 3 Information on designation of, to be furnished FRBanks as soon as possible 3/ 3 409 Letter to publishers of, requesting information re3/9 439 garding 3/21 521-32 Memorandum regarding and list of those designated Letter to publishers of guides designated for use 3/21 532 in connection with Items which may be added to, in determining maximum 640 4/6 credit value Reply to FRBank of Kansas City regarding reasons for designating guides which in some cases quote separate prices for cars having special 832 4/30 features Revised list of those designated for purpose of 7/15 1438 section 13(c) sent to FRBanks 12/19 2346 Designation of publications for 1943 Appraisal guides: American Auto Appraisal, Morris Plan Savings Bank of Jacksonville, Florida, advised of reasons of Board for not designating 4/7 652 Blue Book National Used Car Market Reports - Executive Edition, designated for use in additional territories, letter to Mr. Leukhart of 667 the National Used Car Market Report, Inc. 4/9 Kelley Blue Book, Los Angeles, California, reply to several questions of, to be advised of an3/27 580 swers to other questions at a later date Reply to letter regarding practice of some publishers to imply that theirs is the only offi717 4/14 cially designated guide Advised of possible results of the establishment of price ceilings on used automobiles 4/16 731 Reply regarding 1934 automobiles and earlier models and quotation of automobiles having 765 4/25 Special equipment Advised that Board will designate for use in other States upon submission of data in sup5/6 port of the suggestion 874 4 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 292 Pages Re • gIllations: (Continued) Board of Governors: (Continued) /11 (Continued) Appraisal guides: (Continued) Kelley Kar Company, advised that Board expects each publication to quote average retail 625 values of used cars in its territory 4/ 4 Market Record, implication that it has a better official standing than other designated guides 717 to be eliminated 4/14 National Used Car Market Report, Inc., advised that consideration is being given to designating their Red Book and Executives Edition for use 667 in the Detroit area 4/ 9 Reply to regarding Market Record, designation in certain territories, and possible effect of 723 4/15 price ceilings on used cars Advised of guides designated for use in certain 5/26 1060 counties in Michigan Official Automobile Guide published by Recording & Statistical Corporation, letter on designation of publication 6/30 1327 7/15 1436 Included among designated publications Board willing to consider for designation in connection with Regulation W, non-inclusion is not a reflection upon the accuracy of guides 4/10 694 Letter to Mr. Dillard on effect of failure to 717 4/14 designate under Letter to Mr. Meffley on designation of publica10/12 2011 tion Official Guide (Pacific Auto Guide, Inc.): 3/27 581 Advised of designation of, for purposes of Advised that Board has no objection to higher quotations if they reflect the actual market, 693 4/10 other questions answered Advised of possible results of the establishment of price ceilings on used automobiles 4/16 731 Official Nebraska Used Car Survey, new issues to be made only when necessary instead of quar8/19 1641 terly Sapers, A. E., letter of appreciation for suggestions regarding, advised that they are used merely for setting maximum credit values on 660 used cars 4/ 8 Wisconsin Automobile Guide, designation of July8/24 1666 August edition extended to September 30 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 293 Pages Regulations: (Continued) Board of Governors: (Continued) t* inued) (Continued) Article combining public relations work on regulation with defense saving bond program, Presidents' Conference asked if in view of difficulties it is desired that Board continue with preparation of Asbestos cement products, proposed amendment extending credit for longer period than now permitted Asbestos siding not exempt from provisions of Regulation Automobile accessories, Board in agreement with interpretation of, by the FRBank of San Francisco Automobile appraisal guides: (See supra Appraisal guides) Automobiles: Appraisal guide value of, when equipped with special accessories, FRBank of San Francisco advised regarding Bene Feferman Motor Sales, advised that maximum credit value may not be in excess of figure contained in guide book unless higher down payment is made Credit extended to salesmen for purchase of demonstrators, renewal of Discussion whether coverage of, should be continued in view of the rationing system Financing of, reply to Miss Hester G. Garner regarding Loans to finance purchase of Payne, Mr. V., advised that Board cannot foretell rulings and regulations that may make loans on automobiles more hazardous Permission to sell on terms other than prescribed, not permissible under regulation, letter to John L. Russell Chevrolet Co., El Campo, Texas Purchase or discount by registrant on terms more liberal than prescribed, does not alter requirements under regulation Purchased by workers in war plants, action deferred for present Registrants may not expect single payment note for entire purchase price with longer maturity than prescribed Repossessed by finance companies, revision of contract allowed http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/13 252 9/10 1770 11/ 3 2108 5/13 929 4/17 740 14j4 626 9/ 5 1741 2/24 328 5/25 1037 3/13 491 2/23 320 8/ 8 1595 8/11 1604 7/ 3 1365 7/ 2 1356 3/3 409 294 Pages Reg ations: looard of (Continued) Governors: (Continued) W: (Continued) Automobiles: (Continued) Repossessed, effect of section 8(a)(2) on instalment sale of, reply to questions regarding Repossessed, sale by registrant without regard to one-third down payment, letter from Commissioner of Banking of Virginia Resale by credit union for member in armed forces owing balance, still subject to requirements of the regulation Resale by financing institution which has lien securing a loan, applicability of regulation Sale by dealer to customer and promissory note accepted in payment Sale to person unable to make down payment, no exception provided Sales contracts, where the automobile which has been used for collateral has been damaged, explanation to FRBank of Philadelphia Salesmen's demonstrator plan notes, renewal or revision in cases where makers are still salesmen of new cars Sold on instalment basis to wife and husband who has been called to active duty, company may take action as outlined in Section 8(a) Trade-in may be used to reduce deferred balance due on purchase of, subject to section 4(d) and requirement that no monthly instalment may be omitted Transfer of equity in, from son to father who intends to borrow from M-A-C Plan Management Bureau, must meet requirements of W-72 Used, Zenoff Motors advised that Board agrees with FRBank of Chicago in connection with a plan for the sale of Used as demonstrator now sold for first time is used automobile Bank Which discounts instalment contracts is not required to ascertain that the price at which the article was sold was in compliance with Bankers Magazine, advised that regulation was designed to discourage unwise borrowing and not prohibit instalment buying generally http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/27 578-9 6/11 1189 6/17 1236 7/ 7 1380 6/27 1307 9/ 3 1726 1/27 128 6/27 1307 2/14 259 3/6 432 1/30 150 5/6 873 7/11 1408 4/17 740 1/16 77 295 Pages Regulat' is: (Continued) , lu()at'd of Governors: (Continued) /11: (Continued) Batteries and accessories, designed for trucks and busses, are included in listed articles Included in listed articles Included in listed articles Berry, Homer F., advised that Board cannot answer his question re merger of balances due on furniture, as all necessary facts are not included Copy of letter sent to Baltimore Branch with suggestions regarding proper answer Billiard tables and billiard supplies, bowling alleys and bowling supplies, classification as sports and game equipment, reply to inquiry of Brunswick-Balke-Collender Co. Billing of charge accounts, reply to Phil A. Halle, regarding the problem of making the billing month correspond to the calendar month Problem of making the billing month correspond to the calendar month, questions regarding from Hr. Peyton, Controller, Joske Bros. Co., and Mr. Ryan Black list of individuals whose accounts are in default, report of Mr. Ransom that Office of Price Administration had abandoned proposal for them Boat motors, subject to, depending upon classification as to whether designed for use in pleasure or commercial craft Bonus in form of Defense Savings Stamp may be given to purchaser if full payment for article has been made Bonus of defense bonds may be given to purchaser when payment for the article has been fully made Bowling alleys and bowling supplies, billiard tables, and billiard supplies, classification as sports and game equipment, reply to inquiry of Brunswick-Balke-Collender Co. Bowling alleys are part of structure and are not considered equipment, but bowling pins and balls are included in Section 13(a) BoY of America exempted under Section 8(1) of "Budget" definition of term, reply to Federal Outfitting Co., Fresno, Calif., regarding Budget companies and instalment vendors, application of Regulation to operations of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/ 8 1159 6/23 1273 7/ 2 1355 1/24 115 1/24 116 6/ 1 1104 5/22 1020 5/25 1035 7/10 1400 1/28 139 2/10 235 2/27 377 6/ 1 1104 6/11 1190 6/29 1319 5/25 1039 12/15 2313 296 Pages Re0,1 . (Continued) '''°ard of Governors: (Continued) W: (Continued) Building and loan shares, loans for purposes of purchasing or carrying, exempted by the last 5/20 998 clause of section 8(b) Building materials, sales of materials in same account on different dates, date when considered in 8/14 1621 default Buildings not for residential use, repairs, alterations 6/ 6 1153 or improvements not subject to regulation Bumper or balloon payment on instalment loan, effect of 10/17 2035 Regulation upon renewal of Canada, Messrs. Brown and Robinson authorized to go to, 3/10 443 to make a study of consumer credit "Carrying" stocks, definition of, as contained in sec5/26 1057 tion 8(b) 6/18 1247 Meaning of word as used in section 8(b) Ceilings on credit, application of, in connection with proposed Amendment No. 4, opposed by Mr. 4/27 772 Hubachek in statement at Board meeting Central bureau as coordinating agent between employees in defense industries and their creditors, reply to Messrs. Womack and Mason on plan sug5/27 1071 gested Chairmen of FRBanks requested to discuss the future of, 1/28 136 with directors and advise Board as to views Changes in, discussed by Mr. Ransom with Presidents, to 3/2 394 be reprinted when amended again of Charge accounts, inclusion of, discussed at meeting Board with executive committee of Federal Advisory Council, effect of such regulation in 3/12 478-82 Canada considered relain Charge accounts, consideration being given to, 3/23 539 tion to an amendment to include Charge accounts, opinion that they should be covered to prevent evasions of the purpose of the regu4/30 786 lation Charge account, sale of listed article in, with agreement to convert into an instalment contract later is in violation of sections 5(a) and 11(a) 5/7 881 Charge account, combining of, with existing instalment account, reply to the FRBank of Minneapolis 976 5/18 regarding Charge 6 account, when in default under provisions of 992 5/19 regulation, reply to Mr. House regarding http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 297 Pages Regulations: (Continued) of Governors: (Continued) W: (Continued) Charge accounts, reply to Retail Credit Grantors of New England regarding adoption of resolution asking that regulation be changed to permit asking that regulation be changed to permit the billing month to differ from the calendar month Charge accounts in default, suggestion of Credit Bureaus of America, Inc., for control of Charge account, reply to Cleveland Retail Credit Men's Company regarding suggestion that all transactions of g5 or less be given the benefit of section 5(f) Charge accounts, customer in default at one store obtaining credit at another store, letter regarding sent to Peoples Cash Store and The 1NM. Erlanger Company Charge accounts, problem of making billing month correspond to calendar month, questions raised by Joske Brothers Company and W. H. Ryan Charge accounts of department store employees, the accounts to be liquidated in full within 42 days by pay roll deductions, reply regarding, to Mr. F. A. Bonner Charge accounts for either listed articles only or unlisted articles, application of regulation to, reply to Retail Merchants Credit Association of Los Angeles Charge accounts, use of credit cards by oil companies and difficulty of making billing month coincide with calendar month Charge account in default, bad debts charged off or absorbed in reserve does not relax prohibition of section 5b Charge accounts of partnerships and personal charge of individual partners are separate accounts Charge accounts, single payment loan used to retire charge accounts arising from sale of unlisted articles, may be renewed or extended Charge accounts, single payment loans used to retire charge accounts arising from sale of unlisted article may be renewed or extended Charge accounts including items purchased on last five days of calendar month, letters from Memphis firm sent to Memphis Branch for reply Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/20 997 5/21 1008 5/21 1009 5/23 1025 5/25 1035 5/25 1036 5/25 1038 5/26 1057 5/27 1070 5/28 1076 5/28 1076 5/28 1077 5/29 1089 298 Pages Re (Continued) ' ,card of Governors: (Continued) W: (Continued) Charge accounts, house, letter to Mr. Hodgson on status of Charge account, conversion into instalment account, statement of borrower not necessary Charge accounts, amendment suggested by retail credit association of Los Angeles for additional time for purchase made in last few days of month Charge accounts of school teachers, letter to Mr. Wallace on applicability of Regulation to Charge accounts, identification as to default after 10th of month and default where amount of money involved is very small Charge accounts, default cured by execution of 6 months instalment agreement under section 5(d)(2) Charge accounts, retailers having several stores, customers accounts at all branches are combined as single account Charge accounts, provisions dealing with conversions, renewal or revision of contracts Charge accounts, conversion into instalment obligations with payments running in excess of 6 or 12 months, letter to Mr. Kennel answering questions on Charge accounts, farmers, letter to Senator Overton answering inquiry of constituents on provisions of regulations covering Charge accounts, penalty rate of interest on, report of Mr. Ransom on consideration of Office of Price Administration Charge accounts, questions involving maximum maturity of loans to retire and single payment loan to retire Charge accounts in default cured by conversion into instalment obligations Charge accounts, default is cured when registrant converts accounts pursuant to sections of regulation Charge accounts, blacklist of individuals whose accounts are in default by local credit bureaus, idea abandoned Charge accounts, proposal of Office of Price Administration for the establishment of penalty interest rates on defaulted, abandoned Charge accounts, account of customer is in default if assigned account is not paid within prescribed time http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/29 1090 6/ 1 1103 6/ 5 1142 6/10 1181 6/11 1191 6/18 1245 6/19 1259 6/25 1284 6/27 1305 7/ 1 1347 7/ 2 1353 7/ 6 1373 7/ 6 1376 7/ 7 1380 7/10 1400 7/10 1400 7/10 1404 299 Pages • Re glaatl°ns: (Continued) 8°ard of Governors: (Continued) W: (Continued) Charge accounts, question whether member of family may open when another member of family has account 7/15 with same seller which is in default -Operative Oil Charge accounts, inquiry of Plymouth Co Company on treatment of account when customer 7/20 charges at two or more stations charge from Charge accounts, includes all indebtedness 7/22 sales to given customer cuswhere Charge accounts, stores operating branches 7/27 tomer has account with various branches Charge accounts, curing of default in acceptance of 7/29 postdated checks as complying with agreement Charge accounts, suggestion that default date be changed from 10th to 15th of month by Mr. E. F. Pettis, 7/30 not approved Charge accounts, objectionable form of letter used by 7/31 Determann's of Belfield, N. D. Charge accounts, customers who have paid promptly before and insist on now taking full amount of time, reply to letter of Ir. A. B. Trott, President of the Daniels and Fisher Store Company, 8/ 4 Denver Charge accounts, default cured by agreement to pay 8/ 4 amount of default in one month Charge accounts, account of customer is in default if 8/ 5 article purchased is defective Charge accounts, failure to make payment for articles by 10th of calendar month, no fine or imprison8/11 ment prescribed under regulation Charge account, instalment agreement converting, before or after default, not entitled to 15-day option 8/19 under regulation 8/20 Charge account, Mr. and Mrs., questions arising under Charge accounts in default at different stores and in9/16 stalment loan from lending agency to take up Charge accounts in default, return and exchange of mer9/23 chandise by customers 9/23 Charge accounts, repair bills at garages as subject to Charge accounts where balance in default represents ar10/ 2 ticle that is defective Charge accounts of husband and wife, bulletin of Na10/12 tional Retail Furniture Association and others http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1434 1456 1471 1498 1515 1518 1527 1546 1547 1563 1602 1637 1645 1826 1872 1874 1935 2010 300 Pages Nnalat. -ions (Continued) Board of Governors: (Continued) (Continued) Charge accounts, books, effect of purchases on ac10/24 counts in default Charge by hotels to account of guests or tenants not 8/ 1 included in listed articles Charge sales for deferred delivery, interpretation of 7/25 section 12(d) Charge-send transactions, no change in regulations as 7/15 suggested by J. L. Brandeis & Sons, Omaha 9/21 Draft of possible amendment to be sent to FRBanks Check credit plan of Merchandise National Bank of Chicago, use of statement of borrower in con5/28 nection with Reply that statement of borrower must apply to all persons affected and procedure outlined is not 7/17 permissible Clark Brothers Furniture Stores, letter on designated 11/ 4 terms of agreement Cleveland Retail Credit Men's Company, reply regarding suggestion that all transactions of A5 or less 5/21 be given the benefit of section 5(f) Coal circulating heater to replace gas heater, sale not 8/17 exempt from regulation Coal furnace, conversion of gas furnace into, as exemp7/31 tion under Regulation W Coal stokers, applicability of amendment No. 6 to in9/25 stallation of Coats sent on approval, stores should ascertain if customer expects to pay cash, charge the sale or 11/ 3 pay in instalments Collateral in automobile sales contracts where the automobile is damaged, explanation to FRBank of 1/27 Philadelphia Collection letters, form used by R. H. Johnson & Company, Wilmington, Del., letter to Assistant Attorney 8/27 General submitting correspondence Commodity Credit Corporation loans not exempt for use 6/20 to purchase listed articles Complaint of Joseph Wolffson of difficulty in continuing his business because of restrictions of 7/ 2 regulations the E items if Group Connecting line not included in line is not the property of the consumer and building is designed exclusively for nonresi3/13 dential use http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2058 1534 1484 1436 1858 1077 1450 2119 1009 1629 1527 1884 2110 128 1698 1262 1356 492 301 Pages Regulations: (Continued) Board of Governors: (Continued) W: (Continued) Consolidation of debt, effect of various options of regulation on, letter to Mr. Wesley of Lincoln Loan Corporation Consolidation of existing credit with new credit, treatment of Consolidation of instalment obligations resulting from conversions of charge accounts Consolidation of loans, answers to question regarding provisions of Section 8 as amended by Amendment No. 3 with reference to Consolidations, discussion as to whether maturity on, be restricted to 12 months or left at 15 in connection with proposed Amendment No. 3 Contract providing for balloon payment at its end may be revised to provide for monthly payments Contract in form of lease with option to purchase, reply to inquiry of Southern Specialty Company, Albany, Ga. Contracts of sale not conforming to regulation, accounts received should be returned Coupon books, sale of, procedure that keeps transaction in compliance with section 4(d) Coupon books used to purchase listed articles, inquiry of Colonel Higgins of Beneficial Management Corporation on treatment of instalment loans to purchase Credit Bureaus of America, Inc., letter from, and reply regarding the organization of, to report the names of customers whose charge accounts are in default, sent to FRBanks Credit card of Atlantic Refining Company, Philadelphia, Pa., compliance with regulation would necessitate promptness in assigning and forwarding charge slips and notifying of account in default Credit cards of Humble Oil and Refining Company, reply that they may be confined to unlisted articles Credit cards issued by corporations with out-of-town branches, letter to FRBank of Cleveland on charge accounts in default Credit cards issued by gasoline companies and others, status of charge accounts in connection with Credit cards issued by Phillips Petroleum Company, effect of Regulation on http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/ 9 1394 6/30 1327 5/27 1071 3/13 491 2/24 335 4/16 731 6/12 1205 6/25 1283 5/15 941 9/23 1971 5/21 1008 8/14 1620 6/19 1257 9/17 1825 10/15 2026 7/ 9 1392 302 Pages Regul,ations: (Continued) zoard ol, 4 Governors: (Continued) W: (Continued) Credit cards, use of, by oil companies, and difficulty of making the billing month coincide with the 5/26 calendar month, reply regarding Credit granted by wholesaler to retailer or by manufacturer to wholesaler, letter to National Paint, Varnish, and Lacquer Association on 6/ 5 applicability of regulation to Credit sales of listed articles by a subcontractor to prime contractor on government projects, ex7/11 empt under section 8(f) Credit Service Plan of General Motors Acceptance Corporation, effect of regulation on 7/ 9 7/23 Dealer who sells article is registrant Credit union, loan for purpose of purchasing shares in 7/ 7 Minnesota, applicability of regulation to loan 9/10 Loan to member of, conditions for renewal of Credit union shares, loans secured by, for purchase of 11/ 5 shares Creo-dipt Company, Incorporated, North Tonawanda, N.Y., effect of amendment No. 6 on credit sales of 9/10 products of Criticisms, letter to Mr. Cordner of First Thrift of 5/27 Los Angeles, Calif. Cumberland Maytag Company, advised of necessity for 1/21 written statements under section 4(f) Curing defaults, reasons for the adoption of the sixmonth method, Mr. Stevensen to be advised re5/25 garding, by the FRBank of Minneapolis Curtains, applicability of Regulations depends on 7/23 whether sold singly or in groups Customer in default at one store obtaining credit at another store, letter regarding sent to Peoples 5/23 Cash Store and The Wm. Erlanger Company Reply to Federal Outfitting Co., Fresno, Calif., 5/25 regarding Cycle billing, applications of Standard Oil Company and Union Oil Company of California not applicable 8/ 1 under sec. 12(m) Charge accounts that meet with specification under regulation, approved, letter to William Y. 8/ 4 Gilmore and Son Dealer who consults an appraisal guide which does not list a particular model of automobile, if in good faith he extends credit without consulting other guides he is not guilty of a viola5/6 tion http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1057 1144 1408 1393 1475 1381 1771 2124 1769 1071 94 1035 1474 1025 1039 1535 1545 871 303 Pages RegIllat*lons: (Continued) 1.)0 s• allA or Governors: (Continued) W: (Continued) Debt outstanding following adoption of Amendment No. 4, press statement to encourage the reduction of, to be considered by Messrs. Ransom, McKee, and Szymczak and then submitted to Board, FDIC, and Comptroller, letter to FRBanks regarding, to be cleared only with the Board Press statement approved Letter to FRBanks approved Default cured by agreement to pay amount due within one month by post-dated check does not constitute written agreement Defense bonds, giving to purchaser as bonus permissible when payment for the article has been fully made Defense housing, extension of credit to remodel or rehabilitate a structure by National Housing authority exempt from provisions of Regulations Question raised by FRBank of Minneapolis Proposal for exemption, procedure to be submitted by National Housing Administration Projects, letter to National Housing Agency on proposed revision of Administrator's Order No. 8 Proposed changes in procedure for designation of projects Defense Savings Stamps may be given to purchaser as bonus if full payment has been made for article Delco Farm Lighting System, advice to Brittain Sales Company on classification approved Dental laboratories are not subject to, unless they make sales of listed articles, reply to Amer, Cunningham & Keeney, Akron, Ohio D ePosition for use in private litigation as to signature on registration statement, no legal grounds for refusal Development and administration of, description furnished to office of the Bureau of the Budget for compiling history of development in war program Letter to Bureau of the Budget with descriptive state-Anent Disaster credits, amendment No. 7 adopted District L Edition NADA Official Used Car Guide, Nevada should be added to list of States covered by http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/ 5 5/7 5/8 851 880 903 12/11 2303 2/27 377 7/ 1 1346 7/31 1526 10/ 9 1998 10/28 2081 11/12 2158 2/10 235 6/26 1299 5/25 1037 6/ 9 1171 10/30 2093 11/28 2238 7/27 1487 3/23 545 304 Pages Regtaat' , 1°ns: (Continued) u°ard of Governors: (Continued) W: (Continued) "Davin payment" in section 5(f) refers to the down payment required by the regulation, explanation to FRBank of Cleveland Down payments, reply to questions raised by FRBank of Richmond Down payments and maturities for instalment sales, letter to Congressman Rabaut on changes proposed Down-payment provision, opinion of Ir. Hodge that they should be eliminated because of administrative difficulties, in connection with discussion of proposed Amendment No. 4 Inclusion of, discussed at Board meeting in connection with proposed Amendment No. 4 Discussion of not requiring on articles costing less than 1t15, in connection with proposed Amendment No. 4 Down payment, pay roll deduction orders as Draperies and slip covers included in classification of Interpretations to be published in FRBulletin Dryer, Joseph E., reply to letter on intention and purpose of Regulation and on extension of credit to persons subject to military service Dunning letters and notices, objection to wording of E. A. Kelly Furniture Company, New Haven, Conn., letter to, giving opinion of Board regarding delivering of range of more expensive type than one originally ordered, amount of down payment required Easy Furniture Company, Chattanooga, Tennessee, action regarding violation by, to be held in abeyance pending development of a program of enforcement Educational loans to students to complete college courses, reply to inquiry of Rotary Club of Florence, S. C. Efforts to collect unpaid obligations, statement for publication in FRBulletin Electrical equipment, Inland Empire Llectrical Equipment Association, advised by Board that suggested reduction in down payment requirements for, is not justified by present conditions Congressman C. H. Leavy advised that Board gave careful consideration to request of Inland Empire Electrical Equipment Association of Spokane, that Regulation be amended to provide for a lower down payment on http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/ 5 13 2/14 258 2/25 353 4/27 772 4/27 774 4/27 774 6/18 1244 6/ 3 1132 6/24 1277 9/21 1859 8/11 1602 1/28 138 5/20 997 6/12 1203 11/24 2228 1/ 1 5 1/15 58 305 Pages Regillat*lons: (Continued) zoarld of Governors: (Continued) W: (Continued) Electrical hearing devices not included in listed articles Electrically operated cream separators, band and circular saws, etc., not included in Item 14, Group A Elevators, reply to question raised by Sims Handy and McKnight as to whether modernization of, in existing structures is included in Group E articles Enforcement, opinion of Board that uniform policy of enforcement should be adopted, answer to letter from Mr. B. F. Goldman Enforcement, discussion of, with regard to development of a program for Enforcement of, conference of FRBank representatives to be arranged to consider problem of, copy of report on, sent to FRBanks FRBanks requested to submit comments and suggestions, conference to be avoided by submission of plan by Board Enforcement of, consideration being given to, by Mr. Szymczak and other members of Board's staff Enforcement, proposed Amendment No. 4, inclusion of provision suggested by Mr. Henderson that would permit enforcement by local officials discussed Enforcement of, memoranda including press statement and letter to National Association of Better Business Bureaus prepared by Yr. Hodgson sent to Board members Press statement not to be released and reference to, to be omitted from letter to Better Business Bureaus Enforcement, proposed program for, discussed and suggestion that in case of willful violations there should be a hearing to show cause vIhy violator's license should not be suspended Enforcement of, draft of program for, prepared by Mr. Hodgson, submitted to Messrs. Ransom and Szymczak with power to put into effect and make such changes as they deem desirable Enforcement, program for, outlined by Mr. Szymczak at meeting of Presidents with the Board Enforcement, action against Easy Furniture Co. for violation to be held in abeyance pending the development of a program for http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/23 1025 5/21 1010 ti/ 3 624 2/6 217 2/24 325 3/11 468 3/27 576 3/23 539 4/30 787 5/ 5 847 5/5 848 5/5 849 5/5 850 5/8 893 5/20 997 306 Pages ReMbations: (Continued) iooard 0.1n Governors: (Continued) W: (Continued) Enforcement, plan for, submitted to Attorney General, letter to be sent to FRBanks upon advice from Attorney General that there are no objections Enforcement, letter to Comptroller of the Currency on cooperation with respect to national banks Enforcement, letter to FDIC on cooperation with respect to nonmember insured banks and Federal credit unions Enforcement of, advice that FDIC and Comptroller of the Currency will cooperate with Board in Enforcement of, evasion by jewelers in Chicago area who deliver merchandise with less than required down payment with no official report of sale of, etc. Enforcement of, letter to FRBanks on dealing with problems arising under Enforcement of, outline of program sent to National Association of Supervisors of State Banks for their cooperation Enforcement of, problems arising by violation by branch located in one district and manager located in another district Enforcement, reply to letter of Tripp Furniture Co., Jackson, Miss., down payment by buyer does not affect right of Enforcement to be discussed at Examiners' Conference in Philadelphia in September, representatives of FRBanks to be prepared for discussion Enforcement, telegram to FRBank of Atlanta that no general conference is contemplated Enforcement of, letter to Federal Home Loan Bank Commissioner for cooperation of his office in Enforcement of, summary of discussion at conference of examiners in Philadelphia Enforcement of, as to institutions subject to supervision and examination of Farm Credit Administration Essick Uanufacturing Company, evaporative air coolers manufactured by, held not to be included in Everhart Surgical Supply Company, Atlanta, Ga., reply that most of articles sold by are unlisted articles Exceptions in individual cases, letter to district clerk of Bexar County, San Antonio, Texas http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/22 1018 6/12 1204 6/12 1205 7/ 6 1374 7/10 1405 7/15 1432 7/15 1438 7/16 1444 8/ 7 1591 9/ 5 1742 9/ 9 1762 10/17 2035 10/28 2081 12/ 5 2272 3/ 6 433 12/23 2375 10/ 2 1936 307 Pages Regulat* b 1°ns: Doard of (Continued) Governors: (Continued) (Continued) Exchange of article by seller with allowance for full original purchase price as credit, not treated as trade in Executive Order No. 8843, scope of authority to prescribe regulations granted to Board by Fans, circulating type which are installed in furnaces, reply to question regarding the classification of Father may borrow from bank on 18 months' basis with Statement of Necessity to retire obligation with finance company, transfer of equity to father permissible Federal credit union, loans to purchase a house exempted by Section 6(a) FR 563-a, registration statement for newly organized concerns, and letter of instructions to FRBanks approved Finance company may purchase contract if it complies with Finance company, right to purchase or discount note executed by vendor and extending maturity of instalment sale indebtedness that is delinquent Financing of certain purchases, letter to Senator Ellender in reply to inquiry of A. L. Arpin First National Bank of Fairmont, Minnesota, FHA loans taken by, without knowledge that such loans were in violation of, no punitive action to be recommended, program of enforcement to be developed, letter to FRBank of Minneapolis Floods causing families to lose house furnishings and clothing, suggested amendment to take care of such situations Fluorescent lights and lamp shades, reply to question whether they are included in listed articles Flying lessons considered for bona fide educational purposes Food or coal, reply to W. Homer Kelly that regulation does not apply to open account sales of Forked Deer Electric Cooperative, Inc., Halls, Tenn., Statement of Borrower not required for purchase by Cooperative from, for resale Formality required in agreements, requirements of section 5(d)(2) as to extension of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/24 1478 4/30 786 5/11 918 2/12 248 5/ 2 839 1/30 149 4/10 692 11/ 4 2118 7/ 1 1347 2/20 305 7/23 1473 5/ 8 904 10/ 3 1942 5/29 1090 4/ 2 615 12/ 1 2255 308 Pages Regulaticms: (Continued) aioard of Governors: (Continued) W: (Continued) Freezing of consumer credit of each lender and vendor at present level, preparation of program suggested by Mr. Eccles Frozen food cabinets, sizes under 12 cubic feet subject to regulation Fuel conservation credits, amendment No. 6 adopted Fuel conservation, exception to amendment No. 6 relates to present equipment, not to complete replacement of one type with another Fur coats, covering storage, cleaning, alteration and repairing, inquiry of Hixons, Milwaukee, Wis. Fur coats, loan maturity for not more than 16 months under regulation, reply to letter of Lincoln Loan Corporation, Indianapolis, Ind. Fur coats sold in June for delivery in November and to be billed at time of delivery, letter to FRBank of St. Louis on Furnace altered to burn hard coal instead of soft, ruled to be exception by Board, reply to Mr. Swanson's telegram Furnaces and stokers, explanation of standards applied in determining the rating of Furniture, Mr. H. F. Berry advised that Board cannot answer his question regarding consolidation of balances due on, as all necessary facts are not included Copy of letter sent to Baltimore Branch with suggestions regarding proper answer Furniture company advertisement in violation of regulation, as articles are closely related but down payments required are insufficient Furniture, suggestion by Mr. Brown that it be eliminated from "listed articles" discussion at meeting of Board with executive committee of the Federal Advisory Council with Board Furniture sales, inventories, and credit, memo from Mr. Goldenweiser in regard to the collection of statistics on, for purposes of the regulation, forms and letters to FRBanks included Furniture transactions, letter to Messrs. T. R. and W. S. Freeman giving reasons for including Furniture, avoidance of Regulation by renting instead of selling, letter from Mr. Cline http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/ 7 649 3/16 497 7/27 1487 8/ 4 1545 6/11 1181 8/19 1640 7/ 6 1374 8/ 5 1564 2/12 245 1/24 115 1/24 116 2/ 7 223 3/12 478-82 5/15 943 5/26 1059 6/ 5 1140 309 Pages RealQat' lons: (Continued) of Governors: (Continued) W: (Continued) Furniture, made to order and charge is made at time of delivery, reply to FRBank of St. Louis Furniture contract for sale of group of articles delivered over a period of time due to lack of materials Furs sold by Saks Fifth Avenue, Chicago, in January to be billed for in October covered by exception to regulation Future of, views of Board reported by .Mr. Ransom, and discussion at meeting of the Board with the Presidents Gems used to decorate watches included in the total cost of the watch George, Senator Walter F., inquiry from Ir. Roesel which was forwarded to the Board by, reply advising that Regulation is in accord with program suggested by the President Gold purchased by jeweler at about the same time of a sale to the same person, value of, must be deducted from the price of the listed article Government Employees Finance Corporation, advised in reply that Statement of Borrower is required in connection with the proposed loan, unless it is a renewal or revision Great Atlantic and Pacific Tea Company employees, credit extended for purchasing of merchandise with dealers who agree to honor company purchase orders, application to Groceries, letter to Mrs. Frances Hodges that they are not included in listed articles Group E, answers to several questions regarding screens, electric signs, prefabricated marquees, etc., whether they are included in Hamilton Ross Toolmaster, classification of Hebrew Mutual Association, Inc., advised that it and similar associations are subject to the provisions of the regulation in respect to loans covered by the regulation High school athletic association or activity funds not exempt under section 8(i) Home Furniture Company, Dallas, Texas, group offerings contained in advertisement of Homewares or housewares if not designed for kitchen use not included in kitchen equipment and utensils http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/ 6 1374 11/ 3 2109 7/ 2 1355 2/ 3 179 4/23 759 5/ 8 905 4/13 711 2/27 378 9/ 4 1734 6/ 2 1110 2/ 6 6/25 218 1283 5/ 7 882 6/ 8 1159 9/10 1767 7/17 1449 310 Pages Reg'taations: (Continued) Board of Governors: (Continued) W: (Continued) Hotels are non-residential structures even though ac6/11 cepting some permanent residents House charge accounts, letter to Mr. Hodgson on status 5/29 of House trailer, terms allowed dealer and those limiting 5/22 loans by banks and other lending institutions Industrial Mortgage Company of Grand Rapids, Michigan, purchase of entire business of small loan company which holds nonconforming paper would be 2/12 violation of Information to branch offices, responsibility of FRBank 6/27 for sending Inland Empire Electrical Equipment Association, Spokane, Washington, reply by Board that suggested reduction in down payment requirements for electrical equipment is not justified by present 1/ 1 conditions INSEL,BRIC and INSELSTONE, described in pamphlet, not applicable to special exemption in Amendment 6 of regulation, letter to Jones & Brown, Inc., 9/ 1 Pittsburgh, Pa. instalment contract which could have been written for a longer maturity, may be consolidated and a loan extended and the monthly payments reduced by 5/ 7 extending the maturity date Instalment note with maturity of more than 18 months made by person exempt under section 3(a), such note may not be subsequently purchased by 1/ 1 Registrant, explanation to FRBank of Dallas article unlisted Instalment sale of listed article or 7/14 and instalment loan, differences between 8/12 of building outside Insulating board not exempt if on Insulation, rock wool, request for longer period than 6/17 12 months in maximum maturity denied not building of Insulation materials used on exterior 7/31 exempt materials, roofing and Insulations, not to include siding letter to R. J. Tobin, President of the Tilo 8/ 3 Roofing Company reasons on Reichart Mr. Insulation shingles, letter to for not including as exemption in amendment 10/ 5 No. 6 amendfor America, request of Corporation Insul-Mastic 11/ 9 ment to Regulation W to exempt products of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1191 1090 1017 247 1303 5 1717 882 3 1424 1609 1235 1526 1539 1944 2137 311 Pages Regulati-°ns: (Continued) DlOard of Governors: (Continued) W: (Continued) Insurance, fire, reply to Del Mar Company regarding the instalment financing of the premium on a three-year policy in connection with section 5/15 8(g) Insurance policy loans, discussion of provisions of, with respect to, at meeting of the FAC with the 5/18 Board Letter from Mr. Dickson of First National Bank of 5/30 testwood, N. J., commenting on section Provisions relating to, discussed at meeting with the executive committee of the Federal Advisory 6/ 3 Council Provisions with respect to making of loans secured 9/30 by cash surrender value of policies Insurance premiums, notes payable to financial institu7/23 tions are considered instalment loans Insurance premiums, fire or casualty, suggestion of President of Great Eastern Fire Insurance Company, thite Plains, N. Y., that regulation be amended to make inapplicable to notes covering 8/19 loans of less than $1500 Insurance premiums, applicability of Regulation to fi9/14 nancing ing of fire and casualty of: 1/23 Ordered published in FRBulletin Similar to W-108 calling attention to parts of regulation made obsolete by Amendment No. 3 to be prepared for release with revised and reprinted 2/12 regulation 2/21 Ordered published in FRBulletin Changes in, caused by Amendment No. 3, to be prepared and transmitted to FRBanks 3/24 Statement for publication in FRBulletin 4/22 Statement ordered published in FRBulletin 5/25 Statement ordered published in FRBulletin 6/22 Statement for publication in FRBulletin 7/21 Statement to be published in FRBulletin 8/25 Statement for publication in FRBulletin 9/23 Statement to be published in FRBulletin Letter to Mr. Gilmore on policy with regard to pub10/20 lication of S letters 10/24 Statement to be published in FRBulletin V-10, principle contained in, is now stated in sec5/13 tion 11(e) of the regulation as revised http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 943 965 1098 119 1910 1474 1637 1808 113 248 316 t51 754 1042 1268 1468 1682 1875 2043 2059 928 312 Pages Reetaat* t 1°ns: (Continued) p°ard of Governors: (Continued) IN: (Continued) Interpretations of: (Continued) Th-51, further explanation of standards applied in determining the rating of furnaces and stokers W-122, Group E-1 of Supplement includes materials for repair or erection of new fence on property on which there is an existing structure W-123, words "down payment" in section 5(f) refer to the down payment required by the Regulation W-124, distinction between an extension of instalment loan credit and an extension of instalment sale credit 1(1-125, Statement of the Borrower required by section 5(d) need be obtained only from the party who receives the proceeds of the loan W-126, persons engaged in extending credit are required by section 3(a) to register, even though entitled to other exemptions W-127, first mortgage may be considered first lien under section 6(a) regardless of status of any property taxes W-128, second mortgage considered as first lien when both notes are held by the same lender W-130, rating and classification of coal stokers V.-131, still cameras classification does not include equipment used for photograving or lithographing purposes W-132, classification, floor coverings, includes rubber, asphalt, cork, etc. WR-1, revision of, places no restriction on renewals or revisions of single-payment loan made prior to May 6 Discussion of several questions relating to, sent to FRBanks Investment securities, classification of savings pass books under section 8(b) as Jewelers, question submitted by Donald McNeil, Associate Editor of the Jewelers' Circular-Keystone, material for use in articles in publication not to be encouraged Jewelry, articles included in classification of, letter to FRBanks regarding Jewelry, request of National Association of Credit Jewelers for opportunity to be heard on matters pertaining to instalment sales http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/12 245 1/ 5 13 1/ 7 22 1/ 9 34 1/27 128 2/ 3 167 2/ 3 168 321 64' / 4 565 3/31 600 4/16 731 5/ 7 881 5/26 1054 6/18 1246 10/ 5 1943 5/26 1055 10/28 2082 313 Pages Regta ations: Board of (Continued) Governors: (Continued) W: (Continued) Kitchen equipment designed for household use, scope of 9/30 classification as used in item 35 subject KoolShade sun screens included in Group E items 3/16 to regulation question reply to Lamp shades and fluorescent lights, 5/8 whether they are included in listed articles are infor, Landscaping, materials and services used 4/23 cluded in Group E Last payment may be less than 5 as formerly stated in 5/23 S-479 represents that Last payment on loan may be any amount balance as long as previous payments comply 7/17 with regulations Lay-away plans as relates to section 12(d), inquiry of Mr. W. J. Brett, Editor, Fur Trade Review, re5/22 garding of details Reply to Lion, San Diego, Calif., on 6/ 5 plans defuture Involving sale of furs and furniture for 7/ 6 livery Letter to Mr. Hodgson on transactions involving ac7/24 cumulation of funds for down payment Mr. Dakins Layman's Handbook of Regulation W, letter to 7/24 with comments on publication Leavy, Congressman Charles H., advised that Board gave careful consideration to request of Inland Empire Electrical Equipment Association of Spokane, that Regulation be amended to provide for a lower down payment on electrical equip1/15 ment Leo S. Mode & Company, reply to question of, regarding 5/15 minimum monthly payment provision Life insurance companies, reply to question of, as to whether they are required to register under 3/26 section 3(a) applicability salesman, to new Loans or advances 12/26 of regulation to Life insurance policy, loan secured by loan value or cash surrender value not exempt from provi5/27 sions of Light plant, windcharging, for use of a dwelling, opin1/28 ion of Board that it is included in Group E Limit when Federal price authorities have prescribed 5/6 maximum retail price, and other questions http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1912 497 904 759 1025 1451 1017 1145 1374 1480 1480 58 942 566 2394 1070 138 871 314 Pages IlWat* 10n8: , 08. (Continued) rd of Governors: (Continued) (Continued) Lincoln Loan Company, reply to question of, regarding a case in which a Registrant is asked to make an instalment loan for the purpose of paying off an instalment sale contract which was made before May 6, for an article which at the time was unlisted List submitted by Mr. Burgess of Northwestern Bank and Trust Company will be edited by Board but without assuming any responsibility Listed articles not part of a set, group or assembly on article costing less than $15, lender permitted to lend full purchase price of articles Loan drawn for 15 months not extensible to 18 months Loans to college professors and school teachers, letter to First National Bank of Princeton, N. J., on procedure in connection with Loan made by registrant for maturity in 18 months to be repaid in 12 instalments, payment to start 6 months after making of loan, prohibited Loan evidenced by notes followed with request for increase in amount and unsecured note to be given for, question of applicability of Regulation to Loans which are not extensions of instalment credit are not subject to provisions dealing with renewals or revisions Loans, single-payment, opinion that they should be covered to prevent evasions of the purpose of the regulation Loan to be used to purchase a listed article and pay a grocery bill, answer to question whether the loan may be secured by a chattel mortgage on the listed article not changed by revision of the regulation Loan, if purpose of, is to purchase listed article it is not subject to Regulation U, but would not be exempted by section 8(b) of Regulation W Loan plan involving pay roll deductions, period longer than 45 days for first instalment not permitted Loan plans for two local public utility companies, reply to Riggs National Bank, Washington, D. C., regarding Loans for purposes of purchasing or carrying building and loan shares exempted by the last clause of section 8(b) http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/11 918 6/ 3 1131 6/25 1284 153 1/30 2/27 378 3/13 493 4/ 9 666 4/25 765 4/30 786 5/ 6 872 5/ 9 912 5/20 998 5/20 998 5/20 998 315 Pages Board : (Continued) of Governors: (Continued) (Continued) Loans, single-payment, answer to questions regarding renewals of Loans to individuals for nonproductive purposes, reply to Villiam J. Field on tax rates and assessment policies in Jersey City Loan to American Legion not exempt from provisions Loans consolidated and amounting to more than limit provided by regulation, no objection unless regulation is evaded Loans to individuals for nonproductive purposes, press release to be sent to member banks by FRBank of Cleveland Loans to students to complete college courses, reply to Rotary Club of Florence, S. C., that consideration will be given to Loans, renewal or revisions not subject to Regulations if originally for more than 1l500 Loans to school teachers in cases where school Board is unable to raise funds needed, school board later to pay loan to bank Loans of Federal Housing Administration must comply with provision of Regulation Loans of less than $1500, letter to Senator Wagner on letter of Mr. Bruchs on misunderstanding of regulation Loans by Investor's Syndicate companies on certificates issued by them Loan may have maximum maturity of 12 months even if charge account is in default, reply to Morris Plan Bankers Association Loans secured by bona fide first lien on improved real estate and duly recorded to finance extension of credit, advice to registrant in regard to making loan under regulation Loans not subject to Regulation Iv discussed by Mr. Ransom at meeting of executive committee of Federal Advisory Council with Board Loans in excess of .01500 to building corporation, not covered by Regulation, reply to letter of law firm of Heaton, Mules, Ireton & Hatch, Baltimore, Md. Loans made to dependents of men in the armed forces with special reference to dependency allotments http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/26 1056 5/26 1059 5/27 1070 6/ 3 1130 6/11 1189 6/12 1203 6/16 1226 6/18 1244 6/19 1259 6/27 1309 7/ 9 1390 7/ 9 1394 8/ 3 1539 8/ 5 1561 8/19 1639 9/23 1873 316 Pages Rew at. ,10n5: (Continued) 450ard of Governors: (Continued) 17: (Continued) Loans secured partly by credit union shares, statement 11/24 for publication in FRBulletin Loss or damage to article, clarification of interpreta7/24 tion W-112 Lumber used by church for building parsonage, letter to 6/ 3 Senator Wheeler that Regulation does not apply M-A-C Plan Management Bureau, reply to question re transfer of automobile equity from son to father 1/30 who intends to borrow from Market record, letter to Mr. Anderson acknowledging ad5/28 vice of change in publication date Materials and services under Group E, contract relating 1/30 to Materials and services used to alter basement room and landscaping business held to be subject to 4/23 Materials and services, meaning of phrase as used in 9/ 3 section 13a Maturity, discussion of substituting maturities of 15 and 12 months for present maturities of 18 and 15 months, views of OPA given by Mr. 1/16 Hubachek Maximum credit value fixed by Federal price authorities, discussion of not allowing a bona fide cash pur2/24 chase price in excess of Mayer, Howard G., reimbursed for expenses of trip to 2/26 Washington to discuss problems arising under Merchandise orders, use in connection with purchase of 9/14 listed articles Merchandise sales under plan of Hamilton Ross Industries where articles are delivered for approval, trial or inspection period but no down payment re7/27 quired Minimum monthly payments, when relating to aggregate indebtedness and not to individual purchases 5/15 Minimum payments on aggregate indebtedness, ruling on 5/29 Mining companies operating stores for sale of merchandise to employees, wage assignments in con9/10 nection with Modernization loans, letter to Prince Georges Bank and 10/23 Trust Co., Hyattsville, Md., on effect of Morris Plan Company of Holyoke, answers to several ques1/13 tions Morris Plan Industrial Bank of New York, advised that Board does not favor amendment to permit the initial payment on instalment loans to be deferred for 90 days 1/14 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2228 1479 1131 150 1078 153 758 1727 60 334 360 1807 1497 942 1088 1766 2055 46 53 317 Pages 421,1 L. : Board of (Continued) Governors: (Continued) (Continued) Musical instruments, delivery of two or three in anticipation of sale of one, deposit required on most expensive Down payment required only on most expensive of those taken out for selection National Used Car Market Report, Inc., Chicago, Illinois, advised that Board will consider data supporting requested additional designations Nonconforming paper, Industrial Mortgage Co. of Grand Rapids, Michigan, properly advised that purchase of small loan company holding, would be violation of Nonpurpose loans, amendment regarding, being given consideration Nonpurpose loans up to $1500, opinion of Mr. Brown that inclusion of, in Amendment No. 4 was unjustified, discussed at meeting of FAC with Board Obligation of customer sold by registrant and additional obligation entered into by same customer Letter to Mr. Hodge re Libby Furniture and Linoleum Co Office of Price Administration, review of questions of policy under consideration by, in relation to changes in Regulation Oil burner, money borrowed in anticipation of taxes for purchase of, by Union Free School District #7 held not to be an extension of instalment credit Open-book credits, discussion of applying some form of restriction to Overdrafts in Macy's Bank, New York, treatment of Overdrafts resulting from drawing of check not subject to the regulation unless used as a means of evasion Paint and glass sold to hotels used for transient guests, applicability of section 13a Pamphlet saying what "can" and "can't" be done under, suggestion of Northwestern National Bank and Trust Company, Minneapolis, Minnesota, that Board publish Pawn transaction in which pawnor is not under obligation to repay pawn broker not subject to Payment of part of debt pursuant to agreement that such payment will satisfy entire debt does not render remainder of debt uncollectible http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/26 2065 11/ 3 2112 3/24 550 2/12 247 3/23 539 5/18 964 11/12 2157 11/30 2244 3/23 539 1/24 117 2/24 325-37 5/29 1088 5/29 1088 9/30 1913 5/22 1021 6/ 5 1140 6/27 1306 318 Pages Re • Maticms: (Continued) 13°ard of Governors: (Continued) W: (Continued) Payments on credit sales of seasonal goods, L. H. Goldbright, Jr. advised that opinion regarding restriction of deferment of, will be given careful consideration 4/7 Pension and relief fund of employees of city of Bir9/22 mingham, effect of Regulation on Petroleum products, reply to Retail Merchants Credit Association of Los Angeles, as to whether they 5/25 are listed articles Restriction of retail credit sales of, directive 12/23 proposed by Petroleum Administration for War Pianos, reply to Mr. Beasley of Valittle Music Company, 6/16 Dallas, Texas, on effect of regulation Restriction of credit to dampen demand, letter to 8/ 4 Senator Connally on Pool tables and equipment are included in Section 13(a) 6/11 Porcelain, antique, classified as tableware designed for household use even though regarded as work of art 9/ 8 Pre-September contracts, exceptions under 1/30 President Roosevelt's anti-inflation message to Congress, press statement of, relating to consumer credit control read at Board meeting 4/27 Press statement regarding revision of, sent to FRBanks 5/4 Principle for ruling on individual cases, not desirable 11/28 to give publicity to interpretation Printing, upon adoption of Amendment No. 3 entire regulation to be reprinted, FRBanks to advise Board 2/3 whether they desire proofs or offset negatives Printing and distribution of regulation and registration statements, letter to FRBank of Cleveland on 6/24 supply of Production credit corporation, regulation applicable to 6/18 same extent as other lending agencies PumPs, types of, not intended to be included in W-21 4/21 Questionnaire prepared by Mr. Ransom in connection with 3/21 charge accounts, sent to FRBanks Supplementary question added 3/24 Questionnaire on nonpurpose loans sent to representatives of the trade and bank and finance companies, letter giving reasons for regulation 4/6 of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 652 1864 1038 2366 1227 1547 1190 1750 154 773 841 2238 168 1276 1245 751 534 549 640 319 Pages Regillatio ns: (Continued) Board of Governors: (Continued) (Continued) Questions presented by Mr. Woolley of Kansas City, discussion of Questions on single payment loans, and on other parts of regulation submitted by FRBank of Richmond, reply to Mr. Wallace Rabaut, Congressman Louis C., reply to letter of, in which was enclosed a letter from Mr. Blood, advised of purpose of regulation and opinion that little difficulty will be experienced in returning to normal consumer credit terms Radio, sale of, as advertised permissible under section 6(j), letter sent to Mr. W. E. Carney and Bureau of Internal Revenue Radio, two-way transmitting and receiving unit for use on an aeroplane not included in Group C-10 of Supplement Radios, deposits required on demonstrators, Cumberland Electric Company cannot be excepted from provisions of Regulation Railroad watches, letter to Mr. Harold P. Sutton on amendment No. 8 to Regulation Records, definite policy regarding the retention of, being formulated, Statement of Borrower and Statement of Necessity should be retained pending the establishments of time limits by the Board Records in connection with loans, question of preservation of Records and papers relating to credits, retention by registrants Refinancing of contract made prior to September 1, 1941, and which has not been renewed, letter to Mr. and Mrs. Dale Kuhn Registrant not required to act when payment is omitted or paid only in part, explanation to FRBank of Minneapolis, copies sent to all FRBanks Registrant who moves from one FRDistrict to a town in another, procedure covering, as suggested by FRBank of Kansas City approved Registrant can delay making contract until date of delivery, letter to Mr. Gilmore replying to this and other questions Registrants, letter to FRBanks for figures with respect to http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/ 9 1391 7/13 1415 2/25 355 1/7 23 2/21 314 10/26 2064 11/ 3 2112 5/6 872 7/29 1513 11/ 4 2116 11/23 2218 1/7 22 4/15 723 6/11 1190 11/12 2156 320 Pages : (Continued) of Governors: (Continued) (Continued) Registration, an organization registered in one district which moves to another Federal Reserve district not required to register again 5/ 4 841 Registration statements: Instructions to FRBanks with regard to tabulation of Registrants who do no instalment business 38 1/10 or business in listed articles Reply to FRBank of Cleveland regarding questions of refusal to file, incomplete answers, and enforcement 3/9 440 Board has no objection to release by FRBank of Minneapolis of summary data from, copy of release 3/10 459 requested Board has no objection to release of information 3/20 518 developed from Form for use by those solely making charge sales or single-payment loans 7/15 1435 Request of Department of Justice for permission for investigator of Anti-trust Division to in12/22 2363 spect those of small loan companies Remedial loans for repaying obligation held elsewhere 3/13 491 Remodeling or rehabilitation projects as defense housing, letter to National Housing Agency for sup6/18 1247 ply of orders and forms Renewal of loans, necessity of making curtailment upon 5/29 1088 renewal Renewal or revision of instalment credit, new interpretations suggested on effect of amendments to 6/27 1305 regulations on Renewal or extension of single payment note, reply to question presented by Mr. Messinger of Toledo 7/ 9 1390 Trust Company Renewal of note, provisions of section 7(c)(2) on ma9/30 1912 turity of Renewals of single-payment loans made prior to May 6, are not subject to, in view of first sentence of section 7(c) 5/9 912 Rental-purchase contract, transaction involving, constitutes a sale, reply to Messrs. T. R. and W. S. Freeman 5/19 993 Renting of furniture instead of selling it, letter from Mr. Cline on avoidance of regulation by prac6/ 5 1141 tice http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 321 Pages Regillations : (Continued) Board of Governors: (Continued) W: (Continued) Residential building, does not include house boat or trailer Residential mortgage loans, plan to amend Executive Order to regulate presented by Mr. Ransom Residential property, repair and maintenance of, plan of Vestern Electric Company of handling for employees Restaurants and hotels, extension of credit for purchase of supplies for Restrictions on business, letter to Senator George on purpose and scope of regulation Restrictions on business caused by regulation, letter to Senator Russell in reply to inquiries of constituents Restrictions of, letter to Mr. Ira A. leveller with opinion that people should not reduce payments on obligations or increase obligations in order to purchase war savings bonds Retail Credit Grantors of New England, reply to, regarding adoption of resolution asking that regulation be changed to permit the billing month to differ from the calendar month Retention of records in connection with, questions raised by Peoples Pittsburgh Trust Co., Pittsburgh, Pa. Reupholstering, reply to Lee Fabric Corporation, Cleveland, Ohio, on provisions of regulation Interpretations to be published in FRBulletin One third down payment on, when furniture requires only 20 per cent, letter to Like-Nu Re-Upholstering Co. on Revisions following default on instalment payments, explanation to American Association of Personal Finance Companies Rogers Jewelry Co., Norfolk, Virginia, reply to regarding application of regulation to sales in charge accounts Rugs and carpets, letter to Institute of Carpet Manufacturers of America, Inc., on reasons why down payment required is greater than that for furniture Rugs and clocks, reply to question of Mr. Brubaker regarding http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/29 1313 8/ 7 1586 12/15 2314 6/ 1 1104 6/ 5 1142 6/ 5 1143 9/25 1885 5/20 997 9/21 1858 6/16 1228 6/24 1277 8/ 4 1549 1/14 51 5/20 999 9/ 3 1728 3/28 586 322 Pages Nlaat. t_l_c)ris: (Continued) uuard of Governors: (Continued) W: (Continued) Schedule of payments, reply to question of Mr. Butler, of the Industrial Bank, St. Louis, regarding 1/30 152 approval of Secretary's note, letter to Better Business Bureaus 848 as amended regarding the enforcement of 5/ 5 Section 4(d), requirements of, are met if Statement of Transaction is given promptly to obligor, irrespective of whether it is given by seller 913 5/ 9 or by some other person Procedure in connection with the sale of coupon books in compliance with 941 5/15 Section 5, reprinting of, for enclosures with statements rendered customers, no objection by 5/18 975 Board Section 6(b) refers to a loan to retire an obligation held elsewhere whereas section 7(c)(1) refers to the renewal or extension of an obligation 912 held by the registrant 5/ 9 Section 8 as amended by Amendment No. 3, answers to question regarding provisions of, with reference to instalments and consolidations 3/13 491 Section 8(a)(1) applicable in circumstances described 248 2/12 in letter from FRBank of San Francisco Section 8(a) and (b), reply to Ir. Bisselle regarding 766 4/25 renewals and revisions Section 9(d) words "permitted in the first instance" refer to period from date of original extension 3/18 of credit 504 11/12 2154 Section 10(a)(2), reply to inquiry with respect to 5/25 1034 Section 13, list of articles covered by Sections 5(f) and 8(f), explanation of, to FRBank of Cleveland with regard to a Registrant making a loan to a father to enable him to pay a pre1/14 50 existing debt to his son Security pledged for second loan cannot be used as security for the first loan in the absence of a 2/20 304 spreader clause or overlap agreement Services, applicability of credit restrictions to establishments that furnish, such as renting 12/12 2307 laundry linen Shifting of date of first payment and of final maturity under section 9(b), reply to State Street Trust 234 2/10 Company, Boston, Mass., regarding http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 323 Pages Reyatj : (Continued) Board of Governors: (Continued) (Continued) Shuffleboards ruled to be games equipment Sales made by Modern-Art & National Shuffleboard Co. before advice of Board's classification as listed article Siding and roofing not exempt under regulation Silver-backed toiletware, opinion of Board that it is included in Group A-32 of sec. 13(a) Silverware and dinnerware, reply to inquiry of New England Home Equipment Company with respect to instalment sales Single-payment loans made prior to May 6, 1942, renewals and revisions of, not prohibited Single-payment loan limited to credits in form of loan Single-payment loans, answer to certain questions raised by Topeka Chapter of American Institute of Banking Single-payment loan, effect of agreement with customer regarding periodic renewals and reductions Single-payment loans covered by sections 7(a) and 7(h) of regulation Small loans lenders, Mr. Brantley advised that regulation of, is not intended by, and should be regulated by State Spot-checking for the purpose of disclosing violations of, desirability of, discussed at meeting of the Presidents with the Board Spritz Credit Department Store of Cincinnati, advised that the sale of a listed article in a charge account with the understanding that the credit will later be converted to an instalment basis is prohibited State small loan supervisors, list of those willing to cooperate with Board in enforcement program State Street Trust Company, Boston, Mass., reply to question involving Section 9(h) regarding shifting of date of first payment and of final maturity Statement of Borrower: FRBank of San Francisco advised that they should be retained for a reasonable time Form, no objection by Board to changes proposed in, by National City Bank of New York http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/13 1417 7/30 1517 8/ 5 1563 5/8 904 6/19 1257 5/11 6/ 5 917 1140 6/ 5 11L5 6/ 8 1159 7/16 1445 4/13 712 5/8 894 5/21 1009 11/24 2226 2/10 234 1/21 94 2/23 319 324 Pages Regtaat. (Continued) 'uard of Governors: (Continued) (Continued) Statement of Borrower: (Continued) Required in connection with loan proposed by Government Fmployees Finance Corporation unless it is a renewal or revision F.R. 564, list of articles on back of, rendered incomplete by Amendment No. 3, suggestion that additional items be added by rubber stamp or other convenient method Consideration to be given suggestions regarding, when statement is again revised, reply to other questions submitted by FRBank of Minneapolis F.R. 564 not suitable for use following revision of regulation, changes to be made in, pending preparation of new form which will be immediately forwarded to all FRBanks New specimen form, F.R. 564-a, transmitted to FRBanks for use in connection with regulation as revised, FRBanks advised that with certain changes use of the old form may be continued until July 31, instructions for printing and distribution included Inapplicable to loans exempted by section 8 Not required for loans exempted by section 8 Use of old form 564 by financial institutions in Richmond District opposed by Board Loan obtained from Peoples Bank of Cumberland, Md., inadequate statement for which loan is to be used Preservation of, reply to inquiry of Household Finance Corporation Statement of Necessity to Prevent Undue Hardship, F. R. 565, use of, to be continued in connection with regulation as amended, certain changes necessary in some cases pointed out, request for suggestions included in letter to FRBanks Letter to FRBank of San Francisco on deletion of word "instalment" in form pending revision Statement of Transaction, requirements of section 4(d) regarding, are met if the statement is given promptly to obligor, irrespective of whether it is given by seller or by some other person tatistical and research work in the field of consumer credit, Mr. Ransom authorized to confer with Mr. Taylor in regard to the Board taking over from the Department of Commerce http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/27 378 3/20 517 3/26 568 5/ 5 864 5/11 5/18 5/20 916 976 998 7/29 1514 8/ 7 1590 9/14 1806 5/11 916 7/31 1528 5/ 9 913 5/19 979 325 Pages RegLaat' ,_ (Continued) l'oard of Governors: (Continued) W: (Continued) Statistics reports on, letter to American Bankers Association regarding transfer to Board, request for list of reporting banks, procedure and form of report outlined FRBanks advised of transfer Sterling silverware, should be included, opinion of Board Stokers, credit to finance installation not exempted if same kind of coal is to be used Stokers installed in connection with change of fuel, if coal cannot be hand-fired stoker comes within exception Stokers, maximum net heat output as well as design should be basis for test of application of regulation, explanation to FRBank of Minneapolis Stokers, purchase by person changing from hand-fired soft coal lump to soft coal screenings is exempt Stokers and coal loans, reply to Morris Plan Bankers Association, Washington, D. C., regarding application of regulation to Stove with more than 7 heating surfaces, advertisement of, brought to Board's attention, reply that Board is aware that classification is unsatisfactory and would appreciate suggestions for changes tt, oummer Plan" for modernization loans in connection with Federal Housing Act no longer permissible, letter advising Mr. Goldbright of the Heating and Plumbing Corporation, New York City Supplemental loans made under Bankhead-Jones Farm Tenant Act are exempt under section 6(a), letter to Department of Agriculture Taxes, money borrowed by Union Free School District #7 in anticipation of, for purchase of oil burner, held not to be an extension of instalment credit Taxi being purchased on instalment, title inadvertently restored to vendor, may be returned to vendee and contract reinstated without down payment Tenth day falls on Sunday, payment is made on next day Term loans, amendment regarding being given consideration Toys and children's games, application to credit sales of To-s as listed articles including games designed for use by adults and those for use by children http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/ 4 2/ 4 187 188 2/24 339 9/ 3 1727 9/ 9 1762 1/ 1 2 9/12 1792 5/19 993 1/ 1 4 3/28 586 1/15 57 1/24 117 1/30 12/ 1 154 2254 3/23 539 11/13 2166 11/18 2195 326 Pages Re 8111.tions: (Continued) 80ard of Governors: (Continued) (Continue() Toys and games, application to credit sales of Trade, conference of Eoard with representatives of, authorization of employment of a stenographer from Hart s?„: Dice to report Trade-in may be used to reduce deferred balance due on purchase of an automobile, subject to section 4(d) and requirement that no monthly instalment may be omitted Transfer of equity in listed articles TYpes of loans exempt from requirements of regulation Uniforms, down payment of 1/3 necessary under regulation, reply to letter of Bourgeois & Harris, Atlantic City, J. Union Free School District r'7, Corinth, 'Jew or:, purchase of oil burner, money borrowed for, in anticipation of taxes not held to he an extension of instalment credit Union Pacific Coal Company, furnishing of houses complete with furniture to workmen discussed United Roofing Contractors Association, appreciation of passing resolution at Annual Convention of Advised that certain sections of former letter from the Board to, have been changed by Amendment No. 3, but that other sections are still correct and may he quoted if desired Unlisted articles, reply to Glendale Merchants Association, Ltd., Glendale, Calif., questions relating to Upholstery includes yard goods and pricing includes installation charges UPholstery, meaning and application under Board's letter 2-492-a Used cars, discussion of market for, view of Office of Price Administration that maximum maturity be restricted from 13 to 15 months Utica Provident Loan Association, Inc., Utica, New York, advised of reasons for fifteen months' maturity provisions Utility companies, sale of water, gas, and electricity takes place on date meter is read u.l.ox Rapid Printer manufactured by the Lastman Kodak Company not to be classified as an enlarger Venetian blinds included in Group E items subject to regulation http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/25 2230 3/12 07 3/ 6 432 7/11 6/10 1408 1182 8/ 8 1594 1/2i, 117 7/17 150 14/8 59 5/ 6 783 5/29 1091 5/19 992 6/12 1203 2/24 330 5/ 11 c',42 6/ 3 1131 4/13 710 3/16 1197 327 Pages 1141tions: (Continued) Board of Governors: (Continued) W: (Continued) Violations: Advertisement by store in Rochester in connection with charge sales Automobile dealer, no objection by Board to the obtaining by the FRBank of St. Louis of sworn statements from purchasers Clark Brothers Furniture Company of Chattanooga, Tenn., procedure under consideration Order to be issued to close stores for one week Telegram that Board insists on full week's closing as minimum penalty Order suspending license Consumers Home Equipment Company of Detroit, Mich., procedure under consideration Correspondence with Assistant Attorney General on plan involving misrepresentations, sent to FRBank of Kansas City MBank of San Francisco advised to handle in accordance with policy outlined in Board's letter 3-368 Koppers Stores, Inc., in regard to the use of scrip which is not redeemed daily Letter to Mr. Hale on treatment of case of Paul Lowrey Program to secure compliance with regulation, letter to Assistant Attorney General transmitted, copies of program Report of investigation of certain cases, reply to letter of Mr. Raisty, FRBank of Atlanta Transactions described by Mr. Shapiro, would be in violation of regulation Warren, Keith F., advised that regulation was designed to discourage unwise borrowing and not prohibit instalment buying generally Watches, preference not to be given trainmen for purchase of hatches, payment plans on, suggested by Baltimore and Ohio Railroad Company permissible under der W Watches, purchase by railroad employees, status under to Company Railroad Pacific Viatches, plan of Southern meet problem Watches, purchased by railroad employees, letter to Mr. Stroud on Notches, railroad, action that might be taken pending adoption of amendment http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/22 1661 5/16 949 7/30 1517 11/ 3 2103 2124 11/ 9 2134 11/ 5 7/30 1517 7/25 1484 2/20 306 5/19 991 6/ 2 1109 5/28 1078 8/19 1637 1/31 162 1/16 77 2/24 339 641 4/ 6 6/ 5 1142 6/18 1247 6/22 1266 7/31 1525 328 Pages ti a(Continued) Beard of Governors: (Continued) W: (Continued) Water heaters, letter of Board regarding, not to be given general circulation in view of letter from FRBank of Philadelphia in respect to experience with "Wearing apparel", Board in agreement with definition of, by the FRBank of San Francisco Wind electric plants, reply to Jacobs Wind Electric Company regarding application of the Regulation to Windmills to be included in classification "water pumps designed for household use" despite priority status Written statements, necessity for, under section 4(f) explanation to the Cumberland Maytag Company Y.M.C.A. exempted under Sec. 8(1) of Zenoff Motors advised that Board agrees with FRBank of Chicago in connection with a plan for the sale of used automobiles 81'anch banks, revision to provide for vice president or other officer to be in charge of branch in place of managing director Buren'u of Internal Revenue, taxation of stock dividends as inDirec come, amendment relating to tOr of Economic Stabilization Board, effect on salary increases of officers and employees of FRBanks lle and Memphis Clearing House Associations, changes in rules and regulations on par clearance of checks National War Labor Board, bulletin number one regarding payment of supplemental compensation or allowances Office_ of War Information, policy and procedure in connection with, letter to Mr. Davis designating Mr. Elliott Thurston to act as representative of Board to cooperate with wwctized Government Travel, amendment to certain provisions of ;,..ry Department: 1113ank notes, amendment to permit pledge of Government securities with FRAgent as security Industrial loans, liberalization of provisions regarding losses discussed at meeting with Presidents Amendment suggested to comply with recent Executive Order on guaranteeing loans http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/13 490 5/13 928 3/27 582 2/2 164 1/21 94 6/29 1319 5/6 873 11/20 2210 2/12 249 10/28 2076 2/16 278 11/ 6 2128 7/25 1485 11/ 4 2115 12/16 2325 3/2 385 3/26 560 329 Pages Regtaat. T 1°11s: (Continued) reasury Department: (Continued) Industrial loans: (Continued) Proposal of Board that funds be furnished directly to FRBanks by Treasury Rel t* A v._ sva h dealers in securities: ' 11drilent to Regulation R to permit officers of investment companies to serve also member banks suggested, not considered desirable at present zens Savings Bank, Providence, Rhode Island, to be advised that an exception to Section 32 of Banking Act of 1933 cannot be made for trustees of a mutual savings bank Com monwealth Investment Co., sec. 32 applicable to, because open-end investment company Inte rlockinc, relationships between member banks and open-end investment companies, letter to Mr. Paddock on views expressed in his letter and one from Mr. Charles E. Spencer, Jr. but regulation not to be amended Melliber ban, s K and open-end investment companies, letter to Mr. Jaretzi that Board should not amend Regulation to exempt interlocking relationships R Misn.11 4/ 1 607 3/ 6 432 3/ 9 436 10/28 2080 10/17 2037 9/ 4 1731 ---4-Laneous: Egner, Carl, cannot lawfully continue to serve as director of national bank while associated as partner of Clark Dodge & Co., N. Y. *el's, L. R., applicability discussed in connection with admission of bank to membership North American Investment Corporation, applicability of Sec. 32 of Banking Act of 1933 Request for reconsideration of applicability of sec. 32 to, Board adheres to previous rulings 0Pen-end investment companies, letter to FRBanks on administration of Regulation R in connection with Letter to Mr. Wagner on request for issuance of general regulation to permit service of member banks under Sec. 32 of Banking Act of 1933 Securities Company, not subject to proviLight RailwaY and 11 Ports: sions of sec. 32 Affiliates: Bank of America N.T. and S.A., letter advising that Board does not consider holding company affiliate relationship with Transamerica Corporation as terminated, and that Board is without authority to waive filing of reports of affiliates http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/14 1422 4/13 708 10/28 2080 11/25 2230 9/22 1863 12/16 2323 12/29 2402 1/22 101 330 Pages Report ,,.e•• (Continued) 4rfiliates: (Continued) Bank of America: (Continued) Copies to be sent to Messrs. Clerk and Crowley, and the Comptroller of the Currency Del Rio Bank & Trust Company, Del Rio, Texas, attention to be called to definition of affiliates in connection with Val Verde Wool & Mohair Company First Securities Corporation of Syracuse, New York, report on F.R. L37 requested, despite fact it has only a limited voting permit First Trust and Savings Bank of Pasadena, Calif., time extended for filing of reports of Peoples-Pittsburgh Trust Company, Pittsburgh, Penn., publication of report of Hotel Conneaut at Conneaut Lake waived, but report should be rendered at next call if affiliation still exists Barv, A A otebits, suggestion and form for reporting on monthly basis rather than weekly transmitted to FRBanks for comments and suggestions Instructions to FRBanks for reporting on monthly basis Setterrather than weekly Business Bureaus, relationships with FRSystem, report sent to FRBanks, conference to be arranged FRBanks requested to submit comments and suggestions, conference to be avoided by submission of plan by Board Utility Company, Billings, Montana, report in connection with the application of, for a loan from the FRBank of Minneapolis, letter to Senator B. K. Wheeler advising that report cannot be released because of its confidential nature and relation to pending litigation Letter to Representative O'Connor and Senators Wheeler and Murray explaining reasons more fully Color ed'u employees employed by Board, report submitted at request of War Man Power Commission and similar reports to be submitted every four months u.wer credit statistics, letter to American Bankers Association regarding transfer to Board, request for list of reporting banks, procedure and form of report outlined FRB T_ rms advised of transfer , L ruct1ons for submission of reports transmitted to Ctzrre FRBanks ncY, held in liquid form by State and local governments, FRBanks requested to report amount of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/22 105 4/9 664 1/7 21 4/21 749 5/13 928 1/23 112 3/26 569 3/11 468 3/27 576 5/ 4 844 5/20 1001 9/12 1788 2/4 2/4 187 188 3/5 419 1/5 15 331 Pages RePorts: ust (Continued) Comers debit balances of more than 5,000,000, list of New York Stock Exchange firms which are to continue filing monthly reports Enf orcement of Regulation W, report on, sent to FRBanks, conference to be arranged to consider question PRBanks requested to submit comments and suggestions, plan of enforcement to be submitted by Board to avoid of having conference necessity False reports, letter to Congressman Lea, advising that Board feels that banks and holding company affiliates should be exempted from proposed section 17(c) of amendments to Securities Act of 1933, regarding Punctional Expense, manual governing the preparation of, sent to FRBanks, changes involving reimbursement for expenses incurred in making war loans • Sim-plification of, and discontinuance of certain portions discussed at meeting with Presidents Group clearing of checks outside FRBank and branch cities and arrangements with local clearing house associations to be made every three years Information on financial ability of ship repair and building yards furnished by FRBanks to Navy, request by Board that information also be reported to Board InsUrance, joint report on, by Insurance Plan Committee and Standing Committee on Insurance, accepted by Presidents' Conference and to be recommended to the board of directors of each FRBank Report approved by a majority of FRBank boards of directors, plan for self-insurance now being prepared by the two committees Loan, , '' commercial and industrial, proposed form for monthly reports on, by member banks approved, to be sent to FRBanks for comments and suggestions Request for reports reconsidered and approved with letter to FRBanks New 4 ustrial and commercial loans made by member banks, memo by Mr. Goldenweiser on procedure for reporting approved Pay ;!;"' FR 574-A and 574-B for reporting, sent to FRBanks --L4- savings plan for purchase of bonds, telegram to FRBanks on reporting information ecin ,rocal bank balances, proposed procedure for reporting, agreeable to Comptroller, no change to be made on the face of the report and the form of published statement http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/ 8 1751 3/11 468 3/27 576 1/30 155 5/ 4 842 9/29 1903 12/23 2376 1/22 107 3/2 392 5/8 908 2/6 200 2/6 206 4/1 4/1 609 611 12/14 2312 5/11 921 332 Pages 1114)()rts: (Continued) 8* 2146, 2147, and 2148, letter to Senator Wagner amending Home 3/27 583 Owners Loan Act, etc., and opposing enactment S. 2250, Murray bill, to mobilize small business for war purposes, submission of report to Senate Banking and Currency Committee discussed, to be cleared with Budget Bureau as proposal by Mr. Eccles 2/17 290 may be substituted 8. 2565 to amend sections 12A and 19 of FRAct, letter to Senator 6/17 1239 Wagner favoring enactment Vial% loans, pending discussion with War Department of type of reports desired, reports may be made on FR 4/17 738 577 PRBanks advised of kind of reports Board wishes to receive on, with respect to outstanding loans guaranteed by FRBanks, Forms FR 579 and 577 enclosed with 5/2 838 proper instructions Ine and scope of those to be submitted in addition to reg6/30 1324 tar Sa ular report form vings Program, monthly reports of liaison officers of 6/18 1248 FRBanks need no longer be submitted and central c cities: reserve Chica go, discontinuance as central reserve city opposed by Fed5/18 961 eral Advisory Council sk-ussion at meeting of executive committee of Federal Advisory Council with Board as to whether should be included with New York as central reserve 6/ 3 1113 city Reduction in required reserves of member banks discussed at meeting with executive committee of Federal Ad7/ 1 1330 visory Council Corre spondent balances, discussion as to Reserve Bank cities in which they should be placed, at meeting of executive committee of Federal Advisory Council 3/12 472 wlth Board New y..., discontinuance as central reserve city opposed by Fed5/18 961 eral Advisory Council 133-11to 6/ 3 1113 . amend FRAct to change reserve requirements in Red_ ' 4ction in required reserves of member banks discussed at meeting with executive committee of Federal Ad7/ 1 1330 visory Council cillirements of Section 19 of FRAct, proposed amendment to permit changes in reserve requirements of central reserve city banks independently of the requirements for reserve city banks and eliminate the provision that no bank shall make new loans or pay dividends while its reserves are defi982 5/19 cient http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 333 Pages Reserve Board Club: It3rdings, Jeanne, to be employed as attendant in recreation room, contributions to be made by Board to 2/12 Club for salary of ReServ_ Rese, position of member banks, discussed by Mr. Thomas 9/11 'etvne requirements: , u_ange at present time opposed by Federal Advisory Council 8/ 5 'verrunent securities, investment of as many nonbank funds as possible in, prior to making a reduction in, considered at meeting of Board with the executive committee of the Federal Advisory Council 4/9 Inflation, effect on, of lowering reserve requirements, discussed at meeting of the Federal Advisory Council executive committee with the Board 4/9 PrOVieions of H.R. 7158 to amend FRAct to change those in central reserve cities discussed at meeting of Re 6/ 3 Federal Advisory Council with Board rites: ker.; .4- an National Bank of Jacksonville, Fla., permission to South Side Bank of Jacksonville to carry reserves required of banks in outlying districts upon conversion of nonmember bank into na10/26 tional bank As8essment of penalties for deficient, suggestion that they not be made, discussed at meeting of Federal 11/16 Advisory Council with Board ta4nce in differential account set up from purchase of instalment paper, statement to be published in Bank FRBulletin 3/24 Of AMerica National Trust & Savings Association, question as to whether differential account in connection with contracts for instalment paper constitutes deposit liability against which reserves must be carried, question to be submit1/8 ted to FDIC and another FRBank Le+ ' ter to FDIC 1/8 Letter to Centr 1/8 Mr. Sproul, FRBank of New York ' 4- reserve cities, proposed amendment to law to authorize Board to change reserve requirements in, or re5/18 serve cities Reduction in requirements of member banks, report of Mr. Ransom on telephone call from Mr. Sproul, action postponed until meeting on September 11 9/ 9 Amendm 0elatral ent to supplement of Regulation D approved 9/11 reserve city banks, statement for publication in FRBul8/25 letin http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 243 1779 1556 673 675 1113 2063 2182 551 26 27 28 961 1754 1782 1682 334 Pages 48 40',.7s: (Continued) " Icago City Bank and Trust Company, Chicago, Illinois, permission granted to maintain the same reserves against deposits as are required to be maintained by reserve city banks Co mputation on weekly instead of semi-weekly basis, proposed amendment to Regulation D Deductions for social security taxes as deposits, statement ordered published in FRBulletin Deficient: Amendment to FRAct: (See infra FRAct) Penalty waived, First National Bank of Paris, Texas Waiver of penalties incurred by member banks in Dallas district for first half of August Diff erential account set up in connection with contract for purchase of instalment paper by Bank of America, N.T. & S.A. as deposit liability against which reserves must be carried Disc . Ussion by Messrs. Stewart, Viner, and Haas with Mr. Goldenweiser and other members of Board's staff 4cess: Availability of Treasury bills to be brought to attention of banks with Furnishing of names of member banks to Victory Fund Committee, telegram to FRBanks Informti aon requested from FRBanks by Treasury in telegram sent without knowledge of Board ember ber banks in central reserve cities, request of Mr. Bell on information of volume of 0Pinion • of conference held by Secretary of Treasury that larger amounts should be in hands of banks during financing period Net, amendment proposed to repeal prohibition against member banks paying dividends or making loans while reserves are deficient, Board to retain power to prescribe penalties for deficiencies, discussion at meeting of Board with Presidents Me morandum distributed at meeting of Board with Federal Advisory Council to be given consideration Section 19, amendment proposed to authorize Board to change reserve requirements for member banks in central reserve cities -ment suggested that bank not make new loans or pay dividends while reserves are deficient Proo—s _,u0ea amendment discussed --Iseussed at meeting with executive committee of Federal Advisory Council Amefa11,,uent to be published in FRBulletin http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/23 544 2/17 285 5/25 10/1,2 2/2 163 9/22 1862 2/21 310 11/11 2147 5/18 960 7/ 8 1384 12/ 8 2287 9/15 1811 11/11 210 2/3 182 2/16 273 2/27 373 5/18 5/19 963 982 6/ 3 1115 7/21 1468 335 Pages Res „%:Iss: (Continued) rIrst National Bank of Paris, Texas, penalty for deficient, 2/ 2 Induwaivedstrial advances and commitments of FRBanks, certain FRBanks 12/24 to set aside for estimated losses Lowering ring of requirements and increase of excess reserves discussed at meeting of Federal Advisory Council 11/16 with Board Member banks: Central reserve cities, amendment to section 19 of FRAct to authorize Board of Governors to change, letter 6/17 to Senator Wagner favoring enactment of bill Amendment to Regulation D to reduce 10/ 2 mone, issuance of FRbank notes to provide additional 11/20 market, reserve situation in, and effect on future market issues of the Treasury, discussed at meeting of executive committee of Federal Advisory 3/12 Council with Board Reduction not favored at present time, discussion at meeting of 5/18 Board with Federal Advisory Council Reduction in central reserve cities, discussed by Federal Advisory Council and opinion of Mr. McKee that all reserve requirements for all banks should be 7/ 1 reduced Am endment to supplement to Regulation D adopted 8/ 6 Reduction should apply to country as a whole instead of only to central reserve city banks, opinion expressed at meeting of executive committee with Federal 10/ 7 Advisory Council Mee Meet.• called to discuss further action, adjourned because 11/14 Chairman Eccles unable to attend egtile.ti°n 1), amendment proposed to permit member banks in central reserve cities or in cities in which a FRBank or branch is located to compute reserves on a weekly basis, FRBanks requested to submit comments, if reaction is favorable staff to prepare press release and an appropriate 2/17 amendment Allienciment adopted to permit member banks in central reserve cities or in cities in which a FRBank or branch is located to compute reserves on a 2/17 weekly basis pRu.':11-ar letter to FRBanks containing press release 2/21 'nks advised that amendment is to be effective on computa2/26 tion period beginning February 28 es outside central reserve cities, request of Treasury for 9/15 study of distribution of excess 11"°1uti -°a adopted by Federal Advisory Council that reserve requirements should remain stable, unless a change is clearly required, opinion that at present 2/16 there is no need for change http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 163 2382 2180 1239 1929 2210 471 961 1330 1568 1962 2171 285 312 314 358 1811 261 336 Pages Reserve (Continued) geeolution adopted: (Continued) Discussion of resolution by Board with Federal Advisory Council with regard to Treasury financing Copy of resolution to be sent to Treasury Ret irement System, memorandum of Mr. Szymczak on plan of payments necessary to place on sound actuarial basis Sollth r1,-; ---,cago Savings Bank, Chicago, Illinois, granted permission to maintain same reserves against deposits as required of reserve city banks Surnm.,17 statements for various classes of member banks to be furnished to Board Trie -surY bills deducted from deposits in computation of, discussed with Federal Advisory Council Unive- . slt.7 State Bank, Houston, Texas, permission to maintain ' same reserves against demand and time deposits as are required to be maintained by member banks in central reserve or reserve cities War loam ' -oan deposit d accounts, banks unwilling to open because of maintenance of reserves on Ive2r0p0se1 amendment to FRAct to exempt from requirements '4-L7 reserve computation period for all central reserve and reserve city banks, FRBanks advised of approval rtem of Board and effective date of -'enatione. Acker • Ali ,rnan, Stephen, as guard, accepted wine, Mrs. Ruth Dewey, clerk-typist in Division of Research and Statistics, accepted Ander son, A. June, clerk stenographer, Division of Research and Statistics, accepted Araol, James W., elevator operator, accepted l'Sr, Clarence W., as director of Detroit Branch to assume duties as director of FRBank of Chicago "44) Mrs. Beatrice S., clerk in Division of Research and Statistics, accepted 8arteit 2 Betty, stenographer in Office of Mr. Draper, accepted Beaa. I Anne, as statistical clerk in Division of Security Loans, 8eci— accepted Ber7,.Herbert E., guard, accepted °11ni, Josephine F., as clerk in Division of Research and Statistics, accepted Bonnie Beth, clerk-stenographer in Division of Research and Statistics, accepted 8c3gart, Vincent L., as supply clerk in Secretary's Office accepted 8°°rste-n, Edward, resignation as junior economist accepted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/16 2/27 12/21 261-3 363 2350 5/30 1096 9/17 1827 11/16 2181 2/17 287 12/ 1 12/ 8 2247 2284 3/2 402 6/29 1315 10/27 2071 6/10 1179 12/19 2342 11/12 2153 8/10 1598 12/30 2406 2/5 11/14 193 2169 6/15 1216 9/25 1882 4/2 3/27 614 573 337 Pages ReR. ons: (Continued) BMInsdorf, Florence, as stenographer in Secretary's Office, accepted Br iscoe, Dolph, as director of San Antonio Branch to become Class C director of FRBank of Dallas Brod p e_Ll, Albert P., Jr., as page accepted -radley, Philip E., resignation as assistant chief in Division of Security Loans accepted Bro wn, Arch B., senior clerk in Division of Examinations, accepted BrithA --kage, Dean E., as page and reimbursement for unearned sick and annual leave waived 1311411.6a -n, Ethelda M., resignation as assistant private secretary in the Office of Mr. Szymczak, accepted Edwin C., as plumber, accepted c:TPi°n, James H., Jr., as elevator operator, accepted chir°11, Mrs. Alene D., charwoman, accepted col lester, Sidnor T., Jr., resignation as page, accepted 'Ler, Mrs. Margaret J., clerk-stenographer in Division of Research and Statistics, accepted Cook, 00110. Edward, laborer, accepted Lenwood, page in Secretary's Office, accepted -' s) Mrs. Catherine M., clerk in Division of Research and Statistics, accepted and refund to be made for advanced sick leave granted Cl'ane D. '-lnar, as guard to enter military service accepted and letter of explanation on temporary employment Crav, ' 118, Kenton R., as Administrator of War Loans Committee, Crawf accepted James D., accepted as guard, and grant of leave for Ounni military service rescinded ngham, Alex, as director of Helena Branch to enter military Dearbo service Depe,J11, Hamilton Q., resignation as junior economist accepted -"Jr°ck, Mrs. Barbara, as draftsman in the Division of Research and Statistics, accepted D bi ozrzil ' lItt:l M., guard, accepted chauffeur, accepted Eahenn ! ,) Amy L., as stenographer in Counsel's Office, accepted Mary Elizabeth, charwoman in Secretary's Office, accepted tarni. 4 g physicians: aughton, A. D., Alternate Medical Examiner, approved ' Pree Prosrn4 Mrs. Rose S. clerk in Secretary's Office, accepted ) r rederick L., as messenger in Office of Governor Szym, czak accepted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/10 456 2/3 2/5 167 193 1/16 77 12/ 4 2267 10/30 2091 1/13 45 10/29 2084 2/5 194 11/ 4 2114 4/8 659 11/28 2237 12/ 3 2261 11/18 2193 9/16 1821 6/29 1315 10/ 6 1947 5/1 835 10/ 6 1950 1/16 77 5/18 973 11/ 9 2133 6/22 1263 3/28 585 7/16 1441 8/17 1627 11/30 2242 10/ 5 1943 338 Pages Resignations: (Continued) Gallagher, Mrs. Nadine L., stenographer in Counsel's Office, 6/25 accepted Glaz. fl ler, William H., as economic assistant, accepted 1/30 ''°m°r1) Jeanne M., as clerk in Division of Research and Statistics, accepted 1/5 Gree„ ') u1W, senior economist in Division of Research and Sta11/23 tistics, accepted Grim es, Prank H., Jr., as voucher clerk in Secretary's Office, 1/21 accepted Haig S. Julia, clerk-stenographer in Division of Research 11/ 3 and Statistics, accepted Hall, 9/ 2 Harri Joan, stenographer in Counsel's Office, accepted Hill s, Joseph P., Jr., guard in Secretary's Office, accepted 6/ 2 , Gretchen, clerk in Division of Research and Statistics, 7/16 Hizsonaccepted 6/10 Holt "" H. guard, accepted suerg, Marilyn S., as junior file clerk in Secretary's 1/13 Office, accepted 11°Aki How n3, Julia B., Assistant FRExaminer, accepted 8/12 rd, d, Thomas P., as FRExaminer, accepted 8/ 1 bb Carol, clerk in Division of Research and Statistics, accepted 7/28 Hummer, -r) Mrs. Lucy F., as stenographer in the Office of Mr. Draper Jar 3/28 accepted venPa, Mrs. Aili L., clerk-stenographer, Division of Bank Operations, accepted and amount of unearned 11/19 leave to be deducted from salary check 487.1 George, Junior Economist in Division of Research and 6/ 6 Statistics j j Zs) Laurence H., as FRExaminer, accepted 9/16 ' s Mrs. Nancy Kengla, as law clerk in Counsel's Office, ac7/13 cepted (3n, Milton K., as stenographer in Division of Examinations Kaisft. 3/11 accepted Philip M., as junior economist in Division of Research 4114_ 1/22 and Statistics, accepted Helen Jean, clerk-stenographer in Division of Research 11/ 5 and Statistics, accepted Kind].eberger, Charles P., as Associate Economist in Division Kirki of Research and Statistics, accepted 8/ 7 and, Rexford, senior operator, duplicating devices, SecLars 9/15 retary's Office, accepted Esther H., as clerk in Division of Research and StaLars° tistics, accepted 4/25 n, Jefferson J., resignation as page in Secretary's Of5/28 fice, accepted Of absence of employees of Board, procedure when odd amount is less or more than 1/2 day 11/ 3 H111; http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1279 147 11 2217 93 2105 1719 1108 1442 1179 45 1607 1534 1508 585 2199 1151 1821 1411 461 106 2122 1589 1815 762 1073 2105 339 Pages Resio,,, r",!610ns: (Continued) Leon A., as clerk in Secretary's Office, accepted Lewis, Frank J., Chairman and FRAgent at FRBank of Chicago, accepted effective July 1 L. Accepted lchtash, Ben S., economic assistant in Division of Research and Statistics, accepted Lisc,h1 ---nsKY, Mrs. Melva, as clerk-stenographer in Division of Research and Statistics, accepted 'ars. Charlotte, junior file clerk, accepted waiter H., as Class C director at FRBank of Cleveland Lockhart, Mrs. Frederica R., secretary to Mr. Cravens, accepted Lovir., uorothy L., telephone operator, accepted 'cKadoo, Mrs. Elizabeth F., as economic assistant in Division of Research and Statistics Mann, -rs. M Sadie M., as charwoman, accepted Mrs. Mary B., charwoman, accepted Mart1, Dora W., clerk in Division of Bank Operations of Board of Governors, accepted ble00, La-Ld, Patricia A., as clerk in Division of Research and StatIcLe . tistics, accepted nlghan, Mrs. Wanda G., secretary to Governor Szymczak, accepted Bernadine M., junior file clerk, accepted ziarla, Mrs. Mary, charwoman, accepted es, aldred C., clerk in Division of Bank Operations, accepted tlit,h',uames V., Jr., guard, accepted ''" e-11, Charlotte N., as stenographer, accepted Litt ' etion of Board in accepting, rescinded chell, tars. Margaret, clerk in Division of Research and StaMOon , tistics, accepted '-4rs. Lida Sloan, leave without pay discontinued, resignation to be effective at end of accrued annual leave accepted Former action of Board amended and resignation of, not to Newell be accepted until a later date Ricki'George B., as page in Secretary's Office, accepted Lynda, clerk in Division of Research and Statistics, acNo e cepted n, Leonard A., as guard, accepted len, Mrs. Bernice, file clerk in Secretary's Office, accepted Paul Iler, Charles S., clerk in Secretary's Office, accepted Peak 'Randolph, class C, FRBank of New York, accepted e3 Donald E., as chauffeur, accepted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/21 93 6/ 1 1106 6/26 1291 11/ 5 2122 2/17 291 12/23 2370 8/ 6 1570 9/ 3 1723 7/15 1428 7N tIn 9 12/ 3 2261 6/ 4 1133 3/ 3 407 12/10 2297 11/ 2 2099 8/11 1601 11/27 11/28 4/15 5/12 2233 2237 720 924 12/ 4 2267 2/3 166 2/23 317 5/29 1084 7/14 1420 4/13 707 7/16 1441 12/10 2297 8/13 1612 1/28 135 340 Pages Resi gnations: (Continued) Ppl..1111iPs, Howard, director of Jacksonville Branch, accepted pinn, William E., as messenger in Secretary's Office, accepted c)wer, Reginald C., junior operator (duplicating devices), accepted j P les, Mrs. Adelia G., as charwoman, accepted Randall, Mrs. Alice, clerk in Division of Research and Statistics, accepted Reerl rL ewis S., as Class A, at FRBank of Boston, special election to be held to choose successor nsch, Pauline, economic assistant in Division of Research and Statistics, accepted Rhoda S. Isabelle N., as clerk in Division of Research and Statistics, accepted Chard James E., as elevator operator, accepted Winfield W., Class C director at Philadelphia, because duties require presence in England RilitiseY, Elizabeth V., clerk in Division of Research and Statistics, accepted Rtulai ---tue, Helen Roberta, clerk in Division of Research and Statistics, accepted Sadie r, Albert guard, accepted to enter military service J. Sai A 4.. - La, Umberto F., laborer in Secretary's Office, resignation accepted and to be paid two months' salary SarfatYY M. Peter, Sar clerk to the Building Manager, accepted schgent, LaRue, stenographer in Counsel's Office, accepted sci:,111ring, John, guard in Secretary's Office, accepted Mrs. Rose H., as clerk stenographer in Division of Research and Statistics, accepted Scott:r 4811 -oseph E., guard in Secretary's Office, accepted 48 e, L. A. A., FRExaminer, accepted sman, Mrs. Louise, resignation as junior economist, accepted t> Mrs. Mildred F., as stenographer in Secretary's Office 4: 10 " 1 , Stephen, as elevator operator, accepted sck, G. A., as alternate assistant FRAgent at San Francisco Melania K., stenographer in Division of Personnel AdSpare() ministration, accepted as chauffeur in Secretary's Office, accepted Stet 'Cnacker, William A., as operator, duplicating devices, in Secretary's Office, accepted an, Mary A., substitute nurse in Division of Personnel Administration, accepted -, Laura S., junior file clerk in Secretary's Office, acThomas cepted Tois Mrs. Ellen C., as clerk in Division of Bank Operations °n, Charlotte N., stenographer in Counsel's Office, accepted T4lbott, http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/18 3/11 744 461 10/14 2016 6/27 1302 9/25 1882 7/30 1516 9/11 1784 5/23 1023 9/ 1 1716 9/11 1777 8/21 1653 9 6%158 1R3 61 /11 1216 1541 7/17 1448 8/15 1625 6/15 7/16 12/15 1216 1441 2313 2/6 216 7/ 6 1371 3/11 461 10/ 8 1971 12/ 8 3/9 2289 436 6/24 1275 8/21 1652 9/25 1882 5/27 1068 8/6 1571 341 Pages Res inatlOnS: D (Continued) 7/16 kel") Robert L., plumber in Secretary's Office, accepted Brakle, Raymond, as library aid in Division of Research and 6/17 Statistics Wald) -askell, as junior economist in Division of Research and 7/27 Statistics WalYce, Eugenia N., as junior file clerk in Secretary's Office, 2/24 accepted Wei 10/ 3 accepted Office, l ary If si p L., Secretary's in clerk Ws e t wh. ake, Richard H., as guard, accepted 4/8 witlsY, Paul C., elevator operator, accepted 7/ 9 S) Norma F., resignation as clerk-stenographer, accepted 1/8 1j-5°n) Lucile G., clerk-stenographer in Division of Research 7/ 3 and Statistics, accepted Y°1-14P Roy 2/27 Boston of A. FRBank as of President utons: i BoarA Lt of Governors: Assessment on FRBanks to cover expenses of Board of Gov6/17 ernors for last 6 months of 1942 A ssessment on FRBanks for expenses of Board for first six 12/21 months of 1943 Regulation A, amendment to subsection (b) of section 2 adopted, letter to FRBanks advising, copy of 3/17 press statement enclosed Re gulation S, amended for the purpose of gearing the FRBanks 4/30 to the war program Regulation 11, Amendment No. 4 adopted and regulation as re4/30 vised C°Mmittee on AsBankers Nebraska of Agencies Lending Competing sociation with special reference to production Feder , 10/ 8 credit associations ,648,1-L Advisory Council: --°Pted at meeting on September 14 presented to Board for 9/18 consideration Renegotiation of war contracts presented at meeting with 9/14 Board for discussion Reserve requirements, recommendation that no change should be made in, unless clearly required, opinion 2/16 that there is at present no need for change 2/27 Treasury to sent of be C°PY Tr . resolution to -asury bills, recommendation that amount issued each week 2/16 be increased Federal Open Market Committee, resolution to be brought to the attention of, copy sent to the Secretary PRI?, 2/27 of the Treasury p, of Chicago: notes, authority to issue 1928 series adopted by directors 5/8 discussed by Board at meeting with Presidents http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1441 1230 1490 349 1938 658 1387 26 1360 361 1237 2354 499 826 788 1976 1830 1794 261 363 263 363 897 342 Pages Resolutions: (Continued) PRBank of Chicago: (Continued) Government securities, transfer by wire of long-term as well as short-term, suggested by, reply from 42 1/12 Board FRB ank of Dallas Taylor, Jay, requesting leave of absence while on duty with 6/26 1290 U. S. Arm' Continuation of service during absence while on active duty with U. S. Army, to be sent to members of 6/29 1317 his family Nat* 1°nal Association of Supervisors of State Banks on Treasury 11/20 2205 financing Presidents' Conference, war risk insurance, that FRBanks shall 9/29 1897 n not assume, on shipments of currency and coin 'redit Association of Minneapolis to be advised by the FRBank of Minneapolis of the reasons for the adoption 5/25 1035 Retail of the six-month method of curing defaults Credit Grantors of New England, reply to, regarding adoption of resolution by, asking that Regulation W be changed to permit the billing month to differ , 997 5/20 from the calendar month Merchants Credit Association of Los Angeles, California, reply to, regarding application of Regulation W to petroleum products and charge accounts for 5/25 1038 unlisted articles Stleges+-listed and ' 10n that Regulation W be amended to give additional time to pay for purchases made last few days of -re Reti1142 month Ment System: Service Retirement Act, discussion and approval of questions to be submitted to the Civil Service Commission regarding coverage of Board members Collie and employees of Board and FRBanks by r, Mrs. Margaret, payment not to be made while on leave of absence Cenuation of employment after age 65, at Board and FRBanks “T'butions: c)unts, Catherine M., in connection vith extension of leave without pay, Board to continue contributions on condition that she does Board to continue during absence on condition that she continue her contributions Lauchlin, to be discontinued, adjustment to be made pending return to active service http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/27 369 6/23 1270 10/ 2 1928 3/21 520 4/ 7 643 1/16 74 343 Pages Retire ,,oment System: (Continued) unt ributions: (Continued) Employees on leave without pay, arrangement for forwarding 10/14 payments, letter to Mrs. Frank Faulkner, Kathryn S., Clerk in Division of Research and Statistics, to be continued during leave on con— 3/21 dition that she continue her contributions To discontinue her payments while on leave without pay because of confinement, but Board to continue 6/29 its contributions without leave during by Board continued Contributions pay because of confinement and she was permit11/ 6 ted to discontinue her payments Gaither, Anna Margaret, to be continued while on leave of 7/ 1 absence without pay Haigh, Mrs. Julia, granted leave without pay because of illness, Board to continue contributions on con5/11 dition that she continue hers /4Yer, Mrs. Eleanor, to be discontinued, adjustment to be 1/16 made pending return to active service Persons on leave because of confinement, contributions by Board restricted to one year from date upon which the absence began 4/7 Rauber, Margaret E., Secretary to Mr. Draper, granted leave without pay not to exceed 90 days, Board to continue contributions on condition that she continue hers 5/7 Crum 13, M., payment of six months salary as cash allowance to supplement retirement benefits encY impairment resulting from age, number of employees Division Heads might wish to retire if allowances were adequate irn131.°Yees added to staff who were not members of the Civil Service Retirement System to be required to became members of the Retirement System of the FRBanks 411Ployees not members of, and thought to be subject to the Civil Service Retirement Act, discussion of what to do with impounded funds of, decision to transfer to Treasury and advise Civil tens4 Service Commission Bufns of service: William J., supervisor in Auditing Department at FRBank of Boston, no objection to temporary employment after retirement to terminate when special conditions no longer exist http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2017 519 1314 2127 1343 915 74 644 877 7/27 1490 2/26 357 2/27 371 2/27 367-71 8/ 3 1541 344 Pages Revlrement System: (Continued) x-xtensions of service: (Continued) DeLaMater, John, to be retained in service for one year and payment of retirement allowance suspended and no further contributions to be made to Retirement System DYson, Seaton, to be retained in active service until end of calendar year Employment extended for one year and to be advised of rights under Retirement System Retention of officers and employees after age 65 during war emergency, previous letters canceled Riley, Mrs. Martha G., no objection to continued service at FRBank of San Francisco until June 30, Interest base, Legislation: 1943 12/ 9 6/ 1 1101 12/ 2 2258 12/ 3 2262 8/24 1665 adjustment to be charged to this year's earnings 12/31 and manner of showing in published statements Civil Service Retirement Act, list of positions of Board employees who should be excluded from the benefits of, reply to circular from Civil Service Commis3/ 5 sion McDor,,, "ell, Mary, stenographer in Counsel's Office, not to be member during period of extended leave of absence 6/29 without pay tteNes. 11Y, Bernardine, junior file clerk in Secretary's Office, granted leave of absence without pay and con8/13 tributions to system to continue Uftber Service Civil of representative 8"11)of, statement left by 8/14 Commission reviewed and checked for accuracy PaYMents: Adjustment in interest base, payments in connection with proposed, telegram to FRBanks on charging against 12/30 this year's earnings 12/31 11,e1.1e?ions not to be made from overtime P - 11ciency in reserves, payments to be made by Manks and ' 12/21 Board to eliminate 5/30 P°8t, Arthur E., sum to supplement allowance approved Stre , Isidore, Jr., FRBank of New York, sum to supplement cx , 10/ 8 allowance approved °sitions not covered by, list of, sent to Civil Service Commission in reply to circular, opinion of Board that they should be excluded from benefits of 3/5 the Civil Service Retirement Act Qflestionnair es of Presidents' Conference on, returned, no opinions or suggestions with regard to changes to be 2/26 made at this time by Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2292 2415 417 1311 1612 1623 2408 2413 2350 1096 1969 417 357 345 Pages Ret ,_""ent System: (Continued) ' eemployment of officers and employees who had been retired, previous letters canceled because of war emer12/ 3 gency Rep°rt of Presidents committee discussed and special meeting 9/29 of presidents to be held to consider Reser -yes, payments to be made by FRBanks and Board to eliminate 12/21 deficiency in Retirements: CarPentier, Phil, clerk in Clearings Division at FRBank of New York, payment to supplement allowance approved and extra monthly payments for period 6/22 of year CrumP, 11., FRBank of Dallas, under disability provisions, payment of cash allowance equal to 6 months 7/27 salary to supplement benefits ZlIrlinden, F. J., First Vice President at FRBank of Cleveland, discussed by Mr. Szymczak in statement 9/15 to Board star,and Regulations, revised Section 2 approved 6/26 '-rersonnel Committee to study liberalization of, to correspond with benefits of the Civil Service Retirement System and to discuss with the Personnel 2/27 Waiver Committee , of death and disability benefits: "right, David M., will be required to execute if appointed 7/10 associate economist To execute waiver for period of 10 years in connection with appointment as Associate Economist in 41/1 7/21 Division of Research and Statistics ;Z.Stt..tutes: )136, proposed amendment to reimburse directors, etc., of national banks for expenses incurred in defense 4/23 of actions, suits, etc. See' 5144, Comptroller of the Currency advised that Transamerica Corporation holds readily marketable assets of 5/ 9 the kind and amount required by See' 5200, restricletter to Comptroller of the Currency as to 4/ 8 tions on national banks in making war loans Letter on applicability of, to war loans made by national banks, Board has no objection to the giving of a copy of, to interested parties, information on State limitations on loans made by State 5/12 banks requested Alternate drafts of amendment to, which would exempt loans covered by guaranties or commitments made by the U. S. or by any FRBank, memo from Mr. Wyatt 5/18 regarding http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2262 1901 2350 1264 1490 1814 1298 372 1399 1469 760 911 661 924 976 346 Pages Re e. ed Statutes: (Continued) Sec. 5200: (Continued) Definition of term unconditional, as used in and compliance of standard form of guarantee agreement with 6/24 definition Applicability of exception 10 to participations in loans 11/23 covered by guarantees or take over commitments No objection to making information available to member 12/12 banks Language of section 10, letter to Comptroller of the Cur— rency on use of word unconditional in guarantee 12/23 agreements 11()gers Jewel applica— regarding ry to, Co-, Norfolk, Virginia, reply tion of Regulation V, to sales in charge ac— 5/20 Rosenkr counts Califor— Fresno, antz, E.: (See Federal Outfitting Company, nia) R08s, 0. 11%it4., H.: (See Connally, Senator Tom) R. W.: (See Nebraska Bankers Association) -4' Laub of Florence, S. C., reply to letter on making of loans to students for college courses under Regula— 6/12 tion Y ard of Governors: Corporateo stocks pledged with member banks as security for loans, existence of affiliate relationships because of, policy of Board not to reply to hypothetical questions but possible reply suggested to FRBank 2/26 of San Francisco Holdi rig company affiliates, ruling of Board changing basis for 1112111ors 2/19 determining let— Treasury enclosing 'savings accounts, letter to FRBanks ters denying rumor that Government intends to 1/12 confiscate ell' john L.: (See John L. Russell Chevrolet Co., El Campo, Texas) Senator Richard B., letter on restrictions to business caused by Regulation W and purpose and scope rari, 14. He: 6/ 5 of relation accounts) (See Regulation W, Billing of charge 1275 2218 2306 2375 999 1203 358 300 41 1143 ITS!? eke ePinP• GOld held at FRBank of New York, question of moving to an in— tenor FRBank ranlent securities for nonmember banks, Board does not favor of service to keep Reply 13-,-Y to Farmers 8: Merchants Bank, Rochester, Ind. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/27 373 7/ 8 1384 8/20 1649 347 Pages Safeke ePing: (Continued) vovernraent securities: (Continued) Authority discussed Extending of safekeeping service not favored 'vernment securities held by FRBank of Dallas for Merchants National Bank of Port Arthur, Texas, letter on protection afforded G°vernment securities to be pledged by member banks with FRBanks, request that FRBank of New York hold for other FRBanks Securities held in trust account, permission to First National Trust and Savings Bank of Santa Barbara, Calif., to deposit with inland banks during emergency Trea, ' 1117 bills and certificates of indebtedness of nonmember banks, FRBanks permitted to hold for duration of war . Viar Savings Bonds, request of Montana Bankers Association that facilities of Helena Branch be made available to Montana member banks Safety: PREank • . buildings, protection of, against air raids and sabotage, FRBanks requested to submit floor plans to Public Buildings Administration and to designate officer to whom correspondence should be sent 4 Fifth Avenue, Chicago, practice of selling furs in January to be billed in October, exception to Regulation W Salaries: applicable to PRBanks: 9/29 11/ 5 1901 10/15 2027 12/16 2326 7/14 1424 10/14 2019 2125 7/14 1427 5/ 7 883 7/ 2 1356 Career system, study on "Executive Development in the FRBanks" copy of, not to be made available to the Training Division of the Civil Service 5/20 1000 Commission c, List of 4/7 651 Qtaff employees, approved °I' Board, supplemental compensation plan, report of Staff Personnel Committee that adoption of, for employees of Board would be inadvisable, continuation of periodic salary reviews deemed adequate 73 1/16 Starr _, to meet present situation of Board and of 19 employees of FRBanks, general order No. National War Labor Board with procedure for 12/16 2318 handling adjustments Cert'. P 1-icates salaries to be filed with joint committee on and wages established by National War Labor 12/23 2370 Board and Commissioner of Internal Revenue http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 348 Pages c'-es: (Continued) 'taff of Board and employees of FRBanks: (Continued) Prcce(Jure covering adjustments, advice from Commissioner of Internal Revenue Saper F., letter of appreciation for suggestions regarding ' s appraisal guides, advised that they are used merely for setting maximum credit values on used cars kPo, c. Scherb, (See Southern Specialty Company (1k ' H., process for sizing paper to increase life of paper Secre.,, currency, letter to Mr. Bell on ,77 of Contrierce: 441 e ntories of consumers goods, use of credit in connection with accumulation of, letter to financin,, institutions to be cleared through seez‘(e& also czY of Inventories) Treasury: erence to be held with Messrs. Sproul and Hopkinson on May 12 for presentation of program on sale of Government securities C°°Perat. Le1 _, .ion given by System, statement of Mr. Morgenthau 't'f„ation of powers of Alien Property Custodian to, statement for publication in FRBulletin Fed-. '=ral Advisory Council resolutions regarding maintaining the stability of reserve requirements, and increasing the amount of Treasury bills issued, copies Inve,. sent to "14)ries of consumers goods, use of credit in connection with accumulation of, letter to financing institutions to be cleared through Lice See also Inventories) As "and public circulars issued by, statement ordered published in FRBulletin Fepial,” issued by, statement for publication in FRBulletin ions on industrial loans under FRAct, amendment to comply with ')rovisions of Executive Order sugStatemo gested n, prepared by Messrs. Goldenweiser and Rouse at request of, to be considered by members of Federal Open Market Committee in Washington 'ar-t rPtI8.note: On of exchange and collection charges by member banks, letter sent to Comptroller of Currency after approval by Mr. Ransom 13ette , "Jusiness Bureaus, letter to, as amended regarding the iscou enforcement of Regulation 1/ 111:' rates at FRBank of Minneapolis, report of Mr. Morrill on discussion with Mr. Powell and advice that action will be taken at next meeting http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/24 2379 .1t./ 3 660 8/ 6 1579 6/11 1186 5/8 11/11 896 2146 3/24 551 2/27 363 6/11 1186 2/21 3/24 316 552 3/26 560 10 1 6 1955 10/ 9 1988 5/ 5 3148 10/27 2070 349 Pages Secr,etaryfs note: (Continued) uiscount rates at FRBank of New York, report of Mr. Eccles of discussion with Mr. Sproul and request of Mr. Sproul that no formal action be taken by Board until matter could be reviewed by his 10/27 directors Eccles, M. American the of acceptance as favoring recorded S., and service flags presented to the Board by 4/ 7 Mr. McKee Meetings, interim of Board with Federal Advisory Council executive committee members arranged for second 2/16 Thursday of each month with certain exceptions 2/23 menInterim meeting arrangements approved by Board —rand on reasons for issuance of short-term nonmarket Treasury securities, copies sent to Mr. Fleming and members of the Federal Advisory Council who are not members of the executive 7/ 1 committee Norwegi an Finances, statement prepared for short wave broadcast to Europe read by Messrs. Morrill and 8/24 Knapp to Mr. Farish over the phone Pollard, r. B. to go to Pacific Coast to assist Mr. Szymczak 3/ 6 in work in connection with property of evacuees Rates on industrial advances at FRBank of New York, considera5/29 Series . tion given changes suggested and Series B tax notes, letter to Secretary Morgenthau sent to home of Mr. Ransom for signature and 8/28 for advising Mr. Sproul of action procedure 4cUrities: 2071 645 273 321 1340 1663 428 1082 1705 8ank loans, capital issues for the purpose of paying off, which would leave the companies free to borrow again from banks for the purpose of building up inventories, report by Mr. Eccles on discussion of, at Treasury meeting Oapit ,c1nd Exchange Commission: ' a issues, review of list of pending, report of meeting of Chairman Eccles with Secretary of Treasury and members of Security and Exchange Commission e4Pital T -Lssues Committee, need as part of restriction of consumer goods, drafting of executive order disHOi ri cussed bs of United States Treasury bills by J. P. Morgan Co., Inc., report for confidential use Pules, revision being considered, no action by Board being necessary http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/19 981 5/19 981 6/26 1295 11/ 5 2123 10/ 2 1932 350 Pages QLaff: and Exchange Commission: (Continued) Goldsmith, R. W., Assistant Director of the Trading and Exchange Division, information on issuance of common stock by the Penn. Company for Insurances on Lives and Granting Annuities supL67 3/11 plied to Sec1111tip exchange administration: ' 4.8t Boston Corporation, transactions are not exempt under 2/ 7 222 Regulation T List cf Stocks Registered on National Securities Exchanges, supplementary lists to be issued in future 2/25 353 and distributed by FRBanks upon request lac)ari to general partner to permit him to make a contribution to the capital of the firm, secured by securities not registered on any national securities ex608 4/ 1 changes, permissible under Regulation T 4argin accounts, reports of ledger balances on Form FR-240 to be made by all firms semiannually, except 15 8/20 1648 largest firms in New York City °cid-lot dealer considered as acting under Regulation T in spite 3/23 Paelfi of entry into the armed forces 545 C Finance Corporation of California, transactions involving stock of, questions raised by Los Angeles Perinsy 7/ 6 1372 Stock Exchange lvania Company for Insurances on Lives & Granting Annuities, information on issuance of common stock by, supplied Securities and Exchange Commission 3/11 467 Sectlrities Act of 1933 and Securities Exchange Act of 1934, proposed amendments to section 7(c) and (d), letter to Federal Advisory Council explaining consideration and stating why amendments were 1/17 82 not discussed with Council SeclIrities Exchange Act of 1934, amendment to section 7(d), request of Mr. Brown of Federal Advisory Council that testimony of hearings be sent to them and that they be allowed to file a memorandum with the Interstate and Foreign 1/22 97 Commerce Committee -rown to be advised that Congressman Lea, Chairman of the House Committee, has been informed of re1/22 98 quest for hearings and filing of statement Le,A to Mr. Brown and Congressman Lea 1/24 117-8 'er to Federal Advisory Council suggesting that statement be submitted to be held for committee consideration, but not to be included in printed 1/29 hearings 144 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 351 Pages SecUrit' ,_ les exchange administration: (Continued) Qecurities Exchan;e Act of 1934: (Continued) °Pinion of Federal Advisory Council that power proposed 2/16 i by e.srendment should not be given to any agency Unis sued securities, reply to Mr. Norman Asher on transactions 3/12 under Regulation T involving Unregistered securities, proposed amendment to Section 7(d) of Securities Exchange Act giving Board power to regulate amount that may be loaned on, opinion of Federal Advisory Council that Se„ 2/16 power should not be given to any agency '411.ties4 issued for purpose of paying off bank loans and placing Bureau in position for further use of bank 6/ 9 credit, means of restricting discussed Selectiv. pat:, 0 oervice System: ''nks as essential industry for purpose of deferment, Board 118.h.1 6/ 1 not in favor of classification as V4-r0 A ' Joseph, opinion of Board that transactions described Shaw by, would be in violation of Regulation W 1/31 ( \ See Nonmember banks Peoples State Bank, Cherryvale, Si sgel, Sam U Kansas) oilver H.: (See Regulation W, Hebrew Mutual Association, Inc.) 'suggestion that Treasury dispose of holdings and more silver used in minting coins discussed at meetbi ing of Federal Advisory Council with Board 9/14. 1 -sPosa, industrial purposes proposed by Federal Advisory , ver 11/16 Council certificates, request dollars, five and ten denominations of Si418 Hand 9/29 of Treasury that paying out be discontinued Y and McKnight, reply to question raised by, whether modernization of elevators in existing structures is included in Group E of Regulation V 4/3 Sto neman & Kurland, reply to inquiry on selling a charge account by a store of a customer and account Sr, of customer is in default 7/10 ellsto: 28es: - s of FRBanks other than member banks, letter to Mr. 12/ 3 Eugene Thompson on to, statement of Presidents' Conference regarding creation of industrial loan corporation to make, s. for war purposes, and discussion at meeting 3/2 of Board with Presidents 141irrEty bill, 2250, to mobilize, for war purposes, submission of report to Senate Banking and Currency Committee discussed, to be cleared with Budget Bureau as proposal by Mr. Eccles may be sub2/17 stituted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 270 485 270 1167 1102 162 1798 2189 1904 624 1404 2264 385 290 352 Pages Small 1 Oan companies, registration statements filed under Regulation IV, request of Department of Justice for permission for investigators of Antitrust Divi12/22 2363 sion to inspect S4Yder ) Baird, letter requesting continued use of space in Board's 6/26 1296 building by Inter-American Defense Board (See a_Lso social Federal Works Agency) ' Security deductions, opinion of Board that they should not be classified as deposits but should be shown 5/ 8 907 as "Other liabilities" in condition reports State 804c1.4 ment ordered published in FRBulletin 5/25 1042 0/' General, executive order, 9112, opinion of Mr. Oscar Cox on legality of, no distribution to be made unSollthern o 5/19 less requested 984 -.' acific Railroad Company, plan being used to solve watch 8011thern 6/18 1247 problem Specialty Company, Albany, Ga., reply to contract in form of lease with option to purchase under Regula6/12 1205 tion % S1)414h co_ ' ' 41 ses, Plan of FRBank of New York for sharing cost of, with employees participating in, notes by Board, opinion that same arrangement should 81) ce R be made for Portuguese 5/20 996 ePre sentative Brent, reply to letter on accounts of Campbell County Protestant Orphan's Home, Sh 6/12 1206 under Re Regulation St Reserve survey -eserve, Survey of qualified banking men to be made for ST3teR 11/ 6 2129 service in occupied countries -') Carl --os A., reply to question of changes in standard form of agreement under Regulation V 5/29 1086 SProilse ;edit Department Store of Cincinnati: (See Regulation IV) • Co mmissioner of Internal Revenue interpreted as an attempt to reverse Eisner v. Macomber and render stock dividends taxable as income, discussion at meeting of Board with Federal Advisory Council, with regard to steps that should be taken 2/16 273 in the event of such a decision 01.1baation fund: 'Pr°Posed establishment in connection with organization of 2/ 6 203 bank, report of mission on Ifltcentral ernatio nal plans prepared as basis for discussion at meeting of Messrs. Eccles and Goldenweiser with representatives of Treasury and State Departments Inte _ , and others 5/26 1047 rnationa1 establishment after the war discussed by Dr. Goldenweiser and Mr. Hansen at meeting with representatives of Treasury and State Depart6/ 9 1161 ments and other organizations http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 353 Pages Staff of Board of Governors: Aliens, no fixed policy to be adopted regarding the employment of, recommendations to Board to be made on the merits of the person involved Annual leave: Amendment to regulation to provide for accumulation up to 90 days Policy modified to provide for 2-1/2 days at a time Resignations when odd amount is less or more than 1/2 day A Restrictions approved ' PPointments, question of advising applicants of recommendation before Board has taken action Auth orizations to accept appointment in Army, permission to Secretary or Assistant Secretary to sign Board Members ' Section: H amilton, James F., messenger, salary increased J ohnson, Gordon P., junior operator in Secretary's Office, transferred as messenger to, with no change in salary Mitchell, Charlotte N., retransferred from, to the Secretary's Office BuilA4_ Operation and Maintenance: ash, John, apprentice mechanic, salary increased ;41ndamood, Charles D., Operating Engineer, salary increased Mackll James H., laborer, salary increased arfatY, M. Peter, clerk to the Building Manager, resignation accepted Arad B., gardener, salary increased -PurneY, F. E., granted leave of absence without pay for remainder of calendar year for defense work with Turner Construction Co., right to recall in the event of some unforeseen circumstance Ohm reserved by Board —rman s Office: Clayton, Lawrence, designated liaison representative with Military Government Division of Provost Marshall General's Office in connection with program for military government Thur suon, Elliott, special assistant to the Chairman, designated as representative of Board to cooperate with Office of 11:ar Information Class C directors, to assist in drafting statement on six-year rule Charw°men: Bardales, Alice K., salary increased Beach, Ida M., salary increased http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/10 229 12/21 10/31 2352 2096 11/ 3 2105 5/26 1051 2/17 280 9/25 1883 8/ 1 1531 1/19 87 1/7 19 4/28 4/28 4/28 782 782 782 8/ 3 1541 782 4/28 2/16 278 10/10 2005 7/25 1485 7/28 1504 8/ 1 1532 8/ 1 1532 354 Pages Staff Of Board of Governors: (Continued) Charwomen: (Continued) Bertolini, Madalena, salary increased and changed from 8/ 1 1532 hourly to yearly basis 8/ 1 1532 Carroll, Alene D., salary increased 11/ 4 2114 Resignation accepted 8/ 1 1532 Cooke, Clara R., salary increased 8/ 1 1532 Corbin, Sarah F., salary increased Eaheart, Mrs. Mary Elizabeth, assent given to examination and certification by Civil Service Commission for jobs of attendant and kitchen helper and 11 1/5 mess attendant Ellis, Maude E., salary increased 8/ 1 1532 8/ 1 1532 Enrico, Mary J., salary increased 7/ 1 1343 Mrs. Sadie M., resignation accepted 8/ 1 1532 Marshall, Mary B., salary increased 12/ 3 2261 Resignation accepted 8/ 1 1532 McNeill, Mary C., salary increased Mock, Clara, salary increased 8/ 1 1532 PYles, Mrs. Adelia G., resignation accepted 6/27 1302 Rogers, Dorothy, salary increased 8/ 1 1532 Shelton, Lulu Mae, salary increased 8/ 1 1532 8/ 1 1532 Libbie L., salary increased S 8/ 1 1532 2teiner, teiner, Almeda, salary increased , tInderman Ethel M., salary increased 8/ 1 1532 cha f iklund, Lillie J., salary increased 8/ 1 1532 ulfeurs: 8/13 1612 Bell, J. Frank, appointment and salary approved APpointment extended for indefinite period on temporary 11/16 2174 basis with no change in salary °°k, Thomas G., promoted to guard and salary increased 4/ 9 663 uia2, Anthony, appointment and salary approved 5/20 995 6/22 1263 ResiEnation accepted auser, Adam V., appointment made permanent with understand— ing that upon the return of Mr. Wilkinson he will no longer be in charge of the chauffeur 4/14 714 force tlmraI 1/29 143 /-erry, Haywood F., appointment and salary approved 726 4/16 Salary increased , Salary 8/15 1624 increased rseake, Donald E., resignation accepted 135 1/28 C. W., resignation accepted s .argo, 3 3/9 436 ' eger, Karl J., appointment and salary approved 5/13 927 coloreA Salary increased 8/15 1624 ' employees, report to War Man Power Commission on number employed, and similar report to be submitted 9/12 1788 every four months 2 1 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 355 Pages Staff of Board of Governors: (Continued) v4Pensatory leave to be granted for overtime in excess of 12/26 eight hours per week Conv_ con-Luement cases, policy regarding, amendment to limit tributions to Retirement System to one year 4/ 7 from the date upon which the absence began Co lansel's Office Cashell, Frances C., stenographer, salary increased 4/14 Title changed from stenographer to Secretary to Mr. 8/20 Dreibelbis and salary increased Chase, G. Howland, impounded funds of, sent to Treasury Department, thought to be covered by Civil Serv3/6 ice Retirement Act Cherry A. A. K., trip to Chicago with representatives of Treasury Department in connection with use of tabulating card form of check for purpose of 6/11 making disbursements Oros by, Jean, appointment and salary as stenographer ap3/18 proved Do Salary increased 9/12 3/28 ity . ,. resignation accepted Drribelfb P., to work with attorneys or agencies in drafting executive order of restricting capital issues as part of controlling credit use for 6/26 financing inventories of consumers goods Made General Attorney, placed in charge of office and 8/10 salary increased Taxation of Board's building, resume of developments 12/14 to date Enp apDoris M., appointment and salary as stenographer 5/11 proved as Statistics Transferred to Division of Research and 9/ 5 clerk-stenographer with no change in salary 1:11triken, Samuel E., impounded funds of, sent to Treasury Department, thought to be covered by Civil 3/6 Retirement Act vi Service Gal 11/30 Salary increased lagher, Mrs. Nadine L. stenographer, resignation ac6/25 cepted \Jae Pfert, Mabel, secretary to Mr. Wingfield, salary in6/20 creased Hacki 1 1 /30 --eY, Howard H., assistant attorney, salary increased Hal; ----' Joan, appointment and salary as stenographer ap5/21 proved 9/ 2 Resignation accepted H,4) ` ff, Vilson L., law clerk, salary increased 6/23 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2391 644 715 1644 430 1194 503 1787 585 1295 1596 2309 914 1737 430 2241 1279 1262 2241 1007 1719 1270 356 Pages Staff „„ ,2J-L Board of Governors: (Continued) '°unselfs Office: (Continued) Hutchinson, Mrs. Clara A., granted leave of absence without 406 3/3 pay for approaching confinement 10/ 7 confinement 1956 of account Extension of leave of absence on 7/13 1411 :',ones, Mrs. Nancy Kengla, law clerk, resignation accepted x‘engla, Nancy Duvall, appointment and salary as a law clerk 588 3/30 approved M cColloch, Mrs. Lucy I., secretary to Mr. Vest, salary in6/20 1262 creased McDonnell, Mary, stenographer, leave of absence without pay extended for six months, not to be a member of 6/29 1311 retirement system during period Muehlhaus, increased 406 salary 3/3 Margaret, stenographer, Salary increased 11/30 2241 'Lea-ligament of duties and changes in titles 8/10 1596 Qdrgent, LaRue, appointment and salary as stenographer ap125 1/27 proved 7/17 1448 Resignation accepted 'flaY, Jerome W., promoted from law clerk to Assistant Coun6/23 1270 sel, salary increased Solo mon, Frederic, Assistant Counsel, granted leave for 4/20 747 military service Tols,8/6 1571 Charlotte N., stenographer, resignation accepted George B., memorandum from, regarding sending to the Treasury Department impounded funds of Board employees, thought to be eligible for Civil 3/6 429 Service Retirement System classification Memorandum to be prepared by, regarding as savings deposit of account of University of Georgia School of Medicine carried by Georgia 3/10 451 Railroad Bank and Trust Co. of Augusta To act as 555 3/26 Committee Counsel for War Loans 1,1emo re amendment to Regulation S 826 4/30 otatement of legal basis of Executive Order No. 9112 605 4/ 1 providing for guaranteeing of war loans Mission to Cuba, memorandum on letter to be sent to Minister of Finance of Cuba on draft of mone5/11 919 tary law Visit to FRBank of Cleveland to review situation on in7/28 1507 creased costs for legal service Made Assistant General Attorney and to be in charge of 8/10 1596 office in absence of Mr. Dreibelbis Wirt • -g'ield, B• M., memorandum re Sprouse v. Commissioner of Internal Revenue distributed at meeting of Board with Federal Advisory Council, to be considered in regard to steps that should be taken if stock dividends are held to be taxable as 2/16 275 income http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 357 Pages Staff c_ Of Board of Governors: (Continued) °unsel's Office: (Continued) Ydngfield, B. M.: (Continued) Memoranda from, on S. 2146, 2147, and 2148, to amend Home Owners' Loan Act of 1933, etc., circulated among Board members and discussed Made Assistant General Attorney and in charge of office in absence of Yr. Dreibelbis and Mr. Vest Wyatt, Walter, General Counsel, designated to assist in preparing a draft of statement which Board representative might make at hearings on InterAmerican Bank before the Senate Banking and Currency Committee Authorized to advise Mr. Cox that Board has no legislation it wishes included in another War Powers Act To discuss with Mr. Foley legal authority under which FRBank of San Francisco may act as fiscal agent in connection with evacuees' property and to advise Ir. Szymczak Realignment of duties in connection with reorganization of office Designated to deal with Council of State Governments in offer to obtain State legislation to facilitate war effort 'Defer— lt from military or naval service: vice to Civil Service Commission that it is general Policy not to request List of classes of positions to be prepared for submission to Civil Service Commission ivlsion „ Of bank Operations: -'exander, Frederick L., temporary assignment for two weeks from staff of FRBank of New York E xtension of assignment from staff of FRBank of New York and FRBank to be reimbursed for transportation and subsistence expenses ) ars. Margaret K., granted leave of absence including six months leave without pay Boothe a ), iardner L., II, II to act as liaison assistant between services for War Loans CommitBanks and tee B Transferred to War Loans Committee ' 131 1, n EvelYn, clerk, salary increased c, anan, Avelyn, secretary, salary increased ' 0114-1,han, Frank J., clerk-typist, salary Increased "lk) Mary Ann, clerk, appointment and salary approved Salary increased 5/ 5 856 8/10 1596 1/22 99 2/17 288 3/6 428 8/10 1596 9/14 1809 O http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/ 1 1348 10/ 2 1926 11/28 2236 12/15 2315 9/ 3 1722 3/26 4/6 11/30 11/30 11/30 7/30 11/30 555 628 2240 2239 2240 1516 2240 358 Pages Staff 0,o- Board of Governors: (Continued) "Lvlsion of Bank Operations: (Continued) Collins, Wesley B., messenger, salary increased Salary increased Conkling, Gerald M., Technical Assistant, salary increased Daniels, Mortimer B., Technical Assistant, salary increased DeLaMater, John, Supervisor of Service Functions, to be retained in active service for one year with payment of retirement allowance suspended and no further contributions to be made to Retirement System Farrell, John R., Associate Technical Assistant, salary increased Holmes, Mary, clerk, appointment made permanent with no increase in salary Not included in list of employees whose impounded funds were sent to Treasury Department for reasons stated in memorandum from Mr. Vest Transfer to War Loans Committee with no change in salary Hon r-P-ng, Catherine E., clerk-stenographer, transferred to War Loans Committee with no change in salary Horbett, J. E., Assistant Chief, Graduate School of Banking at Rutgers University, selected to attend 1942 session Ja rvenPa, Aili L., clerk-stenographer, salary increased Resignation accepted and amount of unearned leave to be deducted from salary check 1 in, Dora W., clerk, resignation accepted 4 1. , Les, Mildred C., clerk, salary increased Resignation accepted -L-Lloan, Thelma C., clerk, salary increased ohell, Willis H., Supervisor, Call Report Section, salary increased rick,• L. S., Technical Assistant, to attend Fiscal Agency Conference Trip to Chicago with representatives of Treasury Department in connection with use of tabulating card form of check for purpose of making disbursements Designated to act in the liaison capacity with War Production Board in granting of priorities to FRSystem Parson , s Thomas M., Associate Technical Assistant, granted leave of absence for military service Porter, Joseph H., transfer to Division of Examinations and appointment and salary as FRExaminer approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/ 1 8/ 1 11/30 11/30 1342 1531 2239 2239 12/ 9 2292 11/30 2239 3/ 4 413 3/ 6 429 4/ 6 628 4/ 6 628 688 4/10 7/ 1 1342 it//: 1 f1.33 7/ 1 1342 11/27 2233 11/30 2240 11/30 2239 5/ 1 836 6/11 1194 7/21 1467 4/14 715 1/31 159 359 Pages Starr o1 Board of Governors: (Continued) ulvision of Bank Operations: (Continued) Scudder, Dilver, Supervisor, Reserve Bank Section, salary increased Shaffer, Charlotte M., clerk, salary increased ,, Salary increased R. E., senior clerk, salary increased Skinner, Carl M., under clerk, salary increased s mead, Edward L., designated to represent Board on subcommittee to the System Committee on Free Services To act as Technical Adviser for War Loans Committee Memo on issuance of 1928 series of FRnotes and FRbank notes Memo from, including press statement, recommending that weekly figures of debits to demand deposit accounts be shown in the weekly member bank press statement To attend Fiscal Agency Conference Individual debt, reduction through amortization of bank loans, memorandum on reports by banks and other lending agencies Condition reports of State member banks, memo on transmitting of forms and instructions and on minor revisions Condition reports, memorandum on omitting of fall call, approved with understanding that FRBanks would obtain from member banks a classification of loans and investments Bank earnings, to collaborate with Mr. Goldenweiser on continuing study of problem Functional expense reports to be discussed with Mr. Leach Designated Acting Administrator for War Loans Committee Form 105, proposed revision reducing from four to two pages Instructions for preparation of reports of condition by State bank members, revised form submitted and approved Stone, " Th0_ zlarrY B., senior clerk, salary increased :"8, Mrs. Ellen C., clerk, resignation accepted Ott, Sarah L., clerk-stenographer, salary increased lAir.'ery F. A., senior clerk, salary increased increased on f Zelpha M., clerk, salary 0 Examinations: Bake r/ Ellery W., permission to accept appointment in Army for military intelligence duties 11/30 7/ 1 11/30 11/30 11/30 2239 1342 2240 2239 2240 2/3 3/26 169 555 4/7 646 4/18 5/1 744 836 5/25 1041 6/10 1183 7/18 1455 7/28 1501 9/29 1903 10/ 7 1956 11/18 2198 12/16 11/30 5/27 7/ 1 11/30 11/30 2328 2239 1068 1342 2239 2240 9/25 1883 . SJ4 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 360 Pages Staff of Board of Governors: (Continued) ulvision of Examinations: (Continued) Bangs, Olga W., transfer to Division of Personnel Adminis6/29 tration approved Brown., Arch B., senior clerk, resignation accepted 12/ 4 Brown, W. G., travel expenses budget covering difference in price of standard lower berth and roomette ap8/ 6 proved because no other space available Cagle, C. an make to Chicago to go to Chief, E., Assistant investigation of unethical transactions between Mr. Lewis and the Continental Illinois National Bank and Trust Co. involving Government securi5/22 ties Trip to Chicago for investigation of Continental Illi5/26 nois National Bank and Trust Company To go to Cleveland and investigate indebtedness of Mr. 8/27 Wagner To go to Cleveland to present letter to board of directors requesting investigation of affairs of Mr. 9/ 9 Wagner To accompany Mr. Szymczak to Cleveland to attend meeting of board of directors on September 14 for inves9/10 tigation of affairs of Mr. Wagner Connel l 10/29 increased salary J oseph J., FRExaminer, R„. Charles, Assistant FRExaminer, appointment and sal12/21 ary approved 9/15 increased salary Examiner, J. lish, Fred, Assistant E : a Barbara Jane, stenographer, appointment and salary on 8/ 7 temporary basis not to exceed 90 days, approved Pols om, George H., granted leave of absence for military 5/7 service Gio vanetti, Eleanor C., stenographer, transferred to Division of Research and Statistics as clerk stenog7/17 rapher with no change in salary Good/ r, ueorge E., assistant FRExaminer, granted leave of ab11/21 sence without pay to enter military service 11/14 increased salary Ha FRExaminer, Glenn M., 9/15 g'er, Herbert H., Assistant Examiner, salary increased 9 11/ Navy with duty enter to pay leave without lardin ' g Mrs. Marie Anne, stenographer, appointment and 'lng, salary on temporary basis not to exceed 90 8/ 7 A days, approved 9/22 ItPPointment made permanent and salary approved Har, 5/25 John Joseph, Assistant FRExaminer, salary increased 11/12 Granted military leave to enter service with Army http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1313 2267 1580 1011 1046 1694 1760 1763 2084 2348 1815 1588 877 1447 2213 2169 1815 2133 1588 1861 1030 2152 361 Pages 4atf 0A Board of Governors: (Continued) on of Examinations: (Continued) Highfield, Carroll R., Assistant Examiner, salary increased H°Pkins, Mrs. Julia B., Assistant FRExaminer, salary in creased Resignation accepted dostrup, Clarence C., FRExaminer, salary increased Howard, Thomas P., FRExaminer, resignation accepted ,ones, Laurence H., FRExaminer, resignation accepted vohnson, Edwin J., Assistant FRExaminer, granted leave of absence for military service Johnston, Milton K., stenographer, resignation accepted Knight, James, appointment and salary as assistant FhExaminer approved Krur. 6, Harold T., Assistant FRExaminer, appointment and salary on temporary basis with headquarters at Omaha Lamb, Ruth S., impounded funds of, sent to Treasury Department, thought to be covered by Civil Service Retirement Act Lan-1 Arthur H., appointment and salary as Assistant FRExaminer approved Headquarters changed from Chicago, Ill., to Cleveland, Ohio Salary increased ver, Thomas N., appointment on temporary basis and salary as assistant FRExaminer Leo nard, Robert F., appointed director of Division of Personnel Administration and salary increased Malone, Charles T., FRExaminer, granted leave of absence for military service Mass,„ -Y, E. R., Assistant FRExaminer, transfer to Office of Mr. McKee as secretary and increase in salary approved UcClei L J., FRExaminer, salary increased mil'l ard, E. R., travel expenses, budget covering difference in price of standard lower berth and roomette approved because no other space available Travel expenses, voucher including additional expenditure for higher priced accommodation m,,,, alarY increased ; 1 Gordon R., FRExaminer, salary increased 17s, Edward S., Assistant Examiner, salary increased Hil e°111e, Elnyr D., secretary, salary increased 'es, Donald C., appointment and salary as assistant FRExaminer on temporary basis 4 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/15 1815 6/ 1 8/12 11/12 8/ 1 9/16 1101 1607 2152 1534 1821 5/25 1031 3/11 461 5/23 1014 6/ 6 1150 3/6 430 3/ 4 412 8/15 1625 12/10 2297 11/ 5 2121 5/27 1068 5/11 914 2/10 231 5/25 1030 8/ 6 1580 12/ 9 12/10 5/25 9/15 8/ 1 2294 2297 1030 1815 1533 6/12 1199 362 Pages Staff ti u!- Board of Governors: (Continued) -Lvision of Examinations: (Continued) Noell, J. Carroll, FRExaminer, leave of absence due to illness, not to be charged against future leave, approved , Extension of leave on account of sickness approved raulger, Leo H., Chief, directed to make at least one examination of each FRBank during 1942 Recommendation that travel regulations of Board be amended to provide increase in per diem allowance Authorized and directed to conduct examination of each FRBank during 1943 P ollard, B., to go to Pacific Coast to assist in protection of property of evacuees and remain after Mr. Szymczak, secretary's note Appointed Assistant Chief of Division of Examinations and salary increased Porter, H., transfer from Division of Bank Operations and appointment and salary as FRExaminer approved Headquarters changed from Atlanta, Ga., to Washington, D. C. Voucher for travelling expenses approved to cover drawing room because no other accommodation available_ Salary increased Porter, Nancy R., salary as stenographer increased Loan to War Production Board not approved but no objection to resignation RadfSalary increased John R., Jr., FRExaminer, salary increased Sch'c)rd' Iller, Lillian H., stenographer, appointment and salary approved off Robert J., Assistant Examiner, salary increased Schoenh, Scott Frances A., stenographer, salary increased Se eger, William H., Jr., Assistant FRExaminer, appointment and salary on temporary basis " ems L•A. A., FRExaminer, resignation accepted ", James C., appointment and salary as Assistant FRExaminer approved ston8ealary increased 2 Harold F., clerk-stenographer, transfer to Secretary's Office as accounting clerk approved Thom, Andrew N., Assistant Examiner, appointment and Trou_ _ salary approved Walt:' Fred W., Assistant FRExaminer, salary increased srs, Mrs. Helene K., stenographer, salary increased alarY increased as secretary to Mr. Pollard http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/10 1598 9/17 1823 1/16 79 2/17 286 12/11 2302 3/6 427 6/26 1297 1/31 159 8/15 1625 9/ 8 1752 12/10 2297 3/13 490 9/ 8 1749 12/10 2297 11/16 2174 9/22 1862 9/15 1815 11/12 2152 7/ 6 1370 12/15 2313 5/21 1006 12/10 2297 2/9 225 8/26 1686 5/30 1095 5/25 1030 9/12 1787 363 Pages hair 0,n Board of Governors: (Continued) J-vlsion of Examinations: (Continued) 5/25 Winkler, P. J., FRExaminer, salary increased Granted leave of absence without pay to enter service 10/15 in the Army Wright, Marion E., appointment as assistant FRExaminer and salary approved, transferred from War Loans 7/14 Committee 9/15 .i.delc, Louis W., Assistant FRExaminer, salary increased Divj °a-on of Personnel Administration: Bangs, Olga W., Secretary to Mr. Leonard, transfer from 6/29 Division of Examinations and salary approved 9/11 Salary increased Braden, Mrs. Helen F., substitute nurse, appointment and 8/21 salary approved Brown, Helen Lindsley, clerk, transfer from Division of Re10/14 search and Statistics with no change in salary Edwards, Harry i.e., clerk: 6/29 Transfer from Secretary's Office and salary approved 9/11 Salary increased ,. Granted military leave to enter Maritime service 10/10 l'ishburn, Judith M., interviewer, transfer from Division 6/29 Amy of Research and Statistics and salary approved French P., substitute maid, transfer from Secretary's 6/29 Office approved ja Salary 8/ 1 increased rvis, Ruth L., maid, transfer from Secretary's Office 6/29 and salary approved 8/ 1 x4,..Salary increased J. Edward, Administrative Assistant, transfer 6/29 from Secretary's Office and salary approved 9/ 8 Granted leave to enter Navy Leonard, Robert F., appointment as director and salary in5/27 creased APPointed on committee to consider suggestions for nominating employee each month for Post award in making suggestion for improvement of Fed9/26 eral service Advice to Mr. McNutt that he will act as point of con10/23 tact on problems of occupational deferment Contact man between Board and FRBanks to procure men qualified for work in connection with military 10/21 occupation of countries , Overtime payments and official hours of work, memo on 12/18 Office ", Florence, clerk, transfer from Secretary's 6/29 and salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1030 2022 1419 1815 1313 1783 1652 2016 1313 1783 2002 1313 1313 1531 1313 1531 1313 1749 1068 1892 2051 2045 2338 1313 364 Pages Staff. 4 ' 4 Board of Governors: (Continued) v-1, 8 ,i°n of Personnel Administration: (Continued) x'arkhill, Dorothy M., clerk-stenographer, transfer from Secretary's Office and salary approved Salary increased Sokol, Melania K., transfer from Office of Mr. Szymczak until resignation is effective Resignation accepted Stone, A. M., senior clerk, transfer from Office of Mr. Sumczak and salary approved Sullivan, Mary Alice, substitute nurse, transfer from Secretary's Office and salary approved ,., Resignation accepted vestergren, Ruth A., personnel clerk, transfer from Secretary's Office and salary approved tlckli • ne, M. Callie, nurse, transfer from Secretary's Office and salary approved Divis. Salary increased Al°n of Research and Statistics: lidditional personnel for study of national and regional problems, memo of Mr. Evans Aliens, appointment of, refugee from Poland being considered Alb e, Mrs. Ruth Dewey, clerk-typist, transferred from Secretary's Office, no change in salary Resignation accepted Llerson, A. June, clerk-stenographer, resignation accepted Bach, Amy Phyllis, clerk-stenographer, appointment and approved Bach, G L., Associate Economist, salary increased h, G. Ba. Salary increased 1rd, Frieda, Associate Economist, appointment and salary 6/29 1313 9/11 1783 9/23 1868 12/ 8 2289 6/29 1313 6/29 1313 8/21 1652 6/29 1313 6/29 1313 10/31 2096 7/21 1460 2/10 229 7/ 1 1343 10/27 2071 6/10 1179 8/26 1686 2/ 6 215 8/12 1606 4/28 781 1/12 43 Baker, er, D Dr. John C., payment of transportation to Washington for interview in connection with possible employment, authorized Bai • dw1n, Mrs. Beatrice S., clerk, appointment and salary on a temporary basis approved Bar Restillation accepted par °, Jane W., clerk, salary increased 'er, Clarence S., Assistant Examiner, granted per diem in lieu of subsistence during period of illness Bean 2 Robert t., economic assistant, appointment made permanent, no change in salary Be Salary increased ers, .rs. Anna G., clerk-stenographer, salary increased http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/19 505 8/10 1598 7/ 1 1342 2/27 377 9/ 5 1737 12/30 2405 9/12 1787 365 Pages kaff Of 1), Board of Governors: (Continued) ' jIllsion of Research and Statistics: (Continued) 2/ 6 Bergelin, John 0., Associate Economist, salary increased approved 4 expenses 8/ traveling Voucher for 12/23 Salary increased Bertolini, Josephine F., clerk, resignation accepted 6/15 Bettman, Alfred, appointed on part time basis as Special Consultant in connection with work on urban redevelopment and to be reimbursed for travel expenses, not to become a member of Retirement 6/23 System 8/18 Voucher for traveling expenses approved Blake, Bonnie B., clerk-stenographer, appointment and salary 6/12 approved 9/25 Resignation accepted Blattner, George W., Special Statistician, transferred to Division of Security Loans as Special Assistant and appointment extended for one year Bohl4 --J-71, Mary Hedda, clerk, salary increased ?,"oiseau, Natalie, clerk-stenographer, salary increased 116°0rstein, Edward, Economic Assistant, salary increased 2/ 6 B Resignation accepted 3/27 °urneuf, Alice Elizabeth, associate economist, appointment 10/ 2 and salary Brooks, Ruth, clerk, salary increased 7/ 1 Brown, Helen L., appointment made permanent with no change 1/13 in salary Salary increased 7/ 1 Transfer to Division of Personnel Administration with 10/14 no change in salary Cop-ler, Mrs. Margaret, clerk-stenographer, granted leave of absence to join husband for not over six months and contributions to Retirement System not to 6/23 be made Letter to Retirement System on contributions while on 10/14 leave without pay 11/28 c Resignation accepted °lints, Catherine M., clerk, leave without pay extended, contributions to be continued on condition she continues to make contributions to Retirement 3/21 System Leave without pay extended, contributions to Retirement System to be continued on condition that she con4/ 7 tinue her contributions Resignation accepted and refund for advanced sick leave 9/16 to be made Crandall temporary ---, Elizabeth Ridings, clerk, appointment on 12/10 basis and salary approved 215 1551 2370 1216 1269 1631 1200 1882 3i7/ 1 1t25 13422 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 215 573 1933 1342 44 1342 2016 1270 2017 2237 520 643 1821 2296 366 Nti or Pages 411.213oard of Governors: (Continued) lon of Research and Statistics: (Continued) Crawford, John M., junior economist, appointment and salary 3/10 approved _ 12/30 Salary increased Crews, Mildred, clerk-stenographer, transferred from office 6/20 of Mr. Draper at no change in salary Currie, Lauchiin, leave of absence without pay extended for one year, contributions to Retirement System to be discontinued, adjustment to be made pending 1/16 return to active service Dearborn, acresignation Hamilton Q., junior economist, 1/16 cepted DePenbrock, Mrs. Barbara S., request for assent to examination and certification by Civil Service Commission presents borderline case under Board's 1/16 policy No objection to examination and certification of, by Civil Service Commission for position of Archi1/16 tect 10. Resignation as draftsman accepted 5/18 6 2/ increased Irks, Frederick C., junior economist, salary _0 Salary as Associate Economist, increased 8/19 D0 29 r,6/ and salary approved eble Leila M., clerk, appointment -47, Alice N., clerk, appointment and salary approved, formerly employed by FRBank of New York and al7/ 3 ready member of retirement system Ellis, Assistant, Executive Margaret, Junior Economist and 2/ 6 salary increased Legal from transferred Engel, Doris M., clerk-stenographer, 9/ 5 Division with no change in salary 4 Salary increased 12/21 2/ 6 R t Rosa, p,nst, osa, Economic Assistant, salary increased Fa withabsence of leave granted Kathryn S., clerk, out pay because of approaching confinement, Board to continue contributions to Retirement 3/21 System if she does To discontinue her payment to Retirement System while on leave without pay because of confinement, 6/29 but Board to continue its contributions Letter to Retirement System on contributions while on 10/14 leave without pay Leave of absence because of confinement extended and 10/10 reemployment at end of period approved Leave of absence without pay because of confinement ex11/ 6 tended for three months http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 455 2405 1262 74 77 64 68 973 215 1636 1314 1360 215 1737 2350 215 519 1314 2017 2001 2127 367 Pages Staff e Board of Governors: (Continued) 471eion of Research and Statistics: (Continued) ' Fishburn, Judith M., transfer to Division of Personnel Administration approved Porsling, Mary Elizabeth, clerk, appointment and salary approved Salary increased Prase, Mrs. Eleanor S., junior economist, leave of absence on account of confinement including leave without pay but granted permission to remain at office from November 1 to November 15 F rederick, Mrs. Louise Abbe, clerk-typist, appointment and salary approved Gaither, Anna Margaret, clerk-stenographer, granted leave of absence without pay to accompany husband to California, contributions to Retirement System Garber, Margaret R., clerk, salary increased Gardner, Walter R., Senior Economist, designated to assist in preparing a draft of statement which Board representative might make at hearings on Inter-American Bank before the Senate Banking and Currency Committee Statement submitted by, for use by representative of Board if called to testify before a Congressional committee in regard to the Inter-American Bank Mission to Cuba, memorandum on, letter to be sent to Minister of Finance of Cuba on draft of monetary law Representative of Board on committee on relation between the domestic and international measures contemplated in article 7 of the master lend-lease agreements Get-rn -uan, Clayton, Associate Economist, salary increased Salary increased Ge rvais, Helen E., clerk-stenographer, transfer from Secretary-'s Office and salary increased o vanetti, Eleanor C., clerk-stenographer, transferred from Division of Examinations with no change in salary Gla ser, Mrs. Vera R., transferred to Office of Mr. Szymczak as stenographer and salary increased Retransferred from office of Mr. Szymczak with previous salary G1 r,• a`ler, William H., economic assistant, resignation accepted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/29 1313 563 3/26 9/11 1783 10/22 2047 11/ 6 2127 7/ 1 1343 7/ 1 1342 1/22 99 3/10 448 5/11 919 9/ 4 1735 2/6 215 12/23 2370 6/29 1313 7/17 1447 7/ 1 1341 8/11 1601 1/30 147 368 Pages Staff of DivisBoard of Governors: (Continued) lon of Research and Statistics: (Continued) Goldenteiser, E. A., Director: Designated to assist in preparing a draft of statement which Board representative might make at hearings on Inter-American Bank before the Senate 1/22 Banking and Currency Committee Loans, commercial and industrial, memorandum regarding monthly reports on, by member banks, form 2/ 6 proposed Request for report reconsidered and approved with 2/ 6 letter to FRBanks Memorandum of, regarding possibility of dangerous inflation in authorizing Government to borrow directly from the central bank, distributed at meeting of 2/16 Board with Federal Advisory Council Memo from, recommending procedure for survey of new commercial and industrial loans made by member banks approved 4/ 1 Forms FR 574-A and 574-B for reporting sent to FRBanks 4/ 1 Commercial loans, results of survey conducted by, for one-month period 5/19 Memorandum from regarding the collection of statistics on retail furniture sales, inventories and credit 5/15 Plan for coordinating research and statistical activities of Board and National Resources Planning Board, to keep in touch with Mr. Blaisdell in 6/ 9 connection with Statistics of department store inventories by depart6/13 ments be collected monthly instead of quarterly Bank earnings, to collaborate with Mr. Smead on continuing study of problem 7/28 International Stabilization Fund and International Bank report on conference on establishment of, no action to be taken until discussed with Secretary Hull 7/10 Go_ Problems in maintaining adequate staff, memorandum of 8/12 G4°/11 Jeanne M., resignation as clerk accepted 1/ 5 er, Guy E. Senior Economist, temporary appointment extended with no change in salary 3/17 Gulab esignation accepted 11/23 art, Mary Hall, Economic Assistant, appointment and 8/13 salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 99 200 206 266 609 611 984 943 1177 1211 1501 1401 1606 11 499 2217 1611 369 Pages Staff _ T Board of Governors: (Continued) i4l!i°n of Research and Statistics: (Continued) Haigh, Mrs. Julia, clerk-stenographer, granted leave of absence without pay because of illness, Board to continue contributions to Retirement System on condition that she continue hers TT Resignation accepted namm, Mary Louise, clerk-stenographer, appointment made permanent and salary increased H Salary increased Halmnill, Caroline, Economic Assistant, salary increased ansen, Alvin H., Special Economist: Included in list of employees who should be excluded from the benefits of the Civil Service Retirement Act Impounded funds of, sent to Treasury Department, thought to be covered by Civil Service Retirement Act To be requested to come to Washington to assist Yr. Leland with studies relating to inflationary developments Studies to be undertaken on establishment of International Stabilization Fund and International Bank, able to give some of his time to Ha Budget increased to provide for compensation of rleY, C. R., Economic Assistant, salary increased Appointment made permanent with no change in salary Not included in list of employees whose impounded funds were sent to Treasury Department for reasons stated in memorandum from Mr. Vest Hal, • rington, Mary Jane, Economic Assistant, salary increased but less than recommended Her Salary increased tflI'r s,erg, Paul G., Associate Economist: lemporary appointment for one year approved with no change in salary ImPounded funds of, sent to Treasury Department, thought to be covered by Civil Service Retirement Act Her seY, A. B., Associate Economist, salary increased To be ascertained whether he would be willing to represent the Board in the campaign to raise funds for United China Relief Rill 4-, Gretchen, clerk: Resignation accepted Hod _Salary increased H rn, Viola A., clerk, salary increased oi"hausen, Duncan M., junior economist, appointment and salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/11 915 11/ 3 2105 2/18 294 12/21 2350 2/6 215 3/ 5 417 3/6 430 3/23 541 6/ 9 1162 11/25 2231 2/6 215 2/17 290 3/6 429 7/ 1 1342 12/30 2406 6/ 5 1138 3/ 6 2/6 430 215 4/15 724 7/16 1442 7/ 1 1342 7/ 1 1342 4/9 663 370 Pages tail' of O Board of Governors: (Continued) ' illtision of Research and Statistics: (Continued) 7/ 1 Hough, M. Margaret, clerk-stenographer, salary increased 7/28 Hubbard, Carol, clerk, resignation accepted 6/ 6 ' Tani, George, Junior Economist, resignation accepted 7/ 1 increased , TJones, Ruth, clerk-stenographer, salary objection to employ"aiser, Philip M., Junior Economist, no 1/16 ment by Board of Economic Warfare 1/22 Resignation accepted Aallio, Helen Jean, clerk-stenographer, appointment and 8/21 salary approved 11/ 5 Resignation accepted 1el4, Nancy B., clerk-stenographer, salary increased 7/ 1 2/6 KennY, Gunhild Anderson, Junior Economist, salary increased Granted leave without pay, in accord with policy regard2/10 ing confinement cases Leave of absence without pay because of confinement ex8/14 tended ,. Reemployment at end of confinement leave approved 9/11 ‘ x Indleberger, Charles P., Associate Economist, salary in2/6 creased InternaStudies to be undertaken on establishment of tional Stabilization Fund and International 6/ 9 Bank, able to give most of his time to lc 8/ 7 Resignation accepted naPP, J. Burke, Junior Economist, salary increased 2/6 To prepare memorandum on control of frozen funds and 3/6 give to Mr. Szymczak 8/19 Salary increased Representative of Board on committee on the commercial policy aspects of exchange, monetary and in9/ 4 vestment problems Lars 4/25 , on, Esther H., clerk, resignation accepted en Mrs. Agnete, economic assistant, appointment and 10/ 1 salary approved Lichtash, Ben S., economic assistant: 9/22 Appointment and salary approved 11/ 5 Resignation accepted 'lschinsky, Mrs. Melva, clerk-stenographer, resignation ac2/17 cepted Li tchfield, Susan Burr, Senior Economist, proposed increase 2/6 not approved by Personnel Committee Lo ngstreet, Victor M., Associate Economist, salary increased 2/6 Granted leave of absence without pay for military serv5/15 ice -a,Aocs, Mrs. Elizabeth F., economic assistant, resigna9/19 tion accepted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1342 1508 1151 1342 68 106 1652 2122 1342 215 232 1616 1778 215 1162 1589 215 428 1636 1735 762 1917 1861 2122 291 215 215 937 1844 371 Pages Staff _a, 0,0? Board of Governors: (Continued) ' jirleion of Research and Statistics: (Continued) Lupton, Eleanor B., appointment and salary as clerk-stenographer on temporary basis for limited period Margolis, Julius, Junior Economist, appointment and salary on temporary basis , 14,,rmleY, Mary M., Economic Assistant, salary increased 41artin, Robert B., resignation of, makes reimbursement for only one clerk necessary for December, for work on statistical manual McCann, Mary Ann, clerk, appointment and salary approved 11eCloud, Lyndall C., Economic Assistant, salary increased McDonald, Patricia A., clerk, resignation accepted li enze, Robert E., question of appointment and salary submitted to Personnel Committee for study and recommendation Metcalf, Margaret G., appointment and salary as clerk-stenographer approved Salary increased ;4,!'ller, Regina E., clerk, appointment and salary approved Mitchell, Mrs. Margaret Elizabeth, clerk, appointment and salary approved „ Resignation accepted Wilellyn, clerk, salary increased u_3e, Milton, Junior Economist, salary increased ;rgravel Richard A., Associate Economist, salary increased ver, Mrs. Eleanor, leave of absence without pay extended for one year, contributions to Retirement System to be discontinued, adjustment to be made pending return to active service James Harvie, messenger, salary increased 41, Lynda A., clerk, salary increased Resignation accepted '" t 3st, Mrs. Margaret Richards, junior economist, appointment and salary approved Pa,), Mary Louise, clerk, appointment and salary approved Harvey S., impounded funds of, sent to Treasury Department, thought to be covered by Civil Service Retirement Act Temporary appointment extended for year with no change in salary SalarY increased phil,. ' 4-1Ps, Margaret W., clerk-stenographer, appointment and salary approved er, Leroy M., draft of statement prepared by, proposing special security to absorb idle business balances pe;t http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/22 1263 6/23 1270 2/6 215 11 1/5 8/14 1616 2/6 215 3/ 3 407 2/17 280 1/ 1 1 9/12 1787 9/ 8 1747 10/ 1 12/ 4 7/ 1 12/30 8/19 1917 2267 1342 2405 1636 1/16 74 7/ 1 1342 7/ 1 1342 7/14 1420 7/31 1523 11/10 2140 3/6 430 9/ 8 1748 12/30 2405 12/21 2349 1/28 134 372 Pages Staff v.1 Board of Governors: (Continued) ' 41a8i0n of Research and Statistics: (Continued) Piser, Leroy M.: (Continued) Salary increased Canadian financing, copies of memorandum furnished to members of executive committee of Federal Advisory Council Letter to draft board requesting deferment on occupational grounds Request for reclassification for deferment from military service, letter to President Randall, Alice F., clerk, salary increased but less than recommended Resignation accepted Reeves, Dorothy D., Secretary, salary increased Katharyne P., Economic Assistant, salary increased "einsch, Pauline, economic assistant, appointment and salary approved Resignation accepted Report on status of projects to be submitted by Mr. Goldenweiser Rhodes, Isabelle N., clerk, resignation accepted Robinson, Roland I., Associate Economist, salary increased Authorized to make trip to Canada to study consumer credit Ro 2=a1 of payment for unused pullman reservation Salary increased Edward D., laborer, transferred from Secretary's Office as messenger and to continue on temporary basis and salary increased /111!_48.,Y, Elizabeth V., clerk, resignation accepted fl 'aidue, Helen R., clerk, salary increased sal R?eignation accepted arles of list of employees approved, with understanding that the action shall not be regarded as establishing a precedent, revised job description sheets to be submitted to Committee on Personnel Classification Schre-lber, Mary Alice, clerk, appointment and salary approved Schul tz, Mrs. Rose H., clerk-stenographer, resignation accepted Sette , Mrs. Elizabeth E., economic assistant, salary increased ShiPnia112 Ruby M., clerk-stenographer, appointment and salary approved Simr,8 °n, Paul, Junior Economist, salary increased Sala - increased http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/6 215 7/ 1 1337 11/ 4 2114 11/23 2217 7/ 1 1342 9/25 1882 7/ 1 1342 2/6 215 298 2/19 9/11 1784 7/28 1504 5/23 1023 215 2/6 3/10 443 10/10 2005 12/ 7 2275 8/ 1 8/21 7/ 1 9/ 5 1533 1653 1342 1738 2/6 214 8/10 1597 6/15 1216 12/30 2406 7/ 7 1378 2/6 215 8/19 1636 373 Pages Staff pi° Board of Governors: (Continued) vision of Research and Statistics: (Continued) Sissman, Mrs. Louise, Junior Economist, resignation accepted Smith, Jesse D., messenger, salary increased Stark, Walter R., Assistant Director, Mr. Rockefeller advised that he is the proper person to contact regarding further development of Inter-American Scholarship program Stewart, Mrs. Maxine Glad, clerk, salary increased Granted leave of absence during confinement Salary increased as economic assistant Strickler, Betty J., transferred from Secretary's Office as junior file clerk to clerk-stenographer with no change in salary T Salary increased Elizabeth P., clerk, salary increased Thomas, Woodlief, Assistant Director, authorized to represent Board on conferences regarding suspension of publication of statistical series for duration of war Individual debt, reduction through amortization of bank loans, memorandum on reports by banks and other lending agencies Article in Wall Street Journal on article in FRBulletin, Tho, discussion of Mr. Flynn with endell E., Junior Economist, salary increased Ifin, Robert, associate economist, appointment and salary approved Trueblood, Lorman C., junior economist, appointment and salary approved 1ww, /4n Brakle, Raymond, library aid, resignation accepted Haskell, junior economist, resignation accepted warner; Mrs. Doris P., economic assistant, appointment and salary approved White Mary, clerk, salary increased : ams, wilip Kenneth B., associate economist, salary increased lams, Lois A., secretary, salary increased Norma F., resignation as clerk-stenographer accepted wine2n, Lucile G., clerk-stenographer, resignation accepted cuell, Mrs. Will° J., clerk, appointment on temporary basis and salaryapproved 1r41-ght, David M., recommendation of appointment as Associate Economist for one year, report of tests on physical condition made at University of Virginia to be obtained and appointment conA sidered later o App intment and salary approved and to waive death and disability benefits for period of 10 years http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/ 6 216 7/ 1 1342 4/20 748 4/21 749 9/16 1820 12/30 2406 7/17 1447 12/21 2350 7/ 1 1342 1/12 43 9 5/21 5 10 841 9 2/ 6 215 7/31 1523 11/16 2173 V/g 1 3 t4 11/10 2140 7/ 1 1342 / T 42 5 1/ 8 26 7/ 3 1360 11/14 2168 139 14:9 374 Pages Staff 11,n Board of Governors: (Continued) "rision of Security Loans: Beal, Anne, resignation as statistical clerk accepted t Bla tner, George W., Special Statistician in Division of Research and Statistics, transferred to, as Special Assistant and appointment extended for one year rn Bra--eY, Philip E., Assistant Chief, resignation accepted fl:ranic, Otto H., salary increased Brown, Bonnar, Special Assistant, authorized to make trip to Canada to study consumer credit Salary increased and title changed to Administrative Assistant Cravens, Kenton R., Special Consultant, payment for expenses incurred in coming to Washington for consultation on Regulation W approved Dehn, Ruth L., stenographer, salary increased Lewis N., Special Assistant, salary increased "uugson, Thomas H., special consultant, memoranda from, outlining a tentative program for the enforcement of Regulation W, including press statement and letter to Mr. K. Barnard, sent to the office of each Board member Decision not to release press statement as it lacks news value Voucher covering expenses during assignment from FRBank Lutz , of Minneapolis, approved , luice, stenographer, salary increased Parry, Carl E., individual debt, reduction through amortization of bank loans, memorandum on reports by Eftbanks and other lending agencies lelen cY Impairment resulting from age, number division heads might wish to retire if allowances were adeEl quate Operators: “I°1d, James W., Jr., appointment and salary approved accepted Bird, 'James F., appointment on temporary basis and salary approved Transferred to position of page in Secretary's Office and salary increased Brunci cam ;age, Dean E., promoted to page and salary increased cort':-°n, James H., Jr., resignation accepted Osalc n, C. Lenwood, appointment and salary approved Ine, Thomas R., appointment on temporary basis and salary approved Gello Carl J., appointment and salary approved rromoted to Promoted page and salary increased http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/5 193 3/ 3 1/16 1/16 405 77 76 3/10 443 7/23 1472 4/13 712 9/12 1787 7/23 1472 5/5 847 5/5 848 6/29 1316 9/12 1787 5/25 1041 2/26 357 8/ 7 1589 12/19 2342 6/13 1208 8/ 7 1589 6/13 1208 2/5 194 3/19 505 12/23 2369 2/12 241 6/13 1208 375 Pages Staff Of Board of Governors: (Continued) za.evator operators: (Continued) Hurst, Donald A., appointment on temporary basis and salary approved Larsoa, Jefferson J., transfer to page and increase in salary approved Mule M., appointment on temporary basis and salary approved P hillips, Donal H., appointment and salary approved Salary increased Replacing by women suggested Report from United States employment service of discriminatory requisition for Richardson, James E., appointed on temporary basis and salary approved „ Resignation accepted Stephen, resignation accepted Whitly, Paul C., appointment and salary approved Resignation accepted Ltapi °Yees not to be loaned to any other Government agency without specific authority from the Board 4aPloy -e-s, Mr. Price, Director of Censorship, advised that Board cannot spare any of its employees at present time kPloyees added to staff who were not members of the Civil Service Retirement System to be required to become members of the Retirement System of the FRBanks 4111%ees, impounded funds of, who are thought to be subject to the Civil Service Retirement Act, discussion of, and decision to transfer to Treasury and advise the Civil Service Commission 'It1131.0Yees, questions submitted to Civil Service Commission with regard to coverage of, by the Civil Service Retirement Act Naoyees, release of under Executive Order, reply to Civil Service Commission advising that Board needs all present employees and that Mr. Nelson is :toper person to contact regarding s 414x Agent, 'oulk ! Lail ? L.!liver E., Fiscal Agent, surety bond approved /$ Josephine osephine E., Deputy Fiscal Agent: Bond of Sala Ga rdeners. rY increased 144Yhew salary increased Increase in salary http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/13 1208 2/12 241 9/ 8 1748 2/12 241 7/31 1524 10/ 2 1929 12/11 2301 7/13 1410 9/ 1 1716 3/11 461 3/31 597 7/ 9 1387 1/ 1 1 2/11 237 2/27 371 2/27 367-71 2/27 369 2/25 351 4/25 762 5/13 2/16 927 277 7/31 1524 8/ 1 1531 376 Pages Staff Of Board of Governors: (Continued) Guards: Ackerman, Stephen J.: Appointment and salary approved Resignation accepted Anderson, E. F., Acting Captain, salary increased Becke, Herbert E.: Appointment on temporary basis and salary approved Salary increased Resignation accepted Bertol, Louis N., Captain: Salary increased Granted leave of absence for military service Boothe, Woodley, laborer, promoted to, and salary increased Salary increased Transferred to position of general mechanic and salary increased Carm -'en, John C., appointment on temporary basis and salary approved Salary increased Con stable, Frank W., appointment and salary approved Salary increased Cook, Thomas G., chauffeur, promoted to, and salary in— creased c ,Salary increased 00 Leroy H., granted leave of absence for military service Oran el Pinar, salary increased -rawford, James D., granted leave for military service Resignation accepted and grant of leave for military service rescinded De • Dan Appointment on temporary basis and salary approved Salary increased l !esignation accepted n. 'qz0Pointment on temporary basis and salary approved Emmett M., appointment and salary approved Har Salary increased Joseph P., Jr., promoted to senior guard and salary increased Rix Resignation accepted 82n, Mabron H., appointment and salary approved Hor;:cesignation accepted lgan, John F., appointment on temporary basis and salary approved Sal Salary increased http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/19 87 6/29 1315 8/ 1 1531 7/23 1472 8/ 1 1532 11/14 2169 2/10 232 3/ 4 414 663 4/ 9 7/31 1524 10/30 2090 6/25 1278 8/ 1 1531 5/12 923 8/ 1 1531 4/ 64 ( 1 1523 14/3 4/16 2/10 4/10 727 232 689 5/i 835 7/ 7 8/ 1 11/ 9 12/ 4 2/12 7/31 1378 1531 2133 2267 242 1524 1/15 55 6/ 2 1108 3/ 3 405 6/10 1179 7/25 1482 8/ 1 1532 377 Pages Staff of Board of Governors: (Continued) Guards: (Continued) Hyde, William, salary increased for time he serves as 6/20 1261 guard 8/13 1611 Promoted to senior guard and salary increased Langham, Lee 19 1/7 W., granted leave for military service 4/23 756 Minor, James V., Jr., appointment and salary approved 8/ 1 1531 Salary increased 11 /28 2237 Resignation accepted Moffett, Bruce L., appointment on temporary basis and sal8/19 1635 ary approved Myers, approved salary 3/ 3 404 and Clifford B., appointment 7/31 1524 Salary increased 1/30 147 illchols, Charles R., appointment and salary approved 7/31 1524 ” Salary increased ilorden, Leonard A., salary increased 1/15 54 707 4/13 Resignation as, accepted uvermiller, Charles S., promoted to position of clerk and 1/30 147 salary increased Pa rquette, Fred, appointment and salary approved 4/17 735 8/ 1 1531 Salary increased Reading, Benjamin military for absence R., granted leave of 3/13 490 service Reduction in number suggested by Mr. Eccles 10/ 2 1929 3/27 572 Sadler, Albert J., appointment and salary approved Resignation accepted to enter military service 6/18 1243 u4nderson, James W., promoted to senior guard on temporary 6/20 1261 basis and salary increased sa Leave of absence without pay for military service 7/17 1447 7/ 6 1371 ir_re, Isaac A., appointment and salary on temporary basis -cneuring, John, appointment and salary on temporary basis 8/ 3 1541 for indefinite period, approved 8/15 1625 sco,Resignation accepted 3/24 sn uty Joseph E., appointment and salary approved 547 6 / 1 0 basis temporary 1178 on salary f?r, Paul, appointment and 4311 ! 8/ 1 1511 s,„`falary increased `u-Llvan, David, promoted to senior guard on a temporary 5/ 7 876 Sala and salary increased 8/ 1 1531 sw„, / increased Tavr, Tlmothy, appointment and salary approved 3/ 3 404 5/12 923 Y Cc,lr2 Franklin, appointment and salary approved 8/ 1 1532 unp ' L alarY increased 4/1 608 increased 11- M., senior guard, salary -sase involving V‘iorkmen's Compensation Insurance 8/19 1636 11/13 2162 1.g arY increased 4/ 1 608 estl4c ';','e, R. H., salary increased ' tesignation accepted 4/8 658 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 378 Pages Staff :I- Board of Governors: (Continued) 1/4'11 rds: (Continued) Yilek, J. J., promoted to position of Supply Clerk in Secretary's Office and salary increased Flours of work, to be increased to 44 per week, official hours to be from 9:00 a.m. to 5:45 p.m. with 45 minutes for lunch, Saturdays from 9:00 a.m. to 1:00 o.m. Mr. L Leonard authorized to circulate questionnaire to employees as to preference Mem°randum from President to all departments and agencies in Government on lengthening work week to 48 hours Established on 48-hour basis with overtime pay Meeting to be held with division heads and with committee representing Board's employees to discuss adjustment of office hours Ap proved from 8:45 a.m. to 5:15 p.m. with thirty minutes for lunch Me mol-andum to members of staff on changes in working hours Increase and procedure for computing overtime payments in salaries of employees in Division of Research and Statistics not to be considered as establishing a precedent, revised job description sheets to be submitted to Committee on Personnel ClasItsurance, sification group life for employees of Board, continuation of contract with Aetna Life Insurance Company approved Laborers. 3/3 405 1/16 62 12/14 2312 12/26 12/26 2386 2389 12/26 2392 12/30 2410 12/31 2411 2/6 214 4/22 755 LeavBoothe, Woodley, 4/9 663 promoted to guard and salary increased of employees in connection with resignations when odd 11/ 3 2105 less or more than 1/2 day L°anoir to oth er a agencies: ect°P of Censorship, Mr. Price advised that Board cannot 2/11 237 Spare any of its employees at present time specific auent Agencies, not to be done without 1/1 1 thority from Board Porter u -' 'ars. Nancy Randolph, request of War Production Board for services for ninety days refused but t44ids: 9/ 8 1749 no objection to resignation Fr - ench 'AMY P., substitute day maid, included in list of employees who should be excluded from the bene417 fits of the Civil Service Retirement Act 3/5 • Sala 8/ 1 1531 Jar,,_ rY increased ";!, Ruth L., salary increased 4/28 782 41ary increased 8/ 1 1531 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 379 Pages Starr u 01 Board of Governors: (Continued) ' 4essengers: Branic, Otto H., Division of Security Loans, salary increased Collins, Wesley B., salary increased Salary increased Dyson, Seaton, to be retained in active service until end of calendar year Extension of employment for one year approved and to be advised of rights under Retirement System Frost, Frederick L., assigned to Office of Governor Szymczak, resignation accepted liamilton, James F., transferred from Secretary's Office to the Office of Mr. Evans as a messenger _ Salary increased Hart, Bishop, granted leave without pay for military service to re-enter active duty with the U. S. Army, unearned salary not to be given as previously paid j°11nson, Gordon P., junior operator, transferred from Secretary's Office to Board Members' Offices as, with no change in salary Salary increased Lane,n Daniel F., Office of Mr. •Szymczak, appointment and salary approved 11 1\,!ton,James Harvie, salary increased William E., messenger in Secretary's Office, resignation accepted Ropy.. --rs, Edward D., laborer, transferred from Secretary's Office and to continue on temporary basis and salary increased 8c°tt, Julian R., porter, promoted to messenger in Secretary's Office and salary increased Salary increased Jesse D., salary increased 8raden, Mrs. Helen F., substitute, appointment and compensation approved livan, Mary Alice, appointment and compensation rate as substitute approved Included in list of employees who should be excluded from the benefits of the Civil Service Retirement Act Impounded funds of, sent to Treasury Department, thought to be covered by Civil Service Retirement Act Res ignation accepted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/16 76 7/ 1 1342 8/ 1 1531 6/ 1 1101 12/ 2 2258 10/ 5 1943 5/1 834 8/ 1 1531 1/16 76 87 1/19 8/14 1616 11/ 3 2105 7/ 1 1342 3/11 461 8/ 1 1533 3/11 460 7/13 1411 7/ 1 1342 8/21 1652 1/26 120 3/5 417 3/6 430 8/21 1652 380 Pages 4arr of Board of Governors: (Continued) nurses. (Continued) Wickline, M. Callie, transfer to Division of Personnel Administration approved Salary increased Offi ce of the Chairman: Benton, Madeleine E., secretary to Mr. Thurston, salary increased CIayton, Lawrence: Inter-American Scholarship program, letter for the signature of, to Mr. Rockefeller advising that Mr. Stark is the person to contact regarding participation of the Board in Military occupation of countries, memo on problems involved and authorized to supervise compilation of list of names of qualified men to be used in connection with Designated liaison officer with Military Government Division of Provost Marshal General's office with reference to banking and financial phase of studies being planned by God Julia B., appointment and salary as stenographer in Mr. Clayton's office approved Salay increased Hart, Bishop, granted leave without pay for military service to re-enter active duty with the U. S. Army, unearned salary not to be given as it has been previously paid :j pn780n, Gordon, messenger, salary increased -urston, Elliott, to prepare press statement contradicting Opinion that Regulation V was created to provide a monopoly for member banks Offic _ Security officer of Board, designation as 2f Mr. Draper: rtelt, Betty, stenographer, transferred from Secretary's Office and salary increased cr__Res s iPn ion accepted e‘r Mildred, stenographer, transfer from Secretary's Office approved Transferred to Division of Research and Statistics as clerk-stenographer with no change in salary Humme_ Rauber, Mrs. Lucy F. stenographer, resignation accepted r, Margaret E., granted leave without pay not to exceed 90 days, contributions to Retirement SysOffice 0 , tern to be continued I Mr. Evans: °/1, James F., transferred from Secretary's Office to, as a messenger 6/29 1313 10/31 2096 4/8 658 4/20 748 10/21 2045 11/ 6 2128 5/16 10/28 947 2076 1/16 76 8/14 1616 4/1 12/ 1 602 2256 4 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/ 9 1993 12/30 2406 4/14 715 6/20 3/28 1262 585 5/7 877 5/1 834 381 Pages hart Of Board of Governors: (Continued) Office of Mr. Evans: (Continued) Westman, Elsie M., appointment and salary as private secretary approved Grflce of Mr. McKee: Hoffman, Dorothy B., transferred to, from Secretary's Office and salary increased Salary increased Massey, E. R., transfer to, as secretary with increase in salary from Division of Examinations as Assistant FRExaminer approved Walters, Alvin C., secretary, enlistment contemplated, Mr. E. R. Massey to be transferred from Division of Examinations to succeed of absence for military service leave Granted Off ice of Mr. Ransom: Schaffner, Edith L., stenographer, transferred from Secretary's Office with no change in salary Off ice of Mr. Szymczak: Bultman, Mrs. Ethelda M., resignation as assistant private secretary accepted Frost, Frederick L., messenger, resignation accepted Glaser, Mrs. Vera R., transferred from Division of Research and Statistics and salary increased Retransferred to Division of Research and Statistics with previous salary Johnson, Dorothy R., stenographer, appointment and salary approved Lane, Daniel F., messenger, appointment and salary approved McLenighan, Mrs. Wanda G., secretary, appointment and salary approved Salary increased Resignation accepted 6°k01, Melania K., appointment and salary as stenographer approved Salary increased Transfer to Division of Personnel Administration until resignation is effective Stone, A. M., transfer to Division of Personnel Administration approved ers and employees beyond age of retirement, continuation of employment discussed °Ire/'ta_rn• --e Payments under resolution of Congress, payment approved erao from Mr. Morrill outlining procedure for additional payment to employees of Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/13 489 2/23 9/16 317 1820 2/10 231 2/10 4/ 9 231 435 12/30 2406 1/13 45 10/ 5 1943 7/ 1 1341 8/11 1601 9/23 1868 11/ 3 2105 8/10 10/16 12/10 1597 2030 2297 1/21 92 7/ 1 1341 9/23 1868 6/29 1313 10/ 2 1928 12/18 2338 12/22 2356 382 Pages Staff of Board of Governors: (Continued) Bird, James F., transferred from elevator force to position of page in Secretary's Office and salary 8/ 7 1589 increased Brodell, Albert P., Jr., resignation accepted 2/ 5 193 Brundage, Dean E., promoted from elevator operator and 6/13 1208 salary increased unearned Resignation accepted and reimbursement for 10/30 2091 sick and annual leave waived Chichester, accepted Sidnor T., Jr., resignation 4/ 8 659 Conlen, Joan, appointed on temporary basis and salary ap11/18 2193 proved Corbin, Lenwood, salary increased 10/ 1 1918 11/18 2193 Resignation accepted ulckerson, Claude A., Jr., salary increased 4/28 782 Promoted to clerk to building manager in Secretary's 8/ 7 1588 Office and salary increased Edwards, L. Harry, promoted to position as clerk on permanent basis in Secretary's Office, salary in1/21 93 creased and provision made for further increase Gel) --ogg, Carl J., promoted from elevator operator and salary increased 6/13 1208 La "r')on, Jefferson J., transfer from elevator operator to page and increase in salary approved 2/12 241 Ile Resignation accepted 5/28 1073 -,e0d, L. Paige, appointment and salary approved 1/21 93 Salary increased 7/13 1411 ell, George D., resignation accepted 5/29 1084 °Ilerrill, Mrs. Vera M., appointed on temporary basis and 11/18 2193 salary approved °11 d eduction plan for purchase of tar Savings Bonds, reply to Admiral Conard that Board does not 8/28 1710 favor change in minimum deduction at present Letter to Admiral Conard that ten per cent goal had been Per 11/ 2 2101 exceeded recommendations of Staff Personnel Committee regarding release of employees and examination by Civil Service Commission rejected, former policy rescinded and no objection to be made to transfers and examination by Civil Service Per ons 1/16 64 Commission under consideration for employment to be granted per diem and travelling expenses with concurrence of Director of Division of Personnel Adminisporters: 9/19 1847 tration NTT. 800the, Vioodley, salary increased http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/16 495 383 Pages 4aff poOf Board of Governors: (Continued) rters: (Continued) Faber, Philip D., salary increased 3/16 Hyde, William, appointment made permanent with understanding that it will not affect his temporary assign3/14 ment to the guard force Morley, Michael, salary increased 3/16 Rogers, Edward D., appointment and salary approved 3/11 Scott, Julian R., appointment and salary approved 1/13 Promoted to messenger in Secretary's Office and salary 3/11 increased Sinclair, Robert, salary increased 3/16 poeT?bler, Herman Lee, salary increased 3/16 ""lons concerned with the war effort, list submitted to Civil 10/ 6 Pos • Service Commission itIons eliminated from list of proposed key positions, additional information furnished to Civil Service 10/27 Commission in requesting reconsideration ilecreat' ion room: (See Reserve Board Club) -7,1es of personnel: Report of Staff Personnel Committee that adoption of supplemental compensation plan would be inadvisable, continuation of periodic salary reviews deemed adequate to meet present situation 1/16 Report of Mr. Leonard on discrepancies and study to be made 8/ 1 Pr ocedure for handling of, letter to Commissioner of Internal Revenue on wage adjustments of employees 12/12 Procedure for handling adjustments, general order No. 19 of 12/16 National War Labor Board ecretarldr authorized to sign authorizations to accept appoint9/25 Army Secreta , ncl Office: in Ackerman, Stephen J., appointment and salary as guard ap1/19 proved Ali Resignation accepted 6/29 wine) Mrs. Ruth Dewey, clerk-typist, transferred to Division of Research and Statistics with no 7/ 1 change in salary Anders '.son, E. F., Senior Guard, salary increased, to continue only during service as Acting Captain of the 3/16 Guard Arn . 8.3-arY increased 8/ 1 (344, James W., Jr., elevator operator, appointment and 8/ 7 salary approved Resignation accepted 12/19 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 495 714 495 460 44 460 495 495 1948 2072 73 1532 2305 2318 1883 87 1315 1343 495 1531 1589 2342 384 Pages Nff ,of Board of Governors: (Continued) °"retaryl s Office: (Continued) Ayers, June E., stenographer, salary increased 3/16 8/ 1 Bardales, Alice K., charwoman, salary increased Bartelt, Betty J., stenographer, appointment and salary ap3/31 proved Transferred to Office of Mr. Draper and salary in10/ 9 creased Bass, Sampson H., Supervisor, Accounting Section, salary 2/13 increased Beach, Ida M., charwoman, salary increased 8/ 1 Beale, Loretta D., appointment and salary as junior file 3/27 clerk approved 8/20 Appointment made permanent and salary increased 12/16 Salary increased Becke, Herbert E., guard, appointment on temporary basis and salary approved 7/23 8/ 1 Salary increased 11/14 Resignation accepted Bell, J. Frank, chauffeur, appointment and salary on tem8/13 porary basis, approved Appointment extended for indefinite period on temporary 11/16 basis with no change in salary 8e11, Robert H., operator (duplicating devices), appointed 11/23 on temporary basis, salary approved Belt/ J. Watson, designated as Board's representative on the Advisory Committee on Subversive Activities to cooperate with the Protective Construction Unit in the Public Buildings Admin2/27 istration During absence of Mr. Sourney to act as building manager and salary to be increased 3/ 5 Bern tson, Paul H., clerk, appointment made permanent and 1/28 salary increased Salary increased 12/16 tol, Louis N., captain of the guard: Granted leave of absence for military service 3/4 Salary increased 2/10 Madalena, charwoman, salary increased and 8/ 1 changee from hourly to yearly basis Bethea, L. P., Assistant Secretary, to act as secretary for 3/26 War Loans Committee Designated as alternate for Mr. Eccles on the Inter-de5/13 partmental Viar Savings Bond Committee APpointed on committee to consider suggestions for nominating employee each month for Post award in making suggestion for improvement of Federal 9/26 service http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 495 1532 597 1993 252 1532 573 1643 2317 1472 1532 2169 1612 2174 2216 379 416 135 2317 414 232 1532 555 930 1892 385 Pages Staff , o _oi Board of Governors: (Continued) 'ecretaryr s Office: (Continued) Bird, James F., appointment as elevator operator on temporary basis and salary approved Transferred from elevator operator to position of page and salary increased Blash, John, apprentice mechanic, salary increased Salary increased as general mechanic Promoted from general mechanic to painter and salary increased Bloch, Stanley, foreman operator (duplicating devices), salary increased Salary increased Granted leave of absence without pay to enter service with Navy Bocuilis, Adela, stenographer, appointment and salary approved cr^ ' t cLrt, Vincent L., supply clerk, resignation accepted Boothe, Woodley, porter, salary increased Promoted to guard and salary increased Salary increased Transferred from position of guard to general mechanic and salary increased Brennan, John C., general assistant, granted leave of absence for military service Bra unsdorf, Florence, stenographer, resignation accepted 35 b11rodell, Albert P., Jr., resignation as page accepted rundage, Dean E., elevator operator promoted to page and salary increased Resignation accepted and reimbursement for unearned sick and annual leave waived Buckley T. N., telegraph operator, salary increased Granted leave without pay to enter service with Naval Reserve Burk 3 Edwin C., plumber, appointment on temporary basis and salary approved Salary increased esignation accepted 'Plon, James H., Jr., elevator operator, resignation accepted Carmen John C., appointment and salary as guard on temporary basis 0,_ alary increased ,7rmlchael, Elizabeth L., stenographer, salary increased ''LrPenter, S. R.: Designated to be responsible for petty cash fund in absence of Mr. Nelson Designation to be responsible for security of censorship intercepts http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/13 1208 8/ 7 1589 782 4/28 8/ 1 1531 10/30 2090 7/31 1524 10/ 1 1918 11/25 2229 10/13 2013 4/2 614 3/16 495 663 4/9 7/31 1524 10/30 2090 5/18 3/10 2/5 973 456 193 6/13 1208 10/30 1/15 2091 54 11/16 2174 7/17 1446 8/ 1 1531 10/29 2084 2/5 194 6/25 1278 8/ 1 1531 6/12 1200 12/ 2 2259 12/28 2399 386 Pages Staff of z. Board of Governors: (Continued) ecretary's Office: (Continued) Carpenter, S. F.: (Continued) Supervision of Washington office of Leased Wire System transferred to Mr. Nelson Carroll, Alene D., charwoman, salary increased Resignation accepted Charwomen, change from hourly basis to full time weekly basis and salaries adjusted Cheatham, Mrs. Mary Katharine, appointment and salary as clerk approved Chichester, Sidnor T., Jr., page, resignation accepted Collier, Raymond J., junior economist: Graduate School of Banking at Rutgers University, not to attend 1942 session Granted leave of absence to serve with Naval reserve Colon, Virginia M., junior file clerk, appointment and salary approved with provision for salary increase later Salary increased and appointment made permanent Conlen, Joan, appointed as page on temporary basis and salary approved Conley, Helen, stenographer, salary increased Salary increased Constable, Frank W., appointment and salary as guard approved p. Salary increased u°°k, Edward W., appointment and salary as laborer on temporary basis Salary increased r, Resignation accepted ok, Thomas, guard, salary increased c°°ke, Clara R., charwoman, salary increased eY, Leroy H., guard, granted leave of absence for military service Corbin, C. Lenwood, elevator operator, appointment and salary approved Salary increased c Resignation accepted rbln, Sarah F., charwoman, salary increased rane, Pinar, guard, salary increased Resignation accepted to enter military service and letter of explanation on temporary employment Cl'aWf0'^d, JaMES D., guard, granted leave for military service Resignation accepted and grant of leave for military service rescinded r e http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/22 2364 d/ 1 1532 11/ 4 2114 s/ 1 1532 5/ 1 834 /4/ 3 659 L/lo 658 5/28 1073 6/29 1315 10/31 2095 11/18 2193 3/16 495 10/15 2022 923 5/12 8/ 1 1531 V20 8/ 1 12/ 3 7/31 8/ 1 1261 1532 22E1 1524 1532 ti/16 727 3/19 505 10/ 1 1918 11/18 2193 8/ 1 1532 2/10 232 6/29 1316 4/10 6-19 s/i 035 387 Pages St Board of Governors: (Continued) 0c retary's Office: (Continued) Crews, Esther G., file clerk, salary increased Salary increased Crews, Mildred, stenographer: Salary increased Transfer to the Office of Governor Draper approved Dampley, Chester B., painter: Salary increased Granted leave of absence to enter service with Navy Deakins, Thomas R., elevator operator, appointment on temporary basis and salary approved Derrick, Daniel M., guard, appointment on temporary basis and salary approved Salary increased Resignation accepted Appointment on temporary basis and salary approved Deuterman, Mary A., appointment and salary as junior file clerk approved Appointment made permanent and salary increased D Salary increased „!weY, Ruth E., junior file clerk, salary increased Emmebt M., appointment and salary as guard approved ,. Salary increased ulaz, Anthony, appointment and salary as a chauffeur approved ,. Resignation accepted ulekerson, Claude A., Jr., page, salary increased Promoted from page to clerk to building manager and salary increased DoH -ge, Mary J., junior file clerk, salary increased u°uglas, Mrs. Louise B., appointment and salary as stenographer Salary increased DYson, Nelson, junior operator (duplicating devices) salary increased Dy s°n, Seaton, to be retained in active service until end of calendar year Eaheart, Mrs. Mary Elizabeth, assent given to examination and certification by Civil Service Commission for jobs of attendant and kitchen helper and mess attendant Resignation accepted Ed '-&lwards, L. Harry, page, promoted to position as clerk on permanent basis, salary increased and provision made for further increase Transfer to Division of Personnel Administration approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/15 54 6/13 1209 2/13 4/14 252 715 8/ 1 1531 9/19 1844 12/23 2369 7/ 7 8/ 1 11/ 9 12/ 4 1378 1531 2133 2267 2/12 242 7/13 1411 10/ 1 1918 2/12 242 2/12 242 7/31 1524 5/20 995 6/22 1263 782 4/23 8/ 7 1588 12/16 2317 6/20 1261 10/15 2022 7/31 1524 6/ 1 1101 11 1/5 7/16 1441 1/21 93 6/29 1313 388 Pages 4aff Of Board of Governors: (Continued) Secretary's Office: (Continued) Eliason, Mrs. Doris, stenographer, appointment and salary approved Ellis, Maude E., charwoman, salary increased Emery, Kenneth, supply clerk, salary increased Enrico, Mary J., charwoman, salary increased Faber, Philip D., porter, salary increased Flagg, M. P., telegraph operator, salary increased Foulk, Oliver E., Fiscal Agent, surety bond approved Freeman, Rose S., clerk in correspondence and publications Section, granted leave without pay because of approaching confinement Resignation accepted French, Amy P., substitute day maid, included in list of employees who should be excluded from the benefits of the Civil Service Retirement Act Transfer to Division of Personnel Administration approved Gad, Thomas H., clerk, granted leave for military service, payment of unearned salary limited Gellogg, Carl J., appointment and salary as elevator operator approved Promoted to page and salary increased Gervais, Helen is., appointment and salary as stenographer approved Transfer to Division of Research and Statistics and salary increase approved Glotfelty, Joseph T., Jr., operating engineer, salary increased Salary increased °°d10e, Ida, stenographer, salary increased . Salary increased lffith, Flora J., telephone operator, salary increased rimes, Frank H., Jr., voucher clerk, resignation accepted rimwood, Gordon B., stenographer, salary increased ' Salary increased H . Granted leave without pay to enter service with Army alsliP, Vivian K., file clerk, salary increased Ly Salary increased "8.1tigan, Helen A., junior file clerk, appointment and salary approved APpointment made permanent with no change in salary , Salary increased James F., junior operator of duplicating devices, appointment and salary approved H Transferred to the Office of Mr. Evans as a messenger ' ammond, Bray, Chief of the Correspondence and Publications Section, salary increased r http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/ 3 8/ 1 10/ 1 8/ 1 3/16 1/15 4/25 1721 1532 1918 1532 495 54 762 3/24 547 11/30 2242 3/ 5 417 6/29 1313 1/5 10 2/12 241 6/13 1208 2/14 254 6/29 1313 8/15 1624 12/ 8 2289 2/13 252 9/ 8 1748 3/16 495 1/21 2/10 93 232 9/ 8 11/30 6/13 12/16 1748 2241 1209 2317 413 3/ 4 9/12 1786 12/16 2317 3/30 5/1 588 834 5/1 834 369 Pages StarP -I of Board of Governors: (Continued) Secretary's Office: (Continued) Harris, Joseph P., Jr., guard, promoted to senior guard and salary increased ResirInation accepted Hatch, Cora tee, junior file clerk, appointment and salary approved iiauser, Adam V., chauffeur, appointment made permanent with understanding that upon the return of Mr. Wilkinson he will no longer be in charge of the chauffeur force Heddinc;s, Carrie, tele)hone operator, appointment and salary approved Hixson, llabron H., guard, appointment and salary approved Resi7qation accepted H°ffman, Dorothy B., transferred to Office of Mr. WicKee and salary increased Holtsberg, Marilyn S., resignation as junior file clerk acnepted 9orrigan, John F., appointment on temporary basis and salary approved Salary increased Hunter, Beatrice S., junior file clerk, salary increased Salary increased Hurst, Donald A., appointment as elevator operator on temporary basis aril salary approved . Hyd e, porter, appointment made permanent vdth understanding that it will not affect his temporary assignment to the guard force Salary increased Promoted to position of senior guard and salary increased Jac°bs, Mary I., junior file clerk, salary increased v amison, Michael L., laborer, appointment on temporary basis and salary approved Ja, • vls, Ruth L., maid, salary increased Transfer to Division of Personnel Administration approved Johnson, Claiborne, mail clerk, salary increased Johnson, Gordon P., junior operator, transferred to Board Members' Offices with no change in salary Jc)hnson, Sven E., foreman of laborers, granted leave of absence to enter Navy Elizabeth, junior file clerk, appointment made permanent and salary increased j Salary increased °fles, Robert H., junior mail clerk, salary increased http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 55 1/15 6/ 2 1108 10/22 2047 4/14 714 7/16 1441 3/ 3 405 6/10 1179 2/23 317 1/13 !,5 7/25 8/ 1 142 1532 1/15 54 12/16 2317 6/13 1203 3/14 714 6/20 1261 2/13 1611 6/13 1299 12/ 4 2267 4/28 782 6/29 1313 10/ 1 1918 1/19 87 9/ 3 1722 1/27 125 2/20 16!,3 7/31 1524 390 Pages Staff Of Board of Governors: (Continued) Se cretary's Office: (Continued) Kay, George R., operator, granted leave of absence for military service Keesee, June, junior file clerk, appointment and salary approved Kelleher, Joseph E., Supervisor, Duplicating and Mail Section, salary increased Salary increased Kern, Harry E., supply clerk, salary increased . Salary increased Kidwell, larren, junior operator, salary increased . Salary increased Kieffer, Alden J., apprentice operating engineer, appointment on temporary basis and salary approved Salary increased . Appointment made permanent and no change in salary Kiley, John N., Jr., Supervisor, Procurement Section, salary increased Salary increased Kilgore, J. Edward, Administrative Assistant, salary increased Transfer to Division of Personnel Administration approved Report of United States employment service of discriminatory requisition for elevator operators Kirkland, Rexford, senior operator, duplicating devices, resignation accepted Kline, William A., printing clerk, granted leave without pay to enter military service Knight, Grover C., index clerk, salary increased Appointment made permanent Granted leave of absence without pay to enter military service Kramer, Fannie A., stenographer, salary increased lrieger, i D. Jeanne, general assistant, salary increased T allY, Josephine E., Deputy Fiscal Agent, salary increased anghca, Lee W., guard, granted leave for military service 'arson, Jefferson J., transfer from elevator operator to page and salary increased , Resignation accepted Ibuffe, Leon A., clerk, resignation accepted ''Ildamood, Charles D., operating engineer, salary increased Salary increased Salary increased ssY, Mrs. Charlotte, appointment as junior file clerk on temporary basis and salary approved Resignation accepted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/15 720 9/ 3 1721 2/10 232 10/ 1 1918 2/10 232 10/ 1 1918 4/1 608 10/ 1 1918 3/ 5 8/15 11/16 416 1624 2173 2/10 232 10/ 1 1918 6/29 1312 6/29 1313 12/11 2301 9/15 1815 11/24 2225 6/12 1200 6/16 1222 7/18 1454 6/12 1200 10/15 2022 2/16 277 19 1/7 2/12 241 5/28 1073 93 1/21 4/28 782 8/15 1624 12/ 8 2289 12/ 2 2257 12/23 2370 391 Pages Staff f. 0.1 Board of Governors: (Continued) 'ecretary's Office: (Continued) Lockhart, Frederica R., clerk, transfer to l'ar Loans Committee with no change in salary Love, Stanley M., laborer, appointment on temporary basis and salary approved Lowry, Dorothy L., telephone operator, appointment and salary approved Resignation accepted Lyon, John N., clerk, granted leave of absence without pay to enter military service MacDowell, I. DuBose, clerk, salary increased Salary increased Mackey, Alice M., appointment and salary as junior file clerk Salary increased and appointment made permanent 1;!ack1in, James H., laborer, salary increased Maize, Margery D., file clerk, salary increased Granted leave without pay in addition to other leave to be with husband while he is stationed in South Carolina Salary increased mann, Mrs. Sadie M., charwoman, resignation accepted March, G. L., telegraph operator, salary increased Marshall, Mary B., charwoman, salary increased ration accepted Mayberr y Haywood F., appointment and salary as chauffeur 8 approved Salary increased Salary increased Mayhew Morris, gardener, salary increased Increase in salary ' cAllister, Emily A., junior file clerk, salary increased Salary increased Leod, L. Paige, appointment and salary as page approved me, Salary increased "anY, Bernardine Mary, junior file clerk, appointment and salary approved Granted leave of absence without pay and contributions to Retirement System to continue Temporary appointment extended three months and leave of absence without pay extended to allow for recovery from operation F .Lesignation accepted e111, Mrs. Mary, charwoman: , Sbalary increased n Mej esignation accepted 'er, E. Katherine, clerk-stenographer, salary increased http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/6 628 10/15 2022 3/18 7/15 504 1428 6/15 1215 3/16 495 11/13 2162 6/ 6 1151 10/31 2095 4/28 782 6/13 1209 10/ 9 12/16 7/ 1 1/15 8/ 1 12/ 3 1993 2317 1343 54 1532 2261 1/29 143 726 4/16 8/15 1624 7/31 1524 8/ 1 1531 4/16 726 12/16 2317 1/21 93 7/13 1411 3/4 413 8/13 1612 9/12 1786 11/ 2 2099 8/ 1 1532 8/11 1601 6/12 1200 392 Pages Starr , of Board of Governors: (Continued) ecretaryi s Office: (Continued) Miles, Maria D., junior file clerk: Salary increased Impounded funds of, sent to Treasury Department, thought to be covered by Civil Service Retirement Act Miller, Sylvester M., elevator operator, appointment on temporary basis approved Minor, James V., Jr., guard, appointment and salary approved Salary increased Resignation accepted Nlitchell, Charlotte N.: Retransferred from the Board members' Offices to the Secretary's Office Resignation accepted Action of Board in accepting the resignation of, rescinded IF Salary increased as secretary to Ir. Bethea ,:"ky Clara, charwoman, salary increased ''°ffett, Bruce L., guard, appointment on temporary basis and salary approved Moon, Mrs. Lida Sloan, leave without pay discontinued, resignation to be effective at end of accrued leave accepted Former action of Board amended to extend leave without pay and accept resignation at a later date 14°Ore, June A., stenographer, salary increased MOrin, Florence R., assent given to examination and certification by Civil Service Commission for position of personnel assistant with understanding that before accepting another job, she obtain consent of Board Salary increased Salary increased and further adjustment to be made later if work continues to be satisfactory Transfer to Division of Personnel Administration aoproved Mor mo le .Y, Michael, porter, salary increased ' 1' 1111, Chester: To attend Fiscal Agency Conference 14ithholding Agent as officer responsible for approving and scheduling pay rolls in connection with Victory tax deductions Mrs. Sarah B., secretary, salary increased Clifford B., guard, appointment and salary approved Hel SalarY increased 8°n, F. A., Assistant Secretary: Civil Service Commission advised that he is the proper person to contact with regard to release of http://fraser.stlouisfed.org employees under Executive Order Federal Reserve Bank of St. Louis 1/15 54 3/6 430 9/ 8 170 4/23 756 8/ 1 1531 11/28 2237 1/7 4/15 19 720 5/12 924 6/12 1200 8/ 1 1532 8/19 1635 2/3 166 2/23 317 7/13 1411 1/15 2/10 55 232 6/29 1312 6/29 1313 3/16 495 5/1 836 12/17 2330 10/31 2095 3/3 444 7/31 1524 2/25 351 393 Pages Staff _, ui Board of Governors: (Continued) oec retary's Office: (Continued) Nelson, F. A.: (Continued) To act as alternate for Mr. Myrick in the liaison capacity between Board and War Production Board in priority matters Designated to be responsible for petty cash fund Supervision of Washington office of Leased Ure System transferred to, advice to Mr. Leach Newell, George B., page, resignation accepted Newquist, Dorothy, appointment and salary as clerk approved Nichols, Charles R., appointment and salary as guard approved Salary increased Norden, Leonard A.: Resignation as guard accepted _ 1 Salary increased Brien, Bernice, file clerk, salary increased O'Brien, Resignation accepted °ddsson, Mary Louise, stenographer, appointment and salary approved Salary increased Oros, Susie T., clerk, appointment on temporary basis and salary approved O vermilley-, Charles S., guard, promoted to position of clerk and salary increased Salary increased , Resignation accepted varkhill, Dorothy M., transfer to Division of Personnel Administration approved Parquette, Fred, guard, appointment and salary approved , Salary increased rauszek, Mrs. Margaret C., stenographer, appointment and salary approved p Salary increased peake, Donald E., resignation as chauffeur, accepted eregory, Walter, operator, duplicating devices, salary increased Granted leave without pay to enter service with Naval Reserve Phill. --Lips, Donal H., appointment and salary as elevator operator approved phii8c?-lary increased 11Ps, Mrs. Grace, appointment and salary as file clerk pi ' pirl tn, William E., messenger, resignation accepted 1),„”r, Ruby A., junior file clerk, salary increased "4-lard, V,ayne A., accountant, salary increased http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/21 1467 12/ 2 2259 12/22 2364 5/29 1084 9/26 1889 1/30 147 7/31 1524 707 4/13 1/15 54 6/13 1209 7/16 1441 7/ 9 1386 10/15 2022 11/13 2162 1/30 147 10/ 1 1918 12/10 2297 6/29 1313 4/17 735 8/ 1 1531 5/29 1084 10/15 2022 1/28 135 10/ 1 1918 11/16 2174 2/12 241 7/31 1524 6/13 1208 3/11 461 726 4/16 2/13 252 394 Pages Staff r _(31 Board of Governors: (Continued) ' ' - cretaryt s Office: (Continued) Pool, V. S., telejraph operator, salary increased Poundstone, John M., clerk, salary increased Salary increased Power, eginald C., junior operator (duplicating nevices): Salary increased Resignation accepted PYles, Mrs. Adelia G., charwoman, resination accepted Benjamin R., guard, ,:ranted leave of absence for military service -lcharlson, James F., elevator operator, appointment on temporary basis and salary approved Resignation accepted Rieseberg, Pobr)rt Vi., accounting clerk, salary increased Granted leave of absence to enter military service Piston, Percy C., assistant supervising janitor, salary increased Salary increased as assistant foreman of laborers laborers and salary increased 1), Promoted to foreman of -gers, Dorothy, charwoman, salary increased tto;Nrs, hdward D., porter, appointmcn-', and salary approved Calary increased Transferred to Division of Research and Statistics as messenger on continued temporary basis and salary increased Sa Albert J., appointment and salary as guard approved Resignation accepted Lalvetti, Umberto F., laborer, resignation accented and to be paid two months salary Sandeirson, James W., guard, promoted to senior guard on temporary basis and salary increased s Leave of absence without pay for military service arfatY, M. Peter, clerk to Building Manager: Salary increased Resignation accepted Se. Yre, Isaac A., guard, appointment and salary on temporary basis Sch affner, Edith L., stenographer, appointment and salary approved Salary increased Transferred to Mr. Ransom's office with no change in salary Qch • euring, John, guard, appointment and salary on temporary basis for indefinite period, approved Resi,Tnation accepted ec)tt, Joseph P., appointment and salary as guard approved Resi;nation accepted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/15 5/, 2/13 11/13 252 2162 7/31 1524 10/14 2016 6A7 1302 3/13 490 7/13 9/ 1 1/15 2/27 1410 1716 54 376 3/16 8/ 1 9/23 0/ 1 495 1532 1.6.? 1532 3/11 460 6/12 1200 8/ 1 1533 3/27 572 6/18 1243 6/15 1216 23 )7//7 -117 44 • !,9!. 3/16 8/ 3 1541 7/ 6 1371 7/ 3 1332 10/15 2322 12/30 2406 2/ 4 8/15 3/24 7/16 1541 1625 547 1441 395 Pages of Board of Governors: (Continued) oecretary's Office: (Continued) Scott, Julian R., appointment and salary as porter approved Promoted from porter to messenger and salary increased Salary increased Seagle, Mrs. Mary, teletype operator, appointment and salary approved Severud, Esther, stenographer, salary increased Transferred to Lar Loans Committee with no change in salary Sexton, Jessie A., telephone operator, salary increased Salary increased Shelton, Lulu Mae, charwoman, salary increased Sherrill, Mrs. Vera M., appointed as page on temporary basis and salary approved Sherrod, Ralph A., appointment and salary as a junior operator of duplicating devices approved Salary increased °1111313, Arad B., gardener, salary increased Salary increased °3-mpson, Evelyn L., appointment and salary as junior file clerk with provision for later increase in salary Salary increased and appointment made permanent Simpson, Hazel L., junior file clerk, appointment made permanent and salary increased Salary increased °I-nclair, Robert, porter, salary increased s. Salary increased 12'e, Rose A., stenographer, appointment and salary approved Smith, Mrs. Mildred F., stenographer, resignation accepted 8mith, Stephen, elevator operator, resignation accepted s n°uffer, Paul, appointment and salary as guard on temporary basis s Salary increased sP,rgo, C. W., resignation as chauffeur accepted sPj-cer, Libbie L., charwoman, salary increased PurneY, F. E., granted leave of absence without pay for remainder of calendar year for defense work with Turner Construction Co., right to recall in event of some unforeseen circumstance reserved by Board Staley, Enid W., clerk, salary increased st Salary increased e6er, Karl J., chauffeur, appointment and salary approved Salary increased r, http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/13 44 3/11 460 7/13 1411 12/21 2349 3/16 495 6/22 1264 3/16 495 10/ 1 1918 8/ 1 1532 11/18 2193 5/7 876 10/ 1 1918 4/28 782 8/15 1624 6/20 1260 10/31 2095 2/12 242 8/20 1643 3/16 495 8/15 1624 4/20 747 7/ 6 1371 3/11 461 6/10 1178 8/ 1 1531 3/9 436 8/ 1 1532 2/16 278 1/15 54 10/ 1 1916 5/13 927 8/15 1624 396 Pages Staff. Board of Governors: (Continued) cretary's Office: (Continued) Steinacker, illlam A., operator duplicating devices, resignation accepted Steiner, Almeda, charwoman, salary increased Stewart, Betty Jane, stenographer, appointment and salary approved Stone, Harold F., transfer from Division of Examinations as clerk-stenographer to accounting clerk in, approved Salary increased Storm, Charles L., maintenance mechanic, salary increased Strickler, Betty J., junior file clerk, appointment made permanent and salary increased Transferred to Division of Research and Statistics as clerk-stenographer with no change in salary Sullivan, David, guard, promoted to position of senior guard on a temporary basis and salary increased , Salary increased ullivan, Mary Alice, appointment and compensation rate as substitute nurse approved Included in list of employees who should be excluded from the benefits of the Civil Service Retirement Act impouncied funds of, sent to Treasury Department, thought to be covered by Civil Service Retirement Act Transfer to Division of Personnel Administration approved Resignation accepted ' s111,11cl erman, Ethel M. charwoman, salary increased m'ett, Timothy, guard, appointment and salary approved lalbott, Laura S., junior file clerk, salary increased m_ Resignation accepted la5rlor, Franklin, appointment and salary as guard approved T, Salary increased 2.°w'son, Louise, clerk-typist, salary increased To,,Salary increased 'Ler, Herman Lee, porter, salary increased fr, Calary increased Robert L., plumber, resignation accepted c)racY, Raymond C., foreman operator, salary increased ri\FI, Salary increased -1/ ell, Alice E., file clerk, special arrangement for hours of work and salary approved B. M., senior guard, salary increased Case involving workmens compensation insurance Salary increased http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/24 1275 8/ 1 1532 7/ 9 1386 2/ 9 !/P. 225 782 1624 2/12 242 7/17 1447 5/77E 8/ 1 1531 l,26 t20 3/5 417 3/6 430 6/29 3/21 8/ 1 3/3 4/16 9/25 5/12 8/ 1 6/12 12/16 3/16 3/15 7/16 ?,/16 10/ 1 1313 1652 1532 404 726 1882 923 1532 12CC 2317 495 1624 1441 05 1918 727 4/16 608 4/ 1 8/19 16'36 11/13 2162 397 Pages tart Of Board of Governors: (Continued) Secretary? s Office: (Continued) adley, Margaret I., appointment and salary as junior file clerk with provision for later increase in salary Salary increased and appointment made permanent Walyce, Eugenia, junior file clerk, appointment made permanent and salary increased Resignation accepted Ward, Thelma E., file clerk, salary increased Salary increased Warner, Robert P., clerk, salary increased Salary increased Salary increased watkins, F. L., senior mail clerk, salary increased Webb, Elizabeth A., junior file clerk, appointment and salary for period not to exceed six months approved Vireeks, Edwin J., laborer, salary increased Promoted to assistant foreman of laborers and salary increased on temporary basis IVelsh, Mary, clerk in accounting section: Appointment and salary on temporary basis for indefinite period, approved ,,, Resignation accepted v,estlake, R. H., guard, salary increased Resignation accepted "astergren, Ruth A., transfer to Division of Personnel Administration approved u_Ltley, Paul C., elevator operator, appointment and salary approved ckResi nation accepted M. Callie, transfer to Division of Personnel Administration approved , v Salary increased und, Lillie J., charwoman, salary increased "lcott, Helen B., stenographer, salary increased ' '- °-lary increased lght, Marion E., stenographer, salary increased Transferred to Aar Loans Committee with no change in salary Yilek J J•) guard, promoted to position of supliiy clerk '3 and salary increased y, Salary increased 'ung, Herbert A., principal operating engineer, during absence of Mr. Spurney to act as mechanical superintendent and salary to be increased http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/20 1260 10/31 2095 1/27 2/24 6/13 12/16 2/10 7/13 10/15 10/ 1 125 349 1209 2317 232 1411 2022 1918 8/10 1598 7/13 1411 9/23 1863 3/ 7 1587 10/ 3 1938 608 4/1 i/3 658 6/29 1313 597 3/31 7/ 9 1387 6/29 10/31 8/ 1 3/16 7/13 2/10 1313 2096 1532 h95 1411 232 6/22 1264 3/3 405 10/ 1 1913 3/5 L16 398 Pages Staff Of Board of Governors: (Continued) ' Security officer, designation of Elliott Thurston as ' 413Plemental compensation plan, report of Staff Personnel Committee that adoption of, for employees of Board would be inadvisable, continuation of periodic salary reviews deemed adequate to meet present ation Te lephone operat= Griffith, Flora J., salary increased Heddings, Carrie, appointment and salary approved Lowry, Dorothy L., appointment and salary approved Resignation accepted , Sexton, Jessie, salary increased egraph operators: Ball, L. L., salary increased Buckley, T. N., salary increased Granted leave without pay to enter service with Naval Reserve Flagg, M. P., salary increased Alarch, G. L., salary increased supervisor, telegraph section, salary increased S., salary increased Seagle, Mrs. 4ary, appointment as teletype operator and salary approved TyculTlanner, J. E., salary increased gs, Board Club) Viet°/7 Jeanne: (See Reserve tax, amount to be withheld from salaries of employees 111\iar to be paid to Collector of Internal Revenue Loans Committee: Administrator to be appointed from outside Board's organization Recommendation to be made by Messrs. Eccles and Draper as to person to be employed as Bethea, L. P., to act as Secretary for Boothe, Gardner L., II, to act as liaison assistant between Banks and armed services for Transferred to t Salary increased LAidget for non-personal services of, to be submitted to Board Budget, covering estimated requirements to December 31, 1942, approved C/"avens/ Kenton R., Administrator, appointment for 60 days, and salary with per diem for subsistence and reimbursement for transportation expenses approved May attend meeting of the Executive Council of the American Bankers Association on April 19-22, to present plan for war loans http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/ 1 2256 1/16 73 3/16 495 7/16 1441 3/18 504 7/15 1428 10/ 1 1918 10/31 10/31 2095 2095 11/16 10/31 10/31 10/31 10/31 2174 2095 2095 2095 2095 12/21 10/31 2349 2095 12/17 2330 3/26 555 3/26 3/26 557 555 3/26 555 628 4/6 6/12 1198 4/6 628 4/14 719 4/6 627 4/9 685 399 Pages 4aff I UWar Board of Governors: (Continued) Loans Committee: (Continued) Cravens, Kenton R.: (Continued) Payment for expenses incurred in coming to 2..shington for discussion of procedure under Executive Order 9112 Granted per diem in lieu of subsistence for one day in connection with conference arising under Executive Order 9112 Employment continued on temporary indefinite basis, salary and conditions of employment outlined Voucher for traveling expenses approved Resignation accepted and letter of appreciation for services approved Salary payment approved without deduction for unearned annual leave taken DraPer, Ernest G., to act as Vice Chairman of ! cles, M. S., to act as ex officio Chairman of '=Jcecutive officer to be appointed from outside Board's organization Suggestion changing title to Administrator Recommendation to be made by Messrs. Eccles and Draper as to person to be employed as Fa— uuette, C., clerk-typist, appointment and salary approved Salary increased Holmes, Mary, clerk in Division of Bank Operations, transfer to, with no change in salary Salary increased Ho Salary increased PPing, Catherine E., clerk-stenographer in Division of Bank Operations, transfer to, with no change in salary Salary increased Lockhart, Frederica R., clerk in Secretary's Office, transfer to War Loans Committee with no change in salary Salary increased ucK Resignation accepted sevee, John K., to act as member of erud, Esther, stenographer, transferred from Secretary's Office with no change in salary sm. ,,alary increased -341, Edward L., to act as Technical Adviser for Designated Acting Administrator for I http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/13 712 4/15 724 6/ 5 1148 7/ 8 1385 10/ 6 1947 10/10 2002 3/26 3/26 555 555 3/26 3/26 555 556 3/26 557 8/26 1687 12/ 1 2253 4/6 628 6/12 1198 12/ 1 2253 4/6 628 6/12 1198 4/ 6 628 6/12 1198 9/ 3 1723 3/26 555 6/22 1264 12/ 1 2253 3/26 555 10/ 7 1956 400 Pages Starr 4, Board of Governors: (Continued) "ar Loans Committee: (Continued) Vest, George B., to act as Counsel for Winkler, Patrick J., granted leave of absence without pay to enter service with Army Wright, Marion, stenographer, transferred from Secretary's Office with no change in salary Transferred to Division of Examinations and appointed Assistant FREL'caininer 44421s: ,_(31 Defense 3/26 555 10/15 2022 6/22 1264 7/14 1419 savings may pe given to purchaser as bonus under Regulation W if full payment has been made for ar2/10 235 Standar ticle cycle to apply Company of California, not intended to 8/ 1 1535 State b billing concession under sec. 12(m) K,, _ 11k supervisors: Llux, George J./ Superintendent of Banks of the State of California: First Trust and Savings Bank of Pasadena, Calif., establishment of branches at Alhambra and Temple City 8/ 7 1583 not approved PeoPies Bank of Lakewood Village, California, reply to, to be drafted with regard to letter to FRBank of San Francisco concerning membership applica/11,5 3/10 tion of Advised of reasons for not approving the application 3/11 465 of, for membership National reasons Board's regarding to, reply Association of, for opposing S. 2146, 2147, and 2148, to amend 5/25 1042 State bank the Home Owners' Loan Act of 1933, etc. supervisory authorities, inventories, consumer goods, use of credit for the accumulation of, copies of letter sent to banks and other financing institutions, sent to examiners and supervisory 4at„ 6/26 1293 authorities v. bank. lng publishers of top at appear authorities, caption to copy of condition form, wording acceptable to authorities and to Board of Uovernors approved 4 Ste 6/26 1299 De with modification 00 Partment: eS sponsored by, Messrs. Ic;alter Gardner and J. Burke 9/ 4 1735 Governm Knapp to represent Board of Governors on areas of occupancy ental administration arising from outside United States, letter to Secretary 11/24 2226 Hull about studies in connection with http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 401 Pages state Depa.rtment: (Continued) InterAmerican Bank, draft of statement which Board representative might make at hearings on, before the Senate Banking and Currency Committee, discussed, to be revised and when approved to be submitted to Mr. Berle for comments International stabilization fund and international bank, views on desirability to be discussed with Secretary Hull Ileutr"-lity Act, amendment proposed to section 7, advised that Board favors Procedure outlined by, to be followed in extending financial assistance to American nationals in territories where the interests of the United States are represented by Switzerland Representatives of foreign countries, bringing to this country to work out international program, opposed at this time Staff: Berle, Adolph A., Jr., Assistant Secretary: Memorandum re maintaining supply of dollar exchange in Canada, sent to Statement to be used by Board representative in testifying on Inter-American Bank to be sent to, for comments and suggestions Corbett, Jack, advised of conditions upon which the RBank of Ueu York carries the accounts of foreign central banks and governments, particularly hate Banco Central de Bolivia Gov.-111-ments, legislation to facilitate war effort, letter to Attorney General that Board has no suggestions for consideration of Council of State GovernState membe ments b banks: n Bank ' Abingdol and Trust Company, Abingdon, Illinois, application for membership approved subject to condition of payment of deferred certificate of deposit kerican Bank and Trust Company, Idami, Florida, application for membership approved, management situation AMerican to be watched carefully Bank and Trust Co., New Orleans, La., problems needing immediate correction, belief that Mr. McLarin should meet with bank's directors at once Qatisfactory features of condition to be eliminated http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/28 132-5 7/10 1401 1/27 130 4/1 613 6/ 9 1163 1/6 17 3/10 448 4/ 9 669 12/26 2396 1/31 160 5/i 835 9/ 3 1723 10/22 2049 402 Pages state member banks: (Continued) Araerican State Savings Bank, Lansing, _Mich., no objection to acting as trustee in case cited but to accept no other business without permission American Trust and Banking Company, Chattanooga, Tennessee, reduction in common capital stock approved Allies Trust and Savings Bank, Ames, Iowa, application for membership approved Arkansas Trust Company, Hot Springs, Arkansas, application for membership approved and savings account to be brought into conformity with law Auburn Trust Company, Auburn, New York, purchase of assets and assumption of liabilities of National Bank of Port Byron and establishment of branch in Port Byron approved Austin State Bank, Austin, Minnesota, application for membership approved subject to increase in capital structure, Northwest Bancorporation to comply with conditions for general voting permit entitling it to vote the stock of General voting permit approved subject to certain conditions Bank Of Auburn, Alabama, application for membership approved subject to charge off of losses and permission must be obtained to exercise powers not now being used tank of Forest, Miss., charges made by banks in connection with check collections, reply to Mr. McCravey on Bank of Menomonie, Wisconsin, application for membership approved subject to certain charge offs and capital requirements tank of Mount Eaton Company, Mount Eaton, Ohio, membership application approved and savings account to be brought into conformity with law 13a, Ilk of Neosho, Missouri, application for membership approved 'tank Of Oakfield, Wisconsin, application for membership approved and savings account to be brought into y with law Batt, of Southold,conformit New York, application for membership approved subject to certain charge offs Be.nk of Warwick, Hilton Village, Va., membership application approved and criticized matters to be supervised 8ank of .a.verly, Inc., Waverly, Va., application for membership approved and savings deposits withdrawals to be made to conform to provisions of law http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/30 1328 2/ 4 186 3/1 /4-14 9/14 1803 11/18 2194 4/30 819 4/30 823 12/10 2298 11/11 2150 2/21 307 5/28 1074 3/20 515 5/6 867 3/11 462 9/10 1765 11/17 2190 403 Pages State member banks: (Continued) Bar* of iestchester, Yonkers, New York, application for membership approved subject to certain charge offs, and employment of an Executive Vice President satisfactory to FDIC and RFC, retention and operation of branches at Mt. Kisco, 590 3/30 Nev York, and Larchmont, New York, approved Ba.nkers Trust Company, New fork, N. Y., examination of foreign branch not considered necessary under present 3/11 466 conditions Barnes Banking Company, Kaysville, Utah, new application for membership must be made upon expiration of 8/18 1632 charter 13eloit Savings Bank, Beloit, Wisconsin, to be advised that it should not belong at the same time to the Home 974 5/18 Loan Bank System and the FaSystem Berwind Bank, Berwind, West Virginia, no objection to handling trusteeship now held, but permission of Board 7/31 1524 necessary to exercise other trust powers . omfield State Bank, Bloomfield, Indiana, granted permission 5/21 1007 to act as trustee for one account only Brue membereton Bank, Bruceton Mills, W. Va., application for 10/28 2078 ship approved B1._ 4-4-ngton City Loan and Trust Company, Burlington, New Jersey, no objection by Board to reduction in amount 762 4/25 of capital stock 01 condition reports: (See infra Condition reports) ntral Hanover Bank and Trust Company, New York, N. Y., examiCent nation of foreign branch of, not considered 3/11 466 necessary under present conditions obclose Jersey, New Central Home Trust Company, Elizabeth, servation of management situation should be continued, although process of rehabilitation 1/ 5 12 appears sensible Central memfor application Indiana, State Bank, Connersville, bership approved subject to certain charge offs, 5/15 937 common stock to be shown at par value Ohica _o application Ill., Chicago, City Bank and Trust Company, for membership approved subject to certain conditions, including charge offs and increasing 400 3/ 2 of capital structure Held to be in same position as affiliate, Mutual National Bank, as regards capital, FRBank of Chicago and National Bank Examiner to determine measures 3/ 2 400 to be taken by Permission granted to maintain the same reserves against deposits as are required to be maintained by 51,4 3/23 reserve city banks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 404 Pages State member banks: (Continued) Citizens Bank, Cardington, Ohio, application for membership granted Citizens Bank of Follansbee, V. Va., application for membership approved subject to charge off of losses Citizens Bank, Magnolia, Arkansas, application for membership approved, applicability of sec. 32 to one of directors Citizens N. C., permission for immediate withMarshall, Bank, drawal Permission to FDIC to examine in connection with continuation of insurance after withdrawal from membership Citizens Bank of Montana, Havre, Montana, membership application approved and bankin: situation in cornmunity to be watched Reasons for including statement on closely following situation in connection with approval of membership Citizens Bank of nite Plains, New York, permission to reduce par value of common stock outstanding citizens Banking Company, Perrysburg, Ohio, application for membership approved subject to charge off of losses Banking Company, Sandusky, Ohio, security portfolio, reply to request for information on proper composition of, for banks of certain size Citizens 'Joan and Trust Co., ';ashinzton, Indiana, application for membership approved and compliance l'ith condition No. 6 waived citizens State Bank, Fllsworth, Kansas, application for membership approved, savings accounts to be brought into conformity with law and excess balance with nonmember bank to be reduced State Bank, Hempstead, Texas, application for membership approved State Bank, 'triox City, Texas, certificates of interest issued by Commodity Credit Corporation, classification in condition reports Citizens State Bank, Marianna, Fla., application for immediate withdrawal approved and permission to FEIC to examine for continuance of insurance Citizens State Bank of Petersburg, Ind., application for membership approved and compliance with condition No. 6 waived 6/30 1322 6/22 1264 L/13 708 10/13 2013 11/12 215L 12/19 2343 12/31 2!_14 12/16 2321 12/17 2333 12/31 2L18 11/ 7 2131 12/22 2359 eitizens http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/12 1202 6/ 5 114-7 10/20 2W 10/26 2062 405 Pages State member banks: (Continued) Colonial Savings Bank, Fremont, Ohio, application for membership approved subject to bank bringing savings accounts into conformity with law and further inquiry into outstanding obligation CoMmerce Union Bank of Nashville, Tenn., list of employees designated special assistant examiners to participate in the examination of Commercial and Savings Bank of Millersburg, Ohio, application for membership approved and to reduce excess balance with nonmember bank Co iumercial Savings Bank, i,ohrville, Iowa, no objection to administering trusteeship accepted, but to accept no further fiduciary business without permission n C°rn.. opera'..ulonwealth Bank, Detroit, Michigan, establishment and Pa-k, Highland of City the tion of a branch in Michigan, approved Condition reports: Call as of December 31, 1941 Call as of April 4, 1942 Call as of April 4, on FR 105e and 220a, change in instructions for Call issued as of June 30 Pall call not contemplated but FRBanks to obtain from member banks a classification of loans and investments including information on personal loans and retail instalment paper Telegram to FRBanks and advice may be given to State banking departments No objection to advising that call is not contemplated at present time c)rme and instructions for next call transmitted to FRBanks rorms and instructions transmitted to FRBanks Proposed revision of Form 105 for end-of-year call reducing from four to two pages Revision of form 105 to obtain breakdown of maturities of Government bonds from insured commercial banks Revised instructions and definitions covering loans and discounts Craw ford County Trust Company, Meadville, Pa., assuming of deposit liabilities of Townville State Bank, Townville, Pa., no objection to transaction but conservation of earnings to be impressed on bank ClIrw ensville State Bank, Curwensville, Pa., application for membership approved subject to charge off of losses and payment of interest on time deposits to be brought into conformity itiith law Certification to FDIC as member of FRSystem http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/25 1678 3/ 3 407 7/ 1 1344 7/24 1477 5/26 1054 1/2 4/7 8 650 4/17 742 7/ 3 1359 7/18 1454 9/28 1895 10/ 3 1942 4/2 614 12/24 2383 11/18 2198 11/21 2214 12/16 2327 10/10 2002 12/ 5 2270 12/18 2340 406 Pages State ,member banks: (Continued) Danville Loan and Savings Bank, Danville, Va., application for membership approved subject to charge off of losses and deposits to be brought into conformity with law to FDIC as member of FRSystem Certification Del Rio Bank & Trust Company, Del Rio, Texas, attention to be called to definition of affiliates in connection with Val Verde tool & Mohair Company Dekotte State Bank, DeMotte, Ind., application for membership approved subject to charge off of losses Dormont Savings and Trust Co., Dormont, Pa., assets to be purchased and liabilities assumed by Peoples Pittsburgh Trust Co. and branch to be established at Dormont 1)1111clee State Bank, Dundee, New York, application for membership approved 4rn1ngs and dividends reports, proposed revision of form 107, letter to FRBanks for comments and suggestions Revised form of report approved r_a. Instructions for preparation of approved 'tan Trust Company, Easton, Pennsylvania, FDIC granted permission to examine in connection with rehabilitation program Eli zabethport Banking Co., Elizabeth, N. J., problems in connection with management Ex nations, modification of policy requiring one each year, letter to FRBanks approved 4change Bank and Trust Company, El Dorado, Ark., application for membership approved subject to charge off of losses, and permission of Board must be ohtained to exercise fiduciary powers beyond one account now handled Farmers and Citizens Bank, Tiro, Ohio, application for membership approved Farmers and Merchants Bank of Spencer, N. Y., application for membership approved subject to charge off of losses Farmers Bank and Trust Company, Blytheville, Arkansas, letter on par clearance of checks received by FRBank of St. Louis from ParMers State Bank of Buffalo, Ill., application for membership approved Farmers State Bank of Englewood, Ohio, application for membership approved, savings department to conform with the provisions of law and the Board's regulations http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/ 4 2268 12/16 2321 4/ 9 664 7/16 1442 11/23 2218 1/26 122 10/23 11/30 12/16 2056 2245 2328 3/31 598 1/5 12 6/26 1287 8/25 1679 11/ 2 2099 7/ 7 1379 2/16 278 10/ 9 1995 5/7 378 L07 Pages State Thamember banks: (Continued) rmers State Bank of Illiopolis, Ill., application for membership approved subject to increase in number of directors FidelitT Bank, Durham, N. C., establishment of branch at Camp Butner, N. C., approved First Jeannette Bank and Trust Company, Jeannette, Pa., application for membership approved, subject to charge off of losses and management of trust department to be watched and savings departments to be brought into conformity to law rst State Bank, Aransas Pass, Texas, violation of criminal provisions of banking laws by bookkeeper of, matter to be handled in accord with Board's letter of July 8, 1937, (3-12) First State Bank of Hotchkiss, Colorado, application for membership approved Advised that it is not necessary that the certificate of membership be posted in the lobby First State Bank of Lamed, Kansas, application for membership approved and FRBank to follow matter of amending charter with respect to number of directors Certification to FDIC as member of FRSystem p4 irst State Bank, Lockwood, Texas, application approved rst State Bank of Vest Manchester, Ohio, membership application approved First Trust and Savings Bank of Kankakee, Ill., application for membership approved First Trust and Savings Bank, Pasadena, California, request for retirement of preferred stock, acquire assets of Temple City National Bank and operation as branch and establishment of branch at Alhambra Discussion of application for permission to establish branches at Alhambra and Temple City, relationship with Bank of America National Trust & Savings Association reviewed, letter to be drafted advising that Board is unwilling to approve application on present information Permission to acquire the assets of the Temple City National Bank and establish branches at Temple City and Alhambra denied on basis of information before Board at present Transamerica Corporation advised that further expansion will not be permitted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/30 1909 10/27 2073 8/14 1617 3/17 501 4/17 736 5/23 1028 6/22 1265 6/27 1302 10/12 2008 5/29 1085 12/ 9 2293 1/22 102 2/ 6 208-14 2/14 255 2/14 256 408 Pages State _member banks: (Continued) rlrst Trust and Savings Bank: (Continued) Copy of letters to First Trust and Savings Bank of Pasadena, California, and Transamerica Corporation to be sent to Comptroller and FDIC. Time extended for filing of reports of affiliates Resolution of directors authorizing transmission of examination report to Transamerica Corporation Request for establishment of branches at Temple City and Alhambra disapproved Extension of time to file reports of affiliates Permission to establish branches at Alhambra and Temple City, not approved by Board Letter to Mr. Giannini on denial of application for establishment of branches at Temple City and Alhambra Letter to president of bank explaining denial of application First Union Bank and Trust Company, Vdnamac, Ind., application for membership approved and next shareholders meeting to take action to make increase in capital valid Floral Park Bank and Trust Company, Floral Park, New York, permission given to FDIC to examine in connection with assumption of liabilities and assets of, by First National Bank and Trust Co. cf Floral Park French Lick State Bank, French Lick, Ind., application for membership approved, compliance with condition No. 6 waived and possible merger of bank suggested Garrett State Bank, Garrett, Ind., no objection to proposed transfer of amount in reserve to surplus instead of increasing capital Genesee County Savings Bank, Flint, Mich., application for fiduciary powers, subject to prescribed conditions, approved Ge°rgia Railroad Bank and Trust Company of Augusta, Georgia, account carried by, for the University of Georgia School of Medicine, question as to whether properly classified as savings deposit, Mr. Vest to prepare memorandum reconciling possible exception to Regulation Q Board to raise no further questions regarding funds of University of Georgia School of Medicine as they have been transferred from savings accounts to checking accounts http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/12, 4/21 257 749 6/ 5 1146 7/10 1403 7/16 1443 8/ 7 1583 11/13 2163 11/19 2200 7/25 1482 1/30 148 11/ 3 2106 8/26 1690 8/ 4 1544 3/10 451 3/30 591 409 Pages Stet e member banks: (Continued) Glenn's Ferry Bank, Limited, Glenns Ferry, Idaho, application for membership approved subject to charge off of losses and excess balance with nonmember 9/ 5 bank to be reduced Goldfield State Bank & Trust Co., Goldfield, Iowa, application 5/12 for membership approved Grant County Bank, Sheridan, Ark., application for membership 5/29 approved Granite Trust Company, Quincy, Ilass., application for membership approved subject to charge off of losses and permission granted to retain branches in 10/15 1%eymouth G uaranty Trust Company, New York, N. Y., examination of the five foreign branches of, not considered neces3/11 sary under present conditions Branch at London, England, authority to establish where of7/14 fice of American Finance Office is operating Havre de Grace Banking and Trust Company, Havre de Grace, Md., application for membership approved and savings deposit withdrawals to be brought into 8/12 conformity with law Industrial memfor n applicatio Mich., Kalamazoo, State Bank of bership approved and comments on interlocking 9/19 relationship of Director George E. Monroe J. p. applicaYork, New York, New ed, Incorporat Morgan & Co., tion for membership approved with understanding that the Morgan Grenfell & Co., Ltd. will be 4/23 an affiliate 4/28 FRSystem of member as FDIC to Certified belief Co., & Grenfell Morgan of ip relationsh Affiliate of Board that relationship will have been ter6/23 minated when steps enumerated have been taken Report of holdings of United States Treasury bills to Securities and Exchange Commission for confidential. 11/ 5 use ICane Bank and Trust Co., Kane, Pa., permission to purchase assets and assume liabilities of First National 12/30 Bank of Kane Ladoga State Bank, Ladoga, Indiana, application for membership 10/ 9 approved Lake State Bank, Richland, Indiana, no objection to continuing executorship now held but permission must be obtained before acquiring other fiduciary busi10/ 3 ness as'"ee County Savings Bank of Adrian, Mich., purchase of sets and assumption of liabilities of National 8/14 Bank of Adrian http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1739 924 1085 2023 467 1421 1607 1845 757 782 1271 2123 2408 1994 1972 1618 410 Pages Stata.member banks: (Continued) Llcking County Bank, Newark, Ohio, stock of Union Trust Company to be purchased by BancOhio Corporation and assets taken over by member bank Proposed absorption of Union Trust. Company with change in title, new voting permit not necessary for BancOhio Corporation Purchase of assets and assumption of liabilities of Union Trust Company of Newark and title changed to Licking Bank Union 1T— a.riUfacturer?g Bank of Cohoes, New York, application for membership approved and attention to be given to management problem Manufacturers Trust Company, New York, N. Y., no objection to proposed purchase of assets and assumption of liabilities of the Standard National Bank of New York, and establishment of a branch of the trust company in the quarters of the national bank Marion Marion, Texas, application for membership apBank, State proved rkle Banking and Trust Company, Hazleton, Penn., approval for establishment of branch at Weatherly, Pennsylvania by assumption of liabilities of First National Bank of Weatherly, rescinded Me rchants and Planters Bank, Norfolk, Virginia, application for membership approved subject to the establishment and maintenance of complete records of trust department and reduction in number of directors Ix_ Retention of branch at South Norfolk, approved "rchants State Bank, Rhinelander, Wisconsin, purchase of interest in bank premises and furniture and fixtures of claims held by trustees for waiving depositors Mer— 1 111 Trust Company, Bangor, Me., examination report shows ' two affiliates, letter on publication of reports of Report should be submitted for affiliate not in formal liquidation Mexico Savings Bank, Mexico, Missouri, application for membership approved subject to further progress in banks asset condition and Reserve Bank will follow up situation ary reservations, FRBanks to be advised of designation by Secretary of Treasury as to establishment of banking facilities http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/19 986 8/ 8 1593 11/18 2194 3/30 589 2/7 221 6/ 8 1156 1/27 126 4/16 4/16 727 729 8/25 1680 6/17 1231 11/11 2149 8/23 1708 11/30 2243 411 Pages State meaber banks: (Continued) 11°gadore Savings Bank, Vogadore, Ohio, application for membership approved and savings account to be brought • into conformity with law MOnongahela Trust Company, Homestead, Pa., extension of time for disposal of stock of Hays National Bank, or conversion into branch Membership condition involving holding of stock in Hays National Bank, Hays, Pa., canceled seY Trust Co., .tashington, D. C., reply to letter that C. Y. H. Corporation is not holding company affiliate for purposes other than those of Sec. 23A of FRAct 0'B Banking Company, Buffalo, Missouri, application for membership approved, reasonable dividend policy to be followed O gdensburg Trust Company, Ogdensburg, New York, permission given to, for establishment of a branch in Winthrop, New York, in connection with the purchase of assets and liabilities of First National Bank of Winthrop Old Capital Bank and Trust Company, Corydon, Ind., application for membership approved, telegram to Mr. Davis to transmit advice Ontario County Trust Company, advised that contract providing for balloon payment at its end may be revised to provide for further monthly payments °ssininc, Trust Company, Ossining, N. Y., recapitalization plan involving reduction in common stock and sale of preferred stock to RFC approved Petlinsula Bank of Ishpeming, Ishpeming, Mich., application for membership approved Pennsylvania Company for Insurances on Lives and Granting Annuities, information on issuance of common stock by, supplied Securities and Exchange Commission Suggestion that Regulation F be amended to eliminate the restriction that not more than $25,000 of any one trust fund might be invested in a common trust fund es Bank, Beaufort, S. C., application for membership approved subject to certain charge offs and adequate capital to be maintained peo ertification to FDIC as member of FRSystem 1J-1-es Bank, •Lakewood Village, California, application for membership approved subject to authorization of appropriate State authorities, and maintaining status as a local independent institution http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/26 2393 7/ 6 1372 12/22 2360 10/ 8 1971 1/26 123 2/14 254 6/26 1298 4/16 731 6/25 1281 8/26 1688 3/11 467 5/ 5 854 6/12 1201 7/ 7 1379 5/6 868 412 Pages Stet e member banks: (Continued) Peoples Bank, Lakewood Village: (Continued) Letters sent to Comptroller and FDIC advising of Board's approval of the application Certification to Federal Deposit Insurance Corporation as member of FRSystem Peoples Bank, Pikesville, Md., application for membership approved Peoples Banking Company of Lewisburg, Ohio, application for membership approved Peoples City Bank, McKeesport, Pa., proposed absorption of Union Trust Co., Clairton, Pa., and establishment of branch at Clairton approved on certain conditions Peo Ples-Pittsburgh Trust Company, Pittsburgh, Penn., publication of report of Hotel Conneaut at Conneaut Lake, as an affiliate waived, but report should be rendered at next call if affiliation still exists Retention of records for purpose of Regulation W Plan to purchase assets and assume liabilities of First National Bank of Etna and establish branch To purchase assets and assume liabilities of Dormont Savings and Trust Co., Dormont, Pa. and establishment of branch Pe°Ples savings Bank, Laurel, Iowa, application for membership approved PeoPles Trust Company, Martinsburg, West Virginia, criticism of management and plan to correct unsatisfactory condition, examination to be made by examiners of FDIC and FRBank of Richmond Pe— 4 Trust Company, Peru, Indiana, application for membership " approved and certain practices to be watched by FRBank Picke Bank, Pickerington, Ohio, application for membership approved • grla Trust Company, Boston, Mass., corrections in condition report, publication of affiliate report and republication of own report not to be required luk..7Port -ron State Bank, Port Byron, Ill., application for membership approved and FRBank to follow situation with respect to waived deposits Pou ghkeepsie Trust Company, Poughkeepsie, N. Y., application for membership approved subject to charge off of losses and compliance with condition number 6 waived http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/ 6 869 5/15 940 6/16 1223 5/29 1084 12/ 3 2262 2 1: 10/13 2014 11/23 2218 2/18 295 10/28 2078 1/26 122 7/ 3 1361 8/ 6 1575 8/26 1687 6/30 1320 413 Pages Stet e member banks: (Continued) Prattsburgh State Bank, Frattsburg, New York, application for membership approved subject to certain charge 3/24 548 offs Provident Savings Bank and Trust Company, Cincinnati, Ohio, charge for special investigation of, to be 1/30 148 left to the discretion of FRBank of Cleveland Randallstom Bank, Randallstown, Md., application for membership approved and savings account to be brought into 9/ 5 1738 conformity with law Ravai • p membershi for on applicati Mont., 4-11 County Bank, Hamilton, approved, subject to charge offs and bank to be 6/15 1216 given close supervision 7/10 1402 p membershi of n completio Extension of time for "4.ehland Trust Company, Mansfield, Ohio, FRBank of Cleveland authorized to waive membership condition numbered 6 Riverview State Bank, Kansas City, Kansas, holdings of special tax bills of City of Kansas City, legal question on classification as securities not to be raised at present, manner of showing in condition reports and examination reports Rock Island Bank and Trust Company, Rock Island, Illinois, application for membership approved with understanding that management is to be strengthened Rom.-/14) Savings Bank, Romeo, Mich., examination report shows that Melvyn F. Lanphar & Co., and The Lanphar Agency, Inc., were affiliates of the bank and if condition still exists report should be submitted Stock disposed of by Melvyn F. Lanphar and no longer considered affiliate of Uelvyn F. Lanphar and Co. and Lanphar Agency, Inc. St. Michaels Bank, St. Michaels, Md., application for membership approved and excess balance with nonmember bank to be reduced Seguin State Bank and Trust Company, Seguin, Texas, application for membership approved and bank not to exercise fiduciary business until necessary organization and equipment are provided Seville State Bank, Seville, Ohio, membership application approved, savings account to be brought into conformity with law South chica,0 Savings Bank, Chicago, Illinois, application for membership approved subject to certain charge offs E xtension of time to accomplish admission to membership in FRSystem http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/11 697 6/17 1232 2/ 9 226 9/12 1789 10/12 2008 10/12 2007 6/13 1209 12/30 2407 5/15 939 5/25 1031 414 Pages State member banks: (Continued) South Chicago Savings Bank: (Continued) Granted permission to maintain same reserves against deposits 5/30 as required of reserve city banks Southwest Bank of St. Louis, Missouri, reduction in preferred 7/29 stock approved exSPringville Banking Company, Springville, Utah, additional penditure for remodeling banking quarters, no 10/ 2 objection to bank over State Bank of Albany, New York, permission to take holdings from affiliate and transactions in12/23 volved time of State Bank of Clearing, Chicago, Illinois, extension in which to increase capital stock granted, further requests for extensions not antici4/27 pated State membership for Bank of East Moline, Illinois, application 6/17 approved subject to charge offs for losses State capital, Bank of Farina, Illinois, reduction of common inadvertent approval by FRBank of St. Louis 1/31 ratified by Board State Bank of Hardinsburg, Indiana, application for membership approved and excess balance with nonmember 7/29 banks to be reduced Stat 12/10 approved n applicatio membership Bank Ill., e of Latham, State Sank of Lima, Howe, Indiana, application for membership approved, change to be made in savings pass 4/30 books in regard to withdrawals State Bank of Marathon City, Marathon, Wisconsin, application 4/ 2 for membership approved 4/10 sta,Certification to FDIC as member of FRSystem te Bank of2,14yville, laisconsin, permission to FDIC to examine to permit continuance as nonmember in1/14 sured bank and waived l ithdrawal from FHSystem, six months' notice 2/10 permission given for immediate State to subject Bank of Milan, Indiana, application approved certain charge offs, common stock to he shown 4/22 at par value State Ban,c i of Northfield, Minnesota, application for membership approved subject to increase in the number of directors, Northwest Bancorporation to comply with conditions for general voting permit 4/30 entitling it to vote the stock of General voting permit approved subject to certain condi4/30 tions http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1096 1513 1934 2373 775 1231 161 1512 2299 818 614 690 49 233 752 820 823 415 Pages Nte member banks: (Continued) State Bank of St. Charles, Ill., application for membership approved State Bank of Virginia, Idinnesota, application for membership approved subject to increase in the number of directors, etc., Northwest Bancorporation to comply with conditions for general voting permit entitling it to vote the stock of General voting permit approved subject to certain conditions State Savings Bank of Woodville, Ohio, to take over Woodville Savings Bank Company, technical requirements waived and to be allowed to continue as member bank State Street Bank and Trust Company, Quincy, Ill., application for membership approved subject to charge off of losses and savings deposit withdrawals to be brought into conformity with provisions of law State Street Trust Company, Boston, Mass., reply to question involving Section 9(b) of Regulation VC, regarding shifting of date of first payment and of final maturity Stockments Bank, Gillette, Wyoming, application for membership approved and savings accounts to be brought into conformity with law and balance with nonmember bank to be reduced Pton Farmers Bank, Tipton, Mo., application for membership approved TiPt°n State Bank, Tipton, Iowa, application for membership approved subject to charge off of losses Toba cco Exchange Bank, Edgerton, Casconsin, application for fiduciary powers denied T°1edo Trust Company, Toledo, Ohio, reply to inquiry of Mr. Messinger on renewal or extension of single payment note - atthews Banking Co., Chillicothe, Ill., application for TruittU membership approved Trust funds awaiting investment or distribution, deposit by banks in Wisconsin in own commercial and savings department 14trl Valley Bank, test Alexandria, Ohio, membership application approved and change in wording of savings pass book to be made Utlion Bank, Loogootee, Ind., application for membership approved, excess balance with nonmember bank to be reduced http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/12 1789 4/30 821 4/30 523 8/26 1689 7/29 1511 2/10 234 9/21 1853 6/13 1209 10/ 1 1919 5/19 988 7/ 9 1390 7/17 1),48 7/15 1430 5/28 1075 7/14 1420 416 Pages State member banks: (Continued) Union Bank of Michigan, Grand Rapids, Liich., application for membership approved, to create reserve for payment of dividends in capital stock and increased capital stock and operation and retention of branch approved to condition of membership that capital need not nt Amendme be increased if branch is discontinued Union Bank and Trust Company, Bowling Green, Va., application for membership approved, bylaws to be revised and other corrections to be made Union Savings a Trust Co., Varren, Ohio, application for membership approved, retention and operation of branch at Newton Falls, Ohio, to be permitted FRBank of Cleveland authorized to waive membership condition numbered 6 Union State Bank, Clay Center, Kansas, application for membership approved, Mieelock indebtedness and assigned claims to be eliminated and other corrections to be made us_ Certified to FDIC as member of FRSystem "ion Trust Company of Pittsburgh, Penn., purchase of additional stock in the Union Savings Bank of Pittsburgh and the lellon National Bank, both affiliates, held to be in violation of FRAct and Revised Statutes take over its affiliate Union Savings Bank of Pittsburgh nited Bank and Trust Company, St. Louis, Mo., absorption of Telegraphers National Bank of St. Louis, no objection to University State Bank, Houston, Texas, application for membership approved despite insufficiency of capital stock, provision as to maintenance of reserves and given 90 days to complete membership v ertification to FDIC as member of FRSystem ee'ersburg State Bank, Veedersburg, Ind., application for membership approved and bank to revise trust operations to conform to approved procedure en Bank and Trust Co., warren, Pa., purchase of assets and assumption of liabilities of Clarendon State Bank, Clarendon, Pa. '"-Lngton County State Bank, Brenham, Texas, retirement of capital debentures not permitted without increasing capital stock o objection to retirement of capital debentures and disregard of technical requirements of law cited http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/16 1224 6/29 1317 10/ 3 1938 3/16 496 4/11 697 8/ 6 1571 8/15 1625 2/21 11/10 308 2142 10/ 8 1972 2/17 3/10 287 457 7/29 1510 11/30 2243 6/19 1254 7/27 1490 417 Pages State member banks: (Continued) Ilashington Irving Trust Company, Tarrytown, New York, permission to change head office to Port Chester and transfer Port Chester branch to Tarrytown granted 17aterloo Savings Bank, Waterloo, Iowa, application for membership approved by telegram and fiduciary activities to be organized WaYne State Bank, Wayne, Mich., expenditure for purchase of bank premises and for improvements approved 15estfield Trust Company, Westfield, New Jersey, purchase of assets and assumption of liabilities of First National Bank of Garwood, and establishment and operation of branch at Garwood approved Wes+ • umlnster Savings Bank, Westminster, Maryland, application for membership approved Whi# uehouse State Savings Bank, Whitehouse, Ohio, application for membership approved subject to charge off of losses 111am Penn Bank of Commerce, Pittsburgh, Pa., membership application approved and management situation to be supervised by FRBank -"LLngton Trust Company, Wilmington, Delaware, purchase of assets and assumption of liabilities of Union National Bank of Wilmington Winnetka Trust and Savings Bank, Winnetka, Ill., application for membership approved and trust operations to be revised State Loan Supervisors, list of those willing to cooperate with Board in enforcement program of RegulaSt • tion W 4t1stics: 'Ilmer credit reports, letter to American Bankers Association regarding transfer of, to Board, request for list of reporting banks, procedure and form of report outlined FaBanks advised of transfer In structions for submission of reports transmitted to Federal Reserve Banks Research and statistical work in the field of, Ir. Ransom authorized to confer with Mr. Taylor in regard to the Board taking over from the Department of Commerce Transferred from Bureau of Foreign and Domestic Commerce to Board, letter to Mr. Taylor on Transfer o f work being done by Bureau of Foreign and Domestic Commerce to FRSystem http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/11 239 12/23 2372 9/ 5 1740 3/26 564 3/2 399 11/30 2242 12/ 7 2275 11/ 4 2116 12/18 2339 11/24 2226 2/4 2/4 187 188 3/5 419 5/19 979 8/ 6 1578 8/21 1658 418 Pages „ cs: Statisti 'cs: (Continued) Customers debit balances collected from certain member firms of New York Stock Exchange, figures not to be furnished to reporting firms Department store inventories by departments be collected monthly instead of quarterly, memo of Mr. Goldenweiser Furniture sales, inventories, and credit, memo from Mr. Goldenweiser in regard to the collection of statistics on, forms and letters to FRBanks included Statistical manual, joint publication of Board, FDIC, and Comptroller's Office, advised that there is no need for extension of clerks on reimbursable basis as help can now be supplied by Board's staff, reimbursement of only one clerk necessary for December as Mr. Martin resigned SusPension of publication of statistical series for duration of war, Mr. Thomas to represent Board in conferences on, letter advising Mr. Harold D. Smith 8teagal, Congressman Henry B., meeting with Mr. Crowley and members of Board on proposed amendment to FRAct discussed 4en, wpr, • , .. phic records: onference of representatives of FRBanks, Board of Governors, and the services on war loans, payment of cost authorized Hart & Dice, employment of stenographer of, to report conference of Board with representatives of the trade Nye on Regulation W authorized A. , seny C.: (See Retail Credit Association of Minneapolis) Stewan meeting with members of staff of Board to discuss reserves and Treasury financing suggested by Stock Mr. Morgenthau A,1 capital: 'ulerican Trust and Banking Company, Chattanooga, Tennessee, reduction approved Bank 01. Menomonie, Usconsin, membership application approved subject to certain requirements on amount of unimpaired capital Burl • 4-ington City Loan and Trust Company, Burlington, New Jersey, no objection by Board to reduction in amount of Ci • tlzens Bank of White Plains, New York, reduction in par value of common stock approved Pi Securities Corporation of Syracuse, N. Y., purchase of own stock not warranted Gar rett State Bank, Garrett, Indiana, permission to transfer to surplus of l0,O00 in reserve for dividends payable in common stock, no objection http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/30 1914 6/13 1211 5/15 943 1/ 5 11 1/12 43 12/ 8 2287 10/12 2012 3/12 487 11/11 2147 2/ 4 186 2/21 307 4/25 762 12/16 2321 1/ 7 21 8/26 1690 419 Pages k)c k, capital: (Continued) Lionongahela Trust Company, Homestead, Pa., extension of time for disposal of stock of Hays National Bank or 7/ 6 conversion into branch Hays in stock Condition of membership involving holding of 12/22 National Bank canceled °881ning Trust Company, Ossining, N. Y., reduction in common stock approved and sale of preferred stock to 6/25 RFC Pennsylvania Co. for Insurances on Lives and Granting Annuities, Philadelphia, Pa., information on issuance of, 3/11 supplied to Securities and Exchange Commission State Bank of Clearing, Chicago, Illinois, granted extension of time in which to increase, further requests for 4/27 extensions not anticipated State Bank of Farina, Illinois, reduction of common capital, inadvertent approval by FRBank of St. Louis 1/31 ratified by Board State bank with capital as low as 25,000, discussion of amendment to Sec. 9 of FRAct to permit, to become 5/19 a member of the FRSystem Union Bank of Michigan, Grand Rapids, Michigan, Board willing to approve application for membership in FRSystem on condition that it create a reserve of 150,000 for dividends and increase its capital 5/19 stock to 500,000 6/16 un, Increase in connection with admission to membership 311 Trust Company, Newark, Ohio, purchase by BancOhio Corporation and bank to be absorbed by Licking County 5/19 Bank Unto , n 'rust Company of Pittsburgh, Penn., purchase of additional stock in the Union Savings Bank of Pittsburgh and the Mellon National Bank, both affiliates, held to be in violation of FRAct and Revised 2/21 Statutes University State Bank, Houston, Texas, application for membership approved despite insufficiency of, pro2/17 vision as to maintenance of reserves 1V4shington deof retirement Texas, Brenham, County State Bank, bentures not permitted without increase in cap6/19 ital stock kock, ,a1)ita1 set-up discussed in detail 7/27 Taxulvidends: able as income, to be made, by amendment to regulations of Bureau of Internal Revenue or reversal of ruling 2/12 in Eisner v. Macomber http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1372 2360 1281 467 775 161 983 986 1224 986 308 287 1254 1490 249 420 Pages . S t°ck, dividends: (Continued) Taxable as income: (Continued) Likelihood that court may hold that they are taxable as income, discussed at meeting of Board with Federal Advisory Council, memorandum distributed re and to be considered in regard to steps that should be taken in the event of such a decision StoReply to inquiry of McIlroy Bank and Trust Co. FRBank: Issuance of certificates in connection with tax on dividends and writing of legend on face of certificate Public Debt Act of 1942, effect on additional issues of, undetermined, further issuance to be withheld pending conference of Legal Division with Bureau of Internal Revenue Tax exemption on dividends of, FRBanks advised that matter is still pending before the Bureau of Internal Revenue and to continue to withhold issuance of stock certificates Department on date stock is issued Treasury of Decision Banks to continue practice of cancellation of old and issuance of new certificates Mr. to Fleming that ruling will be obtained from Telegram Bureau of Internal Revenue regarding effect of first-in,first-out rule transactions be published in FRBulletin to Statement Letter to Commissioner of Internal Revenue on question of what steps taken to make shares applicable to first-in,first-out rules Requirements necessary to avoid application of first-in, first-out rule Issuance of certificates in connection with, and legend written on face of certificate to be published in FRBulletin Statement 8tocL, preferred: Burlington City Loan and Trust Co., Burlington, N. J., retirement in connection with plan to reduce capital stock First Trust and Savings Bank of Pasadena, California, request for retirement of Ossining Trust Comoany, Ossining, N. Y., sale to RFC in program of recapitalization approved : stc ,outhwest Bank of St. Louis, Missouri, reduction approved exchange firms, list of members of New York Stock Exchange which are to continue filing monthly reports of customers debit balances http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/16 273 11/ h 2120 9/30 1914 4/2 616 839 5/2 7/ 8 1383 7/14 1426 7/20 1457 7/21 1468 8/ 4 1550 9/22 1865 9/30 1914 10/24 2059 4/25 762 1/22 102 6/25 7/29 1281 1513 9/ 8 1751 421 Pages 401- maximul. net heat output as well as design should be basis for test of application of Regulation W, expla— nation to FRBank of linneapolis 411°11g, Benjamin, statement made in 1923 on adoption of preferen— tial discount rates inserted in minutes at request of Mr. Draper Studies: Balderston study on "Executive Development in the FRBanks," Mr. Ruml advised that Board concurs in objec— tives of, and is willing to provide space for officers on tour of duty at the Board Copy of report not to be made available to the Training Division of the U. S. Civil Service Commission Caribbean area, results to be made available to other Federal agencies, letter to FRBank of New York on routing through Board of Governors Consumer credit, lessrs. Brown and Robinson authorized to go to Canada to make study of Earnings of banks, discussion of work of Research and Statis— tics in connection with, Messrs. Goldenweiser and Smead to collaborate on continuing study Economic welfare of country, suggestion of Ir. Delano that study of financial requirements by FRSystem and study of physical needs by National Re— sources Planning Board be coordinated Messrs. Delano and Ruml present at meeting of Board to discuss Inflationary developments, Mr. Hansen requested to come to 1Vashington to assist Mr. Leland with studies relating to Go vernmental administration arising from occupancy outside United States, letter to Secretary Hull in connection with International financial reconstruction after the war, plans for international stabilization fund and in— ternational bank, report of Messrs. Eccles and Goldenweiser on conference with repre— sentatives of Treasury and State Departments and others Joint project of Province of Manitoba and State of Minnesota, no objection to Dr. Upgren completing work in connection with Leadership and management in FRSystem, letter to FRBanks on development and maintenance of efficiency as result of Balderston study and on establish— ment of Division of Personnel Administration at Board of Governors http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/ 1 2 10/ 9 1983 2/ 6 202 5/20 1000 11/ 2 2101 3/10 443 7/28 1501 6/ 9 1164 6/ 9 1173 3/23 541 11/24 2226 5/26 1047 11/12 2153 6/25 1279 422 Pages 4114ies: (Continued) Regional and national studies by research departments of FRBanks, outline of subjects presented by Mr. 7/30 Evans arepresent of e Regional problems to be considered at conferenc tives of Board and research departments of 9/30 FRBanks Regional program for economic planning, resolution of Confer11/18 ence of Chairmen on • 8 Ithversive activities: Advisory Committee on, J. Tatson Belt designated representative of Board on, to cooperate with the Protective Construction Unit in the Public Buildings Ad2/27 ministration kits inexpenses for against directors, etc., of national banks curred in defense of actions, suits, etc., 4/23 report on S. 2039 1/4-14 of on Associati "van & Cromwell, New York, N. Y.: (See National Investment Companies) 811n1p, ' - ery Representative Jessie, alternate drafts of amendment to Sec. 5200 to exempt loans covered by guaranties or commitments made by the U. S. or by any FRBank, copy of memo from Mr. Wyatt regarding, 5/18 sent to si;71ntendent of Banks: (See State bank supervisors) /131-emental compensation plan, Staff Personnel Committee report that adoption of, for employees of Board would be inadvisable, continuation of period salary reviews deemed adequate to meet present situa1/16 tion discussed reinsurer 8111'etY companies, place in war loans program as at meeting of Federal Advisory Council with 9/14 Board mve Commercial loans, results of survey conducted by Mr. Uolden5/19 weiser for one-month period made report to Division of Research and Statistics, reference 7/28 by Hr. Koppang banks, Loans, new industrial and commercial, made by member memo of Mr. Goldenweiser on procedure for re4/ 1 porting approved b/ 1 FRBanks Siltt_ Forms FR 574-A and 574-B for reporting, sent to watches 'fly Harold P., reply to letter on sale of railroad 11/ 3 without requiring down payment asfinancial erland, procedure to be followed in extending sistance to American nationals in territories where the interests of the United States are L/ 1 represented by http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1520 1915 2195 379 760 976 73 1800 984 1504 609 611 2112 613 423 Pages Tax bills: lansas City, Kansas, holdings by Riverview State Bank, legal question on classification as securities not to be raised at present, manner of showing in condition reports and examination reports notes: Changes in present series suggested by Treasury Department, suggestions of Board of Governors and members of executive committee of Federal Open Market Committee requested Changes in Series A and Series B notes, letter to Secretary of Treasury recommending graduated scale of rates on Series B notes instead of flat rate Distribution of revised Series B, Victory Fund Committees to be requested to make special effort to obtain wide, and Messrs. Ransom and Szymczak to keep in close touch with activities of committees Savings Bond and Tax Mote operations, certain FRBanks asked to furnish information regarding the scope of, at their branches kxes: Assessment on buildings of FRBank of New York, payment to Mr. b. B. Altreuter for services in connection with effort to obtain reduction Banks, question of giving them preferential treatment under the tax program in view of the substantial part they play in war financing, considered at meeting of the executive committee of the Federal Advisory Council tith the Board . Opinion regarding, to be presented to Congress Bullding of Board of Governors, memorandum of gr. Vest on two bills introduced in Congress, Board will take no action at this time Report by Mr. Dreibelbis on discussion of courses of action and opinion that legislation should not be sought at present Dreibelbis on conversations with Mr. Keech Mr. of Report and Mr. Carusi and suggestion that might be taken up with Senator McCarran for inclusion in Senate report on pending bill Developments with respect to, outlined in memo by Mr. Dreibelbis Resume by Mr. Dreibelbis of developments to date and statement by Mr. Ransom that Board's building had been removed from list of property advertised for sale http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/17 1232 8/27 1694 8/28 1700 9/11 1778 4/ 8 661 11/ 6 2128 4/ 9 4/ 9 676 681 8/ 7 1583 11/24 2221 12/ 1 2250 12/ 8 2289 12/14 2309 42.4 Pages Taxes: (Continued) Building of Board of Governors: (Continued) 12/23 No provision made in budget for 1943 but to comatter on Attorney General not to give opinion 12/24 operate in any litigation on Treasury Department Dividends on FRBank stock, decision of 7/ 8 when stock is issued old and issuof Tax to continue, practice of cancellation 7/14 ance of new certificates from be obtained will Telegram to Mr. Fleming that ruling Bureau of Internal Revenue regarding effect of 7/20 first-in, first-out rule transactions 7/21 Statement to be published in FRBulletin Letter to Commissioner of Internal Revenue on applicability of first-in, first-out rule to shares sur3/ 4 rendered by member banks Requirements necessary in order to avoid application of 9/22 first-in, first-out rule legend and Issuance of certificates in connection with, 9/30 written on face of certificate 10/24 Statement to be published in FRBulletin 4cess Profits Tax, reply to inquiry of the Committee on Foreign Banking of New York City regarding the legislative clarification of the status of bankers' acceptances for the purpose of, advising that there have been no further developments in connection with the proposed 5/13 amendment to the Internal Revenue Code Effect of, guaranteed loans in financing of war contracts 7/ 1 on Exemption on dividends of FRBank stock, FRBanks advised that matter is still pending before the Bureau of Internal Revenue and to continue to withhold 5/2 issuance of stock certificates the financing 4Penditure, suggested and discussed as means of 5/18 war, at a meeting of the FAC with the Board FRBank matter tax of Chicago, emoloyment of special counsel in 3/31 approved FR Bank.stock: (See supra Dividends on FRBank stock) Fr anchise, restoration of provision of law to provide for payment in case earnings of FRSystem were increased 9/15 come, credit for payments on existing debts and life insur3/ 5 ance premiums discussed neY borrowed in anticipation of, by Union Free School District fi7 for purchase of oil burner held not to be an extension of instalment credit under 1/24 Regulation W http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2377 2384 1383 1426 1457 1468 1550 1865 1914 2059 929 1336 839 956 598 1811 1561 117 425 Pages Tax es: (Continued) Pending tax bill, effect on amount of short-term corporate money for investment Program suggested by Mr. Eccles at meeting of Federal Advisory Council to counteract inflationary developments Public Debt Act of 19h2, question as to exemption of dividends of additional issues of FRBank stock from tax provided by, Legal Division of Board to confer with Bureau of Internal Revenue regarding Repayment of debts under high tax rates, memorandum of Mr. Randolph Paul and report of Mr. Ransom on conference with Secretary of Treasury Sales, as means of financing the war, discussion of, at meeting of the FAC with the Board Social Security, opinion of Board that they should not be classified as deposits but should be shown as "Other liabilities" in condition reports Opinion of Mr. Vtakefield that an increase in, would eliminate necessity for a plan of forced savings, in connection with a discussion of war financing at a meeting of the Federal Advisory Council with the Board as deposits, statement ordered published in of, Deductions the FRBulletin Stock dividends to be made taxable as income, by amendment to regulations of Bureau of Internal Revenue or reversal of ruling in Eisner v. Macomber Likelihood that they may be held subject to, as income, discussed at meeting of Board with Federal Advisory Council in regard to steps that should be taken in such event T_ Reply to inquiry of McIlroy Bank and Trust Company Tr members of Federal Advisory Council traveling on official business entitled to use F.R. 158 in obtaining exemption from Letter to Mr. Lichtenstein suggesting means of obtaining exemption from, as Secretary to Federal Advisory Council Form of exemption certificate in connection with, not available but letter or statement may be filed Virs4. „or-, Y amount to be withheld from employees salaries for payment to Collector of Internal Revenue made from overtime payments War Deductions to be financing, question of whether increasing taxes would render unnecessary a plan for compulsory savings, discussed at meeting of Board with the Federal Advisory Council ()Pinion of Mr. Fleming regarding http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis L./ 9 672 11/16 2183 h/ 2 616 8/25 1677 5/18 956 5/ 8 907 5/18 953 5/25 1042 2/12 249 2/16 11/ 4 273 2120 2/27 379 3/31 599 11/30 2245 12/17 2330 12/31 2413 5/18 952 5/18 953 426 Pages Ta.es: (Continued) ':.ithholding tax at source on wa7es, dividends, etc., problem of administration and expense placed on banks by proposed current revenue act Interest on bonds including Government securities, memorandum to be sent to Chairman of Senate Finance Committee to be prepared by Messrs. Ransom and Szymczak and submitted to Treasury for suggestions Application to interest on bonds, letter to Mr. Randolph Paul prepared by Messrs. Ransom and Szymczak to be delivered at hearing room of Senate Finance Committee Telee:rem, certificates of indebtedness, result of using telegram to urge subscription to, discussed at meeting of Board with executive committee of Federal Council Advisory Tel raph,possible use of, in establishing additional money markets Phone, possible use of, in establishing additional money markets Ter,pitory: El Paso Branch, transfer of Brewster County, Texas, from an Antonio to Thie ls, L. j., reply to Senator Overton on inquiry re application 711.,of Regulation V: to charge accounts of farmers “oofins Company, Inc., Stratford, Conn., reply to, re reasons for not including siding and roofing Ataterials as insulation under Regulation W Le schedules: Paso to Los Angeles, change in time approved Legal Division, changes in titles to Attorneys 24anag:ing Directors at FRBranch banks change in title to Vice President and Mana4ng Director with appronriate adjustment in salary, discussed at meeting of ?residents and Board, to be studied by Presidents NO objection to use by Cincinnati and Pittsburgh branches for time being of banks: Titl '"-Lckin;: County Dank, Newark, Ohio, proposed change upon absorption of Union Trust Co., new voting permit by FancOhio Corporation not necessary because of changes . nic)n Lacking Bank, Newark, Ohio, new title of iiicking County Bank after purchase of assets and assumption of liabilities of Union Trust Company of Newark http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/ 5 1553 2/ 6 1567 2/26 1623 h/ 9 671 3/12 L77 3/12 L77 12/1h 2311 7/ 1 1347 ,/ 3 1539 11/1L 2170 8/10 1596 3/ 2 390 12/16 2321 2 1593 11/18 2194 427 Pages Tobin To R. J.: (See Tile Roofing Company) lir of duty, Mr. Ruud advised that Board is willing to provide office space for officers of FRBanks on aegler, J. W.: (See National banks, First National Bank of Princeton, N. J.) 'Ira; preference not to be given to, under Regulation t for the purchase of watches Trv. li visaimerica Corporation: Acquisition of additional banking offices, letter to Mr. Knox to be prepared on reasons for refusing Banking offices cremed or controlled by, report of Mr. McKee on discussion with Mr. West Letter to Mr. Giannini on denial of application to establish branches of banks affiliated with Expansion of institutions in group, letter to Mr. aannini on position of Board 1811eportation: Federal tax on, letter to Mr. Lichtenstein suggesting means of obtaining exemption from, as Secretary to Federal Advisory Council Priority for travel on air carriers, authority to sign certificates for, limited to Members of Board and Secretary Letter to FRBanks recommending that authority to sign certificates be restricted Travel 2/6 202 2/24 339 8/ 7 1584 9/24 1878 11/13 2163 12/19 2343 3/31 599 2/5 196 2/ 5 197 11/17 2192 11/ 4 2115 1/12 43 Reply to Mr. Eastman that members of Board and staff had been asked to cooperate in curtailment of holiday travel Regulations, no change because of amendment to standardized Government travel regulations but changes in form of vouchers approved t ing expenses: aker, Dr. John C., payment authorized for transportation costs to tashington for interview in connection with possible employment • ergelin, John 0., voucher approved for payment Bettman, Alfred, between Cincinnati and tashington as Special Consultant in Research and Statistics Voucher approved for payment as Special Consultant in Division of Research and Statistics -Oard of Governors, travel regulations . amended to provide in' 4 ctr allowance crease in per diem Bro,em, W. G., FRExaminer, voucher approved covering difference in price of standard lower berth and roomette Cravens, Kenton R., payment of voucher for expenses incurred in coming to Washington for consultation on Regulation V. approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/ 4 1551 6/23 1269 8/18 1631 2/17 286 8/ 6 1580 4/13 712 428 Pages T Nweling expenses: (Continued) Cravens, Kenton R.: (Continued) Payment of voucher for expenses incurred in coming to Washington for discussions on procedure under Executive Order 9112 Voucher approved for payment Employees of FRBank of Boston assisting in examination of FRBank of New York, payment of sum representing excess charges for use of all pullman train approved Mayer, Howard G., reimbursed for expenses of trip to Washington to discuss problems arising under Regulation W Millard, E. R., FRExaminer, voucher approved covering difference in price of standard lower berth and roomette Voucher including additional expenditure for higher-priced accommodation Persons under consideration for employment by Board of Governors, policy for paying of Porter, Joseph H., FRExaminer, voucher approved to cover drawing room because no other accommodation available Robinson, Roland I., payment for unused pullman reservation approved Szymczak, M. S., additional expenditure to cover price of compartment because no other accommodation available approved Transportation exemption certificates, use of FR 158 by members of Victory Fund Committee Tl'easury bills: Av ailability to be brought to attention of banks with excess reserves Borrowing on security of, instead of selling, discussed at meeting of executive committee of Federal Advisory Council with Board Co llateral security for FRbank notes rather than System Open Market Account securities . eduction from deposits in computation of required reserves discussed with Federal Advisory Council /leans of broadening distribution of, discussed at meeting of Executive Committee of Federal Advisory Council with Board Of fering on fixed price basis, suggested at meeting of executive committee of Federal Advisory Council with Board Reduction in reserve requirements to allow banks to purchase, discussed at meeting of Federal Advisory Council with Board Report of holdings by J. P. Morgan & Co., Inc., New York City made to Securities and Exchange Commission for confidential use http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/13 712 7/ 8 1385 10/26 2065 2/26 360 8/ 6 1580 12/ 9 229h 9/19 1847 9/ 8 1752 10/10 2005 10/23 2057 6/12 1206 5/18 960 7/ 1 1339 12/16 2325 11/16 2181 8/ 5 1559 7/ 1 1338 11/16 2180 11/ 5 2123 L29 Pages T 1.surly bills: (Continued) P-esolution of Federal Advisory Council that amount of, issued 2/16 each week be increased Discussion of board with Federal Advisory Council, Board in favor of resolution, and Federal Open Market Committee reported as supporting resolution 2/16 also Federal Open Market Committee, resolution to he brought to the attention of, copy sent to the Secretary of 2/27 thc Treasury S meeting discussed at FRBenks by banks for nonmember afekeepin 9/29 with Presidents ury Department: Certificates of indebtedness of, to be shown separately in 14/9 weekly condition reports of member banks Decision issued to determine date FRBank stock is issued for 7/ 8 purposes of Federal tax on dividends Defense Savings Bonds, form enclosed to provide Treasury with information on sales of, under pay roll allot1/28 ment plan, same information requested by Board Defense Savings studied by to be Procedure for issuance of, Bond Committee of the Presidents' Conference and to submit recommendations to 3/ De struction of currency in Panama Canal. Zone, copy of order 7/17 sent to FRBanks Disbursements by Chicago and New York offices by use of tabulat6/11 ing card form of check Blracuees property of, memorandum from suggesting that FRBank of San Francisco act as fiscal agent, Mr. 3/ 6 Szymczak to o to the Pacific Coast El). Secretary's note, Mr. W. B. Pollard to go to the Coast 3/6 'eeutive Order for making of war loans, objection of, to being 4/1 directed rather than authorized Notes of FEBank of San Francisco with Hawaiian overprinting, 7/13 letter agreeing with plan for payment of P , in of :ar, discussion of progress made by Board and Treasury in formulation of a long range program for, at meeting of Board with Ixecutive Commit3/12 tee of Federal Advisory Council Development of a long-term program of, discussed at a meeting of the executive committee of the Federal 4/ 9 Advisory Council with the Board Foreic-n funds control, activities of FRBanks, information on 10/14 number and cost of applications Government securities, distribution of, Mr. Eccles to represent the Board in discussion with the Treasury in furthering 5/5 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 263 263 363 1901 669 1333 140 391 11;52 1193 423 1427 602 12118 471 677 2020 258 430 Pages Tre asury Department: (Continued) Government securities: (Continued) Representatives of Board and Presidents to confer with committee of investment bankers and Treasury Department regarding the sale and distribution of Idle business balances, statement proposing special security designed to absorb, approved for transmission to Mr. Bell as reflecting general viewpoint of Board Impounded funds of employees thought to be subject to Civil Service Retirement Act, transferred to, and Civil Service Commission to be advised of Funds sent Industrial loans, liberalization of regulations on losses discussed at meeting with Presidents Proposal of Board that funds for, be furnished directly to FRBanks by Information requested from FRBanks on subscriptions to bonds, excess reserves, etc., and telegram direct to FRBanks without knowledge of Board Insurance, request of Board that Treasury write Board that when shipments of FRnotes are completely destroyed in transit no charge will be made against the FRBank except for printing, letter desired so that Board may obtain -,-eduction in premiums for Issues of, for long-term money during the war, discussion of adoption of a pattern of rates on, at meeting of executive committee of the Federal Advisory Council with Board ,all the Presidents with the representatives of the 'Meeting Iv' Treasury and the investment bankers scheduled for the afternoon of May 8 Overdrafts at FRBanks anticipated within the next few days, telegram to FRBanks on method of handling Press statement to be released on conservation of coins and paper currency and on investment in War Savings Stamps Public circulars, general licenses and general ruling issued by, ordered published in FRBulletin Plinch card checks, plans for use in Chicago and New York offices of Division of Disbursement and payment through FHBank . Letter to FRBanks transmitting copies of correspondence -elmbursem.ent of banks by, for out-of-pocket expenses incurred for services rendered the Government without charge, suggested by Mr. 1cLee at a meeting of the executive committee of the Federal Advisory Council with the Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 336 1/28 134 2/27 3/6 371 429 3/ 2 385 14/1 607 12/ 3 2237 2/21 315 3/12 473 5/8 892 6/18 1248 6/13 1250 1/23 113 9/10 10/ 5 1772 191,5 L/ 9 677 L31 Pages Tre asur7 Department: (Continued) Reimbursement from, for expenses incurred in creating organizations for the promotion and sale of Government securities, question discussed at meeting of Presidents with Board Report by Chairman Eccles on meeting at, with representatives of the Treasury and investment bankers, in regard to formulation of a program for the promotion and sale of Government securities Secret Service Division, Board willing to print for, notices of counterfeit notes on a reimbursable basis Series F and G savings bonds, discussion of whether FRBank organizations should handle them or leave them entirely in the hands of the Treasury South African Rese*-ve Bank, negotiation of U. S. notes for Naval personnel, suggestion of Board in letter to, that same arrangements as developed for Javasche Bank be followed Staff: Eartelt, E. F., Commissioner of Accounts, to confer with ar Loans Committee regarding miscellaneous receipts of funds under Executive Order 9112 5/8 890 5/8 896 5/20 1004 5/8 891 2/4 190 4/1 603 Bell, D. W.: Report of Mr. Szymczak to Board on conclusions reached in discussion with, regarding fiscal agency 1/23 140 conferences notes FRbank and FRnotes of destruction for Procedure 3/ 3 L10 as outlined in letter from, approved by Board 9112 1 602 No. Order Executive regarding of, Objections with, discussion to regard in Szymczak Mr. Report by in respect to the issuance of the 1928 series 897 V 8 of FRnotes and FRbank notes of issuance re statement press draft to Bernard, Bernstein, FRbank notes and FRnotes of 1928 series and 5/26 1061 check it with Mr. Vest Secretary: Acting H., E. Foley, Mr. Lyatt to discuss with, legal authority under which FRBank of San Francisco may act as fiscal agent in connection with evacuees' property and to 3/6 428 advise Mr. Szymczak auregarding Agnew Mr. with confer to property, Evacuee thority of FRBank over, following transfer to the Treasury of sections 3(a) and 5(b) of the 3/10 454 Trading with the Enemy Act Certain correspondence between the Board and the Chase 4/21 750 Bank sent to, in reply to request http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 432 Pages Tr , e'sur7 Department: (Continued) Staff: (Continued) Kuhn, Ferdinand, complaints from press of discrimination in placing advertisement on Treasury financing Morris, Dave H., Jr., Assistant Secretary, cost of luncheon to be borne by Board Cost of luncheon to be borne by Board Paul, Randolph, General Counsel: Resignation as Class C director at FRBank of New York accepted Repayment of debts under high tax rates, memorandum on Vithholding tax, application to interest on bonds, letter prepared by Messrs. Ransom and Szymczak to be delivered to, at hearing room of Senate Finance Committee Statement covering circular issued by, regarding foreign funds control, ordered published in FRBulletin TaX notes, changes in present series under consideration, suggestions of Board of Governors and Messrs. Sproul and Williams requested Trading with the Enemy Act, discussion of results of delegation of sections 3(a) and 5(b) with regard to consumer credit and authority of FRBank of San Francisco over evacuee property, Mr. Foley to confer with Mr. Agnew concerning War powers bill, second, provision for eliminating Section 14(b) of FRAct to allow direct purchase of Government securities from, by FRBanks, discussion of TNA eaPresidents in meeting with Board p177 financing: 14anoing of war, discussion of long-range program for, by Board in meeting with Federal Advisory Council Further discussion directed toward an exchange of views of Board and Federal Advisory Council —ecutive committee of Federal Advisory Council, to discuss, with regard to recommendations made to the Treasury, at coming interim meeting for, letter to Federal Advisory Council advising that Prc)gmln Board has no topics to suggest for (discussion, to contain no reference to Short-term nonmarket issue, inclusion in program of Treasury discussed at meeting of Board with executive committee of Federal Advisory Council Program of offerings of Treasury certificates discussed in connection with consideration of reduction in reserve requirements llecting of executive committee of Federal Open Market Committee, Treasury officials to discuss http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/ 1 2248 1/5 16 30 1/8 8/13 1612 8/25 1677 8/26 1683 4/22 755 8/27 1694 3/10 453 2/3 170 2/16 26L 2/16 266 3/10 h47 5/ 5 852 6/ 3 1120 9/ 9 175/, 9/29 1897 433 Pages Tr easury financing: (Continued) Funds needed in, telegram of Secretary of Treasury to FRBanks on expansion of Victory Fund Committees Discussed at meeting of Federal Advisory Council with Board War loan deposit accounts, banks to be encouraged to make greater use of 1 Participation of FRSystem in, letter to Bureau of the Budget , 1, ) ggy Ernest: (See National Paint, Varnish and Lacquer Association) Trilv Furniture Co., Jackson, Miss., reply to inquiry on down pay ment of buyer, no effect on right of enforcement of Regulation Trott, A. B.: (See Daniels and Fisher Stores Co.? Denver) 1171aslow, Francis A.: (See New York Curb Exchange) Trust accounts: Securities held in, permission to national bank to deposit with inland bank for safekeeping during emergency T17118t funds: Common: American Bankers Association quoted by Mr. Leonard as favoring a liberalization in Regulation F increasing the amount of any one trust fund that may be invested in LaSalle National Bank, Chicago, Illinois, advised that Board will not undertake to comment on plans for the operation of, in connection with Regulation F, informal discussion with Mr. Mulroney at the FRBank of Chicago suggested Letter to Mr. Mulroney regarding Regulation F, suggestion of Pennsylvania Company for Insurances on Lives and Granting Annuities, Philadelphia, Penn., regarding amendment to eliminate the restriction that not more than •25,000 of any one trust fund might be invested in a common trust fund Investment of, in tap issues, question of legality discussed in meeting of the executive committee of the Federal Advisory Council with the Board t ries G Savings Bonds held in, basis for valuing of -i- consin, deposit by bank in own commercial and savings department lesch, Donald, Jr., request for hearing in Washington on exempting asbestos siding from provisions of Kegula7, tion W "ger p ,-onstruction Co., Mr. F. E. Spurney released on leave of absence for remainder of calendar year to do defense work for, advised that Board reserves right to recall in the event of some unfore- seen circumstance http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/11 11/16 2144 2180 11/17 11/28 2191 2238 8/ 7 1591 7/14 1424 5/ 5 856 5/15 5/15 944 945 5/ 5 854 4/ 9 679 7/15 1431 7/15 1430 11/ 3 2108 2/16 278 434 Pages 1\jclin5, Senator Millard B., reply to questionnaire from, regarding organization and number of persons employed by Board Questionnaire from, Mr. Eccles authorized to ask whether a reply is desired or may ask staff to prepare an answer, Mr. Ransom opposed to any answer which is not complete Decision of Board that staff heads be directed to answer questionnaire from °n Free School District /i7, Corinth, New York, money borrowed by, in anticipation of taxes, for purchase of oil burner, held not to be an extension of instalment credit under Regulation 1Jr °r1 Oil Company of California, cycle billing concession under sec. 12(m) not intended to apply to UniO n Pacific Coal Company, plan of furnishing rental of houses complete with furniture to workmen, application of Regulation V, United China Relief, to be ascertained whether Mr. Hersey would be willin7 to represent Board in campaign for Utlited Roofing Contractors Association, New York City, letter expressing Board's appreciation of resolution passed at Annual Convention of Advised by Board of Governors that certain sections of former letter from the Board to, have been changed by Amendment No. 3 to Regulation IA but that other sections are still correct and may be quoted if desired V 2 396 3/10 449 3/23 543 1/24 117 8/ 1 1535 7/17 1450 /1/15 724 /8 659 5/ 6 873 Ullited States Compensation Comission, letter to Mr. Cardillo advising that employees of Board are covered by insurance policy United State' Employment Service, report alleging discriminatory requisition for elevator operators from Mr. Kilgore Utlited States Government: ight to cancel a contract, in connection with the 7uarantee agreement for war loans, discussed at a meetthe Board with the Presidents ing —ier-sity of Georgia School of Medicine, question as to whether account of, carried by Georgia Railroad Bank and Trust Co. of Augusta is properly classified as savings deposit, Mr. Vest to prepare memorandum reconciling possible exception to Regulation c http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/19 1636 12/11 2331 5/8 895 3/10 451 435 Pages versity of Georgia. School of .:ledieine: (Continued) 80ard to raise no further questions regarding funds deposited in the Georgia Railroad Bank & Trust Company, Augusta, as they have been transferred from savings accounts to checking accounts o tj-s„ P "1 ueori-re F., advised of reasons for fifteen months' maturity provisions 3/30 591 5/ 4 842 4/16 732 5/ 4 -34.4 11/11 2147 3/17 501 11/16 2184 "V" - Calvin C.: (See Morris Plan Bankers Association) -LL control and building safety: C°nfere.ice of representatives of FRBanks, request for list of topics for discussion Standards on, suggested as topic for discussion at Presidents' Conference Jacob, meeting with members of staff of Board to discuss reserves and Treasury financing suggested by Mr. Iorgenthau Vio lations: First State Bank, Aransas Pass, Texas, violation of criminal provisions of banking law by bookkeeper of, matter to be handled in accord with Board's letter of July 8, 1937, (3-12) Regulation relating to absorption of exchange and collection charges of banks, action against a national bank suggested egulation Advertisement by store in Rochester, N. Y. that Board Automobile dealer, FRBank of Et. 1,ouis advised sworn of obtaining the to has no objection purchasers from statements Clark Brothers Furniture Company, Chattanooga, Tenn., procedure under consideration Order to be issued to close store for one week Letter on designated terms of agreement Telegram that Board insists on full week's closing as minimum penalty Order suspending license Consumer Home Eouipment Company of Detroit, Mich., nrocedure now under consideration Easy Furniture Company, Chattanooga, Tennessee, action to be held in abeyance pending development of a -)rogram of enforcement http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis S/22 1661 5/16 '')/9 7/30 1517 11/ 3 2103 11/ 4 2119 11/ 5 2124 11/ 9 2134 7/30 1518 5/20 997 436 Pages Violations. (Continued) -elation W: (Continued) Enforcement, problems of, letter to Mr. Young on letter from Mr. Goldman Proposed program for, discussed and suggestion that in case of willful violations there should be a hearing to show cause why violator's license should not be suspended Plan for, submitted to Attorney General, letter to be sent to FRBanks upon advice from Attorney General that there are no objections First National Bank of Fairmont, Minn., loans made by, no action to be taken because of technical violations Koppers Stores, Inc., in regard to the use of scrip which is not redeemed daily Lowrey, Paul, letter to Mr. Hale on treatment of case National banks and credit unions, letter to Comptroller of the Currency on cooperation with respect to Registration Statements, letter to FRBank of Cleveland regarding refusal to file or make complete answers on Reported by FRBank of San Francisco, advised to handle in accordance with policy outlined in 3-368 Union Trust Company of Pittsburgh, Penn., purchase of additional stock in the Union Savings Bank of Pittsburgh and the Mellon National Bank, both affiliates, held to be in violation of FRAct and Revised Statutes V4its: Robert G., Vice President of FRBank of New York, to visit Bank of Canada, request of Board for copies of any reports made by NI 17 -, “enin5 A., letter to War Department on interpretation of wording of guarantee agreement Request for interpretation of wording of standard form of guarantee agreement this Congressman Jerry, advised of amendments necessary to allow credit unions or cooperative banking institutions membership in FRSystem j°6eph, U. S. District Attorney, correspondence involving misrepresentations under Regulation W, sent to FRBank of Kansas City ,e Permits: '411cOhi0 Corporation, new voting permit not necessary because of absorption of bank by subsidiary of the corporation and change in title of bank http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/ 6 217 5/ 5 849 5/22 1018 2/20 305 5/19 991 6/ 2 1109 6/12 1204 3/ 9 1..L0 2/20 306 2/21 303 4/21 750 8/17 1629 10/16 2030 2/ 4 191 7/25 104 8/ 8 1593 L1-37 Pages voting permits: (Continued) First Securities Corporation of Syracuse, New York, granted limited permit to vote the stock of four banks, limitation on dividend payments and purchase of own capital stock, requested to furnish 21 1/ 7 annual holding company affiliate report -orthwest Bancorporation, Minneapolis, Minn.: Austin State Bank, Austin, Minnesota, application for membership in FRSystem approved subject to compliance by Northwest Bancorporation of condi4/30 819 tions incident to permit to vote stock of General voting permit approved subject to certain con4/30 823 ditions State Bank of Northfield, Minnesota, application for membership in FRSystem approved subject to compliance by Northwest Bancorporation of condi820 4/30 tions incident to permit to vote stock of certain conto subject approved permit General voting 4/30 823 ditions for memberapplication Minnesota, State Bank of Virginia, ship in FRSystem approved subject to compliance by Northwest Bancorporation of conditions inci821 dent to permit to vote stock of 4/30 to certain consubject approved permit General voting 4/30 823 ditions United States Investment Company, East Chicago, Ind., application to vote stock of national banks not necessary 37 oconsin Bankshares Corporation of Milwaukee, Wisconsin, limited permit granted to vote the stock of the Baraboo National Bank, action on general permit deferred until capital structure of the 36 1/10 First Wisconsin National Bank is strengthened National Baraboo of General permit granted to vote stock 6/ 8 1157 Bank, Baraboo, Wis. WisWest 425 by Agreement on Form P-3 must be executed consin Avenue, Inc., Milwaukee, Wisconsin, before authority is granted for issuance of 10/15 2024 voting permit to Ir(kch Bank 12/ 3 2263 National General permit to vote stock of Baraboo ers: . ter 8/ 4 1551 tetgelln, John 0., for traveling expenses approved as Cincinnati n, Alfred, for traveling expenses from Special Consultant in Division of Research 8/18 1631 and Statistics Brown, covering travel expenses including difference 8/ 6 1580 in price of standard lower berth and roomette http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 438 Pages Vouch (Continued) Cravens, Kenton R., payment of, for expenses incurred in coming to Washington for consultation on Regulation T.-, approved Payment of, for expenses incurred in coming to Washington for discussions on procedure under Executive Order 9112 Payment for traveling expenses approved Covering expenses for attending meeting in Washington PRBank of Cleveland for reimbursement of expenses incurred for Maritime Commission under Regulation V Rodgson, Thomas H., for reimbursement of FRBank of Minneapolis to cover expenses in connection with assignment to staff of Board approved Millard, E. R., covering travel expenses including difference in price of standard lower berth and roomette For traveling expenses including additional expenditure because ordinary accommodations not available Porter, Joseph H., travelling expenses approved to cover drawing room because no other accommodation available 82Tmczak, M. S., to cover price of compartment because no other accommodation available approved Traveling expenses, elimination of jurat approved and use of certificate of, granted War loan expenses: To be submitted by FRBanks through Division of Bank Operations Submission of June vouchers to be deferred for time being To be forwarded through Board's Division of Bank Operations and salaries and other items that may be included in Suggestions for uniform preparation of Senator Robert F.: 'Iequest that Board submit routine report to Senate Banking and Currency Committee on Murray bill, S. 2250, to mobilize small business for war purposes RePly to request for opinion on S. 2146, etc., advising that Board is opposed as they include the objectionable features of S. 4095 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/13 712 712 4/13 7/ 8 1385 11/ 6 2129 8/29 1715 6/29 1316 8/ 6 1580 12/ 9 2294 9/ 8 1752 10/23 2057 11/ 4 2115 6/ 2 1111 7/ 1 1345 7/15 1432 12/31 2416 2/17 290 3/27 53 439 Pages Senator Robert F.: (Continued) Regulation W, reply to letter on questions raised by Mr. Bruchs on feature of regulation Service under Sec. 32 of Banking Act of 1933, reply to reouest of representatives of open-end investment companies that officers, etc., of member banks be Permitted to serve on Wall Street JournaL: Article to effect that Federal Reserve officials were contemplating control of savings accounts, denial of 6/27 1309 12/16 2323 9/21 1849 1/23 113 Council Further discussion directed toward an exchange of views of Board and Federal Advisory Council Discussion of progress made by Board and Treasury in formulation of a long rair:e program for, at meeting of executive committee of Federal Advisory Council with Board Discussion of Federal Advisory Council with Board as to whether it should be conducted on a voluntary basis or a plan of compulsory savings should be adopted Suggestion that higher taxes rather than a plan for compulsory savings is the proper solution to the problem, discussed at a meeting of the FhC with the Board ConferInc:ustrial loan corporation, statement of Presidents' make loans to of, creation the ng regardi ence to small business concerns for war purposes and discussion at meeting of Board with Pres- 2/16 264 2/16 266 3/12 L71 idents l egislation to be included in another V,ar Powers Act, Mr. Vyatt ' authorized to advise Mr. Cox that Board has no additional Loans to small business concerns for war purposes, new bill to provide for, reported on by Mr. Eccles at meeting of Board with Presidents, Mead Bill considered inadequate Expression of opinion regarding, by Messrs. Eccles, McKee, and Ransom 3/2 385 2/17 288 2/3 178 2/ 3 la War: Executive Order dealing with war contracts, ordered published in FRBulletin Financin of, discussion of long-range Treasury program for, by Board in meeting with Federal Advisory http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/18 952/18 953 440 Pages (Continued) Wiurray bill, S. 2250, to mobilize small business for war purposes, submission of report to Senate Banking and Currency Committee discussed, to be cleared with Budget Bureau as proposal by :,1r. Eccles may be substituted Rates on Treasury issues for long-term money during the war, discussion of pattern of rates at meeting of executive committee of the Federal Advisory Council with Board ive Order dealing with contracts for, orExecut of ent Statem dered published in FRBulletin War powers bill, second, provision for eliminating section se of 14.(b) of FRAet to aba aireet purcha by ry FRBanks, Treasu Government securities from , market open to ses instead of limiting purcha with g meetin discussion by Presidents in Board War Executive Order establishing, ordered pubBoard, Production lished in FHBulletin contracts, letter urging inclusion of "no setoff clause" protecting assignee against claims Declarations, statement for publication in FRBulletin Department: Defense contracts, information requests by, re the awarding of, Defense Contract Officers asked to send Board copy of reports Duplicate copies of guarantees executed on behalf of, should be forwarded to the Board, reply to FRBank of Chicago tion of I.'xpenses in connection with mskin of war loans, alloca t of rsemen reimbu items covered in vouchers for expenses Financing of war production contracts, plan discussed whereby FRBant:s by authority of an Executive Order to would act as fiscal agents for, in regard for ctions instru Forms for guarantee and other ihar loan forms, a use, sent to FRBank of Atlant al of, not Guarantee agreement for war loans, official approv to all sent yet received, upon receii)t to be FHBanks s Form, instructions, and documents sent to FRBank Eorm proposed by, for adoption for its use, sent to Filbans in memo from Agreement my be si-med by officers named General Styer http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/17 290 3/12 473 V22 754 2/ 3 17') 1/23 113 5/30 .1097 6/22 1268 1/5 5/ 8 903 8/21 1653 3/20 507 4/17 739 4/10 690 698 721 722 VII L/15 1,/15 441 Pages V:ar Department: (Continued) Guarantee loans: Guarantees of 100 per cent to be made only in exceptional cases, telegram to FRBanks Complete file to be furnished to Minor changes in condition may be accepted by FPBanks without reference to War Department, prior approval not necessary after authorization, letter to all FRBanks Power of FRBanks to increase up to amount not exceeding 4100,000, approved, copies of memorandum sent to all FLBanks (See also V.ar loans) Instructions of, regarding war loans are not for general publication, but disclosures may be made as necessary in connection with negotiations Interest, fees, and other charges derived from War Department loans to be credited to account of Lieutenant Colonel Witcher Interpretations of certain words in guarantee agreement, inquiry of Mr. von Wening of A. 0. smith Corporation, Milwaukee, Ids. Procedure for execution of guarantees and making of loans pursuant to authorization of, sent to FRBanks Provisions of loan agreement under Regulation V used by FRBank of Cleveland, revisions requested Reports on war loans, FR 577 to he used pending further discussion by Board with Schedule of rates on war loans to be submitted to, by Board Messrs. Hays, Hale, and Olson requested to assist in the preparation of Letter containing Board's recommendations sent to UnderSecretary of, to be cleared with Navy Department and Maritime Commission Staff: Browning, Col. A. J., Director of Purchase Division, not available for meeting with Federal Advisory Council on renegotiation of war contracts Cleveland, Major Paul: To visit field procurement districts Present at Board meeting Statement by, regarding plan whereby FRBanks would act as fiscal agents for War and Navy Departments and Maritime Commission in financing war production contracts Copy of letter containing Board's recommendations of rates on war loans sent to http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/17 736 8/ 6 1577 8/18 1633 8/17 1628 4/13 710 7/ 1 1345 8/17 1629 4/22 753 8/22 1661 4/17 4/ 3 738 618 4/ 3 618 4/ 3 619 9/14 1795 1/5 3/20 14 507 3/20 509 4/ 3 619 442 Pages r Department: (Continued) Staff: (Continued) Comers, Colonel E. T., memorandum from, re financial contracting officers assigned to duty in Vlashington Karker, Maurice H., Chairman of Price Adjustment Board, suggested to meet with Federal Advisory Council on renegotiation of war contracts Patterson, Robert P., Under Secretary, letter to, enclosing copy of proposed instructions to be followed in making war loans Letter to, containing maximum interest rates and guarantee charges that may be charged on war loans, draft of Regulation V also enclosed Letter from, modifying instructions for war loans sent to FRBanks Pengra, Charles 0., Counsel for Price Adjustment Board, to meet with War Loans Committee and representatives of Federal Advisory Council on war contracts Styer, General W. D., memorandum from, setting forth specimen signatures, sent to FRBanks Synopsis of War Department program for military government, letter to Provost Marshall General designating Mr. Clayton as liaison representative of Board War loans, procedure to be followed by FRBanks in execution of guarantee agreements, in accordance with suggestion of Conditions contained in authorization by, need not be included in guarantee agreement unless so indicated Memo advising that funds may be released immediately upon execution of the assignment by the contractor Adoption of a standard form of guarantee agreement for, letter to FRBanks regarding Discussion with regard to authorizing deposits of advance payments in banks not members of the FRSystem Guarantee agreement form for, special condition to be inserted in section 13 of agreements executed on behalf of War, (See also War loans) t epartment Price Adjustment Board, meeting of committee of Fed' eral Advisory Council and committee of Board with Mr. Pengra Ai f nanCing: Ilet to Mobilize http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Productive Facilities of Small Business, statement to be published in FRBulletin 4/17 737 9/12, 1795 4/ 6 628 4/6 634 4/17 737 9/1L 1795 4/17 737 10/10 2005 4/27 776 5/ 5 864 5/6 870 5/16 948 5/23 1024 5/25 1032 9/18 1830 6/22 1268 443 Pages War. financing: (Continued) Banks, question of giving them preferential treatment under the tax program in view of the substantial part they play in, considered at meeting of the executive committee of the Federal Advisory Council with the Board Opinion regarding, to be presented to Congress Definition of term Unconditional Guarantee, statement for publication in FRBulletin Limitations on national bank loans, statement for publication in FRBulletin Military, Naval, and Maritime Commission appropriations, statement for publication in FRBulletin Statement regarding, to be published in FRBulletin Surplus funds of business concerns, suggestion in memorandum from Mr. Williams that they be used for, no action to be taken until after discussion with executive committee of the Federal Open Market Committee War. i nformation, publication of, letter to Mr. Davis designating Mr. Thurston as contact man Wa, 4-0an deposit accounts, banks to be encouraged to make greater use of Proposed amendment to FRAct to exempt from reserve requirements and from FDIC assessment r -Loan depositaries, letter to be sent by FRBank of Chicago to banks in district suggesting they qualify as War 1 ' -Loans: Accounts, opening by small banks discussed at meeting of Federal Advisory Council with Board Accounts to be opened by small banks, telegram from Treasury Department to FRBanks to encourage opening and enlarging of Ad ministration of Federal Reserve activities placed under War Loans Committee Advance payments and Government loans, acceptance by borrower, memo of War Department on inclusion in loan agreements Aggregate amount of funds advanced by financing institutions on each loan guaranteed, duplicate reports to be furnished each month Amendment to Regulation A, relates to eligibility of paper evidencing guaranteed loans and does not affect acceptability Ate• rican Bankers Association, Executive Council of, meeting on April 19-22 may be attended by Mr. Cravens to present war loans plan Anlount made to date discussed by Mr. Draper http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/ 9 4/ 9 676 681 6/22 1268 5/25 1042 5/25 1042 4/22 754 1/16 69 7/25 1485 11/17 2191 12/ 8 2285 11/16 2175 9/14 1798 9/18 1842 7/ 3 1369 10/22 2050 7/16 1443 10/29 2085 4/ 9 685 6/ 3 1122 444 Pages loans: (Continued) Amount of guarantee if less than 100,000, not necessary to submit to Maritime Commission for prior approval Amounts to be reported in column 4 of Form 579, instructions to FRBanks APPlicability of exception 10 to section 5200 of revised statutes to participations in loans covered by guarantees Applications for loans and guarantees: FRBanks requested to give consideration to suggestion that such applications be forwarded directly to Washington from the FRBranch banks Financing institutions for guarantees should be submitted on uniform forms by FRBanks Form to be submitted by financing institutions for guarantees, modification of A eekly reports may be discontinued l'APropriation for carrying out provisions of Executive Order, fund available to Maritime Commission under Independent Offices Appropriation Act, 19/13 Assignment of claims in connection with, correspondence with Comptroller General on procedure of his office Assignment of moneys as against trustee in bankruptcy, validity upheld in Rockmore v. Lehman A ssignment of original contract, informal opinion of General Accounting Office Authorizing deposits of advance payments in banks not members of the FRSystem discussed with War Department Barnes-Duluth Shipbuilding Co., request that authorizations in connection with loan be ratified and confirmed by Maritime Commission Bendix Aviation Corporation, notes issued by, not negotiable and ineligible for rediscount Canadian Bank of Cowerce, branches located in this country being named as assignee of contracts by the Navy Department and ship building concerns Letter to FRBank of San Francisco enclosing copy of reply of Navy Department on question Cancellation of terminated guarantee agreements, instructions of War Department Letter from FRBank of Cleveland on cancellation of copies given to borrowers List submitted by FRBank of New York with copy of form of notice of termination I-ist submitted by FRBank of Richmond http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/14 1619 10/ 1 1920 12/12 2306 5/25 1032 6/30 1325 9/ 3 1725 7/30 1520 7/ 2 1354 9/ 3 1724 9/14 1805 12/21 2353 5/23 1024 10/ 2 1934 9/18 1832 6/ 5 1140 6/15 1220 9/15 1816 9/21 1857 9g8 L 118896 445 Pages 18-/' loans: (Continued) Certificate, form of, to be used by Maritime Commission Certificates of deposit covering interest, fees, and other charges sent to Major W. E. Schooley Charges on behalf of War Department, instructions for inclusion of salaries of officials Check of action of financing institutions in disbursing and servicing loans, letter to Presidents of all FRBanks Clark, G. designated as representative of Maritime Commission in connection with loans in place of George Mayor Compliance with requirements of, exception to Sec. 5200 of Revised Statutes, no objection to giving copies of Comptroller's letter to interested banks and their attorneys Computation of interest in guarantee fees, 365 days to be used in Computation of guarantee fees, interest, etc., Government should be credited with exact amount due Condition D under Regulation V, interpretation of Conference of representatives of FRBanks in Washington at early date suggested Board of Governors and the Services to be held in Washington on October 19, 20, and 21 Expenses of those attending to be assumed by each FRBank Copies of proceedings sent to FRBank representatives and others Contract, certified copy to contractor, letter to firm of Hinckley, Allen, Tillingast &11,heeler, Providence, R. I., procedure suggested by War and Navy Departments Contracts made by War and Navy and Maritime Commission, letter from FAC on including "no setoff clause" protecting assignee against claims Copies or documents to be sent to Board for transmission to War and Navy Departments and Maritime Commission, letter to FRBank of Atlanta on extent of c°rporate seal of financing institution should appear on guarantee agreements executed on behalf of Aar Department CoUnsel's Office, in connection with consideration of, discussed in connection with bill of Squire, Sanders, and Dempsey Cl'edit agreement, questions on standard form raised by Mercantile National Bank, Chicago, letter to I'Var Department suggesting conference on interpretation http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/25 1031 8/2L 1665 9/15 1817 6/10 1179 9/26 1891 11/ 2 2100 6/10 1180 10/ 1 1922 12/ 7 2277 10/ 2 1933 10/ 6 1952 10/29 2086 11/20 2209 6/16 1225 5/30 1097 9/17 182/, 9/ 3 1725 7/28 1505 6/19 1256 446 Pages War. loans: (Continued) Decentralization of authority with respect to guarantee loans, letter to FRBanks on letter from General Carter and reports on Form 577 to continue to be forwarded to Board Default of contractor, guarantee of loan not affected by Delegation of authority by Maritime Commission to guarantee loans, copy of revised general order sent to FRBanks ee fees to Maritime Commission, FRBanks ng guarant of Depositi to use form No. 1 representing guaranteed loans, effect of t notes of Discoun amendment to Regulation A on Documents required in connection with, FRBanks should satisfy themselves as to legal sufficiency of Eligibility for rediscount discussed at meeting of Federal Advisory Council with Board zing FRBanks to act as fiscal agents for authori e Executiv order War Department, etc., in making, reviewed by Mr. Eccles and discussed with regard to effect upon industrial loan corporation bill Signed by President s FRBanks advised of Order, requested to send representative e to conference for development of procedur d from Monday until Wednesday postpone Conference basis for, by Mr. Vest and discussion by legal Statement of Board To he published in FRBulletin Penses and their allocation at FRBanks, outline of Procedure of FRBanks in preparing vouchers requesting reimbursement from War Department FRBank of Minneapolis, no objection to brief narrative of activities in annual report if first submitted to Board expense reon Fees guaranteed loans, treatment in earnings and ports of FRBanks d whereby ina-ncing of war production contracts, plan discusse FRBanks by authority of Executive Order would act as fiscal agents for 1,ar and Navy Departments and Maritime Commission in regard to F. Statement by Major Paul Cleveland regarding lrlancir4; of contracts under Regulation V discussed at meeting of Board with executive committee of Federal Advisory Council . Pi Fednncing of war contracts by large concerns, effect on Federal of eral revenue discussed at meeting Advisory Council with Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/25 103 6/ 8 1158 9/19 1847 10/ 9 1998 10/ 3 1940 6/15 1219 9/1L 1801 3/23 3/26 542 553 3/26 3/27 553 534 4/1 605 9/23 1875 8/21 1653 12/23 2374 10/22 2049 3/20 507 3/20 509 6/ 3 1122 7/ 1 1335 447 Pages (Continued) P instructions for - 'cwra for guarantee and other war loan forms, Atlanta of L/17 FRBank to use, sent in for use t contrac of Form of ent assignm loan agreement and guaranteed loan, copies used by FRBank of New York sent to War and Navy Departments and Man 6/19 time Commission by POrm sentence of addition to n of loan aE;Teemnl.., we ojea.tio 7/31 FRBank of New York ees, guarant with on connecti of loan agreement used in plies of War and Navy Departments, and Maritime Commission on, suggested additional paragraph 12/ 2 to be included by FFBank of Boston e for guarante date FOrm. on Board FR-577 should be forv;arded to war loan is executed and mailed or delivered 5/22 to financing institution the assignof n executio upon Fund-3 may be released immediately ment b! the contractor in so far as War Depart5/6 ment is concerned the of Bartelt Mr. 9112, Funs received under Lxecutive Order Treasury to confer with Viar Loans Committee re4/ 1 garding covering of, into the Treasury Furniture and equipment for use in connection with, not to be 9/15 purchased for handling work of Viar Department Furniture and equipment 1)urchased by FRBank of Boston, amount to he deducted from vouchers sent to War Depart9/21 ment - •Motors Corporation, notes issued by are not negotiable Gencral 9/12 and are ineligible for rediscount paranith loan in Compliance of guarantee agreement used 10/23 graph 10 of sec. 5200 of revised statutes Geri etainterpr ion, Commiss -"al order No. 54 issued by Maritime 10/ 8 tion of provisions of Goi in of, on discussi 'ernment's riht to cancel a contract, connection with the guarantee agreement, at 5/8 a meeting of the Board with the Presidents Guar-aneee agreement for making war loans: and SUgPreliminary draft of, sent to FHBanks for comments 4/ 7 gestions l approva FREanks to be advised of, upon receipt of official 4/10 from dElr Department 4/11 FRBanks to sent ts Form, instructions, and documen use, its for adoption for ent 11 c)rm, pro.)osed by War Departm 4/15 sent to FRBanks May be aLTled by War Department officers named in memo from 4/15 General Styer need ent Departm War by ation Conditions contained in authoriz 5/ 5 not be included in, unless so indicated 10an S 739 1255 1525 Porn http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2259 1016 870 603 1818 1857 1833 2052 1974 395 653 690 698 721 722 864 448 Pages War loans: (Continued) Guarantee agreement: (Continued) Revision of the form sent to FRBanks with request for suggestions Proposed standard form transmitted to FRBanks with requests for comments and suggestions Executed on behalf of the Navy and V.ar Departments, duplicate copies of should be forwarded to the Board, reply to FRBank of Chicago Adoption of standard form by the Var Department and the Maritime Commission, FRBanks advised regarding Procedure for the execution of, sent FRBanks, supersedes prior instructions Standard form of, documents relating to the approval of, by the V.ar and Navy Departments and the Maritime Commission sent to FRBanks Form, special condition to be inserted in section 13 of agreements executed on behalf of the War Department Use of illustrative examples of the operation of sections 5 and 6 of standard form, FRBank of St. Louis to be advised later on use of Reply to Mayer, Meyer, Austrian and Platt, Chicago, answering certain questions on wording of form letter designating representatives to Commission, Maritime act for commission in connection with Changes in wording of condition approved Interpretation of section 6 of guarantee form, letter from attorney of Mercantile National Bank of Chicago n Modificatio where loan is made and participated in by FRBank and is guaranteed by Maritime Commission n Modificatio of standard form to be used where loan made or participated in by FRBank may be guaranteed by Navy Department Memo to Colonel Mechem on necessity for insertion of special condition quoted in memo of ia.r Department Compliance of standard form with definition of term unconditional, as used in revised statutes Standard form modified for use in cases where loan made or participated in by FRBank is guaranteed by War Department Provision to permit borrower to withdraw uncancelled contracts from collateral and substitute cancelled contracts http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/ 8 894 5/8 902 5/8 903 5/16 948 5/18 974 5/19 989 5/25 1032 5/28 1076 5/29 1086 5/30 1097 6/ 5 1139 6/ 6 1152 6/15 1218 6/15 1218 6/15 1220 6/24 1275 6/29 1318 7/ 3 1363 449 Pages War, loans: (Continued) Guarantee agreement: (Continued) Question of making two signed copies available to financing institutions so one copy may be delivered to borrower, advice of lAar and Navy Departments and Maritime Commission requested Interest may not exceed prescribed fee on overdue principal or overdue interest or otherwise Provision to allow withdrawal of uncancelled contract from collateral securing loan and substitution of cancelled contracts, letter to Maritime Commission acknowledging letter Interpretations of section 1 on number of purchases and section 4 on bankruptcy proceedings Insertion of special condition on higher rate of interest charged at maturity, letter to FRBank of Richmond that change in standard form is not desirable but changes may be made in particular cases Incorporation of uniform paragraph to give protection to financing institutions against invalidity of assignments, letter to FRBank of Chicago that changes in standard form are not desirable excess of f100,000 executed for War Departin Loans not ment and Maritime Commission without prior approval, but not for Navy Department, letter to Mr. Gilbert Loans up to t100,000 by Helena Branch without reference to Washington after receiving certificate of necessity from liaison officer at Minneapolis Minor changes in condition may be accepted by FRBanks without reference to 1%ar Department, prior approval not necessary after authorization, letter to all FRBanks Power of FRBanks to increase up to amount not exceeding N_00,000 approved, copies of memorandum sent to all FRBanks 'Aade on behalf of Tar Department, instructions for including terms and conditions in Special conditions of 'iar and Navy Departments transmitted to FRBanks with advice of contemplated revision of standard form Interpretation of wording of standard form requested by Mr. A. von 'Vening Cancellation of terminated, memo of '.iar Department on Interpretation of section 3 of standard form, questions raised by Mr. Grant V. Anderson Original maturity, meaning of term as used in http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/ 8 1383 7/10 1404 7/1 21 7 146 46 9 7/27 1495 7/27 1496 8/ 6 1577 8/17 1628 8/18 1633 8/17 1628 9/16 1222 10/12 2009 10/16 10/20 2330 2042 1 0 ( /0 )/ 3 0; 13 450 Pages r loans: (Continued) Guarantee agreements: (Continued) Special provisions in connection with loan to General Motors Corporation, request of Davis, Polk, Wardwell, Sunderland, and Kiendl that provisions be included in all guarantee agreements Special conditions to be inserted approved by Maritime Commission Inclusion of provisions included in loan to General Motors Corp., letter to Maritime Commission on Optional condition L, letters from V:ar Department and Maritime Commission on use of provisions in loan made to General Motors of Inclusion Corporation, letter from Davis, Polk, Wardwell, Sunderland, and Kiendi Amendments submitted in memo from War Department, copies sent to Navy Department and to Maritime Commission procedure for making to, Amendments of standard form sent to FRBanks for sugrevision Proposed gestions of standard form, letter to certain revision Proposed bankers for suggestions Proposed revision of standard form submitted to Comptroller of Currency for suggestions Proposed revision of standard form, suggestions may be submitted not later than Jan. 12 Guarantee charges, may be paid at time justified by loan agreement Guarantee charges on loans, letter to Tar Department for opinion on proposed change in minimum guarantee fee Guarantee charges, telegram to FRBank of Chicago on circularizing new schedule G uarantee fees: Navy Slight change in, made to avoid possible confusion, Department and Maritime Commission advised Letter to War Department on provisions in guarantee agreement with reference to rate of interest payable after the maturity higher than rate payable before maturity to FRBank of Remittance by financing institutions, advice with exact credited be Government Chicago that due fees amount of Computation where first advance is made by financing institution prior to issuance of agreement Schedule approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/27 2074 10/30 2091 11/11 2150 11/13 2166 11/27 2234 12/ 9 2294 12/14 2311 12/22 2361 12/22 2362 12/23 2375 12/26 2394 4/11 706 12/26 2394 12/31 2417 9 665 7/ 2 1355 7/13 1415 11/27 2234 12/29 2403 451 Pages loans: (Continued) Guarantee fees and other charges, information on how amount is arrived at, to be kept by FRBanks for future reference Guarantee fees and schedule of rates, telegram to FRBanks on proposed changes in Guarantee schedule of rates approved and minimum guarantee fee eliminated Guaranteed loans, compliance with requirements of, exception to section 5200 of revised statutes, letter from Comptroller of Currency on eligibility of notes evidencing, statement ed loans, Guarante for publication in FRBulletin Guarantees of 100 per cent on war loans, to be made by War Department only in exceptional cases, telegram to FRBanks Guarantees, procedure for determining authenticity of authorizations for the execution of, reply to FRBank of Cleveland regarding G requested to forward in duplicate all corFRBanks uarantees, respondence regarding G ation memoranda for the execution of, to authoriz uarantees, be sent to FRBanks by air mail instead of by wire, telegram to be used only to notify of action taken on applications 1.%ar Loans Committee to continue for time being to wire entire memoranda to the FRBank of San Francisco Guarantees, letter to FRBanks containing answers to questions involving the execution of G War Department, memo uarantees, loans and commitments made by randum of General Somervell on procedure, copy sent to FRBanks Guarantees by War Department, complete file to be furnished to Guarantees, desire of JEIr Department that applications be forwarded to washington through FRBank of Minneapolis and not direct from Helena Branch, loans not in excess of 8100,000 to be reported to head office Illinois Tool and Machine Company, not necessary to prepare form FR 577 covering guarantee of loan to In applications for, pending apformation, in connection with pointment of liaison officer if not available immediately, application should be forwarded to Washington without it Information on number and amount, letter to FRBanks on release of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/ 2 1354 12/22 2360 12/30 2409 10/29 2086 10/24 2059 4/17 736 4/17 738 4/25 764 5/11 915 5/12 925 5/23 1023 6/ 5 8/ 6 1139 1577 8/27 1698 5/22 1016 4/30 825 6/ 3 1129 452 Pages loans: (Continued) Information requested with applications, letter to FRBank of Atlanta commenting on mimeograph sheet calling for supplemental data to be furnished with applications Instructions to be followed in making, copy sent to Under Secretary of War Patterson Instructions of War Department not for general publication, but disclosures may be made as necessary in connection with negotiations Instructions of War Department and Maritime Commission in authorizing making of guarantees by FRBank, authority of certain officials to waive requirements Instructions for guidance of FRBanks in arranging guarantees and in servicing loans, copies of those adopted by War and Navy Departments and Maritime Commission sent to FRBanks Interest and fees derived by War Department from, instructions as to the account to credit it to Interest, fees, and other charges derived from War Department loans to be credited to account of Lieutenant Colonel WitcherIns, charges to credit of Laritime Commisfees, and other sion, manner of covering into general fund, letter to Maritime Commission on arrangement Interest, fees, and charges derived by Maritime Commission, advice to FaBanks on crediting to account of Interest, fees, and other charges derived by Navy Department from loans and guarantees, instructions for crediting of Interest rates on, in excess of five per cent is in violation of rates established by the Board Interest rate on loans guaranteed by Maritime Commission, letbe as low ter from Commission that rate should as possible Interest rate, advice that interest after maturity, interest on overdue interest, or otherwise should not exceed maximum rate prescribed for guaranteed loans Jacob, W. F of Tucson, Arizona, reply to Senator Hayden that application was not executed by any financial institution and War Department ruled that no application exists Legal work and procedure at FRBanks in connection with guaranteed loans, letter to War Department for advice and comment http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/13 1413 4/6 628 4/13 710 9/23 1869 9/30 1910 5/27 1069 7/ 1 1345 7/ 3 1364 7/23 1456 9/19 1847 5/22 1016 9/ 3 1725 9/14 1805 7/11 1407 8/10 1599 453 Pages War loans: (Continued) Legality of executive order, 9112, opinion of Mr. Oscar Cox on, no distribution to be made unless requested Liability of guarantor for loss without any express limitation on period of time Liaison officers not authorized to execute guarantee agreement in any amount without submitting to War Department s Limitation on loans by State laws, compilation of State laws sent to War Department with opinion that they do not apply to guaranteed loans Loan agreement used by FRBank of Cleveland, request of War Department for revision of certain provisions Loan agreements, memorandum from War Department on provisions which prevent borrower from undertaking additional war contracts, from consenting to modification of war contracts, etc. Maritime Commission, manner of handling negotiations by subcontractor Instructions of, sent to FRBanks Mr. Rockwell authorized to execute guarantees for, signature sent to FRBanks Maturity of, acceleration prohibited without written consent of guarantor M emoranda from General Styer, Colonel Comes, and Mr. Patterson re specimen signatures, contracting officers, and modification of instructions for, sent to FRBanks Messrs. Rounds and Newell of FRBanks of New York and Cleveland, respectively, to be requested to come to Washington to discuss procedure for making Mortgages taken as security for, possibility of conflict between Government's rights and rights of financing institution National banks, Comptroller requested to give consideration to question of allowing the making of war loans by, without being subject to section 5200 of Revised Statutes Loans made by, applicability of section 5200, Revised Statutes to, letter to FRBanks regarding, Board has no objection to the giving of a copy of, to interested parties, information on State limitations on loans made by State banks requested 3allY Department, instructions as approved for Letter of Board on making guaranteed loan prior to filing of notice of assignment of contract http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/19 984 10/19 2039 8/13 1613 7/22 1470 8/22 1661 9/12 1790 4/22 5/16 753 948 5/21 1008 9/28 1895 4/17 737 3/20 513 10/ 8 1973 4/8 661 5/12 5/19 924 991 6/10 1181 454 Pages 'ar loans: (Continued) Non-negotiable notes of corporations, eligibility under Regulation A Notes evidencing loans guaranteed pursuant to Executive Order No. 9112, instructions to FRBanks for treatment of, and amendment to Regulation A transmitted Number of applications for loans and guarantees and number made each week, request of Board that wire covering, be sent each week Number of applications for loans and guarantees on hand, reports to exclude those referred to Ibashington Optional condition (N), memo of liar Department on use of Optional conditions (N) and (L), letter from Navy Department on insertion in guarantee agreements and on modification in standard form of authorization °riginal maturity, explanation of term in connection with, letter from Mr. Verhelle Procedure for making, pending appointment of liaison officers by the War Department Procedure for execution of guarantees and making of loans pursuant to authorization of War Department sent to FRBanks Procedure to be followed by FRBanks in execution of guarantee agreements, in accordance with suggestion of War Department Proposal of having FRBanks act as fiscal agents for the making of, reviewed and discussed at meeting of the executive committee of the Federal Advisory Council with the Board Purchase of guaranteed portion by War Department, procedure for on with loan applications called to attenconnecti s in Question tion of FRBanks by Maritime Commission Rates, table of, which might be adopted by War Department considered for submission to conference of Reserve Bank representatives Rates on, letter containing Board's recommendations regarding approved, to be sent to Under Secretary of War to be cleared with Navy Department and Maritime Commission, copy to be sent to Major Cleveland Rates of interest and guarantee fees on, discussed at meeting Adof the executive committee of the Federal visory Council with the Board Rates on, not to be generally released but used in connection with actual transactions as they arise Rates of 1/2 to 2 per cent on commitments for future discount of loans at FRBank of New York, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/18 1835 9/21 1853 5/ 2 339 6/9 1171 11/ 3 2107 11/ 3 2107 10/ 1 1923 4/13 709 4/22 753 4/27 776 4/ 9 683 12/23 2373 9/26 1891 4/1 606 4/ 3 619 4/ 9 685 4/14 716 5/ 1 834 455 Pages 17ar loans: (Continued) Real estate loans by national banks, mortgages as additional security for guaranteed loans where primary security is represented by guarantee or by as9/23 1370 signed contract • on S, amended to gear the FRBanks to the program for 826 4/30 Regulati on with discussi of purpose for Regulation V, draft of, approved 4/ 1 601 Reserve Bank representatives the adopwith on connecti in Press statement to be released 4/10 690 tion of, sent to FRBanks at Draper Mr. by reviewed Experience of the Board under, 5/ 8 894 meeting of the Board with the Presidents amendloans, al industri on Treasury Regulations of Secretary of 3/26 560 ment to be requested to , letter expenses other and Reimbursement for traveling FRBank of Dallas regarding suggested procedure 5/20 996 for allocating d forwarde be through to vouchers for, Reimbursement of expenses 7/15 1431 Board's Division of Bank Operations s: contract Renegotiation of war d at meeting Resolution of Federal Advisory Council presente on discussi 9/14 179L for with Board and l policy proprincipa on nt Departme Instructions of VVar 9/21 1856 cedure for by d exercise Governis right if Probable losses to banks 10/ 7 1959 ment Reports on: FR 577 may be used for, pending further discussion with 4/17 738 War Department with to respect Board, by desired FRBanks advised of kind outstanding loans guaranteed by FRBanks, Forms FR 579 and 577 enclosed with proper instruc838 5/ 2 tions al expense, function of ion preparat Manual governing the sent to FRBanks, changes involving reimburse5/ 4 842 ment for expenses incurred in making to regular addition in d submitte Type and scope of those 6/30 1324 forms g reportin for ions instruct 7/ 3 1361 Forms 577, 577a, and 579, of amount advances total show to June and July requested 8/26 1690 made revised reports loans, on ing outstand Total daily balances 9/12 1791 requested from FRBank of St. Louis e for procedur 3/20 513 g regardin confer to Representatives of FRBanks in be included to items other and Salaries of senior officers 7/15 1432 vouchers for reimbursement of expenses http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 456 Pages tar loans: (Continued) Schedule of interest rates and guarantee fees that may be charged for, and copy of proposed regulation sent to Under Secretary of bar Patterson Similar letters to be sent to Under Secretary of Navy Forrestal and Chairman Land of Irlaritime Commission Schedule of 5 per cent on, approved Secretarial and other service and supplies to be furnished liaison officers of lair Department on reimbursable basis Sec. 5200 of revised statutes, applicability of exception 10 to participations in loans covered by guarantees or take over commitments Series of numbers on guarantees to be assigned by FRBank and same numbers to be used on reports State laws limiting loans to one person, compilation of reports received from FRBanks Statement by Mr. Eccles on conference of Board vith Reserve Bans representatives regarding interest rates and guarantee charges on Statement of necessity to accompany applications for guarantees of loans, FRBanks requested to submit, for use of bar and Navy Departments and Maritime Commission SuPnly contracts, memo of bar Department with amendment of contract inserting article 14 Lalrety companies as reinsurer of risks in program discussed at meeting of Federal Advisory Council with Board Transfer of collateral securing 7uaranteed loan, right of guarantor to require Transfer of note evidencine- guaranteed loan, question whether FRBank succeeds to rights of discounting financing institution Voucher submitted by FRBank of Cleveland for reimbursement of expenses on behalf of Maritime Commission, requested to ;,ithhold voucher until loans are guaranteed Volaceiers for reimbursement of war loan expenses for June to be deferred for time being Vouchers, suggestion for preparation of Itaiver of requirements of instructions authorizing the making of guarantees by FRBanks, authority of certain officials of War Department and Maritime come mission ar Loans Committee, organization of, as outlined in memorandum from :r. Eccles approved with minor change http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/ 6 634 4/ 6 4/ 6 635 639 6/15 1217 11/23 2218 7/10 1405 8/ 6 1577 L/ 3 618 4/25 764 10/10 2003 9/14 1800 12/31 2418 10/ 7 1957 8/29 1715 7/ 1 1345 12/31 2416 9/23 1869 3/26 554 /457 Pages tar Man Power Commission: Colored employees on staff of Board, report submitted at request of, and similar reports to be submitted every four months XI requesting list of positions in Board's orNumber Directive ganization concerned vith war effort and for which deferment might be requested al deferment, advice to Civil Service occupation Problems of Commission that Mr. R. F. Leonard will act for Board of Governors War P Board: roduction APplications for priority assistance for fourth calendar quarter, to be forwarded on Form PD-408 Pxecutive Order establishing, ordered published in FRBulletin Forms and instructions of Bureau of Governmental Requirements, copies sent to FRBanks Guarantee agreement for war loans, letter to :Jr. Mark Brotn on including provision to permit borrower to withdraw uncancelled contract from collateral and substitute cancelled contracts Inventories of consumers goods, use of credit in connection with accumulation of, letter to financing institutions to be cleared through (See also Inventories) Loan of Mrs. Nancy Randolph Porter refused, but no objection to resignation Priority assistance by FRBanks and designation of Mr. Myrick to act in liaison capacity with War Production Board, letter to Mr. „faury Maverick on request for Regulationb, proposed Amendment No. 3, statement with regard to the extent of help that its adoption would be to Statistics of department stores inventories by department to be collected monthly instead of quarterly 4.r Relocation Authority: F) eecutive Order establishing office, statement for publication in FRBulletin ar L'avings Program: Activities of FRBank liaison officers, monthly reports need no longer be submitted v,a. Discussion of record of FRBanks in pay roll savings plan Keith F., Publisher of The Bankers Magazine, advised that designed to discourac:e unwise borRegulation rowing and not prohibit instalment buying generally http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/12 1788 10/ 2 1926 10/23 2051 3/19 1/23 1642 113 7/3O 1519 7/ 3 1563 6/1 1 1186 9/ 8 1749 7/21 1466 2/214 324 6/13 1211 3/24 551 6/18 9/29 12/48 1903 1/16 77 14,58 Pages Washington Post: 100 V,ar Bond offered each month to Federal employee who makes most constructive suggestion for improvement of Federal service Weller, Ira A., reply to letter relating to restrictions of Regulation W Wesley, Irvin: (See Regulation V, Lincoln Loan Company) test, George, report of discussions of Mr. Ransom with, concerning amendments to several loan acts Western Electric Company, repair and maintenance of residential property for employees, application of Regulation W to /1tharton School of Finance and Commerce, study on "Executive Development in the FRBanks," copy of, not to be made available to the Training Division of the U.S. Civil Service Commission Wh ee4-er, Senator Burton K., advised that the report in connection with the application of the Billings Utility Company, Billings, Montana, for a loan from the FREank of Minneapolis cannot be made available because of its confidential nature, and relation to pending litigation Letter to Representative O'Connor and Senators theeler and Murray explaining reasons more fully Credit to church for building parsonage does not come under Regulation Vi Letter on refusal of request of Mr. Moss of Billings Utility Company for copy of report of examiner who made investigation in connection with application for loan White House Market, Vichita Falls, Texas, letter to Mrs. Frances Hodges that groceries are not included in listed articles under Regulation V, 1C111 'Erlanger Company, East Liverpool, Ohio, letter of appreciation for suggestion that a customer in default at one store might obtain credit at another and thus avoid Regulation W 11am Y. Gilmore and Son, Oak Park, Illinois, charge accounts complying with specifications under Regulation W, approved .1.., 0ughby, Raymond: (See Nation's Business) '"uMills, included in classification "water pumps designed for household use," under Regulation W regardless of priority status Wise °nein, trust funds awaiting investment or distribution, deposit by State to member banks in (An commercial and savings department http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/26 1892 9/25 1885 1/16 68 12/15 2314 5/20 1000 5/ 4 844 5/20 1001 6/ 3 1131 7/ 9 1388 6/ 2 1110 5/23 1026 8/ 4 1545 2/2 164 7/15 1430 459 Pages Withdrawals from FRSystem: Citizens Bank, Marshall, N. C., permission for immediate with10/13 2013 drawal approved for immediate application Fla., Marianna, Citizens State Bank, approved and permission to FDIC to examine in 10/20 2041 connection with continuance of insurance FDIC to exto permission Wisconsin, State Bank of Mayville, amine to permit continuance as nonmember in1/14 49 sured bank immefor given permission and waived Six months' notice 2/10 233 diate Wolffson, Joseph, complaint regarding difficulty of continuing bus7/ 2 1356 iness because of hardships of Regulation W Woodhull Insulation Co., Inc., request that maximum maturity for credit in connection with rock wool insulation 6/17 1235 be more than 12 months, not granted Nol shipments, request of Commonwealth Bank of Australia to send messages in private code to FRBank of Boston for transmission by mail to commercial banks, 7/17 1451 letter to Director of Censorship I'l°rking hours: (See Hours of work) Y. If C. A. 4.°11 exempted from provisions of Regulation W Ralph3 A.: (See National Bureau of Economic Research) 6/29 1319 112,11 .enoff, Ben: (See Zenoff Motors) 'eltoff Motors, advised that Board agrees with FRBank of Chicago in connection with a plan for the sale of used automobiles under Regulation W http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/6 873
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