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KEY TO INDEX Branch Banks, Domestic, Manks and Foreign, see Branch Banks Clayton Act Applications, 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 1935 "A" Pages Abel, Stanford E.: (See Hechinger Engineering Corporation) Abrasion: Gold shipped to FRBanks by Postmasters, letter from Mr. Ellenberger requesting reimbursement for losses to postmasters referred to Secretary of Treasury who has charge of Emergency Appropriation Act 4/9 876 Acceptances, bankers: Munitions of war, based on exports of, memo Prepared by Governor Harrison as assistant counsel of Board re right to restrict rediscount of, copy requested by Mr. Logan, approved, document was requested by Senate Committee from Board's records 12/27 2873 Regulation A, letter to FRAgents on suggestion of Mr. Yohe, that some banks are not complying with, requesting exaniners to check, and letter to Comptroller 1/30 298 Adams, J. W.: (See American Telephone and Telegraph Co.) Addresses: Board members, Mr. Miller requested discussion of Governor Eccles' request for authority to send copies of May 25 and June 5 speeches to member banks, Governor Eccles' reasons, Mr. Hamlin offers no objection, objections of Mr. Miller 6/14 1384-5 Statements of Governor Eccles, Mr. Hamlin, Mr. Miller, Mr. O'Connor and Mr. Szymczak, Governor authorized to have addresses Printed and mailed to member banks as official business and at expense of Board 6/14 1386-8 Governor Eccles' speech before Ohio Bankers Association, report that Senator Fletcher has had reprinted in Congressional Record, desire to have reprints made and sent to all member banks with letter of transmittal, suggestion of Mr. O'Connor as to change in letter, reprinting and transmittal approved, change left to Governor Eccles' decision 2/27 548 Statement of Governor Eccles that President had read speech and was in accord with it 2/27 549 Bill for 1500 reprints ordered by Governor Eccles, ordered paid 2/27 554 Peyton, John N., Banking Act of 1935, noted that he discussed before Minnesota Bankers Association on Sept. 24 and October 3, and that will discuss at Hutchinson and Owatonna October 15 and 18 10/14 2087 Affiliates: Anglo Safe Deposit Co., apparently affiliated with Consolidated Securities Co. and Anglo National Corporation, San Francisco, if so Exhibits L and N should be furnished 12/19 2787 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2 Affiliates: (Continued) BancOhio Securities Co., letter to Mr. O'Connor re voting permit application of BancOhio Corporation in connection with nine national banks, questioning method of termination of their affiliation with 11/13 Bankers Trust Co., New York, N. Y., question of relations with certain corporations stock of which is held in fiduciary capacity, action deferred pending disposition of Banking Act of 1935 5/11 California Lands, Inc., reply to Mr. Sargent on question of affiliation with Bank of America National Trust and Savings Association 2/ 1 Capital Co., reply to Mr. Sargent on question of affiliation with Bank of America National Trust and Savings Association 2/ 1 Central Securities Co., inactive affiliate of Riverview State Bank of Kansas City, Kansas, reply to Mr. McAdams to reconcile conflicting information re issuance of stock before publication of condition report is waived 10/11 City Bank Farmers Trust Co., New York, N. Y., question of relations arising from holding stock of corporations in fiduciary capacity, action deferred pending disposition of Banking Act of 1935, David Blustein & Bros., Inc., is not affiliate 5/11 Columbus Bank and Trust Co., Columbus, Ga., reply to Mr. Clark that as affiliate relations have been terminated no further corrective action is necessary 2/21 Community Water Works and fifty-two subsidiaries, draft of letter that they are affiliates of Chemical Bank and Trust Co., memoranda of Messrs. Thomas and Hamlin that they be held not affiliates, approved 3/22 Letter to Mr. Case that Board ruled on March 22 that it and its subsidiaries are not affiliates of Chemical Bank and Trust Co., New York, N. Y. 4/12 Condition reports: Forms, changes in those used by State member banks 9/ 3 Twin Falls Bank & Trust Co., Twin Falls, Idaho, reply to Mr. Sargent, noting his letter to, re republication of, of Almira State Bank, and Pacific State Bank, not to be required 12/28 Waiver: Requests for, advice from Mr. Fletcher of number of, to forward to Board for consideration 9/27 Revised provisions re, sent to FRAgents 12/23 Terms of Board and Comptroller for, under Banking Act of 1935, letter to FRAgents re 9/ 9 C. T. Investment Co., affiliate of Cleveland Trust Co., Cleveland, Ohio, reply to Mr. Fletcher that as company is no longer engaged principally in issue and sale of securities, relationship is not prohibited by Sec. 20 of Banking Act of 1933 2/ 6 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Pages 2368-72 1114 334 334 2076 1116 508 742 923 1860 2888 2016 2827 1890 384 3 Pages Affiliates: (Continued) David Blustein & Bros., Inc., is not affiliate of City Bank Farmers Trust Co., New York, N. Y., which is 5/11 1116 one of co-trustees of stock Edward Aaron, Inc., discovered to be affiliate of Merchants Bank of Kansas City, Mo., through examination, steps to be taken to terminate relationship and reports of not to be required if consummated 12/ 5 2635 before next call Equitable Trust Co., Wilmington, Del., reply to Mr. Austin on question of affiliate relationships arising from holding of stock of corporations in fiduciary capacities, action deferred pending dis5/11 1113 position of Banking Act of 1935 Examinations: 8/19 1766 Cost of, reply to Mr. Sargent on assessment of reply State member banks at time of examination of banks, 3/13 659 to Mr. Peyton on scope of of, report Farmers & Merchants Bank of Salisbury, Md., affiliate 8/ 2 1685 not of same date as that of bank Philadelphia, Pa., advances to, Corporation, Fidelity Building 6/14 1395 by Fidelity Philadelphia Trust Co. approved First Farmers8cMerchants National Bank, Troy, Ala., reply on request for consideration of termination of relationships with corporations so requirements 9/ 4 1868 of Sec. 23A will not apply to loans to First National Co., Troy, Ala., loan to by First Farmers & Merchants National Bank on "rental sales contracts", not within provisions of Sec. 23A of 645 3/11 FRAct First Security Bank of Idaho, Boise, Idaho, subsidiaries of First Security Corporation of Ogden, Utah, are not affiliates of, and condition reports need not be obtained, loan to Franklin Investment Co. 7/ 2 1569 does not came within provisions of Sec 23A First Trust Co., Lincoln, Nebr., reply to Mr. McAdams, in connection with First National Bank of Lincoln, that Sec. 32 of Banking Act of 1933 is not applicable, nor is it a securities company under 8/14 1753 Sec. 20 Ford Motor Co., letter to Mr. Stevens that it is not affiliate 679 3/15 of Manufacturers National Bank of Detroit Freehold Bank, Pittsburgh, Pa., indication of possible abuse of affiliate relationship with Colonial Trust 698 3/18 Co. Abuse by Colonial Trust Co. of relations with, should be 8/12 1730 absorbed Geneva Metal Wheel Co., Geneva, Ohio, Geneva Savings and Trust Co. need not now publish report of, as it was unaware of affiliation and it has now been ter3/ 1 566 minated http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4 Affiliates: (Continued) H and T Feed and Elevator Co., reply to Mr. Sargent that if affiliation has been or will immediately be terminated by Commercial Bank, Spanishfork, Utah, condition report need not be published 3/ 8 Hollister Land Co., affiliate of Twin Falls Bank & Trust Co., Twin Falls, Idaho, Board will not require republication of condition report from which items were omitted 9/ 4 Holston Agricultural Corporation, affiliate of Bank of Glade Spring and Farmers Exchange Bank of Abingdon, Va., report should be secured and published, not necessary to republish report of former bank, and not necessary to publish as affiliate of latter if relationship has been terminated 2/18 Co., Newark, N. I., waiver of publication of Woodland Xones & report of, requested by Fidelity Union Trust Co., not justified, but extension of time granted pending modification of waiver conditions 12/23 Loans to: Member banks, statement on marketability of collateral securing submitted by Mr. Vest for publication in FRBulletin, approved 5/25 National banks, reply to Comptroller interpreting first paragraph of Sec. 23A in two cases 3/29 Peoples City Bank, McKeesport, Pa., possible violation of Sec. 23A of FRAct by reason of additional investment in and advances secured by stock of Columbia Radiator Co., no action at present 6/18 (See also Loans) Maryland Trust Building Co., revealed by examination report to be affiliate of Maryland Trust Co., Baltimore, Md., reports should be submitted even though cam-Deny is dormant 8/ 7 Member bank shareholders own or control more than 50% of shares voted at last election, also own or control more than 50% of shares of business corporation voted, but less than a majority of shares, reply to Mr. Fletcher on relationship 6/ 4 Mercantile Securities Co., reply to Mr. Sargent that American Trust Co. must publish condition report even though company is inactive and has no stock outstanding 1/30 Napoleon Mortgage Loan Co., request of Community Bank, Napoleon, Ohio, that submission and publication of report of, be waived, consideration to be given to, in connection with general terms of waiver 12/28 National banks, condition reports, publication of, waiver under Banking Act of 1935, Board approves proposed regulation governing, for State member banks, subject to approval by Comptroller of similar provisions for 8/28 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Pages 635 1869 484 2824 1241 794 1416 1711 1310 299 2887 1820-3 5 Pages Affiliates: (Continued) Northeastern Water and Electric Corporation and subsidiaries, telegram to Mr. Case that question of relation with Chemical Bank and Trust Co. is under consideration and Board extends time for latter to 8/ 2 file affiliate reports Board holds that corporation and its subsidiaries are affiliates of Chemical Bank and Trust Co. and that 8/ 5 condition reports are required Trust Bank and Reply to Mr. Dillistin re request of Chemical Co. for waiver of submission and publication of 10/ 9 reports of, that Board refuses to waive which stock of banks with Northwest Bancorporation, relationships is owned by both Corporation and R. F. C., let9/ 3 ter to Mr. Peyton on bases for determination of Ogdensby acquired stocks Corporation, Securities Oswegatchie burg Trust Co., Ogdensburg, N. Y., in dissolution of, may be violation of Sec. 9 of FRAct and membership condition, Board to take no ac7/29 tion Phillips Milling Co., Inc., apparently affiliated with Consolidated Securities Co. and Anglo National Corporation, San Francisco, if so, exhibits L and N 12/19 should be furnished R. F. C., relationships with banks in which stock is owned by, and by Northwest Bancorporation, letter to/tr. 9/ 3 Peyton on bases for determination of Relationships of Northwest Bancorporation and R. F. C. with banks in which both own stock, letter to Mr. 9/ 3 Peyton on bases for determination of with EmSt. Joseph Paper Box Co., newly discovered affiliation pire Trust Co., St. Joseph, Mo., change in directorate contemplated to terminate, publica2/ 6 tion of condition reports not to be required Stevens that it is not Mr. to Seaboard Investment Co., letter affiliate of Manufacturers National Bank of 3/15 Detroit of, waiver publication condition reports, banks, State member under Banking Act of 1935, proposed regulation governing and changes in forms, Schedule 0 for reporting loans and advances irrespective of 8/28 waiver U. S. Tile Corporation, possibility of affiliation with Fletcher 4/23 Trust Co., Indianapolis, Ind. to be determined Utah Mortgage Loan Corporation, affiliation with Cache Valley Banking Co., Logan, Utah, has been terminated, publication of corrected condition report not 3/11 required Mr. to Utah, reply Salt Lake City, Co., Utah Savings and Trust Sargent that if failure to report affiliates was result of not recognizing relationships, re3/18 ports for past calls will not be required http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1684 1695 2066 1862 1664 2787 1862 1862 382 679 1820-3 967 647 706 6 Affiliates: (Continued) Valima Securities Corporation, affiliate of Yakima Valley Bank & Trust Co., Board will not require republication of condition reports from which items were 9/ 4 omitted W. C. Bradley Company, and subsidiaries, reply to Mr. Clark that they are not affiliates of Columbus Bank & Trust 10/11 Co., Columbus, Ga. Wilmington Trust Co., Wilmington, Del., reply to Mr. Austin on relations with certain corporations, two of which arise from holding of stock in fiduciary capacity 5/11 Agencies, FRSystem: Havana: Cable rates, proposed increase to eliminate loss from operation of, meeting of Mr. James and Governor Newton with representatives of banks having branches in Havana 4/ 4 Discussion of other means of eliminating losses and possibility of commercial banks increasing rates, reference to proposed operation on system basis, contract prepared for to be discussed by Mr. Parker with Messrs. Wyatt and Morrill, action deferred on cable rates 4/ 4 No information available as to whether commercial banks would increase rates also, position of Mr. Welles, State Department, that change before possible elections in Cuba in November may affect political situation, action deferred and interested parties to be notified 4/11 Letter to Governor Newton on action and letters to representatives of banks having branches in Cuba 4/16 Cost of currency redemption, reply to Mr. Conniff on reporting 8/15 Cost of operation, reply to Governor Newton re determining 7/ 5 Operation on system basis, referred to in connection with proposed increase in cable rates, contract prepared, FRBank of Minneapolis doubted authority to enter into, Mr. Parker to discuss contract with Messrs. Wyatt and Morrill 4/ 4 Letter to all FRBanks except Atlanta and Minneapolis inclosing copies of agreement for, and letter to Mr. Peyton 4/ 8 Consideration of placing agency on basis of prorating losses and income among all FRBanks 4/11 Advice to all FRAgents that FRBanks have executed agreement and operation under, will commence June 1 5/25 Protection in event threatened strike in Cuba should materialize into serious situation, resolution of FRBank of Atlanta that Board use good offices to secure through State Department, to be transmitted to State Department 3/22 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Pages 1869 2075 1114 828 829-33 884-6 936-8 1760 1577 831-2 857-9 885 1239 738 7 Pages Agencies: (Continued) Havana: (Continued) Protection: (Continued) Letter to Secretary of State, approved Staff: Alston, A. H., Assistant Manager, salary approved Frazer, H. C., Manager, salary approved Statement to be forwarded to RBanks monthly on operation, reply to Mr. Conniff on form of and suggested changes Savannah: Personnel classification plan, change approved providing for position of "Guard", salary paid by Savannah Clearing House Assn., change made to provide coverage under blanket bond Staff: Bowden, J. H., Manager, salary approved Goethe, James A., Assistant Manager, salary approved Agencies, foreign department: (See State member banks, American Trust Co.) Agency accounts: (See Deposits) Air conditioning: FRBank of Chicago, expenditure approved for FRBank of Cleveland, survey on installation of No objection to expenditure for 3rd and 8th floors FRBank of Kansas City, payments made in connection with FRBank of New York, expenditure for survey authorized to determine needs Alaska: Membership in FRSystem: First National Bank of Ketchikan, letter that Board does not approve application, memo of Mr. Hamlin that it should be approved, letter to be prepared along . lines suggested by Mr. Szymczak, Mr. Hamlin to prepare review of previous consideration and action on applications from outside U.S. Letter presented and approved, statement of Mr. Miller that he is not in accord with view stated therein Reply to Mr. Sonne that any survey should be made within 30 days All Saints Episcopal Church, reply to Mr. Crowder on payment of interest on certificate of deposit foi period between maturity and renewal Allen, Mitchell & Co.: (See Quarters of Board of Governors, Demolition) Allen, Ronald H.: (See Reconstruction Finance Corporation) American Banker: "Member of F. D. I. C.", comment that use of term may cause confusion with members of FRSystem, memo of Mr. Wyatt re and suggesting F. D. I. C. regulation III be amended to "insured bank", MB= to be prepared for Chairman Eccles to take up with Corporation http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/27 774 1/29 1/29 270 270 5/25 1239 9/20 1957 1/29 1/29 270 270 12/ 9 1/29 3/21 1/14 2672 261 729 111 4/ 2 825 3/22 745-7 3/25 752 3/29 791 4/12 916 11/ 8 2301 8 American Bankers Association: Executive Council meeting in Pass Christian, Miss., on March 1 and 2, Governor Eccles to attend 2/27 Handbook for Trust Examiners, copy sent to Mr. Sargent of, with letter on coordination of trust department examination procedure 8/28 Reply to Mr. Sargent acknowledging receipt of his letter re, and advising that copy is being transmitted to Mr. Peyton 10/11 Regulation Q, absorption of exchange and collection charges, advice of communications from Messrs. Hecht and Fleming re situation which would arise from prohibition of, if F. D. I. C. did not prescribe similar limitation 12/28 Regulations of Board of Governors, committee of, to meet with Board's staff this week on revision of 10/21 Special Committee on Banking Act of 1933, tentative draft of revision of Regulation Q referred to Mr. Hecht for cCYtITTlent 8/28 American Institute of Banking: FRBank of Atlanta, appropriation for chapters in Atlanta and branch cities, approved 4/23 Martin, William IcC., no objection to service as member of Board of Regents of Graduate School of Banking 1/ 4 Tampa Chapter, Educational Committee, reply to Chairman Boushall that no member of Board or its staff will be in vicinity at a time which would permit acceptance of invitation to address fbrumof bankers 11/22 American Statistical Association: Sickness records of FRBank of New York, reply to Dr. King that there is no objection to FRBank makipg available to, in study being conducted under auspices of U. S. Public Health Service 12/17 American Telephone and Telegraph Co.: Chicago-Kansas City, letter to Mr. Adams requesting installation of teletype service 8/ 2 Letter to Mr. Adams requesting nine hour service instead of eight 8/ 9 Chicago-New York-Washington, letter to Mr. Adams requesting installation of three-way switch at New York to permit sending through New York from both Washington and Chicago 8/19 Dallas-Chicago circuit, letter to Mr. Adams requesting installation of teletype service 5/25 MBank of Minneapolis - FRBank of Chicago, letter to Mr. Adams requesting conversion of Morse service to teletype 9/14 Hearing before Federal Communications Commission, reply to Mr. Dillard on feeling of Leased Wire Committee that any action should be on System basis, no need apparent at present 1/ 4 New York - Chicago circuit, letter to Mr. Adams requesting change from duplex to single line 7/26 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Pages 543 1826 2078 2876 2133 1814 974 41 2475 2752 1686 1725 1769 1242 1920 41 1660 • 9 Pages American Telephone and Telegraph Co.: (Continued) Teletype service between FRBanks of Chicago and San Francisco, letter to Mr. Adams requesting discontinuance Teletype service between FRBanks of Dallas and Chicago, letter to Mr. Adams requesting installation Anderson, Grant X.: (See National banks, Northwestern National Bank and Trust Company of Minneapolis) Annual reports, FRBoard, 1934: Page proof presented with letter of transmittal, approved, to . be sent to Speaker of House when printed and to President of Senate and released to press under date of June 24, approved Anthony, E. E.; (See National banks, First Farmers & Merchants National Bank, Troy, Ala.) A pplications, return of: (See Files) A rchitectural Forum, authorized to photograph certain entries in competition for architect for Board's building A rchitectural League of New York: Drawings submitted by Mr. Cret in competition for selection of architect for Board's new building, to be exhibited by Archivist: (See National Archives) Arizona: Fiduciary powers, State member banks, Board unwilling to waive compliance with membership condition requiring deposit of securities for trust funds in banking department Reply to Mr. Walsh that Board's letter of March 8 relative to deposit of securities for trust funds in commercial department was not concerned with right of bank to make deposit, but whether funds were adequately safeguarded Armstrong College of Business Adrinistration, reserve requirements of member banks, reply to Mr. Leatherman as to whether Banking Act of 1935 authorized Board to change reserve requirements for individual banks or for all banks in given class Arnos, William T., reply that Board cannot certify Senate Document 310 as exact copy of Transcript of minutes of conference of Board with Federal Advisory Council and Class A directors, and that it is not clear what charts he requested Reply to Mr. Amos that Board can furnish typed and certified copy of transcript and charts on Bank Credit, Money Rates and Business Activity, and proposed cost thereof Ashbrook, Grover H.: (See Quarters of Board of Governors, Demolition) Ashton, Linwood E.: (See National banks, Portland National Bank, Portland, Me.) http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/ 2 347 5/25 1242 6/24 1444 5/18 1156 12/18 2759 8 629 3/25 763 11/16 2410 12/ 9 2672 12/20 2800 10 Pages Assessments: FRBanks for expenses of Board: Building fund, letter to FRBanks calling for remainder 6/20 Resolution levying on FRBanks for expenses of Board July 1 Dec. 31 6/21 Resolution levying, including sum for Board's new building 12/30 Atlanta clearing house banks, suggestion, transmitted through Mr. Ottley, that Sec. 324 of Banking Act of 1935 be amended to prohibit absorption of exchange and collection charges 8/14 General U.S.: the of Attorney Bank Robbery Statute, reply to, re procedure in reporting violations 10/28 Overdrafts of Elk Paper Manufacturing Company of Childs, Md., reply to, re overdrafts with Maryland Trust Co. 11/11 Postal Savings legislation, reply to, on effect of Sec. 324 and 341 of Banking Act of 1935 on, Board's counsel having rendered opinions re opinion of Solicitor of Post Office Department 11/ 1 Reserve Investing Corporation, use of "reserve" in title reported to, as possible statutory violation 11/ 8 Violations of criminal provisions of banking laws, reply to, on Mr. Keenan's letter re procedure for reporting 11/13 Audits: Accounts of Board of Governors, report of, reply to Mr. Grayson on, and that bonds of Fiscal Agent and Deputy Fiscal Agent are not affected by change in Board's title 11/ 8 FRBoard's accounts as of March 30, reply to Mr. Grayson on suggestions 5/ 6 Austin Clearing House Association, collection charges imposed by members of, on out-of-town checks which exceed legal rate, letter to Mr. Walsh to seek through Mr. Bremond, President of, discontinuance of practice 12/23 Automobiles, production and distribution, discussion, led by Mr. James 5/25 Ayers, Congressman Roy, letter from secretary re industrial loan application of Hansen Bros. Garage 1/ 3 1433 1439 2899 1754 2205 2332 2236 2314 2384 2312 1064 2829 1224 27 "B" Bad debts Classification of certain obligations as, under Sec. 5204, Revised Statutes, Comptroller requested for interpretation Dividend payment while they exceed net income, reply to Mr. Curtiss that United States Trust Co. of Boston, Mass., may not make on common stock, and that payment on preferred stock depends on articles of incorporation and Statw law Baker, Newton D.: Gold certificates, Board has no objection to FRBank of New York retaining to consult on legal questions involved in return of old form to Treasury http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/14 459 5/21 1199 3/25 757 11 Pages Baker, Newton D.: (Continued) Payment of fee to Baker, Hostetler, Sidlo and Patterson by FRBank of New York for services in connection with return of old form gold certificates to Treasury, authorized Baker, Hostetler, Sidlo and Patterson: (See Baker, Newton D.) Balance sheet of FRBanks, Form 34, changes in, letter to governors re Bangert, G. H.: (See National banks, First National Bank, Kenmore, N. Y.) Bank credit, Availability in Seventh iiRDistrict: (See Viner report) Bank failures: Utah, study being made by Mr. Garlock, Bureau of Agricultural Economics, RBank of San Francisco authorized to make certain records available to Reply to Mr. Sargent re procedure and records to be furnished Wisconsin, study to be made by Mr. Garlock, Department of Agriculture, authorized to utilize information from FRBanks of Chicago and Minneapolis, letter to FRAgents in accordance with Bank for International Settlements: Directors: (See Directors) Bank robberies, procedure in case of, reply to Mr. Hoover that document covering has been sent to .FRBanks for distribution to member banks Bank Robbery Statute, violations of, reply to Attorney General re procedure in reporting Bankers Development Corporation, New York, N.Y.: Savings devices such as coin banks, reply to Mr. Carhart that distribution by banks does not constitute indirect payment of interest Bankers Utilities Co., Inc., San Francisco: Savings devices such as coin banks, reply to Mr. Greer that distribution by banks does not constitute indirect payment of interest Bankette Co., Inc., Boston, Mass. Savings devices such as coin banks, reply to Mr. Eisendrath that distribution by banks does not constitute indirect payment of interest Banking Advisory Board of New Jersey: Regulation limiting maximum rate of interest, controlling on national banks and State member banks Banking quarters: Ashland Bank and Savings Co., Ashland, Ohio, no objection to proposed investment in Bank of Southern Utah, Cedar City, Utah, Cedar Finance Co. should be removed from Reply to Mr. Sargent that removal of Cedar Finance Co. to another part of building appears to comply with Board's requirements http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/13 1914 12/13 2726 10/ 9 2066 10/11 2079 11/13 2381 3/15 690 10/28 2205 12/21 2810 12/21 2810 12/21 2810 11/26 2533 3/21 726 2/18 480 4/1 805 " 12 Banking quarters: (Continued) Citizens Bank and Trust Co., Concord, N. C., membership condition requiring removal of building and loan association, effective date extended indefinitely 7/17 Citizens State Bank, Osage City, Kansas, permission granted to make additional investment in 12/23 Dothan Bank & Trust Co., Dothan, Ala., no objection to investment in 8/26 Elliott State Bank, Jacksonville, Ill., permission granted to increase investment in 12/23 Fall River Trust Co., Fall River, Mass., condition of membership requiring removal of Lafayette Cooperative Bank waived indefinitely 10/31 Farmers & Merchants State Bank, Darlington, Ind., removal of building and loan association, advice requested by end of year as to progress toward 10/16 -Philadelphia Trust Co., Philadelphia, Pa., permission Fidelity granted to increase investment in, through advances to affiliated /idelity Building Corporation 6/14 Investments in, comparison of, reply to Mr. Sobeloff in connection with liquidation of Pnitimore Trust Co. that Board cannot furnish any specific data re 12/11 Merrill Trust Co., Bangor, Ma., branch bank buildings at Eastport and Searsport, no objection to transfer from collateral to directors' notes to assets 2/11 Peoples Savings Bank, Clanton, Ala., permission granted to invest in addition to building and land for same 6/27 Saginaw State Bank, Saginaw, Mich., permission granted to make expenditure for purchase of 12/21 State Bank of Wheatland, Wyo., expenditure exceeds that authorized, approved up to certain limit 7/19 Banthrico Inc., Chicago, Ill.: Savings devices such as coin banks, reply to Mr. Eisendrath that distribution by banks does not constitute indirect payment of interest 12/21 Barber, M.: (See Foreign banking corporations, Chase Bank) Barnes, G. O.: (See Treasurer of United States) Barnett, Bion H.: (See National banks, Barnett National Bank) Barr, Dr. E. O.: (See Staff of FRBoard, Examining Physician) Barringer, M. L.: (See Denison University) Bates, Robert W., newspaper articles and memoranda concerning Bank of America National Trust and Savings Association forwarded Board, referred to Comptroller of the Currency 4/25 Bauman, C. S.: (See State member banks, American Bank & Trust Co., New Orleans) Beckman, IrlandMcK., Deputy Secretary of Banking of Pennsylvania, copy of letter sent to Northwestern National Bank in Philadelphia advising that State certificate is not necessary to exercise fiduciary powers sent to 1/14 Beckman report: (See Department of Commerce) http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Pages 1618 2821 1798 2820 2231 2098 1395 2706 408 1529 2805 1631 2810 987 117 13 Pages Beldon & Co., New York, short sale of common stock and purchase of preferred stock of same company, reply to Mr. Willett on margin requirements 6/20 Belligerent nations, financing of shipments of goods to, question of procedure in case of requests for, by FRBanks, referred to State Department for views 11/30 Benton, F. E.: (See State member banks, First State Bank, Norton, Kansas) Berger, G. wired: (See Legislation, Mortgage pool) (See State member banks, Norristown-Penn Trust Co., Norristown, Pa.) Better Business Bureau of Philadelphia, repudiation of order by customer who purchases securities without depositing margin, and refusal of broker to remit profit to such customer, reply to Mr. Smyth 1/23 Bill $ , D tay: (See Sales Management, New York, N. Y.) Bi-metallic standard, views of Governor Geery and Board members on, requested by Senator Thomas in relation to silver policy, referred to Counsel for determination of Board's jurisdiction 9/17 Binns, Ben G.: (See National Banks, Union National Bank of Donora) Bisho-, p Crawford M.: (See Foreign banking corporations, Inter-Amen can Highway) andy, Mooney & Shipman, fiduciary powers, reply on letter addressed to Senator Glass inquiring as to intention of Congress in enacting Sec. 11(k) of FRAct and as to "funds deposited or held in trust by the bank awaiting investment" 6/18 Board of Governors of FRSystem: Accounts: Audit, reply to Mr. Grayson on report of, and that bonds of Fiscal Agent and Deputy Fiscal Agent are not affected by change in Board's title 11/ 8 Building account, voted by Governors' Conference that FRBanks be permitted to charge assessments for, 10/24 to profit and loss 9/26 Indorsement of checks received by Board, form approved Names of, Secretary authorized to direct FRBank of Richmond to change in accordance with change in title of 8/21 FRBoard to Addresses, Tampa Chapter of American Institute of Banking, reply to Mr. Boushall that no member of Board or its staff will be in vicinity to accept invitation 11/22 to address forum of bankers Banking Act of 1935, statement that approval by President would change title of FRBoard to, present stocks of 8/21 stationery, checks, etc., to be used up Accounts of FRBoard, Secretary authorized to direct FRBank of Richmond to change names of, to conform to new title, Mr. Miller and Mr. Morrill to give 8/21 consideration to new design for seal Records required to be kept under, Mr. Morrill and Mr. Wyatt to determine, question of providing for stenographic record of meetings of Federal Open Market 8/21 Committee http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1431 2598 225 1937-9 1419 2312 2165 2012 1780 2475 1779 1780 1780 14 Board of Governors of FRSystem: (Continued) Banking Act of 1935: (Continued) Inscription on Board's new building to be "Federal Reserve" 8/21 FRAgents, question of appointments, matter to be left for action after Feb. 1, 1936 8/21 Advice of approval of Act by President, press release re, Mr. Miller may prepare memo re effect of Act 8/23 Budget for 1936, question of procedure, to be prepared by Executive Committee and submitted in usual way 11/20 Messrs. Clayton and Morrill requested to prepare letter to division heads re policy in preparation and to be requested before certain date 11/22 Salaries of staff of Board, suggestion of Mr. James that wishes of Board be made known to Executive Committee, policy for FRBanks to be applied, draft of letter to division heads re 11/30 Report of Executive Committee re, approved 12/31 Salaries of Messrs. Folsom and Malone transferred to, from Division of Examinations budget while serving Senate Committee on Interstate Commerce 12/31 Checks, stationery, etc., voted to use up present supply bearing name of FRBoard 8/21 Destruction of useless records: (See infra Records) Division of Issue and Redemption: Expenses of, Mr. Wyatt requested to study change in method of meeting, so that Board would reimburse Comptroller for 12/31 Division of Research and Statistics: Budget exceeded for year, authorized to purchase additional equipment, stationery, etc. 9/19 Storeroom, temporary employment and compensation of Mr. Drury until completion of inventory of material 8/26 Study of activity and distribution of deposits to be made with funds allocated by WPA 9/12 Division of Security Loans: Budget for 1935, recommendation for addition to, for equipment and subsistence expenses, approved 11/11 Haskins& Sells, renewal of arrangement with, for cooperation with division, for further temporary period 11/11 Regulation applying to extension and maintenance of credit by banks, Division preparing, and it is better equipped now to prepare than a year ago 10/18 Federal Register Act, documents required to be filed under, letter to National Archives re 10/18 Indorsement of checks received by Board, form of, approved 9/26 Mail, reply to Postmaster General that Board will cooperate in connection with request that it withhold from transit bulk mail for period Dec. 15 to 24 8/29 Meetings: November 26, 27 and 29, to be held, to consider revised regulations and appointment of directors of YRBanks and Branches for 1936, Regulations I, Q and D placed on docket for 26th 11/22 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Pages 1781 1781 1789 2428 2465 2597 2915-9 2917 1779 2919 1953 1797 1903 2346 2346 2102 2116 2012 1841 2465 15 Pages Board of Governors of FRSystem: (Continued) Meetings: (Continued) Suggestions of Dr. Miller that two should be held each week for discussion of many matters wnich will be presented in near future Members: Eccles, Marriner S., Chairman: Housing construction, memo re request that Mr. Daiger give consideration to means of giving vigorous impetus, and that he keep in touch with mortgage and housing financing, asking cooperation of division heads, approved Hamlin, C.S.: Stockholders' meeting of FRBank of Boston, to attend Letter to Governor Young re James, George R.: Stockholders' meeting of FRBank of Boston, to attend if he can so arrange his affairs Letter to Governor Young re Miller, A. C.: Banking Act of 1935, advice that he may file memo discussing significance of, as creating new status for Board Review of Month for FRBulletin for September, meeting requested by, to consider statement re Banking Act of 1935, changes agreed upon Sponable, F. W., suggested letter to FRBank of Kansas City, with respect to consideration of removal, as director, that Board will accept assurances of no further violations Statements outside of Board meetings, cautioned against, as result of reference in Wall Street journal to hearing of Mr. Giannini on voting permit for Transamerica Corp. Thomas, J.J., Vice Governor: Agency accounts of Industrial Trust Co., not in concurrence with proposed ruling that they are not deposits (See also Deposits) Minutes: Executive Committee meetings, approved and actions ratified: August 23 August 26, 28, 29, and 30 and September 3, 4, and 11 September 7 and 9 (Interim) October 4 (Interim) Sept. 24, with Federal Advisory Council Sept. 12, 13, 14, 16, 18, 19, 20, 21, 23, 24, 25, 26, 27, 28, 30, October 2, 7, 8, 9, 15, and 16 Meetings of the Board, approved: Sept. 17, Oct. 11 and 14 Oct. 18, 19, 21 and 22 Oct. 25, 26 and 28 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/18 2109 11/ 8 2300 10/21 10/25 2130 2191 10/21 10/25 2130 2191 8/23 1789 8/29 1832 10/30 2217 11/22 2462 10/30 2214 9/17 1941 10/18 2115 10/18 2115 10/21 2136 10/21 2136 10/21 2136 10/21 10/31 11/12 2136 2227 2349 16 Board of Governors of FRSystem: (Continued) Offices to be closed at 1 p.m. Dec. 24 and 31, advice to FRAgents, and that Bureau of Engraving and Printing will also close so that currency orders should be placed early 12/23 Policy record: Records required to be kept under Banking Act of 1935, Mr. Morrill and Mr. Wyatt to determine, question of providing for stenographic record of proceedings of Federal Open Market Committee 8/21 Memo of Mr. Morrill re procedure in keeping, early decision urgent, opinions of Mr. Miller and Mr. Eccles that record should be confined to broad policy matters 10/18 Referred to Mr. Miller and Mr. Morrill for recommendation, Mr. Eccles of opinion that record should be confined to broad policy matters, concurred in, question of instructing Secretary to prepare statements of reasons 10/21 Memo of Mr. Miller recommending procedure for preparing and keeping 12/ 7 Rediscount rate changes, letter to FRAgente requesting inclusion in advice of, of statement of reasons 12/10 Policy record of Federal Open Market Committee: (See Committees) Press reports, actions taken by Board have leaked out, discussion occasioned by complaint of Mr. Coolidge re report of his statement before Federal Open Market Committee, Board members warned re, Mr. Miller inclined to exclude reporters from Board members' section in new building 10/25 Records: Banking Act of 1935, required by: (See supra Policy record) (See Committees, Federal Open Market, Policy record) Destruction of useless, letter to National Archives describing certain papers 10/11 Senate Committee Investigating Munitions Industry, request of release of certain documents for publication 12/11 Transcript of stenographic minutes of conference with Federal Advisory Council and Class A directors in 1920, reply to Mr. Amos that Board cannot certify Senate Document 310 as exact copy of 12/ 9 Reply to Mr. Arnos that Board can furnish typed and certified copy of transcript and charts on Bank Credit, Money Rates and Business Activity, and proposed cost thereof 12/20 Seal, Mr. Morrill and Mr. Miller to give consideration to design for new, in accordance with new title of FRBoard provided for in Banking Act of 1935 8/21 Stationery, checks, etc., voted to use up present supply bearing name of FRBoard 8/21 Works Progress Administration, "white collar" project, question of sponsoring, views on, suggestion of Mr. O'Connor that it be limited to closed national banks, filing of application approved, supervi sion of http://fraser.stlouisfed.org 9/12 Federal Reserve Bank of St. Louis Pages 2830 1780 2109-10 2128-29 2650 2674 2183-5 2078 2693 2672 2800 1780 1779 1902-6 17 Pages Bonds: "Bad debts", classification as, under Sec. 5204 of Revised Statutes, request Comptroller for interpre2/14 tation Called, credit to be extended under Regulation T 2/26 Depreciation on defaulted, classification in examination reports 9/14 Home Owners Loan Corporation: Advances to Federal Home Loan Bank on note secured by, reply to FRBank of Boston that FRBanks are not author1/23 ized to make Purchase by /RBank of Kansas City for self-insurance fund, recommendation of Mr. Smead that they be shown against "Other securities" rather than "Securities fully guaranteed by U. S. Gov't.", approved 10/ 9 Xoint stock land bank, redemption, reply to FRBank of Kansas City suggesting communication with Farm Credit 9/16 Administration re procedure for Savings, issued by Treasury Department, statement of Mr. Cool10/24 idge on Surety: Anderson, J. B., renewal as Assistant FRAgent at FRBank of 10/18 Cleveland Barnett, Mrs. Genevieve M., as acting assistant FRAgent at 10/25 FRBank of Atlanta Case, J. Herbert, renewal as FRAgent at New York 3/27 Cooper, Norman C., FRBank of New York, approved in connection with authorization to act for FRAgent in issue 12/ 5 of FRnotes 3/27 Dillistin, W. H., renewal as Assistant FRAgent at New York 2/20 Downs, H. S., renewal as Assistant FRAgent at New York Employees of FRAgents' departments acting for FRAgents in receipt and delivery of FRnotes, letters to FRAgents at Boston and New York that they should 10/25 be qualified and bonded Fiscal Agent and Deputy Fiscal Agent of Board, reply to Mr. Grayson that change in title of Board does not 11/ 8 affect 5/ 1 Faulk, Oliver E., Fiscal Agent, premium assumed by Board Gettemy, Charles F., renewal as Assistant FRAgent at Boston 11/ 9 Harrell, C. E., as Acting Assistant FRAgent at Cincinnati 2/28 Branch Hudson, Alfred J., FRBank of New York, approved in connection with authorization to act for FRAgent in 12/ 5 issue of FRnotes Lally, Josephine E., Deputy Fiscal Agent, premium assumed 5/ 1 by Board 12/20 Morrissey, Clifford E., to act for FRAgent at Boston Odom, L. M., El Paso Branch, to be re-executed because appointment as acting assistant FRAgent had not 11/13 been approved at time of execution Bond approved 11/23 Phinney, Robert H., FRBank of New York, approved in connection with authorization to act for FRAgent in issue of FRnotes 12/ 5 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 459 538 1919 226 2065 1929 2158 2115 2187 773 2632 773 492 2192 2312 1028 2323 556 2632 1028 2794 2366 2478 2632 18 Pages Bonds: (Continued) Surety: (Continued) Powell, O. S., FRBank of Minneapolis: Present bond to remain in effect until final determination as to appointment as Assistant FRAgent 10/26 2200 Approved as Assistant FRAgent 12/23 2819 Prugh, G. A., renewal as Assistant FRAgent at Chicago 5/25 1226 Representatives of FRAgent in other departments of bank designated to hold, in joint custody, collateral for FRnotes, reply to FRBank of New York that there is no requirement or necessity for individual bonding 12/ 5 2632 Sargent, S. G., as Assistant FRAgent at San Francisco 7/16 1611 Savannah Agency, position of "Guard" created in personnel classification plan to secure coverage under bankers' blanket bond, salary of guard is paid by Savannah Clearing House Association 9/20 1957 Sawyer, Dana D., to act for FRAgent at Boston 12/20 2794 Sheehan, William F., FRBank of New York, approved in connection with authorization to act for FRAgent in issue of FRnotes 12/ 5 2632 Shepherd, Robert L., renewal as acting assistant FRAgent at Richmond 11/19 2418 Sonne, Herman A., as acting assistant FRAgent at San Francisco 3/18 696 Stryker, Jere V.D., FRBank of New York, approved in connection with authorization to act for FRAgent in issue of FRnotes 12/ 5 2632 U. S. Treasury 4e0 $10,000, series 1947-1952, reply to Commissioner of Internal Revenue Helvering that instructions have been issued to FRBanks requesting that they carefully examine Oct. 15 coupons 9/11 1897 Boushall, John H.: (See American Institute of Banking, Tampa Chapter) Bowen, Ralph W.: (See National banks, Rhode Island Hospital National Bank, Providence) Boyer, Frank J., reply that FRBanks cannot make individual loans on real estate and that it does not seem that FRBank of Cleveland had pressed unduly as to note held 1/ 8 72 Branch, gioup and chain banking report: Library of Congress, reply to Mr. Putnam that there is not a complete copy available for filing in 9/19 1953 Branch banking: Policy toward, considered in conjunction with action to be taken regarding amendments in Banking Act of 1935 regarding Sec. 32 of Banking Act of 1933 and Sec. 8 and 8A of Clayton Act, Board should prepare for next session of Congress legislation to authorize limited branch banking and to be submitted to President before sent to Congress 5/18 1159 Branch banks, domestic: American Trust Co., San Francisco, Calif.: Discontinuance of certain branches contemplated, Board's ap proval not required, no objection 9/23 1989 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 19 Pages Branch banks, domestic: (Continued) American Trust Co., San Francisco, Calif.: (Continued) 11/12 Stockton, establishment approved Bank of Sheboygan, Wis.: Haven, permission granted to operate, upon completion of 12/26 membership California Bank, Los Angeles, Calif.: Ocean Park, Atlantic Avenue and Beverly Hills, application for retention of branches, on which action had 9/ 3 been deferred, approved Camden Safe Deposit and Trust Co., Camden, N. J.: Haddonfield, no objection to absorption of Haddonfield 12/23 Trust Co. and establishment of Compof ruling following re memo Consideration given to troller and allowing bank with impaired capital to establish branch where other factors favor 12/23 approval Capital requirements, Impairment, advice requested of Comptroller as to whether a national bank having impaired capital, but unimpaired residue greater than minimum requirement, would be permitted to establish, in connection with State member 11/12 bank requirements Commercial RAnk of Spanish Fork, Utah: Payson, Utah, reply to Mr. Sargent as to whether Commercial 7/24 Service Corporation is a branch CountY Trust Co., White Plains, N. Y.: Mamaroneck, recommendation to Comptroller of approval of 1/29 application to establish Debentures, inclusion by State member bank in capital required for establishment, reply to Mr. Evans that it is permissible, in connection with contemplated 6/20 application of Lorain Street Bank, Cleveland Establishment by State member banks with Impaired capital, memo of Mr. Wingfield expressing opinion that Board would be justified in following Comptroller's interpretation of law and permit, 12/23 where other factors justify approval Fidelity Union Trust Co., Newark, N.J.: East Orange, recommendation to Comptroller for establishment of two branches after purchasing assets and assuming liabilities of Essex County Trust 7/29 Co. Approved by Board in view of provisions of Banking Act 9/16 of 1935, previously approved by Comptroller Harvard Trust Co., Cambridge, Mass.: Belmont, letter to Comptroller recommending modification of condition to permit establishment on basis of 2/ 2 corrections made Intra-city establishment, reply to Mr. Fletcher re case of Union Trust Co., Pittsburgh, Pa., explanatory of Board's position that its approval is not re11/ 8 quired http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2350 2848 1852 2819 2819 2350 1645 262 1431 2820 1664 1923 339 2305 20 Branch banks, domestic: (Continued) Lorain Street Bank, Cleveland, Ohio: Capital debentures, reply to Mr. Fletcher that when application is made by, for establishment of, Comptroller will include those sold to RFC in deter6/20 mining amount of capital required Lakewood, recommendation to Comptroller of operation of, in connection with admission to membership 7/31 Marine Trust Company of Buffalo, N. Y.: Batavia, absorption of Bank of Batavia and establishment of branch, approved 12/24 East Aurora, absorption of Bank of East Aurora and establishment of branch, approved 12/24 Merrill Trust Co., Bangor, Me.: Eastport, branch building, no objection to transfer from collateral for directors' notes to assets 2/11 Searsport, branch building, no objection to transfer from collateral for directors' notes to assets 2/11 National banks: Amendment to law suggested by Mr. Sargent to permit establishment within 25 mile radius by banks with capital of not less than 4200,000 11/E5 Old Kent Bank, Grand Rapids, Mich.: Wyoming Park, Mich., recommendation to Comptroller of approval, after absorption of Wyoming Park State Bank 5/21 Advice to FRAgent of approval of branch and consolidation 5/25 Peoples Bank and Trust Co., Seattle, Wash.: Everett, absorption of Security National Bank of Everett, no objection and establishment of branch approved subject to increase in capital 10/11 Mr. Sargent re purpose of capital increase reto Reply quirement and that capital notes and debentures may be included 10/14 Policy toward branch banking considered in conjunction with action to be taken regarding amendments in Banking Act of 1935 to Sec. 32 of Banking Act of 1933 and Sec. 8 and 8A of Clayton Act 5/18 Board should prepare for next session of Congress legislation to authorize limited branch banking and to be submitted to President before sent to Congress 5/18 Savings Investment and Trust Co., East Orange, N. J.: Orange, Board cannot give approval at this time to operation of branch on site of absorbed Trust Company of Orange 9/30 South Dakota, law passed authorizing establishment of offices without regard to capital requirements, reply to Mr. Peyton on effect of, on member banks and applicants for membership 4/ 8 Reply to Mr. Lillibridge giving views of Board re establishment by State member banks under State statute recently enacted 6/14 Letter to Senator Bulow re 6/14 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Pages 1432 1672 2832 2832 408 408 2385 1187 1230 2071 2082 1159 1159 2026 859 1391 1393 21 Pages Branch banks, domestic: (Continued) Union Trust Company of Pittsburgh, Pa.: Pittsburgh, at present site of City Deposit and Trust Co., Board's approval of establishment not necessary, no objection Reply to Mr. Fletcher explanatory of position taken by Board that intra-city branches do not require approval of Board York Trust Co., York, Pa.: Shrewsbury, establishment approved Branch banks, FPSystem: Baltimore: Staff: Anderson, L. E., reappointment on temporary basis as Acting Assistant :oPAgent for 1935 Temporary reappointment Cupit, J. R., Cashier, salary approved Johnston, J. A., Assistant Cashier, salary approved Leach, Hugh, Managing Director, salary approved ghtson, F. W., Assistant Cashier, salary approved VriBmngh Audit reveals that branch Cashier receives small salary as Secretary of Clearing House, feeling that situation is not desirable Management and operating efficiency, no advice of any steps in connection with examiner's comments Staff: Frye, J. H., Managing Director, salary approved Knowlton, T. N., Assistant Cashier, salary approved Urquhart, H. T., Cashier, salary approved Buffalo: Personnel classification plan, changes approved Salaries approved for 1935 Staff: Blakeslee, C. L., Assistant Cashier, salary approved O'Hara, R. M., Managing Director, salary approved Snow, H. W., Cashier, salary approved Wiltse, R. B., Assistant Manager, salary approved Charlotte: Staff: Brooks, Louis D., Assistant Cashier, salary approved Cherry, R. L., Cashier, salary approved Clements, W. T., Managing Director, salary approved Francis, Charles E., Acting Assistant FRAgent, reappointment on temporary basis for 1935 Temporary reappointment Harrell, C. E., Acting Assistant FRAgent: Bond of Continuance of temporary appointment for 1936 Designation as Acting Assistant FRAgent approved, should resign present clerkship, may be assigned to perform duties in audit department http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/ 9 2062 11/ 8 2305 11/ 2 2242 1/2 12/28 1/29 1/29 1/29 1/29 3 2884 268 268 268 268 2/18 480 1/12 100 1/29 1/29 1/29 269 269 269 7/13 3/29 1607 787 3/29 3/29 3/29 3/29 787 787 787 787 1/29 1/29 1/29 268 268 268 1/2 12/28 3 2884 2/28 12/28 556 2884 2/21 505 22 Pages Branch banks, .bliSystem: (Continued) Cincinnati: (Continued) Staff: (Continued) Johnson, R. G.: Continuance of appointment as Acting Assistant FRAgent for 1935 on temporary basis 1/2 5 Salary approved for 1935, effective March 1 2/20 494 Kennelly, Bruce, Assistant Cashier, salary approved 2/20 493 Lazar, B. T., Cashier, salary approved until Feb. 28 and salary approved as Managing Director 2/20 493 McCombs, C. F., Managing Director, salary approved until February 28 2/20 493 Ott, Henry, Assistant Cashier, salary approved until Feb. 28 and increased effective March 1 as Cashier 2/20 493 Denver: Drafts, practice of handling those drawn on business concerns and presented on Saturdays 7/24 1649 FRnotes, control of unissued, reply to Mr. McAdams that there is no objection to triple control procedure outlined 1/25 248 Personnel classification plan: Action on changes deferred 1/31 317 Changes approved except as to one title, and suggestion re change in another title 3/21 720 Quarters, mural decorations, Board agrees with branch in refusal to accept, even though Federal funds are available for 9/28 2022 Staff: Brown, S. A., Cashier, salary approved 274 1/29 Cronan, J. A., Assistant Cashier, salary approved until date of retirement 1/29 274 Fourteen employees, use in examinations by FRBank of Kansas City of State member banks approved 4/9 870 Jones, Judd IN.: Appointment as Assistant Cashier 1/25 248 Noted that he has been appointed Assistant Cashier to succeed Mr. Cronan, salary approved for 1935, effective Feb. 1 1/29 274 Continuance of appointment as Acting Assistant FRAgent for 1935 on temporary basis approved 1/2 5 Olson, J. E., Managing Director, salary approved 1/29 274 Detroit: Personnel classification plan: Changes approved 2/18 474 12/ 4 2613 Staff: Buss, Ralph H., Managing Director, salary approved 1/29 271 Chalfont, H. J., Cashier, salary approved 1/29 271 Diehl, H. L., Assistant Cashier, salary approved 1/29 271 Eubank, W. A., Assistant Auditor, salary approved 1/29 271 Martin, John H., Assistant FRAgent: Reappointment for 1935 1/2 3 Reappointment for 1936 12/28 2885 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 23 Pages Branch banks, FRSystem: (Continue d) Detroit: (Continued) Staff: (Continued) Vogt, A. H., Assistant Cashier, salary approved 1/29 El Paso: Personnel classification plan, "Guard", reduction in salary range approved 4/9 Staff: Acting Assistant FRAgent, no action on reappointment Pending further information 12/28 Allen, G. M., Acting Assistant FRAgent: Illness of, Board would be willina to approve appointment of Mr. Odom if transferred to Agent's payroll 10/31 Temporary appointment of Mr. Odom during illness 11/13 Temporary reappointment, and appointment of Mr. Odom to act during illness of 12/31 Reappointment on temporary basis for 1935 1/ 2 Hermann, J. L., Managing Director, salary approved 1/29 Odom, L. M.: Appointment as Acting Assistant FRAgent if transferred to FRAgent's payroll during illness of Mr. Allen, Board would be willing to approve 10/31 Temporary appointment as Acting Assistant FRAgent during illness of Mr. Allen, bond to be re-executed because appointment had not been approved at time of execution 11/13 Temporary reappointment during illness of Mr. Allen, to serve during absence of latter or until successor is appointed 12/31 Bond of 11/23 Sayles, Allen, Cashier, salary approved 1/29 FRBank of Atlanta: Quarters, repairs and alterations, no objection to proposed, directions for charging off 5/ 6 FRBank of Kansas City: Bylaws: Amendment relative to signing vouchers by officers approved 3/22 Amendments to, question raised as to whether proper number of directors voted, suggestions re changes in section numbers 3/ 4 Helena: Bylaws: Amendment to be made to provide for directors' meetings only on call of Managing Director 5/14 Changes vesting in executive committee power to conduct and supervise all business of branch, approved 7/ 8 Suspension of requirement that one director reside outside branch city, no objection 1/31 Regulations for operations of, reply to Mr. Peyton making one suggestion re 12/ 3 Staff: Hoerr, Albert A., Cashier, salary approved 1/29 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 271 870 2887 2230 2366 2904 4 275 2230 2366 2904 2478 275 1073 748 580 1129 1586 318 2610 273 Pages 24 Branch banks, RSystem: (Continued) Helena: (Continued) Staff: (Continued) Larson, Clinton J., Assistant Cashier, salary approved Towle, Robert E., Managing Director, salary approved Weir, Taylor B., Counsel, retainer approved for 1935 Houston: Personnel classification plan: Changes approved Staff: D6Moss, H. R., Cashier, salary approved for 1935 Gentry, W. D., Managing Director, salary approved Lawhon, D. S., Acting Assistant FRAgent: Reappointment for 1935 on temporary basis Temporary reappointment Moore, L. 0., Jr., continuance authorized of temporary employment at salary in excess of grade for Senior Clerk Continuation of temporary assignment to position for which his salary is in excess of grade for additional six months, approved Jacksonville: Quarters, alterations proposed, no objection, if protected space for loading trucks costs substantial sum, should be included in carrying value of building Personnel classification plan, change approved Staff: Lanford, T. A., Cashier, salary approved Mahon, Mary E., Assistant Cashier, salary approved Vardeman, George S., Jr., Managing Director, salary Little Rock: Staff: Bailey, A. F., Managing Director: Reappointment for 1936 Salary approved for 1935 Goldschmid, J. P., Acting Assistant FRAgent: Reappointment for 1935 on temporary basis Reappointment for 1936 Long, M. H., Cashier, salary approved Wood, C., Assistant Cashier, salary approved Los Angeles: Reserves, building, additional reserves authorized Staff: Ambrose, W. N., Managing Director, salary approved Craft, ELM., Assistant Manager, salary approved Durran, W. D., Acting Assistant Cashier, salary approved Leisner, J. M., Assistant Manager, salary approved Meyer, L. C., Assistant Cashier, salary approved Swengel, Henry D., Acting Assistant FRAgent, continuance of temporary appointment approved Continuation of temporary appointment Louisville: Personnel classification plan, changes approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/29 1/29 1/29 273 273 273 3/29 10/30 790 2221 1/29 1/29 275 275 1/2 12/28 4 2887 6/ 7 1326 12/27 2856 5/ 6 9/20 1073 1957 1/29 1/29 1/29 270 269 269 12/27 1/29 2856 272 3 1/2 12/28 2885 272 1/29 272 1/29 12/30 2899 3/29 3/29 3/29 3/29 3/29 789 789 789 789 789 1/2 12/28 6 2887 2/6 380 25 Pages Branch banks, FRSyateam: (Continued) Louisville: (Continued) Staff: Jenks, S. B., Assistant Cashier, salary approved 1/29 Moore, John T., Managing Director: Reappointment for 1936 12/27 Salary approved for 1935 1/29 Moore, L. A., Acting Assistant FRAgent, reappointment for 1935 on temporary basis 1/ 2 Temporary reappointment 12/28 Schacht, C. A., Cashier, salary approved 1/29 Summers, A. K., temporary assignment to lower salaried grade, approved 11/ 5 Memphis: Staff: Belcher, S. K., Cashier, salary approved 1/29 Glasgow, W. H., Managing Director: Reappointment for 1936 12/27 Salary approved for 1935 1/29 Martin, C. E., Assistant Cashier, salary approved 1/29 Walker, L. T., Acting Assistant FRAgent, reappointment for 1935 on temporary basis 1/ 2 Temporary reappointment 12/28 Nashville: Errors in Custodian Division, found as result of recent examination 8/ 5 Staff: Fort, J. B., Jr., Managing Director, salary approved 1/29 Harrison, E. R., Cashier, salary approved 1/29 Starr, L. W., Assistant Cashier, salary approved 1/29 New Orleans: Staff: Black, W. H., Cashier, salary approved 1/29 Miller, Wm. E., Assistant Auditor, salary approved 1/29 Vasterling, F. C., Assistant Cashier, salary approved 1/29 Walker, James A., Assistant Manager, salary approved 1/29 Walker, Marcus, Managing Director, salary approved 1/29 Oklahoma City: Personnel classification plan: "Assistant Teller and Clerk", change to provide for new position of, in Currency and Coin Department 5/21 Change approved 8/15 Staff: Clark, J. C., Jr., Acting Assistant IRAgent, continuance of appointment for 1935 on temporary basis approved 1/ 2 Continuation of temporary appointment 12/28 Daniel, C. E., Managing Director, salary approved 1/29 Mathes, R. L., Assistant Cashier, salary approved 1/29 Wunderlich, R. O., Cashier, salary approved 1/29 Omaha: Expenditures, reply to Senator Burke that FRBank of Kansas City contemplates only those in connection with operation of branch in Nebraska http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/14 272 2856 272 3 2885 272 2250 272 2856 272 272 3 2885 1692 269 269 269 269 269 269 269 269 1185 1758 5 2886 274 274 274 1752 26 Pages Branch banks, FRSystem: (Continued) Omaha: (Continued) Personnel classification plan, changes approved 10/21 2137 Staff: Cordill, O. P., Assistant Cashier, salary approved 1/29 274 Earhart, L. H., Managing Director, salary approved 1/29 274 Gregory, G. A., Cashier, salary approved 1/29 274 Phillips, William, Assistant Cashier, salary approved 1/29 274 Sanders, T. Gordon, Acting Assistant FRAgent, continuance of appointment for 1935 on temporary basis approved 1/ 2 5 Continuation of temporary appointment 12/28 2886 Pittsburgh: Staff: Bolthouse, C. J., Assistant Cashier, salary recommendation disapproved, fixed pending further action of directors 2/20 494 Cobun, F. E., Assistant Cashier, salary approved 2/20 493 Griggs, T. C., Managing Director, salary approved 2/20 493 Nolte, W. H., Acting Assistant FRAgent, continuance of appointment for 1935 on temporary basis 5 1/ 2 Continuance of temporary appointment for 1936 12/28 2884 Wagner, G. H., Cashier, salary previously fixed, effective Jan. 16 2/20 493 Portland: FRnotes, no objection to shipping large denomination notes to head office, noted that temporary appointment of Mr. Snow as Acting Assistant FRAgent on exhaustion of present supply will terminate 2/ 6 385 Staff: Blanchard, S. P., Assistant Cashier, salary approved 3/29 789 MacEachron, S. A., Assistant Manager, salary approved 3/29 789 Snow, G. A., Acting Assistant FRAgent: Continuance of temporary appointment with authority to act also at Seattle and Spokanes branches for 1935 approved 1/ 2 6 Temporary appointment to be terminated on exhaustion of present supply of FRnotes 2/ 6 385 West, R. B., Managing Director, salary approved 3/29 789 Salt Lake City: Ileserves, building, additional reserve authorized 12/30 2899 Staff: Partner, W. L., Managing Director, salary approved 3/29 789 Scott, W. M., Acting Assistant Cashier, salary approved 3/29 789 Smoot, W. M., Assistant Manager, salary approved 3/29 789 San Antonio: Personnel classification plan, changes approved, not in conflict with Board's letter of Tan. 5 1/31 317 Staff: Crump, M., Managing Director, salary approved 1/29 275 Eagle, W. F., Cashier, salary approved 1/29 275 Gowland, C. P., Acting Assistant FRAgent, reappointment for 1935 on temporary basis 1/ 2 4 Temporary reappointment 12/28 2887 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 27 Pages Branch banks, FRSystem: (Continued) Seattle: Staff: Reif, G. W., Assistant Cashier, salary approved 3/29 789 3/29 789 Russell, B. A., Assistant Manager, salary approved Shaw, C. R., Managing Director, salary approved 3/29 789 Spokane: Staff: Bold, F. C., Assistant Manager, salary approved 3/29 789 789 3/29 Davis, D. L., Managing Director, salary approved 3/29 789 aim, A. J., Assistant Cashier, salary approved Branch banks, foreign: American Trust Co., San Francisco, Calif.: "Foreign department agencies" on S. S. Mariposa and S. S. Monterey, reply to Mr. Sargent that Board prefers to defer ruling whether they are branches 5/29 1265 until counsel for trust company submits brief Chase Bank, New York, N. Y.: Mexico City, reply to Mr. Barber on discontinuance and re1/16 148 quest for actual date of Reports of branches, figures for, included in examination report of head office were taken from reports 2/26 535 submitted by branches Chase National Bank of the City of New York: 791 3/29 Colon, Panama, authority granted to establish Foreign department agencies", proposed by American Trust Co. on S. S. Mariposa and S. S. Monterey, reply to Mr. Sargent that if they do not negotiate checks 10/11 2072 and negotiable paper, they are not branches Interest: China and British Crown Colony of Hong Kong, permission granted member banks to pay 7% on time deposits 3/15 688 at branches in Dairen may be Reply to Mr. Case that Harbin, Mukden and considered as in Republic of China for purposes 855 4/ 8 of payment of 7% Rate payable under Regulation Q, letter to FRAgents fixing, and letters to member banks having foreign 2/11 411-3 branches Rates paid by, advice to member banks concerned that because of amendment in Sec. 324 of Banking Act 11/25 2497 of 1935, reports re, need not be made International Banking Corporation: Branches at Barcelona and Madrid, consolidated condition statement, to be forwarded with certain amalgamated accounts but supplemental break-down to 9/20 1978 be forwarded later National City Bank of New York, N. Y.: Branches in China and British Crown Colony of Hong Kong, permission granted to pay interest on time de688 3/15 posits at 7% Philippine branches, case in Supreme Court re right of Philippine Government to tax, memo of Mr. 11/13 2382 Wyatt re http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 28 Branch banks, foreign: Philippine Islands, case in Supreme Court re right of Philippine Government to tax branches of National City Bank of New York, memo of Mr. Wyatt re and that it is not necessary to file brief as friend of the court 11/13 Branches and agencies of foreign banks: Agency The Dominion Bank, New York, N. Y., Form T-2 signed by, rather than Dominion Bank, Toronto, Canada, attention of Mr. Case called to 5/18 Balances payable in dollars due from, reply to Mr. Timberlake that pending consideration of question they may be deducted from gross demand deposits in computing reserves 9/ 3 Banque Beige Pour L'Etranger, New York Agency, Brussels, Belgium, not clear whether Bank or Agency is seeking to qualify on Form T-2 5/18 Commerce, New York, Form T-2 signed by, rather Bank of Canadian than Canadian Bank of Commerce, Toronto, Canada, attention of Mr. Case called to 5/18 Jr.: (See Austin Clearing House Association) Bremand, Walter, Brewer, W. R.: (See State member banks, Liberty Trust Co., Cumberland, Md.) C.: Malcolm (See Malcolm C. Brock & Co.) Brock, Brown, Arthur, Jr., design submitted by, in competition for architect for Board's building 5/18 Brown, Harold C.: (See Harold C. Brown & Co., Inc.) Brown Brothers, Harriman & Co., New York, N. Y., reply to Mr. Lovett on suggested amendments to Banking Act of 1935 5/29 B. T. Moran, Inc., Chicago, Ill., savings devices such as coin banks reply to Mr. Eisendrath that distribution by banks does not constitute indirect payment of interest 12/21 Budgets: Board of Governors, for 1936, question of procedure, to be prepared by Executive Committee and submitted in usual way 11/20 Salaries of staff of Board, suggestion of Mr. James that wishes of Board be made known to Executive Committee, policy for FRBanks to be applied, draft of letter to division heads re 11/30 Report of Executive Committee re, approved 12/31 Salaries of Messrs. Folsom and Malone transferred from budget of Division of Examinations to, while serving Senate Committee on Interstate Commerce 12/31 Divisions of Board of Governors, policy to be followed in preparation of, for 1936 and to be requested before certain date, Messrs. Clayton and Morrill requested to prepare letter re 11/22 MBank of Cleveland, statement of, July - December, 1935, letter to Mr. Strater re, approved 11/16 FRBanks, statistical and analytical functions, budgets approved for 1935, FRAgents to be advised to keep ex5/ 6 penditures within limits http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Pages 2382 1174 1860 1174 1174 1156 1273 2810 2428 2597 2915-9 2917 2465 2412 1067 29 Pages Budgets: (Continued) FRBoard, recommendation of Governor Eccles that budget for 1935 be approved, reference of Mr. Miller to requirement of bylaws that Executive Committee prepare budget, referred to Executive Committee for review 4/11 Report of Mr. Thomas that he and Mr. James generally concurred that salary increases below $2000 should be granted and those above disapproved, except that he thought any special circumstances might be considered 4/12 Statement of Mr. James, views on examiners' salaries, statement of Governor Eccles, referring to salaries paid Messrs. Gidney and Sheehan of RBank of New York and Chief National Bank Examiner 4/12 Roberts Statement of Mr. Miller that some salaries should be reduced and that Board members should became acquainted with members of staff, suggestion of Mr. Szymczak that heads of divisions be afforded 4/12 opportunity to be heard Increases in salary recommended by majority of committee approved, and others referred back to committee 4/12 for opportunity for 'division heads to be heard Request of Governor Eccles that another member of Board be substituted for him on committee to consider 4/12 salary adjustments, Mr. Szymczak appointed 4/27 Committee ready to make report, to submit written report Report ready for oral delivery by Mr. Thanes, suggestion that it be reduced to writing, agreed to, and 4/27 meeting to be called April 29 to consider Report submitted, number of recommendations are compromises which may result in inequalities, suggestion of Mr. Szymczak that next year's budget be submitted in advance of end of year, recom5/ 1 mendations approved Division of Research and Statistics, exceeded for year, purchase of additional equipment, stationery, etc., ap9/19 proved United States, considered in connection with possible action to absorb excess reserves of member banks, at meeting of Board with Federal Open Market Committee 12/18 ng and loan associations: "Banks", Seattle Trust Co. to be advised, with respect to applicability of Sec. 22(g) of FRAct, that they 11/ 5 have been ruled not to be Building construction, means of giving vigorous impetus to new, memo of Mr. Eccles re request that Mr. Daiger consider, and that he keep in touch with mortgage and housing financing, asking cooperation 11/ 8 of division heads, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 886 907 907-9 910 911 913 997 997 1026-30 1953 2767 2262 2300 30 Bulow, Senator W. J., branch offices, letter to, re views of Board on establishment in South Dakota by member banks under statute recently enacted 6/14 Burdick, Congressman Usher L., collection charges imposed on Government checks in Jamestown, N. Dak., reply on complaint of Mr. White that there is discrimination as checks of private corporations are paid at par 6/ 4 Bureau of Agricultural Economics: (See Department of Agriculture) Bureau of Census: Payroll data, requested by, items included in Earnings and Dividends report 12/ 4 Letter to FRAgents re 12/21 Letters to Messrs. Curtiss, Case, Austin, Fletcher, Fry, Clark and Sargent, re securing special figures where bank operates in more than one county 12/21 (See Department of Commerce) Bureau of Engraving and Printing: Offices to be closed at 1 p.m. Dec. 24 and 31, advice to FRAgents, and that currency shipments must be requested early 12/23 Bureau of Foreign and Domestic Commerce: (See Department of Commerce) Bureau of Public Roads: (See Department of Agriculture) Burke, Senator Edward R.: Expenditures and employment in Nebraska, reply that only expenditures contemplated by FPBank of Kansas City are in connection with operation of Omaha Branch 8/14 Salaries of officers and employees of Board receiving 45,000 or more per annum, opposition of Mr. Thomas to proposed reply to request for information as to, to be sent and information to be printed in annual report in future 5/18 Letter to Senator Burke inclosing information 5/29 Burns, E. S.: (See National banks, National Bank of Detroit, Mich.) Burns, Josephine Joan: (See Committees, Senate Committee Investigating Munitions Industry) Business Advisory Council of Department of Commerce: Report on industrial advances, discussion by Mr. Szymczak before conference of Chairmen of Industrial Advisory Committees, recommendation in report of study for means to furnish small, sound business with needed capital 6/25 Rediscount under Banking bill of 1935, resolution of conference re report, discussion of small business problems, suggested amendment by Mr. Clayton and suggestion of Mr. James of authority to determine financial status of small business, resolution adopted as amended 6/25 Statement of Mr. Szymczak that proposed study is not within province of Board and resolution stating, suggestion of Mr. James relative to establishing financial status of small business, resolution carried 6/26 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Pages 1393 1308 2619 2815 2816 2830 1752 1160-2 1278 1478 1479-81 1494 31 Pages Business Advisory Council of Department of Commerce: (Continued) Report on industrial advances: (Continued) Letter to Chairmen of Industrial Advisory Committees, advising of resolution 6/27 1530 Business and credit conditions: Memo of Dr. Goldenweiser re, presented to Governors' Conference 10/24 2172 Review by Dr. Goldenweiser before Governors' Conference 5/28 1254 Statement begun by Dr. Goldenweiser at Board meeting, discussion of production and distribution of automobiles led by Mr. Tames 5/25 1224 Business census, deposit balances of business firms, letter to Secretary of Commerce Roper requesting inclusion of item 8/ 9 1725 Business conditions: Federal Advisory Council, reports re 9/24 1997 .Review by Dr. Goldenweis er before Federal Open Market Committee 12/17 2729 business Editors report on direct loans to industry, letter to Mr. Bill re his letter to Mr. Wooton, Board requesting specific criticisms of FRSystem's industrial loan program 11/ 5 2261 Bylaws: FRBank of Cleveland, amendment to designate Governor chairman 31. of executive committee, Board requests re-amendment to restore office to FRAgent 2/12 FRBank of Kansas city, amendments to sections dealing with operation of branches, reply to Mr. McAdams that it is not clear whether required majority of directors voted on changes, and requesting further amendment to bring about consistency as to section numbers 3/ 4 Amendment relative to signing of vouchers and checks by officers, approved 3/22 FRBank of Philadelphia, amendment noted in connection with examination report, authorizing service of Mr. McIlhenny as Deputy Governor, Cashier and Secretary 5/ 1 FRBanks, revision, suggestion of Chairman Eccles in proposed telegram re, in light of amendments to law and with object of uniformity, procedure looking toward uniformity agreed upon, question of power of executive committees to pass on rates and as.to chairmanship of .12/28 Mr. Morrill and Mr. Wyatt to draft letter suggesting procedure tending toward uniformity 12/28 FRBoard, revision necessary in connection with proposed review of procedure for handling Board's business and relationships between Board and staCf, action deferred pending disposition of pending banking legislation 5/ 1 Helene Branch: Amendment to be made to provide for directors' meetings only on call of Managing Director 5/14 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 423 580 748 1034 2880-1 2882 1031 1129 32 Pages Bylaws: (Continued) Helena Branch: (Continued) Changes vesting in executive committee power to conduct and supervise all business of branch, approved Suspension for 1935 of requirement that one director reside outside of branch city, no objection 7/ 8 1586 1/31 318 "C" Cable rates: (See Rates) "CaleMeter": (See Interest, Savings devices) California: Examination of State member banks in 8/30 State departmental bank, reply to Mr. Clerk that it is not "savings bank", in connection with prohibition upon payment of interest on demand deposits, action deferred 9/28 California departmental bank: "Savings bank", proposed reply to Mr. Clerk ruling that savings department is not, doubt of Mr. Hamlin that proposed ruling is correct, aDproved, Mr. Hamlin voting "no" 12/11 Cammerer, Arno B.: (See National Park Service) Canadian stock brokers, applicability of Regulation T to dealings with 12/12 Canceled postage stamps, reply to Mr. Kominers that Board could not relax ruling prohibiting resale to dealers or collectors by FRBanks 6/14 Capital: Security Trust and Savings Bank, Billings, Mont., proposed reduction in debentures would bring ratio of capital to deposits below Board's standards, letter to Mr. Peyton to take up with State Banking Department 4/11 Capital Issues Committee: Records, reply to Federal Trade Commission that those of subcommittees at FRBanks had not been requested and that FRBanks were being advised to forward to Commission 3/ 7 Capital movements: International, highly confidential memo of Dr. Goldenweiser re, presented to Governors' Conference 10/24 Carhart, Geo. E.: (See Bankers Development Corp.) Cartwright, 0. C.: (See National banks, Central National Bank of San Angelo, Texas) Catterns: (See Foreign banks, Bank of England) Cavalier & Co.: (See Wm. Cavalier & Co.) Central Heating Plant: (See Quarters of FRBoard, Building) Certificates of beneficial interest: Membership of banks which have issued, for waived deposits, question as to causing impairment of capital, for purposes of admission, Counsel to prepare memo covering cases now before Board 10/30 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1843 2020 2697 2714 1403 897 617 2172 2219 33 Pages Certificates of beneficial interest: (Continued) Membership condition prescribed for I-C Bank and Trust Co. requiring stamping of obligation of, on stock certificates and alternative method of stating 12/11 liability (See also Membership in FRSystem, Capital requirements) Certification of banks to F. D. I. C.: 9/21 American Bank of Carlsbad, N. Mex. Ann Arbor, Mich., reference of Mr. Clayton to unsatisfactory condition of banks in, especially Farmers and 6/26 Mechanics Bank of Ann Arbor Bank of Jamestown, N. Y., question raised as to whether debentures should be regarded as capital or liabili6/24 ties to be certified upon request apassets but unsatisfactory Bank of Nutley, N. J., condition pear adequate to meet liabilities, favorable cer6/26 tification approved 6/27 of list today, C. Banks to be certified to F. D. I. Debentures, question raised in connection with Bank of Jamestown, N. Y., as to whether they are to be considered as part of capital structure or as liabilities, 6/24 to be certified on request 6/24 District 1 6/26 6/26 District 2 6/27 6/26 District 3 6/27 6/26 District 4 6/27 6/24 District 5 6/24 District 6 6/26 6/26 District 7 6/27 6/26 District 8 6/27 6/24 District 9 6/26 District 10 6/24 District 11 6/26 District 12 6/27 Farmers and Mechanics Bank of Ann Arbor, Mich., recommendation that it not be certified, nonmember bank will automatically became member of insurance 6/26 fund Agreement of F. D. I. C. and R. F. C. to merge with two other banks, Board cannot assume responsibility for notification of bank that it will not be cer6/26 tified, F. D. I. C. to be advised informally Memo of Division of Examinations and recorlmendation of un6/26 favorable certification approved that it First Trust Company of Philadelphia, Pa., certification 12/24 is now a member of FRSystem http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2695 1980 1488 1454 1516 1536-45 1454-6 1453 1511 1507 1524 1505 1525 1499 1524 1449 1447 1499 1511 1524 1503 1525 1451 1504 1445 1502 1523 1488 1488 1490 2833 34 Certification of banks to F. D. I. C.: Form of certificate to be executed by Secretary or Assistant Secretary of Board on request from F. D. I. C. for certification 6/24 Gunnison Valley Bank, Gunnison, Utah, reply to Mr. Sargent that his assumption re inclusion of debentures in capital account is correct 6/26 Peoples Bank of Hamburgh, Hamburg, N. Y., condition unsatisfactory but assets appear adequate to meet liabilities, favorable certification approved 6/26 Peoples Bank and Trust Co., Passaic, N. J., possible liability to non-assenting depositors in reorganization plan, favorable recommendation approved 6/26 Perth Amboy Trust Co., Perth Amboy, N. J., FRAgent cannot reconmend favorable certification unless capital is supplemented, no action 6/26 Memo from Division of Examinations on unsatisfactory condition, deposit impairment, unsatisfactory management, etc., unfavorable recommendation approved 6/27 Raritan Trust Co., Perth Amboy, N. J., FRAgent cannot recommend favorable certification unless capital is supplemented, no action 6/26 Memo of Division of Examinations calling attention to frozen condition, also that Perth Amboy Trust Co. did not warrant favorable certification and it appeared this subsidiary could not survive, unfavorable recommendation approved 6/27 Resolution extending provisions of 12B of FRAct, doubt as to passage, question of action as to certain banks 6/26 Savings Investment and Trust Co., East Orange, N. J., deposits are impaired, but assets seem sufficient to meet liabilities, R. F. C. to purchase preferred stock, favorable certification approved if R. F. C. purchases stock 6/26 Letter from FRAgent Case that he could not recommend favorable certification for Perth Amboy Trust Co. and Raritan Trust Co. unless their capital is supplemented, no action 6/26 C. F. Childs and Co., holding of bonds for Poultney National Bank, Poultney, Vt., possible violation of Sec. 32 of Banking Act of 1933, reply to Mr. Curtiss 6/24 Chamber of commerce of Kansas City, no objection to annual contribution to, made by MBank of Kansas City 8/ 7 Chapman-Iiams Co.: (See Loans, Industrial advances) Charge offs: E.M.C. Durfee Trust Company of Fall River, Mass., most of charge offs contemplated in recapitalization plan have been made, balance not to be required at present 8/ 7 Board's building assessment on FRBanks, reconsideration of question of by Governors' Conference, no objection 12/ 7 FRBank buildings, question of change in basis of depreciation reserves, to write off book value in 40 years, referred to Governors' Conference 12/12 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Pages 1454 1518 1515 1517 1492 1525 1492 1527 1488 1491 1492 1465 1718 1709 2653 2714 35 Pages Charge offs: (Continued) FRBank of Dallas, branch bank site and building at El Paso and buildings at Houston and San Antonio, authorized because of excess of book over market value FRBank of Minneapolis, charge off of earthquake damages at Helena Branch building authorized FRBank of New York, on buildings of head office and Buffalo Branch, authorized FRBank of Philadelphia, authorized to charge off sum on building FRBanks: Board's new building and site, should not be carried as asset and authorized to charge assessments to profit and loss . Recommendations re end of year, approved First and Merchants National Bank of Middletown, Ohio, reply to Mr. Fletcher that as there was no intent to deceive in not making eliminations required by issuance of limited voting permit and present requirements have been met, he need take no further action First Trust Co., Albany, N. Y., some losses and depreciation eliminated, but reserve not used in full Liability of Fayette Bank and Trust Co., Connersville, Ind., on account of use of contributions of stockholders in 1923 to eliminate undesirable assets, does not exist Maryland Trust Co., Baltimore, Md., program of elimination of losses has reached point where there is justification for charging off losses only when definitely determined Mercantile National Bank at Dallas, Texas, no objection, in connection with eliminations required in issuance of voting permit, to transfer of sum from valuation reserves to reserves for contingencies Prior liability under Retirement System, question of FREanks charging off immediately or over five year period, referred to Governors' Conference Recommendation of Governors' Conference for discharge over five year period, approved, and telegram to FRBanks asking if they will cooperate SPringfield National Bank, Springfield, Mass., those .required in condition of limited voting permit for Old Colony Trust Associates, requested modification granted and authorization to issue permit VotinP permit conditions requiring, letter to FRAgents modifying those applicable to holding company affiliates and subsidiaries in connection with limited permits FRAgents authorized in cases where limited permits have been granted, to consider conditions mat where new standards are complied with http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/28 2889 12/28 2889 12/28 1/ 2 2888 11 12/28 12/28 2889 2888-91 2/13 443 8/12 1729 11/ 5 2260 8/ 7 1711 2/ 7 396 12/12 2714 12/21 2814 2/12 424 1/15 132 1/15 132 36 Charles, Mrs. Nellie, reply that law forbids member banks from paying time certificates of deposit before matarity 4/ 2 Charters: State member banks, reply to Mr. Hoxton that copies of amendments need not be certified but accuracy should be confirmed 4/11 Amendments, copies of, procedure suggested by FRBank of Richmond for obtaining accurate, no objection 5/29 Charts: Bank credit, money rates and business activity, reply to Mr. Amos that Board cannot furnish, without more specific reference to charts desired 12/ 9 Reply to Mr. Amos that Board can furnish typed and certified copy of transcript and charts on Bank Credit, Money Rates and Business Activity, and proposed cost thereof 12/20 Chicago Thrift Co., Chicago, Ill., savings devices such as coin banks, reply to Mr. Prince that distribution does not constitute indirect payment of interest 12/21 Cincinnati Stock Exchange: Member firms to report on Form F.R. 240 monthly 11/16 Circulars: Comptroller of Currency: Examinations of trust departments of national banks 12/24 Investment securities, limitation on amount which may be purchased or held, of one obligor, by national banks, desire of Board to publish in IRBulletin 1/30 Department of Justice: Sec. 22(g) of FRAct, executive officers, reply to Attorney General noting that there is no objection to furnishing copies of circular to FRAgents and request as to any objection to furnishing substance to member banks 3/ 1 Letter to FRAgents that there is no objection to furnishing to any interested party 3/25 Federal Housing Administration, mortgages, insured, reference in Board's letter to FRAgents re investment of trust funds in, to circular of administration on same point 12/18 FRBank of New York, interest rate (No. 1583), reply to First National Bank, Kenmore, N. Y., re application of principle re "existing contracts" to Postal savings deposits 9/ 7 FRBank of Richmond, discount rates, Circular No. 190, specific references to maturities of paper should be eliminated and announcements should include reference to relevant section of FRAct 3/11 FRBoard: Absorption by banks of "extra out-of-pocket expenses" for favored customers arising from special printing of checks, summary of rulings sent to Mr. Clerk and copy to FRAgents 5/11 Acceptances, bankers, letter to FRAgents on suggestion of Mr. Yohe that some banks are not complying with Reg ulation A, requesting examiners to check, and lethttp://fraser.stlouisfed.org ter to Comptroller Federal Reserve Bank of St. Louis 1/30 Pages 826 901 1280 2672 2800 2810 2409 2833 302 563 763 2757 1879 646 1108 298 37 Pages Circulars: (Continued) FRBoard: (Continued) Address of Governor Eccles before Ohio Bankers Association on Banking Act of 1935, letter of transmittal to member banks Assessment on FRBanks for Board's building, letter to FRBanks calling for remainder of Bank robberies, reply to Mr. Hoover that instructions as to procedure in case of are being sent FRBanks for distribution to member banks Banking Act of 1935, interpretations, letter submitted by Mr. Vest to all FRAgents re procedure on requests for, approved Capital stock reductions of State member banks subject to membership condition requiring Board's approval, procedure for advising R.F.C. of approval or disapproval Copy of reply to Mr. Case Class C directors of AiBanks, draft of letter advising of new policy of appointment, approved and copy of Feeling of Governor Eccles that as press had learned of matter, Board's letter should be released Question of press release raised again by Governor Eccles, authorized to release letter with introductory statement Mr. Thomas' statement complaining that he had not seen draft of letter and feeling that Board's selections should not be so rigidly restricted Favorable comments reported by Governor Eccles from Messrs. Hecht, Fleming, Smith and Bucklin Minutes of Jan. 9, not approved by Mr. Thomas because of objection to procedure in sending out letter, minutes approved Classification of primary, secondary and additional collateral and custodies, letter to agents and governors with suggestions to insure uniform classification by FRBanks Clayton Act applications, policy, new, letter to FRAgents outlining, permits to be granted only until January 14, 1936, legislation to be recommended amending Clayton Act Clayton Act permits, telegram to FRAgents that reports of reviews may be suspended pending action on amendment to Act pending in Congress and requesting list of all outstanding permits with other information Code words, rates, reestablishment of schedules, change in definition of MARSOON Condition of membership requiring deposit of securities by State member banks for trust funds in commercial department, letter to FRAgents on waiver of, in certain States http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/27 548 6/20 1433 3/15 690 8/28 1829 2/13 2/13 444-6 444-6 1/ 9 76 1/18 167 1/18 170 1/18 168 1/23 204 1/23 217 2/ 2 343 1/ 9 79 3/ 5 589 9/ 7 1886 3/ 8 631 38 Circulars: (Continued) .bRBoard: (Continued) Condition reports: Affiliates, waiver of, advice to all FRAgents of terms of, under Banking Act of 1935 9/ 9 Affiliates, waiver of, revised provisions re, sent to IRAgents 12/23 Form, standard, memo of Mr. Smead suggesting sending to FRBanks for comments, approved 11/18 Forms and instructions for next call, transmitted to FRAgents 3/27 Forms for next call transmitted to FRAgents 6/24 Formsfor next call, together with paragraphs to be inserted in agents' letters to State member banks 9/20 Forms and instructions for next call, with waiver provisions for affiliates, transmitted to FRBanks 12/23 Publication: Reply to Mr. Walsh that if State form is brought into conformity with Board's form, one publication will be all required by Board, copy to other FRAgents 12/17 Surplus and undivided profits, reply to Mr. Hoxton re calculation where bank has preferred stock of retirable value different from par value, copy to other FRAgents 11/29 Contacting member and nonmember banks by AtBanks, draft of proposed letter to FRAgents oubmitted, to be amended to request views of directors on proposed activity 1/16 Letter presented and approved 1/21 Coupons from certain 4e5/0 Government bonds, letter to FRAgents requesting A/Banks to watch for, in accordance with Internal Revenue Counissioner's request 9/11 Currency shipments, copy of Assistant Postmaster General's letter suggesting FRBanks keep description of shipments and include some new currency in each, sent to FRBanks with request for feasibility and cost 3/25 Deposits, reserves against, computation under Banking Act of 1935, telegram to FRAgents re, and revision of B-15 8/28 Directors of AiBanks, list of all who have served FRBanks requested, with certain pertinent information 5/ 8 Directors of FRBranch banks, draft of letter advising of new policy of appointment, approved, copy of, and of revised rules and regulations, no publicity to be given other than printing in FRBulletin 1/ 9 Feeling of Governor Eccles that as press had learned of matter, Board's letter should be released 1/18 Question of press release raised again by Governor Eccles and authorization voted to release letter with introductory statement 1/18 Mr. Thomas' statement complaining that he had not seen letter before it was sent out 1/18 (See also ERBoard, Procedure) http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Pages 1890 2827 2415 775 1456 1977 2827 2751 2573 144 197 1897 762 1823 1090 76-9 167 170 168 39 Pages 9 Circulars: (Continued) FRBoard: (Continued) Directors of FRBranch banks: (Continued) Favorable comments reported by Governor Eccles from Messrs. Hecht, Fleming, Smith and Bucklin 1/23 Minutes of Jan. 9, not approved by Mr. Thomas because of procedure in sending out letter, minutes approved 1/23 Discount rates, letter to FRBanks re reducing and containing memo of reasons for action 5/ 6 Dismissal wage, letter to all FRBanks authorizing payment of Proportion of salary for specified period where employees are involuntarily separated from service 7/ 1 (See also FRBanks) Earnings and expense reports and profit and loss statements, revised instructions for preparation sent to governors 5/18 Examinations of State member banks, charges for, letter to Mr. Curtiss that conclusion has not yet been reached as to assessing, but authority granted to waive charges, copy to other FRAgents 12/21 Excess reserves of member banks, niBanks notified of statement giving estimate to be included in weekly statement of condition in future 7/16 Executive officers under Sec. 22(g) of FRAct, advice to FRAgents that there is no objection to furnishing copies of Department of Justice circular 3/25 on violations to any interested parties F. D. I. C. stock, letter to governors on reporting on weekly statement of FRBanks 1/ 9 Federal Open Market Committee: 12/ 4 Meeting called for Dec. 17 Recommendations of Oct. 23, reply of Board approved and 11/20 copies sent to FRAgents Amendment re shifts in maturities, of.less restrictive nature, to be prepared at suggestion of Chairman 11/26 11/27 Draft of amended letter presented, further changes Letter approved and copy to be sent to all FRAgents 11/29 Federal Power Commission, advice to FRAgents that,it will not be able to rule upon applicability of Sec. 305(b) of Federal Power Act to officers and directors of FRBanks or member banks until 10/21 Oct. 25 ERAct, new edition, telegram to FRAgents re copies being 11/15 sent to FRBanks FRBank stock: Applications for issuance and cencelation, letter to FRAgents containing instructions re checking and handling, approved in conjunction with approval of Regulation I 11/26 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 204 217 1052 1556 1172 2807 1614 763 87 2618 2429 2500 2539 2564 2141 2395 2510 40 Circulars: (Continued) FRBoard: (Continued) FRBank stock: (Continued) Applications: (Continued) Effective date of, telegram to FRAgents stating that it should be immediate 12/ 9 Cancelation of holdings in excess of 6% of capital and surplus as required by Banking Act of 1935 8/28 Surplus should not be included in basis for adjustments when aggregate of capital accounts is no greater than outstanding capital stock, notes and debentures, or when deficit in undivided profits account offsets surplus 9/20 FRnotes, issuance and retirement, letter approved for transmittal to FRAgents containing necessary instructions re, to replace revoked Regulation 0 of 1915 11/26 Fiduciary powers: Member banks acting in fiduciary capacities under agreements containing unwarranted exemptions of banks and officers from liabilities, letter to FRAgents requesting information and letter to Comptroller 6/29 State authorities should be advised of grants to and surrender by member banks, advice to FRAgents 1/ 3 Financing cotton shipments to Italy, letter to FRAgents covering copies of correspondence with Governor Harrison and State Department re propriety of 12/21 Form B-15, Reserve Computation, further revision of, to conform to revised Regulation D and revision of call report form, letter to FRAgents re 12/19 Form 34, Balance sheet of FRBanks, letter to governors on changes in 12/13 Form 107, earnings and dividends reports of member State banks, letter to FRAgents re revised form, and re items on salaries and wages included for Department of Labor and Bureau of Census 12/21 Letters to Messrs. Curtiss, Case, Austin, Fletcher, Fry, Clark and Sargent, re securing special figures where bank operates in more than one county 12/21 Funds received from Secretary of Treasury in connection with industrial loans, telegram to all governors on reporting 1/ 8 General voting permits, conditions of issuance, letter to FRAgents re seven standard conditions, requesting submission to holding company affiliates for comments 11/ 9 Government securities as collateral for FRnotes, advice to FRBanks that President extended period within which Board may authorize, FRBanks to continue to pledge 2/26 Handbook for Trust Examiners, copy of reply to Mr. Peyton to be sent to all FRBanks, on his suggestion that publication be furnished to State banking departments, reply suggesting it also be fur nished to chief national bank examiners 8/14 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Pages 2671 1818 1957 2534-7 1550 25 2813 2792 2726 2815 2816 72 2324 538 1750 41 Pages Circulars: (Continued) FRIoard: (Continued) Havana Agency, operation on System basis, letter to FRBanks except Atlanta and Minneapolis, inclosing copies of agreement for, and letter to FRBank of Minneapolis Advice to FRAgents that FRBanks have executed contract and that system operation will commence June 1 Holding company affiliate relationships, determination of, in view of Banking Act of 1935, letter to FRAgents on procedure for obtaining Holidays, offices of Board to be closed at 1 p. in. Dec. 24 and 31, advice to FRAgents and that Bureau of Engraving and Printing will also close, so that orders for currency shipments should be placed early Indebtedness and outside business relations, FRAgents' departments, letter to all FRAgents revising procedure to achieve uniformity in reports, inclosing form B-208 and calling for reports annually in accordance with recollunendation of Governors' Conference Individual dealers under Sec. 32 of Banking Act of 1933, FRAgents to be advised of reversal of ruling, that Section 32 is now held applicable Letter to FRAgents that Board has reconsidered ruling contained in letter of Oct. 30, 1933, and that the provisions of Sec. 32 are now held applicable to Industrial advances: FRBanks requested for information showing extent to which different lines of business and industry have applied for credit Information submitted by Banks to FRBoard, other than regular forms may be discontinued, Board desires explanation of any unusual changes in Weekly reports, and list of outstanding advances may be furnished quarterly in future Information re, telegram to ERBanks that there is no objection to furnishing to Prof. Dolley, University of Texas Pamphlet prepared by Mr. Creighton, material gathered by FRBoard sent to Chairmen of Industrial Advisory Committees as possible basis for issuance in their districts, copy of letter sent to FRAgents and governors Press comment on program, FRBanks requested to forward clippings, etc., to Board Procedure, copy of letter from Deputy Governor Fleming on, sent to all Governors Review of advances and commitments, request expedition of disbursements and that stress be laid on advances through financing institutions, advice that there appears to be need for working capi tal advances http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/ 8 857-9 5/25 1239 9/16 1930 12/23 2830 12/26 2849 2/13 431-2 3/18 712 3/7 614 6/18 1418 8/ 7 1719 1/17 157 6/ 4 1306 1/ 2 7 3/22 749 42 Circulars: (Continued) FRBoard: (Continued) Industrial Advisory Committee Chairmen, minutes of meeting 7/ 1 of June 24, sent to Industrial advisory committee members, all 1RBanks except Boston and Chicago requested for names of selec2/11 tions Insurance of FRnote shipments, telegram and letter to governors on procedure and instructions for, covered by own policies and amendment of code word 6/27 Interest rates payable on deposits outside of United States, letter to all FRAgents fixing under Regulation Q and letters to banks having foreign branches 2/11 Interlocking directorates: Review of permits, telegram to FRAgents that annual, need not be made and that it is not necessary to make special reports previously requested in certain cases 10/28 Service under Banking Act of 1935, letter to FRAgents re 9/16 Interpretation for Mr. Clark re relationships not prohibited prior to passage of Banking Act of 1935 10/ 2 Liberty loan associations, assets and liabilities of which were taken over by FRBanks, request for status 6/12 of existing accounts Liquor in interstate commerce, letter to FRBanks calling attention to provisions of Criminal Code making it unlawful to collect price of, or act as agent in connection with, bill to repeal is in Congress 4/29 Loans to executive officers: 6/14 Joint resolution amending FRAct Regulation governing, tentative draft of sent to FRAgents for comment, not to be issued unless Banking Act of 1935 is enacted 8/ 7 Loans upon time certificates of deposit, copy of reply to First National Bank of La Grange, quoting provisions of revised Regulation Q, sent to FRAgents 12/ 7 Mailed matter of FRBanks, request for advice as to practice of placing coupons, bonds, etc., in ordinary mails, information requested on request of Mr. Eilenberger 2/26 Meetings of directors of FRBanks, letter to FRAgents re recommendation of Governors' Conference on uniformity of dates of, requesting reaction of directors to proposal 12/27 Membership in FRSystem, reply to Stevens and copy to other FRAgents re desirability of endeavoring to secure applications from nonmember banks 9/30 Mortgages, insured, letter to Mr. Wood, and copies to other FRAgents, stating position of Board and Federal Housing Administration re investment of trust funds in 12/18 Membership condition 12, letter to FRAgents that State member banks be advised of exception made to permit sale of, and calling attention to footnote 12/27 http://fraser.stlouisfed.org 11 of Regulation H Federal Reserve Bank of St. Louis Pages 1562 407 1531 411 2206 1931 2043 1365 1021 1401 1717 2645 539 2854 2032 2757 2869 43 Pages Circulars. (Continued) FRBoard: (Continued) National Bank of Nicaragua, FRBanks advised of approval of 11/11 their participation in loan to Notification to FRBanks of approval of participation 12/17 in additional loan to Nonmember clearing accounts, reply to Mr. Stevens on summary of practices of all iiRBanks, that liberal attitude should be adopted, copy to all FIRAgents 4/29 "Official positions" at FRBanks, letter to ERBanks requesting review of designations with view to making any changes that might be desirable, with particular reference to position of Chief 3/21 Examiner Penalties for deficient reserves, waiver of, letter to FRAgents requesting comments on rules now in effect and on inclusion in revision of Regula8/28 tion D of reference to Personnel classification plans of FRBanks, review of, letter to all 1RBanks on advisability of calling 2/7 conference for 17, advice to Conference to be held in Chicago April Governors, and letter to Governors on subjects 4/1 for consideration Report of subcommittee, letter to governors requesting 10/30 comments on, before Board takes action Preferred stock and capital debentures: Retirement, letter to FRAgents to be prepared suggesting retirement where not needed for protection 11/20 of depositors Retirement, letter to FRAgents re review of condition of banks in which R.F.C. has investment and 12/13 statement of policy to be followed re Prior liability of 'RBanks to retirement system, telegram to FRBanks asking if they will cooperate in recommendation of Governors' Conference that it be discharged over five year period 12/21 Publications of RSystem, letter to all member banks in6/ 5 closing questionnaire relative to usefulness of Rates of discount and purchase, procedure for Board approval, reply to Governor Fleming that existing rates shall remain in effect until Board shill take further action, copies to be sent to other FRBanks 10/31 Rates of FRBanks on industrial loans, request FRAgents to review, in view of low level of rates, and consider advisability of reducing 2/12 Rediscount rates, changes in, letter to FRAgents requesting inclusion of statement of reasons for, in advising Board 12/10 Rediscounts by FRBanks for individuals, partnerships and corporations, extension of authorization for additional six months 1/8 Authorization extended for further six months 7/10 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2345 2750 1018 719 1825 395 808 2225 2432 2718 2814 1320 2228 425 2674 70 1592 Pages 44 Circulars: (Continued) FRBoard: (Continued) Regulations: Computation of deposit liabilities in connection with permanent deposit insurance, telegram embodying, authorized sent Telegram to FRAgents that banks organized after June 16, 1933 should subscribe for stock of F. D. I. C. on basis of capital and surplus and that regulation is not applicable to such banks, letter to Mr. Crowley H, tentative draft sent to FRBanks for comment, covering letter approved with understanding that it will not be necessary to submit to Board for approval similar letters on revisions of or new regulations H and P, opinions of FRAgents requested as to sending copies to all member banks, and copies of H to all nonmember banks I, tentative draft of revision sent to FRAgents for comment P and H, opinions of FRAgents requested as to sending copies to all member banks and ii to all nonmember banks Q, telegram to FRAgents suspending section l(f) re absorption of exchange and collection charges, in connection with Interest regulation of FDIC T: Amendment to, letter to FRBanks on proposed approved Amendment No. 5 adopted, advice to FRAgents Amendment re warrants, telegram to FRAgents re, approved Tentative drafts, advice to FRAgents that they may be released and statement to be attached showing that Board has not considered Relations with dealers in securities, correspondent banks, telegram to FRAgents extending until Jan. 1 blanket permit, in connection with securities exempt from Sec. 5136 of Revised Statutes RePorts: Member firms of national securities exchanges on form 240 to be made monthly Telegram to FRAgents requesting supplemental data on margin and restricted accounts Special Agents, Department of Justice, letter to FRAgents on confidential nature of Reserve computation periods for reserve city banks outside of FRBank and branch cities, advice to governors that changes in day of ending of, makes periods uniform in all FRDistricts Reserves against net demand deposits under Banking Act of 1935, telegram to FRAgents re computation of, and revision of B-15 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/14 1378-81 6/18 1415-6 8/22 1786 12/23 2827 8/19 1767 12/23 2827 12/28 2878 2/2 344 7/29 1668 10/14 2082-5 9/18 1947 10/21 2140 10/22 2145 11/26 2537 8/ 7 1719 12/28 2893 8/28 1823 45 Pages Circulars: (Continued) FRBoard: (Continued) Reserves against net demand deposits: (Continued) Advice to FRAgents on reporting on Form B-21, footnote to be appended to weekly member bank statement 8/28 1824 to show inclusion of Government deposits Reply to Mr. Walsh that balances due from private banks were intentionally included in items not proper 8/30 1848 deductions from gross demand deposits Similar letter to Mr. Sargent and advice that S. P. 8/30 1848 Morgan and Co. are licensed as private bankers Reserves: Monthly reports on form 234 from selected member banks, in connection with study of recommendations of System Committee in 1931, advice to FRAgents 12/ 7 2654 to discontinue Reports of deposits by member banks for purposes of, telegram to FRAgents suggesting prompt comparison with November call report, in connection 11/27 2563 with revised Regulation D Restricted deposits to which insurance does not apply, letter to FRAgents on desire of F. D. I. C. 9/ 3 1855 that State member banks affected be notified Retirement system: Expenses of representatives of FRBoard and FRBanks, pay6/ 4 1307 ment of Prior liability, telegram to all governors re charge to current expense for five year period to 12/30 2898 liquidate Special contributions, letter to Governors extending authorization (12/26/34) to permit more adequate allowances for employees involuntarily 12/27 2870 separated Salaries at FRBanks, letter to all FRAgents re increase in average and stating principles which should be 4/16 929 followed Salaries of officers and employees of FRBanks: 1/ 5 44 Policy Board is to follow, letter to all FRBanks on Reporting, letter to chairmen re, review of increase in average salary, and restatement of San. 5, 1935, 11/22 24 position of Board re increases74 Savings devices, ruling that distribution by banks. of those such as "CaleMeter", made by Zell Products Corp. does not constitute indirect payment of in12/ 7 2646 terest, copy to FRAgents Savings passbooks, letter to FRAgents requesting views on desirability of amending ruling on presentation by depositor on withdrawals in cases involving special circumstances and requesting practices 918 4/12 of mutual savings banks Small businesses, letter to Chairmen of Industrial Advisory Committees, in connection with their resolution relative to study recommended by Business Advisory Council for furnishing capital to, advising Board's resolution that study is not within of . 6/27 1530 its province http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 46 Pages Circulars: (Continued) FRBoard: (Continued) Stocks acquired by banks in protection of loans, FRAgents authorized to grant extensions of time for disposal as required by membership condition 7 824 4/ 2 Surrender of FRBank stock on retirement of preferred stock, advice to FRBanks that Board will consider funds set up for payment of dividends in common stock as surplus in connection with adjustments in FRBank stock 5/21 1196 Violations of Sec. 22(g) of FRAct, procedure revised , letter to FRAgents to endeavor to secure correction of unintentional violations without reporting, advice that amendments to law have been recommen ded 2/13 446-8 Voting permits: Exhibits relating to, instructions for preparation of 11/27 2548 General, procedure for issuance of, letter to FRAgent s on, containing code word for use in connection therewith 12/ 4 2622 Limited, eliminations required of holding company affiliates and subsidiary banks, letter to IRAgents modifying, and authorizing them in cases where Board has granted, to consider conditions complied with where new standards are met 1/15 132 Weekly member bank condition reports, letter to FRAgents re revision of B-21 to conform to ,call report 12/26 2850 Works program checks, telegram to all FRAgents quoting request of President that they be cashed at par and on identification cards by all banks, to be communicated to all banks 10/ 9 2064 Civilian Conservation Corps: Mess Fund, reply to Secretary of War that deposits of surplus rations savings cannot be considered as "savings deposits" 7/ 1 1559 Clark, Philip R.: (See Reserve City Bankers Association) Clearing and collection: Absorption of exchange and collection charges, amendment to Banking Act of 1935 suggested by Atlanta clearing house banks through Mr. Ottley, to prohibit absorption of 8/14 1754 Arkansas banks, making exchange charges on Government checks reported by Mr. Curtiss of Department of Agriculture, reply 7/22 1641 Cash items in transit, reserves, reply to Mr. Clark, relative to First National Bank of Lake Charles, La., on permissive nature of deduction from gross demand deposits in computing 9/16 1926 Cashiers' checks in connection with collection of processing taxes, plan of issuance in connection with suit brought in District Court, altered, request if Secretary of Treasury objects to 8/ 2 1684 Letter to Governor Newton re procedure and approving insofar as present court order and checks issued 8/ 9 1723 Letter to Mr. Parker noting that checks have been issued or certified 8/19 1767 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 47 Pages Clearing and collection: (Continued) Charge for cashing warrant made by Bonner County National Bank, Sandpoint, Idaho, reply to Miss Lehmann re correctness of charge 7/ 5 Collection charges: Austin Clearing House Association, imposition on out of town checks by members of, of sum in excess of legal rate, letter to Mr. Walsh that he seek discontinuance of 12/23 Government checks, reply to Congressman Burdick on complaint that certain Jamestown, N. Dak. banks are making, and paying other checks at par 6/ 4 Drafts: Drawn on FRBanks by member banks and letters of advice directing charges to reserve accounts in settlement of cash letters, reply to Mr. Clerk re rulings of FDIC on, as deposits, and letter to Mr. Crowley re 11/13 Drawn on nonmember institutions, voted by Governors' Conference to accept report of Standing Committee on Collections that each FRBank determine method of handling those received on Saturday and of handling float . 10/24 Handling by Denver branch of those drawn on business concerns which are received on Saturday, reply to Governor Hamilton and matter referred to Standing Committee on Collections in letter to Governor Calkins 7/24 Exchange charges: Absorption by member bank for customer, which it would lose to another bank if it followed Board's rulings and ceased to absorb, Board requests names of banks involved to endeavor to secure uniform application of rulings 5/ 1 Absorption by national bank for Montgomery Production Credit Corporation (lam Credit Corporation) as it constitutes indirect payment of interest, reply to Alabama National Bank, Montgomery, Ala. 12/27 Earnings of small banks, feeling that they must charge, to supplement, statement of Mr. James re, in Atlanta and Minneapolis FRBanks, in connection with letters from Mr. Peyton re circularization of President's request that %orks checks be cashed at par 10/25 Nonmember banks, advice to Governor Harrison on recaanendation of Governor Eccles that small banks which exist by reason of making exchange charges, be exempt from mandatory membership in ERSystam as proposed by Banking Act of 1935 5/21 Exchange and collection charges: F.D.I.C. Regulation: (See Regulations, F.D.I.C.) Indorsement to be used on checks received by Board 9/26 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1576 2829 1308 2383 2163 1649 1040 2859 2182 1203 2012 48 Clearing and collection: (Continued) Indorsement, fraudulent, on check on Treasurer, reply to Mrs. Banister, re liability of Central Trust Co., Cincinnati, which absorbed Brighton Bank and Trust Co. 11/19 Interdistrict time schedule, changes requested by FRBank of Minneapolis approved 9/ 7 Liquor drafts, advice sent to Atlantic National Bank of Jacksonville, Fla., on effect of Sec. 239 of Criminal Code 5/ 8 Liquor shipments, letter to Governor Calkins suggesting consideration of uniform practice by FRBanks in accepting drafts covering purchase price in view of Section 239 of Criminal Code 6/12 Letter to Governor Calkins that since sending letter, Board has been advised of action of Governors' Conference 6/21 Nonmember clearing accounts, reply to Mr. Stevens that on receipt of his inquiry Board requested practices of all FRBanks, summary of reply sent to, and advice that liberal attitude be adopted, copy to all FRAgents 4/29 Memo of Mr. Smead that accounts are not being used solely for exchange or collection but that as insured banks must enter FRSystem by July 1, 1937, it 4/29 is assumed that they should not be discontinued expenses: Out-of-pocket Absorption by banks for favored customers, reply to Mr. Clark re printing of special checks and reimbursements of customers for having own checks printed 5/11 5/11 Reply to Mr. Hallock in similar situation 5/11 Reply to Mr. Warrick in similar situation Payment of, reply to Senator Fletcher on letter of Mr. Barnett relative to provision of Banking Act of 1935 authorizing Board to determine what shall 5/21 be deemed as a payment of interest Protest charge on check drawn on Valley Bank and Trust Co., Mesa, Ariz., reply to Mrs. Mallery that Board 3/ 5 has no jurisdiction over propriety of amount Service charges, uniform system, reply to Rhode Island hospital National Bank, Providence, that neither Board nor Comptroller is considering any recommendations re 11/ 1 Works program checks: Cashing at par and on identification cards, by all banks, telegram to FRAgents quoting request of President, to be communicated to all banks 10/ 9 from Mr. Peyton re protests of banks in Ninth Letters district against President's request that they be cashed at par, question of shipping necessary currency to nonmember banks without expense 10/25 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Pages 2424 1883 1090 1363 1441 1018 1019 1108 1110 1111 1203 593 2237 2064 2181 49 Pages Clearina and collection: (Continued) Works program checks: (Continued) Cashing at par: (Continued) Sugestion of Mr. Peyton that such bulletins be issued over Secretary of Treasury's signature rather than FRBanks, question of banks charging exchange Discussion of, only FRBank of New York absorbs currency shipping charges, reply to be prepared Reply to Mr. Peyton re reasons for transmitting President's request through FRBanks Procedure in handling, reply to Governor Geery on Clements, Francis: (See Violations) Clinton, Spencer: (See Purse Co., Chattanooga, Tenn.) CliPpings on industrial loans to be sent to Board by FRBanks Cochran, H. L.: (See Membership in FRSystem, Banco de Puerto Rico) Cochran, Congressman John J., reply that Board does not feel it is appropriate for it to make suggestions respecting other departments in response to resolution of Committee on Expenditures, of the House Code words: General voting permits, to cover issuance of Insurance of FRnote shipments, amendment because of MBanks coverage under own policies Rates at FRBanks, definition of MARBOON changed to provide for reestablishment of existing schedules Collateral: Advances under Sec. 10(b) as collateral for ITtotes, reply to Mr. Stevens that they are ineligible, but they are eligible as collateral for Eitbank notes FRnotes, representatives of FRAgent in other departments of bank designated to hold, in joint custody, reply to FRBank of New York that there is no requirement or necessity for individual bonding Industrial advances on real estate, handling of Collateral and custodies, classification, letter to governors and agents, suggestions made as to method, of primary, secondary and additional, in connection with revision made as result of recommendation of accounting conference Collins, Charles W.: Attorney for Transamerica Corporation: (See Voting permits) Collins, L. R.: (See National banks, First National Bank of Marietta, Ga.) Commerce Clearing House, Inc., Chicago, Ill., reply that on termination of holding company affiliate relationship with member bank, laws affecting became inapplicable but is desirable for Board to rule on termination CoMmissioner of Internal Revenue: Bonds, 4310,000 U.S. Treasury ileo, series 1947-1952, reply to Mr. Helvering that instructions have been issued to FRBanks to watch for Oct.15 coupons of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/25 2181 10/25 2182 11/ 1 6/20 2235 1434 6/ 4 1306 10/19 2124 12/ 4 2622 6/27 1531 9/ 7 1886 9/20 1978 12/ 5 2632 1/ 3 27 2/2 343 5/11 1119 9/11 1897 50 Committees: American Bankers Association: Special Committee on Banking Act of 1935, Regulation Q, copies of tentative draft sent to Mr. Hecht for consideration and comments of, similar copies sent to Comptroller and Chairman of F. D. I. C. Board of Governors: (See also infra FRBoard) District No. 3: Stern, J. David, recommendation for appointment as Class C at FRBank of Philadelphia, was handed to Governor Eccles August 2, appointed District No. 10: Sponable, F. W., question of removal as director of FRBank of Kansas City, referred to Report of Committee that there is no cause for removal Executive: Budget of Board for 1936, report re, approved Retirable persons, review of, in connection with budget, no recommendation re retirement, position agreed to Membership of banks outside of U.S.: Puerto Rican banks, statement of Mr. Thomas that committee had discussed with F.D.I.C. applications for insurance from two banks and request that Board participate in examination, approved Call report form, revision of: Standard form submitted by Mr. Smead for sending to ERBanks for comments and discussion with members of, approved Capital Issues: Records, reply to Mr. Johnson that those of subcommittees of IRBanks had never been requested and latter were being advised to forward to Federal Trade Commission Collection, drafts, handling by Denver Branch of those drawn on business concerns which are received on Saturday, referred to, in letter to Governor Calkins Congressional: Munitions, foreign loans during 1914-19, no objection to FRBank of New York making available to representative of, official rulings and correspondence on Federal Advisory Council: Banking Act of 1935, Messrs. Perkins, Loeb and Steele with Messrs. Smith and Lichtenstein ex officio, to study, to meet in New York on March 4 Federal Open Market: "Baby bonds", discussion of, by Undersecretary of Treasury Coolidge 1935, conference between Messrs. Morgenthau, of Act Banking Crowley, O'Connor, Eccles, Tom K. Smith and other bankers re http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Pages 8/28 1814-7 10/18 2106 10/18 2107 10/30 2214-7 12/31 2915-9 12/31 2919 12/11 2698 11/18 2415 3/7 617 7/24 1649 4/4 843 2/27 542 2/5 372 6/14 1370 51 Pages Committees: (Continued) Federal Open Market: (Continued) Consideration of open market operations report, money market and credit conditions and discussion of business situation, excess reserves, etc. Creation of new, under Banking Act of 1935, discussed Credit expansion, resolution of committee that no retarding steps are necessary, but recommending that excess reserves be absorbed, and that Treasury be consulted with, in view of its monetary powers Reply to be drafted reviewing consideration given resolution Reply presented, amended, and held, pending return of Mr. James Minutes of directors of FRBank of Chicago concurring in resolution, and suggesting increase in reserve requirements Reply, part of, read to Federal Advisory Council Reply approved, and copies sent to FRAgents Reply to FRBank of Chicago, quoting part of above reply Credit situation, statement of Mr. Goldenweiser re, listing five courses of action which Board might take, and comments on each, statement should be issued Statement of Mr. Williams, presenting three problems, as to courses to follow in connection with excess reserves Report of Governor Harrison that committee had considered aspects and elements of, and had considered a memo on excess reserves and the statements of Messrs. Goldenweiser and Williams Easy money policy, belief of Governor Eccles that it should be continued, Mr. James disagrees with present policy Excess reserves: (See infra Reserve requirements) Executive committee: Action taken on Jan. 25, ratified, report of Appointment of, substituting Governor of FRBank of Richmond for Governor of FRBank of Philadelphia Federal Advisory Council: Excess reserves, investments for banks, question of suitable, brought to attention of Board for consideration of Board and Committee of present policy Recommendations sent to Government bond market, statement of Governor Eccles that he had been in close contact with Mr. Burgess and Mr. Coolidge in regard to, no change in total amount of securities held in System account Governmental policy affecting ASystem and situation as to legislative program, outlined by Governor Eccles http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/24 2/27 2156 543 11/ 6 2269-71 a 2300 11/20 2428 11/20 11/21 11/23 11/23 2429 2459 2485 2487 12/17 2729-32 12/17 2735-7 12/18 2761 5/28 1251 2/ 5 367 2/ 5 366 2/19 12/11 491 2698 2/ 5 368 2/ 5 373 11/ 52 Committees: (Continued) Federal Open Market: (Continued) Legislative program, situation as to, outlined by Governor Eccles 2/5 List of topics, suggested by Governor Eccles, to be presented to Governors at meeting of Committee, for discussion with officers and directors of FRBanks 2/4 List to be furnished Governors in accordance with suggestion 2/5 (See also Conferences, Governors, Topics) Maturities of securities, resolution authorizing shifts in, within certain limitations, representing continuance of existing authority 10/24 Not necessary for Board to approve, Governor Harrison feels there should be definite policy re shifts, discussion of amounts of different maturities held and elements to be considered, including FRBank earnings 10/24 Action of Committee of Oct. 22-4 authorizing shifts in, suggestion that Board reserve right to reconsider, distribution of maturities considered satisfactory 11/ 6 Reply to be drafted approving authorization insofar as is necessary to provide for replacement of maturities until next meeting of Committee 11/ 8 Reply presented, amended, and held, pending return of Mr. James 11/20 Reply approved and copies sent to iliAgents 11/23 Amendment to be prepared to reply, at suggestion of Chairman, because previous action may be too restrictive 11/26 Draft of letter presented and further changed 11/27 Letter approved 11/29 Meetings: Attention to be called in letter that law requires one more meeting this year 11/ 8 Called for May 27, Mr. Coolidge to confer on Government financing on June 15, and topics to be requested by Governor Harrison for meeting of Governors' Conference imwediately following, Board members to make statements regarding their particular activities 5/17 Telegram advising of meetings 5/18 Called for October 22 10/ 4 Called for December 17 12/ 4 Held on October 22, 23 and 24 10/24 Procedure for, with Board, no change contemplated, as result of Banking Act of 1935 10/24 Procedure, suggestion of Governor Harrison that before committee holds separate session, it meet with Board and perhaps hear Dr. Goldenweiser's statement and Hr. Williams 12/17 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Pages 373 358 373 2156 2159-61 2271-2 2300 2428 2485 2500 2539 2564 2300 1153 1171 2048 2618 2155 2159 2728-9 53 Pages Committees: (Continued) Federal Open Market: (Continued) Meetings: (Continued) Stenographic record of proceedings, question of providing for To be called between Dec. 10 and 17 for consideration of recommendation of Federal Advisory Council re open market operations and excess reserves, recommendation not to be submitted to Committee prior to meeting To be held on Dec. 17, statement of Chairman Eccles that recommendation of Federal Advisory Council had been furnished to members of, and raising question of preparation of statement for release after meeting Voted to be held in January, 1936 Members: Calkins, J. U., selected by FRBank of San Francisco for 1935, Senior Deputy Governor selected as alternate Fleming, M. J., selected by -MBank of Cleveland Geery, W. B., selected by FRBank of Minneapolis Hamilton, G. H., selected by MBank of Kansas City Harrison, G. L.: Chairman, reelected as Selected by FRBank of New York Martin, W. MCC., selected by FRBank of St. Louis McKinney, B. A., selected by FRBank of Dallas Newton, Oscar, selected by FRBank of Atlanta Norris, G. W., selected by MBank of Philadelphia for 1935, Deputy Governor selected as alternate Preston, H. P., selected by FRBank of Chicago as alternate Resolution of St. Louis Clearing house Association that member selected by FRBanks of Chicago and St. Louis be not connected with either bank, discussion of, letter to be drafted to Messrs. Stevens and Wood expressing opinion that member should be officially connected with one of such FRBanks Seay, G. J., selected by FRBank of Richmond fOr 1935 and senior Deputy Governor selected as alternate Schaller, G. J., selected by 1RBank of Chicago for 1935 and Mr. Preston selected as alternate Young, R. A., selected by FRBank of Boston for 1935, Deputy Governor selected as alternate Minutes: Meeting of May 28, copies of Governor Schaller's letter, Board's reply and accompanying memoranda, forwarded to Mr. Burgess for incorporation National banks, statement of Undersecretary of Treasury Coolidge that Secretary of Treasury has decided it will be his policy to secure recommendations of FRBanks before chartering http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/21 1780 11/22 2461 12/11 12/18 2698 2770 2/11 2/11 2/11 2/11 406 406 406 406 2/ 5 2/11 2/11 2/11 2/11 366 406 406 406 406 2/11 406 2/11 406 12/26 2841-3 2/11 406 2/11 406 2/11 406 6/ 7 1337 2/5 372 54 Committees: (Continued) Federal Open Market: (Continued) Officers, election of, Governor harrison reelected chairman, Mr. Burgess reelected secretary 2/ 5 Open Market Policy: Statistical evidence of recovery going beyond control should not be awaited in opinion of Mr. Miller and Governor Harrison 5/28 Suggestion of Mr. Miller of psychological contribution to recovery by sale of small amount of governments and suggestion of Mr. Eccles that change in reserve requirements would be better 5/28 Tentative resolution re, study of effect of increasing member bank reserve requirements 10/24 Resolution to be mailed to committee members for suggestions as to changes in phraseology and to be submitted to Board with minutes of meeting 10/24 Policy record, memo of Mr. Morrill re procedure in keeping necessity of determining upon procedure before meeting next week, Messrs. Miller and Morrill appointed to formulate procedure 10/18 Letter to Governor Harrison in accordance with above action, question as to attendance of representative of Board at meeting, approved 10/21 Statement of Governor Harrison that procedure had been considered and that Secretary of Committee would prepare appropriate record 10/24 Procedure in meetings with Board, no change contemplated as amendment in Banking Act of 1935 requires only that record be kept 10/24 No recommendation in memo of Mr. Miller re Board's policy record, as to preparation of 12/ 7 Private investors, inquiry of Mr. O'Connor if it would be desirable to place more Governments in hands of, holding of securities by banks would not restrict commercial loans 5/28 Relation of securities held by banks to public debt and assets of banks in this country and abroad, question of whether banks will liquidate Governments, Governor Harrison willing to pay commission for sale to public 5/28 "Baby bond" sales and reduction of interest rates on thrift accounts referred to by Governor Eccles as aid to distribution of Governments to public 5/28 Procedure discussed, desirable for committee to finish work before taking up program of Governors' Conference, time for statement of Mr. Goldenweiser on excess reserves left for later determination 5/25 Statement made 5/28 Purchase or sale of securities: Action of committee of Oct. 22-4 authorizing, suggestion of Mr. 'Tames that Board's action should cover authority to allow maturities to run off, purpose to offset any, disturbance arising from possible http://fraser.stlouisfed.org reserve changes by Board 11/ 6 Federal Reserve Bank of St. Louis Pages 366 1253 1254 2157 2161 2109 2126-6 2155 2159 2653 1249 1250 1251 1225 1254 2271-2 55 Pages Committees: (Continued) Federal Open -Aarket: (Continued) Purchase or sale of securities: (Continued) Action of Committee of Oct. 22-4: (Continued) Reply to be drafted advising that no action by Board appears necessary on authorization 11/ 8 Reply presented, amended, and held, pending return of Mr. James 11/20 Reply, part of, read to Federal Advisory Council 11/21 Reply approved and copies sent to FRAgents 11/23 Reply to FRBank of Chicago, quoting part of above reply 11/23 Resolution granting authority to Executive Committee, reasons for 10/24 Purchases, sales or shifts between maturities in system account, action of Executive Committee, supplementing action of Committee on Dec. 17, query of Mr. Miller as to attitude of Treasury, approved, to be used to prevent any possible disturbance in market 2/ 1 Records, required to be kept under Banking Act of 1935, question of providing f.or stenographic minutes 8/21 Reduction in System holdings of securities suggested by FRBank of Chicago 5/28 Belief of Mr. Miller that reason sale of governments previously failed to halt speculation was that move came after it had gotten out of control, suggestion of frequent meetings of committee with Board 5/28 Copy of reply to Governor Schaller 5/29 Reimbursement of FRBanks by Treasury for services, statement of Governor Eccles that there should be eauitable accounting between Governmental agencies, agreement of Mr. Coolidge that principle is sound 2/ 5 Repurchase of government securities, agreements of 1RBanks re, memo of Mr. Benedict recommending study of subject in order to be able to make recommendations re regulations to reorganized committee 11/29 Reserve requirements of member banks, increase in: Resolution recommending, in near future, discussion by Mr. Miller of factors involved in "near future", position of Chairman Eccles interpreting to mean no reason for immediate action 12/18 Letter from New York Times by Mr. Gilbert, question of press misconstruction of any action and effect of increase on rates, excess reserves based on inflow of gold and latter predicated on prospective inflation 12/18 Report of Governor Young that intimation had been received that Board would welcome recommendation 12/18 Statement of Governor Eccles on further factors, budget, bonus, etc., to be considered and suggestion that steps be taken to level off excess reserves at reduced Cnristmas stage 12/18 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2300 2428 2459 2485 2487 2156 329 1780 1249 1252 1272 372 2593 2761-4 2764-6 2767 2767-8 56 Committees: (Continued) Federal Open Market Committee: (Continued) Reserve requirements of member banks, increase in: (Cont'd) Statement proposed by Mr. Miller that situation has been reviewed, that action will be taken when necessary 12/18 Meeting of Committee voted for January 12/18 Reasons of Governor Calkins for not voting for resolution, Governor Young desirous of selling securities from System portfolio, feeling of Mr. Miller re issuance of press statement 12/18 Question of elimination of "early date", and other opinions, no action would be definite action and could be reviewed in January, question of deferring action until then, Board to meet separately to determine course of action 12/18 Press statement Proposed by Chairman Eccles covering no action, reasons for growth of excess reserves, alternative actions to take, discussion of Treasury policy as to drawing down bank balances 12/18 Draft of statement to be read and placed in final form by committee of Board and Committee members, suggestions as to revision, question of presenting resolution to Board, importance of presenting unanimous or majority action on final conclusions 12/18 Press statement presented and approved, no further explanation to be made and no reference to January meeting 12/18 Resolution adopted superseding previous authorizations for shifts in maturities, purchases and sales up to specified amount, with authorization for additional amount on telegraphic approval 2/ 5 No sales to be made without notification of Governor of Board, Board to consider resolution this afternoon, Secretary of Treasury unable to attend, but Mr. Coolidge to attend 2/ 5 Resolution approved, Board to keep matter under constant review 2/ 5 Discussion of interpretation of review, no need to interpret until necessity arises 2/ 5 Resolutions adopted, first superseding previous authorizations and authorizing shifts in maturities, purchase or sale of securities within specified limits on telegraphic approval of majority of Committee 5/28 Review of shifts in maturities under previous authority to executive committee 5/28 Policy in shifting maturities explained by Governor Harrison and not contemplated that Board action is necessary on resolutions 5/28 Statement by Governor Harrison of basis for, feeling that no change in policy should be made and expressions of surprise at position taken in Gov ernor Schaller's letter, latter to go along with http://fraser.stlouisfed.org Committee 5/28 Federal Reserve Bank of St. Louis Pages 2769 2770 2770-1 2771-5 2775 2776-4 2780-1 367 368 370 371 1245-6 1246 1248-9 1253 57 Pages Committees: (Continued) Federal Open Market: (Continued) Resolutions and motions adopted at meeting Oct. 22-4, final drafts forwarded to Board Reply to be prepared covering Reply presented, amended, and held, pending return of Mr. James Minute of directors of FRBank of Chicago concurring in resolution and suggesting increase in reserve requirements Part of reply read to Federal Advisory Council Reply approved and copies to be sent to FRAgents Amendment to reply, to be prepared, re shifts in maturities, opinion of Chairman that present authority may be too restrictive Draft of amended letter presented and further changed Letter approved Savings bonds, statement of Undersecretary of Treasury Coolidge re, Treasury seeking wider distribution of securities, discussion of procedure for (See also Government securities) Mr. Coolidge disturbed by newspaper account of statement, reported by Governor Eccles (See also Board of Governors, Press reports) Stenographer's record of meeting suggested System account, question of redistribution of allotments to FRBanks discussed, in view of desire of FRBank of Chicago to reduce its holdings, some of ERBanks not in position due to low reserve ratios Committee believes FRBank of Chicago should not undertake to sell securities from its own portfolio in open market Board has no objection to FRBank of Chicago disposing of some of its participations in account to other FRBanks and reasons for Topics suggested by Governor Eccles for presentation to Governors at meeting of Committee, latter to be requested to discuss with officers and directors of FRBanks (See also FRBanks, List of topics) FRBanks: Executive, question of power to pass on discount rates and as to chairmanship of FRBoard: (See also supra Board of Governors) Executive: Budget of .R.Board, statement of Mr. Miller that bylaws require committee to prepare, budget referred to Committee for review Report of Mr. Thomas that he and Mr. James generally concurred and that salary increases below MOO should be approved and those above disapproved, except that he thought special circumstances might be considered http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/ 6 11/ 8 2269 2300 11/20 2428 11/20 11/21 11/23 2429 2459 2485 11/26 11/27 11/29 2500 2539 2564 10/24 2158 10/25 2184 8/21 1780 5/28 1247 5/28 1248 5/28 1252 2/ 4 358 12/28 2881 4/11 886 4/12 907 58 Committees: (Continued) FRBoard: (Continued) Executive: (Continued) Budget of ERBoard: (Continued) Statement of Mr. James on approving increases for examiners, statement of Governor Eccles on salaries paid Messrs. Gidney, Sheehan and Roberts 4/12 Statement of Mr. Miller that some salaries should be reduced and that Board members should become acquainted with members of staff, suggestion of Mr. Szymczak that heads of divisions be afford ed opportunity to be heard 4/12 Increases in salary recommended by majority of committee approved, and others referred back to committee for opportunity for division head to be heard 4/12 Request of Governor Eccles that another member of Board be substituted for him to consider salary adjustments, Mr. Szymczak appointed 4/12 Report ready for oral delivery by Mr. Thomas, suggestion that it be reduced to writing agreed to, to be considered April 29 4/27 Report submitted, number of recommendations are compromises which may result in inequalities, suggestion of Mr. Szymczak that next year's budget be submitted in advance of end of year, recommendations approved 5/ 1 Members of, memo from Mr. Morrill suggesting that Board follow system of rotation adopted by Board for 1934, approved 3/14 Interlocking directorates, Messrs. Thomas and Hamlin appointed to determine position Board should take on Amendments to Clayton Act contained in Banking Act of 1935 5/ 1 Committee prepared to report, suggestion of Mr. James, concurred in by Mr. Miller, that all interlocking directorates be prohibited, amendment to be determined upon and submitted to Congress as soon as possible 5/18 Committee to give further consideration to, and to amendment to Sec. 32 of Banking Act of 1935 5/18 Report submitted, effect of proposed amendments explained, effective date changed to Feb. 1, 1936, Counsel to prepare letters transmitting recommendations 5/22 Copies of amendments to be sent to FRBanks 5/28 Salaries and Expenditures: Salaries of officers of FRBanks for 1935, recommendations of committee reviewed 1/23 Recommendations unanimously approved (except two cases on which individual action was taken) 1/23 Governors' Conference: Destruction of records at FRBanks, letter to Governor Calkins transmitting suggestion of Mr. Peyton http://fraser.stlouisfed.org re appointment of committee to consider 2/ 6 Federal Reserve Bank of St. Louis Pages g7- 910 911 913 997 1026-5° 668 1025 1159 1162 1214-7 1260 205 206 383 59 Pages Committees: (Continued) Governors Conference: (Continued) Destruction of old FRBank records: (Continued) Appointment of committee to review procedure, telegram to Governor Calkins re notification of appointees, Board will request Mr. Stevens to designate representatives of FRAgents' departments 3/21 Appointment of Messrs. Sailer, Logan, Parker and McLarin by Governor Calkins, advice of, to Mr. Stevens and request that he appoint two members to consider questions relating to FRAgents' depart4/ 1 ments Advice to Governor Calkins that Mr. Stevens has appointed Messrs. Swanson and Prugh 4/12 Insurance: FRnote shipments, telegram to Governor Calkins that Board will advise Treasury that committee report has been received recommending coverage by FRBanks' policies and that Board will take up with Treasury on receipt of views of FRBanks 4/29 Letter to Governor Calkins that they will not be covered by Treasury policy in future, committee 6/ 7 to consider procedure Letter to Governor Calkins suggesting reference to, of question of requesting bids for 1937 contracts in effort to secure lower rates 12/18 Leased Wire: Hearing of American Telephone and Telegraph Co. before Federal Communications Commission, feeling of committee that any action should be on System basis, reply to Mr. Dillard that no action appears necessary at present 1/ 4 Report of, letter to Governor Schaller on assumption of share of expenses by Board, procedure for reimbursable business, and gradual replacement of manual operation by teletype and personnel prob5/ 8 lem in connection therewith Accepted by Conference of Governors and voted that recommendation be approved 10/24 Reimbursable Fiscal Agency Expenses, representatives of FRBanks to came to Washington to prepare re6/14 port on determination of indirect expenses Sick leave of FRBank employees in excess of 30 days, Governors Hamilton and Martin appointed to discuss with Board formulation of definite procedures 10/24 at FRBanks Standing Committee on Collections: Drafts drawn on nonmember institutions, method of handling when received on Saturday and of handling float, Conference of Governors voted to accept 10/24 report of Committee recommending Time schedule for direct sendings by air mail, referred 10/24 by Governors' Conference to http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 730 810 920 1017 1339 2758 41 1094 2163 1402 2165 2163 2164 60 Committees: (Continued) Governors' Conference: (Continued) Standing Committee on Reimbursement of FRBanks, report made informally by Governor Fleming to Governors' Conference, studies to be continued and extent ascertained to which Treasury and Government agencies will make reimbursement House of Representatives: Expenditures in the Executive Departments, resolution re, reply to Congressman Cochran that Board does not feel it appropriate for it to make suggestions re other departments Industrial Advisory: Bank officers, suggestion of Mr. Pouch at conference of Chairmen that they be invited to attend committee meetings Expenses of members, per diem, reply to Mr. Ziemer on amount which may be paid Atlanta: MBank of Lockett, Andrew LI., appointment for unexpired term of Mr. George, resigned, approved Reappointment of Messrs. Forsyth, Lockett, Milner, Parker and Sanford, approved Winship, George, reply to Mr. Clark that connection with Morris Plan Company will not make him unacceptable as member Appointment for unexpired term of Mr. Parker FRBank of Boston: Reappointment of Messrs. Amory, Carter, Creighton, Dennett and Graham, approved FRBank of Chicago: Reappointment of Messrs. Epstein, Greene, Monroe, Odell, and Young, approved FRBank of Cleveland: Gaddis, Hugh L., appointed for 1935 Reappointment of Messrs. Smythe, Davies and Folsom and appointment of Mr. Pfiester approved Tuechter, August H., appointment for unexpired term approved, understood that Mr. Pfiester was not actively engaged in industrial pursuit and appointment was not made effective FRBank of Dallas: Reappointment of Messrs. Cullum, Ferguson, Marsh, Moore and Ousley, approved City: Kansas FRBank of Reappointment of Messrs. Gray, Berkowitz, Forrester, Miller and Rooney approved Minneapolis: of FRBank Reappointment of Messrs. Wood, Bush, Miller, Follett and Jewett, approved FRBank of New York: Beach, Herman K., appointment approved, for unexpired term Nelson, A. G., appointment to succeed Mx. C. R. Palmer http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Pages 10/24 2163 10/19 2124 6/25 1475 2/12 425 1/23 220 2/14 454 10/21 10/25 2137 2188 2/11 406 2/11 407 2/21 507 2/18 475 3/11 641 2/15 465 2/20 496 2/15 464 10/21 1/ 5 2137 44 61 Pages Committees: (Continued) Industrial Advisory: (Continued) FRBank of New "York: (Continued) Reappointment of Messrs. Pouch, Clark, Hopemen, and 2/20 495 Nelson, successor for Mr. Hartford being sought FRBank of Philadelphia: Mechling, Benjamin F., appointed by FRBank to succeed 391 2/ 7 Mr. Wood, resigned Reappointment of Messrs. Butterworth, Chipman, Prentis an Mechling, and appointment of Mr. McDade, ap2/14 454 proved FRBank of Richmond: Manning, William L., appointment for unexpired term 5/11 1104 ending Feb. 28, 1936, approved Noble, Edward I., appointment for unexpired term ending 5/ 1 1033 Feb. 28, 1936, approved Reappointment of Messrs. Holtzclaw, Dennis, Stuart and Probest, approved, successor to Mr. Moore to be 2/20 495 appointed FRBank of St. Louis: Reappointment of Messrs. Norris, Van Dyke, Well, Gray 455' 2/14 and Finch, approved FRBank of San Francisco: Alternates, reply to Governor Calkins that proposed ap4/29 1007 pointments are not legal Nichols Reappointment of Messrs. Burnside, Crandall, and Rawlings and appointment of Mr. Volkmann 2/18 476 approved committees remembers of selections for of FRBanks, names quested from all except FRBanks of Boston and 407 2/11 Chicago 6/25 1468 Board representatives with and of Chairmen Meeting 7/ 1 1562 Minutes of meeting of Chairmen held June 24 sent to Pamphlet on industrial loans prepared by Mr. Creighton, material gathered by FRBoard, sent to Chairmen as possible basis for issuance of pamphlets in their districts, copy of letter to governors 157 1/17 and FRAgents Permanent capital for small industries, reply to resolution on study proposed by Business Advisory Council 6/27 1530 for Department of Commerce Service of members, question raised at meeting of Governors' Conference with FRBoard of continued service 5/28 1261 without compensation Mortgage Pool, Pennsylvania Bankers Association: Fourth draft of outline for mortgage pool legislation, reply to Mr. Berger that members of Board's staff and such members of Board as may, will meet 12/11 2707 with, on Dec. 16 Personnel classification plan conference: Sub-committee of Messrs. Walden, Paddock and Sailer, to which certain topics were referred, report of, letter to governors requesting comments before 10/30 2225 Board takes action http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 62 Committees: (Continued) Reserve City Bankers Association: Unification of report forms, Kr. Smead designated to cooperate with committee on 5/14 Commerce: Interstate Senate, Railroad Financial Investigation: Malone, Charles T., FRExaminer, reply to Mr. Lowenthal assigning services to 12/17 (See also Railroad financial investigation) Senate, Investigating Munitions Industry: Board's files and minutes, Miss Burns afforded access to certain on request of Senator Nye 7/ 5 Letter to Senator Nye confirming permission 7/19 Release of certain of records requested by, suggestion of Messrs. Clayton and Thurston that Committee be required to subpena records, action deferred 11/20 Discussion of, outline of action taken by Treasury and State Department on similar request, Mr. Thomas requested, in consultation with Messrs. Wyatt and Morrill, to prepare reply to request 12/11 Right of Board to restrict rediscount of acceptances based on exports of munitions of war, request of Mr. Logan for copy of, prepared by Governor Harrison as assistant counsel of Board, approved, was requested from Board's records by committee 12/27 Senate, silver policy, request from Senator Elmer Thomas for information from Governor Geery 9/17 Small Industries, of Business Advisory and Planning Council, tables showing in detail, industrial advances made by FRBanks, forwarded to Bureau of Foreign and Domestic Commerce for use of 4/ 4 Commodities, procurement, warehousing and distribution, Mr. Noell designated by Board as its representative in connection with program of Procurement Division of Treasury relating to 6/ 4 Community Chest: Noell, J. C., Assistant Secretary of Board, reply to General Ireland designating, as Division Chairman 9/23 Comptroller of the Currency: Awalt, I% G., Deputy Comptroller, legislative program affecting FRSystem, report of Governor Eccles of working with Mr. Wyatt, Mr. Wilcox and Mr. Smith in reconciling differences 1/23 "Bad debts", classification of certain obligations as, under Sec. 5204, R. S., Comptroller requested for interpretation 2/14 Branch bank establishment by banks with impaired capital, position that it should be permitted where other factors justify approval 12/23 Certificate of deposit, sale of, by bank, request of Board for permission to send copy of letter to Mr. Hausman to all FRAgents, stating that national banks have no authority to purchase 6/20 Stevens inclosing copy of letter to Mr. Hausman 6/29 Mr. to Reply http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Pages 1134 2735 1580 1636 2433 2693-4 2873 1937 843 1309 1988 217 459 2820 1432 1551 63 Pages Comptroller of the Currency: (Continued) Dividends on preferred stock, payment by national banks with impaired capital, reply to Mr. Walsh on inquiry of examiner of State Banking Department quoting paragraphs from letter of 4/ 1 Examination of national bank trust department records by State authorities, letter to, re proposed,reply to Mr. Austin on amendment to Sec. 11(k) prohibiting 9/ 7 Letter to Mr. Austin, amended to include Comptroller's views, approved 9/14 FRBank stock applications of national banks, letter to Deputy Comptroller supplying revised forms 30 and 30a for, and advising of altered procedure in approving 12/23 Forms of State member banks in connection with exercise of fiduciary powers, provisions exempting from liability, letter to 6/29 Handbook for Trust Examiners, copy sent to, with letter on, and on coordination of trust department examination procedure 8/28 (See also Publications, Handbook) Investment securities: • Notes of Shell Union Oil Corporation, Comptroller rules that they may not be so classified 9/11 Regulation on, acknowledgement of receipt of draft of 9/28 Draft of, reply to Mr. O'Connor transmitting comments and suggestions of Board re 11/14 Investment of trust funds in insured mortgages, letter to, relative to national bank, with copy of letter to Federal Housing Administration re reply to Mr. Wood on case involving State member bank 9/ 3 O'Connor, J.F.T.: Regulation Q, tentative draft of revision of, sent to, for comment 8/28 Salaries of employees of FRBanks, statement that they should be increased to reasonable minimums and that they should be little better than average 3/22 Payroll data requested by Secretary of Labor and Bureau of Census, items to be included in earnings and dividends reports of national banks 12/ 4 Permanent Insurance plan: (See Deposits, Insurance) Voting permits to holding company affiliates, memo re position taken with respect to general policy of Board 10/25 Comptroller General: FRBoard funds, memo of Counsel recommending that Board take no action to report to, under Permanent Appropriation Repeal Act, 1934, approved 3/ 4 Reply to, that Permanent Appropriations Repeal Act is not applicable to, but that Board to be cooperative is furnishing information requested under 5/ 6 NIdition reports: Affiliates of member banks, waiver of, letter to FRAgents re terms of Board and Comptroller for, under Banking Act of 1935 9/ 9 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 811 1881 1918 2828 1551 182577 1894 2019 2389 1858 1814-7 741 2619 2175 581 1065 1890 64 Condition reports: (Continued) Affiliates of national banks: First National Bank, Dolgeville, N. Y., reply to Mr. Case that Board will require more information to determine necessity for publication of, of Julius Breckwoldt & Son, Inc. 9/30 Publication of, waiver under Banking Act of 1935, Board approves proposed regulation governing, for State member banks, subject to approval by Comptroller of similar provisions for 8/28 Affiliates of State member banks: Almira St. Bank, Almira, Wash., reply to Mr. Sargent on letter to, and republication not to be required 12/28 Central Securities Co., reply to Mr. McAdams to reconci le conflicting information re issuance of stock before publication, by Riverview State Bank of Kansas City, is waived 10/11 Chemical Bank and Trust Co., New York, N. Y., extension of time for filing as question of relation with Northeastern Water and Electric Corporation and subsidiaries is under consideration 8/ 2 Farmers &Merchants Bank of Salisbury, Md., date of affilia te report not same as that of bank, republication not to be required 8/ 2 Forms, change in those used by State member banks 9/ 3 Geneva Savings and Trust Co., Geneva, Ohio, need not publish of Geneva Metal Wheel Co. as it was unaware of affiliation which has now been terminated 3/ 1 H and T Feed and Elevator Co., need not be published if Commercial Bank, Spanishfork, Utah has, or will immediately terminate relationship, reply to Mr. Sargent 3/ 8 Hollister Land Co., affiliate of Twin Falls Bank & Trust Co., Twin Falls, Idaho, Board will not require republication of report from which items were omitted 9/ 4 Holston Agricultural Corporation, affiliate of Bank of Glade Spring and Farmers Exchange Bank of Abingdon, report must be secured and published 2/18 Maryland Trust Building Co., Maryland Trust Co., Baltimore, Md., should furnish reports even though campanY is dormant 8/ 7 Northeastern Water and Electric Corporation and subsidiaries, Board rules that they are affiliates of Chemical Bank and Trust Co. and that their reports must be furnished 8/ 5 Board refuses to waive submission and publication, reply to Mr. Dillistin 10/ 9 Pacific St. Bank, South Bend, Wash., reply to Mr. Sargent on letter to, and republication not to be required 12/28 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Pages 2030 l820- 2888 2076 1684 1685 1860 566 635 1869 484 1711 1695 2066 2888 65 Pages Condition reports: (Continued) Affiliates of State member banks: (Continued) Publication of, waiver of, under BankinF, Act of 1935, proposed regulation governing and changes in forms, approved subject to similar action by Comptroller, Schedule 0 for reporting loans and advances to affiliates irrespective of waiver Twin Falls Bank & Trust Co., Twin Falls, Idaho, reply to Mr. Sargent on letter to, and republication of report not to be required Utah Mortgage Loan Corporation, Logan, Utah, Cache Valley Banking Co. not to be required to publish corrected report as affiliation has been terminated Utah Savings and Trust Co., Salt Lake City, Utah, reply to Mr. Sargent that if failure to submit reports was result of not recognizing relationships, past reports will not be required Valima Securities Corporation, affiliate of Yakima Valley Bank & Trust Co., Board will not require republication of report from which items were omitted Waiver of publication of report: Jones & Woodland Co. by Fidelity Union Trust Co., Newark, N. J., requested, not justified, but extension of time granted pending modification of waiver conditions Napoleon Mortgage Loan Co., requested by Community Bank, Napoleon, Ohio, consideration will be given to in connection with general terms of Requests for, advice from Mr. Fletcher of, to forward to Board for consideration Terms of Board and Comptroller for, under Banking Act of 1935, letter to RAgents re Revised 'provisions, sent to FRAgents Bank of Orofino, Idaho, schedule 0 not submitted as of June 29, to be requested Bank of Spanish Fork, Utah, schedule 0 not submitted as of June 29, to be requested Certificates of beneficial interest, proposed inclusion in revised uniform call form of entry showing liability on, to be omitted from form and required by membership condition to be shown in published statements Citizens State Bank, Milford, Ill., reply to Mr. Prugh re discrepancies between form 105 and publishers' form, 105-e, submitted by Deposit schedules on, revision of, in connection with revision of Regulation D, letter to FRAgents re Deposits of receiver of closed State Bank, reply to Mr. Fletcher on manner in which First Tyler Bank and Trust Co., Sistersville, W. Va., should report http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/28 1820-3 12/28 2888 3/11 647 3/18 706 9/ 4 1869 12/23 2824 12/28 2887 9/27 2016 9/ 9 1890 12/23 2827 9/ 4 1870 9/ 4 1870 12/11 2695-6 11/29 2574 12/19 2792 5/ 6 1072 66 Condition reports: (Continued) Discrepancies between form 105 and publishers' form, 105-e, submitted by Citizens State Bank, Milford, Ill. 11/29 iiRBanks weekly statement, estimate of excess reserves to be published in 6/26 First Federal Foreign Banking Corporation, comparative report received from 'Mr. Newton, corporation is in liquidation 8/19 First Security Bank of Boise, Idaho, schedule 0 not submitted as of June 29, to be requested 9/ 4 First Security Bank of Idaho, Boise, Idaho, subsidiaries of First Security Corporation of Ogden, Utah, are not affiliates of, and condition reports need not be obtained 7/ 2 First State Bank of Valparaiso, Ind., advice to Mr. Stevens that if bank becomes member of System, it will be required to show correctly capital and surplus accounts 9/ 7 Government securities, telegram to FRAgents requesting statement showing amount of each item of those reported in Dec. 31 reports 1/30 International Banking Corporation, branches at Barcelona and Madrid, consolidated statement, to be forwarded with certain amalgamated accounts, but supplemental break-down to be forwarded later 9/20 Mercantile Securities Co., reply to Mr. Sargent that re-port must be published although company is inactive and has no stock outstanding 1/30 Monthly reports from member banks, memo of Mr. Smead referring to possible request in future, in which case weekly reports would be eliminated 11/ 2 National Bank of Detroit, Mich., reply on classification of deposits of Treasurer of State of Michigan consisting of advances from U. S. Department of Agriculture, Bureau of Public Roads 4/ 8 National banks: Call as of Dec. 31, 1934 1/ 3 Call as of March 4 4/ 1 Call .as of June 29 7/ 2 Call as of Nov. 1 11/ 5 Forms for, changes in schedule F, to determine banks' holdings of 2 7/8% Treasury bonds of 1955-60, similar changes made in State member bank forms 9/ 7 Petersburg Savings and American Trust Co., Petersburg, Va., reply to Mr. Hoxton re calculation of surplus and undivided profits where preferred stock has retirable value different from par value, in connection with publication, copy to other FRAgents 11/29 Publication: Acceptance of published reports made to State banking authorities, reply to suggestion of Mr. Peyton re, pending adoption of uniform form 11/18 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Pages 2574 1487 1764 1870 1569 1876 301 1978 299 2244 864 13 800 1565 2249 1882 2573 2416 67 Pages Condition reports: (Continued) Publication: (Continued) Report must be published in form submitted on form 105, publication in form submitted to State authorities not legal, reply to Mr. Walsh and Security Bank and Trust Company of Wharton to 11/18 be advised Walsh Mr. to , reply requirements State and Federal that if State form is in conformity with Board's form, only one publication need be 12/17 made, copy of reply sent to other FRAgents Surplus and undivided profits, reply to Mr. Hoxton re calculation of, where bank has preferred stock of retirable value different from par value, 11/29 copy to other FRAgents Texas, desire of State Bank Commissioner and State member banks for arrangement where publication of one report would satisfy Board and State, reply to Mr. Walsh on proper procedure, and copy to 12/17 other FRAgents St. Joseph Paper Box Co., newly discovered affiliate of Empire Trust Co., St. Joseph, Mo., change in directorate contemplated to terminate relationship, 2/ 6 not to be required to publish reports be published must Security Bank & Trust Co., Wharton, Texas, 11/18 under Board's regulation sending suggesting Standard form, memo of Mr. Smead presenting, to FRBanks for comments and discussing with committee on revision of call report forms, ap11/18 proved State member banks: 1/ 3 Call as of Dec. 31, 1934 4/ 1 4 March of Call as 7/ 2 29 June of as Call 11/ 5 1 of Nov. as Call Form 105: Changes including schedule for report as to rates of interest charged customers and paid on de3/ 8 posits, memo of Mr. Smead recommending Changes in Schedule F to comply with those made in national bank forms, to determine holdings of 9/ 7 2 7/8% Treasury bonds of 1955-60 Board to Revision of, tentative draft to be presented 11/ 2 in near future brokers than to others "loans of Question of inclusion or dealers in securities for purchasing or carrying securities", withdrawn by Mr. Parry, form approved with understanding that Schedule 11/27 I would conform to revised Regulation D 3/27 FRAgents to transmitted call, next for Forms and instructions 6/24 Together with certain paragraphs to be inserted in 9/20 FRAgents' letters to banks 12/23 With waiver provisions for affiliates http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2417 2751 2573 2751 382 2417 2415 13 800 1565 2249 633 1882 2245 2539-411 775 1456 1977 2827 68 Condition reports: (Continued) State member banks: (Continued) Publication of, as required by Banking Act of 1935, memo of Mr. Smead submitting form 105e and regulation governing, approved 8/28 State of Pennsylvania, Liquor Assignment of Accounts, reply to Mr. Fletcher agreeing that Toledo Trust Co. should show on reports as obligations of States, etc. 6/14 Toledo Trust Co., Toledo, Ohio, reply to Mr. Fletcher agreeing that State of Pennsylvania, Liquor Assignment of Accounts should be shown on condition reports as obligations of States, etc. 6/14 Weekly, of member banks, revision of form B-21, to conform to call report, letter to FRAgents re 12/26 Conferences: Affiliate report forms, changes in proposed new form of, after conference between representatives of Comptroller's office and Board 9/ 3 Assistant FRAgents: Meeting, advice to Mr. Peyton that one might be held this fall and may be expanded to include trust examiners, revision of examination form and Regulation F to be topics 9/18 Reply to Mr. Stevens that Board approves calling on Nov. 18, that it should include trust examiners and chief examiners, topics for 10/ 8 Banking Act of 1935, Secretary Morgenthau, Mr. Crowley, Mr. O'Connor and Governor Eccles with group of bankers including Mr. Tom K. Smith, President's views on compromise of Title II and discussion of permanent deposit insurance 6/14 Board of Governors, regulations, revised, suggestion of 'Ir. Szymczak that informal conferences be held for familiarization of Board members with, Mr. O'Connor desirous of Mr. Folger and one deputy Comptroller attending, schedule to be arranged 10/25 'Deposit insurance, conference of Secretary Morgenthau, Mr. Crowley, Mr. O'Connor and Governor Eccles as permanent plan is likely to go into effect Yuly 1, suggestion of press release to be issued by Chairman of F. D. I. C., Comptroller and Governor Eccles . 6/14 (See also Deposits, Insurance) Examiners: McAdams, A. M., reply that there is no objection to leaving duties to attend if adequate arrangements are made for routine matters 11/11 Program for, and procedure, reply to Mr. Stevens suggesting procedure, changes in topics and extension of time of 11/ 9 (See also supra FRAgents, Assistants) http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Pages 1819 1403 1403 2850 1860 1948 2060 1370 2186 1371 2345 2328 69 Pages Conferences: (Continued) FRAgents: Meeting in early November, request of Mr. Stevens for approval of calling, Board does not feel it would serve any useful purpose ir view of possible changes in agents and pending reoiwanization of Board Letter to Mr. Stevens advising of Board's views Membership in FRSystem, pamphlet on, Board concurs in suggestion of Mr. Stevens that it be revised to conform to Banking Act of 1935 and that revision be prepared by committee which prepared it FRBank of New York with New Jersey Banking Department reply to Mr. Case that Board notes with interest and hopes cooperation may be furthered FRBoard, with Federal Advisory Council and Class A Directors, 1920, reply to Mr. Amos that Board cannot certify Senate Document 310 as copy of its transcript of stenographic minutes of Functional expense reports of FRBanks, statement of Mr. James on meeting to be held Feb. 18 to attempt to bring about uniform costs, Messrs. Mangels, Snyder, Ross, Walden and Myrick would be requested to attend Governors: Actions taken at meeting on nay 28 to be submitted to Board later at meeting, submitted taken Actions conditions, memo of Dr. Goldenweiser and credit Business presented Charge off of assessment by FRBanks for Board's building, no objection by Board to reconsideration of question of records of FREanks, suggestion of Mr. Peyton of Destruction that committee be appointed to review present procedure, referred to Governor Calkins Discount rates on 10(b) loans, discussed, opinion that establishment at minimum rate should not be construed to prevent increase commensurate with character of collateral and earnings therefrom Economic and financial situation, informal discussion of possible future developments, individual reports of Governors on business situation and sentiment in each district Employees involuntarily separated before age 65, reply to Mr. Streter that Board will not take action on recommendation to allow payment of up to six months' salary until replies are received to Mr. James' letter re supplementary retirement allowance in similar cases http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/18 10/22 2105 2148 8/28 1827 1/18 177 12/ 9 2672 2/6 374 5/28 10/24 1262 2162 10/24 2172 12/ 7 2653 2/ 6 383 10/24 2165 2/ 6 374 6/12 1364 70 Conferences: (Continued) Governors: (Continued) Excess reserves of member banks, statement of Dr. Goldenweiser on 5/28 Federal Housing Administration, statement by Governor Eccles of satisfactory program under Title I, and suggestion that in connection with possible program under Title II, IEBoard representatives and others may visit FRBank and branch cities 5/28 FRnotes, old form, desire of Secretary of Treasury that FRBanks discontinue issuance of, review of stock, cost and considerations and question of authorization and procedure, attention of Secretary of Treasury to be called to his authority to prescribe form of 10/24 Series of 1928, approval of procedure that issuance be terminated in favor of 1934 series, but if Congress makes no appropriation for replacement, consideration will be given to resumption of payment, advice to Secretary of Treasury 12/20 Functional expense reports: Memo of Mr. James re, copies to be sent to El/Banks 5/28 Statement of Mr. James re meeting to be held Feb. 18 re uniform costs, Messrs. Mangels, Snyder, Ross, Walden and Myrick to be requested to attend, at Cleveland 2/ 6 Gold and capital movements, international, highly confidential memo presented by Dr. Goldenweiser 10/24 Indebtedness and outside business relations, recommendation (Oct. 23) that FRAgents' departments be reported annually, letter to FRAgents in accordance with 12/26 Industrial advances: /I/Banks, discussion of whether activities should be continued, Governors feel that all possible has been done, question of continued service of Industrial Advisory Committeemen without compensation 5/28 Statement of Mr. Szymczak on 5/28 Insurance on shipments of FRnotes, referring question of securing reduction in premium rates on 12/18 InteAocking directorates under Clayton Act and Sec. 32 of Banking Act of 1933, statement by Mr. Thomas on 5/28 Liquor shipments, letter to Governor Calkins suggesting consideration of uniform practice for FRBanks in accepting drafts covering purchase price, in view of Sec. 239 of Criminal Code 6/12 Letter to Governor Calkins that since sending letter, Board had been advised of action of Governors' Conference on 6/21 Meeting dates of FRBank directors, letter to all FRAgents re recommendation (Oct.) on uniformity of, requesting reaction of directors to proposal 12/27 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Pages 1254 1262 2166-8 2800 1260 374 2172 2849 1260-1 1255 2758 1260 1363 1441 2854 71 Pages Conferences: (Continued) Governors: (Continued) Meetings: Calling in connection with leveling of discount rates at FRBanks, question raised on, decided not to call until Congress disposes of Banking Bill of 1935 Informal, with Board, to be held tomorrow To be held immediately following meeting of Federal Open Market Committee on May 27, topics to be requested by Governor Harrison and Board members to make statements on activities under their supervision Telegram advising of meetings Memoranda presented by Mr. James on (1) provision for employees separated involuntarily, supplement to allowance for voluntary retirement between ages 55-65, (2) exemption of employees from provisions of Social Security Bill, (3) functional expense reports and (4) salaries paid by IRBanks Copies of (1), (3) and (4) to be sent to FRBanks Prior liability of bi/Banks to retirement system, recommendation that it be discharged over five year period, approved Procedure, agreement that work of Federal Open Market Committee should be finished before taking up program of Recommendations, actions of conference on May 27-8 to be submitted to Board later Recommendations, Oct. 23-4: Board's building account, that FRBanks be Permitted to charge to Profit and Loss Directors meetings of FRBanks, recommendation that Board take steps to secure uniformity of meeting day after Feb. 1 Drafts drawn on nonmember institutions, voted to accept report of Standing Committee on Collections that each RBank determine method of handling those received on Saturday and of handling float Fletcher-American National Bank, voted that if trustees bring suit against FRBank of Chicago it be made system matter Indebtedness reports of personnel of FRAgents' departments, revision of Board's request asked, to call for annually Leased Wire Committee Report, accepted and voted that recommendation therein be approved Postage surcharge on currency and securities, that Board take up with Post Office Department discontinuance of Publicity requested by member banks including par clearance, voted that furnishing be left to discretion of individual FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/27 2/5 1000 373 5/17 5/13 1153 1171 5/28 5/28 1260 1260 12/21 2814 5/25 1225 5/28 1262 10/24 2165 10/24 2164 10/24 2163 10/24 2165 10/24 2162 10/24 2163 10/24 2164 10/24 2165 72 Conferences: (Continued) Governors: (Continued) Recommendations, Oct. 23-4: (Continued) Reimbursable Expenses, report of Standing Committee on, made informally by Governor Fleming, studies to be continued and extent to be ascertained to which Treasury and Government agencies will make reimbursement 10/24 Shipments of currency and coin to nonmember banks, voted that there is no objection where FRBank is reimbursed 10/24 Sick leave, granting to employees of FRBanks in excess of 30 days, voted that definite procedure re, be adopted by each FRBank and submitted to Board, Governors Hamilton and Martin appointed committee to discuss with Board 10/24 Time schedule for direct sendings by air mail, referred to Standing Committee on Collections 10/24 Uninvested trust funds, acceptance of deposits of, by FRBanks, voted that RBanks be granted permission for, Governors Seay, Schaller, Norris and Fleming dissenting 10/24 Regulations of Board: Governors, suggestion of Mr. Eccles that they be given opportunity to discuss proposed new, and revisions at meeting next week 10/18 Statement of Mr. Eccles that because of voluminous character of drafts, they be sent to FRAgents for comments 10/21 Revision of, recommendations of Board's staff re suggestions of FRBanks, to be considered as of system formulation, committee of American Bankers Association had made suggestions, governors to consider and join with FRAgents in sending any further comments to Board 10/24 Research and statistical activities of FRSystem, statement of Mr. Miller on 5/28 Retirement of FRBenk employees: Memorandum of Mr. Tames re provision for employees separated involuntarily, supplement to allowance for voluntary between ages 55-65, copy to be sent FRBanks 5/28 Recommendations re compulsory, along lines suggested by Mr. Miller to be referred to 6/26 Salaries paid by FRBanks, memo of Mr. Tames re, copies to be sent to FRBanks 5/28 Securities exchange regulation, memo of Mr. Eccles re responsibilities of Board under Securities Exchange Act of 1934, reference to future duties of FRAgents, request for cooperation of governors for time being 10/24 Mr. Parry believes Regulation T can be simplified and statement re cooperation of FRBanks, brought to governors' attention as a problem in which they can help arrive at a decision on organization 10/24 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Pages 2163 2163 2165 2164 2164 2101 2133 2169 1256 1260 1486 1260 2170 2171-2 73 Pages Conferences: (Continued) Governors: (Continued) Securities exchange regulation: (Continued) Review by Dr. Goldenweiser of operation of Regulation T on credit in purchasing and carrying securi10/24 ties Social security bill, memo of Mr. James re exemption of 5/28 FRBank employees from provisions of Topics for discussion: 5/22 Banking Act of 1935, placed on list Postmaster Currency shipments, request of Third Assistant General that description be kept and that some 5/22 new currency be included in each shipment of question Depreciation reserves on bank buildings, changing basis so as to charge off book value 12/12 in 40 years, advice to Governor Calkins reand regulations revised Discussion of, including sponsibility of Chairmen and FRAgents, salaries 10/21 of FRBank personnel not to be topic reon, r Goldenweise Dr. of Excess reserves, statement garding effect on relation to changes in reserve requirements and discount rates and FRBank earnings, meeting to be held Saturday 5/22 to hear statement on 5/22 Time for statement left for later determination 5/28 Statement made Industrial loan activities of FRBanks, statement by Mr. 5/22 Szymczak to be topic 5/28 Statement made 32 Sec. Interlocking directorates under Clayton Act and of Banking Act of 1933, statement on problems 5/22 by Mr. Thomas and on proposed legislation 5/28 Statement made presented List of, suggested by Governor Eccles, to be to Governors at meeting of Federal Open Market Committee for discussion with officers and direc2/ 4 tors of FRBanks with accordance List to be furnished Governors in 2/ 5 suggestion received Statement of Governor Eccles on replies 5/28 from FRBanks for Harrison by Governor Expression of appreciation procedure and sending copies of summary of re5/28 Plies to FRBanks relative practice irregular FRBanks, of Mailed matter to mailing coupons, bonds, etc., referred to 5/14 Conference of question System, Retirement under liability Prior charging off immediately, or over five year 12/12 period, telegram to Governor Calkins 5/22 Reimbursement for fiscal agency expenses http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2172 1260 1218 1220 2714 2133-5 1218-9 1225 1254 1218 1255 1219 1259 358 373 1255 1263 1132 2714 1220 '74 Conferences: (Continued) Governors: (Continued) Topics for discussion: (Continued) Research and statistical activities of MSystem, statement by Mr. Miller on coordination of, placed on program Statement made Statement by Mr. James on retirement system and personnel classification plans of FRBanks Memoranda presented on provision for employees separated involuntarily, supplement to allowance for voluntary retirement between ages 55-65, exemption of employees from provisions of Social Security Act and salaries paid by FRBanks Tentative list of, matters placed on program for final list, meeting to be held Saturday to hear Dr. Goldenweiser's statement on topic 3, excess reserves Mr. amead to consider advisability of study on offset of new loans by liquidation of existing loans, membership discussion suggested Matters to be placed on list to be telephoned to Mr. Strater, career system and relations of Board members with directors and officers to be omitted Voting permits, statement by Mr. Hamlin on problems in issuance, and background and reasons for -proposed legislation, placed on program Statement made Uninvested trust funds of member banks, reply to Mr. Clerk re accepting of deposits of, by FRBanks, should be referred to Conference Voting permits, statement of Mr. Hamlin on Industrial Advisory Committee Chairmen: Applications, reaction on learning that committees consider Bank officers, suggestion of Mr. Pouch that they be invited to attend meetings of committees Business Advisory Council report, discussion by Mr. Szymczak, recommendation in report of study for means to furnish small, sound business with needed capital Rediscount under proposed Banking Bill of 1935, resolution re report, recommendations should be specific, discussion of small business problems, suggested amendment of Mr. Clayton and suggestion of Mr. Tames of authority to determine financial status, resolution amended and adopted (See also Small businesses) Commitments: Attention called to Mr. Szymczak's statement, statement of Mr. Burnside on bank arriving at conclusion it could aid customers by program, statement of Mr. Szymczak on desirability of loan with commitment http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Pages 5/22 5/28 1218 1256 5/22 1219 5/28 1260 5/22 1218 5/22 1220 5/22 1220 5/22 1219 5/28 1257 7/ 1 5/28 1560 1257 6/25 1474 6/25 1475 6/25 1478 6/25 1479 ' 81 6/25 1472 75 Pages Conferences: (Continued) Industrial Advisory Committee Chairmen: (Continued) Commitments: (Continued) Practice of making commitments, inquiry of Mr. Wood if for life of loan, majority for six months Cooperation with R. F. C. in making loans discussed, applicants filing applications with both Manks and R.F.C. European trip of Mr. Creighton, report on Report read, resolution of committeemen thanking Mr. Creighton for report, statement of Mr. Szymczak of appreciation for making trip Fifth and Tenth FRDistricts not represented, Mr. Wilson representing Seventh District considered Bill, Koppleman Resolution expressing attitude of committeemen presented by committee of Messrs. Smythe, Burnside and Parker, Question of preference of applicants for applying to FRBanks or R. F. C., resolution adopted Loan applications approved and under consideration by committees Loan program: Expression of appreciation of services of committeemen by Mr. Tames Statement of Governor Eccles on, and on Banking Bill of 1935, rediscounts under that bill, expansion of private credit and contraction of Government lending, resolution of committeemen expressing appreciation for services of Governor Eccles, members and employees of FRBoard Loans, statement of Mr. Szymczak and vote of thanks and appreciation extended, copy of statement to be sent to members of committees and FRBanks Meeting with Board on June 25, report of matters considered at supper meeting June 24 Minutes of meeting of June 24 and summary statement of meeting with Board, sent to Chairmen or representatives who were present Public relations, discussion by Mr. Pouch, statement of Mr. Adams relative to need of public for more information on industrial loan program, articles in trade magazines, statement to press on meeting to be issued Statement of Mr. Szymczak on publicity program Reconstruction Finance Corporation, comparison of loans with those of FRBank in First District, criticism due to delay of R. F. C. in acting upon applications Rediscount of loans, statement of Mr. Szymczak that it should be made clear to financing institutions that there would be no reflection on institution http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/25 1475 6/25 6/25 1473 1468 6/25 1470 6/25 6/25 1469 1468 6/25 1471 6/25 1469 6/25 1470 6/25 1482 6/25 1469 6/25 1468 7/ 1 1561 6/25 6/25 1476-7 1477 6/25 1474 6/25 1474 76 Conferences: (Continued) Mortgage pool legislation, reply to Mr. Berger, Pennsylvania Bankers Association, re fourth draft of, that members of Board's staff and such members of Board as may be able, to meet with, on Dec. 16 Personnel classification plans, meeting of representatives of FRBanks to discuss suggested Statement of Mr. James before Governors' Conference that meeting is to be held soon for revision of, and that letter to FRBanks is being prepared Letter to governors calling conference, approved Meeting to review, called at Chicago on April 17 Sub-committee of Messrs. Walden, Paddock and Sailer, to which were referred certain topics, report of, letter to governors requesting comments before Board takes action Reports of national securities exchanges, staff conference held at New York at which tentative plans for extension of, to all FRDistricts were considered Retirement of preferred stock and debentures and capital notes, between representatives of Board, Treasury, R. F. C., F. D. I. C., Comptroller on desirability of FRBanks to be prepared re Letter to Trust examiners: Meeting, Mr. Peyton advised that possible meeting of Assistant FRAgents might be expanded to include Trust funds, reply to Mr. Curtiss that conference may be held this fall and if he desires, question of defining term may be submitted to (See also Assistant FRAgents) Congressional Library: (See Library of Congress) Congressional service of Corporation Trust Co., memo of Mr. Wyatt recommending that subscription to, be not renewed Connecticut: Trust funds, banks may not validly pledge securities for such funds in commercial department, question of classification of corporate and agency accounts as, and of definition of term Connor, R. D. W.: (See National Archives) Consolidationb: American Bank of Carlsbad, N. Mex., instructions re proposed absorption of First National Bank of Carrizozo American Trust & Savings Bank of Middletown, Ohio: (See First-American Bank & Trust Co.) Bank of Nutley, N. J., limited voting permit granted in lieu of requested extension of previously granted permit, to effect merger with Franklin National Bank of Nutley Camden Safe Deposit and Trust Co., Camden, N.J., no objection to absorption of Haddonfield Trust Co. and establishment of branch, memo of counsel that Board overlook capital impairment and permit branch establishment http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Pages 12/11 2707 1/16 147 2/ 6 2/ 7 4/ 1 375 395 808 10/30 2225 9/20 1972-7 11/20 11/20 2431 2432 9/18 1948 10/ 8 2059 12/13 2727 10/ 8 2056-9 9/13 1911 4/4 838 12/23 2819 77 Pages Consolidations: (Continued) Central Farmers Trust Co., West Palm Beach, Fla., no objection to assumption of deposit liability of Florida Bank & Trust Co., which has been placed in voluntary liquidation City National Bank of Lansing, Mich., absorbed by Capital National Bank Commerce Trust Co., Kansas City, Mo., no objection to assumption of deposit liabilities of West Side Bank of Commerce Fidelity Union Trust Co., Newark, N.J., proposed purchase of assets and assumption of liabilities of Essex County Trust Co. First-American Bank & Trust Co., Middletown, Ohio, consolidation of First and Merchants National Bank of Middletown by American Trust & Savings Bank of Middletown, no objection, and change of title to First Central National Bank of St. Paris, Ohio, consolidation proposed of First National Bank of Saint Paris and Central National Bank of St. Paris to form First National Bank of Bainbridge, Ga., to merge Bainbridge State Bank First State Bank of Chester, Ill., no objection to transaction whereby assets were purchased and liabilities of First National Bank of Percy, Ill., were assumed First State Bank of Matador, Texas, no change in assets or functions resulted from absorption of First National Bank of Matador, no action on membership First State Bank of Mathis, Texas, transaction whereby certain assets of Bank of Tynan were acquired and certain liabilities assumed, no objection First State Bank, Spearman, Texas, absorption of First National Bank of Spearman First State National Bank of Bainbridge, Ga., FRBank stock adjustment necessitated by merger of First National Bank of Bainbridge and Bainbridge State Bank into Marine Trust Company of Buffalo, N. Y., absorption of Bank of Batavia and Bank of East Aurora, no objection, and establishment of branches approved Limited permit granted to Marine Midland Corporation, in connection with Napoleon State Bank, Napoleon, Ohio, no objection to purchase of assets from Commercial State Bank Old Kent Bank, Grand Rapids, Mich., to absorb Wyoming Park State Bank, recommendation to Comptroller of approval of operation as branch Advice to FRAgent of approval of branch and consolidation Peoples Bank and Trust Co., Seattle, Wash., absorption of Security National Bank of Everett, Wash., no objection, and establishment of branch approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/ 2 1567 8/ 5 1689 7/10 1590 7/29 1664 11/20 2436 4/29 1008 1/21 195 7/17 1619 5/21 1188 5/18 1163 12/21 2805 8/ 5 1694 12/24 2832 12/24 2834 5/29 1267 5/21 5/25 1187 1230 10/11 2071 78 Consolidations: (Continued) Savings Investment and Trust Co., East Orange, N. J., no objection to transactions which involved absorption of East Orange Trust Co. and Trust Company of Orange 9/30 Tompkins County Trust Co., Ithaca, N. Y., no objection to merger of Tompkins County National Bank and Ithaca Trust Co. into 8/14 Union Trust Company of Pittsburgh, Pa., no objection to establishment of branch at present site of City Leposit Bank and Trust Co., in absorption of latter 10/ 9 Contributions: FRBank of Atlanta, to American Institute of Banking, approved 4/23 FRBank of Kansas City, no objection to annual contribution to Chamber of Commerce 8/ 7 FRBank of St. Louis, to Jefferson National-Expansion Memorial authorized 3/ 5 Conventions: National Association of Supervisors of State Banks: FRBank of Atlanta to entertain at luncheon or dinner 10/ 7 Conversions: Goodyear State Bank, Akron, Ohio, desire before considering conversion into national bank or applying for membership that Board determine if Goodyear Tire & Rubber Co. is holding company affiliate, Board will consider 9/20 Hanover National Bank of Wilkes-Barre, Pa., authorized to exercise fiduciary powers only in specific trusts of Hanover Bank and Trust Co. on latter's conversion into 6/20 Capital stock reduction of national bank approved 6/20 Application of Hanover Bank and Trust Co. for FRBank stock approved on conversion into 9/16 Liberty National Bank & Trust Co. of Louisville, Ky., application of Liberty Bank and Trust Co. for fiduciary powers approved on conversion into 1/ 7 Capital stock reduction for new national bank approved 1/ 7 Miners National Bank of Butte, Mont., fiduciary power application approved on conversion into, from Miners Bank and Trust Co. 4/29 Bank of Nanticoke, Pa., reply to Peoples National Peoples Savings Company of Nanticoke, that on conversion of latter into, new fiduciary power application will have to be made 12/21 Construction of buildings, means of giving vigorous impetus to new, MR= of Mr. Eccles re request that Mr. Daiger consider, and that he keep in touch with mortgage and housing financing, asking cooperation of division heads, approved 11/ 8 "Contiguous or adjacent thereto", interpretation of phrase in Clayton Act, to be published in FRBulletin 11/26 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis pages 2026 1747 2062 974 1718 593 2050 1958 1426 1427 1928 55 56 1007 2804 2300 2537 79 Pages Cook, Ralph B., reply to suggestion that member banks be permitted to pay interest at 3%, and that Board could not require absorption of Pennsylvania tax on deposits Coolidge, Shepley/ Bulfinch8cAbbott, design submitted by, in competition for architect for Board's building Cooperative banks: Massachusetts, classification as "banks", in connection with revision of Regulation L, letter to Mr. Curtiss re Corporation Trust Co., memo of Mr. Wyatt recommending that Board not renew subscription to Congressional Service Cottingham, W. A.: (See National banks, Alabama National Bank, Montgomery, Ala.) Cotton: Italian shipments, copy of letter from Governor Harrison re inquiry of National City Bank re propriety of financing, sent to Secretary of State for comment Draft of letter to Governor Harrison suggesting submission of questions involving governmental policy to Board in future cases, laid on table pending reply from Secretary of State Reply from Secretary of State outlining policy, statements of Messrs. Thanes and James, reply to Governor Harrison to be drafted, tand copy of Secretary's letter to be sent to, copy of reply to be sent to Secretary, copies of all correspondence, etc., to be sent to all FRBanks and published in FRBulletin Reply to Governor Harrison in accordance with, and covering letter to FRAgents with copies of correspondence Counsel, General, Memoranda of: Advances under Sec. 10(b) of FRAct, extension of authorization, memo of Mr. Wyatt recommending in view of provisions of Banking Act of 1935, that Congress not be asked for, approved Inc., memo of Mr. DuBois that Board should Securities, Almours not determine, and Florida National Group Inc., not to be holding company affiliates Co., Inc., Plainfield, N. J., memo of Mr. Investing Artcol Baumann that it is not holding company affiliate of First National Bank of Plainfield, N.J. Atlantic National Bank of Jacksonville, Fla., memo of Mr. DuBois that Board should not determine, and Atlantic Trust Co., not to be holding company affiliates Atlantic Trust Co., Jacksonville, Fla., memo of Mr. DuBois that Board should not determine, and Atlantic National Bank, not to be holding company affiliates http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/19 957 5/18 1156 10/25 2194 12/13 2727 11/20 2437 11/30 2598 12/11 2687-8 12/21 2813 2/27 552 12/ 9 2662 3/14 670 12/ 9 2664 12/ 9 2664 pages 80 Counsel, General, Memoranda of: (Continued) Banking Act of 1935, interpretations, memo of Mr. Vest submitting statements for /Railletin on revision of FRAct and on procedure for requests for, also letter to FRAgents on latter, approved Branch establishment by banks with impaired capital, memo of Mr. Wingfield expressing opinion that Board would be justified in following Comptroller's interpretation of law and permit, where other factors justify approval Citizens and Southern Holding Co., Savannah, Ga., memo of Mr. Baumann that it, and Citizens and Southern National Bank are holding company affiliates Citizens and Southern National Bank and Citizens and Southern Holding Co., both of Savannah, Ga., memo of Mr. Baumann that they be ruled to be holding company affiliates Memo of Mr. Baumann that it, and Citizens and Southern Bolding Co. are holding company affiliates Congressional service of Corporation Trust Co., recommending that subscription be not renewed Doty v. Love, recommendation of Mr. Wingfield of publication in FRBulletin of opinion of Supreme Court in case of, re validity of bank reorganization statute of Mississippi Federal Register Act, memo of Counsel that Board should take steps to file complete compilation of all documents issued by Board prior to Sept. 24, 1935, still in effect as authority for functions and activities /Bank stock, memo of Mr. Cherry suggesting amendment to law to require reduction at time of reduction of surplus of banks, amendment to be prepared Florida National Group, Inc., memo of Mr. Baumann that Board should not determine, and Almours Securities, Inc., not to be holding company affiliates Foreign bank agreement between FRBank of New York and Banco Central de la Republica Argentina, memo that it conforms with authorization and suggesting that counsel check agreements before forwarded to foreign banks, no change to be made in procedure Ftinds of FRBoard, recommendation of Mr. Cherry that Board take no action toward reporting to Comptroller General under Permanent Appropriation Repeal Act, 1934, approved Globe Financial Corporation, memo that it is holding company affiliate of Woodside National Bank of New York, N. Y., memo of Mr. Hamlin that it is not, latter position adopted Letter to Mr. Case advising of action Government securities, exchange of maturing notes directly with Treasury, memo and reply to FRBank of Chicago that, without determining legal question, Board feels as a matter of policy, that exchange http://fraser.stlouisfed.org should be effected on open market Federal Reserve Bank of St. Louis 8/28 1828 12/23 2820 12/17 2741 11/13 2376 12/17 2741 12/13 2727 4/19 957 8/14 1750 1/30 300 12/ 9 2662 10/30 ' 9 2217 3/ 4 581 4/11 4/23 891 970 12/ 3 2609 81 Pages Counsel, General, Memoranda of: (Continued) Holding company affiliates, ruling of Board under Sec 2 (c)(1) of Banking Act of 1933, memo of Mr. Wyatt presenting three interpretations possible, statement of Mr. Hamlin that organizations should not be ruled holding companies where they control majority of stock of member bank until they ac3/15 tually control an election Interest rate reduction in New York, memo of Mr. Owens suggesting that national banks in State not be notified 7/16 pending possible amendment to Sec. 24 of FRAct Investment securities, right of State member banks to purchase and hold securities not within meaning of Sec. 5136, R. S., memo of Mr. Vest recommending pub9/23 lication of ruling in FRBulletin, approved "Member of F.D.I.C.", memo of Mr. Wyatt on comment in American Banker that term may cause confusion with members of FRSystem and suggesting amendment in regulation to "insured bank", memo to be prepared for Chairman Eccles to take up with F.D. 11/ 8 I. C. Mercantile Commerce Bank and Trust Co., disposition of stock of Mercantile Commerce National Bank, memo of Mr. Wingfield that bank is prepared to contest in court validity of Board's action, and of Mr. Wyatt that Board should not enter litigation 3/22 because of faults in records National securities exchanges, reports monthly, memo of Mr. 8/26 Benedict re Philippine Government, case in Supreme Court re right to tax branches of National City Bank of New York, memo of Mr. Wyatt re, and that it is unnecessary to 11/13 file brief as friend of court Prentice-Hall Securities Regulation Service, recommending ap5/ 6 proval of subscription to, approved Rediscounts by FRBanks of acceptances to finance export of munitions of war, prepared by G. L. Harrison (Governor, FRBank of New York) as Assistant Counsel of Board, letter from Mr. Logan requesting copy 12/27 of memo for New York files, approved 11/29 Regulation H, submitting revised condition 5, approved Relations with dealers in securities: Denial of application of Mr. Jansen Noyes for permit under Sec. 32 of Banking Act of 1933 cited in memo of Mr. Chase as similar to situation involved in ap1/13 plication of Mr. Oscar Foster Investment trusts, memo of Mr. Wingfield, in connection with Century Shares Trust, that case is for determination on basis of particular facts, Sec. 2/13 32 held inapplicable http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 675-6 1614 1989 2301 743 1805-8 2382 1071 2873 2576 434 435-6 82 Counsel, General, Memoranda of: Repurchase agreements in purchase by FRBanks of government securities, memo of Mr. Benedict recommending study of subject in order to be able to make recommendations re regulations to reorganized Federal Open Market Committee 11/29 Retirement, compulsory of FRBank employees and officers, memo of Mr. Cherry re 10/25 Savings passbooks, retention by banks in unusual circumstances, memo of Mr. Vest that Mr. Szymczak has requested ruling be prepared based on existing law and letters to be sent to inquirers re, advising of action 4/ 1 Memo of Mr. Owens on letters to FRBanks re possible modification to permit member banks to retain under certain circumstances, action deferred pending action on Banking Act of 1935 7/ 5 Sec. 324 and 341 of Banking Act of 1935 on postal savings, reply to Attorney General re, inclosing opinions re opinion of Solicitor of Post Office Department 11/ 1 Social Security Act, memo of Mr. Vest that Board take no action as to commenting on possible exemption of member banks from provisions of, in response to inquiry of Treasury through Mr. Wilcox 12/31 Trust Company of Georgia, Atlanta, Ga., memo of Mr. DuBois that Board should not determine, and Trust Company of Georgia Associates, not to be holding company affiliates 12/10 Trust Company of Georgia Associates, Atlanta, Ga., memo of Mr. DuBois that Board should not determine, and Trust Company of Georgia, not to he holding company affiliates 12/10 Union Bond and Mortgage Co., Port Angeles, Wash., memo of Mr. Owens that Board should not determine, not to be holding company affiliate 12/ 9 Unissued securities, memo of Mr. Benedict re proposed regulations of Securities and Exchange Commission and amendment to Regulation T, re dealing in, presented with Mr. Parry's memo re 10/14 Withdrawals from savings accounts, memo of Mr. Vest recommending publication of ruling re, in FRBulletin, approved 3/27 Court cases: Clinton Trust Co., Newark, N. I., adverse decision on reorganization plan favoring claim of a dissenting depositor, letter to Mr. Case suggesting FRBank counsel offer informal assistance in appeal as other New Jersey banks would be affected 3/1 Doty v. Love, memo of Mr. Wingfield recommending publication in FRBulletin of opinion of Supreme Court in, re validity of bank reorganization statute of Mississippi 4/19 FRBank of Atlanta v. Estate of Morgan P. Adams, attorneys' fees, payment to Messrs. Merrill and Fleming author ized 6/24 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis paget3 2593 2180 806 1576 2236 2913 2678 2678 2671 2085 775 564 957 1463 83 Pages Court cases: (Continued) Fischman v. Clinton Trust Co., no objection to furnishing copies of Board's memoranda to counsel for trust company, R. F. C. and F. D. I. C., reply 863 4/ 8 to Mr. Case Fletcher-American National Bank, voted by Governors' Conference that if trustees bring suit against 10/24 2165 FRBank of Chicago, it be made system matter EL B. Macklin v. Federal Intermediate Credit Bank of Columbia, reply to Farm Credit Administration agreeing to permit attendance of FRExaminer Cagle as 4/29 1022 witness in Reply to advice of Mr. Evans that Mr. Cagle's expenses as 5/11 1107 witness will be reimbursed Philippine Government on right to tax branches of National City Bank of New York, in Supreme Court, memo of Mr. Wyatt re, and that it is not necessary 11/13 2382 to file brief as friend of the court Processing taxes, suit brought in U. S. District Court for 7/31 1678 Middle District of Georgia to enjoin collection Question of FRBank of Atlanta issuing and certifying cash8/ 2 1684 iers' checks in connection with FRBank advised that no objection will be offered to issuing 8/ 9 1723 checks under court order in particular case 8/19 1767 Letter to Mr. Parker noting issue of checks Couzens, Senator Tames, correspondence exchanged with Mr. Miller on claim that a FRBank had used its position 4/27 1004 to further its own interests Industrial advances) Craig, William S.: (See Loans, Credit situation, general: Commercial banks, question on list of topics suggested by Governor Eccles for discussion by officers and directors of FRBanks, as to whether former are doing everything in power to improve, and if there 358 2/ 4 are any steps FRBanks might take (See also FRBanks, List of topics) FRBanks, question on list of topics submitted by Governor Eccles for consideration by officers and directors, if commercial banks are doing all in their power to improve, and what steps FRBanks 358 2/ 4 might take (See also FRBanks, List of topics) Cret, Paul Philippe: (See Quarters of FRBoard) Crowder, J. R. S.: (See All Saints Episcopal Church) eryder, 0. 0.: (See National banks, First National Bank, Lebanon, Ill.) ClAbe: Coining of pesos at Philadelphia mint for, no objection to FRBank of Atlanta entering into arrangement with Second Import-Export Bank for delivery of and payment for pesos purchase from Cuban Government with agreement to Gold coin, resell, no objection to transaction by FRBank of Atlanta http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/26 538 9/28 2022 84 Cuba: (Continued) Pesos, reply to Governor of FRBank of Atlanta that Board does not object to making arrangements with Second Export-Import Bank for delivery of and payment for amount, to be coined for Cuban Government by Philadelphia Mint 10/30 Strike threatened, resolution of MBank of Atlanta calling attention of Board to, to be transmitted to State Department 3/22 Letter of transmittal 3/27 Currency shipments: Absorption of expenses of sending to banks, question raised in connection with funds necessary to cash Works Relief checks, only FRBank of New York absorbs costs of sending to nonmember banks 10/25 Description of, and inclusion of some new currency in each, copy of letter of Third Assistant Postmaster General suggesting, sent to FRBanks with request for feasibility and cost 3/25 Assistant Postmaster General for keeping Third Request of by FRBanks and including some new currency in each shipment, topic for Governors' Conference 5/22 Eilenberger that Governors' Conference reported Mr. Reply to that it was practice to keep, of new currency and that some new currency was included in shipments whenever practicable 6/29 FRBank of New York to nonmember banks, absorption of charges on 5/21 Havana Agency, cost of shipments to 7/ 5 Nonmember banks, advice to FRBank of New York that it is only FRBank to absorb charges for shipments to 4/25 Voted by Governors' Conference that there is no objection to, where MBank is reimbursed for shipping charges 10/24 Reply to Mr. Peyton in connection with par clearance of Works checks, that Board has taken position that FRBanks should not absorb 11/ 1 Postage surcharge, recommendation of Governors' Conferences that Board take up discontinuance with Post Office Department 10/24 Protection, reply to Mr. Eilenberger relative to proposed plan to inform Superintendent of Third Division, Railway Mail Service of valuable shipments from Washington to insure maximum 8/12 Curry, Douglas, reply re refusal of MBank of New York to make industrial advance to 9/30 Custody: Bonds, free, in proportion to deposits, reply to Mr. Peyton that Board will investigate reported practice of New York banks in connection with payment of interest on demand deposits 6/20 Notes secured by liens against real property, waiver of provisions of Regulation F relating to, requested by First National Bank of Fort Worth, Texas, refused 8/26 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Pages 2225 738 7'74 2181-2 762 1220 1553 1202 1577 988 2163 2235 2164 1740 2031 1434 1804 85 Pages Curtiss, C. D.: (See Department of Agriculture, Bureau of Public Roads) Davis, EWin L.: (See Federal Trade Commission) Davis, H. C., reply that 'pan he seeks does not came within authority of FREanks to make industrial ad12/31 vances Davis, Paul M.: (See National banks, American National Bank of Nashville, Tenn.) Dean Witter and Co., reply to Mr. Sargent relative to whether commodity commitments may be excluded from desig8/12 nated old account which is restricted Debentures end capital notes: Bank of Boyceville, Wis., reply to Mr. Peyton in connection with documents to be forwarded to Board on issuance of, liability for, should be shown in 5/ 8 published statements rather than in footnote Bank of Farmingdale, N. Y., retirement of Class B in plan involving common stock reduction and sale of 6/ 4 new common stock of retirement Y., N. York, New Co., Bank of New York and Trust capital notes without approval of Board, action 5/ 6 approved Bank of Sturgeon Bay, Wis., letter to Mr: Stevens on conditions imposed by R. F. C. in commitment to purchase, to aid in completion of recapitalization pro4/17 gram Branches of State member banks, reply to Mr. Evans that inclusion of debentures in capital required for establishment is permissible, in connection with contemplated application of Lorain Street 6/20 Bank, Cleveland Certification of State member banks to F. D. I. C., question raised in connection with Bank of Jamestown, N.Y., as to whether they should be considered as part of capital or as liabilities, bank to be cer6/24 tified upon request Clarks Fork Valley Bank of Framberg, Mont., no objection to re5/21 duction of capital debentures Continental-American Bank and Trust Co., Shreveport, La., proposed sale of preferred stock to R. F. C. and retirement of like amount of capital debentures, 7/12 no objection issuance with to Board in connection Documents to be forwarded of debentures by Bank of Boyceville, Wis., reply 5/ 8 to Mr. Peyton of conversion Mont. Bank, Bozeman, Savings and Trust Gallatin debentures into preferred stock proposed in plan 4/16 involving common stock reduction Lawyers County Trust Co., New York, N. Y., retirement of capital 5/ 6 notes approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2912 1737 1091 1298 1056 946 1431 1454-6 1192 1604 1091 930 1061 86 Debentures and capital notes: (Continued) Mount Pleasant Bank and Trust Co., Pleasantville, N. Y., conversion of amount of B debentures into new common stock in plan involving common stock reduction 7/29 "Other creditors", reply to Mr. Sargent that holders of, and of preferred stock, should not be considered as, in connection with certification to F. D. I. C. 5/29 Retirement of, and of preferred stock, desire of Secretary of Treasury for, review of condition of banks requested, conference of Treasury, R.F.C., Comptroller and Board on, no action 11/20 Letter to FRAgents to be prepared re 11/20 Letter to FRAgents re review of condition of banks in which R.F.C. has investment and statement of policy to be followed re 12/13 Security Trust and Savings Bank, Billings, Mont., letter to Mr. Peyton on proposed reduction, that ratio of capital to deposits would be reduced below Board's standard and to take up with State Banking Department 4/11 Superintendent of Banks requested by bank to obtain consent of F.D.I.C. for retirement of, referred to Board, which does not feel they should be retired although bank is not subject to membership condition requiring Board's approval 4/25 State Bank of Aurora, Minn., retirement authorized and advice to Mr. Peyton that membership condition 18 was not intended to be continuing 9/25 State Security Bank, Brigham City, Utah, application to retire $15,000 disapproved 2/ 7 Union Trust Company of Maryland, liAltimore, Md., retirement of capital notes approved 5/11 Walker Bank and Trust Company of Salt Lake City, Utah, proposed retirement of debentures, referred to Mr. Sargent and State Bank Commissioner advised 12/11 Debits: Linderman, Carter and Plant, reply that Board cannot wire total amount each week, but will mail special delivery and suggestion that local agency could wire them 9/ 7 Definitions: "Contiguous or adjacent thereto", reply to Mr. Sargent re previous rulings on, and interpreting further 10/11 "Foreign .banks" as used in Sec. 9 of FRAct in relation to deduction of amounts due from, from gross demand deposits in computing reserves, reply to Mr. Clark 9/11 "Investment securities", draft of Comptroller's regulation governing purchase of, under Sec. 5136 of Revised Statutes and further defining term 11/14 "Other creditors", reply to Mr. Sargent that the holders of preferred stock or capital debentures should not be considered as, in connection with certification to F. D. I. C. 5/29 "Time deposits, open account", reply to Mr. Austin on proper interpretation of, in Regulations D and Q, with re gard to renewal of agreement and of use of pass http://fraser.stlouisfed.org book 6/20 Federal Reserve Bank of St. Louis Pages 1667 1273 2431 2432 2718 897 986 2001 394 1105 2701 1886 2079 1896 2389 1273 1430 87 Pages Definitions: (Continued) Trust funds, reply to Mr. Curtiss that conference of trust examiners may be held this fall and question may be submitted to, if he desires Delano, Frederic A., reports and data regarding Board, reply accepting gift of some 30 or 40 volumes Delano & Aldrich, design submitted by, in competition for architect for Board's building ernarey, A. E.: (See National Park Service) Denison University, Granville, Ohio, reply to Mr. Barringer re deposit of current operating cash in savings account Department of Agriculture: Bureau of Agricultural Economics: Bank failures, studies of: Utah, Mr. Sargent advised to make FRBank of San Francisco records available to Mr. Garlock in study of Reply to Mr. Sargent re procedure and records to be made available Wisconsin, Mr. Garlock authorized to utilize information from FRBanks of Chicago and Minneapolis in, and letters to FRAgents in accordance with Bureau of Public Roads: Exchange charges on Government salary and expense checks made by Arkansas banks, reply to Mr. C. D. Curtiss re Funds advanced to Treasurer of State of Michigan and deposited by latter in National Bank of Deposit, reply to bank on classification in condition report, published statements, etc. 1)ePertment of Commerce: Beckman report, statement of Mr. Szymczak before Federal Advisory Council that when report is issued it will state that FRBanks have done all possible to properly administer industrial loan activities Bureau of the Census: Washington - Philadelphia leased telephone wire, reply to Mr. Hirsch that Board cannot comply with request to make available to Bureau Industrial advances made by FRBanks, tables forwarded to Mr. Jones, Bureau of Foreign and Domestic Commerce, showing, in detail Secretary of Commerce, deposit balances of business firms, letter to Secretary Roper requesting inclusion of item in business census to be undertaken DePertment of Justice: Attorney General: Executive officers, prosecution under Sec. 22(g) of FRAct in cases of inability to repay indebtedness, letter to, that Board has transmitted letter of Jan. 16 to FRAgents 10/ 8 2059 9/20 1977 5/18 1156 10/16 2099 10/ 9 2066 10/11 2079 11/13 2381 7/22 1641 4/ 8 864 2/19 489 12/ 9 2672 4/ 4 843 8/ 9 1725 3/22 748 P http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 88 Department of Justice: (Continued) Attorney General: (Continued) Executive officers: (Continued) Advice that there is no objection to furnishing to U.S. Attorneys and national bank examiners 3/22 North Side Bank, St. Louis, Mo., (former member bank) letter to, that report of examination revealed possible violations of Regulations of Secretary of Treasury 4/4 Pine Grove Bank, Pine Grove, Pa., reply to, on examination under Sec. 21 of Banking Act, agreeing with opinion that bank had no right to choose examination by FRBank, letter to Mr. Austin on 3/8 Sec. 22(g) of FRAct, reply to, in connection with amendment proposed by Board which is incorporated in H.R. 5357, noted that there is no objection to furnishing circular on "executive officer" to FRAgents and request as to any objection to furnishing substance to member banks 3/1 Letter to FRAgents that there is no objection to furnishing copies of Department of Justice circular to any interested parties 3/25 Bradshaw, Bertram H., abstraction of stock certificate at FRBank of Philadelphia to be reported 11/ 2 Citizens State Bank, 1Nestbrook, Minn., letter to Attorney General on violation of Sec. 22(g) of FRAct 6/5 Hoover, John Edgar, Bureau of Investigation: Bank robberies, reply that documents relating to procedure in case of, have been sent to FRBanks for distribution to member banks 3/13 Reports of Special Agents of F.B.I., reply to Attorney General inclosing letter to FRAgents on confidential nature of 8/ 7 letter to Attorney General on amendment sugFRAct, of 22(g) Sec. gested by, and suggestion that copies of letter on what constitutes violation be sent to FRAgents and national bank examiners 1/14 Department of State: Bank for International Settlements, report of Governor Eccles that Mr. Eels had called on him regarding American representation on Board of 8/21 position of Mr. Welles that proposed increase rates, cable Cuba, by Havana Agency might disturb political situation, action deferred 4/11 Welles, Sumner, cable rates in Cuba, position that proposed increase by Havana Agency might disturb political situation, action deferred 4/11 Departmental banks: California: "Savings banks", reply to Mr. Clerk that they are not, with reference to prohibition upon payment of interest on demand deposits, action deferred 9/28 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Pages 748 844 634 565 763 2245 1320 690 1719 121 1777 884-6 880 , 2020 89 Pages DePartmental banks: (Continued) California: (Continued) Savings department, ruling proposed in reply to Mr. Clerk that department is not "savings bank", approved, Mr. Hamlin voting "no" 12/11 2697 (See also State departmental banks) Deposits: Absorption by banks of "extra out-of-pocket expenses" for favored customers arising from special printing of checks, summary of rulings sent to Mr. Clerk and copy to FRAgents 5/11 1108 Reply to Citizens Bank, White Plains, N. Y. on question covered in summary 5/11 1110 Reply to Indiana Bankers Association on furnishing special checks 5/11 1111 Activity charge on, on ground that permanent amount of deposit does not warrant activity, reply to Mr. Zuckerman that there is no Federal Statute preventing member bank from imposing 12/21 2817 Agency accounts in foreign department of Industrial Trust Co., Providence, R. I., reply to Mr. Curtiss that for all purposes of Sec. 19 they should be treated as deposits, procedure undesirable, Mr. Hamlin to discuss with officers of FRBank of Boston 9/28 2021 Memo of Mr. Hamlin agreeing with position of FRBank of Boston that they are not deposits but foreign exchange transactions, action deferred pending review of file by Mr. Szymczak 10/25 2183 Statement of Mr. Szymczak, feeling of Mr. Wyatt that ruling they are not deposits may lead to abuses, Mr. Thomas does not concur with opinion of Mr. Wyatt, ruled not deposits 10/30 2212-4 Letter to bank re ruling of Board, on October 30, to effect that they do not constitute deposits 11/23 2490 All Saints Episcopal Church, reply to Mr.. Crowder on payment of interest on time certificate for period between maturity and renewal 4/12 916 Balances of bank borrowers, reply to Mr. Mayer on practice of requiring them to maintain specified balance 360 2/ 4 Business firms, letter to Secretary of Commerce Roper requesting inclusion of item, deposit balances of, in business census 8/ 9 1725 Certificates: Notation "30 days' notice required for withdrawal", reply to Mr. Walsh on payment before maturity by First National Bank, Spearman, Texas 705 3/18 Payable on ten days notice on or before one year from date, interest payment subsequent to June 16, 1933 is not legal on those issued by Wells Fargo Bank and Union Trust Co., which were permitted to continue by oral agreement 3/11 645 Payable on thirty days notice and maturing in six or twelve months, reply to Juniata Valley National Bank of Mifflintown, Pa., on payment before maturity 3/18 704 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 90 Deposits: (Continued) Certificates: (Continued) Payable six or twelve months after date, reply to Littleton National Bank, Littleton, Colo., that last ruling on, was published in FRBulletin for January, 1934 8/28 Right to require 50 days' notice before payment, reply to First National Bank of Mifflintown, Pa., on legality of payment before maturity 3/18 Sale by bank as broker to other banks and representing that •they are insured by F. D. I. C., letter to Mr. O'Connor requesting permission to send copy of his letter to Mr. Hausman to all RAgents, stating that national banks have no authority to purchase 6/20 Reply to Mr. Stevens re, inclosing copy of letter to Mr. Hausman 6/29 Christmas club accounts, reply to Mrs. Seely on payment before maturity 9/25 "Contracts entered into prior to Dec. 18, 1934", reply to Columbia County National Bank, Benton, Pa., on interpretation of, in amendment to Regulation Q 3/25 County funds on which interest payment is required by law, reply to Mr. V4alsh that maximum interest rate is not applicable to 1/29 Demand: Net demand deposits, reply to Mr. McLarin re method of computing, in view of Banking Act of 1935 9/25 Payment of interest by First National Bank, Georgetown, Ohio, to customer whom bank could not locate to notify of cessation of interest payment at enactment of Banking Act of 1933, permitted 5/5 Distribution and activity of, study to be made, with funds allocated by W.P.A. 9/12 Dormant accounts, reply to Mr. Fletcher on action of Wheeling Dollar Savings and Trust Co., Wheeling, W. Va., in assessing service charges against, after returning accounts to liability 6/12 Dormant balances, Board will raise no further question in connection with charges assessed against by Merchants Trust and Savings Co., Muncie, Ind., in view of State law 7/ 2 "Estate funds", deposited in name of "clerk of the Court, Trustee", reply to Central National Bank of San Angelo, Texas, that they are not public funds and interest may not be paid thereon 3/1 Exchange charges absorbed on account bear relation to balance maintained, constitutes indirect payment of interest 5/ 1 First National Bank of Oelwein, Iowa, reply that rules governing savings deposits are not inconsistent with FRAct or Regulation Q 2/26 Foreign branch banks, interest rates paid by, advice to member banks concerned that because of amendment in Sec. 324 of Banking Act of 1935, reports re, need not be made 11/25 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Pages 1817 703 1432 155]2005 760 280 1989 591 1903 1361 1566' 565 1040 540 2497 91 Pages DePosits: (Continued) Free custody of bonds in proportion to account, reply to Mr. Peyton that Board will investigate reported practice of New York banks in connection with payment of interest on demand deposits Funds deposited by Treasurer of State of Michigan advanced by U. S. Department of Agriculture, Bureau of Public Roads, reply to National Bank of Detroit, Mich. on classification in published statements, condition reports, etc. Insurance: Permanent plan may go into effect July 1, conference of Secretary Morgenthau, Mr. Crowley, Mr. O'Connor and Governor Eccles, proposed press statement to be issued jointly by latter three Objection of Mr. Miller and Mr. O'Connor to joint issue, Governor Eccles feels if statement is Issued it should be by F.D.I.C. Certification of State member and national banks to F.D.I.C. discussed and issuance of regulations for computation of deposit liabilities by FRBoard Announcement again discussed, Secretary Morgenthau informed by Governor Eccles and Mr. O'Connor of opposition to issuance, Board determines that Issuance would be injudicious and Board should not join in any such announcement Regulation, draft of telegram to FRBanks embodying read, question of date for computation, question of whether it should be distributed to other than member banks, March 4 chosen as date for computation and telegram authorized sent Letters from F.D.I.C. to Board and to Mr. O'Connor requesting what provisions have been made to comply with deposit insurance law, reply to Mr. Crowley and to Mr. O'Connor, replies approved Regulation, telegram to FRAgents that banks organized subsequent to June 16 should base subscription to F.D.I.C. stock on capital and surplus and that regulation does not apply to such banks, letter to Mr. Crowley Restricted deposits, letter to FRAgents that F.D.I.C. desires State member banks affected be notified that such deposits are not insured Interest: Demand, improper classification of demand deposits as savings, reply to First National Bank in St. Charles, Minn., on statement that prohibition of Sec. 19 of FRAct is being evaded by New York, limitation to maximum of 2% on time and savings deposits, memo of Mr. Owens suggesting national banks in State not be notified pending possible amendment to Sec. 24 of IRAct, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/20 1434 4/ 8 864 6/14 1370-2 6/14 1373 6/14 1374-5 6/14 1376-7 6/14 1376-81 6/14 1381-4 6/18 1415-6 9/ 3 1855 2/18 481 7/16 1613 92 Deposits: (Continued) Interest: (Continued) New York: (Continued) Reply to Mr. O'Connor that ruling as to payment of interest on postal savings funds will be deferred pending passage of Banking Act of 1935 7/17 Payment on deposits received on any of first ten days of January and July at maximum rate from first day of month, reply to Mr. Hale that previous practice of 12th district banks does not comply with Regulation Q 7/19 Pate outside of United States, rate fixed under Regulation letter to all FRAgents and letters to National City Bank, Bank of America National Trust & Savings Association, Bankers Trust Co., Chase National Bank, Guaranty Trust Co. and First National Bank of Boston 2/11 Ruling re right of member bank to pay 3% after Jan. 1 until maturity, to be published in FRBulletin 2/ 2 Time deposits, payment on certificates may continue until expiration at contract rate even though regulation Q has been amended to prescribe 1/30 Ruling to be published in FRBulletin 1/30 Recommendation that text of reply to Mr. Anderson on same subject be incorporated in statement to be published in Bulletin, approved 2/ 2 Time and savings, modification of rate to comply with amendment to Regulation (/ reducing, reply to 14r. Anderson 2/ 2 Loan on certificate: Issued by another bank, reply to American National Bank at Indianapolis on making on one before maturity 5/ 8 Payment before maturity, reply to First National Bank, Louisville, Ky., on question of evasion of prohibition on 2/21 Purchase of certificate at a discount due to differential in Interest rates, reply to First National Bank, Louisville, Ky., on query as to whether transaction would constitute 3/25 Union National Bank of Donora, Pa., reply to Mr. Binns on loan to depositor on deposit 6/20 Louisiana, payment of interest required by State law on deposits of parish or municipality in CalcasieuMarine National Bank, reply to Mr. O'Connor 1/15 Membership in FRSystem, reply to Mr. Stevens rejecting suggested policy of admitting only banks having, above a certain minimum 4/19 New Jersey, Regulation of Banking Advisory Board limiting maximum rate of interest on time and savings deposits, telegrams to Messrs. Case and Austin that it is binding upon member banks, letter to Mr. O'Connor re 11/26 County Bankers Association re Salem Reply to 11/30 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Pages 1624 1635 411' 346 297 297 346 345 1084 508 761 1429 135 954 2535 2605 93 Pages Deposits: (Continues) Ohio funds and funds of Franklin County, Ohio, reply to Mr. Fletcher on classification by Fifth Avenue Savings Bank Co., Columbus, Ohio, for reserve pur2/15 poses have would Board that Cook Mr. to reply on, tax Pennsylvania 4/19 no authority to require member banks to absorb Postal savings funds: Interest on, reply to Mr. O'Connor on effect of Wisconsin Banking ComTilission in reducing rate below re6/24 quirement of law Letter to Mr. Stevens requesting confirmation that order does not apply to postal savings funds and let6/24 ter to Mr. Peyton on question New York, reply to Mr. O'Connor that ruling on effect of interest reduction on payment on deposits of, will be deferred pending passage of Banking Act of 7/17 1935 Advice to First National Bank, Kenmore, N. Y., that 7/17 question is under consideration that Y., Advice to Wallkill National Bank, Wallkill, N. 7/17 question is under consideration of view in Reply to First National Bank of Kenmore that State maximum interest rate not over 2% may be 9/ 4 paid on, copy to be sent to Mr. Ellenberger letter and similar re Letter to Wallkill National Bank 9/ 4 to Comptroller is contract that of Kenmore Bank Reply to First National 9/ 7 terminable as of Oct. 1 of limitation that White Superintendent Deputy Reply to 9/ 7 Interest rate on, to 2% is already accomplished Further reply to Mr. White that Board's regulation re interest rate is binding, but Board cannot re9/14 quire deposit of Further reply to Wallkill National Bank that Board has not been advised as to attitude of Postal savings system as to permitting deposits to remain 9/19 in New York banks Rate paid, reply to Mr. Peyton on provision in Banking Act 6/20 of 1935 covering Reserves against, letter to Postmaster General that member banks are required to maintain, as Mr. Ellenberger informed Mr. Sanders that reserves are 7/22 not required Harris Premium for opening demand account, etc., reply to T. Smith and Associates that consideration of question will he deferred pending passage of 8/ 7 Banking Act of 1935 Public funds, demand: Interest payment on, reply to Farmers and Citizens State Bank, Crestline, Ohio, and letter to Mr. Fletcher, that three year contract of First National Bank in Crestline is not in compliance 11/16 with law http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 466 957 1458 1459-61 1624 1624 1625 1866-7 1867 1879 1880 1917 1952 1434 1640 1720 2408 pages 94 Deposits: (Continued) Public funds, demand: (Continued) Ohio, letters to Messrs. Birdzell and Crowley of F.D.I.C. re competitive disadvantage to member banks re payment of interest on, in connection with Security Central National Bank, Portsmouth Receiver of closed State bank, reply to Mr. Fletcher on manner in which First Tyler Bank and Trust Co., Sistersville, W. Va., should report on condition report tentative draft of revision of, referred to Regulation Q, Special Committee of A.B.A. for comment Reports of, for reserve purposes, reply to Mr. Strater that they may be shown in full or nearest hundred dollars Reserves, computation of, against net demand deposits, under Banking Act of 1935, and amendments to Form B-15, telegram to all FRAgents Advice to FRAgents on reporting on Form B-21, footnote to be appended to weekly member bank statement to show inclusion of Government deposits Savings accounts: City National Bank & Trust Co., Oklahoma City, Okla., method of computing interest on Civilian Conservation Corps Mess Fund, reply to Secretary of War that deposits of surplus rations savings cannot be construed as Classification: Cleveland banks, reply to Mr. Fletcher as to disadvantage State member bank would be put by removing large accounts from savings classification as national bank will not cooperate, copy to Comptroller First National Bank of Lebanon, Ill., reply to re five accounts First National Bank and Trust Co. of Walden, N. Y., reply to Mr. Case on doubtful status of 23 accounts, procedure in handling is satisfactory Current operating cash, reply to Denison University re deposit Funds representing liquidating proceeds from unacceptable assets deposited by Trustees of Conneaut Mutual Loan and Trust Co., in bank, reply to Fletcher that they are not savings deposits Interest accruals, reply to Union Trust Company of Clairton, Pa., re withdrawals without interest Loan on, proposed by North Philadelphia National Bank, reply to Comptroller amending his reply to bank re by banks in unusual circumstances, memo retention Passbooks, from Mr. Vest that Mr. Szymczak has requested ruling be prepared based on existing law and letters to be sent to inquirers re, advising of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/ 4 5/ 6 2617-8 1072 8/28 1814 12/31 2913 8/28 1823 8/28 1824 7/19 1633 7/ 1 1559 5/18 1166 6/14 1400 1/19 185 10/16 2099 2/12 426 11/23 2489 8/ 9 1722 4/1 806 95 Pages Deposits: (Continued) Savings accounts: (Continued) Passbooks: (Continued) Letter to FRAgents requesting views as to modification, and request for practices of mutual savings banks Memo from Mr. Owens on replies from FRBanks regarding possible modification of ruling to permit member banks to retain under certain circumstances, action deferred pending action on Banking Act of 1935 Transfer or assignment of deposit to another depositor in same bank, reply to Bridgeport National Bank that transaction constitutes withdrawal of de- 4/12 918 7/ 5 1576 12/21 posit Withdrawals: Charging of interest or escrows to account by note department constitutes, out-of-pocket expenses in connection with accounts may be charged to, without constituting withdrawal, reply to Mr. Walsh 3/ 7 on query of Southern Arizona Bank end Trust Co. acFirst National Bank, Glenn Falls, N. Y., reply that count can no longer be classified as savings 7/24 account without presentation of passbook Gratz National Bank, reply on compliance with Regulation q of authority for withdrawal of specified 9/16 amount without notice funds, savings Requirements for member banks and postal reply to First State Bank, Norton, Kansas, on 1/ 8 difference as to 3/27 in FRBulletin Ruling on, to be published requestn Lichtenstei Mr. to letter of, Study of certain classes ing that Federal Advisory Council consider proposal to request mall group of large member banks to furnish schedules showing deposits of largest depositors at specified dates for past 11/12 six years desiring for reasons re, Council of position of Statement 11/21 data, discussion of 1, No. District Improvement and Control Water County Tarrant demand, reply to Mr. Walsh on payment of interest on, by Continental National Bank, Fort 3/13 Worth, Texas Texas: McAllen Independent School District and certain Water Control and Improvement Districts, reply to Mr. Walsh on legality of payment of interest on de4/9 mand deposits of request McAdams Wr. on of, League to Municipalities, reply for definite ruling as to payment by member banks 9/18 of interest on demand deposits of 2808 Time: Charles, Mrs. Nellie, reply that law forbids payment by member banks before maturity http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/2 615 1646 1926 70 775 2359 2439-41 662 874 1946 826 96 Deposits: (Continued) Time: (Continued) Interest: Continued payment at 3% rate after reduction in rate is effective, reply to Mr. Fletcher 2/14 Payment at time of renewal when renewed prior to maturity, reply to Lancaster County National Bank re 12/23 Payment during period between maturity and renewal where depositor overlooked renewal, reply to First National Bank, Louisville, Ky., that it is not legal 10/ 2 Rate payable on certificate payable in six or twelve months, reply to Mr. Gmernik 8/30 reply to First National Bank of La Grange, Ga., upon, Loan re making, quoting provisions of revised Regulation Q, copy to FRAgents 12/ 7 Reserves, reply to suggestion of Mr. Peyton that Board change ruling so that certificate payable on definite date would be considered time deposit for computing reserves up to maturity 1/ 8 Stamped statement on, that interest rate is subject to change by Board, reply to Mr. Ruff on effect of 10/25 Washington Trust Co., Spokane, Wash., certificate bearing notation that no interest is payable after one year from date of issue, reply to Mr. Sargent that further payment of interest is illegal 2/26 Time and savings: Menard National Bank, Menard, Texas, rate of interest on 7/19 Time deposits, open account: Definitions in Regulations D and (4,, reply to Mr. Austin on proper interpretation of, with regard to renewal of agreement and use of passbook 6/20 Withdrawal of interest on deposit payable on 30 days' notice, reply to Seaboard Citizens National Bank of Norfolk on 3/13 Trust funds: Interest payment on demand deposits, reply to Kenefick, Cooke, Mitchell, Bass & Letchworth on statement that provisions of New York Banking Law do not appear applicable to national banks, that Regulation Q relates to such deposits "in State banks" 12/23 Southern Arizona Bank and Trust Co. with FRBank of Dallas 6/14 Uninvested: liNBanks, reply to Mr. Clerk re acceptance of deposits of member banks, should be referred to Governors Conference 7/ 1 Voted by Governors' Conference that FRBanks be granted permission for acceptance, Governors Seay, Schaller, Norris and Fleming dissenting 10/24 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis pages 458 2822 2058 1847 2645 71 2188 540 1634 1430 661 2822 1398 1560 2164 97 Pages Deposits: (Continued) Waiver of service charge on small commercial account by American Trust Co., because customer carries large savings account, reply to Mr. Clerk on indirect 5/11 payment of interest prescribing Commission Banking of order on, interest Wisconsin, maximum rate of 2% except as to contracts now existing, telegram to Messrs. Stevens and Peyton re effect of, and advice to Mr. Schafer of 6/ 4 action 6/24 deposits Reply to Mr. O'Connor on effect on postal savings order Letter to Mr. Stevens requesting confirmation that does not apply to postal savings funds and let6/24 ter to Mr. Peyton on question Trust and Savings DePpen, H. L.: (See State member banks, Peoples Company of Nanticoke) Depreciation: Classification of, on securities, in examinations, reply to Mr. Sargent that Board's instructions should be adhered to and that State authorities should be 9/14 cooperated with as far as possible Mr. to reply Utah, First National Bank of Salt Lake City, Sargent on elimination through establishment of valuation reserves, in connection with voting 6/14 permit for First Security Corporation of Ogden Destruction of old records at FRBanks, telegram to Chairman of Governors' Conference suggesting composition 3/21 of committee to study Committee, appointment by Governor Calkins of Messrs. Sailer, Logan, Parker and McLarin, advice of, to Mr. Stevens and request that he appoint tv:o members to consider questions relating to FRAgents' 4/1 departments Advice to Governor Calkins that Mr. Stevens has appointed 4/12 Messrs. Swanson and Prugh (See also ktfflanks) Destruction of useless papers in files of Board, letter to Archivist 10/11 Dictionary, Oxford, gift to Board by Mr. Hamlin, purchase of sup6/ 7 plement and binding authorized tirectors: Bank for International Settlements: Harrison, George L., acceptance of directorship desired by President and Secretary Morgenthau, desire of State Department for American representation 8/21 on Board of Wyatt and Miller Messrs. members, Board by Discussion to prepare memo on, no objection to attendance 8/21 at meetings as unofficial observer Memoranda prepared, supplementary memo of Mr. Wyatt, if question arises during absence of Governor Eccles action to be deferred with understanding that there is no objection to attendance at 8/23 meeting as unofficial observer http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1112 1305 1458 1459-61 1919 1395 730 810 920 2078 1338 1776-7 1778-9 1790 Pages 98 Directors: (Continued) FRBank of Atlanta: Class C, Board to take no action to fill vacancy in office of, and FRAgent George, E. T., Class B, elected for three year term Fitzgerald, election as Class B for unexpired term ending Dec. 31, 1937, noted Kettig, W. H., Class C, reappointed Deputy Chairman until Feb. 29, 1936 Meeting to be held at Jacksonville Branch, noted Traveling expenses of Mr. Young, Federal Advisory Council member, no objection to payment for attendance at meeting Meeting, next regular, to be held at New Orleans Branch Newton, Oscar, Class C and FRAgent, relinquishment of duties request advice of contemplated time of Resignation accepted White, G. J., Class A, elected for three year term FRBank of Boston: Allen, P. R., Class B, reelected for three year term Curtiss, Frederic H., Class C, reappointed for three year term, and redesignated FRAgent until Feb. 29, 1936 Hollis, Allen, Class C, reappointed Deputy Chairman until Feb. 29, 1936 Ripley, A. L., Class A, reelected for three year term Sewall, Arthur, Class A, election as Mayor of Bath, Me., Board cannot permit to continue in both positions Question of continued service as Mayor of Bath, Me., and FRBank director, opinion of Mr. Curtiss, Governor Young's suggestion, question of interference with duties, to be permitted to continue until end of year Mr. Curtiss to Advice Chicago: FRBank of Noyes, N. H., Class B, reelected for three year term Simpson, James, Class C, resignation offered as result of announcement of Board's new policy for reappointment of directors, to be advised that Board desires that he serve out remainder of term Reply from, that he will serve out remainder of term Not to be reappointed, on basis of having served six or more years Advised over phone by Mr. Miller, satisfied with Board's action and feeling that policy would not be misunderstood Williams, F. D., Class A, reelected for three year term FRBank of Cleveland: Appointment of Mr. Fleming as Governor, report of th.. Szymczak that action was unanimous Burke, E. S., Jr., Class C: Appointment of Mr. Fleming as Governor, report of Mr. Szymczak on conference with http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/29 12/ 7 2569 2644 2/26 533 11/29 2/14 2570 457 3/1 563 10/15 2093 1/12 1/14 12/ 7 103 110 2643 12/ 7 2644 11/29 2568 11/29 12/ 7 2570 2645 3/29 793 7/12 1596-7 7/17 1617 12/ 7 2644 2/13 2/27 430 548 11/29 2570 11/30 12/ 7 2598 2643 1/23 206 1/23 204 99 Pages Directors: (Continued) FRBank of Cleveland: (Continued) Burke, E. S., Jr., Class C: (Continued) Reappointment as Class C for three year term and reappointment as Deputy Chairman until Feb. 29, 11/29 1936 Class C, Board to take no action to fill vacancy in office 11/29 of, and FRAgent 12/ 7 Crabbs, C. D., Class B, reelected for three year term 12/ 7 Wardrop, R. A., Class A, reelected for three year term FRBank of Dallas: Brown, E. R., Class C, not to be reappointed, on basis of 11/29 having served six or more years 12/ 7 B, reelected for three year term Middleton, John D., Class 7 reelected year term 12/ for three Morris, Alf, Class A, reappointment as Deputy Chairman B., Class C, S. Perkins, 11/29 until February 29, 1936 Walsh, C. C., Class C, reappointment for three year term and redesignation as FRAgent for 1935, with understanding that appointment and designation 1/2 are terminable at pleasure of Board FRBank of Kansas City: Brown, E. P., Class C, reappointed Deputy Chairman until 11/29 Feb. 29, 1936 Class C, Board to take no action toward filling vacancy in 11/29 office of, and FRAgent 12/ 7 Mullaney, E. E., Class A, reelected for three year term 12/ 7 Phillips, L. E., Class B, reelected for three year term Sponable, F. W., Class A, removal, question of, memoranda of Messrs. Paulger and Vest, file presented to Mr. Thomas for recommendation from Committee 10/18 on District No. 10 Report that there is no cause for removal, discussed with Governor Hamilton and report filed by Mr. McAdams, matter not referred to Board by Comp10/30 troller, suggested letter of Mr. Miller Letter to Mr. McAdams, in accordance with action of 11/ 5 Board on Oct. 30, approved FRBank of Minneapolis: Clark, Homer P., Class C, reappointed Deputy Chairman until 11/29 Feb. 29, 1936 12/ 7 Kibbee, H. R., Class A, reelected for three year term McCormick, G. IN., appointed Class C for term ending Dec. 1/10 31, 1937 Meeting once each year at Helena Branch, no objection to 4/8 decision O'Connell, J. E., Class B: 1/2 Appointed director of Helena Branch for 1935 12/ 7 Reelected for three year term Peyton, J. N., Class C, reappointed for three year term and 11/29 redesignated FRAgent until Feb. 29, 1936 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2570 2569 2644 2643 2570 2644 2643 2571 2 2571 2569 2643 2644 2107 2214-7 2261 2571 2643 90 857 4 2644 2569 100 Directors: (Continued) FRBank of Minneapolis: (Continued) Service of director for additional term after expiration of present term Dec. 31, 1935, reply to Mr. Peyton that Board does not desire to express opinion but will consider amendment to proposed 5/21 Banking Act of 1935 to clarify FRBank of New York: Case, J. H., Class C, reappointed for three year term and designated FRAgent for 1935 with understanding that appointment and designation are terminable at pleasure of Board 1/ 2 Mills, E. K., Class A, reelected for three year term 12/ 7 12/ 7 Teagle, W. C., Class B, reelected for three year term Woolley, Clarence M., Class C, report of Mr. Miller that he had called and stated that his resignation was available at any time, Mr. Miller authorized to advise that Board desires him to serve remainder of term 1/23 Young, Owen D., Class C, resignation tendered, as his service seems to conflict with new policy of Board as to appointment of Class C directors, Mr. Miller authorized to advise that Board desires him to complete his term 1/18 from Mr. Young received Reply 1/23 Not to be reappointed, on basis of having served six years 11/29 FRBank of Philadelphia: Austin, R. L., Class C, reappointed for three year term and redesignated RAgent until Feb. 29, 1936 11/29 Gates, Thomas S., suggestion of Governor Eccles that his availability for appointment as Class C director to replace Mr. Johnson be investigated, adopted 5/22 Robertson, N. G., Jr., recommendation of Committee on District No. 3 of appointment as Class C for unexpired term of Mr. Johnson, suggestion of Governor Eccles that availability of Mr. Gates be determined, adopted 5/22 Sewall, Arthur W., Class B, reelected for three year term 12/ 7 Stern, J. David, explanation by Mr. Eccles of recommendation on Aug. 2 by Committee on District No. 3 and ascertainment that he would accept appointment as Class C, appointed for unexpired term ending Dec. 31, 1936 10/18 Joseph Jr., three Class year term A, reelected for Wayne, 12/ 7 FRBank of Richmond: Delano, Frederic A., Class C, reappointed Deputy Chairman until Feb. 29, 1936 11/29 Eoxton, W. W., Class C, reappointed for three year term and redesignated FRAgent until Feb. 29, 1936 7 1 2/29 Johnson, L. E., Class A, reelected for three year term http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Pages 1186 2 2645 2644 205 167 205 2570 2568 1210 1210 2644 2106 2645 2570 2568 2645 101 Pages Directors: (Continued) FRBank of Richmond: (Continued) Malloy, Edwin, Class B, reelected for three year term Rieman, Charles E., Class A, Maryland Advisory Banking Board, Board will not object to service on FRBank of St. Louis: Dillard, Paul, Class C, reappointed Deputy Chairman until Feb. 29, 1936 Lonsdale, John G., Class A: Clayton Act permit to be allowed to continue in effect Reelected for three year term Stanley, John R., Class C, reappointed for three year term Sturdivent, M. P., Class B, reelected for three year term FRBank of San Francisco: Class C, Board to take no action to fill vacancy in office of, and FRAgent Dohrmann, A.B.C., Class B, reelected for three year term Edwards, N. T., nominee for Class A, reply to Mr. Sargent that position of State Senator comes within Board's resolution re political affiliations and instructions re withdrawal of name Fees and allowances for 1935, approved Moore, W. N., Class C, reappointment as Deputy Chairman until Feb. 29, 1936 Ramsay, T. B., Class A, reelected for three year term FRBanks: Applicability of Sec. 17(c) of Public Utility Act and Sec. - 305(b) of Federal Power Act, reply to Mr. Curtiss that request for rulings re, will be deferred pending issuance of regulations by Securities and Exchange Commission and Federal Power Commission Class A, election of, for terms beginning Jan. 1, 1936, advice re Class B, election of, for terms beginning Jan. 1, 1936, advice re Class C: Appointment, draft of letter advising of new policy, Mr. James feels time is inopportune, interpretation of financial ability, approved and copy of letter No publicity to be given other than printing in FRBulletin Feeling of Governor Eccles that as press has learned of matter, Board's letter should be released Mr. Thomas' statement complaining that he had not seen draft of letter before it was sent out and feeling that Board should not so rigidly restrict its selections (See also FRBoard, Procedure) Question of release again raised by Governor, authoriv,ed to release letter with introductory statement http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/ 7 2644 10/15 2092 11/29 2571 4/23 12/ 7 11/29 12/ 7 981 2643 2570 2644 11/29 12/ 7 2569 2644 11/ 2 1/10 2240 91 11/29 12/ 7 2571 2643 9/21 1986 12/ 7 2643 12/ 7 2644 1/9 76 1/ 9 79 1/18 167 1/18 168 1/18 170 102 Pages Directors: (Continued) FRBanks: (Continued) Class C: (Continued) Appointment: (Continued) Favorable comments reported by Governor Eccles from 204 Messrs. Hecht, Fleming, Smith and Bucklin 1/23 Minutes of Jan. 9, not approved by Mr. Thomas because of objection to procedure in sending out letter, minutes approved 217 1/23 Appointments for 1936, suggestion of Mr. Szymczak that conclusion as to procedure be reached, made special order for meeting next week 11/20 2427 Meetings to be held on Nov. 26, 27 and 29 for consideration of 11/22 Meeting to be held on November 29 for consideration of 11/27 :::: Question of designation of FRAgents, deputy chairmen and Class C directors, alternative courses, views of Board members re requirements of law, and other considerations em Statement of Mr. Miller relating to considerations involved in appointments re possible amendment to11/29 2565-6 law to separate offices of FRAgent and chairman 11/29 2567 Further discussion of considerations and FRAgents whose terms as Class C directors expire reappointed for three year terms and redesignated FRAgents until Feb. 29, and other FRAgents redesignated until Feb. 29 11/29 2567-8 Board to take no action to fill vacancies existing in offices of Class C directors and chairmen at FRBanks of Cleveland, Atlanta, Kansas City and San Francisco256 9 11/29 Adherence to policy established in Board's letter of Jan. 9, 1935, in consideration of, suggested by Governor Eccles, opinion of Mr. Wyatt that there is no provision for directors holding over until appointment of their successors11/29 2569 Messrs. Burke, Stanley reappointed for three year terms at FRBanks of Cleveland and St. Louis, Messrs. Young, Simpson and Brown not reappointed at FRBanks of New York, Chicago and Dallas, Mr. Thomas voting "no"25 11/297 0 Deputy Chairmen, reappointments made only until Feb. 29, 1936 in view of reorganization of Board on February I 11/29 2570 Press statement to be prepared for consideration at meeting tomorrow re reasons for actions 11/29 2572 Statement presented and changed, Mr. Eccles and Mr. Miller authorized to prepare and release a statement next week and to devise method of advising directors affected 11/30 2598 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 103 Pages Directors: (Continued) FRBanks: (Continued) Class C: (Continued) FRAgents, appointments for 1935, tendered with understanding that they are terminable at pleasure 1 1/ 2 of Board, accepted Classification for electoral purposes: FRBank of San Francisco, reply to Mr. Sargent that assumption as to capitalization of three groups 9/ 9 1889 is correct Replies of FRBanks to Board's letter of Sept. 19, 1934, memo of Mr. Smead recommending classification 8/29 1839 of member banks in various FRDistricts,approved Lists requested of all FRBanks of all directors who have served each bank with certain pertinent infor5/ 8 1090 mation Meetings, uniformity of meeting day after Feb. 1, 1936, 10/24 2164 recommended by Governors' Conference Letter to all FRAgents re recommendation of Governors' Conference, requesting reaction of directors 12/27 2854 to proposal IN.: Kansas (See supra FRBank of Removal, Sponable, F. City) Service of a director for additional term after expiration of present term Dec. 31, 1935, reply to Mr. Peyton that Board does not desire to express opinion but will consider amendment to proposed 5/21 1186 Banking Act of 1935 to clarify FRBranch banks: Appointment, policy of, draft of letter advising of new, feeling of Mr. James that time is inopportune, interpretation of financial ability, letter approved, copy of, copy of revised rules and regulations, no publicity to be given other than 1/ 9 76-9 printing in FRBulletin Feeling of Governor Eccles that as press had learned of 167 1/18 matter, Board's letter should be released Question of release again raised by Governor, authorized 170 1/18 to release letter with introductory statement Mr. Thomas' statement complaining that he had not seen draft of letter before it was sent out and feeling that Board should not so rigidly restrict 168 1/18 its selections FRBoard, Procedure) (See also Favorable comments reported by Governor Eccles from 204 1/23 Messrs. Hecht, Fleming, Smith and Bucklin Minutes of Jan. 9, not approved by Mr. Thomas because of objection to procedure on sending out letter, 217 1/23 minutes approved Appointments for 1936, suggestion of Mr. Szymczak that conclusion be reached as to procedure for, made 11/20 2427 special order for meeting next week http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 104 Pages Directors: (Continued) FRBranch banks: (Continued) Appointments for 1936: (Continued) Meetings to be held on Nov. 26, 27 and 29 for consideration of 11/22 2465 Meeting to be held on November 29 for consideration of 11/27 2548 Question of appointment brought up 11/29 2565 Adherence to policy established in Board's letter of January 9, 1935 in consideration of, suggested by Governor Eccles 11/29 2569 Policy set forth in Board's letter of Jan. 9, 1935, to be followed re, and present Board not to undertake to fill vacancies occurring Dec. 31 11/29 2571 Press statement to be prepared for consideration at meeting tomorrow re reasons for actions 11/29 2572 Statement presented and changed, Mr. Eccles and Mr. Miller authorized to prepare and release a statement next week, and to devise method of advising directors affected 11/30 2598 Advice to Governor Hamilton that Board's reasons for not filling vacancies at present do not apply to FRBanks, and appointments should conform to regulations in Board's letter of Jan. 9, 1935 12/ 7 2643 Baltimore: Phillips, L. B., advice of reappointment for three year term 154 1/17 Birmingham: Farley, J. G., advice of reappointment for three year term 154 1/17 Branches of FRBank of San Francisco: Fees and allowances for 1935, approved 91 1/10 Buffalo: Kellogg, Howard, appointed by Board for unexpired term ending Dec. 31, 1937 331 2/ 1 Lovejoy, Frank W., appointment by Board for unexpired term ending Dec. 31, 1937 193 1/21 Vreeland, Edward B., notice of appointment for three year term 1/17 154 Charlotte: Wood, W. H., advice of reappointment for three year term 1/17 154 Cincinnati: Courtney, W. H., reappointment by FRBank for three year term 154 1/17 Denver: Farr, H. W., advice of reappointment for three year term 1/17 154 Detroit: Inglis, James, advice of reappointment for three year term 154 1/17 Morley, George B., death of 12/24 2831 El Paso: Bassett, C. N., advice of reappointment for three year term 154 1/17 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 105 Pages Directors: (Continued) FRBranch banks: (Continued) Helena: McDermott, A. R., advice of reappointment for two 1/17 year term O'Connell, J. E., report of Mr. Thomas that his qualifications comply with new policy of Board, ap1/2 pointed for 1935 Board waives requirement that one director reside outside branch city and offers no objection to 1/31 suspension of requirement in bylaws 11/29 Reappointed for unexpired term Houston: Wilkins, J. A., advice of reappointment for three year 1/17 term Jacksonville: Ware, G. G., advice of reappointment for three year 1/17 term Little Rock: Appointment for term beginning Jan. 1, 1936, action deferred by FRBank of St. Louis pending possible relaxation by new Board of rule prohibiting serving more than two successive terms, in order 12/27 to reappoint Mr. Stuart Wilson Bailey, A. F., Managing Director, reappointment for 1936 12/27 1/17 Nichol, Jo, advice of reappointment for three year term Los Angeles: Rossetti, Victor H., appointed for two year term by 1/17 FRBank Louisville: Bulleit, Walter V., Clayton Act permit granted for period 2/18 expiring Jan. 14, 1936 12/27 Cobb, Wm. R., reappointment for three year term Eckles, A. H.: Christian County Budget Commission and County Highway Bond Commission, no objection to service as 1/3 member of 1/17 Reappointment for three year term, advice of 11/29 Hill, J. B., reappointed for three year term Moore, John T., Managing Director, reappointment for 12/27 1936 Memphis: Alderson, J. W., advice of reappointment for three year 1/17 tern Glasgow, W. H., Managing Director, reappointment for 12/27 1936 12/27 Pope, Willis, reappointment for three year term Nashville: Davis, Paul M., Clayton Act application, FRAgent recommended denial, memo of Mr. Thomas that permit should be granted for limited period on recommendation of Mr. Jones, action deferred until 2/13 Mr. James can be present http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 154 4 318 2571 154 154 2856 2856 154 154 485 2856 14 154 2571 2856 154 2856 2856 438 106 Directors: (Continued) FRBranch banks: (Continued) Nashville: (Continued) Davis, Paul M.: (Continued) Statement of Mr. James on situation in Nashville, statement of Mr. O'Connor, pointed out that term expires Dec. 31 and he will not be reappointed, 2/27 permit granted until Jan. 14, 1936 Hall, Fitzgerald, appointment as director for unexpired term ending Dec. 31, 1937 2/27 Harle, F. J., advice of reappointment for three year term 1/17 New Orleans: Hecht, R. S., advice of reappointment for three year tern 1/17 Legier, reply to American Bank & Trust Co. that appointment is matter for FRBank of Atlanta City: Oklahoma Holman, Ned, advice of reappointment for three year term 1/17 Omaha: Campbell, R. E., reappointed for three year term 11/29 Marble, A. H., advice of reappointment for three year term 1/17 Pittsburgh: Braun, Arthur E., advice of reappointment for three year term 1/17 Portland: Haller, H. M., reappointed for two year term 11/29 Smith, R. 8., advice of reappointment for two year term 1/17 Rules and regulations, revised in accordance with new policy of appointment, copy of, no publicity to be given other than printing in RBulletin 1/ 9 Feeling of Governor Eccles that as press had learned of matter, Board's letter should be given to press immediately 1/18 Question of press release raised again by Governor Eccles and authorization to release letter with Introductory statement 1/18 Statement of Mr. Thomas complaining that he had not seen letter before sent out 1/18 Favorable comments reported by Governor Eccles from Messrs. Hecht, Fleming, Smith and Bucklin 1/23 Minutes of Jan. 9, not approved by Mr. Thomas because of objection to procedure in sending out letter, minutes approved 1/23 Salt Lake City: Howard, E. 0., advice of reappointment for two year term 1/17 San Antonio: Napier, W. P., advice of reappointment for three year term 1/17 Seattle: Backus, M. F., advice of reappointment for two year term 1/17 Maxwell, J. W., appointed by FRBank for unexpired term of Mr. Backus 3/11 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Pages 550 554 154 154 154 2572 154 154 2572 154 76' 161 170 168 204 217 154 154 154 639 107 Pages Directors: (Continued) FRBranch banks: (Continued) Spokane: Easton, S. A., reappointed for two year term 11/29 Hardy, R. M., advice of reappointment for two year term 1/17 Member banks: Federal Power Act, applicability of Sec. 305(b) to 10/11 Home Banking Co., St. Marys, Ohio, dissension reported among directors of, letter to Mr. Fletcher re need for restoring harmony 12/ 5 Qualifying shares, question of legality of arrangement whereby Guardian Bank of Royal Oak, Mich., holds for directors under agreement by which at termination of terms, shares will be exchanged for those of Guardian Detroit Union Group, reply to Mr. Stevens 8/ 5 Sec. 30 of Banking Act of 1933: McCullough, James, Jr., Chief National Bank Examiner to be advised that he may wish to institute action under 2/ 6 McCullough, James; Chief National Bank Examiner to be advised that he may wish to institute action under 2/ 6 National bank: "Option agreement", holders of, qualified to serve as 6/ 7 Ilvidends: Bad debts, statutory, reply to Mr. Curtiss that United States Trust Co., Boston, Mass., may not pay, on common stock while they exceed net income, payment on preferred stock depends on articles of incorpora9 tion and State law 5/21 Farmers State Bank, Scribner, Nebr., failure to comply with condition of membership in payment of 7/17 FRBanks, payment authorized, and attention called to fact that payment exceeds current earnings of FRBanks of Philadelphia, Minneapolis and San Francisco 6/26 Payment authorized 12/28 Hamilton Bank and Trust Co., Hamilton, Texas, payment out of earnings and undivided profits not a violation of membership condition 5/18 Indiana, payment on common stock not permitted, in cases similar to that of First State Bank of Valparaiso, so long as capital, including capital debentures is not represented by equivalent amount of sound assets 9/ 7 Marine Bancorporation, no objection to paying, in connection with voting permit requirement 1/ 9 Board will not object to payment of dividends as long as they do not exceed actual net earnings, in connection with voting permit application 11/12 Preferred stock, payment by national banks with impaired capital, reply to Mr. Walsh on inquiry of examiner of Texas Banking Department, quoting paragraphs from Comptroller's letter on ruling applicable 4/ 1 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2572 154 2077 2634 1693 387 387 1337 1199 1620 1519 2888-91 1164 1877 87 2358 811 108 Pages Dividends: (Continued) Reserves set up for payment in common stock as preferred stock is retired, advice to FRAgents that Board will consider as "surplus" in connection with adjustments in ERBank stock 5/21 1196 Reply to Comptroller that setting up reserve will be considered compliance with condition imposed on national banks that when preferred stock is retired, provision be made for maintaining capital account 5/21 1198 Sebastopol National Securities Co., Sebastopol, Calif., payment of, may have been in violation of holding company affiliate agreement as capital is impaired, re general voting permit 12/10 2684 Dolley, James C.: (See University of Texas) Dormant deposits: (See Deposits) (See National banks, First National Bank of MifflinDoty, Ezra T.: town) Doty v. Love, memo of Mr. Wingfield recommending publication in MBulletin of copy of opinion of Supreme Court in, re validity of bank reorganization statute of State of Mississippi 4/19 957 Dredger, John M., Ir., reply that a broker may not extend credit on an unregistered security, which would include the "senior security" for purchasing or carrying securities 7/24 1647 Dunn, P. B.: (See National banks, Littleton National Bank) Durrell, Toseph H.: (See National banks, National City Bank of New York Earl Service for Banks, savings devices such as coin banks, reply to, re ruling that distribution by banks does not constitute indirect payment of interest 12/21 2810 Earnings and dividends reports, state member banks, revised form for last half of 1935 to include payroll data 12/ 4 2619 Letter to all FRAgents transmitting forms 12/21 2815 Letter to FRBanks re figures for banks operating in more than one county 12/21 2816 Earnings, expense, profit and loss statements: (See Reports) Earnings and expense reports and profit and loss statements, instructions for preparation, revised copies sent to governors 5/18 1172 Earnings and expenses of member banks, publication by FRBank of Cleveland, no objection 5/ 6 1071 Echols, A. B.: (See State member banks, First State Bank, Matador) Economical and statistical divisions of FRBanks: (See FRBanks) Edmonds, I. R.: (See Securities exchange regulation, Margin requirements) Edwin C. Bennett Pottery Co.: (See Loans, Industrial advances) Eisendrath, Jos. L., Ir.: (See Banthrico Inc.) http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 109 Pages Egbert, George W., Superintendent of Banks of New York, interest rate reduction, reply that Board does not have under consideration any further reduction, in connection with possible reduction by State Banking Board Ehlers, Raymond: (See Loans, Industrial Advances, Sun Produce Co., Inc.) Elk Paper Manufacturing Company of Childs, Md., reply to Attorney General re overdrafts with Maryland Trust Co., Baltimore, Md., and stating that situation appears effort to work out unsatisfactory line of credit I4ropean banking aid to industry, report of Mr. Creighton on &Ins, Peyton R.: (See Farm Credit Administration) ' Iwart, F. Ralph, reply re complaint of manner in which Equitable Trust Co., Ailmington, Del., administered trust and letter to Mr. Austin re NY, Christ: (See State member banks, Citizens State Bank, Westbrook, Minn.) Examinations: Affiliates of State member banks: Costs of, reply to Mr. Sargent on assessment of Time of examination of banks, reply to Mr. Peyton on, and on scope of Albany Exchange National Bank, Albany, Ga., criticisms resulting from, in connection with voting permit applications of Citizens and Southern National Bank and Citizens and Southern Holding Co. Banco de Puerto Rico, Board to participate in F.D.I.C. examination, as bank has applied for membership Reply to Mr. Cochran that participation in examination has been ordered and upon completion of, Board will act on application promptly BancOhio Corporation, report of simultaneous of, and affiliates, in connection with voting permit application, letter to Mr. O'Connor re criticisms of nine national banks Bank of Southern Utah, Cedar City, Utah, report, offices of Cedar Finance Co. should be removed from banking quarters California Bank of Los Angeles, Calif., reply to Mr. Sargent on policy to be followed in, Board does not believe participation in State examination by one or two Rexaminers would be sufficient Central Home Trust Co., Elizabeth, N. 3., report, inadequate capital ratio to deposits and question of further elimination of losses Central Trust Co., Cincinnati, Ohio, report, charge off of losses and depreciation, maintenance of reserves, acquisition of corporate stocks and policies and management Chase Bank, New York, N. Y.: Cost, advised of, and requested to deposit sum in FRBank of New York http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/20 1427 11/11 6/25 2332 1470 12/19 2784 8/19 1766 3/13 659 11/13 2372-6 12/11 2698 12/17 2738 11/13 2370 2/18 480 8/30 1843 8/19 1762 3/25 754 2/12 424 110 Examinations: (Continued) Chase Bank, New York, N.Y.: (Continued) Report of, copy sent to Mr. Aldrich, Chairman, figures for foreign branches from reports submitted by branches, consideration given memo of Division of Examinations 2/26 Citizens and Southern National Bank, Savannah, Ga., criticisms resulting from, in connection with voting permit application, letter to Comptroller re 11/13 Citizens National Bank in Zanesville, Ohio, criticisms resulting from, in connection with voting permit application of BancOhio Corporation, letter to Comptroller re 11/13 Citizens National Bank and Trust Co., Waynesboro, Pa., trust department, by State authorities, reply re permitting 12/31 Citizens State Bank, Marianna, Fla., report, refinancing of Baker line, necessity for increase in capital to restore proper ratio to deposits 3/25 City Deposit Bank and Trust Co., Pittsburgh, Pa., report, large losses, inadequate capital, investment in banking house, etc., potential "other real estate", request for copy of State Banking Department's examination of trust department 2/26 Colonial Trust Co., Pittsburgh, Pa.: Condition of bank as revealed by 3/18 Report, necessity for strengthening capital, abuse of affiliate relationships with Freehold Bank, letter should be absorbed 8/12 Commercial Bank of Iron Mountain, Mich., report, question of legality of holding of certain bonds,and as to operation of insurance department 9/15 Commercial National Bank of Coshocton, Ohio, criticisms resulting from, in connection with voting permit application of BancOhio Corporation, letter to Comptroller re 11/13 Community Trust Company of Bloomfield, N. J., report, loans to officers and directors and interests may be abuse of credit facilities, relations with Entwood Corporation criticized, may be contrary to law 1/23 Corporation of the President of the Church of Jesus Christ of Latter-Day Saints, reply to FRAgent that examination does not appear necessary as corporation does not seam to be affiliate of Utah Savings & Trust Co. 1/30 Dallas Bank and Trust Co., Dallas, Texas, report reveals severe criticism of conduct of trust department 9/ 3 Farmers State Bank, Scribner, Nebr., report, reply to Mr. McAdvrs on corrections of criticized matters 7/17 Federal Deposit Insurance Corporation: Citizens State Bank, Reynolds, Ga., permission granted F.D. I.C. to examine, in connection with withdrawal from FRSystem 12/ 4 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis pageS 535 2372 ' 6 2371 2911 756 534 698 1730 1912 2371 221 296 1855 1620 2614 111 Pages Paeminations: (Continued) Federal Deposit Insurance Corporation: (Continued) State Bank of Gibbon, Minn., permission granted to make examination in connection with continuation as in12/ 5 sured bank after withdrawal from FRSystem FRBank of Atlanta: Commercial banks in New York holding collateral pledged by banks in Sixth District for War Loan Accounts, Inability to secure sanction of Treasury for, no coluitents on operating efficiency and manage1/12 ment of Birmingham Branch 8/ 5 1 June of Report as 5 8/ FRBank of Boston, report as of June 29 FRBank of Cleveland, letter to Mr. Burke on approval of sick leave of employees, buying by employees from or through FRBank, proposed air conditioning ex1/29 penditure should be submitted to FRBoard 7/22 FRBank of Dallas, report of, as of May 11 force, guard FRBank of Kansas City, question as to efficiency of nepotism, no objection to expenditure for aircooling system, but such expenditures should 1/14 have approval of Board he which Letter to Mr. McAdams on holding of bank stock 1/14 should dispose of 5/14 16 FRBank of Minneapolis, report as of March 1934: /RBank of Philadelphia, as of Nov. 17, Designation of examiners for Industrial Advisory Committee, expenses of affiliation with clearinw house, offices held by Mr. McIlhenny, suit for recovery on tax anticipation note, elective civic positions held by employees, irregularities in connection with Main Line Trust Co. end Mr. Mc2/18 Laughlin on , comments amended been have Report, noted that bylaws irregularities in connection with Government se5/ 1 curity transactions by Main Line Trust Co. FRBank of St. Louis: Report, reply to Mr. Wood on opinion that accounting for crops on two farms acquired by FRBank should not be turned over to Department of Justice, comments on recommendations for disposition of profits arising from operations of Liberty Loan Associa3/ 4 tion 12/21 Report as of Sept. 21 IRBanks, Mr. Paulger ordered to make at least one examination 1/18 of each bank during 1935 and to loans report, I., N. Fidelity Union Trust Co., Newark, investments in obligations of affiliates and directors' interests, real estate, violations 4/ 8 of Regulation Q ng resulti ms criticis Ohio, the, Chillico First National Bank of from, in connection with voting permit application of BancOhio Corporation, letter to Camp11/13 troller re http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2632 99 1692 1691 261 1640 111 112 1128 477 1034 579 2806 176 855 2371 112 Examinations: (Continued) First National Bank and Trust Company of Springfield, Ohio, criticisms resulting from, in connection with voting permit application of BancOhio Corporation, letter to Comptroller re 11/13 First of Boston International Corporation of Boston, cost of, advice re, and instructions for depositing amount, letter to FRAgent at Boston on 1/17 First Trust Company of Albany, N. Y., report reveals unsatisfactory condition 8/12 Fletcher Trust Co., Indianapolis, Ind., report, question of affiliation with U. S. Tile Corporation, investment of trust funds in mortgage participations 4/23 Floral Park Bank, Floral Park, N. Y., report reveals high rental as major problem, management poor and should be improved 8/ 7 Florida Bank at Orlando, Fla., reply to Mr. Clark noting that bank has been advised that it is expected to pay cost of, made in connection with membership application now withdrawn 1/29 Gallatin Trust and Savings Bank, Bozeman, Mont., report of, proposed conversion of debentures into preferred stock and common stock reduction, no objection 4/16 Geneva Trust Co., Geneva, N. Y., report of, heavy depreciation in investment account, no objection to proposed capital stock reduction, need for more forceful management 4/ 2 Hamilton Bank & Trust Co., Hamilton, Texas, dividend payment revealed, not violation of membership condition 5/18 Kingston Trust Co., Kingston, N. Y., report, inadequate provision for depreciation in stocks and lower grade bonds, unjustified payment of dividends, investment in corporate stocks and other criticisms 4/ 1 Lewis County Trust Co., Lowville, N. Y., report, ratio of capital to deposits, elimination of losses and depreciation, investment in stocks, and loans to officers and directors 4/11 Linden Trust Co., Linden, N. J., report reveals inadequate charge offs and reserves, question of increasing capital 10/15 Louisville Trust Co., Louisville, Ky., letter to Mr. Wood re violations referred to in report of 3/21 Madison. County Trust and Deposit Co., Oneida, N. Y., report, elimination of losses and depreciation, efforts to strengthen capital and proper application of reserves in published statements 5/ 6 Marshall & Ilsley Bank, Milwaukee, Wis., report reveals possible violation of statutes while connected with bank by Francis Clements and Edward Peterson, not necessary to report latter case to U. S. Attorney in view of small amount involved 5/ 6 Maryland Trust Co., Baltimore, Md., losses revealed by, charge offs made and reserve established 8/ 7 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Pages 2370 158 1728 967 170 282 93° 820 '164 801 895 209° 726 105/ 1072 1711 113 Pages 4aminations: (Continued) Merchants Bank of Kansas City, Mo., report reveals affiliate, Edward Aaron, Inc., which bank was unaware of, steps taken to terminate relationship 12/ 5 National banks, trust department records by State authorities, letter to Comptroller re proposed reply to Mr. 9/ 7 Austin on amendment to Sec. 11(k) prohibiting Letter to Mr. Austin, amended to include Comptroller's views, approved 9/14 North Side Bank, St. Louis, Mo., (former member bank) letter to Attorney General that report revealed possible violations of Regulations of Secretary of the Treasury 4/ 4 Ohio National Bank of Columbus, Ohio, criticisms resulting from, in connection with voting permit application of BancOhio Corporation, letter to Comptroller re 11/13 Ohio Savings and Trust Company of New Philadelphia, Ohio, question of augmenting capital and eliminating losses raised in connection with report, possibility of amendment to State laws to permit stock reduction and inclusion of debentures in capital, trust department might be dissolved 2/11 Perth Amboy Trust Co., Perth Amboy, N. J., examination by State authorities, FRBank of New York and F. D. I. C. examiners proposed to endeavor to work out solution for unsatisfactory condition, written approval for F. D. I. C. participation 11/ 1 Potter Title and Trust Co., Pittsburgh, Pa., report reveals unsatisfactory condition, FRBank executive committee recommends no action toward termination of membership 8/ 7 Private banks: Completion of any under way suggested in reply to Mr. Young, but action should be deferred on further examinations pending action on Banking Act of 1935 6/29 Pine Grove Bank, Pine Grove, Pa., reply to Attorney General agreeing with opinion that bank had no right to choose examination by FRBank, letter to Mr. Austin on 3/ 8 Puerto Rican banks, Board to participate in F. D. I. C. examination of two, one of which has applied for membership in FRSystem 12/11 Raritan Trust Co., Perth Amboy, N. J., examination by State authorities, FRBank of New York and F. D. I. C. examiners proposed to endeavor to work out solution for unsatisfactory condition, written approval for F. D. I. C. participation 11/ 1 Report form to be revised and uniform charges to be discussed at proposed conference 10/ 8 Security Bank and Trust Co., Wharton, Texas, "excess balance" revealed in report, with W. L. Moody & Co., provisions of Sec. 19 not applicable to private 8/28 bankers, but practice should be discouraged http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2635 1881 1918 844 2370 409 2234 1708 1553 634 2698 2234 2060 1811 114 Examinations: (Continued) Security-Peoples Trust Co., Erie, Pa., report, inadequacy of capital, elimination of losses and depreciation, partial payments on time certificates of deposit and investment of trust funds in mortgages of officers and directors 3/11 Southern Arizona Bank and Trust Co., Tucson, Ariz., report, question of compliance with membership condition requiring provision for depreciation on banking quarters 8/ 9 Southington Bank and Trust Co., Southington, Conn., report on trust department reveals security for trust funds in banking department inadequate, question of necessity of securing and safekeeping of security 6/ 7 Springfield Marine Bank, Springfield, Ill., membership condition relative to charging off depreciation on banking house modified, not depositing securities for trust funds in commercial department 3/ 8 State Bank of Geneva, Ill., criticism of President Nelson and lines of credit extended to him and his interests 12/11 State Bank of Wheatland, Wyo., matters criticized in 7/19 State member banks: Charges for, reply to IEBank of Boston that conclusion has not yet been reached as to assessing, but authority granted to waive charges, copy to other FRAgents 12/21 Cost of, of affiliates, reply to Mr. Sargent on assessment 8/19 Depreciation on securities, reply to Mr. Sargent on classification, that Board's instructions should be adhered to and to cooperate with State authorities as far as possible 9/14 Trust departments: National banks, reply to Purse Co. re statutory amendment prohibiting State authorities from making 12/24 Procedure, coordination of, letter to Comptroller on and inclosing copy of Handbook for Trust Examiners , and letter to Mr. Sargent of A. B. A. on and also inclosing copy of pamphlet 8/28 (See also Publications, Handbook) Twelfth FRDistrict, reply to Mr. Sargent on policy to be followed in examining State member banks, particularly larger California banks 8/30 Union National Bank of Cadiz, Ohio, criticisms resulting from, in connection with voting permit application of BancOhio Corporation, letter to Comptroller re 11/13 St. Petersburg, Fla., report, question of comCo., Trust Union pliance with membership condition of transaction involving mortgage and Shares of bank's own stock securing 8/14 Utah Savings & Trust Co., Salt Lake City, Utah, examination, Mr. Sargent directed to proceed with 1/30 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis pages 642 1721 1328 625 2699 1631 280 1766 1919 2885 1825-1 1845 2371 1745 296 115 Pages taminations: (Continued) Wilmington Trust Co., Wilmington, Del., holding of own stock in special trust fund, question of holding in viola8/12 tion of FRAct to as Yellowstone Bank, Columbus, Mont., request information bonus paid to President Harris, indebtedness of 4/1 Park City Milling Co., other criticisms bonus to as Yellowstone Bank, Laurel, Mont., request information paid to President Harris, indebtedness of Park 4/1 City Milling Co., other criticisms Ex aminers: F.D.I.C.: Loan to, reply to Northwestern National Bank and Trust Com9/25 pany of Minneapolis re legality of renewal of FRBank of Atlanta: Approval of, not necessary to submit names each year for re1/4 approval 1/4 approved examiners special and officers six of Designation 1/4 as examiner appointed Jr., R., J. McCravey, 1/4 McCurry, A. A., appointment as examiner Boston: of FRBank 10/16 MacDonald, James D., appointment as Chief Examiner Chicago: FRBank of 3/7 Esser, W. D., Assistant, salary increased 3/7 Helmer, H. J., Assistant, salary increased 3/7 Schumacher, V. P., Assistant, salary increased Weiskopf, Carl, appointment and salary as assistant approved 3/11 FRBank of Dallas: Examiners and assistant examiners, reply to Mr. Walsh that as there has been no change in status of, no action is required and need not be submitted 12/31 for reapproval 1/8 assistant as salary and Mann, William T., appointment 1/8 as assistant salary and appointment Stevens, W. 0., Sr., FRBank of Kansas City: Fifty-four employees, temporary designation to assist in 2/6 examinations approved of examinations in use Branch, Denver of Fourteen employees 4/9 State member banks temporarily, approved bank examiin assist to appointment Keck, George, temporary 2/20 nations approved exbank in assist to appointment temporary P., I. Markey, 2/20 aminations approved FRBank of Minneapolis: Commissions or identification cards, reply to Mr. Peyton re drawing to expire at end of year and re desig9/18 nation titles of Timberlake, H. C., Board has no record of having approved 9/18 appointment as assistant, appointment approved FRBank of New York: 4/1 Clifford, Joseph W., temporary appointment as assistant apexaminer as Fitchen, Paul R., Assistant, appointment 11/30 proved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1734 803 803 2006 35 35 35 35 2097 611 611 611 638 2904 65 66 378 870 494 494 1949 1949 801 2601 116 pages Examiners: (Continued) FRBank of New York: (Continued) Hazeltine, Arthur N., temporary designation as examiner ap378 proved 2/ 6 Board approves perment appointment 7/ 2 1565 85 Kilduff, J. Lawrence, appointment as examiner approved 1/ 9 85 Lee, William H., appointment as examiner approved 1/ 9 85 Settler, Robert L., appointment as examiner approved 1/ 9 Sheehan, W. F., Chief Examiner, position considered "offi718 cial" by FRBank, but has not been heretofore 3/21 borrowed be from to Twelve, National City Bank and Guaranty 85 Trust Co., Board approves temporary appointment 1/ 9 Two assistant examiners, borrowed from National City 153 Bank, temporary appointments approved 1/17 Twelve assistant, to be borrowed from New York banks, tem260 porary appointment approved 1/29 Turkus, S. Herbert, Assistant appointment as examiner approved 11/30 2601 West, George H., Assistant, appointment as examiner approved 11/30 2601 Wighton, H. H., Examiner, salary increased under previous 207 authority, no objection 1/23 FRBank of Philadelphia: Baldt, Carl B.. temporary appointment as assistant 3/14 60 Dorsch, Raymond M., Assistant, appointment as examiner2831 T/2 14 Fenner, Zell G., appointment and salary as Chief Examiner Recommendation of Committee on Salaries and Expenditures 392 that position be made "appraised", approved 2/ 7 assistants, Special designation of five employees of dis929 count department as, approved 4/16 Richmond: of FRBank Smart, R. Henry, appointment as assistant examiner 9/13 1911' FRBank of St. Louis: 261 Cass, Lee George, appointment as assistant examiner approved 1/29 261 Mueller, Fred J., appointment as assistant examiner approved 1/29 261 Schroeder, Paul E., appointment as examiner approved 1/29 FRBank of San Francisco: Appointments, advice to Mr. Sargent that there is no need to submit names of examiners whose appointments have been approved for reapproval 12/18 2764 Assistants, designation of four employees as 12/18 2754 40 Bbim, H. B., temporary designation as 2/11 405 Sims, E. F., temporary designation as 2/11 Examiner, reappointment for 1936 Sunne, H. A., Chief 12/18 2754 FRBanks: Conference of, letter to Mr. Stevens re calling and program 10/ 8 206° Letter to Mr. Stevens on program for 11/ 9 232° Handbook for Trust Examiners, reply to Mr. Peyton inclosing suggestions of Division of Examinations and legal division for changes in proposed, to be 7/ 5 1580 published by FRBank of Minneapolis Reply to Mr. Peyton noting incorporation of Board's suggestions and commenting on points raised in his letter 7/26 1661 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 117 Pages 4M1, dners: (Continued) FRBanks: (Continued) Handbook for Trust Examiners: (Continued) Reply to Mr. Peyton approving suggestion that it be furnished to State banking departments, suggested that it also be furnished to chief national bank examiners, copy of letter sent to all FRBanks Letter to Comptroller inclosing copy and letter to Mr. Sargent, A. B. A., re coordination of trust department examination procedure and inclosing copy FRBoard: Augustus, Godfrey L., Assistant, resignation of Boysen, J. T., Assistant (Field), salary increased Brien, E. L., salary increased Brown, S. L., Assistant, salary increased Buck, Earl D., Assistant, salary increased and designation changed to FRExaminer Cagle, C. E.: Salary increased and designated Assistant Chief, Division of Examinations Salary increased Witness in case of H. B. Macklin v Federal Intermediate Credit Bank of Columbia, reply to Farm Credit Administration agreeing to permit attendance as Reply to Mr. Evans letter that expenses will be reimbursed Chamberlin, R. B., salary increased Salary increased Conkling, G. M., Examiner, designation changed from Assistant Examiner to Connell, J.J., Assistant, salary increased Cooke, Robert W., Assistant, headquarters changed from Washington to Chicago Crays, D. L., salary increased Salary increased Crosby, J. B., salary increased Daniels, M. B., Assistant, salary increased Dougal, W. D., Salary increased English, J. F., Assistant, salary increased Poison, G. H., Assistant, salary increased Salary transferred to general budget of Board while serving Senate Committee on Interstate Commerce Franzoni, John C., Assistant (Field), salary increased Goodman, G. M., salary increased Salary increased Hagler, H. H., Assistant, salary increased Highfield, C. R., Assistant, salary increased Hopkins, Julia B., increase in salary and designation as Assistant FRExaminer Salary increased http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/14 1750 8/28 1825-7 11/ 1 2234 12/31 2917 5/ 1 1027 4/12 912 5/ 1 5/ 1 12/31 1027 1026-8 2916 4/29 1022 5/11 5/ 1 12/31 1107 1026 2916 12/31 4/12 2917 912 5/25 5/ 1 12/31 5/ 1 5/ 1 5/ 1 4/12 5/ 1 1226 1026 2916 1026 1027 1027 912 1027 12/31 2917 12/31 2917 5/ 1 1027 12/31 2917 4/12 912 4/12 912 5/ 1 12/31 1027-9 2917 118 Examiners: (Continued) FRBoard: (Continued) 5/ 1 Hostrup, C. C., salary increased 12/31 Salary increased 4/12 Howard, T. P., Assistant, salary increased 3/ 7 Assistant, resignation of King, Herman C., 5/ 1 increased Koppang, H. 0., salary 12/31 increased Salary 4/12 Lee, A. W., Assistant, salary increased Leonard, R. F., salary increased and designated Assistant 5/ 1 Chief, Division of Examinations 12/31 Salary increased Lindquist, A. G., Assistant, designation changed to FREx5/ 1 aminer 5/29 Resignation accepted Malone, Charles T.: Railroad investigation by Senate Committee on Interstate Commerce, services of, assigned to, reply to Mr. 12/17 Lowenthal Salary transferred to general budget of Board while serv12/31 ing Senate Committee on Interstate Commerce 1/ 8 Mann, W. T., Assistant, resignation accepted Massey, E. P., transferred from Division of Examinations to field force and appointed assistant examiner 1/ 4 McClelland, W. J., Assistant, salary increased and designa5/ 1 tion changed to FRExaminer increased 12/31 Salary 5/ 1 Millard, E. R., (Field), salary increased Salary increased 12/31 4/12 Murff, G. R., Assistant, salary increased 5/ 1 Nelson, F. A., salary increased 4/12 Newman, Harold J., Assistant, salary increased O'Donnell, T. B., Assistant, salary increased 4/12 5/ 1 Pollard, A. B., salary increased Salary increased 12/31 Porter, J. H., Assistant, transferred from Division of Examinations to Division of Bank Operations, designated Examiner, and salary 12/31 Radford, J. R., Jr., Assistant, salary increased and designation changed to FRExaminer 5/1 Ringen, George, Assistant, transfer from road to office force and headquarters changed to Washington from St. Louis 2/21 Assistant, salary increased and designated L., Skees, E. FRExaminer 5/1 Snow, R. Thornton, appointment and salary as Assistant, transferred from office to field force 2/14 Headquarters changed from Washington to Salt Lake City 5/22 Strahorn, C. A., Assistant (Field): Additional leave granted with pay, in connection with loss of wife and he will be required to take enforced leave in any event 12/13 12/31 Salary increased http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Paseo 1021 2916 912 611 1026 2916 912 1026-8 2916 1029 1266 2706 290 66 o0 1027-9 2917 100 2939 912 loe 93-2 912 2916 290 loeg 606 101-9 go 120 6 • 211, 291' 119 Pages 4em1ners: (Continued) FRBoard: (Continued) 4/12 Troup, F. W., Assistant, salary increased 4/12 increased Assistant, salary Turnbull, I. A., 5/ 1 Wilkes, M. R., salary increased and increased designation Assistant, salary Winkler, P. J., 5/ 1 changed to FRExaminer 12/31 Salary increased 4/12 Wishart, H. J., Assistant, salary increased National Bank: Hendrix, L. C., Assistant, no report to be made to Attorney General of loan to, by Peoples Savings Bank, 2/11 Clanton, Ala. 4ecutive officers: Attorney General, reply to, in connection with amendment proposed by Board to Sec. 22(g) of FRAct, noted that there is no objection to furnishing Department of Justice Circular to FRAgents, request as to any objection to furnishing substance to 3/ 1 member banks Advice to FRAgents that there is no objection to furnish3/25 ing to any interested parties "Banks", Seattle Trust Co. to be advised in connection with applicability of Sec. 22(g) of FRAct, that private banks and building and loan associations have been ruled not to be, but that mutual savings 11/ 5 banks have been ruled to be Indebtedness to receiver or liquidator of State or national bank arising out of pre-existing indebtedness to bank, reply to Mr. Sargent that it should be reported to directors, not necessary if assess9/25 ment on stock Loans to, by banks, reply to Senator Lewis, in connection with 8/ 2 Sec. 22(g) of FRAct, as to amount of Prosecution under Sec. 22(g) of FRAct where unable to repay indebtedness, letter to Attorney General advising that his letter of Jan. 16 has been sent to FRAgents and offering no objection to furnishing to U. S. Attorneys and national bank ex3/22 aminers Rulings re indebtedness, required by Sec. 22(g) of FRAct to be reported to directors, statement re, to be pub10/26 lished in FRBulletin Sec. 22(g) of FRAct: Amendment to extend time for liquidating existing indebted6/14 ness, telegram to FRAgents re Questions under, raised by Ohio-Merchants Trust Co., 4/19 Massillon, Ohio, reply to Mr. Fletcher on Noenditures in the Executive Departments: (See Committees, House of Representatives) 4kirt-Import Bank: (See Second Export-Import Bank) http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 912 912 1026 1027-9 2917 912 413 563 763 2262 2007 1685 748 2199 1401 958 pages 120 ttEtt Falk, George W.: (See National banks, First National Bank of Oelwain) Administration: Farm Credit Cagle, C. E., letter to Mr. Evans agreeing to permit attendance as witness in case of H. B. Macklin v. Federal Intermediate Credit Bank of Columbia 4/29 Reply to Mr. Evans' advice that expenses will be reimbursed for appearing as witness in H. B. Macklin v. Federal Intermediate Credit Bank of Columbia 5/11 Joint stock land bank bonds, redemption, reply to FRBenk of Kansas City suggesting communication with administration on procedure for 9/16 Farm credit corporations: Montgomery Production Credit Corporation, Alabama National Bank, Montgomery, Ala., may not absorb collection charge for, reply to Mr. Farm loan associations, exemption from effectCottingham1 of Clayton Act by Bank2/27 ing Act of 1935, letter to FRBank of Richmond that service of Mr. Newman is legal 10/15 (See J.: Farrington Manufacturing Co.) H. Farrington, Farrington Manufacturing Co., Boston, Mass., savings devices such as coin banks, reply to Mr. Fisendrath that distribution by banks does not constitute indirect payment of interest 12/21 Federal Advisory Council: Banking Bill of 1935: Consideration to be given in separate session 2/19 Report on, feeling of Governor Eccles that it would be unfortunate if submitted to Congressional committees, Council to be requested to came to Washington to discuss and Governor Eccles to meet with, if invited 4/ 4 Telegram to Mr. Wood to request Mr. Smith to call meeting in Washington 4/ 8 Report of Governor Eccles on meeting of April 10, changes council is disposed to make, to be presented to Board for decision as to release 4/11 Letter to Mr. Lichtenstein acknowledging receipt of report and advising it had been sent to Congressman Steagall and Senators Fletcher and Glass 4/23 Reply to Mr. Lichtenstein that Board has no objection to release 5/11 Business conditions, reports re 9/24 Deposits, study of, letter to Mr. Lichtenstein requesting Council to consider proposal to request schedules of largest depositors for past six years of small group of large member banks 11/12 Statement of position of Council, reasons for desiring data, discussion of 11/21 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 102 11°1 1929 2869 2094 283.0 489 835 856 885 975 11° 4 7 ' 19 2369 2459' 121 Pages 1,4; Federal Advisory Council: (Continued) Excess reserves, investments for banks, topic suggested by Mr. Frost and statement that he felt Council should bring to Board's attention for consideration of present policy and by Federal Open Market Committee Statement of Mr. Miller that Board has been considering and that any expression of opinion would have careful consideration Goldenweiser, E. A., attendance at meeting this morning, procedure questioned by Dr. Miller, no change to be made Government securities: Holdings of FRSystem, discussion of relation to excess reserves, statement presented that amount should not became constant and request for Board's opinion re Board not to reply at present, statement of Mr. Frost, situation presented by holdings and by excess reserves and suggestion of reduction Mr. O'Connor feels more governments should be placed in hands of public, opinions of Mr. W. W. Smith and Mr. James re and some of Councilmen Inquiry submitted by Council on Sept. 24, Mr. Miller requested to prepare reply for consideration on Oct. 25 Mr. Miller desirous of more time to prepare reply, action deferred until next meeting of Board Reply approved Recommendation that System's holdings be reduced, discussion of effects and reasons involved, question of effect on recovery, reduction of excess reserves the objective Effect on interest rates questioned as motive, earnings of FRSystem and effect of sale, on government bond market discussed, further discussion of increase in reserves as curb on excess reserves Statement of Dr. Goldenweiser on Federal Reserve credit, holdings of governments and factors entering into excess reserve situation Statement of Dr. Miller re inflationary currency and credit, Chairman Eccles on consideration given Increasing reserve requirements and reading of reply to Federal Open Market ComLaittee Press statement re considerations of Council, question of, to be considered further Statement of Council that recommendation be published by Dec. 20, to be considered by Open Market Committee, and reply to be prepared, recommendation not to be submitted to Committee prior to meeting http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/19 491 2/19 491 11/20 2430 9/24 1992 9/24 1993-5 9/24 1996 10/21 2131 10/25 10/30 2179 2224 11/21 2448-53 11/21 2454-7 11/21 2457-8 11/21 2458-9 11/21 2459 11/22 2461-2 122 Federal Advisory Council: (Continued) Industrial loan activities of FRBanks, feeling that FRBanks are better equipped to conduct activity than RFC, statement of Mr. Szymczak that FRBanks feel they should continue, Beckman Report to support 2/19 claim that banks have done all possible Not desirable to make any new recommendation as to consolidation of activities in a single organization 2/19 Meetings: February, to be held 19-20 instead of 18-19 1/30 Goldenweiser, E. A., procedure of attending session before joint session with Board, questioned by Dr. Miller, no change to be made11/20 May, communication from Mr. Smith that there seems to be no necessity for holding, approved 5/ 1 5/ 6 Reply to Mr. Smith advising of action September 16 and 17, notice from Mr. Lichtenstein of, request for topics and suggestion that former procedure of Council meeting with Board after regular meeting be reverted to, Board to suggest meeting be postponed 8/21 Letter to Mr. Lichtenstein suggesting postponement 8/26 Nov. 20 and 21, to be held, reply to Mr. Lichtenstein that Board has no objection to meeting on these dates which are later than usual and meeting of council with Board to be after separate sessions 10/21 Reply in accordance with, approved 10/25 Procedure for, suggestion of Mr. Lichtenstein that former arrangement of Council meeting with Board after its regular meeting be reverted to 8/21 Members: Arnold, M. A., selected by .tliBank of San Francisco for 1935, compensation approved 1/10 Reappointment by FRBank of San Francisco 1/18 Beal, Thomas P., selected as alternate for Mr. Steele because of latter's illness 2/21 Braun, Arthur E., appointed by FRBank of Cleveland 1/18 Fenton, Howard W., reappointment as alternate by FRBank of Chicago 1/18 Frost, S. H., FRBank of Dallas: • Allowance approved for meetings attended during 1935 1/29 Reappointed by FRBank of Dallas 1/18 Gohen, Charles M., appointed by FRBank of Richmond 1/18 Kemper, W. T., reappointed by FRBank of Kansas City 1/18 List of, transmitted by Mr. Lichtenstein 1/30 Loeb, Howard A., FRBank of Philadelphia: Allowance for each meeting attended in 1935, approved 1/29 Reappointment by FRBank of Philadelphia 1/18 Perkins, James H., appointment by FRBank of New York 1/18 Rieman, Charles E., reappointment as alternate by FRBank of Richmond 1/18 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Pages 489 49° 296 2450 103° 1067 177 1804 213° 21a 1775 90 176 506 175 i75 276 176 175 176 296 261 175 175 175 5 5 123 Pages Federal Advisory Council: (Continued) Members: (Continued) Smith, Solomon A., reappointed by FRBank of Chicago Smith, W. W., appointed by FRBank of St. Louis for 1935, compensation approved Reappointed by FRBank of St. Louis Steele, Thomas M.: Reappointed by FRBank of Boston Selection of Mr. Beal as alternate for, because of illness Wold, Theodore: Payment of expenses for attendance at directors' meeting at Helena branch July 18 authorized Reappointed by FRBank of Minneapolis Woodson, W. W., reappointment as alternate by .tRBank of Dallas Young, H. Lane: Reappointed by FRBank of Atlanta Traveling expenses for attendance at meeting of FRBank directors to be held at Jacksonville branch, no objection to payment of Recommendation of Nov. 21 sent to members of Federal Open Market Committee Regulation U, proposed, recolmendation that it be simple and that it recognize small, worthy industries whose securities have limited sale, discussion of, by Mr. Parry and members of Council and members of Board Question, in connection with no need for regulation now, of taking same position re increasing reserve requirements Reserves, excess, discussion of increase Safekeeping of Government securities by FRBanks, reply to Mr. McKay that Council made no formal recommendation re Stock market situation, discussion of factors entering into Topics for discussion: Banking Act of 1935 and question of continued activity of FRBanks in industrial loan field, telegram to Mr. Lichtenstein Banking Act of 1935, H.R. 5357 Directors of FRBanks and branches, Board's new policy as to rotation Excess reserves, suitable investment for banks, now loading up with Government bonds Governor and Chairman of FRBanks, proposal to consolidate offices and give FRBoard power of veto over selection of Governor List read by Mr. Lichtenstein of those suggested by members of Council Viner Hardy Report 5 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/18 175 1/9 1/18 86 175 1/18 175 2/21 506 7/10 1/18 1589 175 1/18 176 1/18 175 3/1 563 12/11 2698 11/21 2441 11/21 11/21 2442-6 2450-8 1/12 11/21 103 2446-8 2/11 2/19 410 490 2/19 490 2/19 490 2/19 490 2/19 2/19 490 490 124 Federal Advisory Council: (Continued) Viner-Hardy Report, consideration of Banking Act of 1935 to include consideration of, not desirable to make any new recommendation as to consolidation of industrial loan activities in a single organization 2/19 Federal Communications Commission: Hearing of American Telephone and Telegraph Co., Board will consider any recommendation of Leased Wire Committee in connection with 1/ 4 Federal Deposit Insurance Corporation: Capital stock reductions of nonmember banks, arrangements made with State banking departments whereby corporation will be afforded opportunity to express views on 4/25 Certification, "other creditors", reply to Mr. Sargent that holders of preferred stock or capital debentures should not be considered as 5/29 Certification of State member banks: (See Certification) Cessation of membership in FRSystem through cancelation of FRBank stock, advice to Mr. Crowley that Board will furnish names currently, list of 12/ 7 Crowley, Leo, Chairman: Regulation Q tentative draft of revision of, sent to, for comment 8/28 Drafts drawn on FRBanks by member banks and letters of advice directing charges to reserve accounts in settlement of cash letters, reply to Mr. Clerk re rulings of F. D. I. C. on, as deposits, and letter to Mr. Crowley re 11/13 Examinations: Perth Amboy Trust Co., Perth Amboy, N. J., written approval for participation 11/ 1 Raritan Trust Co., Perth Amboy, N. J., written approval for participation 11/ 1 Interest: Payment on demand deposits of public funds in Ohio, letters to Messrs. Birdzell and Crowley calling attention to competitive disadvantage to member banks and to intention of law that member and insured banks be on same footing competitively 12/ 4 Rate on time and savings deposits, reply of Board to First National Bank in Henderson, N. C. on complaint that banks under, are permitted to pay at higher rate than member banks 3/15 Loan to examiner of, reply to Northwestern National Bank and Trust Company of Minneapolis as to legality of renewal 9/25 "Member", comment of American Banker that use of term may cause confusion with members of FRSystem, memo of Mr. Wyatt re and suggesting Regulation III be amended to "insured bank", memo to be prepared for Chairman Eccles to take up with Corporation 11/ 8 Payroll data requested by Secretary of Labor and Bureau of Census, items to be included in earnings and dividends reports of insured nonmember banks 12/ 4. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Pages 490 41 986 120 2644 1814 ' 1 2383 2234 2234 2611-8 68 2006 2301 2619 8 125 Pages Pederal Deposit Insurance Corporation: (Continued) Permanent insurance plan: (See Deposits, Insurance) Puerto Rican banks, to make examinations in connection with applications for deposit insurance, Board to participate in Regulation on interest payment: (See Regulations, F.D.I.C.) Restricted deposits to which insurance does not apply, letter to FRAgents on desire of Corporation that State member banks affected be notified 12/11 2698 9/ 3 1855 Staff: Examiner, loan to, reply to Northwestern National Bank and 9/25 Trust Co., Minneapolis, on legality of renewal Stock: Converted bank, reply to Mr. McAdams that where conversion into national bank took place subsequent to July 1, 1934, or where national bank converted into State bank after same date, subscription 6/26 must be on basis of capital and surplus State member banks should carry as asset, reply to Mr. 6/24 Peyton Subscription of FRBanks, manner of showing in weekly MBank 1/9 statement Subscription of national bank incorporated July 31, 1934, prior to which it had operated as private bank for 30 years, must subscribe on basis of capital 6/26 and surplus, reply to Mr. Austin Temporary insurance plan, resolution of Senate to extend for 6/26 one year Savings Violation of Sec. 12B(v)(1) by Half Dollar Trust and 12/21 Bank reported to proposed Utah, Walker Bank and Trust Company of Salt Lake City, retirement of debentures referred to Board by F.D.I.C., referred to Mr. Sargent and State 12/11 Bank Commissioner notified 441111 home loan banks: Advances by FRBanks to, on notes secured by bonds of Home Owners Loan Corporation, reply to Governor Young that Board agrees with counsel for FRBank of 1/23 Boston that latter cannot make Nie1 Housing Administration: Development of activities of, outline by Chairman Eccles of, and suggestion that Mr. Daiger represent Board in connection with proposed meetings at FRBanks, branches and agencies, Mr. Daiger's appointment 8/23 made permanent Loan classifi cation, letters to Acting Administrator McDonald relative to instructions given FRBank examiners 7/24 as to loans insured under National Housing Act Member banks, reply to Mr. Moloney, Chicago, on making and selling loans under Titles I and II of National 4/12 Housing Act http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2006 1520 1461 87 1519 1488 2817 2701 226 1791-3 1649 921 126 Federal Housing Administration: (Continued) Program: Title I, statement of Governor Eccles before Governors' Conference on, and that in connection with possible program under Title II, FRBoard representatives 5/28 and others may visit FRBank and branch cities 5/ 6 Visits to FRBank and Branch cities to explain facilities Trust funds, investment in insured mortgages by member banks, letter to Administration inclosing copy of reply to Mr. Wood and advice that similar case involving national bank has been referred to Comp9/ 3 troller Letter to Comptroller advising of action, and copy of letter to Mr. Wood re query of W. B. Worthen Co. as to 9/ 3 such investment Board's letter to FRAgents re, approved by, reference to circular of, in connection with 12/18 Federal intermediate credit banks, exempt from Sec. 8 of Clayton Act by Banking Act of 195, letter to Mr. Wood that service of Mr. Jones is legal 10/15 Federal Land Bank of Omaha: Government securities, purchased by FRBank of Kansas City from, under repurchase agreement, Board's approval, which was not secured in advance, granted 11/29 Memo of Mr. Benedict recommending study of such transactions in order to recommend to Federal Open Market Committee re its regulations or directions regarding such agreements, approved 11/29 (See Legislation) Act: Power Federal Federal Power Commission: Applicability of Sec. 305(b) to directors or officers of member banks or FRBanks, reply to Mr. Curtiss that if any case arises involving, Board will submit to Commission for ruling 10/11 Advice to FRAgents that Commission will not be able to rule before Oct. 25 10/21 FRBank directors, officers and appointees, reply to Mr. Curtiss that request for ruling as to applicability of Sec. 305(b) of Federal Power Act will be deferred pending issuance of regulation 9/21 Federal Register Act: Application to Board, memo of Mr. Wyatt re, and documents to be furnished in compliance with 8/14 to be filed by Board under, letter to Nationrequired Documents al Archives re 10/18 FRAct: Revised edition: Binding, recommendation of Mr. Thomas re, approved 9/28 Copies sent to FRBanks, telegram to FRAgents re 11/15 Letter to Public Printer Giegengack, re errors made in printing and stating that Board feels Government Printing Office should reprint at its expense 10/21 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Pages 1262 1049 186 1858 VST 2096 2692 25° 200 1986 175) 21 900 -, 60 2`7"' 214i 127 Pages 11114ct: (Continued) Revised edition: (Continued) Printing, Government Printing Office submitted low bid, copies could be mailed by FRBulletin mailing list, placing of order authorized upon adjournment of Congress Statement presented by Mr. Vest on preparation of, to be published in FR1Ulletin Sec. 11(k), reply to Blandy, Mooney & Shipman on letter addressed to Senator Glass as to intention of Congress in enacting and as to "funds deposited or held in trust by the bank awaiting investment" Sec. 22(b), amendment proposed by Mr. Case to prohibit examiners from disclosing any information obtained during examinations to unauthorized persons, no action at present Sec. 22(g): Amendment proposed by Board has been incorporated in H.R. 5357, reply to Attorney General on withdrawal by Department of Justice of amendment proposed by it with reference to definition of "executive officer" Amended to extend time for executive officers to liquidate existing indebtedness, telegram to FRAgents re See. 24, interpretation requested by Scarsdale National Bank and Trust Co. 4Agents: Assistants: Allen, G. M., El Paso Branch, reappointment as acting for 1935 on temporary basis Illness of, Board would be willing to appoint Mr. Odom If latter were transferred to FRAgent's payroll Temporary appointment of Mr. Odom during Temporary reappointment, and appointment of Mr. Odom to act during illness of, or until successor is appointed Anderson, J. B., FRBank of Cleveland: Continuance of appointment for 1935 Continuance of appointment approved for 1936 Salary fixed for 1935 Anderson, L. E., Baltimore Branch, reappointment as Acting on temporary basis for 1935 Reappointment Bailey, F. M., Ileank of Minneapolis: Reappointment for 1935 Reappointment, understood that he is to retire Feb. 5 Retirement, to become eligible for, and appointment of Mr. Powell contemplated to replace Salary fixed for 1935 Barnett, Mrs. Genevieve M., Acting at Atlanta: Bond of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/25 990 8/28 1828 6/18 1419 8/ 7 1717 3/1 563 6/14 1401 10/15 2093 1/2 4 10/31 11/13 2230 2366 12/31 2904 1/2 12/28 2/20 5 2884 492 1/2 12/28 3 2884 1/2 12/28 3 2886 10/26 1/29 2200 272 10/25 2187 128 page' FRAgents: (Continued) Assistants: (Continued) Barnett, Mrs. Genevieve M.: (Continued) Temporary appointment as Acting at FRBank of Atlanta, ap2089 proved Continuance until March 31, 1936, to act only in ab- 1°115 2906 sence of Mr. Clark Clark, J. C., Jr., Oklahoma City Branch, continuance of appointment as acting on temporary basis for 1935 6 approved 1/ 2 2866 Continuation of temporary appointment 12/28 Clark, L. M. FRBank of Atlanta: 3 Reappointment for 1935 1/ 2 2885 Continuance of appointment for 193611 : /2 2 3 2 ,/ 268 Salary fixed for 1935 Cooper, Norman C., FRBank of New York, appointment to assist FRAgent in issue and retirement of FRnotes 12/ 5 2631 Reappointment for 1936 Crosby, W. Edgar, Special Assistant to FRAgent, reappointment for 1936 approved2 12/28 864 Dillistin, William H., FRBank of New York: 2 Reappointment for 1935 1/ 2 19362 885 Reappointment for 12/28 Renewal bond 3/27 70 786 Salary approved for 1935 3/29 Downs, Herbert S., FRBank of New York: 2 Reappointment for 1935 1/ 2 Reappointment for 1936 12/28 280 786 Salary approved for 1935 3/29 El Paso Branch, temporary appointment of Acting, Board to take no action re, pending further information 12/28 200 Evans, Howard, FRBank of Cleveland: 6 Continuance of appointment for 1935 1/ 2 Continuance of appointment for 1936 12/28 280 49 Salary fixed for 1935 2/20 Evans, W. J., FRBank of Dallas 4 Reappointment for 1935 1/ 2 Reappointment for 1936 12/28 200 273 Salary fixed for 1935 1/29 FRnotes, receipt and delivery, letters to FRAgents at Boston and New York that persons acting for FRAgent in, need not be given title, but should be qualified and bonded21 0 10/25 Fenner, Zell G., FRBank of Philadelphia, reappointment as Acting for 1935 1/ 2 Reappointment for 1936 12/28 2864 Francis, Charles E., Charlotte Branch, reappointment as 0 Acting on temporary basis for 1935 1/ 2 Reappointment for 1936 12/28 204 Fry, J. G., FRBank of Richmond: Reappointment for 1935 1/ 2 Reappointment for 1936 12/28 2884 268 Salary fixed for 1935 1/29 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 129 Pages IllAgents: (Continued) Assistants: (Continued) Gettemy, Charles F., /RBank of Boston: Reappointment for 1935 1/2 Reappointment for 1936 12/28 Salary fixed for 1935 1/29 Gidney, Ray M., FRBank of New York: Reappointment for 1935 1/2 Reappointment for 1936 12/28 Salary approved for 1935 3/29 Goldschmid, J. P., Little Rock Branch, reappointment as acting for 1935 on temporary basis 1/2 Temporary reappointment 12/28 Gowland, C. P., San Antonio Branch, reappointment as acting for 1935 on temporary basis 1/2 Temporary reappointment 12/28 Hall, C. C., FRBank of Dallas: Reappointment for 1935 1/2 Reappointment for 1936 12/28 Salary fixed for 1935 1/29 Harrell, Clyde, Cincinnati Branch, designation as Acting approved, must resign clerkship but FRAgent may assign to duties in audit department 2/21 Continuance of temporary appointment for 1936 12/28 Hill, Ernest C., FRBank of Philadelphia: Reappointment for 1935 1/2 Reappointment for 1936 12/28 Salary fixed for 1935 1/29 Hudson, Alfred J., FRBank of New York, appointment to assist FRAgent in issue and retirement of FRnotes 12/ 5 Reappointment for 1936 12/28 Johnson, R. G., Cincinnati Branch, continuance of appointment as acting assistant FRAgent for 1935 on temporary basis 1/2 Jones, Judd W., Denver Branch, continuance of appointment as acting assistant FRAgent for 1935 on temporary basis approved 1/2 Lawhon, D. S., Houston Branch, reappointment as acting for 1935 on temporary basis 1/2 Temporary reappointment 12/28 Martin, John H., Detroit Branch: Reappointment for 1935 1/2 Reappointment for 1936 12/28 Salary fixed for 1935 1/29 McAdams, A. M., MBank of Kansas City: Bank stock held, should be disposed of 1/14 Conference on examinations, no objection to attendance if adequate provisions are made for routine matters at FRBank during absence 11/11 Continuance of appointment for 1935 approved 1/2 Continuation of temporary appointment 12/28 Salary fixed for 1935 1/29 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2 2883 265 2 2883 786 3 2885 4 2887 4 2887 275 505 2884 3 2884 266 2631 2883 5 5 4 2887 3 2885 270 112 2345 5 2886 273 130 FRAgents: (Continued) Assistants: (Continued) McCravey, J. R., Jr., reappointment as acting at FRBank of Atlanta or any of its branches 1/ 2 Continuance of appointment for 1936 12/28 McRae, William D., FRBank of Boston: Reappointment for 1935 1/ 2 Reappointment for 1936 12/28 Salary fixed for 1935 1/29 Mills, A. W., FRBank of Minneapolis, appointment to act as alternate for FRAgent and assistant FRAgents 12/28 Moore, L. A., Louisville Branch, reappointment as Acting for 1935 on temporary basis 1/ 2 Temporary reappointment 12/28 Morrissey, Clifford E., FRBank of Boston: Appointment to assist FRAgent in issue and retirement of FRnotes and FRbank notes 12/ 5 Bond of, to act for FRAgent 12/20 Reappointment for 1936 12/28 Nolte, W. H., Pittsburgh Branch, continuance of appointment as acting assistant FRAgent for 1935 on temporary basis 1/ 2 Continuance of t temporary appointment for 1936 12/28 Oberwortmann, N. R., FRBank of Kansas City: Continuance of appointment for 1935 approved 1/ 2 Salary fixed for period Jan. 1-15 1/29 Odom, L. M., El Paso Branch: Appointment as Acting, Board would be willing to approve on understanding that he be transferred to FRAgent's payroll, during illness of Mr. Allen 10/31 Appointment during illness of Mr. Allen 11/13 Temporary reappointment, to serve during illness of Mr. Allen or until successor is appointed12/31 Bond to be re-executed because appointment had not been approved at time of execution 11/13 Bond approved 11/23 Osgood, Edward H., FRBank of Boston: Reappointment for 1935 1/ 2 Resignation to become effective Dec. 31, not reappointed 12/28 Salary fixed for 1935 1/29 Parker, Frank S., FRBank of St. Louis, reappointment as Acting for 1935 1/ 2 Reappointment for 1936 12/28 Peterson, William E., FRBank of St. Louis, reappointment for 1935 1/ 2 Reappointment for 1936 12/28 Phinney, Robert H., FRBank of New York, appointment to assist FRAgent in issue and retirement of FRnotes 12/ 5 Reappointment for 1936 12/28 Post, Arthur E., FRBank of Philadelphia: Reappointment for 1935 1/ 2 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Page 3 2886 2 66 2886 5 2885 2631 2794 2685 2 6 n4 2266 25 a 2904 2566 2479 2 3 266 2885 5 2686 26 na 2a' 131 Pages IlAgents: (Continued) Assistants: (Continued) Post, Arthur E., FRBank of Philadelphia: (Continued) 12/28 Reappointment for 1936 1/29 Salary fixed for 1935 Powell, 0. S., FRBank of Minneapolis: Alternate for FRAgent and Assistant FRAgents in receipt and delivery of FRnotes and as representative of FRAgent in handling gold coin, etc., reap1/ 2 pointment for 1935 to apt as Appointment contemplated to replace Mr. Bailey who will become eligible for retirement, present bond to 10/26 remain in effect until final determination 12/ 3 Appointment and salary approved Appointment, effective San. 1, Mr. Peyton was advised 12/28 Dec. 5 12/23 Bond of Prugh, George A., FRBank of Chicago: 1/ 2 Reappointment for 1935 12/28 Reappointment for 1936 5/25 Renewal bond 1/29 Salary fixed for 1935 RehfUss, J. Frank, FRBank of Philadelphia, reappointment as 1/ 2 Acting for 1935 12/28 Reappointment for 1936 Rhodes, H. H., FRBank of Kansas City, ,continuance of appoint1/ 2 ment as acting approved for 1935 12/28 Continuation of appointment Roelse, Harold V., FRBank of New York: 1/ 2 Reappointment for 1935 12/28 Reappointment for 1936 3/22 Salary recommendation discussed and increase approved 3/29 Advice of approval Sanders, T. Gordon, Omaha Branch, continuance of appoint1/ 2 ment as acting for 1935, on temporary basis 12/28 Continuation of temporary appointment Sargent, S. G., FRBank of San Francisco: 7/16 Bond of 1/ 2 Continuance of appointment for 1935 approved 12/28 Continuation of appointment for 1936 3/13 Leave of absence on account of ill health approved 3/29 Salary approved for 1935 Sawyer, Dana D., FRBank of Boston: Appointment to assist FRAgent in issue and retirement of 12/ 5 FRnotes and FRBank notes 12/20 Bond of, to act for FRAgent 12/28 Reappointment for 1936 Schelling, Carl, reappointment at MBank of Chicago to act 1/ 2 for FRAgent in receipt and delivery of FRnotes 12/28 Reappointment to assist FRAgent Sheehan, William F., FRBank of New York, appointment to assist FRAgent in issue and retirement of 12/ 5 ninotes Reappointment for 1936 12/28 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2884 266 3 2200 2607 2886 2819 3 2885 1226 270 3 2884 5 2886 2 2883 740 786 5 2886 1611 5 2887 652 788 2631 2794 2883 3 2885 2631 2883 132 FRAgents: (Continued) Assistants: (Continued) Shepherd, R. L., FRBank of Richmond: Reappointment as Acting for 1935 1/ 2 Reappointment for 1936 12/28 Renewal bond 11/19 Snow, G. A-, Portland Branch, continuance of temporary appointment as Acting with authority to act at Seattle and Spokane Branches for 1935 1/ 2 Temporary appointment to be terminated on exhaustion of present supply of FRnotes 2/ 6 Sonne, Herman A., Acting at FRBank of San Francisco: Bond of 3/18 Temporary appointment as Acting at San Francisco for period of Mr. Sargent's absence 3/13 Stewart, C. M., FRBank of St. Louis: Reappointment for 1935 1/ 2 Reappointment for 1936 12/28 Salary fixed for 1935 1/29 Stryker, Jere V. D., FRBank of New York, appointment to assist FRAgent in issue and retirement of FEnotes 12/ 5 Reappointment for 1936 12/28 Swanson, E. W., FRBank of Minneapolis: Reappointment for 1935 1/ 2 Reappointment for 1936 12/28 Salary fixed for 1935 1/29 Swengel, Henry D., Los Angeles Branch, continuance of ternporary appointment as Acting for 1935 approved 1/ 2 Continuation of temporary appointment 12/28 Walker, L. T., Memphis Branch, reappointment as'Acting for 1935 on temporary basis 1/ 2 Temporary reappointment 12/28 Wheeler, Oliver P., FRBank of San Francisco: Continuance of appointment for 1935 approved 1/ 2 Continuation of appointment for 1936 12/28 Salary approved for 1935 3/29 Young, C. S., FRBank of Chicago: Reappointment for 1935 1/ 2 Reappointment for 1936 12/28 Salary fixed for 1935 1/29 Salary, Chairman Eccles desirous of deferring action on proposed increase pending determination of future division of duties between FRAgent's office and operating department 12/26 FRAgents: Appointments, question raised as to, in view of pending approval of Banking Act of 1935, no action to be taken until after Feb. 1, 1936 8/21 Policy as to filling existing vacancies and appointments for 1936, question as to, raised by Mr. Miller, Board members to consider 10/18 Question raised in connection with termination of appointments at end of year, alternate methods of action discussed 10/21 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis pages ! 2,88 2418 6 365 696 60 2686 271 201 26845 2686 6 0 6 2681 788 3 2686 2844 2106 21:34 133 Pages IllAgants: (Continued) APpointments: (Continued) Meetings to be held on Nov. 26, 27 and 29 for consideration of 11/22 Meeting to be held on Nov. 29 for consideration of 11/27 Question of reappointment, and redesignation of, as Class C directors and FRAgents, alternative courses, views of Board members re requirements of law, and other considerations 11/29 Statement of Mr. Miller re considerations and re possible amendment to separate office of 1RAgent and Chairman 11/29 Further discussion of considerations and, FRAgents whose terms as Class C directors expire reappointed for three year terms and redesignated FRAgents until Feb. 29, and other FRAgents redesignated until Feb. 29 11/29 Board to take no action to fill vacancies at FRBanks of Cleveland, Atlanta, Kansas City and San Francisco at present 11/29 Press statement to be prepared for consideration at meeting tomorrow re reasons for actions 11/29 Press statement presented and changed, Mr. Eccles and Mr. Miller authorized to prepare and release a statement next week 11/30 Austin, R. L., FRBank of Philadelphia: • Redesignated FRAgent for 1935 with understanding that designation is terminable at pleasure of Board 1/ 2 Reappointed Class C director for three year term and redesignated FRAgent until Feb. 29, 1936 11/29 Salary fixed for 1935 1/29 Case, J. H., FRBank of New York: Amendment to Sec. 22(g) of RAct proposed to prohibit examiners from disclosing information obtained during examination to unauthorized persons 8/ 7 Leave of absence, no objection to taking vacation at this time 2/11 Reappointed Class C director for three year term and redesignated FRAgent for 1935, with understanding that appointment and designation are terminable at pleasure of Board 1/ 2 Redesignated FRAgent until Feb. 29, 1936 11/29 Renewal bond 3/27 Salary fixed for 1935 3/29 Curtiss, Frederic H., FRBank of Boston: Leave of absence for month approved, advice requested as to date vacation commences 3/11 Redesignated for 1935 with understanding that designation is terminable at pleasure of Board 1/ 2 Reappointment as Class C director for three year term, and redesignated FRAgent until Feb. 29, 1936 11/29 Salary approved for 1935 1/29 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2465 2548 2565-6 2567 2567-8 2569 2572 2598 2 2568 266 1717 405 2 2568 773 786 642 1 2568 265 134 IRAgents: (Continued) Designations for 1935, tendered and accepted with understanding that they are terminable at pleasure of Board 1/2 Duties and responsibilities under Banking Act of 1935: Rnforcement of regulations issued under Securities Exchange Act of 1934, questions raised as to 1018 Discussion of 10/21 Reference made to future, before Governors' Conference in connection with enforcement of Regulation T 10/24 FRBank of Atlanta: Appointment to fill vacancy, Board to take no action 11/29 liEBank of Cleveland: Appointment to fill vacancy, Board to take no action 11/29 MBank of Kansas City: Appointment to fill vacancy, Board to take no action 11/29 FRBank of San Francisco: Appointment to fill vacancy, Board to take no action 11/29 Fletcher, W. H., FRBank of Cleveland: Continuance as Acting FRAgent approved 1/ 2 Continuation of appointment for 1936 as Acting 12/28 Leave of absence for three weeks because of illness approved 2/ 6 Leave, no objection to completion of vacation during present month 7/16 Salary, statement of Mr. Szymczak that Mr. Burke recommended exception from policy of Board in view of special services 1/9 Salary fixed for 1935 1/29 Salary, statement in letter to Mr. Burke that Board fixed in letter of Jan. 29 2/20 Hoxton, W. W., FRBank of Richmond: Redesignated FRAgent for 1935 with understanding that designation is terminable at pleasure of Board 1/2 Reappointed Class C director for three year term and redesignated FRAgent until Feb. 29, 1936 11/29 Salary fixed for 1935 1/29 Martin, H. Warner, appointment at FRBank of Atlanta, memo of Mr. James re call of Mr. Ottley to remind Board of agreement to make, Mr. James has discussed with Governor Newton, action deferred for time being 10/25 No action at present on agreement re an no replies to be made to Mr. Kettig's two letters 11/30 Newton, Oscar, FRBank of Atlanta: Radesignated for 1935 with understanding that designation is terminable at pleasure of Board 1/2 Relinquishment of duties, request advice of contemplated time of 1/12 Resignation accepted 1/14 Salary fixed for period Jan. 1-15 1/29 Peyton, John N., FRBank of Minneapolis: Redesignated for 1935 with understanding that designation is terminable at pleasure of Board 1/ 2 Reappointed Class C director for three year term and redesignated FRAgent until Feb. 29, 1936 11/29 Salary fixed for 1935 1/29 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis pages 3. 2103 ' 6 2136 2170 2569 2569 2569 2569 5 2884 380 1614 260 492 2 2568 269 2119 259-9 103 110 260 2569 135 Pages 1114ents: (Continued) Stevens, Eugene M., FRBank of Chicago: 2/12 leave of absence to recover from illness, approved Redesignated FRAgent for 1935 with understanding that des1/ 2 ignation is terminable at pleasure of Board 11/29 Redesignated FRAgent until Feb. 29, 1936 1/29 Salary fixed for 1935 Walsh, C. C., .FRBank of Dallas: Reappointment as Class C director for three year term and redesignation as FRAgent for 1935 with understanding that appointment and designation are 1/ 2 terminable at pleasure of Board 11/29 Redesignated until. Feb. 29, 1936 1/29 Salary fixed for 1935 Wood, Sohn S., FRBank of St. Louis: Redesignated FRAgent for 1935 with understanding that desig1/ 2 nation is terminable at pleasure of Board 11/29 Redesignated until Feb. 29, 1936 1/29 Salary fixed for 1935 1:11Bank notes: Advances under Sec. 10(b), reply to Mr. Stevens that they are 9/20 eligible as collateral for, but not for FRnotes reply to Mr. Case request as to deYork, re his FRBank of New livering sum of, to FRBank for cancelation, that they should be held until emergency has ter11/25 minated Issuance by FRBanks, memo of Mr. Smead on disposition of present stock in view of fact that with retirement of circulation bonds, and on termination of emergency, authority for, will cease, laid on table 4/11 without action 11111s11k of Atlanta: American Institute of Banking, appropriation by directors for, in Atlanta and branch cities for educational purposes, approved 4/23 Attorneys' fees, payments to Messrs. Merrill and Fleming in case of _MBank of Atlanta v. the Estate of Morgan P. Adams authorized 6/24 Cuban gold coin, no objection to ERBank purchasing, with agreement to resell 9/28 Cuban government, no objection to entering into arrangement with Second Import-Export Bank for delivery of pesos and payment for, to be coined by Philadelphia Mint 2/26 Cuban pesos, reply to Governor Newton that Board does not object to making arrangements with Second ExportImport Bank for delivery of and payment for amount, to be coined for Cuban Government by Philadelphia Mint 10/30 Examination: Commercial banks in New York holding collateral pledged by banks in Sixth District for War Loan accounts, inability to secure sanction of Treasury for, no comment on operating efficiency and management http://fraser.stlouisfed.org of Birmingham Branch 1/12 Federal Reserve Bank of St. Louis 422 2 2568 270 2 2569 275 2 2568 271 1978 2498 892 974 1463 2022 538 2225 99 pages 136 FRBank of Atlanta: (Continued) Examination: (Continued) Report as of June 1 Industrial advances: Kilby Car and Foundry Co., reply to Mr. Kilby re refusal of FRBank to approve application for Payment of amounts to U. S. out of earnings on funds derived from Secretary of Treasury, reply giving instructions on National Association of Supervisors of State Banks, expenditure of specified sum authorized for entertainment of delegates during convention Nov. 7, 8 and 9 Payment of sum to Mrs. E. R. Black proposed, letter from 'Mr. Newton, memoranda of Messrs. Hamlin and Miller, no objection if unanimous approval of Board members is obtained Board offers no objection to action of directors Personnel classification plan: Changes requested, statement of Governor Eccles suggesting letter that Board does not approve and that bank reconsider in light of his letter of Ian. 5, and that plans of FRBanks be made subject of a conference To be asked to reconsider in light of Board's letter of Jan. 5 Letter advising that action has been deferred for reconsideration by FRBank Changes approved Processing taxes, letter to Mr. Morgenthau relative to receipt of deposits and issuance of cashiers' checks by 14RBank in connection with suit in Georgia to enjoin collection of Telegram from FRBank relative to changes in proposed plan sent to Secretary norgenthau Reply to FRBank that in view of Treasury's adverse position and the circumstances involved, the Board does not favor proposed arrangement, but will offer no objection Reply to Mr. Parker noting further developments Quarters, alterations and repairs to head office and branch buildings, Board's approval unnecessary, directions for charging costs Attic, no objection to letting contract for insulation of, and roof Resolution on strike in Cuba, transmitted to Board for its attention, to be referred to State Department Letter of transmittal Salaries of officers for 1935, approved Salaries, shifts in and in personnel on Jan. 1, no change to be made at Present and no necessity to reply to Mr. Kettig's two letters re http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/ 5 1692 10/ 2 2058 1/15 154 10/ 7 205° 1/23 2/ 6 1/16 1/23 212-1 386 146 209 279 1/29 1962 9/19 7/31 16 ° 8/ 2 1684 8/ 9 8/19 '1 1161 5/ 6 100 5/ 6 100 3/22 3/27 1/29 260 11/30 26°° 7q4 137 Pages /11Bank of Atlanta: (Continued) Staff: Adjustments in, and in salaries on Jan. 1, no change to be made at present and no necessity for reply to 11/30 2600 Mr. Kettig's two letters Barnett, Mrs. Genevieve M., Acting Assistant FRAgent: 10/25 2187 Bond of 10/15 2089 Temporary appointment approved Continuance of temporary appointment until March 31, 12/31 2903 1936, to act only in absence of Mr. Clark Beavers, P. L. T., Assistant Cashier, salary approved for 269 1/29 1935 1/29 269 Bell, M. W., Cashier, salary approved for 1935 269 1/29 Bowman, V. K., Assistant Cashier, salary approved for 1935 269 1/29 Camp, C. R., Assistant Cashier, salary approved for 1935 Clark, L. M., Assistant FRAgent: 3 Reappointment for 1935 1/ 2 12/28 2885 Continuance of appointment for 1936 268 1/29 Salary fixed for 1935 269 1/29 Conniff, H. F., Deputy Governor, salary approved for 1935 Examiners: 35 Designation of six officers as special examiners approved 1/ 4 35 1/ 4 Reapproval, not necessary to submit names each year 11/29 2569 FRAgent, Board to take no action to fill vacancy Hartsough, J. M., no objection to designation as Acting Assistant Auditor, although Board's approval is 10/15 2090 not required approved salary for Honour, J. Welsby, Assistant Auditor, 269 1/29 1935 Jan. until payment Governor, salary, Johns, W. S., Deputy 269 1/29 11, approved Governor: Martin, H. Warner, Deputy Appointment as FRAgent, memo of Mr. James re call of Mr. Ottley to remind Board of agreement to make, Mr. James has discussed with Governor Newton, 10/25 2179 action deferred for time being with Governor talk Newton re Mr. Tames' statement re agreement and no change to be made in pres11/30 2599 ent arrangement 129 1/15 favored not Governor "Senior" Deputy Designation as 269 1/29 1935 approved for Salary FRAgent: Acting Assistant Jr., R., McCravey, J. 35 1/ 4 Appointment as examiner Reappointment for 1935 at head office and any of its 3 1/ 2 branches as Acting Assistant FRAgent 12/28 2885 Continuance of appointment for 1936 35 1/ 4 McCurry, A. A., appointment as examiner McLarin, W. S., Jr., Assistant Deputy Governor, salary ap269 1/29 proved for 1935 Newton, Oscar, FRAgent: Redesignated for 1935 with understanding that designa2 1/ 2 tion is terminable at pleasure of Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 138 pages FRBank of Atlanta: (Continued) Staff: (Continued) Newton, Oscar, FRAgent: (Continued) Relinquishment of duties, request advice of contemplated time of 1/12 1°5 , Resignation accepted 1/14 ' 11 Salary fixed for period Jan. 1-15 1/29 268 Newton, Oscar, Governor: Present at meeting of Board in connection with proposed increase in rate on cable transfers through Havana Agency 4/4 028 Salary approved for 1935, higher rate than salary as 269 FRAgent 1/29 269 Paris, E. P., Auditor, salary approved for 1935 1/29 Parker, Robert S., Counsel: Present at meeting of Board in connection with proposed increase in rate on cable transfers through 828 Havana Agency 4/ 4 Retainer and allowance for stenographer approved for 269 1935 1/29 Schuessler, S. P., Assistant Cashier, salary approved for 269 1935 1/29 Senior deputy governor, reply to Mr. Newton that Board is not favorable to designation of seniority in title, that position of Mr. Martin can be met in some other manner 1/15 129 269 Sims, R. A,, Assistant Cashier, salary approved for 1935 1/29 Vacation periods of officers and employees at Head Office, branches and agencies for 1935, approved 3/15 688 FRBank of Boston: Exsmination department, reorganization of, appointment of J. D. McDonald as chief examiner approved 10/16 209/ Examinations: Charges for, reply to Mr. Curtiss that Board has not yet reached conclusion re assessing, but zrants authority to waive charges, copy to other 2601 FRAgents 12/21 Report as of June 29 8/ 5 187 Federal Home Loan Bank, reply to Governor Young that Board agrees with counsel for bank that it cannot make advances to, on notes secured by bonds of Home Owners Loan Corporation 1/23 226 Personnel classification plan, changes requested, statement of Governor Eccles suggesting letter that Board does not approve and that bank reconsider in light of his letter of Jan. 5, and that plans of FRBanks should be made subject of a conference 1/16 146 Action deferred in view of position stated in Board's letter of Jan. 5, but maximum for secretaries in205 creased 1/23 Reply to Governor Young, in accordance with action of Board on Jan. 23, requesting reconsideration in light of Board's letter of Jan. 5, but approving Increase in maximum salary for secretaries 1/29 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 139 Pages /1138nk of Boston: (Continued) Reserves: Buildings at head office and Buffalo branch, setting up of certain, authorized Profits from sale of government securities, authorized to transfer balance after payment of dividends to "Reserves for losses not elsewhere provided for" Salaries: Officers, approved for 1935 Secretaries, increase in maximum approved Staff: Carrick, Krickel K., Secretary and General Counsel, salary approved for 1935 Currier, Harry F., Auditor, salary approved for 1935 Curtiss, Frederic H., FRAgent: Leave of absence for month approved, request advice as to date vacation commences Redesignated for 1935 with understanding that designation is terminable at pleasure of Board Reappointment as Class C director for three year term and redesignated FRAgent until Feb. 29, 1936 Salary fixed for 1935 Employees acting for FRAgent in delivery and receipt of FRnotes, letter to Mr. Curtiss that they should be bonded and that only qualified persons should act Gettemy, Charles F., Assistant FRAgent: Bond, renewal of Reappointment for 1935 Reappointment for 1936 Salary fixed for 1935 Hult, Ellis G., Assistant Cashier, salary approved for 1935 Ketchum, Phillips, Associate Counsel, retainer approved for 1935 Leavitt, Ernest M., Assistant Cashier, salary approved for 1935 MacDonald, James D., appointment as chief examiner in reorganization of exRmination department approved McRae, William D., Assistant FRAgent: Reappointment for 1935 Reappointment for 1936 Salary fixed for 1935 Morrissey, Clifford E., Assistant Examiner: Appointment to assist FRAgent in issue and retirement of FRnotes and FRbank notes Reappointment for 1936 Bond of, to act for FRAgent Osgood, Edward H., Assistant FRAgent: Reappointment for 1935 Resignation to take effect as of Dec. 31, not reappointed for 1936 Salary fixed for 1935 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/28 2888 12/28 2888 1/29 1/23 265 208 1/29 1/29 266 266 3/11 642 1/ 2 1 11/29 1/29 2568 265 10/25 2192 11/ 9 1/ 2 12/28 1/29 1/29 2323 2 2883 265 266 1/29 266 1/29 266 10/16 2097 1/ 2 12/28 1/29 2 2883 265 12/ 5 12/28 12/20 2631 2883 2794 1/ 2 2 12/28 1/29 2883 265 140 pages MBank of Boston: (Continued) Staff: (Continued) Paddock, William W., Deputy Governor, salary approved for 266 1/29 1935 266 Pitman, Carl B., Assistant Cashier, salary approved for 1935 1/29 Rowe, S. S., approval of appointment in statistical department requested, Board suggests deferring action until results of survey of statistical functions 5/22 1222 is available Sawyer, Dana D., Statistician: Appointment to assist FRAgent in issue and retirement of 12/ 5 2651 FRnotes and FRbank notes 12/28 g: Reappointment for 1936 12/20 Bond of, to act for FRAgent Sweetser, L. Wallace, Assistant Cashier, salary approved 266 1/29 for 1935 Waterman, Adele, request that Mr. Curtiss refrain from replacing until completion of study of statis5/29 12 tical function 266 1/29 Willett, William, Cashier, salary approved for 1935 266 1/29 Young, Roy A,, Governor, salary approved for 1935 Stockholders meeting: Invitation to Board members to attend, Mr. Hamlin, and Mr. James, if latter can arrange it, to attend on Nov. 8 22:09: 109;2255 Letter to Governor Young re Reimbursement authorized for not more than one representative ERBank of Chicago: Bank failures in Wisconsin, Mr. Garlock, Department of Agriculture, authorized to utilize information in 11/13 2381 files of, in study, letter to FRAgent re to letter Postmaster General stamps, of advising Canceled receipt of letter by chief of mail division of FRBank, from employee of one of emergency governmental agencies requesting exchange of 914 stamps 4/23 Contact of member banks and nonmember banks, plan to send two officers to tour district, to bring facilities of System to attention, including industrial loans, find outlets for funds and gather data, program to be worked out similarly for suggestion to other FRBanks 1/ 9 Drafts of reply and letter to FRAgents presented, latter to be amended to request views of directors on advisability of activity, copy of reply to Governor Schaller and suggested topics for discussion 144/ with bankers 1/16 Fletcher-American National Bank, voted by Governors' Conference that if trustees of national bank bring suit 10/24 2165 against 1EBank, it be made system matter Gold certificates, old series, question of sending to Treasury for cancelation and redemption those received before April 5, 1933, FRAgent to be instructed to 1011 http://fraser.stlouisfed.org surrender to FRBank for satisfactory collateral 8/ 6 -6 Federal Reserve Bank of St. Louis 141 Pages FRBank of Chicago: (Continued) Gold certificates: (Continued) Telegram directing withdrawal by FRBank of old form certificates on substitution of acceptable collat8/ 7 eral for ERnotes acsystem in reduction Government securities, suggestion of count, letter from Governor Schaller and Board's reply brought up at meeting of Federal Open Mar5/28 ket Committee letter, in statement with connection in Miller, Belief of Mr. that reason sale of Governments had failed to halt speculation was that movement had gotten 5/28 out of control before action was taken 5/29 Copy of reply to Governor Schaller Exchange of maturing notes directly with Treasury, request for ruling re, memo of counsel and reply that Board feels, without determining legal question involved, that exchange as a matter of policy 12/ 3 should be effected on open market Industrial advances: Board's views expressed in letter to Mr. Stevens, in connection with discussions of Mr. Szymczak with direc5/ 6 tors and officers of FRBank Hudson Motor Car Co., participation of outside financing institutions, desire of FRBank that they take 3/27 larger is feature bonus Telegram to Governor Schaller that as 4/ 4 eliminated, Board has no objection to advance unless on Refusal to take more than half of participati claims of outside financing institutions are subordinated, advice from Mr. Rounds that FRBank of New York will consider taking additional par4/11 ticipation advances) (See also Loans, Industrial 1/30 Pamphlet re, issued that noting McKay to Mr. reply Liberty loan associations, FRBank did not take any over, but certain Liberty bonds and participation certificates should be 9/28 disposed of, should take up with Treasury are which s certificate on participati re Reply to Mr. McKay obligations of bank, instructions as to carry10/ 8 ing and reporting 6 I' Personnel classification plan: Change recommended by FRBank in salary range of one position, supplemented by letter that in view of Board's stated position small increase be granted in excess of salary range for Mr. Corrigan, approved Changes, at head office, and Detroit branch approved, as not in conflict with Board's position Changes approved Change approved Changes approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1718 1249 1252 1272 2609 1068 772 842 894 298 2023 2059 2/ 6 379 2/18 6/18 8/22 9/27 474 1411 1784 2013 Pages 142 FRBank of Chicago: (Continued) Personnel classification plan: (Continued) Changes approved Changes approved, at head office and Detroit branch Emergency Relief Checks Department, change establishing Endres, J. J., Auditor, occupies "official position" Hodge, Paul C., Assistant to Counsel, occupies "appraised position", which is provided for in plan Special assistant in work under Securities Exchange Act, reply to Mr. Stevens that new page should be furnished covering duties, etc. Change to provide for new position as appraised, approved airconditioning of, expenditure for, approved Quarters, Reorganization of personnel, memo of Mr. Paulger submitting excerpt from confidential section of examination report on, circulated with thought that if any member disapproves steps could be taken, statement of Mr. Szymczak "Report on Availability of Bank Credit in Seventh 1,1iDistrict", reply to Mr. Stevens that Board will forward copies when printing is completed Reserve requirements of member banks, minute of directors suggesting increase of 25% in, reply to be prepared Reply approved, quoting part of answer to recommendations of Federal Open Market Committee Reserves: Additional, for losses, authorized to set aside Authorization to set up, for purchase of airconditioning equipment, against losses on Oconomowoc (industrial advance) loan, advice re liquidation of prior liability to retirement system Prior liability under retirement system, to transfer sum to reserve for contingencies rather than pay directly, pending further consideration Reserve to be in different amount Review of business conditions, discontinuance, reply to Mr. Stevens that Board has deferred action on proposal for, pending results of survey now being made and adoption of definite policy Safekeeping, securities for member banks in reserve bank and branch cities, reply to Mr. McKay that Board's position remains as stated in Board's letter of June 6, 1934 Salaries: Adjustments, statement of Mr. Szymczak that he feels Board is committed to, in accordance with informal understanding between Committees of Board and FRBank directors Informal recommendations for 1936, question of status of Governor Schaller's reappointment, and as to certain salaries, Messrs. Snyder and Young, to be held and bank informed informally http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/22 2144 12/ 4 2615 11/ 6 22! 3/25' 7 3/25 7" 1/31 316 3/1 19/ 9 5, 61 , 261 ' 3/27 712 1/23 227 11/20 2428 11/20 2487 12/28 2889 12/30 2699 12/28 12/28 289° 0 289w 4/17 946 1/18 176 81 1/9 12/26 28°' 143 Pages FRBank of Chicago: (Continued) Salaries: (Continued) Officers and employees, letter to Mr. Stevens that Board considered progress in building up bank's efficiency and reducing its expenses in considering policy to be followed as to Officers, approved for 1935 Board's letter presented at meeting of executive committee and salary approved for Mr. Preston at rate Board indicated willingness to approve 1/5 1/29 46 270 2/7 392 4/ 4 1/29 1/29 1/29 1/29 834 270 271 271 270 2/ 6 1/29 7/17 1/29 379 270 1616 270 Staff: Bachman, W. C., Assistant Deputy Governor: Collection Department, noted that he has been placed in charge of, in position held by Mr. Pavey Salary approved for 1935 Bateman, F., Manager, salary approved for 1935 Black, A. M., Manager, salary approved for 1935 Callahan, T. C., Manager, salary approved for 1935 Corrigan, salary increased in excess of maximum range involved, previous letter had requested change in range, supplementary letter requesting the increase, approved Coulter, R. E., Manager, salary approved for 1935 Salary reduced Dawes, N. B., Manager, salary approved for 1935 Delaney, E. A., Assistant Deputy Governor, salary approved for 1935 Salary reduced Dillard, J. H., Deputy Governor, salary approved for 1935 Dunn, C. B., General Counsel, salary approved for 1935 Endres, J. J., Auditor, salary approved for 1935 Salary approved English, Earl W.: Appointment and salary as special assistant (Securities Exchange work), approved Change in personnel classification plan to cover Esser, W. D., Assistant Examiner, salary increased Fischer, I., Manager, salary approved for 1935 Freed, 3. E., Statistician and Analyst, salary increased Funk, J., salary increase approved, taking over work of Mr. Hargreaves, Manager, Personnel Department, but latter to retain title for time being Hargreaves, R. X., Manager, salary approved for 1935, understood that work is being taken over by Mr. Funk, but to retain title for time being Salary reduced Hartney, Ray, salary as electrician approved at union rate, which is in excess of personnel classification plan rating Assistant Examiner, salary increased J., H. Helmer, Assistant to Counsel, salary approved C., Paul Hodge, http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 270 1/29 7/17 1616 270 1/29 271 1/29 271 1/29 751 3/25 1/15 1/31 3/ 7 1/29 3/ 7 129 316 611 271 611 1/29 271 1/29 7/17 271 1616 2/18 3/ 7 3/25 473 611 751 144 FRBank of Chicago: (Continued) Staff: (Continued) Lindsten, F. A., Manager, salary approved for 1935 1/29 Martin, J. H., Assistant FRAgent, salary fixed for 1935 1/29 McKay, C. R., Deputy Governor, salary approved for 1935 1/29 Meyer, L. G., Manager, salary approved for 1935 1/29 Salary reduced 7/17 Netterstrom, 0. J., Assistant Deputy Governor, salary approved for 1935 1/29 Olson, A. L., Assistant Deputy Governor, salary approved for 1935 1/29 Pavey, L. G., Manager: Retirement, request for effective date of, and noted that Assistant Deputy Governor Bachman has been placed in position as Manager, Collection Department 4/ 4 Salary approved for 1935 1/29 Pett, H. G., Manager, salary approved for 1935 1/29 Preston, H. P., Deputy Governor: Designation as senior deputy governor, Mr. Simpson to be advised that Board does not approve of establishing precedent, and feels that question can be met in some other way 1/ 9 Letter presented and approved 1/10 Salary, proposed increase, Messrs. Tames and Szymczak feel bound by their recommendation, Board authorizes increase to only part of SUM recommended 1/23 Disapproved at rate recommended, and rate approved pending further action by directors at lower figure 1/29 Approved by executive committee at rate at which Board indicated willingness to approve 2/ 7 Prugh, George A., Assistant FRAgent: Reappointment for 1935 1/ 2 Reappointment for 1936 12/28 Renewal bond 5/25 Salary fixed for 1935 1/29 Purrington, F. L., Manager, salary approved for 1935 1/29 Roberts, I. G., Manager, salary approved for 1935 1/29 Saltnes, C. M., Manager, salary approved as manager of Check Department 4/ 4 increased Salary 7/12 Sdhaller, G. J., Governor: Appointment as President, intention of FRBank to make with understanding that he will resign at later date 12/26 Salary approved for 1935 1/29 Schelling, Carl, reappointment to act for FRAgent in receipt and delivery of FRnotes 1/ 2 Reappointment for 1936 12/28 Schumacher, V. P., Assistant Examiner, salary increased 3/ 7 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Pages 271 270 270 271 1616 270 270 834 271, 82 90 205 271 392 28 1226 270 271 27° 654 1600 2844 270 5 288 611 145 Pages FlIllenk of Chicago: (Continued) Staff: (Continued) Sihler, A. T., Assistant Deputy Governor, salary approved for 1935 1/29 Snyder, W. H., Controller: Conference on functional expense reports, to be requested 2/ 6 to attend at Cleveland on Feb. 18 Salary for 1935, Messrs. James and Szymczak feel bound to recommendation, motion of Mr. Szymczak to grant recommendation, amendment to motion by Mr. Mil1/23 ler lost, remniaandation approved 1/29 Salary approved Salary for 1936, Chairman Eccles desirous of deferring action on proposed increase pending determination of future division of duties between FRAgent's office and operating department 12/26 Stevens, Eugene M., FRAgent: Leave of absence to recover from illness, approved 2/12 Redesignated FRAgent for 1935 with understanding that designation may be terminated at pleasure of Board 1/2 Redesignated until Feb. 29, 1936 11/29 1/29 Salary fixed for 1935 1/29 Turner, W. W., Manager, salary approved for 1935 appointment and salary as assistant examiner Weiskopf, Carl, approved 3/11 Young, C. S., Assistant FRAgent: 1/ 2 Reappointment for 1935 12/28 Reappointment for 1936 1/29 Salary fixed for 1935 Salary for 1936, Governor Eccles desirous of deferring action on proposed increase pending determination of future division of duties between 12/26 FRAgent's office and operating department -A7 of Cleveland: *Qr conditioning third and eighth floors of bank building, no 3/21 objection to proposed expenditure for 10.Yer, Frank J., reply of Board that FRBanks cannot make individual loans on security of real estate and that FRBank does not seem to have pressed unduly 1/ 8 for collection of note held b4dget, statement of, July - December, 1935, letter to Mr. 11/16 Strater re, approved 13Ylaws, amendment to make Governor chairman of Executive Committee, Board requests re-amendment to restore 2/12 office to FRAgent 4r11ings and expenses of member banks in district, no objection 5/ 6 to publication of analysis of 4aruination report, letter to Mr. Burke on approval of sick leave of employees, buying by employees from or through FRBank, proposed expenditure for air condition1/29 .T ing system should be submitted to Board advances: Craig, William S., reply of Board on reasons .kliBank cannot http://fraser.stlouisfed.org 3/ 4 Federal Reserve Bank of St. Louis legally make loan to complete golf course 270 375 205 271 2844 422 2 2568 270 271 638 3 2885 270 2844 729 72 2412 423 1071 261 584 146 FRBank of Cleveland: (Continued) Industrial advances: (Continued) Payment of 2%, reply to Mr. Strater on basis for, charge to surplus for losses and reserves against losses 12/27 Gold certificates, old series, question of sending to Treasury for cancelation and redemption those received before April 5, 1933, FRAgent to be instructed to surrender to FRBank for satisfactory collateral 8/ 6 Telegram directing withdrawal by FRBank of old form certificates on substitution of acceptable collateral for FRnotes 8/ 7 Insurance, contributory group life policy, no objection to continuing indefinitely as long as premium remains within specified limit 4/11 Personnel classification plan: Changes requested, statement of Governor Eccles suggesting letter that Board does not approve and that bank reconsider in light of his letter of Jan. 5, and that plans of FRBanks should be made subject of a conference 1/16 To be asked to reconsider in light of Board's letter of Jan. 5 1/23 Letter to Mr. Strater in accordance with Board's action on Jan. 23, requesting reconsideration of recommendations in light of Board's letter of Jan. 5 1/29 Changes approved 8/12 Reserves: Depreciation on other real estate, authorized to make usual addition to 12/28 Losses on industrial loans and commitments, authorized to set up reserve against 12/28 earnings remaining after payment of dividends, authorNet ized to transfer to 12/28 Salaries of officers, reply to Mr. Burke that those recommended are not in harmony with Board's letter of Jan. 5, Board feels study should he made of personnel classification plans 1/29 Approved for 1935 2/20 Staff: Anderson, J. B., Assistant FRAgent: Bond, renewal of 10/18 Continuance of appointment for 1935 Continuance of appointment for 1936 12/28 Reprimanded by directors for permitting rm Mr. MacKenzie to furnish information to Cleveland Plain Dealer which was not furnished to other papers, Board concurs in action and Mr. Fletcher to be asked to deliver reprimand for Board 5/ 1 Letters to Mr. Fletcher and Mr. Burke approved 5/ 8 Salary fixed for 1935 2/20 Arnold, C. W., Assistant Deputy Governor, salary recommendation disapproved and fixed pending further action of directors 2/20 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis page' 2° 1718 902 146 209 1' 0 2890 2889 209 26; " 21 2'- 10g 10 92 490 147 Pages PRBaak of Cleveland: (Continued) Staff: (Continued) Boyd, Dorothy, extension of assignment to position in lower 9/19 salary range for four months Brown, P. A., Assistant Cashier, salary recouuendation disapproved, fixed pending further action by direc2/20 tors Carr, Francis Lee, letter to Mr. Burke in regard to dismissal of, and as to thoroughness with which mat2/14 ter was gone into Carter, E. A., Assistant Cashier, salary approved until 2/20 Feb. 15, increased effective Feb. 16 Clouser, D. B., Assistant Cashier, salary recommendation disapproved, fixed pending further action of direc2/20 tors Dismissal wage for employees involuntarily separated, plan submitted in contemplation of separation of 106 6/26 employees, saving involved has Telegram to Governor Fleming advising that Board approved for all FRBanks, letter to FRBanks to 6/27 follow (See also FRBanks) Evans, Howard, Assistant FRAgent: 1/ 2 Continuance of appointment for 1935 12/28 1936 for appointment of Continuance 2/20 Salary fixed for 1935 Fancher, E. R., Governor: Death of, Mr. Szymczak to go to Cleveland to attend 1/16 funeral and discuss successor Salary approved payable until next succeeding pay day 2/20 after his death FRAgent, Board to take no action toward filling vacancy in 11/29 office of Fleming, M. J., Governor: Report of Governor Eccles on call from Mr. Szymczak stating that feeling was that he should be appointed Governor, salary Board is willing to 1/19 approve Appointment, report of Mr. Szymczak on conferences with Messrs. Williams, Burke, and others, direc1/23 tors unanimous in appointment 1/21 Salary approved 2/20 Fixed for portion of year he was Deputy Governor Fletcher, W. H., Acting FRAgent: 12/28 Continuance of appointment for 1936 Governor of funeral attend to Szymczak Mr. of, Illness Fancher and discuss problem created by illness 1/16 and death Leave of absence for three weeks on account of illness 2/ 6 approved Leave, no objection to completion of vacation during 7/16 present month http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1951 494 457 493-4 494 1484 1528 5 2884 492 142 493 2569 181 204 193 493 2884 142 380 1614 . pages 148 FRBank of Cleveland: (Continued) Staff: (Continued) Fletcher, W. H., Acting FRAgent: (Continued) Salary, statement of Mr. Szynczak that Iva-. Burke recommended in view of special service that he be excepted from Board's stated policy Fixed for 1935 Statement in letter to Mr. Burke that Board fixed salary in letter of Ian. 29 Foster, A. G., Assistant Cashier, salary approved until Feb. 15, increased effective Feb. 16 Grayson, F. V., Auditor: Audit of Board's accounts: Arrangement renewed for year Reply of Board to letter on audit of accounts Reply to, on summary statement as to procedure Salary recommendation disapproved and salary fixed by Board pending further action of directors B., Assistant Cashier, salary approved for 1935, Hays, R. effective Feb. 16 MacKenzie, K. H., furnishing of information to Cleveland Plain Dealer which was not furnished to other newspapers, with knowledge of Mr. Anderson, Board concurs in reprimand administered by directors and to instruct Mr. Fletcher to reprimand for Board Letters to Mr. Fletcher and Mr. Burke approved Ross, conference on functional expense reports, to be requested to attend at Cleveland on Feb. 18 Seigworth, Sylvester W., assignment to position below his salary grade, extension for additional four months approved Smith, Milton C., recommendation of Mr. Parry that he cane to work in Division of Security Loans March 16-April 15, FRBank to be reimbursed and traveling and subsistence expenses to be paid, approved Extension of temporary assignment to Board's Division of Security Loans until May 15 Squire, Sanders & Dempsey, Counsel, retainer approved for 1935 Strater, H. F., Deputy Governor and Cashier, salary disapproved, fixed pending further action of Board of Directors, until Feb. 15, increased effective Feb. 16 Taylor, W. F., Assistant Deputy Governor, salary recommendation disapproved, fixed pending further action of directors until Feb. 15, increased effective Feb. 16 as cashier Wagner, G. H., Assistant Cashier, salary approved until Ian. 15 Previously approved as Cashier of Pittsburgh Branch effective Ian. 16 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/ 9 1/29 280 2/20 492 2/20 495- 3/21 71 , 1 5/ 6 1.° : 1a 7/24 2/20 49° 2/20 494 5/ 1 11 5/ 8 1C47 ' 2/ 6 316 10/15 2°99 3/13 4/16 agfi I 490 2/20 2/20 2/20 494 494 490 2/20 2/20 149 Pages IIRBemk of Cleveland: (Continued) Staff: (Continued) 2/20 Zurlinden, F. I., Deputy Governor, salary approved for 1935 shipped Train robbery at Garretsville, Ohio, involving money 11/12 by FRBank 111111enk of Dallas: Charge offs, branch bank site and building at El Paso, buildings at Houston and San Antonio, authorized be12/28 cause of excess of book over market value 7/22 of as 11 May of, report telnination, Interest payment of county funds, payable on demand, on which interest is required by State law, reply to Mr. Walsh that maximum interest rate is not ap1/29 plicable Personnel classification plan: Changes approved, as they are not in conflict with position 1/23 Board took in letter of Jan. 5 Changes, letter to Mr. Walsh in accordance with action of Board on Ian. 23, requesting reconsideration of recommendations in light of Board's letter of 1/29 Jan. 5 Changes approved at head office and San Antonio Branch, not 1/31 in conflict with Board's letter of Jan. 5 3/29 Changes approved 10/30 Changes approved at head office and branches 6/12 Retirement system, additional contributions to Salaries: Employees, no objection to proposed increases for employees whose annual compensation is not in excess of 5/21 $2000 1/29 for 1935, approved Staff: 1/29 Austin, E. B., Assistant Cashier, salary approved for 1935 1/29 1935 for approved salary Auditor, General Clarke, W. P., 1/29 Coleman, R. B., Deputy Cashier, salary approved for 1935 Evans, W. J., Assistant FRAgent: 1/ 2 Reappointment for 1935 12/28 Reappointment for 1936 1/29 Salary fixed for 1935 Examiners and assistant examiners, reply to Mr. Walsh that as there has been no change in status of, no action is required and need not be submitted 12/31 for reapproval Ford, W. O., Assistant Deputy Governor, salary approved 1/29 for 1935 1935 1/29 for Gilbert, R. R., Deputy Governor, salary approved Secretary: and FRAgent Hell, Chas. C., Assistant 12/28 Reappointment for 1936 1/29 Salary fixed for 1935 Huff, Charles C., General Counsel, reelection, no objection with understanding that no compensation will be 1/29 paid for services until approved by Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 493 2359 2889 1640 280 209 280 317 790 2221 1364 1186 275 275 275 275 4 2887 275 2904 275 275 2887 275 276 150 pages FRBank of Dallas: (Continued) Staff: (Continued) Indebtedness of employee, reply to Mr. Walsh that if employee is not examiner and indebtedness will cause no embarrassment, Board will interpose no 7/ 2 1565 objection to transaction Counsel, of Locke, E. P., information requested as to connection with Southern Properties, Inc., to which IRBank made industrial advance 7/19 16e Locke, Locke, Stroud and Randolph, Counsel, retainer approved for 1935 1/29 275 Magee, F. C., extension of vacation for attendance at graduate school of banking approved 6/ 5 1318 Mann, William T., appointment and salary as assistant examiner 1/8 65 McKinney, B. A., Governor, salary approved for 1935 1/29 275 Neilan, E. P., extension of vacation to attend graduate 1318 school of banking approved 6/ 5 275 Pondrom, L. G., Assistant Cashier, salary approved for 1935 1/29 Stevens, W. O., Jr., appointment and salary as assistant ex66 aminer 1/8 275 True, C. C., Assistant Auditor, salary approved for 1935 1/29 Walsh, C. C., FRAgent: Reappointed Class C director for three year term and redesignated FRAgent for 1935 with understanding that appointment and designation are terminable at pleasure of Board 1/ 2 Redesignated until Feb. 29, 1936 11/29 2569 275 Salary fixed for 1935 1/29 275 Assistant O., Cashier, Webb, R. salary approved for 1935 1/29 FRBank of Kansas City: Bylaws: Amendment relative to signing of checks and vouchers by officers of branches, approved 3/22 Branches, reply to Mr. McAdams that it is not clear whether the required majority of directors voted on changes in, and requesting further amendment to bring about consistency as to section numbers 3/ 4 Chamber of Commerce, no objection to annual contribution to 8/7 Earnings, expense and profit and loss statement, reply to Mr. Worthington that form is satisfactory 1/12 Examination report, question as to efficiency of guard force, nepotism, no objection to expenditure for aircooling system, but such expenditures should have Board's approval 1/14 111 Letter to Mr. McAdams on bank stock he holds, should be disposed of 1/14 13.2 ERnotes, gold certificates, reply to Mr. McAdams that there is no objection to pledging in excess of amount of notes outstanding 1/23 226 Government securities, purchase from Federal Land Bank of Omaha under repurchase agreements, attention called to requirement that Board's approval must be secured for such transactions, and permission granted 11/29 2592 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 151 Pages PRBank of Kansas City: (Continued) Government securities: (Continued) Memo of Mr. Benedict recommending study of such transactions in order to be able to make recommendations to Federal Open Market Committee re its regulations or directions concerning such agreements, approved Home Owners Loan Corporation bonds, purchased for self-insurance fund, recommendation of Mr. Smead that they be reported against "other securities" rather than "Securities fully guaranteed by U. S. Gov't.", approved advances, loan of five million proposed to be made Industrial by, part of which is to be used for capital investment, reply to Mr. Worthington on J'oint stock land bank bonds, redemption of, reply to Mr. Worthington suggesting communication with Farm Credit Administration on procedure for Net earnings on industrial advances and commitments, reply to Governor Hamilton that no agreement has been reached re funds advanced by Treasury and re accounting procedure Personnel classification plan: Changes, action deferred on recommendations and FRBank requested to reconsider in light of Board's letter of Tan. 5 Change approved reducing salary range of clerk in auditing department Changes, reconsidered in light of Board's letter of Jan. 5, and revised, approved for head office and Denver Branch except one change in title Changes approved Changes at head office end Oklahoma City Branch approved Changes approved Changes approved Changes approved Reserves: Additional, on self insurance authorized and all net earnings remaining after payment of dividends Losses on industrial loans and commitments, authorized to set up reserve against 841eries of officers for 1935, approved Staff: Barley, G. E., Assistant Cashier, salary approved for 1935 FRAgent, Board to take no action to fill vacancy Fifty-four employees designated to assist in examinations, temporary designation approved Fourteen employees of Denver Branch, temporary use in examination of State member banks, approved Greenhagen, A. W., retirement contribution, reply to Governor Hamilton that Board does not approve direct contribution in lieu of purchase of annuity http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/29 2593 10/ 9 2065 3/18 700 9/16 1929 12/24 2836 1/31 317 3/11 639 720 3/21 852 4/8 8/15 1758 10/31 2229 11/16 2397 12/21 2803 12/28 2890 12/28 1/29 2889 273 1/29 11/29 274 2569 2/6 378 4/9 870 3/21 721 152 pageB FRBank of Kansas City: (Continued) Staff: (Continued) 274 1/29 Hamilton, Geo. H., Governor, salary approved for 1935 Heim, J. IN., Deputy Governor and Cashier, salary approved 274 1/29 for 1935 494 2/20 Keck, George, temporary use to assist in bank exeminations Counsel, retainer approved for 1935, underG., H. Leedy, stood that he will continue to maintain office 274 1/29 in FRBank building and pay regular rental 494 2/20 Markey, J. P., temporary use to assist in bank examinations McAdams, A. M., Assistant FRAgent: 1/14 Bank stock holdings should be disposed of Conference on examinations, no objection to attendance if adequate provisions are made to take care of r utine matters o 2345 5 Continuance of appointment for 1935 approved 2686 Continuance of appointment for 1936 111////12212: Salary fixed for 1935 Oberwortmann, N. R., Assistant FRAgent: 5 1/ 2 Continuance of appointment for 1935 274 Salary fixed for period Jan. 1-1t 1/29 274 1/29 Park, M. W. E., Assistant Cashier, salary approved for 1935 Phillips, John, Jr., Assistant Cashier, salary approved 274 for 1935 1/29 2'74 1/29 Pipkin, G. H., Assistant Cashier, salary approved for 1935 Acting H., Rhodes, H. Assistant FRAgent, continuance of ap5 pointment for 1935 1/ 2 2886 Continuance of appointment for 1936 T22: 04 Tyner, E. P., Assistant Cashier, salary approved for 1935 Wardell, S. A., Auditor, salary approved for 1935 1/29 04 Worthington, C. A., Deputy Governor, salary approved for 1935 1/29 04 FRBank of Minneapolis: Bank failures in Wisconsin, Ur. Garlock, Department of Agriculture, authorized to utilize information in files 31 of, in study, letter to FRAgent re 11/13 0 Charge offs: 9 , Helena branch building, of earthquake damages authorized 1 288 1r Exsmination report as of March 16 2181 10/25 Exchange charges on works checks 7 Expenses of Mr. Wold for attendance at directors' meeting at 1569 Helena Branch Government securities, sale of Fourth Liberty Loan bonds and purchase of like amount of 2 3/4 Treasury bonds, 1945-47, reply to Mr. Dunlop noting that trans220S action was an exchange and re credit of profit 10/28 Handbook for Trust Examiners, reply to Mr. Peyton inclosing suggestions of Division of Examinations and legal division for changes in proposed 7/ 5 150 Peyton noting Mr. incorporation of Board's suggesReply to tions and commenting on points raised in his let3.651 ter 7/26 Reply to Mr. Peyton's suggestion that handbook be furnished to State banking departments, approved, with sug gestion that it also be furnished to Chief nationhttp://fraser.stlouisfed.org 7 al bank examiners 8/14 Federal Reserve Bank of St. Louis 153 Pages PRBEInk of Minneapolis: (Continued) Handbook for Trust Examiners: (Continued) Letter to Comptroller inclosing copy and letter to Mr. Sargent, A. B. A., re coordination of trust department examination procedure and inclosing copy Reply to Mr. Sargent, A. B. A., that copy of his letter re would be transmitted to Mr. Peyton Industrial advances: City Market Co., Duluth, Minn., reply to Mr. Ward regarding rejection of application of Mr. Persha for loan for, by FRBank Reply to Senator Shipstead on consideration given to, and on charge of discrimination, end letter to Mr. Ward re complaints as to treatment of Mr. Persha Fargo Jewelry Co., Fargo, S. Dak., reply to Congressman Lemke on refusal of FRBank to make advance to Mr. Wtmer Hansen Bros. Garage, Great Falls, Mont., reply to Mr. Jarrett on letter from, relative to application which was declined by FRBank Janes A. Hill Mfg. Co., Minneapolis, Minn., reply that FRBank has reviewed rates and concluded that they are fair Sun Produce Co., Inc., Helena, Mont., reply to Senator Wheeler on letter from Mr. Ehlers re rejection of application by Industrial Loan Department, reply that.. Peyton on salary of Manager of, and proposal to have industrial loan investigations for Industrial Advisory Committee conducted entirely by bank personnel Monthly review, Board to be advised of public response to altered form Motion picture, letter from Mr. Peyton re, showing operations of FRBank and desiring to show to Board before showing to group meetings in South Dakota, to be shown Oct. 30 Personnel classification plan: Changes approved Change approved Manager, Securities Department, letter to Mr. Peyton in connection with Board's disapproval of increase in salary range and requesting revised Form A page governing Revised changes, salary increases recommended for certain positions do not appear to be in harmony with Board's position, disapproved, other changes approved leserves, net earnings remaining after payment of dividends, authorized to transfer to http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/28 1825-7 10/11 2078 6/ 7 1341 9/21 1983-5 2/21 510 1/ 3 27 4/16 938 10/14 2086 4/19 960 5/29 1280 10/21 2131 10/30 12/30 2221 2896 7/ 8 1584 2/18 474 12/28 2889 pages 154 FRBank of Minneapolis: (Continued) Salaries: Officers, approved for 1935 1/29 Officers and employees, information requested re salaries of Messrs. Peyton, Swanson, Johnson and Stutzman by Congressman Lundeen, question of policy raised, information to be furnished Information furnished except as to J. B. Johnson, of whom there is no record Staff: Bailey, F. M., Assistant FRAgent: Reappointment for 1935 1/ 2 Reappointment for 1936, understood that he will retire Feb. 5 Retirement, to become eligible for and appointment of Mr. Powell to replace contemplated 11; Salary fixed for 1935 Core, Harold C., Assistant Cashier, salary recommendation disapproved and rate approved pending action of directors 1/29 Dunlop, Frank C., Controller, salary approved for 1935 1/29 Examiners, reply to Mr. Peyton re drawing commissions or identification cards to expire at end of year and re designation titles of examiners 9/18 Geery, W. B., Governor: Salary approved for 1935 1/29 Silver policy, request of Senator Thomas for views on single gold, and bi-metallic standards and managed currency in relation to, referred to Board 9/17 Johnson, J. B., salary request of Congressman Lundeen for information re, question of policy raised, information to be furnished 7/12 Reply to Congressman Lundeen that there is no record of a J. B. Johnson at FRBank 7/17 Larson, Arthur R., Assistant Cashier, salary recommendation disapproved, fixed pending further action of directors 1/29 Millett, Samuel E., continuation of temporary assignment to position for which salary is in excess of grade, for additional six months, approved 12/27 Mills, A. W., appointment to act as alteat alternate e for FRAgent and Assistant FRAgents, instructions re bond 12/28 Peterson, William E., Assistant Cashier: Salary recommendation disapproved, fixed pending further action of directors 1/29 Visits to banks, reply to Mr. Peyton that report of, will be brought to attention of Board 6/20 Peyton, John N., FRAgent: Address re Banking Act of 1935 before Minnesota Bankers Association on Sept. 24 and Oct. 3, noted and noted that he will discuss same subject at Hutchinson and Owatonna Oct. 15 and 18 10/14 272 7/12 ' 159 9 7/17 1616 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5 2866 272 275 275 1949 275 1937 159T-9 1616 2° 2855 2866 275 1204 2087 155 Pages 1111:3aIlk of Minneapolis: (Continued) Staff: (Continued) Peyton, John N., FRAgent: (Continued) Redesignated FRAgent for 1935 with understanding that designation is terminable at pleasure of Board Reappointed Class C director for three year term and redesignated FRAgent until February 29, 1936 Salary fixed for 1935 Salary, request of Congressman Lundeen for information re, question of policy raised, information to be furnished Information furnished Powell, 0. S., Statistician and Secretary: Appointment as Assistant FRAgent contemplated to replace Mr. Bailey who will become eligible for retirement, present bond to be left in effect until final determination Appointment and salary as Assistant FRAgent Appointment effective Jan. 1, 1936, Kr. Peyton was advised of, Dec. 5 Bond of Reappointment for 1935 to %et as alternate for FRAgent and Assistant FRAgents in receipt and delivery of FRnotes and as representative of FRAgent in handling gold coin, etc. Salary, increase approved Preston, Otis R., Assistant Cashier, salary recommendation disapproved, fixed pending further action of directors Rast, Leonard E., Assistant Cashier, salary approved for 1935 Stutzman, W. J., salary, request of Congressman Lundeen for information re, question of policy raised, information to be furnished Information furnished Swanson, E. W., Assistant FRAgent: Reappointment for 1935 Reappointment for 1936 Salary fixed for 1935 Salary, request of Congressman Lundeen for information re, question of policy raised, information to be furnished Information furnished Timberlake, H. C., Assistant Examiner, Board has no record of approval of appointment as, but approves appointment Ueland, Rolf, Assistant Counsel, retainer approved for 1935 Ueland, Sigurd, Counsel, retainer approved for 1935 Yeager, Harry, Deputy Governor and Secretary, salary approved for 1935 Ziemer, Harry I., Deputy Governor and Cashier, salary approved for 1935 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/ 2 2 11/29 1/29 2569 272 7/12 1597-9 7/17 1616 10/26 2200 12/ 3 2607 12/28 12/23 2886 2819 1/2 1/29 3 273 1/29 273 1/29 273 7/12 1597-9 7/17 1616 1/2 12/28 1/29 3 2886 272 7/12 1597-9 7/17 1616 9/18 1949 273 1/29 273 1/29 1/29 273 1/29 273 156 pages FRBank of Minneapolis: (Continued) Statistical and analytical function, proposed economies to be 5/29 it effected in budget for, approved 6/20 14''' Work relief checks, method of handling Works checks, reply to Mr. Peyton re reasons for transmitting President's request through FRBanks, that Board does not feel such circulars should be sent through Secretary of Treasury and that Board has taken position that FRBanks ordinarily should not absorb costs of currency shipments to nonmember banks 11/ 1 2255 FRBank of New York: Banco Central de la Republica Argentina, account opened for 9/27 2°15 Memo of Mr. Wyatt that agreement conforms to Board's authorization and suggesting that counsel check agreements before forwarded to foreign banks, no ' 9 change to be made in procedure 10/30 2211 Banco de Mexico, silver, authorized to earmark for, on substantially same terms as gold is earmarked 7/31 1671 Banco de Venezuela, no objection to FRBank holding gold in custody for 4/12 90, Bank of Canada, one way account opened with, FRBanks to be offered participation 1/15 150 Bank of England, proposal to reduce account with, no objection 3/15 687 687 Bank of France, account with, proposal to reduce, no objection 3/15 Charge offs and reserves on buildings of Head Office and Buffalo Branch authorized 12/28 Contributory group life insurance policy, reply to Mr. Sailer that Board notes without objection absorption of balance of premium by FRBank 1:55 Currency and coin shipment to nonmember banks, request advice re absorption of charges for and survey of reasons for continuing practice 4/25 989 Feeling of FRBank that discontinuance of absorption would result in withdrawal of banks from par list 10/25 219$ Dismissal wage policy, reply to Mr. Sailer that there is no objection to complying with request of Mr. Hawkins in filling out questionnaire re '7/8 1596 Excess reserves of member banks, publication of weekly estimate of 5/22 nibank notes, reply to Mr. Case re his request as to delivering sum of, to FRBank for cancelation, that they should be held until emergency has terminated 11/25 2496 Fee to Baker, Hostetler, Sidlo and Patterson for legal services in return of old form gold certificates to Treasury, payment approved 9/13 1914 Financing shipments of goods to belligerent nations, views of State Department to be obtained re proper procedure in dealing with requests 11/30 2598 Foreign loans during 1914-18, no objection to making official rulings and correspondence relative to, available to representative of Munitions Committee 4/ 4 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 157 Pages 9 FRBank of New York: (Continued) Gold certificates: Old form, Newton D. Baker to be retained to consult on legal questions involved in return of, to Trea3/25 sury Question of sending to Treasury for cancelation and redemption of those received before April 5, 1933, FRAgent to be instructed to surrender to /RBank for satisfactory collateral 8/ 6 Telegram directing withdrawal by FRBank of old form certificates on substitution of acceptable collateral for FRnotes 8/ 7 Shipment to FRBank of New York, inquiry made of Mr. Barnes, Assistant to Treasurer, re procedure, to be made under guard to avoid insurance charges and ERBank to pay cost of shipment 12/28 Government securities, sale of securities in own account and replacement with shorter maturities proposed, no objection 11/ 6 Reply advising of action 11/ 8 Industrial advances: Curry, Douglas, reply re refusal of ERBank to make loan 9/30 Hudson Motor Car Co., Detroit, Mich., reply to Mr. Case that FRBank may purchase or make commitment to purchase obligations from New York bank 1/19 Refusal of FRBank of Chicago to take more than half of its participation unless claims of outside financing institutions are subordinated, advice from Mr. Rounds that his directors will consider taking additional participation 4/11 (See also Loans, Industrial advances) Ullmann, Lother, reply to letter to Postmaster General relative to application 1/ 3 Leaves of absence, no objection to extension of annual leave in excess of regular period in limited classes of cases specified in Mr. Sailer's letter 3/21 Medical Division, reply to Mr. Sailer that Board notes that work could not be performed under further reduction of hours, and that work of Dr. Thomas will be spread on his retirement 1/15 MeYer, Strong and /ones, engineers, bank authorized to have survey made of building to report on air conditioning entire building 4/ 2 National Bank of Hungary, syndicate credit to: Participation of FRBanks in, reply to Mr. Sproul re conversion of interest payment under, end request for Intention of Bank as to capital repayment 10/14 Payments on, reply to Mr. Knoke 5/11 Payments due on second, reply to Mr. Sproul re 11/20 National Bank of Nicaragua: Loan to, by FRBank on security of gold bars earmarked by FRBank for, approved and other FRBanks notified 11/ 5 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 757 1705-7 1718 2893 2279 2311 2031 186 893 26 720 134 825 2085 1106 2437 2260 pages 158 FRBank of New York: (Continued) National Bank of Nicaragua: (Continued) Loan to: (Continued) Additional loan, approved, other FRBanks to be advised of a proval of their participation p Additional loan, upon security of earmarked gold author2/1: 11 ized, FRBanks notified of participation opened with FRBank by account FRBank, loan approved, One-way for four months approved, gold to be earmarked 2/ 1 for security Silver, Board approves earmarking for account of, on same 6/27 terms as earmarking of gold National Industrial Conference Board, reply to Mr. Coe that there is no objection to supplying information on questionnaire of, re activities of employers for employees10/11 New Jersey Banking Department, reply to Mr. Case that proposed conference with representatives of, has been noted with interest and Board hopes coopera1/18 tion will be furthered Officers, appointment of deputy governors and governor for 1936, question of limiting to Feb. 29 discussed by Chairman Eccles with Governor Harrison, to be 12/28 limited Personnel classification plan: "Accounting Division", creation of new division, and changes 7/13 incident thereto 3/29 proposed, under review Changes with approved exception of increase in range Changes salary for Chief, Stenographic Division, action deferred on latter until receipt of more detailed information 6/ 7 10/ 4 Changes approved 12/27 Changes approved Work Relief Checks Section, change establishing, Mr. Diringer to organize and direct until December 20 11/ 6 Quarters, air conditioning, request of Mr. Sailer for authority to expend sum in having architects and engineers survey building and report on conditioning entire building, approved 4/ 2 Reserve requirements of member banks, report by Mr. Miller of action of directors in taking position that there is no immediate need for increasing 11/ 8 Reserves: 12/28 Additional for losses, authorized to set aside Additional, on self insurance authorized and all net earn12/28 ings remaining after payment of dividends other real estate authorized to make usual Depreciation on addition to, and to increase reserve on annex 12/28 building and 10 Gold Street building leaves of absence without pay, FRBank authorRetirement system, ized to continue contributions in cases of, in order to continue in effect death and disability 11/25 benefits http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2345 20° 350 1.531 019 171 88 1° 78a 152'41 200 2e° 2F)31 2"9 2699 269° 9 2496 159 Pages l'IBemk of New York: (Continued) Salaries of employees, letter from Mr. Case listing increases made under existing authority, Mr. Tames recommended no objection, letter to be acknowledged and Mr. Case advised that Board approves in1/23 creases ons recommendati find not does Board Reply to Mr. Case that in letters of Jan. 3 and 4 are compatible with 1/23 position of Board in its letter of Jan. 5 within made those approving Case Mr. to reply Adjustments, provisions of personnel classification plan 1/29 and under existing authority Salaries of officers for 1935, reply to Mr. Case that Board does not find recommendations in letters of Jan. 3 and 4 are compatible with position of Board in 1/23 its letter of Jan. 5 3/22 Revised recommendations submitted Consideration of recommendations for Messrs. Logan, Knoke, and Roelse, feeling that adjustments should be 3/22 effected by reducing higher salaries Approved with exception of salary for Mr. Snyder because understanding was reached before Board's letter 3/22 of Jan. 5 was written 3/29 Salary letter approved Salaries of officers for 1936, approval for governor and deputy governors only until Feb. 29 discussed by Chairman Eccles and Governor Harrison, to be 12/28 limited Shipping charges on coin and currency forwarded to nonmember banks, letter to Governor Harrison on continued absorption by ERBank of costs of, and reviewing reasons of Governor Eccles for recommending amendment to Banking Act of 1935 to release small banks from mandatory membership in 5/21 FRSystem American to available making to Sickness records, no objection Statistical Association for study being con12/17 ducted under auspices of Public Health Service Staff: 3/29 Barrows, D. H., Manager, salary approved for 1935 3/29 1935 for approved salary Governor, Burgess, W. R., Deputy 3/29 1935 for approved salary Manager, Burt, W. W., 3/29 Cameron, D. J., Manager, salary approved for 1935 Case, J. H., FRAgent: Amendment proposed to Sec. 22(g) of FRAct to prohibit examiners from disclosing any information obtained during examination to unauthorized per8/ 7 sons at Leave of absence, no objection to taking vacation 2/11 this time reand term Reappointed Class C director for three year designated FRAgent for 1935 with understanding that appointment and designation are terminable 1/ 2 at Board's pleasure http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 207 219 277 219 739 740 740 786 2880-2 1202 2752 787 786 787 787 1717 405 2 pages 160 FRBank of New York: (Continued) Staff: (Continued) Case, J. H., FRAgent: (Continued) Renewal bond Redesignated FRAgent until Feb. 29, 1936 11/29 Salary fixed for 1935 3/29 Chief Examiner, letter to Mr. Case on designating position as "official", that Board desires to obtain views of other FRBanks before making changes 3/21 Clifford, Joseph W., temporary appointment as assistant examiner 4/). Coe, C. H., Deputy Governor, salary approved for 1935 3/29 Cooper, Norman C., appointment to assist FRAgent in issue and retirement of FRnotes 12/ 5 Reappointment for 1936 12/28 Costello, Frank, FRAgent's Department, exchange for employee from another part of bank, approved if no change in salary is involved 6/14 Crane, J. E., Deputy Governor, salary approved for 1935 3/29 Crosby, W. Edgar, Special Assistant to FRAgent, reappointment for 1936, with understanding that he will not act for FRAgent in FRnote or custody functions 12/28 Cutler, Raymond F., salary increased under previous authority, no objection 1/23 Davis, F. T., Assistant Counsel, salary approved for 1935 3/29 Dillistin, William H., Assistant FRAgent: Reappointment for 1935 1/ 2 Reappointment for 1936 12/28 Renewal bond 3/27 Salary approved for 1935 3/29 Diringer, Charles E., Chief, Coupon Collection, assignment to organize Works Relief Checks Section, and supervise until Dec. 20 11/ 6 Continuation of assignment to direction of Works Relief Checks Section for further three months 12/27 Dodge, E. L., General Auditor, salary approved for 1935 3/29 Douglas, E. 0., Manager, salary approved for 1935 3/29 Downs, Herbert S., Assistant FRAgent: Reappointment for 1935 1/ 2 Reappointment for 1936 12/28 Renewal bond 2/20 Salary approved for 1935 3/29 Employees acting for FRAgent in receipt and delivery of FRnotes, letter to Mr. Case that only qualified persons should act, and that they should be bonded 10/25 Examiners: Temporary appointment of 12 assistant, approved 1/29 Temporary appointment of 12 to be borrowed from National City Bank and Guaranty Trust Co., Board approves 1/ 9 Temporary appointment of two, borrowed from National 1/17 City Bank as assistant examiners, approved 3/27 71.,7 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 25°' 786 '718 801 786 2631 260 1390 '788 2884 201 781 280 , 77° 766 2281 28°,, p78 781 492 766 02 26° 161 Pages 111Bank of New York: (Continued) Staff: (Continued) Etcheverry, B. E., Mr. Case authorized to transfer employee from another department of bank to replace, as he has been employed by FRBank of San Francisco 6/26 Ferguson, G. W., Assistant General Auditor, salary approved 3/29 for 1935 Fitchen, Paul R., Assistant Examiner, appointment as examiner approved 11/30 French, E. C., Manager, salary approved for 1935 3/29 Gidney, Ray M., Assistant FRAgent: Reappointment for 1935 1/ 2 Reappointment for 1936 12/28 Salary approved for 1935 3/29 Harrison, George L., Governor: Bank for International Settlements, desire of President and Secretary Morgenthau that he accept directorship in and desire of State Department for American representation on Board of 8/21 Discussion by Board members, Messrs. Miller and Wyatt to prepare memo on, no objection to attendance at meetings as unofficial observer 8/21 Memoranda prepared, supplemental memo of Mr. Wyatt, if question arises during absence of Governor Eccles, action to be deferred 8/23 Memo on right of YRBoard to restrict rediscount of acceptances based on exports of munitions of war, prepared when assistant counsel of Board, request for copy of, by Mr. Logan, approved 12/27 Salary approved for 1935 3/29 Visit of Mr. Catterns of Bank of England to U. S. to keep contact, no objection, if any conferences are reported in accordance with Sec. 14(g) of FRAct 11/ 8 Reply to Governor Harrison advising of action 11/ 8 Hartley, J. H., Chief of Credit Department, salary approved for 1935, position is non-official and appraised 3/29 Hazeltine, Arthur N., temporary designation as examiner approved 2/ 6 Board approves permanent appointment as examiner 7/ 2 Heemsath, John, salary increased under existing authority, no objection 1/23 Hudson, Alfred J., Chief, Note Issues Department, appointment to assist FRAgent in issue and retirement of FRnotes 12/ 5 Reappointment for 1936 12/28 Tones, J. W., Assistant Deputy Governor, salary approved for 1935 3/29 Kilduff, J. Lawrence, appointment as examiner approved 1/ 9 Kimball, H. H., Assistant Deputy Governor, salary approved for 1935 3/29 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1498 787 2601 787 2 2883 786 1776-7 1778-9 1790 2373 786 2301 2317 787 378 1565 207 2631 2883 787 85 787 pages 162 FRBank of New York: (Continued) Staff: (Continued) Knoke, L. W., Assistant Deputy Governor, salary recommendation discussed and increase approved Advice of action Leaves of absence, no objection to extension of annual leave in excess of regular period in limited classes of cases specified in Mr. Sailer's letter without obtaining advance approval H., appointment as examiner approved William Lee, Deputy Governor and General Counsel, salary S., W. Logan, recommendation discussed and increase approved Advice of action Lotts, George, salary increased under existing authority, no objection Matteson, W. B., Assistant Deputy Governor, salary approved for 1935 McCahill, M. C., Manager, salary approved for 1935 McMurray, R. F., Manager, salary approved for 1935 Mitchell, T. A., Manager, salary approved for 1935 Morse, Chandler, transfer to Board's Division of Research and Statistics as junior research assistant with no change in salary Murray, Mae, extension for six months of time of assignment temporarily to position below her salary range Continuance in temporary assignment at salary in excess of grade authorized for additional four months from July 16 Phelan, A., Manager, salary approved for 1935 Phinney, Robert H., appointment to assist FRAgent in issue and retirement of FRnotes Reappointment for 1936 Rice, J. M., Assistant Deputy Governor, salary approved for 1935 V., Assistant FRAgent: Harold Roelse, Reappointment for 1935 Reappointment for 1936 Salary recommendation discussed and increase approved Advice of approval R., Deputy Governor, salary approved for 1935 L. Rounds, F., Deputy Governor, salary approved for 1935 L. Sailer, SAttler, Robert L., appointment as examiner approved Scholl, Mrs. Adele L., resignation as stenographer in Reports Department, replacement authorized Scott, W. A., Manager, salary approved for 1935 Sheehan, William F., Chief Examiner: Appointment to assist FRAgent in issue and retirement of FRnotes Reappointment for 1936 Position considered "official" by FRBank, but has not been heretofore Salary approved for 1935 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/22 3/29 3/21 1/ 9 3/22 3/29 740 781 720 85 740 787 1/23 3/29 3/29 3/29 3/29 787 787 787 787 1390 6/14 1/17 7/22 3/29 12/ 5 12/28 3/29 155 1610 787 26 280 787 2 1/ 2 28 12/28 74° 3/22 786 3/29 786 3/29 786 3/29 65 1/ 9 9/14 3/29 1911 , 70' 20 12/ 0 35 12/28 3;; 3// 766 163 Pages 111Bamk of New York: (Continued) Staff: (Continued) Snyder, Carl, General Statistician: Retirement allowance, contribution by Bank to increase, approved, and payment of salary to end of April 3/27 approved 3/29 Letter advising of action presented and approved Salary recommendation for 1935, pointed out that Board approved payment of salary only until April 23, 3/22 1935, not approved 3/29 Advice of action Sproul, Allan, Assistant to Governor: 7/24 Leave, granting of two weeks additional approved 3/29 Salary approved for 1935 Stenographer in Reports Department, filling of vacancy caused 9/14 by resignation of Mrs. Scholl, authorized Stryker, Jere V. D., Chief, Records and Analysis: Appointment to assist FRAgent in issue and retirement of 12/ 5 FRnotes 12/28 Reappointment for 1936 1/23 Salary increased under previous authority, no objection 1/15 Thomas, Dr., to be retired 3/29 Tiebout, T. G., Assistant Counsel, salary approved for 1935 Transfer of employee from another department of bank to replace Mr. Etcheverry in Reports Department au6/26 thorized 3/29 Treiber, W. F., Assistant Counsel, salary approved for 1935 Trimble, R. F., Assistant Counsel (temporary), salary ap3/29 proved for 1935 Turkus, S. Herbert, Assistant Examiner, appointment as ex11/30 aminer approved 3/29 Van Mouton, C. N., Manager, salary approved for 1935 3/29 Waters, I. W., Manager, salary approved for 1935 appointment as Examiner West, George H., Assistant Examiner, 11/30 approved Howard, increased under preExaminer, salary Wighton, H. 1/23 vious authority, no objection Economist: John H., Williams, Arrangement for part time services at one-third regular 10/22 salary renewed, approved of present meeting Federal Open situation, at Credit Market Committee, statement re three problems presented in consideration of control of excess 12/17 reserves 3/29 Salary approved for 1935 3/29 Willis, V., Manager, salary approved for 1935 York and Sawyer, architects, bank authorized to have survey made of building to report on air conditioning 4/ 2 entire building of Philadelphia: krlaws, amendment noted in connection with examination report authorizing service of Mr. McIlhenny as Deputy Governor, Cashier and Secretary 5/ 1 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 773 793 740 786 1643 786 1917 2631 2883 207 134 787 1498 787 787 2601 787 787 2601 207 2144 2732-4 786 787 825 1034 164 FRBank of Philadelphia: (Continued) Charge off of own on bank building authorized 1/ 2 Contacting banks, information furnished, assumed that in further reports information and conclusions as requested by Board in X-9100 will be furnished 2/14 Custody of notes and acceptances pledged to secure FRnotes, letter to Mr. Austin suggesting that individual in Discount Departulent who has sole duty, might be assigned to do other work in department as at other FRBanks 4/ 9 Examination report of Nov. 17: Designation of examiners for Industrial Advisory Committee, expenses of affiliation with clearing house, offices held by Mr. McIlhenny, suit for recovery on tax anticipation note, elective civic positions held by employees, irregularities in connection with Main Line Trust Co. and Mr. McLaughlin 2/18 Noted that bylaws have been amended, comments on irregularities in connection with Government security subscriptions by Main Line Trust Co. 5/ 1 certificates, old series, question of sending to Treasury Gold for cancelation and redemption those received before April 5, 1933, FRAgent to be instructed to surrender to FRBank for satisfactory colleteral 8/ 6 Telegram directing withdrawal by FRBank of old form certificates on substitution of acceptable collateral for ERnotes 8/ 7 Withdrawal by FRBank, reply to Mr. Sinclair that there is no objection to awaiting return of Mr. Austin, advice to Mr. Post 8/15 Industrial advances: Chapman-hams Co., reply to Mr. hams on difficulties encountered in getting applications approved by FRBank 4/ 1 Reply to Mr. llama on further letter 4/19 Demand for credit not being met, reply to Mr. Austin that stress should be laid on bank's willingness to make loans to counteract influence of disappointed applicants 4/ 4 Watsontown Table & Furniture Co., Watsontown, Pa., reply to Mr. Rombach on refusal of FRBAnk to make loan to 2/21 Officers, opinion of Mr. Austin that governor and senior deputy governor could be appointed only until March 1 and salaries approved until that time, reply that all deputy governors and their salaries should be limited to Feb. 29, telegram to other FRBanks quoting 12/28 Personnel classification plan: Changes recommended, approved, position of Chief Examiner made "appraised", salary and appraised position approved for executive secretary of Industrial Advisory Committee, maximum salary not approved, salary approved for Mr. Bartholomew in excess of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis grade 2/ 7 pages 11 4513 875 471 054 17°5-1 1716 1159 809 959 511 2619' 59 165 Pages 11113emk of Philadelphia: (Continued) Personnel classification plan: (Continued) 869 4/9 Changes approved 652 3/13 approved decreased, range "Examiner", salary Secretary Executive Chief Examiner, covering Form A pages and Investigator for Industrial Advisory Commit578 3/4 tee, revised pages approved Post office, letter to Postmaster General supporting request of FRBank that it be permitted to continue making shipments of currency from present main post of973 4/23 fice Salaries of officers: 266 1/29 Approved for 1935 Opinion of Mr. Austin that they should be approved for governor and senior deputy governor only until March 1, 1936, reply that salaries of all deputy governors should be limited to Feb. 29, telegram to 12/28 2879-82 other RBanks quoting Salaries of officers and employees, reply to Mr. Austin on reasons why they need not be comparable with sal472 2/18 aries paid by commercial institutions Staff: Austin, Richard L., FRAgent: Redesignated FRAgent for 1935 with understanding that • 2 1/2 designation is terminable at pleasure of Board and term year Reappointed Class C director for three 11/29 2568 redesignated FRAgent until Feb. 29, 1936 266 1/29 1935 Salary fixed for examiassistant as temporary, appointment, Baldt, Carl B., 669 3/14 ner approved Bartholomew, salary approved in excess of salary range, but 393 2/7 Board unwilling to increase maximum to Governor reply employee, former H., Bertram Bradshaw, Norris on reporting abstraction of stock cer11/ 2 2245 tificate to Attorney General Davis, W. J., Assistant Deputy Governor, salary approved 266 1/29 for 1935 Donaldson, L. E., Assistant Deputy Governor, salary approved 266 1/29 for 1935 Dorsch, Raymond M., Assistant Examiner, appointment as Ex12/24 2831 aminer approved 266 1/29 Earl, Samuel R., Assistant Cashier, salary approved for 1935 Fenner, Zell G., Acting Assistant FRAgent: 14 1/3 Appointment and salary as Chief Examiner approvedAdvice of approval by Board on Tan. 3, Committee on Salaries and Expenditures recommends position 392 2/7 be made "appraised", approved 3 1/2 Reappointment for 1935 2884 12/28 Reappointment for 1936 Bill, Ernest C., Assistant FRAgent: 3 1/2 Reappointment for 1935 2884 12/28 1936 Reappointment for 266 1/29 Salary fixed for 1935 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 166 FRBank of Philadelphia: (Continued) Staff: (Continued) Hill, E. C., Assistant FRAgent: (Continued) Situation which may arise out of rehabilitation of Bank of Auburn, Mr. Austin of opinion that any charges which may be preferred against, are wholly un4/ 9 founded 1/29 Hutt, Wm. H., Deputy Governor, salary approved for 1935 MacCoy, Brittain, Evans and Lewis, Counsel, retainer approved 1/29 for 1935 1/29 McCreedy, William G., Comptroller, salary approved for 1935 Salary approved as Assistant Deputy Governor, request for effective date of appointment and noted that Mr. McCreedy's duties to be performed by the 5/ 3. Chief Auditor A,, Deputy C. Malhenny, Governor, Cashier and Secretary, 1/29 salary approved for 1935 Daniel V., McLaughlin, name mentioned in connection with irregularities at Main Line Trust Co., investiga2/18 tion requested Noted that he is not believed to be connected with irregularities in connection with Government security 5/ 1 subscriptions by Main Line Trust Co. Morris, Glenn K., Assistant Cashier, salary approved for 3935 1/29 Moss, salary fixed and position made appraised, maximum salary recommended would be in conflict with Board's letter of Jan. 9 2/ 7 Norris, Geo. W., Governor, salary approved for 1935 1/29 Post, Arthur E., Assistant FRAgent: Reappointment for 1935 1/ 2 Reappointment for 1936 12/28 Salary fixed for 1935 1/29 Rehfuss, J. Frank, Acting Assistant FRAgent: Reappointment for 1935 1/ 2 12/28 Reappointment for 1936 Retirement of employees, reply to Governor Norris authorizing payment to Retirement System of additional suns to provide increased allowance for 8 12/27 Sinclair, John S., Deputy Governor, salary approved for 1935 1/29 Special assistants to examiners, designation of five employees of discount department as, approved 4/16 Assistant Cashier, salary approved for 1935 M., James Toy, 1/29 FRBank of Richmond: Charters of State member banks, procedure for obtaining accurate copies of amendments to, no objection 5/29 Circular No. 190, Discount rates, specific references to maturities of paper should be eliminated and announcements should include reference to relevant sections of FRAct 3/11 Industrial advances: Edwin C. Bennett Pottery Co., Baltimore, Md., reply to National Recovery Administration that Board considers individual borrowers as confidential but that company has been granted two loans 5/25 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis page 266 266 266 1°53 266 479 1054 266 266 2 2684 266 5 2684 2971 266 266 646 1°) 167 Pages RBalik of Richmond: (Continued) Industrial advances: (Continued) Reimbursement by Treasury for, reply to Governor Seay on requesting from Treasury Legislation proposed by North Carolina State to abolish its supervision over State banks, leaving function to F. D. I. C. and FRSystem, no objection to representative of FRBank attending hearing on Plan: classification Personnel Changes, letter to Mr. Walden, in accordance with the action of the Board on Jan. 23, requesting reconsideration in light of Board's letter of Jan. 5 Industrial Advisory Committee, positions of Examiner for, and Secretary to, and Industrial Loans Examiner, approved, other changes approved Reserves: Depreciation on other real estate, authorized to make usual addition to Net earnings, except nominal sum, remaining after payment of dividends, authorized to transfer to Salaries: Officers, approved for 1935 Payment six months after date of resignation, noted that directors have authorized for Mr. Peple Staff: Broaddus, R. H., Deputy Governor, salary approved for 1935 Dillard, W. W., Assistant Cashier, salary approved for 1935 Epes, Travis F., Auditor, salary approved for 1935 Fry, X. G., Assistant FRAgent: Reappointment for 1935 Reappointment for 1936 Salary fixed for 1935 Garrett, S. T., Manager, Bank Relations, salary approved Heeke, J. Raymond, temporary assignment to lower salaried grade, approved Hoxton, Wm. W., FRAgent: Redesignated FRAgent for 1935 with understanding that designation is terminable at pleasure of Board Reappointed Class C director for three year term and redesignated FRAgent until Feb. 29, 1936 Salary fixed for 1935 Johnstone, A. S., Manager, salary approved for 1935 Keesee, George H., Cashier and Secretary, salary approved Peple, Charles A,, Deputy Governor: Resignation submitted and noted that directors authorized payment of six months' salary in advance Salary approved for 1935 Roberts, Mrs. Emma B., temporary assignment to position in lower salaried grade, approved Seay, George J., Governor, salary approved for 1935 Shepherd, R. L., Acting Assistant FRAgent: Reappointment for 1935 Reappointment for 1936 Renewal bond http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/ 3 31 3/18 702 1/29 279 1/23 210 12/28 2890 12/28 2889 1/29 268 8/26 1797 1/29 1/29 1/29 268 268 268 1/2 12/28 1/29 1/29 3 2884 268 268 11/ 5 2250 1/2 2 11/29 1/29 1/29 1/29 2568 268 268 268 8/26 1/29 1797 268 11/ 5 1/29 2250 268 1/2 12/28 11/19 3 2884 2418 168 FRBank of Richmond: (Continued) Staff: (Continued) 9/13 Smart, R. Henry, appointment as assistant examiner Walden, J. S., Jr., Controller: Conference on functional expense reports, to be requested 2/ 6 to attend at Cleveland on Feb. 18 approved for 1935 Salary 1/29 Wallace, M. G., Counsel, salary approved for 1935 1/29 Waller, Edw. Jr., Assistant Cashier, salary approved for 1935 1/29 FRBank of St. Louis: Examination: Report, reply to Mr. Wood on opinion that accounting for crops on two farms acquired by FRBank should not be turned over to Department of Justice, comments on recommendations for disposition of profits arising from operations of Liberty Loan Associa3/ 4 tion Report as of September 21 12/21 Insurance, contributory group life policy, no objection to a new policy which will not cost anything if dividends are paid as anticipated 6/29 Jefferson National-Expansion Memorial, reply approving contribution to in view of benefit to FRBank property 3/5 Liberty Loan Association which was taken over, reply to Mr. Wood that disposition of accounts of, should be taken up with Treasury 9/28 Personnel classification plan: Changes in approved, and at Louisville branch 2/ 6 Changes approved 9/20 Changes approved 12/21 Reserves, net earnings remaining after payment of dividends, authorized to transfer to 12/28 Salaries: Officers, approved for 1935 1/29 Officers and employees, reply to Mr. Wood that Board appreciates conservative policy followed 2/ 7 Staff: Attebery, O. M., Deputy Governor, salary approved for 1935 1/29 Bailey, L. H., General Auditor, salary approved for 1935 1/29 Cass, Lee George, appointment as assistant examiner approved 1/29 Debrecht, A. E., Assistant Auditor, salary approved for 1935 1/29 Gilmore, S. F., Controller, salary approved for 1935 1/29 Haill, A. H., Controller, salary approved for 1935 1/29 Hall, F. N., Controller, salary approved for 1935 1/29 Hollocher, G. O., Controller, salary approved for 1935 1/29 Martin, Wm. McC., Governor: American Institute of Banking, no objection to serving as member of Board of Regents of Graduate School of Banking 1/ 4 Salary approved for 1935 1/29 McConkey, J. G., Deputy Governor and General Counsel, salary approved for 1935 1/29 Mueller, Fred J., appointment as assistant examiner approved 1/29 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis page i° 375 268 268 268 579 2806 1549 593 203 380 1966 2802 268 272 596 272 212 261 20 20 20 20 272 20 20 261 169 Pages /11Bank of St. Louis: (Continued) Staff: (Continued) Parker, Frank S., Acting Assistant FRAgent, reappointment for 1935 1/ 2 12/28 Temporary reappointment Peterson, William E., Acting Assistant FRAgent, reappoint1/ 2 ment for 1935 12/28 Temporary reappointment 1/29 Phillips, 0. C., Controller, salary approved for 1935 Schroeder, Paul E., appointment as examiner approved 1/29 Stewart, C. M., Assistant FRAgent: Reappointment for 1935 1/ 2 12/28 Reappointment for 1936 1/29 Salary fixed for 1935 Wood, John S., FRAgent: Redesignated FRAgent for 1935 with understanding that 1/ 2 designation is terminable at pleasure of Board 11/29 Redesignated until Feb. 29, 1936 1/29 Salary fixed for 1935 Surplus (Sec. 13b), reply to Governor Martin that it is understood that credit entry is result of failure to charge with correct amount, request correction 1/15 --, of San Francisco: sank failures in Utah, reply to Mr. Sargent to make information in RBank available to Mr. Garlock, Bureau of Agricultural Economics, in study of, on same basis Chief National Bank Examiner Madland was authorized by Comptroller 10/ 9 Reply to Mr. Sargent re procedure and records to be furnished 10/11 9/ 9 Classification of member banks for electoral purposes Examination: Affiliates of State member banks, cost of, reply to Mr. Sargent on assessment of 8/19 State member banks, policy to be followed in, particularly with reference to larger California banks, reply to Mr. Sargent 8/30 Pees and allowances of directors for 1935 approved 1/10 notes: 7/26 Additional printing of 10 dollar denomination requested Vault stock, no objection to leaving under examiners' seal in vault and issuing notes bearing subsequent serial numbers 10/15 Industrial advances: John Wieland Brewing Co., San Francisco, Calif., reply to Senator Lewis on letter and memo of Mr. Metzenbaum regarding application for loan 3/14 Liberty loan association which was taken over by FRBank, reply to Mr. Hale that disposition of accounts of, 9/28 should be taken up with Treasury Officers, transcript of hearing of Mr. Giannini, request of FRBank for any part of, referring to officers of, complete transcript forwarded to Mr. Moore 12/26 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3 2885 3 2885 272 261 3 2885 271 2 2568 271 137 2066 2079 1889 1766 1843 91 1657 2094 671 2024 2849 170 FRBank of San Francisco: (Continued) Personnel classification plan: 1/31 Change approved Changes approved at head office and branches, principally in connection with work relief checks and industrial 11/ 8 loan activities Reserves: Additional, on head office, Salt Lake City and Los Angeles 12/30 branch buildings, authorized Profits from sale of government securities, authorized to transfer balance after payment of dividends to "Reserves for losses not elsewhere provided for" 12/28 Retirement allowances, reply to Governor Calkins on granting to employees 65 years of age, in excess of allowance to which they are entitled under retirement system officers, reply to Mr. Moore, requesting reconsidSalaries of eration of recommendations which are not in harmony with Board's letter of Jan. 5, and advising that Board feels new study should be made 1/29 of personnel classification plans Letters from Governor Calkins and Mr. Moore urging approval 3/22 of recommendations made, approved 3/29 Salary letter approved Staff: Agnew, A. C., Counsel: 3/29 Retainer approved for 1935 8/ 2 Salary, information re, transmitted to Congressman Lea Armstrong, H. D., Attorney (temporary), information re 8/ 2 salary transmitted to Congressman Lea Calkins, J. U., Governor: Leave of absence requested for three months due to ill3/ 4 ness, approved if agreeable to FRBank directors 4/19 Approved President, statement of A. P. Giannini that if he is being considered for position, he wishes to pre11/22 fer charges 1935 3/29 for approved Salary Governor, 3/29 Deputy salary approved Ira, for 1935 Clerk, Conklin, Maxwell R., appointment and salary as junior research assistant in Board's Division of Research and Statistics 4/17 3/29 Governor, Deputy salary 1935 A,, approved for W. day, 3/29 Earhart, C. E., Assistant Cashier, salary approved for 1935 Etcheverry, B. E., appointment and salary in Division of 6/18 Analysis and Research approved Examiners, appointments have been approved, advice to Mr. Sargent that there is not any necessity to sub12/18 mit names for reapproval Examiners, assistants, designation of four employees as, approved 12/18 11/29 FRAgent, Board to take no action to fill vacancy http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis page' 318 23°6 2899 2888 276 759 188 789 1° 1685 954 2464 799 799 943 789 140 171 Pages FRBE1nk of San Francisco: (Continued) Staff: (Continued) 3/29 788 Hale, W. M., Cashier, salary approved for 1935 3/29 789 Hardy, R. T., Auditor, salary approved for 1935 Heim, H. B., Board approved temporary designation as examiner on Nov. 1, 1934, no objection to continuation of 405 2/11 services Hodges, L. W., Attorney (temporary), information re salary 8/ 2 1683 transmitted to Congressman Lea 789 3/29 Holman, F. H., General Auditor, salary approved for 1935 789 3/29 Mailliard, E. C., Assistant Cashier, salary approved for 1935 Mangels, H. N., Assistant Cashier: Conference on functional expense reports, to be invited 375 2/ 6 to attend at Cleveland on February 18 789 3/29 Salary approved for 1935 789 3/29 Maitchie, M., Acting Assistant Cashier, salary approved 789 3/29 for 1935 approved salary Osmer, T. M., Assistant Cashier, 789 3/29 1935 for approved salary Cashier, Phillips, C. D., Assistant Sargent, S. G., Assistant FRAgent: 7/16 1611 Bond of 6 2 1/ approved appointment for 1935 of Continuance 12/28 2887 Continuation of appointment for 1936 652 3/13 Leave of absence on account of ill health approved 788 3/29 Salary approved for 1935 Sims, E. F., Board approved temporary designation as examiner Nov. 1, 1934, no objection to continuation of 405 2/11 services 789 3/29 Slade, H. F., Assistant Cashier, salary approved for 1935 Sonne, H. A., Assistant Chief Examiner: Appointed Acting Assistant FRAgent only for period of Mr. 653 3/13 Sargent's absence 696 3/18 Bond of 2754 12/18 Appointment as Chief Examiner Wheeler, Oliver P., Assistant FRAgent: 6 1/ 2 Continuance of appointment for 1935 approved 2887 12/28 Continuation of appointment for 1936 788 3/29 approved for 1935 Salary N;anks: Assessment for Board's expenses: 6/21 Resolution levying, for expenses of Board, July 1-Dec. 31 new buildBoard's for amount including Resolution levying, 12/30 ing 11/ 2 form 34 changes in sheet, Balance approved, functions, statistical and analytical for Budgets FRAgents to be advised to keep expenditures 5/ 6 within limits Building Account of ERBoard, telegram to governors to credit 80% of portion of assessment subject to call for, 1/19 and telegram to Governor Seay on BYlaws, revision, suggestion as to, in proposed telegram by Chairman Eccles, in light of amendments to law and with object of uniformity, procedure looking toward uniformity agreed upon, question of power of executive committees to pass on rates 12/28 http://fraser.stlouisfed.org and as to chairmanship of Federal Reserve Bank of St. Louis 1439 2899 2242 1067 185 2880-1 172 FRBanks: (Continued) Bylaws: (Continued) Mr. Morrill and Mr. Wyatt to draft letter suggesting procedure tending toward uniformity 12/28 personnel, included in revised list of topics for Career system for consideration of officers and directors, by Governor Eccles 2/ a u 5/22 Decided not to be placed on Governors' Conference program (see also infra List of topics) Charge offs: Board's new building and site, should not be carried as asset and authorized to charge assessments to profit 12/28 and loss Recommendations re, for end of year, and setting up reserves, 12/28 approved Contacting member and nonmember banks to bring to attention facilities of System, including industrial loans, find outlets for funds and gather data, plan of FRBank of Chicago, similar program to be worked out and suggested to other FRBanks 1/ 9 Draft of letter to FRAgents presented by Mr. Szymczak, to be amended to request views of directors on proposed activity 1/18 Letter presented and approved 1/21 Couzens, Senator James, correspondence exchanged with Mr. Miller on claim that a FRBank had used its position to further its own interests, Mr. Miller to reply 4/27 Credit situation, question on list of topics suggested by Governor Eccles for consideration of officers and directors, as to whether conmercial banks are doing all in their power to improve, and if FRBanks might take any steps 2/ 4 (See also infra List of topics) Currency shipments, description of, and inclusion of some new currency in each, copy of letter of Third Assistant Postmaster General suggesting, sent to IPBanks with request for feasibility and cost 3/25 designation as "senior" not favored as part Governors, Deputy of title 1/10 Destruction of records, suggestion of Mr. Peyton that committee be appointed to review present procedure, letter to Governor Calkins that Board is in sympathy with suggestion 2/ 6 Telegram to Governor Calkins on appointment of committee to review procedure re, on notification of names of appointees, Board will request Mr. Stevens to designate representatives of FRAgents departments 3/21 Committee, appointment by Governor Calkins of Messrs. Sailer, Logan, Parker and McLarin, advice of, to Mr. Stevens and request that he appoint two members to consider questions relating to IRAgents' departments 4/ 1 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Pages 2° 317 122° 2889 288&" 82 144 197 1004 358 762 90 730 610 173 Pages 11111anks: (Continued) Destruction of old records: (Continued) Advice to Governor Calkins that Mr. Stevens has appointed 4/12 Messrs. Swanson and Prugh subplan Dismissal wage for employees separated involuntarily, mitted by FRBank of Cleveland, adequacy for aged employees questioned, memo of Mr. Vest re right 6/26 to pay, suggestion of uniform practice Compulsory retirement at 65 suggested, FRBanks authorized to pay, to be in addition to supplemental contributions to retirement allowance, compulsory retire6/26 ment to be referred to Governors' Conference Telegram to Governor Fleming approving for FRBank of Cleveland and advising that letter to all FRBanks 6/27 will follow Letter to all FRAgents in accordance with action of Board 7/ 1 of June 26 Policy of FRBank of New York, reply to Mr. Sailer that there is no objection to answering questionnaire re, 7/ 8 from Mr. Hawkins of Princeton University Dividends: Payment authorized and attention called to fact that for FRBanks of Philadelphia, Minneapolis and San Francisco it exceeds current net earnings 6/26 12/28 Payment authorized Earnings: Absorption of costs of shipping currency to nonmember banks by FRBanks, statement of Governor Eccles re careful consideration of question in view of future 10/25 prospective earnings position of FRBanks Effect of excess reserves of member banks on, statement by Dr. Goldenweiser, topic for Governors' Conference, meeting to be held Saturday to hear 5/22 statement 5/25 Time for statement left for later determination 5/28 Statement made Maturities of securities in FRSystem account, statement of Governor Harrison that by making certain shifts in, consideration of earnings can be eliminated 10/24 from open market policy 4rnings and expense reports and profit and loss statements, revised instructions for preparation sent to 5/18 governors tconamic and statistical divisions: McAdoo, Senator, reply on letter of Prof. Young protesting 2/ 2 against "abolition" of Usefulness to officers and directors and value of monthly reviews suggested by Governor Eccles as topic 2/ 4 for consideration of officers and directors (See also infra List of topics) http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 920 1484-5 1485-6 1529 1556 1586 1519 2888-91 2182 1218-9 1225 1254 2161 1172 342 359 174 FRBanks: (Continued) Employees: Involuntary separation from service before age 65, reply to Mr. Strater that Board will await replies to Mr. James' letter re supplementary retirement allowance for, before acting on recommendation of Governors' Conference to allow payment of up to six months' salary in such cases 6/12 Release of surplus, question of policy as to, raised by Mr. James, cannot be disposed of until reorganization of Board 10/21 Retirement, compulsory, of those reaching 65 years of age, statement of Mr. James on, matter that cannot be disposed of before reorganization of Board 10/21 Social Security Bill, letter to Senator Harrison requesting that they be exempted from provisions of 5/29 Examinations, Mr. Paulger instructed to make at least one examination of each bank in 1935 1/18 Executive committees, question of power to pass on rediscount rates and as to chairmanship of 12/28 Federal Power Act, applicability to directors and officers of Sec. 305(b) of, reply to Mr. Curtiss that if any case arises involving, Board will submit to Federal Power Commission for ruling Advice to FRAgents that Commission will not be able to rule before Oct. 25 10/21 FRnotes, government securities as collateral for, Presidential proclamation extending period for two years within which Board may authorize FRBanks to pledge securities, authorized to continue 2/26 Fiscal agency expenses: (See Infra Reimbursement) Functional expense reports: Meeting to be held on Feb. 18, statement of Mr. James before Governors' Conference, to attempt to bring about more nearly uniform costs, and that Messrs. Mangels, Snyder, Ross, Walden and Myrick would be requested to attend, to be held at Cleveland because of Governor Fleming's familiarity with subject 2/ 6 Memoranda on presented by Mr. lames before Governors' Conference, copy to be sent FRBanks 5/28 (See also Reports) Fundg received from Secretary of Treasury under Sec. 13(b) of FRAct, instructions for reporting 1/ 8 Gold certificates, old series, all except FRBanks of Chicago, New York, Cleveland and Philadelphia have surrendered to Treasury for cancelation and redemption, FRAgents at those four banks to be instructed to surrender to ERBanks for satisfac8/ 6 tory collateral Telegram directing withdrawal by FRBanks of Chicago, New York, Cleveland and Philadelphia of old form certificates on substitution of acceptable collateral for FRnotes 8/ 7 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis pages 1364 2135 2135 1 176 2881 214 538 374 1260 1116 175 Pages 4nks: (Continued) Industrial advances: (Continued) Activities, feeling of Federal Advisory Council that they should continue and not turn over to R. F. C., statement of Mr. Szymczak that banks feel they should continue, commitments increasing, Beckman Report to support claim that FRBanks have 2/19 done all possible Question raised as one of list of topics suggested by Governor Eccles for consideration by officers and directors, and if it should be transferred 2/4 to R. F. C. (See also infra List of topics) Discussion with Governors' Conference of whether it should be continued, Governors feel that all possible has been done, Question of continued service of Industrial Advisory Committeemen without 5/28 compensation Earnings and losses on, advice to FRBanks to follow same procedure in accounting as at end of 1934 12/28 Furniture manufacturers, reply to Furniture Code Authority on request for information as to advances made 5/25 to Information requested from Governors as to extent to which different lines of business and industry have 3/ 7 applied for credit Information re, telegram to FRAgents that there is no objection to furnishing to Prof. Dolley, University of Texas 8/ 7 Interest rates, copies of Mr. Currie's memoranda and memorandum of Mr. Szymczak on recommendations, review to be made prior to next Board meeting and latter to be prepared to make recommendation 1/23 Loans made, tables forwarded to Bureau of Foreign and Domestic Commerce showing in detail 4/ 4 Pamphlet prepared by Mr. Creighton, material gathered by FRBoard, sent to Chairmen of Industrial Advisory Committees as possible basis for issuance in their districts, copy of letter sent to governors and FRAgents 1/17 Press comment, FRBanks requested to forward clippings, etc., to Board 6/ 4 Procedure, copy of letter from Deputy Governor Fleming, sent to all governors 1/ 2 R. F. C., agreed advisable, in connection with legislative program, not to say anything about taking over of entire work by 1/23 Reports furnished to FRBoard, other than regular forms may be discontinued, Board desires explanation of any unusual changes in weekly reports, and list of outstanding advances may be furnished quarterly in future 6/18 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 489 358 1261 2890 1240 614 1719 211 843 157 1306 7 211 1418 pages 176 FRBanks: (Continued) Industrial advances: (Continued) Reports submitted to Secretary of Treasury, reply to Mr. Coolidge explaining distribution of expenses, which exceed earnings, between surplus, Sec. 5/ 8 10 13b and surplus, Sec. 7 Review of advances and commitments, request expedition of advances and that stress be laid on advances through financing institutions, advice that there appears to be need for working capital 3/22 749 advances Review of work to be prepared by Mr. Adams for publication, temporary appointment of Mr. Adams for purpose, opposed by Mr. Miller 5/11 1V1 Statement by Mr. Szynczak on activities to be topic for Gov5/22 1218 ernors' Conference Statement made 5/28 1255 "Instructions Governing the Preparation of Earnings and Expense reports and Profit and Loss statements", revised copies sent to governors 5/18 1172 Insurance of Rnote shipments, letter to Governor Calkins explaining that they would not be covered any longer under Treasury policy, Insurance Committee to consider procedure to be followed 6/ 7 1559 Liberty loan associations, assets and liabilities of which were taken over, request for status of existing accounts 6/12 1565 Liquor in interstate transportation, letter to RBanks calling attention to provisions of Criminal Code making it unlawful to collect price of, or act as agent in connection with, bill to repeal is in Congress 4/29 1°21 Letter to Governor Calkins suggesting consideration of uniform practice in accepting drafts covering purchase price, in view of Sec. 239 of Criminal 110 Code 6/12 Letter to Governor Calkins that since sending letter, Board has been advised of action of Governors' Conference 6/21 1441 List of topics suggested for consideration by officers and directors by Governor Eccles, to be presented to Governors at meeting of Federal Open Market roe Committee 2/ 4 (1 Submitted to Governors at meeting of Federal Open Market 37° Committee, to be furnished to them in memorandum 2/ 5 376 Revised, presented to Governors 2/ 6 Statement read by Governor Eccles before Governors' Conference regarding replies received to Board's letter of Feb. 6 5/26 10 Expression of appreciation by Governor Harrison for procedure, and sending copies of summary of replies to FRBanks 5/28 12° http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 177 Pages atks: (Continued) Losses, reply to Congressman Rich that information, and especially as to FRBank of Philadelphia, is being compiled and will be forwarded on completion 8/ 2 Mailed matter, letter requesting practice as to placing coupons, bonds, etc., in ordinary mails, in accordance with request of Mr. Ellenberger for information, and reply to latter 2/26 Practice of various FRBanks as to sending coupons, bonds, etc., in mails not uniform, referred to Governors' Conference and advice to Mr. Ellenberger 5/14 Officers: Appointees or representatives, reply to Mr. Curtiss that request for rulings re applicability of Sec. 17(c) of Public Utility Act and Sec. 305(b) of Federal Power Act re, will be deferred pending issuance of regulations by Securities and Exchange Commission and Federal Power Commission 9/21 Appointments of governors and deputy governors, question raised as to limiting to Feb. 29, and limiting salaries, telegram to FRAgents advising of action 12/28 Bank stocks, suggestion by Governor Eccles of topic for consideration of, as to advisability of declaring policy that officers and employees should not acquire 2/ 4 (See also supra List of topics) Federal Power Act, reply to Mr. Curtiss that if any question arises involving applicability of Sec. 305(b) of, Board will submit to Federal Power Commission for ruling 10/11 "Official" positions, letter to Mr. Case on designation of Chief Examiner as official, that Board desires views of other FRBanks before making changes, letter to the other FRBanks requesting review of official designations 3/21 Personnel, career system, establishment included in revised list of topics submitted to Governors by Governor Eccles for consideration of officers and directors 2/ 6 (See also supra List of topics) ersonnel classification plans: Conference suggested by Governor Eccles of representatives of all banks to review 1/16 Compulsory retirement benefits, suggestion of Governor Eccles that consideration be given to, in connection with 1/23 FRBank of New York, advice to Mr. Case that Board feels review should be made and will call conference 1/23 Revision, statement of Mr. James before Governors' Conference that conference is to be held soon on, letter to FRBanks being prepared 2/ 6 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1683 539 1132 1986 2879-432 359 2077 718 377 146 211 220 375 178 FRBanks: (Continued) Personnel classification plans: (Continued) Conference: (Continued) Letter to all FRBanks on advisability of calling confer2/ 7 ence for 3/22 Conference re being arranged Conference to be held in Chicago on April 17, advice to Governors, and letter to Governors on subjects for consideration Statement of Mr. James that conference may result in recommendations of major changes Conference re, sub-committee of Messrs. Walden, Paddock and Sailer, to which certain topics were referred, report of, letter to governors request10/30 ing comments before Board takes action Salary statements of employees, instructions to chairmen 11/22 on making, in order to facilitate checking Statement by Mr. James, topic for Governors' Conference 5/22 Memorandum presented on salaries paid by FRBanks 5/28 Copy to be sent to FRBanks 5/28 Prior liability under retirement system, memo re discharge of, plan of advance payments approved, reserve to be set aside by RBank of Chicago 12/28 Telegram to all governors re charge to current expense for five year period to liquidate 12/30 Publicity, member banks' requests for, including par clearing material, voted by Governors' Conference that furnishing, be left to discretion of individual FRBanks 10/24 Rediscounts for individuals, partnerships and corporations, authorization extended for additional six months 1/ 8 Reimbursement by Treasury and other governmental agencies for services rendered, adequacy of, suggested by Governor Eccles as topic for consideration of A officers and directors 2/ 't Statement of Governor Eccles before Federal Open Market Committee on policy that there should be equitable accounting between Governmental agencies for each other, and agreement of Mr. Coolidge that principle is sound 2/ 5 Fiscal agency expenses, topic for Governors' Conference 5/22 Report of Standing Committee on, made by Governor Fleming informally, Governors' Conference voted to accept as progress report, studies to be continued and extent to be ascertained to which Treasury and Government agencies will make reimbursement 1o/24 (See also FRBanks, List of topics) Reserves, recommendations re, for end of year and charge offs, approved 12/28 Retirement, compulsory of employees and officers, memo of Mr. James presenting memoranda of Mr. Smead and Mr. Cherry re, laid on table pending reorganization of Board 10/25 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis pages 395 741 2226 2474 1219 120 1260 2692 2898 2166 059 ,920 2165 2100 179 Pages FRBaro, ---s: (Continued) Safekeeping, Government securities, reply to Mr. McKay that no action was taken by Federal Advisory Council or FRBoard which alters Board's letter of Tune 1/12 6, 1934 Salaries: Employees: Average salary increases, memo of Mr. James showing, statement that major changes may be made in personnel classification plans and that Board had caused salary cost reductions before 4/11 Statement of Governor Eccles on developing information on efficiency of banks before acting on salaries for 1936 and statement of Mr. Miller that Board's 20 year record is excellent 4/11 Review of salary changes, letter to FRBanks approving, advising that salary cost should not be increased and request for comparison of salaries with those of member banks 4/16 Statements of Mr. O'Connor that they should be raised to reasonable minimums and that they should be 3/22 little better than average Officers for 1935: Recommendations of Committee on Salaries and Expendi1/23 tures reviewed Approved unanimously (except two cases on which in1/23 dividual action was taken) Officers for 1936: Discussion of, not to be topic for Governors' Conference, FRBanks to be advised that no increases should be made except in exceptional cases 10/21 Governors and deputy governors, statement of Mr. James that approval until Feb. 29, 1936, would be consistent with position in appointing FIRAgents 12/26 Question raised as to approving only to Feb. 29, and limiting appointments, telegram to FRAgents advising of action 12/28 Officers and employees: Information re, question raised, in connection with request of Congressman Lundeen, as to policy in furnishing or withholding, determined to fur7/12 nish information Information furnished 7/17 Memorandum presented by Mr. James before Governors' Conference on, copies to be sent to FRBanks 5/28 Policy Board is to follow, letter to all FRAgents 1/5 Reports to Board, letter to all chairmen re, with instructions re, review of increase in average salary, and restatement of Jan. 5, 1935 position of Board re increases 11/22 Sick leave of employees, granting in excess of 30 days, voted by Governors' Conference that each MBank adopt definite procedure re and submit to Board, Governors Hamilton and Martin appointed http://fraser.stlouisfed.org 10/24 to discuss with Board Federal Reserve Bank of St. Louis 103 887 888 929 741 205 206 2135 2844 2879-82 1597-9 1616 1260 44 2474 2165 180 FRBanks: (Continued) Statistical and analytical functions, budgets for 1935 approved and FRAgents to be advised to keep expenditures 5/ 6 within limits Uninvested trust funds of member banks, reply to Mr. Clerk re acceptance by FRBanks of deposits of, should be referred to Governors' Conference 7/1 Voted by Governors Conference that FRBanks be granted permission to accept, Governors Seay, Schaller, Norris and Ileming dissenting 1o/24 FRBoard: (See Board of Governors of FRSystem after August 23,1935) Accounts: Audit: 5/ 6 March 30, reply to Mr. Grayson on suggestions MRMO from Mr. Morrill recommending continuance of performance of function by auditor of MBank of 3/21 Cleveland for another year, approved Procedure, summary statement of, returned to Mr. Grayson with minor changes, to be sent to all FRBanks if 7/24 he approves Names of, Secretary authorized to direct FRBank of Richmond to change in accordance with change in title of 8/21 Board Letter to Mr. Hoxton in accordance with action 8/26 Administration, Assistant Secretaries, recomendation of Mr. Morrill that all three be authorized to sign checks, vouchers, etc., in event of absence 8/15 of any, approved Annual Report, 1934, page proof presented with letter of transmittal, approved and when printed to be sent to Speaker of House and President of Senate and released to press under date of Tune 24, approved 6/24 Banking Act of 1935, approval by President, statement that it would change title of FRBoard to "Board of Governors of Federal Reserve System", present stocks of stationery, checks, etc., to be used up 8/21 Accounts of Board, Secretary authorized to direct FRBank of Richmond to change names to conform to new title, Mr. Miller and Mr. Morrill to give consideration to new design for seal 8/21 .Records required to be kept under, Mr. Morrill and Mr. Wyatt to determine, question of providing for stenographic record of meetings of Federal Open Market Committee 8/21 Inscription on Board's new building to be "Federal Reserve" 8/21 FRAgents, question of appointments, matter to be left for action after Feb. 1, 1936 8/21 Advice of approval of Act by President, press release re, Mr. Miller may prepare memo re effect of Act 8/23 Bill covering cost of reprint of Governor Eccles' speech from Congressional Record, payment approved 2/27 Bills referred to, procedure suggested by Governor Eccles for consideration and reports, approved 2/27 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis peso 1560 2164 1064 717 1646 1780 1801 1760 1444 1° 1180 181 Pares PRI30ard: (Continued) Budget: (See Budget) Eklilding account, telegram to governors of FRBanks to credit 80% of portion of assessment subject to call for, and telegram to Governor Seay on biildincz fund assessment, letters to FRBanks calling remainder of, for deposit in FRBank of Richmond on June 25 BYlaws, revision necessary in connection with proposed review of procedure for handling Board's business and relationships between Board and staff, action deferred pending disposition of pending banking legislation Checks, stationery, etc., voted to use up present supply even though name of Board is changed Counsel's Office: "Official Opinions of the Attorneys General of the United States", purchase for law library authorized Disposal of useless papers, reply to Archivist on procedure which has been followed in past Division of Research and Statistics: Railroad financial investigation, offer of services of Division to be made to aid Senate Interstate Commerce Committee in Letter to Mr. Lowenthal re Works Relief Program, authorized to prepare applications for certain "white collar" projects Division of Security Loans: Smith, Kenneth L., Chicago Stock Exchange, memo from Mr. Perry requesting that he be invited to advise with Division on enforcement of Regulation T, that Board pay expenses for travel and subsistence, approved Docket, items before Board more than 10 days without action, discussion Federal Register Act, memo of Counsel that Board should take steps to file complete compilation of all documents issued by Board prior to Sept. 24, 1935, still in effect as authority for functions and activities Piles, Senate Committee Investigating Munitions Industry, Miss Burns afforded access to certain, on request of Senator Nye Letter to Senator Nye confirming permission PUnds, memo of Counsel recommending that Board take no action toward reporting to Comptroller General under Permanent Appropriation Repeal Act, 1934, approved Reply to Comptroller General that Permanent Appropriations Repeal Act does not apply to, but that Board to be cooperative is furnishing information requested under http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/19 185 6/20 1433 5/ 1 1031 8/21 1779 3/ 4 580 5/21 1204 8/21 8/26 1773 1795 6/26 1493 3/14 669 3/27 773 8/14 1750 7/ 5 7/19 1580 1636 3/ 4 581 5/ 6 1065 pages 182 FRBoard: (Continued) Haskins and Sells, renewal of temporary arrangement with, relative to matters arising under Securities Exchange Act Members: Banking Act of 1935, advice from Governor Eccles that Senator Glass expected to call some members to testify on, probably on Thursday or Friday Eccles, Marriner S., Governor: Addresses made on May 25 and June 5, request to have printed and distributed American Bankers Association Executive Council meeting in Pass Christian, Miss., to attend Appearance before subcommittee of Senate Banking and Currency Committee on Friday, May 10, requested by Senator Glass Banking Act of 1935: (See Legislation) List of topics suggested for consideration of officers and directors of FRBanks, to be presented to Governors at meeting of Federal Open Market Committee (See also FRBanks, List of topics) Oath of office as Reserve requirements, opinion that change in, might be more desirable than sale of Government securities by FRBanks Testimony before 'louse Banking and Currency Committee on Banking Bill of 1935, desire because of misunderstanding of, to send digest of, to FRBanks and member banks, bid for printing by National Capital Press accepted Visit to FRBanks of Boston and New York, report on Executive Committee: Service on, memo of Mr. Morrill suggesting that Board follow system of rotation adopted for 1954, approved Hamlin, C. S.: First National Bank of Ketchikan, Alaska, memo that application for membership should be approved, to prepare review of action and consideration on applications from outside U. S. Mercantile Commerce Bank and Trust Co., St. Louis, Mo., suggestion as to form of letter on disposition of stock of Mercantile Commerce National Bank Oxford Dictionary, memo that if Board will purchase supplement and have bound, he will give set to Board, approved, to be bound by Government Printing Office Payment of sum to Mrs. Black by FRBank of Atlanta, memorandum on Relations with dealers in securities, investment trust, memo opposing interpretation that Sec. 32 is applicable to Century Shares Trust, that it would be going too far to hold section applicable to all investment trusts http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/ 5 ' 15 9 5/22 123 '1 6/14 1384 2/27 545 5/ 6 1°51 2/4 4/27 99q 5/28 1254 4/29 1011 2/27 so 3/14 668 3/22 0'1 3/22 6/ 7 log 1/23 2/13 406 183 Pages koerd: (Continued) Members: (Continued) Hamlin, C. S.: (Continued) Voting permits, statement on problems in issuance and background and reasons for proposed legislation topic for discussion at Governors' Conference Statement made James, George R.: Dismissal wage for aged and long service employees of FRBanks, to submit memo covering Small business, statement suggesting authority to determine financial status as aid in securing adequate capital market for Renewal of suggestion in connection with resolution of Mr. Szymczak that proposed study of financing small businesses is without province of Board Visit to FRBanks of Cleveland, Boston and New York, announced for next week Miller, A. C.: Banks outside of U. S., statement that he is not in accord with statement in letter relative to application of First National Bank of Ketchikan, Alaska, where the Board is unable to see where situation differs from problem presented by banks in communities where there are weak banks Budget of Board, reference to requirement of bylaws that Executive Committee prepare annually Clayton Act, motion that all interlocking directorates be prohibited and that Counsel draft amendment to that effect, lost Correspondence exchanged with Senator Couzens on claim of latter that a FRBank had used its position to further its own interests, Mr. Miller to prepare reply to Senator Couzen's letter Industrial advance to Hudson Motor Car Co., statement on negative vote on telegram authorized by Board to Governors of FRBanks of New York and Chicago Objection to appointment of member of staff by circulation of memorandum for initials and to setting up public relations staff Opposition expressed to placing man in position on basis of administrative considerations, in proposed transfer of Mr. Edmiston Payment of sum to Mrs. Black by FRBank of Atlanta, memorandum on Public relations man, opposition to employment of Rediscount rates, question raised re effect of cheapening money rates, statement on rate and money manipulation to improve business conditions Statement that cheap money, particularly for Treasury financing, will prove to be "dear" money http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/22 1219 5/28 1257 6/26 1485 6/25 1479-81 6/26 1494-5 6/ 6 1325 3/25 753 4/11 886 5/ 1 1025 4/27 1004 3/ 5 588 5/11 1101 5/17 1154 215 1/23 5/ 6 1050 4/27 999 4/27 999 184 page' FRBoard: (Continued) Members: (Continued) Miller, A. C.: (Continued) Research and statistical activities of RSystem, statement on coordination of, placed on list of topics for Governors' Conference 2 1218 5/212 Statement made 5/28 56 Staff of FRBoard, question of procedure in making changes raised by 3/27 Trip to California planned, to leave as soon as architect of Board's building begins preparation of final plans 6/26 1496 Szymczak, M. S.: Appointment of Mr. Fleming as Governor of RBank of Cleveland, report on conferences with Messrs. Williams, Burke and others, and that action of ZS directors was unanimous 1/23 Industrial loan program, statement before conference of 1469 chairmen of Industrial Advisory Committees 6/25 Reasons for not voting on transfer of Mr. Edmiston to Division of Research and Statistics 6/12 1557 Statement on industrial loan activities of FRBanks to be topic for discussion at Governors' Conference 5/22 1210 Statement made 5/28 /255 Thomas, J. J.: Appointment of directors of FRBanks and branches, policy of, statement that he had not seen draft of letter on, before sent out and feeling that Board should not so rigidly restrict its selec160 tions 1/18 Minutes of Jan. 9, not approved because of objection to procedure in sending out letter, minute s approved 1/23 (See also FRBoard, Procedure) Mercantile Commerce Bank and Trust Co., St. Louis, memo on disposition of stock of Mercantile Commerce National Bank, stating belief that it was ac744 complished legally 3/22 Relations with dealers in securities: Foster, Oscar, memo that to deny permit would be to 404 disregard "primarily" in Sec. 32, permit denied 2/13 Individual dealers, memo that Sec. 32 should be held applicable to, ruling reversed 2/13 Investment trusts, memo opposing interpretation holding Sec. 32 applicable to Centur y Shares Trust because of dealing in own 6 stock, Sec. 32 404' held inapplicable to Trust 2/13 Statement by, on interlocking directorate problems under Clayton Act and Sec. 32 of Banking Act of 219 1933 topic for Governors' Conference 5/22 —059 Statement made 5/28 1P Minutes: Executive Committee meetings, approved and action s ratified: 84 Dec. 20 and 21, 1934 i/9 404 January 19 2/11 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 185 Pages koard: (Continued) Minutes: (Continued) Executive Committee meetings, approved: (Continued) February 12 February 25 and 26 March 1 March 13 April 16 and 25 May 8 June 7, 20, 26 and 27 June, 25, with Industrial Advisory Committee representatives July 1, 2, 5, 6 and 10 July 22, 26, 29, 31 and August 2, 5, 12, 14 and 15 August 19 Meetings of Board, approved: Dec. 17, 18, 19, 22, 24, 26 and 27, 1934 January 9, presented and explanation of Mr. Thomas that he had not approved because of objection to procedure in sending out letter on appointment of directors of FRBanks and branches, minutes approved Dec. 28, 29, and 31, 1934, and January 2, 3, 4, 5, 7, 8, 10 and 12, 1935 January 14, 15, 16, 17, 18, 21, 23, 25, 29, 30, 31 and February 1 and 2 February 4, 5, 6, 7, 11, 13, 14 and 15 February 18, 20, 21, 27 and 28 March 4, 5, 7, 8 and 11 March 15 and 18 March 21 March 22, 25, 27, 29, and April 1, 2, 4, 8 and 9 April 11, 12, 17, 19 and 23 April 27 and 29, end May 1, 6, 11, 14 and 17 May 18, 21 and 22 May 25 and 29 June 4, 5, 6, 12, 14, 18, 21 and 24 June 29 July 16, 17, 19, 24 and August 6, 7 and 9 August 21 and 22 Meetings of Board with: Federal Advisory Council on Feb. 19, approved Federal Open Market Committee on Dec. 17, approved Federal Open Market Committee on February 5, approved Federal Open Market Committee on May 28, approved Governors of FRBanks on February 6, approved Representatives of Industrial Advisory Committees on December 18, 1934 Senate Committee Investigating Munitions Industry, Miss Burns afforded access to certain, at request of Senator Nye Letter to Senator Nye confirming permission C4ford Dictionary, memo of Mr. Hamlin that if Board will purchase supplement and have bound, he will give set to Board, approved, to be bound by Government http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Printing Office 2/21 504 3/? 610 620 3/8 696 3/18 5/ 1 1032 5/29 1264 7/12 1602 7/12 7/16 8/22 9/17 1603 1611 1784 1941 1/9 84 1/23 217 1/23 218 2/11 2/21 3/7 3/16 3/25 4/4 4/19 5/ 1 5/29 6/ 4 6/12 7/12 7/16 8/22 9/17 404 504 610 683 751 833 953 1032 1264 1290 1359 1602 1611 1784 1941 3/7 610 84 1/9 2/21 504 6/12 1359 2/21 504 1/9 84 7/ 5 1580 7/19 1636 6/ 7 1339 186 FRBoard: (Continued) Procedure: Business and relationships between Board and staff and necessary revisions of bylaws, suggestion of Governor Eccles that consideration be deferred until banking legislation is disposed of 5/1 Communications of Board, question raised by complaint of Mr. Thomas that he had not seen letter concerning policy of appointment of directors before sent out, discussed, and four methods of procedure agreed upon 1/18 Criticism invited in topic submitted by Governor Eccles to Governors for consideration of officers and directors of FRBanks 2/6 (See also FRBanks, List of topics) Letters from FRBanks as to salaries and for other incoming mail, feeling of Governor Eccles that present method is satisfactory, Board members at liberty to approve or propose any changes 1/16 Procurement, warehousing and distribution of commodities, reply to Admiral Peoples that Board has designated Mr. Noell to represent it, in connection with 6/4 Publicity, reply to Governor Schaller in response to transmitted request for article on ERSystem, admitting need of publicity and explaining functions of Mr. Thurston 8/19 Relations with FRBanks, meetings of directors and officers with Board members, not to be placed on Governors' Conference program, plans to be made for closer personal contact between Board members and FRBanks 5/22 Seal, Mr. Morrill and Mr. Miller to give consideration to design for new, in accordance with new title of Board provided for in Banking Act of 1935 8/21 Statements circulated to Board members, memo of Mr. Morrill recommending that 21 be no longer furnished, approved 3/4 Stationery, checks, etc., voted to use up present supply even though name of Board is changed 8/21 Title, statement that approval by President of Banking Act of 1935 would change to "Board of Governors of 8// Federal Reserve System" Advice of approval of Act by President 8/23 Works Relief Program, Division of Research and Statistics authorized to Prepare applications for allotments for certain "white collar" projects 6/26 FRBulletin: Advances under Sec. 10(b) of FRAct, ruling re rate to be published in io/15 Amounts due to and from private bankers, ruling on consideration as amounts due to and from "other banks" in computing reserves, to be published in 1/30 Banking Act of 1935, requests for interpretations of, statement presented by Mr. Vest on procedure for handling, be published in to 8/28 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis pages 1031 169 311 141 1309 100 1220 178° 502 i719 1779 689 11 140 20° 290 10° 187 Pages 114111etin: (Continued) "Contiguous or adjacent thereto", Board's interpretation of, as contained in Clayton Act, statement re, to be published Directors of FRBranch banks, new regulation re, to be published in FRAct, statement re revision of, presented by Mr. Vest and to be published in Financing of cotton shipments to Italy, correspondence with Secretary of State and FRBank of New York, to be published in Holding company affiliates, ruling re determination by Board that they are not engaged as a business holding stock of, or managing or controlling banks, to be published in FRBulletin Indebtedness required to be reported by executive officers of banks under Sec. 22(g), statement re recent rulings to be published in Interest payment on time certificates of deposit may continue at contract rate even though amendment to regulation Q reduced rate to 44, ruling to be published in FRBulletin Recommendation of Mr. Vest that text of reply to Mr. Anderson on same subject be incorporated in statement to be published Interest on deposits, ruling re right of member bank to pay at 3% after January 1 until maturity, to be published in Investment securities: Circular of Comptroller on limitation of amount of one obligor which may be purchased or held by national banks, desire of Board to publish in Purchase and holding by State member banks of obligations within general classification of securities but which are not, within meaning of Sec. 5136 R.S., ruling on, to be published in Marketability of collateral securing loans by member banks to affiliates, statement submitted by Mr. Vest for publication in, approved I4aorgan17at1on of banks statute of Mississippi, memo of Mr. Wingfield recommending publication of opinion of Supreme Court in case of Doty v. Love, re validity of statute Ileview of the Month: Banking Act of 1935, Mr. Miller requested meeting for consideration of, changes agreed upon Copy for October, approved by Board Savings devices, such as coin banks, ruling that distribution by banks does not constitute indirect payment of interest on demand deposits Withdrawals from savings accounts, memo of Mr. Vest recommending publication of ruling, approved tal Reserve credit: Statement re, by Dr. Goldenweiser, before Federal Advisory Council http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/26 2537 1/ 9 79 8/28 1828 12/11 2688 10/26 2199 10/26 2199 1/30 297 2/ 2 346 2/ 2 346 1/30 302 9/23 1989 5/25 1241 4/19 957 8/29 10/14 1832 2087 12/26, 2851 3/27 775 11/21 2459 188 .ninotes: Advances under Sec. 10(b), reply to Mr. Stevens that loans would not be eligible as collateral for 9/20 Collateral: Custody at FRBank of Philadelphia, advice to Mr. Austin that It is customary at other FRBanks for representative holding to perform other duties also 4/ 9 Representatives of FRAgents in other departments of bank designated to hold, in joint custody, reply to FRBank of New York that there is no requirement or necessity for bonding individually 12/ 5 Denver Branch, reply to Mr. McAdams that there is not any objection to triple control procedure outlined for unissued 1/25 Gold certificates: Old series, as collateral, FRBanks except New York, Philadelphia, Cleveland and Chicago have surrendered to Treasury for cancelation and redemption, latter four to be instructed to surrender 8/ 6 Telegram to FRBanks of New York, Philadelphia, Cleveland and Chicago, directing withdrawal of old form certificates on substitution of acceptable collateral for FRnotes 8/ 7 Pledging in excess of amount of notes outstanding, reply to FRBank of Kansas City that there is no objection to 1/23 Government securities as collateral for, letter to President requesting extension of authorization to FRAgents to accept 2/ 2 Presidential proclamation extending for two years period within which Board may authorize FRBanks to accept, advice to FRBanks authorizing continued pledging 2/26 Havana Agency, method of reporting cost of redemption 8/15 Insurance of shipments, telegram to Governor Calkins that Board will advise Treasury that report of Insurance Committee of Governors' Conference has been received recommending coverage in FRBanks' policies 4/29 Letter to Governor Calkins explaining that they would not be covered by Treasury policy any longer, Insurance Committee to consider procedure to be followed 6/ 7 Telegram and letter to all governors giving instructions for shipments and procedure, and amendment of code word 6/27 Letter to Comptroller advising of FRBanks' insurance going into effect 6/27 Shipments to National Bank Redemption Agency, reply to Governor Geery that there is no need for coverage 9/25 Letter to Governor Calkins suggesting reference to Insurance Committee of question of requesting bids for 1937 contracts in effort to secure lower rates 12/18 Issuance and retirement, Regulation 0, 1915, revoked and letter of instructions containing necessary provision approved for transmittal to FRBanks 11/26 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1° 262 248 1"9 226 116° lag /559 1551 1° 2759 2554;1 189 Pages kot -es: (Continued) Old form, desire of Secretary of Treasury that FRBanks discontinue issuance discussed by Governors' Conference, cost and procedure discussed, attention of Secretary of Treasury to be called to his 10/24 2166-8 authority to prescribe form of Discontinuance, statement of Chairman of preparation for Secretary of Treasury of program for, containing provision for reimbursement by Congress of 11/ 6 2279 expense involved Portland Branch, shipment to head office of large denomination notes, no objection, noted that temporary appointment of Mr. Snow as Acting AssistantFRAgent is to be terminated on exhaustion of 385 2/ 6 present stock Printing requirements: Estimate transmitted to Bureau of Engraving and Printing for fiscal year 1936 and letter to Mr. O'Connor 6/24 1461 in accordance therewith notes, new for additional request Francisco, San of FRBank because of heavy demands resulting from retirement of national bank notes, letters to Comptroller and Director of Bureau of Engraving and 7/26 1657 Printing Protection for shipments, reply to Mr. Eilenberger 8/12 1740 Receipt and delivery, only qualified person's who are properly bonded should act for FRAgents in, letters to 10/25 2192 FRAgents at Boston and New York re Serial numbers, no objection to FRBank of San Francisco issuing notes bearing, subsequent to notes in vault 10/15 2094 under examiners' seal Series of 1928, bearing "Redeemable in gold" legend, memo of Mr. Smead that Secretary of Treasury will request that they not be paid out, that Congress will be requested to replace, and that new 12/10 2685 printing order be placed Letter to Secretary of Treasury that Governors' Conference approves procedure, that if Congress does not appropriate money to replace 1928 series consid12/20 2800 eration will be given to resumption of issuing ks Series of 1934, order to be placed for printing 12/10 2685 Yatera: Legislation affecting, outline of proposed given Board members, 172 1/18 to be discussed at meeting next week egislative program: Industrial advances, agreed that it is inadvisable to say anything regarding taking over of entire ac211 1/23 tivity by R. F. C. Statement of Governor Eccles on, various technical measures to be included in omnibus bill, Messrs. Wyatt, Await, Wilcox and Smith working to reconcile any differences of opinions of Board and Comptrol217 1/23 ler's Office http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 190 FRSystem: (Continued) Pamphlet descriptive of, to be revised to make changes to conform to Banking Act of 1935 8/28 Publications, letter to all member banks inclosing questionnaire relative to usefulness of 6/ 5 Publicity, reply to Governor Schaller in response to transmitted request for article, admitting need of publicity and explaining functions of Mr. Thurston 8/19 Research and statistical activities of RBanks and Board, statement by Mr. Miller on coordination of, topic for Governors' Conference 5/22 Statement made 5/28 Federal Trade Commission: Capital Issues Committees, reply to Mr. Sohnson that records of subcommittees at FRBanks had never been requested and that FRBanks were being advised to forward to Commission 3/ 7 Clayton Act, reply to/tr. Davis on amendments proposed which cornmission desires to submit to Congress 1/29 Temporary building on Board's building site, letter re removal 11/15 Letter from Mr. Miller to, re position of Board re 12/24 Fiduciary powers: Arizona, reply to Mr. Walsh that Board's letter of March 8, relative to deposit of securities for trust funds in commercial department was not concerned with right of bank to make deposit but whether funds were adequately safeguarded 3/25 Atglen National Bank, Atglen, Pa., certificate of surrender of, granted 3/11 Austin National Bank of Austin, Minn., certificate of surrender 2/18 Barnstable County National Bank of Hyannis, Mass., application approved 10/28 Bergen County National Bank of Hackensack, N. I., application approved 1/23 Boardwalk National Bank of Atlantic City, N. J., application approved 7/22 Capital requirements, statement of Mr. Thomas that he feels as certain deposits of National Bank of Commerce of Lincoln are temporary, Board should grant application 8/21 Counsel now of opinion Board may grant powers subject to conditions and revocation, revision of Regulation F to be prepared, end application approved 8/21 Carthage National Exchange Bank, Carthage, N. Y., reply to Mr. Lynch that as National Exchange Bank and Trust Co. was qualified to act as trustee under will of Clifford P. McDonald, above bank is qualified 12/ 7 Central National &Ink at Battle Creek, Mich., application approved 1/29 Citizens National Bank of Evansville, Ind., withdrawal of powers as plans for merger have been abandoned and bank has refused to add to capital 7/31 Citizens National Bank of Hampton, Va., application approved 6/14 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis page' 18° 1320 1766 12 0!i8 6 09 2096 206 476 2200 17" 1674 1099 191 Pages /Id Ilciary powers: (Continued) Citizens National Bank in Independence, Kansas, further consideration given application and Board is unwilling to grant permission for exercise of more than limited powers now authorized City National Bank in Wichita Falls, Texas, application approved Columbia National Bank of Dayton, Wash., certificate of surrender of Commercial National Bank of Spartanburg, S. C., application approved Community National Bank of Pontiac, Mich., application for full powers, reply to Mr. Stevens reviewing basis for Board's position re capital requirements of Michigan, application returned to FRBank for further consideration Reply to Mr. Stevens that Board does not grant authority to act as escrow agent and depository only, suggestion that trust powers may not be necessary Conditions, Counsel now of opinion that trust powers may be granted subject to, and that Board may revoke permits, revision of Regulation F to be prepared Continental National Bank and Trust Co., Chicago, Ill., request for ruling re reserves against uninvested trust funds, additional information requested 04atody of notes secured by liens against real property, waiver of provisions of Regulation F relating to, requested by First National Bank of Fort Worth, Texas, refused tallas Bank and Trust Co., Dallas, Texas, criticism of conduct of trust department Decatur County National Bank of Greensburg, Ind., application approved after consideration of question as to whether small institutions should be granted even limited powers where application was based on desire to be on equal footing with State institutions 4etptions of banks and officers from liabilities, letter to FRAgents that some member banks have been acting in fiduciary capacities under agreements containing unwarranted, and requesting information , Letter to Mr. O'Connor advising of action 'airfield National Bank of Lancaster, Ohio, certificate of surrender granted irst National Bank of Amboy, Ill., certificate of surrender of 41r8t National Bank of Ashland, Ore., reply to NEI-. McCoy re discontinuance of trust department, that certificate may be retained, question of State banking department examining hrst National Bank of Blooming Prairie, Minn., certificate of surrender of, granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/ 1 2/26 559 533 7/12 1604 7/12 1604 8/29 1833-7 10/28 2203 8/21 1782 8/26 1802 8/26 1804 9/ 3 1853 12/10 2675-7 6/29 6/29 1550 1551 2/ 2 1/ 4 339 36 12/13 2717 3/11 640 192 Fiduciary powers: (Continued) First National Bank in Burlington, Iowa, Board unwilling to approve application because of low ratio of capital 3/13 to deposits Further consideration given to application, Board unwilling 4/4 to approve of Calumet, Mich., certificate of surrender First National Bank 7/5 of, granted of Bank surEnglewood, of certificate Colo., First National 1/29 render of of Fort portion of Bank waiver of Worth, Texas, National First Regulation F relating to custody of notes secured by liens against real property requested, 8/26 refused First National Bank of Hancock, Mich., certificate of surrender 3/ 8 of, granted First National Bank of Lake Charles, La., certificate of surren7/ 1 der of, granted First National Bank of Laurium, Mich., certificate of surrender 3/ 8 of, granted 3/13 First National Bank in Le Mars, Iowa, application approved First National Bank of Niles, Mich., application to act as trustee, Board does not feel that it has authority to grant power requested under its interpre4/ 8 tation of State law Request that file be closed on application as capital and 6/20 surplus are insufficient, granted First National Bank of Oakmont, Pa., certificate of surrender 5/25 granted 3 1/ Ponca City, at approved Bank Okla., application First National Santa Ana, in Bank approved, Calif., application First National warning against trusts of First National Bank 11/16 of Santa Ana N. Sidney, in Bank Y., of granted certificate First National 5/21 surrender of Co., Trust N. J., Newark, Washington self-dealing in Franklin administration of trusts criticized, agent to advise of Board's position 1/21 Bank of National Lea, Albert Minn., certificate County Freeborn 2/15 of surrender of 9/27 Pa., Gap, Bank, of surrender Gap National Glen Rock National Bank, Glen Rock, N. J., surrender required In connection with new capital stock reduction 5/11 plan 5/25 Certificate of surrender of Goodhue County National Bank of Red Wing, Minn., reply to Mr. Jensch on request for copy of form of Board's application used in 1919 and 1920, copy of 1/17 regulations, and application of bank 4/12 Grange National Bank, Tioga, Pa., certificate of surrender of Granting of even limited powers to small banks where principal reason for application is desire to be on equal competitive footing with State institutions, that nothing in statute limits granting on held 12/10 such considerations http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis pages 656 834 1574 264 1804 621 1558 622 664 291 1190 191 465 2014 104 '00 1 916 2616 193 Pages 4 c,ary powers: (Continued) Handbook for Trust Examiners, reply to Mr. Peyton inclosing suggestions of Division of Examinations and legal division for changes in proposed, to be published by FRBank of Minneapolis Reply to Mr. Peyton noting incorporation of Board's suggestions and commenting on points raised in his letter Copies to be furnished to State banking authorities Copies furnished to Comptroller, National bank examiners and Trust Division of American Bankers Association, comments invited Hanover National Bank of Wilkes-Barre, Pa., authorized to exercise only in specific trusts of Hanover Bank and Trust Co., on conversion into national bank Illinois, question of compliance with membership condition requiring deposit of security for trust funds in banking department, in view of inability of banks in State to make valid pledge 'lames River National Bank of Jamestown, N. Dak., certificate of surrender of, granted 4e0kuk National Bank, Keokuk, Iowa, application approved only in specifiC trusts of old Keokuk National Bank ICrliaely National Bank of Butler, Ind., Board unwilling to grant application Application approved ' 11FaYette National Bank, LaFayette, Ind., fiduciary power application approved Lebanon_ Citizens National Bank, Lebanon, Ohio, surrender approved Liberty National Bank in Ellsworth, Me., application approved Liberty National Bank & Trust Co. of Louisville, Ky., application approved on conversion of Liberty Bank and Trust Co. into Mercantile National Bank at Dallas, Texas, application for full powers denied in view of adverse recommendation of Comptroller , Application approved "rchants National Bank, Hillsboro, Ohio, certificate of surrender of Miners First National Bank of Ishpeming, Mich., Board unwilling to approve application Millers National Bank of Butte, Mont., application approved on conversion into, from Miners Bank and Trust Co. Nia+i -.Lona' Bank of Bay City, Mich., application to act as trustee in connection with liquidation of certain banks' assets, approved National Bank of Charleroi and Trust Co., Charleroi, Pa., to be advised that there is no legal requirement for surrender of, even though capital stock reduction will bring capital and surplus below State requirements http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/ 5 1580 7/26 165? 8/14 1751 8/28 1826 6/20 1426 6/ 7 1331 1/23 221 1/25 244 3/18 696 8/14 1747 1/21 194 9/21 1981 7/24 1643 1/7 55 4/2 822 9/18 1945 4/ 8 854 4/9 871 4/29 1007 7/22 1639 3/15 685 194 Fiduciary powers: (Continued) National Bank of Commerce of Lincoln, Nebr., advice to Comptroller that Board will reconsider application upon which action was deferred and requesting his 2/25 further recommendation Board unwilling to grant application in view of low ratio 5/ 6 of capital to deposits Statement of Mr. Thomas that nature of certain deposits is temporary and he feels application for full Dowers should be approved even though capital 8/21 ratio to deposits is not one to ten Counsel now of opinion that Board has authority to Pasant trust powers on conditions and to revoke permits, revision of Regulation F reserving right to revoke trust powers to be prepared and application 8/21 approved 4/19 National Bank of Logan, W. Va., limited powers granted National Bank of Lorain, Ohio, application granted only in specific trusts of National Bank of Commerce of Lorain 1/ 3 Board unwilling to izrant any further powers than limited 4/23 powers now authorized National banks: Examination of trust department records by State authorities, letter to Comptroller re proposed reply to Mr. Austin on amendment to Sec. 11(k) prohibiting 9/ 7 Letter to Mr. Austin, amended to include Comptroller's 9/14 views, approved Michigan, opinion of Assistant Attorney General that capital of Community National Bank of Pontiac is insufficient for full powers, review of basis of Board's position 8/29 Pennsylvania, State Banking Department desirous of hearing on questions arising from capital and surplus requirements of State 2/13 Banking law amended to permit inclusion of preferred stock as "capital", reply to Mr. Hill regarding surplus requirements 5/ 8 National Deposit Bank in Owensboro, Ky., application approved 4/ 9 National Spraker Bank of Canajoharie, N. Y., certificate of surrender of 4/25 Northwestern National Bank in Philadelphia, Pa., reply on refusal of State certificate to exercise, that Board's authority is all that is necessary, letter and copy of letter to bank sent to Mr. Beckman 1/14 Application approved 8/15 Pikeville National Bank, Pikeville, Ky., application approved, advice that although power to act as registrar of stocks and bonds was not applied for, it may be exercised under general power 3/1 Pilgrim Trust Co., Boston, Mass., no objection to acting as trustee for bondholders of a distillery company 10/ 9 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis pages 522 1058 1781 1782955 969 1881 1918 444 1091 812 966 11P 3.1613 Sø 200 195 Pages Picla 4 eJ-6rY powers: (Continued) Peoples National Bank of Patchogue, N. Y., certificate of sur6/ 4 render of, granted Peoples Savings and Trust Co., Nanticoke, Pa., reply to Mr. Deppen that after conversion into national bank new application will have to be filed to exer12/21 cise trust powers now exercised Revocation of trust powers, Counsel now of opinion that Board may grant trust powers conditionally and subject to revocation, revision of Regulation F to 8/21 be prepared 8/19 Second National Bank of Hempstead, N. Y., application approved Second National Bank of Jackson, Tenn., fiduciary power applica1/25 tion approved 86c. 11(k) of FRAct: Blandy, Mooney & Shipman, reply, on letter addressed to Senator Glass as to intention of Congress in enacting and as to "funds deposited or held in 6/18 trust by the bank awaiting investment" Security National Bank of Battle Creek, Mich., application approved with warning against trusts of Old Mer1/ 5 chants National Bank and Trust Co. South Philadelphia National Bank of Philadelphia, Pa., Board 5/ 6 refuses to grant any additional powers SoUthern Arizona Bank and Trust Co., Tucson, Ariz., reply to Mr. Walsh on desire to make deposit with ERBank 6/14 of Dallas of trust funds Southington Bank and Trust Co., Southington, Conn., inadequate security for trust funds in banking department revealed by examination report, question of necessity of securing and safekeeping of se6/ 7 curity 8Pringfield Marine Bank, Springfield, Ill., question of compliance with membership condition requiring deposit of security for trust funds in banking department in view of inability of Illinois 6/ 7 banks to make valid pledge pledge securities for to power not have Illinois banks do trust funds and as State laws do not afford proper protection, Board cannot waive member8/12 ship condition applicable State authorities should be furnished with information as to grant and surrender of trust powers, of member 1/ 3 banks, letter to FRAgents State member banks: Condition of membership requiring deposit of securities for trust funds in commercial department, letter to 3/ 8 FRAgents on waiver of, in certain States Indiana, letter to Mr. Stevens on waiver of membership condition requiring deposit of securities for trust funds in commercial department of bank, copy to 3/ 8 Mr. Wood http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1297 2804 1782 1764 244 1419 46 1058 1398 1328 1331 1733 25 631 628 196 Fiduciary powers: (Continued) State member banks: (Continued) Maryland, reply to Mr. Hoxton requesting that he ascertain definitely whether preference for trust funds apply to those deposited by banks in own commercial departments 7/17 Waiver of membership condition requiring deposit of se9/27 aurity for trust funds in commercial department Montana, reply to Mr. Peyton that Board does not feel justified in waiving membership condition requiring deposit of securities in trust department for trust funds in commercial department 7/17 New York, Board waives compliance with membership condition requiring deposit of securities in trust department for trust funds deposited in commercial department 7/17 Ohio, letters to Mr. Fletcher and Mr. Fulton that after further consideration Board is willing to waive requirement of standard condition of membership requiring deposit of securities for trust funds in commercial department 3/ 8 Stock held by member banks in fiduciary capacities, question 5/11 whether corporations are affiliates of Summit Trust Co., Summit, N. J., time extended to July 1, 1936, to act as trustee for bonds or other obligations of Summit Title and Mortgage Guaranty Co. 6/ 4 Third National Bank, Nashville, Tenn., reply that increase in capital will not necessitate increase in surplus, as required by State law, to continue to exercise 11/16 Trust funds: Deposit of securities in trust department for funds in commercial department, reply to Louisville Trust Co. on right of Board to prescribe 5/25 Uninvested: Deposit with FRBanks, reply to Mr. Walsh on desire of Southern Arizona Bank and Trust Co. to make deposit with FRBank of Dallas 6/14 Deposits, reply to FRBank of San Francisco re FRBanks accepting, should be referred to Governors' Conference 7/ 1 Reserves against, request of Continental National Bank and Trust Co., Chicago, for ruling re, Mr. Stevens requested for additional information 8/26 Trusteeship for bondholders of distillery company, no objection to Pilgrim Trust Co. acting in 10/ 9 Bank of New Albany, Ind., application approved, National Union warning against trusts of New Albany Trust Co. 2/25 Union National Bank of Superior, Wis., Board unwilling to approve application 7/24 United National Bank of Cliffside Park, N. X., application approved 4/17 United States National Bank in Johnstown, Pa., application approved 4/ 9 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis pages 1622 2016 16° 10 625-6 1115 1294 2398 159a 1560 1E302 2062 22 1644 944 8/1 197 Pages clu 4 c.larY powers: (Continued) Valley National Bank of Phoenix, Ariz., application approved West Side National Bank of Yakima, Wash., application approved Wood & Huston Bank, Marshall, Mo., administration of three small trusts without Board's permission, FRAgent unwilling to approve application until after next examination, Board will permit continuance until then Piles, return of application for permit under Sec. 32, reply to request of Mr. Costigan that law prohibits return of papers but that application will be considered withdrawn Firlancir14,2; cotton shipments to Italy, copy of letter from Governor Harrison re inquiry of National City Bank re propriety of, sent to Secretary of State for comment Draft of letter to Governor Harrison suggesting submission of questions involving governmental policy to Board in future cases, laid on table pending reply from Secretary of State RePlY from Secretary of State outlining policy, statements of Messrs. Thomas and James, reply to Governor Harrison to be drafted, and copy of Secretary's letter to be sent to, copy of reply to be sent to Secretary, copies of all correspondence, etc., to be sent to all ERBanks and published in FREulletin 161)13r to Governor Harrison in accordance with, and covering letter to FRAgents with copies of correspondence :IT Industrial Loan Company of California: (See Nonmember banks) lulan, Abraham, dissenting depositor in reorganization plan of Clinton Trust Co., Newark, N. J., award of court decision to Illenilag, Robert V.: %ointment of FRBanks and branch directors, new policy, favorable comments reported by Governor Eccles Regalations of F.D.I.C. and Board on payment of interest, concerned over failure of former to prohibit absorption of exchange and collection charges „ (See also Regulations, F.D.I.C.) For "En banking corporations: CaPital, no objection legally to keeping part thereof in foreign branch, reply to Mr. Crawford Chase Bank, New York, N. Y.: Examination, advised of cost of and request that amount be deposited in FRBank of New York Examination report of head office, copy sent to Chairman of bank, figures for foreign branches from reports submitted by those branches, consideration given to memo of Division of Examinations in stock of American corporations, plan investments French to aid, Mr. Case requested to advise bank of certain legal considerations involved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 955 4/19 9/ 3 1854 8/ 5 1689 4/16 939 11/20 2437 11/30 2598 12/11 2687-8 12/21 2813 3/ 1 564 1/23 204 12/28 2876 4/11 898 2/12 424 2/26 535 9/ 9 1888 198 Foreign banking corporations: (Continued) Chase Bank, New York, N. Y.: (Continued) General corporate agency powers, letter to Mr. Case advising that bank has abandoned plan to aid French investors procure American corporate stocks and inquiring if powers are still desired and re10/26 questing definite information if so Mexico City Branch, reply to Mr. Barber on discontinuance 1/16 and request for actual date of Stock of American Corporations to be purchased by syndicate of French bankers to aid investors in France, certificates to be held by Chase National Bank and Chase Bank to issue bearer certificates, ad7/31 ditional information requested Boston: Boston International Corporation of First of Examination, advised of cost of, and instructions for de1/17 positing amount, letter to FRAgent at Boston on First National Bank of Boston, application to acquire stock of corporation approved, former to submit to 2/20 examinations and pay costs thereof Modification of agreement whereby national bank may hold stock of, to permit corporation to service 5/ 8 and make collateral loans to brokers for bank Granted permission to invest in and hold stock of, and 5/21 letter to FRAgent First Federal Foreign Banking Corporation: Condition statement received from :Mr. Newton, corporation 8/19 is in liquidation Revival of corporation -which is in liquidation, reply to Smith, Kirkpatrick & Co., Inc., on inquiry of 4/ 2 Mr. Nelson relative to Inter-American Highway, reply to Mr. Crawford on proposed organization to assist in financing unfinished portion of, no legal objection to organization nor to keeping part of capital in foreign 4/11 branch International Banking Corporation: Branches at Barcelona and Madrid, consolidated condition statement, to be forwarded with certain amalgamated accounts, but supplemental break-down 9/20 to be forwarded later .National City Bank of New York granted permission to invest in stock of, and to invest further during next two years, copies to FRAgent at New York and Camp12/31 troller Foreign banks: Agreements with, procedure for, memo of Mr. Wyatt suggesting that they be checked by counsel before forwarding to foreign banks, Mr. Wyatt did not intend matter to be brought before Board, explanation of ac10/30 tion, no change to be made in Amounts due from, reply to Mr. Clark on his definition of "Foreign banks", in connection with deduction of, gross demand deposits relating to computafrom tion of reserves, for First National Bank of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Miami pago 2196-9 148 107 156 496 1086 i ig0 1764 896 10e , 910 P 1,9 2131 199 Pages N%Ign banks: (Continued) Banco Central de la Republica Argentina, account opened by 9/27 FRBank of New York for Memo of Mr. Wyatt that agreement conforms to Board's authorization and suggesting that counsel check agreements before forwarded to foreign banks, 10/30 no change to be made in procedure Banco de Mexico, silver, FRBank of New York authorized to earmark for, on substantially same terms as govern 7/31 earmarking of gold Banco de Venezuela, no objection to FRBank of New York holding 4/12 gold in custody for Bank of Canada, one way account opened with FRBank of New York 1/15 Bank of England: Catterns, proposed visit to U. S., no objection by Board if any conferences are reported in accordance with 11/ 8 Sec. 14(g) 11/ 8 Reply to Governor Harrison advising of action Reference made to reply to Governor Harrison on proposed visit of, in connection with proposed visit to this country of Mr. Puhl of Reichsbank 12/26 FRBank of New York, account with, proposal to reduce, no 3/15 objection Norman, Montagu, Governor, expression of regret that Governor Harrison would not be at B.I.S. Directors' meeting and suggesting visit of Mr. Catterns to U. S., no objection if conferences are reported 11/ 8 under Sec. 14(g) of 1RAct 11/ 8 Reply to Governor Harrison advising of action Bank of France, account with FRBank of New York, proposed to 3/15 reduce, no objection Ba T-2, Ilque Beige Pour L'Etranger, Brussels, Belgium, form attention of Mr. Case called to fact that it is not clear whether bank is attempting to qualify 5/18 on, or its New York Agency Bl'anches in U. S., balances payable in dollars due from, reply to Mr. Timberlake that pending consideration of question they may be deducted from gross demand 9/ 3 deposits in computing reserves Canadian Bank of Commerce, Toronto, Canada, form T-2, signed by "The Canadian Bank of Commerce, New York", at5/18 tention of Mr. Case called to 4/Illinion Bank, Toronto, Canada, form T-2 signed by "Agency The Dominion Bank New York, N. Y.", attention of Mr. 5/18 Case called to Nati -onel Bank of Hungary: Participation of FRBanks in syndicate credit to, reply to Mr. Sproul re conversion of interest payment under, and request for intention of Bank as to 10/14 capital repayment Payments on syndicate credit, to FRBank of New York, reply 5/11 to Mr. Knoke on Payments due on second syndicate credit to, reply to 11/20 Mr. Sproul re http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2015 2217-9 1677 921 133 2301 2317 2841 687 2301 2317 687 1174 1860 1174 1174 2085 1106 2437 200 Foreign banks: (Continued) National Bank of Nicaragua: One-way account opened by FRBank of New York for, loan by FRBank on security of earmarked gold approved 2/1 Loan to, by FRBank of New York to be secured by gold bars earmarked by FRBank for, approved and other FRBanks notified Additional loan by FRBank of New York, approved, other FRBanks to be advised of approval of their participation Additional loan on security of earmarked gold authorized, FRBanks notified of participation 12/17 Silver, Board approves earmarking for account of, by FRBank of New York 6/27 Reichsbank, letter from Mr. Schacht advising of unofficial trip of Mr. Puhl to U. S., forwarded by Governor Harrison, with reply made, no objection to reply, and Mr. Puhl would be welcomed in Washington, Mr. Harrison to be advised 12/26 Letter of advice to Governor Harrison in accordance with 12/31 Foreign department agencies: (See State member banks, American Trust Co.) Foreign exchange: Agency accounts of Industrial Trust Co., memo of Mr. Hamlin agreeing with position of FRBank of Boston that they are not deposits but are foreign exchange transactions, action deferred pending review of 10/25 file by Mr. Szymczak of Mr. Szymczak, Statement feeling of Mr. Wyatt that ruling that they are not deposits may lead to abuses, Mr. Thames does not concur with opinion of Mr. Wyatt, ruled not deposits 1o/30 Forms: FRBoard: B-15, revision of, computation of reserves against net demand deposits under Banking Act of 1935, telegram to all FRAgents 8/28 Further revision to conform to revised Regulation D and revision of call report form, letter to IRAgents re 12/19 B-21, net demand deposits subject to reserve, telegram to FRAgents to have reporting member banks report on, under Banking Act of 1935 and in accordance with Board's instructions re computation of reserves 8/28 Revision of, to conform to call report form, letter to FRAgents re 12/26 B-208, reports of indebtedness of personnel of FRAgents' departments, forwarded to FRBanks to achieve uniformity in reports 12/26 Condition reports: Affiliates of State member banks, forms for, changes in 8/28 under Banking Act of 1935 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis pages 3f) 2260 2345 2750 155 284° 2915 205 221 1825 2792 1624 2650 201 Pages POT%8 : (Continued) FRBoard: (Continued) Condition reports: (Continued) State member banks, forms and instructions for next call, and waiver provisions for affiliates, transmitted to FRBanks Examination reports, revision of, will be topic if conference of Assistant FRAgents is held this fall, reply to Mr. Peyton F. R. 240, monthly reports of securities exchanges: Changes, clerical and editorial, authorized Supplement to data requested on, letter to all FRBanks F. R. A. 5, FRAgents instructed to submit daily to Board covering all issues and retirements of /Rnotes FRBank stock, cancelation of excess holdings under Banking Act of 1935, letter to FRAgents attaching form for Fiduciary powers of State member banks, provisions exempting from liability National securities exchanges' monthly reports, memo of Mr. Parry recommending form for, approved Physical examination reports of appointees, changes in forms for, letter to Dr. Barr applications for FRBank stock by national banks, and 30a 30 revised, furnished to Deputy Comptrolof supply ler of the Currency 34, daily balance sheet of /liBanks: Changes in, for 1936, and elimination of "Board of Governors - building account" Changes in, letter to governors re Gold captions, reply to Governor Schaller that they were purposely left unchanged after discontinuance of circulation of gold but that change is contemplated in 1936 form Revision of, advice to all FRBanks to insure uniformity in handling by FRBanks 60, temporary, FRBank stock, reply to Mr. Stewart that there is no objection to FRAgent or Assistant FRAgent signing on reverse of, and "refund" should be retained if form is revised 105, condition report of State member banks: Changes, memo of Mr. Smead recommending, and including schedule for reporting interest rates charged customers and paid on deposits, approved, Changes in schedule F to comply with those made in national bank forms, to determine holdings by banks of 2 7/8/a Treasury bonds of 1955-60 Revision of, question of inclusion of item "loans to others than brokers or dealers in securities for purchasing or carrying securities", withdrawn by Mr. Parry, approved with understanding that Schedule I would conform to revised Regulation D http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/23 2827 9/18 1948 9/20 11/26 1972 2537 11/26 2537 8/28 1818 6/29 1550 8/26 1805-8 8/30 1849 12/23 2828 11/ 2 12/13 2242 2726 11/ 5 2262 2/ 2 343 9/ 4 1870 3/ 8 633 9/ 7 1882 11/27 2539-41 202 page Forms: (Continued) FRBoard: (Continued) 105e, condition reports of State member banks for publication, submitted by Mr. amead, approved 8/28 1819 107, Report of Earnings and Dividends, revised draft of, to include data on payrolls requested by Secretary of Labor and Bureau of Census 12/ 4 2619 Letter to FRAgents re 12/21 20 Letters to Messrs. Curtiss, Case, Austin, Fletcher, Fry, Clark and Sargent, re securing special figures where bank operates in more than one county 220, 220a and 220b, condition reports of affiliates, revision of, in accordance with provisions of Banking Act of 1935 and addition of regulation re waiver of reports 8/28 1821 220a, affiliate reports, changes in, after conference with E360 representatives of Comptroller's Office,approved 9/ 0' 234, monthly reports on member bank reserve requirements, to n54 be discontinued 12/ 7 P6 Standard, designation of Mr. Smead to cooperate with National Association of Bank Auditors and Comptrollers to develop, of reports of condition, earnings and dividends, etc. 5/14 1153 Unification of, reply to Mr. Clark, Committee on Unification, of Reserve City Bankers Association, designating Mr. Smead to work with committee 5/14 ' 11 1 Franklin County, Ohio, reply to Mr. Fletcher on classification for reserve purposes of deposits in Fifth Avenue Savings Bank Co., Columbus, Ohio 2/15 466 French investors, stock of American corporations to be purchased by syndicate of French bankers, certificates to be held by Chase National Bank and Chase Bank to issue bearer certificates, additional information requested 7/31 1677 Plan of Chase Bank to aid, in investing in American Corporation securities, Mr. Case to advise bank of certain legal considerations involved 9/ 9 1888 Fulton, I. X.: (See Superintendent of Banks of Ohio) Functional expense reports: Conference of committee held in Cleveland on June 10 on further revision of, planned to have three representatives of FRBanks come to Washington to prepare report to Committee on Reimbursable Fiscal Agency 402 Expenses as to determination of indirect expenses 6/14 (See also Reports) Furniture Code Authority, reply to Mr. Mitchell's request for information as to industrial advances made to furni1 ture manufacturers 5/25 Furniture manufacturers, reply to request of Furniture Code Authority for information concerning industrial advances 240 made to 5/25 1 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 203 Pages Garlock, Fred L.: (See Department of Agriculture, Bureau of Agricultural Economics) Gener-s, oita. obligations", as used in Sec. 5136, R. S., reply to Mr. Van Hooser re interpretation of , A- P.: Calkins, Governor X. U., FRBank of San Francisco, statement that if consideration were to be given to, as President of FRBank, he will prefer charges Transamerica Bank Holding Co., reply that he will be afforded hearing on conditions to be prescribed in connection with general voting permit Voting permits for Transamerica Corporation and Inter-America Corporation: (See Voting permits) ibson Bros., part of printing of revised regulations of Board awarded to 41tford, Ralph C.: (See State member banks, Kentucky Title Trust Co.) Gifts, reports and data pertaining to Board, reply to Mr. Delano accepting offer of some 30 or 40 volumes of klbert S. Parker, letter in New York Times re excess reserve situation read at meeting of Federal Open Market Committee Senator Carter, interest rates under revised Regulation q, letter to Mr. Morrill stating that fixing of maximum, is in direct contravention of law, Messrs. Morrill and Wyatt to prepare draft of reply Orold: Abrasion, shipments of gold coin to FRBanks by postmasters Cuban coin, purchase from Cuban Government with agreement to resell, no objection to transaction by FRBank of Atlanta Pcrim 34, captions to be changed in 1936 I4flux, possibility of reversal discussed in connection with proposed increase in reserve requirements to absorb excess reserves International movements, highly confidential memo of Dr. Goldenweiser re, presented to Governors' Conference Qciel certificates: 11Rnotes, pledging certificates in excess of notes outstanding, reply to FREank of Kansas City that there is no objection 01d series: Return to Treasury of old form, FRBank of New York to retain Newton D. Baker to consult on legal questions in connection with Baker, Newton D., payment of bill for services in connection with by FRBank of New York authorized http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/18 483 11/22 2464 1/9 86 12/ 4 2620 9/20 1977 12/18 2764 12/26 2839 4/9 876 9/28 11/ 5 2022 2262 11/ 8 2298 10/24 2172 1/23 225 3/25 757 9/13 1914 204 Gold certificates: (Continued) Old series: (Continued) Surrender to Treasury for cancelation and redemption, question raised by FRBank of Chicago as to those received prior to April 5, 1933, FRAgents at FRBanks of Chicago, New York, Philadelphia and Cleveland to be instructed to surrender to 8/ 6 FRBanks for satisfactory collateral Telegram directing withdrawal by FRBanks of old form certificates as soon as acceptable collateral 8/ 7 for FRnotes is substituted of Philadelphia, Sinclair that reply to Mr. FRBank Board has no objection to awaiting return of Mr. Austin before bank withdraws, advice to Mr. Post 8/15 Treasury to FRBank of New York, inquiry made of from Shipment Assistant to Treasurer, re procedure, to be made under guard to avoid insurance charges and 12/28 FRBank to pay cost of shipment of on, reviews Board members standard, Governor Geery and Gold quested by Senator Thomas in relation to silver Policy, referred to Counsel for determination 9/17 of Board's jurisdiction Texas, a Dallas, and Co., claim that Pulliam Joe, reply to Gover, brokerage firm, had defrauded him, that Board 3/ 7 has no power to assist in recovery of losses Government expenditures: Nebraska, reply to Senator Burke that only expenditures contemplated by FRBank of Kansas City are in con8/14 nection with operation of Omaha branch Government Printing Office: FRAct, revised edition, letter to Public Printer Giegengack, re errors made in printing, and stating that Board 10/21 feels G. P. O. should reprint at its expense Government securities: Coupons from certain Lli-% bonds, letter to Internal Revenue Commissioner Helvering acceding to request that FRBanks be advised to watch for, and copy of let9/11 ter to ERBanks request for ruling as to Chicago, direct exchange of FRBank of maturing notes with Treasury, memo of counsel and reply in accordance with, that Board feels, without determining legal question, that as matter of policy, exchange should be effected on open market 12/ 3 FRBank of Kansas City, purchase from Federal Land Bank of Omaha under repurchase agreement, attention called to requirement that Board's approval must be secured for such transactions, and permission 11/29 granted Memo of Mr. Benedict recommending study of such transactions in order to be able to make recommendations to Federal Open Market Committee re its regulations or directions concerning such agree11/29 ments, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Page° 70 1"8 1759 28° 61a 17° 2141 0609 P 205 Pages GOVe Innzent securities: (Continued) FRBank of Minneapolis, sale of Fourth Liberty Loan bonds and purchase of like amount of 2 3/4 Treasury bonds, 1945-47, reply to Mr. Dunlop noting that transaction was an exchange and re credit of 10/28 profit PRnotes, letter to President requesting extension of authoriza2/ 2 tion to FRAgents to accept as collateral for which within period extending n proclamatio l Presidentia Board may authorize FRBanks to accept, FRBanks 2/26 authorized to continue pledging FRSYstem holdings: Federal Advisory Council, discussion of relation to excess reserves, statement that holdings should not became constant and request for Board's opinion on 9/24 Board not to reply at present, statement of Mr. Frost on situation presented by holdings and by excess 9/24 reserves and suggesting reductions placed Mr. O'Connor feels more Governments should be in hands of public, opinions of Mr. W. W. Smith and Mr. Tames re, and of some members of Council 9/24 Mr. Miller requested to prepare reply for consideration 10/21 on Oct. 25 acreply, prepare Mr. Miller desirous of more time to 10/25 tion deferred until next meeting of Board Raze Owners Loan Corporation bonds, purchased by FRBank of Kansas City for self-insurance fund, recommendation of Mr. Smead that they be shown against "Other Securities" rather than "Securities fully 10/ 9 guaranteed by U. S. Gov't.", approved IlTegularities in subscriptions of Main Line Trust Co. through 5/ 1 FRBank of Philadelphia 9/24 1)rice of, discussed by Federal Advisory Councilman Frost RaPurchase agreements, memo of Mr. Benedict recommending study of, in order to be able to make recommendations to reorganized Federal Open Market Committee re 11/29 its regulations or instructions re, approved Safekeeping, reply to Mr. McKay that Federal Advisory Council made no formal recommendation re, in connection with query as to modification of Board's cir1/12 cular on subject Sale by FRBank of New York of long term bonds and replacement 11/ 6 with shorter maturities 8 11/ Reply of Board re action Open Federal before ings bonds, statement of Mr. Coolidge Market Committee re necessity of securing wider distribution of, and re advertising and contemplated visit of Treasury representative to 10/24 FRBanks banks to sent be bonds that Young Governor of Suggestion on consignment, banks might take orders and for10/24 ward to post offices http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2205 341 538 1992 1993-5 1996 2131 2179 2065 1034 1994 2593 103 2279 2311 2158 2158 pageS 206 Government securities: (Continued) Savings bonds: (Continued) Mr. Coolidge disturbed by newspaper account of statement, reported by Governor Eccles 10/25 2184 (See also Board of Governors, press reports) Statement showing amount of each item of those reported in Dec. 31 condition reports of member banks, telegram 501 to FRAgents requesting 1/30 Governmental policy: Outline of certain phases affecting FRSystem by Governor Eccles 57.5 before Federal Open Market Committee 2/ 5 Questions involving, draft of letter to Governor Harrison, in case of propriety of financing cotton shipment to Italy, suggestion that they be submitted to 9° 1 26568 Board, laid on table for future consideration 11/30 Not to be included in reply to Governor Harrison 121 2 Graham, Benj., reply re exemption from operation of Regulation T of bond which is not registered, but is con12/19 vertible into registered security Graham, Ewing W.: (See T. Harris Smith and Associates) Gravatt, Thomas B.: (See Philadelphia Stock Exchange) Greer, B. F.: (See Steel Products Corporation) Greer, J. A.: (See Bankers Utilities Co., Inc.) "H" Hallock, Charles W.: (See State member banks, Citizens Bank, White Plains, N. Y.) Hamilton, J. B.: (See National banks, First National Bank of Fort Worth, Texas) Handbook for trust examiners, reply to Mr. Peyton inclosing suggestions of Division of Examinations and legal 1580 division for changes in proposed 7/5 Reply to Mr. Peyton noting incorporation of Board's suggestions 7/26 and commenting on points raised in his letter that there Reply to Mr. Peyton is no objection to furnishing, to trust officers if advised that it is not a manual of trust practices (See also Publications) Hanna, Mark A.: (See Bankette Co., Inc.) Harold C. Brown & Co., Inc., extension of time for collection of payment for bonds sold by, reply that as matter has been adjusted satisfactorily, Board action is not necessary 12/19 Harrison, R. G.: (See National banks, First National Bank in Henderson, N. C.) Hart & Dice, stenographic record of hearing of Mr. Giannini, to be engaged for, and Mr. Macpherson to be assigned to report 11/19 24° Haskins and Sells, temporary arrangement with Division of Security Loans relative to matters arising under Securi2/26 ties Exchange Act, renewed for three months 3-51 Renewal of temporary arrangement 6/ 5 254' 11/11 Renewal of arrangement 091 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 207 Pages REnisman, H. C.: (See Illinois Bankers Association) Everett D., Princeton University, reply to Mr. Sailer that there is no objection to answering Questions on questionnaire re dismissal compensation policy of FRBank of New York Rearings: PRBoard: Clayton Act applications, hearing granted to Messrs. Gowen, Ingersoll, Patterson and Jackson on April 3 General voting permits, hearings of applicants not to be held unless requested Giannini, A. P., date set for, on proposed conditions in connection with voting permit of Transamerica Corporation Stenographic record to be made, Kr. MacPherson, of Hart & Dice, to be assigned Hearing to be conducted by Mr. Hamlin and necessary members of Board's staff, to be only on special condition, No. 8, Mr. Paulger and Mr. Wyatt to prepare memo on reasons for imposing Press report re, in Wall Street Journal, Board members cautioned against making statements, report of Mr. Hamlin re hearing, first standard condition amended to make action of FRAgent subject to Board's approval on charge off valuations Special condition, amended to provide for amortization of indebtedness over three year period, general voting permit to be issued to Transamerica Corporation and Inter-America Corporation subject to any revision of seven standard conditions Request by FRBank of San Francisco for any part of transcript which refers to any officer of FRBank, complete transcript forwarded to Deputy Chairman Moore Rippel, J. S., request for, on application for permit under Sec. 32 of Banking Act of 1933, set for March 13 Fixed for 11 a. m., March 27, advice to Mr. Case Request that time be fixed later in day, approved eeta, 'ger Engineering Corporation: (See Quarters of Board of Governors, Demolition) lieelltA, Rudolph S.: 4PPointment of directors of _PRBanks and branches, favorable comment on new policy, reported by Governor Eccles egulations of F. D. I. C. and Board on payment of interest, concerned over failure of former to prohibit absorption of exchange and collection charges (See also Regulations, F.D.I.C.) I lieiv'See also American Bankers Association) Guy T.: (See Commissioner of Internal Revenue) http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/ 8 1586 3/21 735 11/ 8 2321 11/16 2408 11/19 2423 11/20 2426-7 11/22 2462 11/22 2463 12/26 2849 3/ 8 3/13 3/22 635 663 747 1/23 204 12/28 2876 208 pages Henry, Charles E.: (See National banks, First National Bank, Navasota Texas) Herson, J.F., R.F.C., capital stock reductions of State member banks, letter to, re those for which condition of membership was imposed requiring Board's approval for 2/ 6 Heyman, R. M.: (See National banks, Menard National Bank, Menard, Texas) Hilkene, Henry L.: (See National banks, American National Bank at Indianapolis, Ind.) Hirsch, Arthur J.: (See Department of Commerce, Bureau of the Census) Hofmann, William F.: (See National banks, First National Bank of La Grange, Ga.) Holabird & Root, design submitted by, in competition for architect for Board's building 5/18 Holbrook, J. D.: (See National banks, Farmers National Bank, Owenton, Ky.) Holding company affiliates: Almours Securities, Inc., Jacksonville, Fla., memo of Mr. DuBois that Board should not determine, and Florida National Group, Inc., not to be 12/ 9 Amalgamated Clothing Workers of America, New York, N. Y., advice to Mr. Case that it is not holding company affiliate of Amalgamated Bank of New York, and 9/20 letter to American Company, San Francisco, Calif.: Determined not to be, of American Trust Co. 11/30 General permit to vote stock of American Trust Co. until Atlas Corporation and Pacific Eastern Corporation file applications or terminate holding company relationships, reply to Mr. Sargent that Board cannot consider 5/ 8 American Investment Corporation, reply to Mr.. Sargent that Idaho Bank and Trust Co., Pocatello, Idaho, is not a subsidiary of, nor is latter an affiliate of Commercial Security Bank 7/17 American National Bank of Nashville, Tenn., not a holding company affiliate of either First National Bank of Smithville or First National Bank of Springfield, no further consideration to be given to voting permit application 3/21 National Corporation, Anglo San Francisco, Calif., dividends, not clear if they have been paid, three apparent affiliates not reported, limited permit granted, as corporation will be liquidated 12/19 A. P. Brantley Co., Blackshear, Ga., question of being holding company affiliate of The Blackshear Bank, depends on State law as to which of two elections was valid 7/17 Artcol Investing Co., Inc., Plainfield, N. J., memo of Counsel that company is not holding company affiliate of First National Bank of Plainfield 3/14 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1156 2662 196° 26°4 1085 1626 702 2786 10 610 209 Pages ing company affiliates: (Continued) Associates of Morris County, Inc., Morristown, N. I., ruled not holding company affiliate of First National Bank in Rockaway, N. J. Atlantic National Bank of Jacksonville, Fla., ORM of Mr. DuBois that Board should not determine, and Atlantic Trust Co. are not Atlantic Trust Co., Jacksonville, Fla., memo of Mr. DuBois that Board should not determine, and Atlantic National Bank, not to be Atlas Corporation, reply to Mr. Sargent that Board cannot consider general voting permit for American Co. to vote stock of American Trust Co. until corporation files application or terminates holding company relationship BancOhio Corporation, voting permit application, letter to Mr. O'Connor requesting information on points involved in consideration in connection with nine national banks and re criticisms thereof, also as to termination of affiliation with BancOhio Securities Co. Bank of Commerce and Trust Co., Memphis, Tenn., reply to Mr. Wood that it appears to be holding company of National Bank of Commerce in Memphis and Board will give consideration to application for voting permit Determined not to be holding company affiliate of National Bank of Commerce in Memphis Bank of Nutley, N. J., determined not to be holding company affiliate of Franklin National Bank of Nutley e E. Conrad Estate, Inc., Kalispell, Mont., ruled not hold' ing company affiliate of Conrad National Bank, voting permit unnecessary Central Securities Co., San Antonio, Texas, determined not to be holding company affiliate of South Texas National Bank of San Antonio Central United National Bank of Cleveland, and Central United Co., determined not to be holding company affiliates of Central National Bank of Chardon, Ohio and Central United National Bank, of CleveCo., Central United land, determined not to be holding company affiliates of Central National Bank of Chardon, Ohio Chandler Investment Co., letter to Mr. Sargent that it is not holding company affiliate of First National Bank of Coos Bay at Marshfield, Ore., letter approved in connection with consideration of application of Board's ruling under Sec. 2(c) (1) of Banking Act of 1933 Ruled no longer holding company affiliate of First National Bank of Coos Bay and voting permit unnecessary http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/11 1117 12/ 9 2664 12/ 9 2664 5/ 8 1083 11/13 2368-72 3/13 656 11/ 6 2290 11/11 2335-6 5/14 1135 11/ 5 2258 11/12 2355 11/12 2355 3/15 680 8/26 1804 Page° 210 Holding company affiliates: (Continued) Chicago Joint Board, Amalgamated Clothing Workers of America, Chicago, Ill., determined not to be, of Amalgamated Trust 8c Savings Bank of Chicago, general permit previously issued is void Citizens and Southern Holding Co., Savannah, Ga.: Memo of Mr. Baumann that it is Voting permit application, letter to Mr. O'Connor requesting information on points involved in consideration in connection with two national banks and re criticisms thereof, memo of Mr. Baumann that organization is holding company Citizens and Southern National Bank, Savannah, Ga.: Memo of Mr. Baumann that it is Voting permit application, letter to Mr. O'Connor requesting information on points involved in consideration in connection with two national banks and re criticisms thereof, memo of Mr. Baumann that organization is holding company Citizens Trust Co., Clarion, Pa., determined not to be, of two national banks City Bank Farmers Trust Co., New York, N. Y., determined not to be, through stockholdings in First National Bank of Galveston, Tex., City Bank Farmers Trust Co., Ltd., and Central Farmers Trust Co., West Palm Beach, Fla. Clearing Industrial District, Inc., Chicago, Ill., advice to FRAgent that it is not holding company of State Bank of Clearing, and letter to organization Clifton Trust Co., Clifton, N. J., determined not to be holding company affiliate of First National Bank of Clifton Colonial Trust Co., Pittsburgh, Pa., determined not to be, of Greenville National Bank, Greenville, Pa. Commerce Union Bank, Nashville, Tenn., determined not to be, of Broadway National Bank of Nashville Commercial National Bank in Shreveport, La., determined not to be holding company affiliate of ContinentalAmerican Bank and Trust Co. Consolidated Securities Co., San Francisco, Calif., dividends, not clear if they have been paid, three apparent affiliates not reported, limited permit granted, as company will be liquidated Continental Bank & Trust Co., Fort Worth, Texas, ruled not to be holding company affiliate of Continental National Bank and voting permit unnecessary Continental Illinois National Bank and Trust Company of Chicago, Ill., determined not to be, of Continental National Bank and Trust Co. Coraopolis Trust Co., Coraopolis, Pa., determined not to be holding company affiliate of Coraopolis National Bank Coremo Co., letter to Mr. Curtiss that it is not holding company affiliate of Webster and Atlas National Bank of Boston, Mass. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ' 12/27 2862 2741 12/17 11/13 206 12/17 2141 11/13 20-6 11/16 240 12/31 2909A° 9/20 1964 20'6 204 24'1fr 11/13 251° 12/19 2185 5/ 8 1001 11/23 23J.o 11/ 8 3/15 211 Pages 11°Iding company affiliates: . (Continued) Coremo Co: (Continued) Letter approved in connection with consideration of application of Board's ruling under Sec. 2(c)(1) of Banking Act of 1933 C°rPoration of the President of the Church of Tesus Christ of Latter-day Saints, Salt Lake City, Utah: Advice to Mr. Sargent that it is not holding company affiliate of two Salt Lake City banks, and letter to Corporation Examination does not seem necessary as corporation does not appear to be affiliate of Utah Trust & Savings Co., reply to FRAgent Corvallis First National Corporation, Corvallis, Ore., ruled that relationship with First National Bank of Corvallis has been terminated and voting permit unnecessary Coudersport Trust Co., Coudersport, Pa., determined not to be holding company affiliate of First National Bank of Coudersport Cl'itm and Forster, letter to Hackensack Securities Co. re possibility of classification as, of Westwood Trust Co. Further letter to company re possibility and effect of classification as ClUm and Forster Insurance Shares Corporation, letter to Hackensack Securities Co. re possibility of classification as, of Westwood Trust Co. Further letter to company re possibility and effect of classification as Deere& Co., Moline, Ill., letter to Mr. Stevens and one to company that it is not holding company affiliate of Moline National Bank De+ 'armination by Board under Sec. 301 of Banking Act of 1935, reply to Mr. Stevens that status of, is not affected until Board has made determination, further instructions re , Ruling re, to be published in FRBulletin ' iversified Holding Company, Galion, Ohio, ruled not holding company affiliate of First National Bank in Crestline, Ohio, and voting permit not necessary tividend payment while capital is impaired, Sebastopol National Securities Co. may have violated agreement, attention called to, in connection with issuance of general voting permit Dominion Corporation, Charleston, W. Va., ruled that relationship with First National Bank of South Charleston has been terminated, voting permit unnecessary callitable Securities Co., Dallas, Texas, Board could not determine not to be http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/15 677 9/20 1967 1/30 296 5/18 1170 11/11 2341-2 12/ 7 2642 12/20 2797 12/ 7 2642 12/20 2797 10/25 2189 9/25 10/26 2003 2199 4/29 1012 12/10 2684 5/18 1169 12/12 2712 212 pages Holding company affiliates: (Continued) Farmers Bank of Egypt, Pa., determined not to be, of Schnecksville State Bank, Schnecksville, Pa., and Dime 12/20 2797-8 Savings and Trust Co., Allentown, Pa. Farmers Loan and Trust Co., Sioux City, Iowa, determined not to be, in connection with trusteeship of "James F. 12/13 201 Toy Bank Stock Trust" First Bank Stock Corporation, Minneapolis, Minn., directors of subsidiary banks, opinion of Comptroller requested as to "Option Agreement" whereby corporation transfers stock to persons to qualify 6/ 7 10 them ,6 First-Chicago Corporation, Chicago, Ill., determined not to be, 249 11/25 of Uptown State Bank, Chicago, Ill. First National Bank of Boston, Mass., determined not to be, of 2479 11/23 Old Colony Trust Co. First National Bank of Chicago, Ill., determined not to be, of 2490 11/25 Uptown State Bank, Chicago, Ill. First National Bank of Miami, Fla., determined not to be holding company affiliate of Coral Gables First National 239° Bank First National Bank of Philadelphia, Pa., determined not to be, 2399 of First Trust Co. First National Bank of Piedmont, W. Va., reply that trustees under trust agreement do not constitute an organization which is, and that voting permit is 8 12/27 unnecessary First National Bank of St. Joseph, Mb., relationship with First St. Joseph Stock Yards Bank no longer exists and voting permit is unnecessary First National Bank & Trust Company of Port Chester, N. Y., ruled not holding company affiliate of Byram National Bank of East Port Chester First National Building Corporation, Miami, Fla., determined not to be holding company affiliate of Coral Gables 9 First National Bank First National Corporation of Breckenridge, Minn., determined not to be holding company affiliate of First National Bank of Breckenridge Corporation of Portland, Ore., advice to CompNational First troller, in connection with voting permit applications of Transamerica Corporation and Transamerica Bank Holding Co., that it is no longer 70 3/25 0 holding company affiliate 4/16 Application for voting permit withdrawn First National of Elmira Corporation, Elmira, N. Y., extension of time for compliance with membership condition of Watkins State Bank, Watkins Glen, that 6/ 7 corporation obtain voting permit First Securities Corporation of Syracuse, N. Y., relationship with four national banks terminated, but is still 5/25 106 holding company affiliate of one national bank http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 213 Pages N411 . 'ng company affiliates: (Continued) First Security Corporation of Ogden, Utah, reply to Mr. Sargent that relationship does not exist as to certain banks but that it is clearly a holding company of First National Bank of Salt Lake City first Trust and Deposit Co., Syracuse, N. Y., relationship with five national banks terminated First Trust Company of St. Joseph, Mo., relationship with First St. Joseph Stock *Yards Bank no longer exists and voting permit is unnecessary Florida National Group, Inc., Jacksonville, Fla., memo of Mr. DuBois that Board should not determine, and Almours Securities, Inc., not to- be Ford Motor Co., letter to Air. Stevens that it is not holding company affiliate of Manufacturers National Bank of Detroit, approved in connection with consideration of application of Board's ruling under Sec. 2(c)(1) of Banking Act of 1933 Franklin Capital Corporation,Newark, N. J., relationship with Franklin Washington Trust Co. terminated and voting permit is unnecessary General Educational Fund, Inc., Founded by Emma Eliza Curtis, reply to Mr. Curtiss on plan to end relationship with Merchants National Bank of Burlington, Vt. Determined not to be holding company of Merchants National Bank of Burlington Geneva Shareholders, Inc., Geneva, N. Y., determined not to be, of National Bank of Geneva, letters to FRAgent and company Georgia Railroad and Banking Co., Augusta, Ga., determined not to be, of Georgia Railroad Bank and Trust Co. Gimbel Brothers, Inc., New York, N. Y., determined not to be, of Gimbel Brothers Bank and Trust Co. lobe Financial Corporation, question of affiliation with Woodside National Bank of New York raised in connection with application of latter for capital stock reduction, ruled not holding company affiliate Letter to Mr. Case advising of action Goodyear Tire & Rubber Co., Akron, Ohio, desire of Goodyear State Bank that, before it applies for membership or conversion into national bank, Board consider relationships Appears, with Goodyear Tire and Rubber Co., Inc., to be holding company affiliate of bank Grace Corporation, New York, N. Y., determined not to be G.• W. Mead Securities Corporation, Chicago, Ill., determined not to be holding company affiliate of Illinois National Bank & Trust Company of Rockford, Ill. Hackensack Securities Co., Hackensack, N. J., determined not to be, of Westwood Trust Company of Westwood, N.J. Consideration of additional facts, no change in determina tion http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/ 4 1311 5/25 1235 6/21 1442 12/ 9 2662 3/15 679 6/12 1366 6/24 1463 11/ 6 2284 10/19 2120 12/19 2788 12/20 2794 4/11 4/23 891 970 9/20 1958 10/19 12/21 2123 2810 11/ 6 2288 12/ 7 2641-5 12/20 2796 214 Holding company affiliates: (Continued) H. Kempner, Galveston, Texas, ruled not holding company affiliate of United States National Bank of 5/11 Galveston, Texas, and voting permit unnecessary Hudson-Harlem Valley Corporation, Mount Kisco, N. Y., determined not to be, of Trust Company of Northern West11/23 chester Industrial Trust Co., Providence, R. I., letter to Mr. Curtiss that it is not holding company affiliate of Mechanics National Bank of Providence, letter approved in connection with consideration of application of Board's ruling under Sec. 2(c) 3/15 (1) of Banking Act of 1933 Determined not to be, of Mechanics National Bank, agreement executed in connection with limited permit no 12/27 longer binding Inter-County Title Guaranty and Mortgage Co., Floral Park, N. Y., determined not to be holding company of Floral 11/ 5 Park Bank, voting permit unnecessary Jefferson Standard Life Insurance Co., Greensboro, N. C., de12/13 termined not to be J. Henry Schroder Bankinp: Corporation, New York, N. Y., determined not to be, of T. Henry Schroder Trust Co. 11/23 Julius Breckwoldt & Son, Inc., reply to Mr. Case that Board will require additional information to determine relations with First National Bank, Dolgeg/30 ville, N. Y., re publication of reports Lancaster National Bank, Lancaster, N. H., reply to Mr. McCarten that organizations referred to have neither applied for voting permits nor determination of status as, and does not appear necessary 12/18 Lehnhard Investment Co., Monett, Mo., determined not to be holding company affiliate of First National Bank of Monett, Mo. 11/ 6 Liquidation of State member banks, reply to Mr. Walsh that it is not necessary for organizations to secure voting permits for, in case of Farmers & Merchants State Bank, Carrollton, Texas, and Farmers & Merchants State Bank of Wylie, Texas 12/18 Little Ferry National Bank, Little Ferry, N. J., reply that corporate stockholder is not holding company affiliate of, letter approved in connection with consideration of application of Board's ruling under Sec. 2(c)(1) of Banking Act of 1933 3/15 Marine Bancorporation, Seattle, Wash., dividends, Board will not object to payment, as long as they do not exceed actual net earnings, Mr. Price to be advised 11/12 Marine Midland Corporation, Jersey City, N. J., title of Reserve Investing Corporation shown in connection with voting permit application of, reported to Attorney General as possible statutory violation 11/ 8 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Pages 1118 2°-1 2664 2251 271° 2482 00 2756 22° 2151 619 215 Pages ing company affiliates: (Continued) Marshall-McCartney Co., Oakes, N. Dak., relation with First National Bank of Oakes no longer exists, voting 7/26 permit unnecessary SarMr. to advice McCloud River Lumber Co., McCloud, Calif., gent that it is not holding company affiliate of McCloud National Bank, and letter to Corpora9/20 tion Mead Corporation, Chicago, Ill., determined not to be holding company affiliate of Illinois National Bank & 11/ 6 Trust Company of Rockford, Ill. Meadow River Lumber Co., Rainelle, W. Va., advice to Mr. Hoxton that it is not holding company of Bank of Pain9/20 elle and letter to company Member bank shareholders own or control more than 50% of shares voted at last election, also own or control more than 50% of shares of stock of business corporation voted, but not a majority of shares, 6/ 4 reply to Mr. Fletcher on relationship Mercantile National Bank at Dallas, Texas, Board could not de12/12 termine not to be Merchants Corporation, Bangor, Me., determined not to be holding company affiliate of Merchants National 10/19 Bank, letters to FRAgent and Corporation innesota National Bank of Duluth, Minn., dissolved and Board to give no further consideration to application 9/24 for voting permit be to °nongahela Trust Co., Homestead, Pa., determined not holding company affiliate of First National Bank of Homestead, Pa. and Hays National Bank, Hays, 11/11 Pa. Montclair company holding not ruled I., Trust Co., Montclair, N. affiliate of First National Bank of Cedar Grove, 4/29 voting permit unnecessary Nattonal City Bank of New York, N. Y., determined not to be holding company affiliate of City Bank Farmers Trust 11/11 Co. NOrMac Corporation, Somerville, Mass., determined not to be, of 12/31 Somerville Trust Co. Norwood Investment Co., reply to First National Bank, Navasota, Texas, that it is improbable that co,mpany is, 12/27 of bank Northwest Bancorporation, Minneapolis, Minn.: First National Bank of Rapid City, S. Dak., ruled not to be holding company of and permit to vote stock of, in consolidation with First National Bank of 10/ 9 Philip unnecessary Iowa-Des Moines National Bank & Trust Co., Des Moines, Iowa, ruled not to be holding company and voting 10/ 2 permit unnecessary corby owned Relationships with banks, stock of which is poration and R.F.C., letter to Mr. Peyton, let9/ 3 ter to Mr. Peyton on bases for determination of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1656 1969 2288 1961 1310 2712 2118 1998 2343-4 1008 2337-8 2907 2868 2063 2036 1862 page0 216 Bolding company affiliates: (Continued) Northwest Bancorporation: (Continued) Union Bank and Trust Co., Helena, Mont., and Daly Bank and Trust Co., Anaconda, Mont., corporation ruled not to be holding company affiliate of Old Colony Trust Associates, Boston, Mass., ruled not holding company affiliate of Springfield National Bank and voting permit unnecessary Order of Railroad Telegraphers, St. Louis, Mo., determined not to be, of Telegraphers National Bank of St. Louis Ownership by corporation of number of shares of stock in excess of 50% of number voted at last election but which did not vote such shares, reply to Mr. Sargent on construction of Sec. 2(c)(1) in connection with Pacific Eastern Corporation, reply to Mr. Sargent that Board cannot consider general permit for American Co. to vote stock of American Trust Co. until corporation files application or terminates holding company relationship Pacific Lumber Company of Augusta, Maine, Inc., determined not to be, of First National Bank of Scotia, Calif. Peoples-Pittsburgh Trust Co., Pittsburgh, Pa., determined not to be holding company affiliate of two member banks Perth Amboy Trust Co., Perth Amboy, N. T., ruled not holding company affiliate of Raritan Trust Co. Plainfield Trust Co., Plainfield, N. T., determined not to be holding company affiliate of Plainfield National Bank Policy toward, considered in conjunction with question of action to be taken in regard to amendments to Banking Act of 1935 affecting Sec. 32 of Banking Act of 1935 and Sec. 8 and 8A of Clayton Act Port Washington National Corporation, Port Washington, N. Y., ruled not holding company affiliate of Harbor National Bank and voting permit unnecessary Portland National Bank, Portland, Me., reply to, that trustees under voting trust agreement are not, and determination of their status by Board is not necessary Prentice-Hall, Inc., reply interpreting ruling under Sec. 2(c) (1) of Banking Act of 1933 with regard to ownership or control of more than 50% of stock voted at last election President and Directors of the Manhattan Co., New York, N. Y., determined not to be, of County Trust Co., White Plains, N. Y. Rahway Trust Co., Rahway, N. J., determined not to be holding company affiliate of Rahway National Bank Ranborough Corporation, Freeport, N. Y., determined not to be holding company affiliate of Citizens National Bank of Freeport http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/ 5 2265 5/25 1254 12/19 2169 4/1 5/ 8 11/27 812 1085 1 2564 ' 469 11/22 - 6 4/17 945 11/13 2567 5/18 1169 4/29 1191° 12/23 28° 3/27 11/29 11/19 11/22 240'' 217 Pages campany affiliates: (Continued) Realty & Security Co., Passaic, N. J., determined not to be holding company affiliate of Peoples Bank and Trust Co. R F. C., relationships with banks in which stock is owned ' by, and Northwest Bancorporation, letter to Mr. Peyton on bases for determination of Relations with affiliates, determination of, in view of Banking Act of 1935, letter to FRAgents on procedure for obtaining Relationships of Northwest Bancorporation and R. F. C. with banks in which both own stock, letter to Mr. Peyton on bases for determination of Republic National Bank and Trust Co., Dallas, Texas, relationship with First National Bank of Waco has been terminated and voting permit is no longer necessary Republic National Co., Dallas, Texas: General voting permit, Board unwilling to grant in view of doubts as to solvency, limited permit granted Relationship with First National Bank of Waco has been terminated and voting permit is unnecessary Rhode Island Hospital Trust Co., Providence, R. I., determined q0 not to be holding company affiliate of Rhode Island Hospital National Bank of Providence Riley Corporation, East Chicago, Ind., determined not to be holding company affiliate of two national banks Rosooe Shareholders, Inc., Roscoe, N. Y., relationship with First National Bank and Trust Company of Roscoe considered and status confirmed, limited permit granted to vote stock of national bank Determined not to be holding company affiliate of First National Bank and Trust Company of Roscoe 1:0Y Town Site Company, reply to Mr. McAdams that company does not appear to be holding company affiliate of First National Bank, Roy, N. Mex. RIlling of Board on Sec. 2(c)(1) of Banking Act of 1933, five cases presented where strict application would cause organizations to be considered as, memo of Mr. Wyatt presenting three possible interpretations of section Statement that organization should not be ruled holding company until it actually controls an election, Board holds five organizations not holding companies without determining general principles, letters approved Letter to Comptroller that Board has not determined general principle to be employed in interpretation of section and inclosing copies of letters covering cases to cover majority of cases San Diego lAego First National Company, San Diego, Calif., relationship with First National Trust and Savings Bank no longer exists, permit to vote stock unneces sary http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/ 5 2253 9/ 3 1862 9/16 1930 9/ 3 1862 7/10 1590 12/13 2724 7/10 1590 11/12 2353 11/19 2420 5/25 1232 11/11 2339-40 3/14 671 3/15 675 3/15 676-81 3/15 681 6/24 1464 pages 218 Holding company affiliates: (Continued) Seaboard Investment Co., letter to Mr. Stevens that it is not holding company affiliate of Manufacturers National Bank of Detroit, approved in connection with consideration of application of Board's ruling under Sec. 2(c)(1) of Banking Act of 1933 Scranton Investment Co., Scranton, Pa., relationship with Abington National Bank of Clark's Summit expected to be terminated at next election of directors, general voting permit application to be held in abeyance Sears, Roebuck and Co., Chicago, Ill., determined not to be holding company affiliate of Sears-Community State Bank Silver King Coalition Mines Co., may be holding company also of First National Bank of Park City, Utah Silver Springs Shareholders, Inc., Silver Springs, N. Y., ruled not to be holding company of Silver Springs National Bank, letters to Mr. Case and company Status of those not principally engaged in holding bank stocks or managing banks, reply to Mr. Sargent in connection with Corporation of the President of the Church of Jesus Christ of Latter-Day Saints, that possible amendment to law may change Swissvale Trust Co., Swissvale, Pa., determined not to be, of First National Bank of Swissvale Termination of status as, in connection with member bank, reply to Commerce Clearing House, Inc., Chicago, that laws affecting,become inapplicable, but it is desirable that Board rule on termination Tracy Corporation, Salt Lake City, Utah, determined not to be, of Tracy Loan and Trust Co. Georgia, Atlanta, Ga., memo of Mr. DuBois that Company of Trust company and Trust Company of Georgia Associates are holding company affiliates Trust Company of Georgia Associates, Atlanta, Ga., memo of Mr. DuBois that associates and Trust Company of Georgia are holding company affiliates Tustin Investment Co., Tustin, Calif., determined not to be holding company affiliate of First National Bank of Tustin Union Bond & Mortgage Co., Port Angeles, Iklash., memo of Mr. Owens that Board should not determine, not to be Union County Trust Co., Elizabeth, N. I., relationship with First National Bank of Cranford or Linden Trust Co. does not exist and voting permit is unnecessary Determined not to be holding company affiliate of First National Bank of Cranford Union Safe Deposit and Trust Company of Delaware, Portland, Me., reply to Mr. Bramhall that organization is not, and voting permit is unnecessary to vote stock of Portland National Bank Union Trust Company of New Castle, Pa., determined not to be, of First National Bank of Lawrence County at New http://fraser.stlouisfed.org Castle Federal Reserve Bank of St. Louis 3/15 11/22 679 2467 2602" 60 1o/11 1/30 12/ 4 2075 296 2614 ' 113:9 2600 12/10 2678 12/10 ' 2 10 2421" 2611 006-1 12/27 2,0 2406 219 Pages Roidi ng company affiliates: (Continued) Universal Corporation, Miami Beach, Fla., determined not to be, of Mercantile National Bank of Miami Beach /112tl1ma Securities Corporation, Yakima, Wash., ruled not holding company affiliate of Yakima Valley Bank and Trust Co. 170llmer Security Co., Lewiston, Idaho, reply to Mr. Sargent that Board cannot determine not to be, and examination for voting permit to be made Consideration may become proper as to determination as to whether company is holding company affiliate of First National Bank of Lewiston We stern Massachusetts Investment Associates, ruled to be no longer holding company of two national banks Wal. Wrigley Jr. Company, Chicago, Ill., determined not to be holding company affiliate of National Boulevard Bank of Chicago Williamson Mining &Manufacturing Co., Williamson, W. Va., determined not to be holding company affiliate of First National Bank of Williamson Windber Trust Co., Windber, Pa., determined not to be holding company affiliate of Merchants and Miners Bank W Z. /bung & Co., Clinton, Iowa, determined not to be, of ' Clinton National Bank, Clinton, Iowa W R. Grace & Co., determined not to be, of Grace National ' Bank and Corn Exchange Think Trust Co. °°dlawn Trust Co., Aliquippa, Pa., determined not to be, of First National Bank of Aliquippa, Pa. °Y89 offices of Board to be closed at 1 p.m. Dec. 24 and Dec. 31, advice to all FRBanks, Bureau of Engraving and Printing will also close ‘iwiaers Loan Corporation, bonds of, reply to FRBank of Boston that FRBanks are not authorized to make advances to Federal Home Loan Bank on note secured by t c2", S. Edgar: (See Department of Justice) zooksIbbotson Co., reply to Mr. Macartney that Board has not influenced pressure for collection of loans by banks but has encouraged meeting of legitimate demand for loans Ile, means of giving vigorous impetus to new construction, memo of Mr. Eccles re request that Mr. Daiger consider, and that he keep in touch with housing and mortgage financing, asking cooperation of division heads, approved J. B.: (See National banks, Seaboard Citizens National Bank of Norfolk, Va.) 1414°11 County Group, New Jersey Bankers Association, interest rates, reply to Mr. Reilly in connection with resolution petitioning Board to reduce to 2% 12/ 4 2616 5/14 1136 9/26 2010 12/17 2748 9/30 2028 11/12 2357 11/ 5 2255 11/ 6 2286 12/ 7 2647 12/21 2810-11 11/22 2471 12/23 2830 1/23 226 10/22 2148 11/ 8 2300 6/20 1428 L http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis . pages 220 Hughes, Schuman & Dwight, reply that Sec. 32 of Banking Act of 1933 is not applicable to sale of whole mortgages by Bond and Mortgage Guarantee Corporation "I" hams, H. B.: (See Loans, Industrial advances, Chapman-hams Co.) Illinois: Membership in IRSystem, reply to Mr. Wilkes' letter re eligibility of certain reorganized institutions, copies sent to FRAgents at Chicago and St. Louis Pledge of collateral for trust funds in banking department, reply to Mr. Stevens that Board does not feel justified in waiving membership condition even to extent such deposits are insured for Springfield Marine Bank Trust funds, question of compliance with membership condition requiring deposit of security for those in banking department, in view of inability of banks in State to make valid pledge Illinois Bankers Association, certificates of deposit, sale by bank to other banks, Board requests permission to send to FRAgents copy of letter to Mr. Hausman stating national banks have no authority to pur6/20 145z chase 6/29 1551 Reply to Mr. Stevens inclosing copy of letter to Mr. Hausman Indebtedness and outside business relations: FRAgents' departments, reports of, recommendation of Governors' Conference that Board revise its request, to 10/24 216° call annually Letter to all FRAgents revising procedure to achieve uniformity in reports, inclosing form 13-208, and calling for reports annually in accordance with 4 12/26 recommendation of Governors' Conference FRBank of Dallas: Employee, reply that if he is not examiner and indebtedness will cause no embarrassment, Board will offer no 7/ 2 objection to proposed transaction FRBank of Kansas City: ,McAdams, A. M., holding bank stock which should be disposed 1/14 of Unpaid debts of FRBank employee, reply to Miss Looney that Board cannot consider without full statement and suggesting that matter should be taken up with 9/ 7 FRBank Indiana: Dividends on common stock, payment not permitted, in cases similar td that of First State Bank of Valparaiso, so long as capital, including capital debentures is not represented by equivalent 9/ 7 amount of sound assets 8/12 3-'5 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 221 Pages ana: (Continued) Dormant deposit balances, Board will raise no further question re assessments against, by Merchants Trust and 7/ 2 Savings Co., Muncie, Ind., in view of State law State member banks, fiduciary powers, letter to Mr. Stevens on waiver of membership condition requiring deposit of security for trust funds in commercial de3/ 8 partment, copy to Mr. Wood Iliftana Bankers Association, absorption by banks of expenses arising from furnishing special checks to customers, reply to Mr. Warrick inclosing copy of summary of 5/11 rulings on v by for iduals, partnerships and corporations, rediscounts ERBanks, extension of authorization for six 1/ 8 months 9/26 "dement on checks received by Board, form of, approved 'ulastrial concern obligations, reply to Mr. Kuhrt on suggestion that past due accounts of 90 days or more be absorbed by issuance of five year, six per cent notes, would not be eligible as collateral for 1/15 discounts, but may be for industrial advances 418111'ance: PRBank of Cleveland, contributory group life policy, no objection to continuing as long as premium remains 4/11 within specified limit 11Mank of Kansas City, bonds of H. 0. L. C. purchased for selfinsurance fund, recommendation of Mr. Smead that they be shown against "other securities" rather than "Securities fully guaranteed by 10/ 9 U. S. Gov't.", approved PRBank of New York, contributory group life insurance policy, reply to Mr. Sailer that Board notes without objection that ERBank has absorbed balance of 1/15 premium .._, I12aux of St. Louis, no objection to new contributory group life insurance policy which will not cost anything 6/29 if dividends are paid as anticipated II/notes, shipments of, telegram to Governor Calkins that Board will advise Treasury that report of Insurance Committee of Governors' Conference has been received, recommending coverage in FRBanks' poli4/29 cies Letter to Governor Calkins explaining that they would not be covered any loner under Treasury policy, Insurance Committee to consider procedure to be 6/ 7 followed . re instructions giving Telegram and letter to all governors shipments and procedure, and amendment of code 6/27 word going insurance FRBanks' of Letter to Comptroller advising 6/27 into effect http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1568 628 1111 70 2012 136 902 2065 135 1549 1017 1339 1531 1533 222 Insurance: (Continued) FRnote shipuents: (Continued) Reply to Governor Geery that there is no need to insure, 9/25 intended for National Bank Redemption Agency Letter to Governor Calkins suggesting reference to Insurance Committee of question of requesting bids for 12/18 1937 contracts in effort to secure lower rates Gold certificate shipment from Treasury to FRBank of New York, 12/28 rates proposed on Loans, slow and unprotected, suggestion of Mr. McNamara that member banks purchase single premium annual yield policies on lives of such debtors, reply, and as to valuation of contracts and eligibility 6/24 Insurance department of State member banks: Commercial Bank of Iron Mountain, Mich., operating, advice to Mr. Peyton that if part of bank, assets and liabilities should be shown on statement of con9/13 dition Insured banks: Citizens State Bank, Reynolds, Ga., permission granted for immediate withdrawal from FRSystem, FRAgent to suggest deferment until it can be simultaneously accepted as insured nonmember bank 11/25 Permission granted F.D.I.C. to examine, in connection with continuation as, after withdrawal from FRSystem 12/ 4 Half Dollar Trust and Savings Bank, Wheeling, W. Va., possible violation of Sec. 12B(v)(1) of FRAct, reply to Mr. Fletcher to report to F. D. I. C., and ad12/21 vice to F. D. I. C. Ohio, payment of interest on demand deposits of public funds, letters to Messrs. Crowley and Birdzell of F.D. I.C. re competitive disadvantage to member banks and calling attention to legislative intention that member and insured banks be on same footing competitively 12/ 4 Regulation of F.D.I.C. on interest payment by: (See Regulations, F.D.I.C.) State Bank of Gibbon, Minn., permission granted F.D.I.C. to make examination in connection with continuation as, after withdrawal from FRSystem 12/ 5 Violations of FRAct, reply to Mr. Fletcher that they should be reported to F.D.I.C. 12/21 Highway: (See Foreign banking corporations) Inter-American Interest: Absorption by banks of "extra out-of-pocket expenses" for favored customers arising from special printing of checks, summary of rulings sent to Mr. Clerk 5/11 and copy to FRAgents Reply to Citizens Bank, White Plains, N. Y., on question covered in summary 5/11 Reply to Indiana Bankers Association on furnishing special checks 5/1].5/11 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis page 05 2768 2895 .3462 1.91 494 2614 283.1 261 2° 283.1 1108 3,0 223 Pages -est. (Continued) Accruals, on savings accounts, reply to Union Trust Company of Clairton, Pa., re withdrawals without notice 11/23 AU Saints Episcopal Church, reply to Mr. Crowder on payment of interest on certificate of deposit for 4/12 period between maturity and renewal Broker, holding money for customer, reply to Mr. White re any 10/15 provision of law prohibiting payment on that Clerk Mr. to reply banks, l departmenta California State they are not "Savings banks" in connection with prohibition of payment of interest on demand de9/28 posits, action deferred Certificates of deposit payable on ten days notice on or before one year from date, Payment subsequent to June 16, 1933 is not legal on those issued by Wells Fargo Bank and Union Trust Co., which were per3/11 mitted to continue by oral agreement Coin banks: (See infra Savings devices) Coraputation, reply to Mr. O'Connor, in connection with City National Bank and Trust Co., Oklahoma City, as 7/19 to method "Contracts entered into prior to Dec. 18, 1934", reply to Columbia County National Bank, Benton, Pa., on interpretation of, in amendment to Regulation "Q" 3/25 Cc/UntY funds, demand deposits on which interest is required by State law, reply to Mr. Walsh that maximum in1/29 terest rate is not applicable Bank, National penland certificate of deposit, payment by First Georgetown, Ohio, to customer whom bank could not locate to notify of cessation of interest payment at enactment of Banking Act of 1933, 3/ 5 permitted iperaan.d deposits, improper classification of demand deposits as savings, reply to First National Bank in St. Charles, Minn., on statement that prohibition 2/18 of Sec. 19 of FRAct is being evaded by De Regulaunder fixed rates States, Posits outside of United tion Q, letter to all FRAgents and letters to National City Bank, Bank of America National Trust & Savings Association, Bankers Trust Co., Chase National Bank, Guaranty Trust Co. 2/11 and First National Bank of Boston Court, the of "Clerk of name in "Estate funds", deposited Trustee", reply to Central National Bank of San Angelo, Texas, that they are not public 3/ 1 funds and interest may not be paid thereon Change charge, may not be absorbed by Alabama National Bank, Montgomery, Ala., for Montgomery Production Credit Corporation (Farm Credit Corporation) 12/27 as it constitutes indirect payment of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2489 916 2092 2020 645 1633 760 280 591 481 411-3 565 2859 Pages 224 Interest: (Continued) Foreign branches: Member banks, reports on rates paid by, advice to member banks concerned that because of amendment in Sec. 324 of Banking Act of 1935, they need not be made National City Bank of New York in China and British Crown Colony of Hong Kong allowed to pay rate not in excess of 7% Republic of China and British Crown Colony of Hong Kon, reply to Mr. Case that Harbin, Mukden and Dairen may be considered as in Republic of China for purpose of payment of 7% interest Free custody of bonds in proportion to deposits, reply to Mr. Peyton that Board will investigate reported practice of New York banks in connection with payment of interest on demand deposits Free premium such as fountain pen, check protector, etc., reply to T. Harris Smith and Associates that giving by member banks as inducement to open demand accounts, would be indirect payment of interest Industrial advances: (See Rates) Louisiana, payment required by State law on deposits of parish or municipality in Calcasieu-Marine National Bank, reply to Mr. O'Connor Maximum rate: Iowa Bankers Association, reply to Mr. Warner on inquiry of member bank re 1% maximum that maximum rate on savings accounts is aN Lowering, reply to Mr. Brewer on possibility of Board lowering in near future Reduction, reply to Mr. Rowe, First National Bank of Alderson, W. Va., that Board does not contemplate Reduction, reply to Salisbury National Bank that Board does not contemplate, and re authority of F.D.I.C. with regard to nonmember banks Mississippi, reply to Mr. Clark on effect of Regulations Bulletin No. 5 issued by State Comptroller limiting rate of, on member banks, and letter to Mr. Wood re and inclosing copy of letter to Mr. Clark .Reply to Mr. Clark and similar telegram to Mr. Wood that Board would not be disposed to object to payment of interest on contracts entered into prior to July 1, but does not feel it advisable to alter letter of Sept. 16 New Jersey, Regulation of Banking Advisory Board limiting maximum rate of interest on time and savings deposits, telegrams to Messrs. Case and Austin that it is binding upon member banks, letter to Mr. O'Connor re Reply to Salem County Bankers Association re http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 249q 11/25 ' 3/15 4/ 8 855 6/20 1°4 12/27 2° 1/15 12/2? 8/30 9/ 3 2860 1846 180 10/ 2 "51 9/16 10/ 6 2°66 11/26 11/30 2 225 Pages Inte rest: (Continued) New York: Limitation to maximum of 2% on time and savings deposits, memo of Mr. Owens suggesting that no notification of reduction be sent to national banks in State pending possible amendment to Sec. 24 7/16 of FRAct, approved Reply to Mr. O'Connor that ruling as to payment of interest on postal savings funds will be deferred 7/17 pending passage of Banking Act of 1935 Advice to Mr. Case to notify member banks of effect of resolution of State Banking Board limiting 8/30 rate payable Reduction, reply to Superintendent of Banks Egbert that Board does not have under consideration any further reduction of rates, in connection with 6/20 possible reduction by State Banking Board Trust funds, demand deposits, reply to Kenefick, Cooke, Mitchell, Bass & Letchworth on statement that provisions of New York Banking Law do not appear applicable to national banks, that Regulation Q relates to such deposits "in State 12/23 banks" PeYment: Authority in Banking Bill of 1935 to Board to determine what shall be deemed as, letter to Senator 4/29 Fletcher on letter of Mr. Barnett re Barnett Mr. of Reply to Senator Fletcher on letter relative to provision of Banking Act of 1935 authorizing Board to determine what shall be 5/21 deemed as made deposits on month of Maximum rate by banks from first on any of first ten days of January and July, reply to Mr. Hale that previous practice of banks in 12th district does not comply with 7/19 Regulation Q Time certificate of deposit at time of renewal when certificate is renewed prior to maturity, reply 12/23 to Lancaster County National Bank re Postal savings funds: New York, reply to Mr. O'Connor that ruling on effect of reduction in interest rates on payment on, will be deferred pending passage of Banking Act of 7/17 1935 that Y., N. Kenmore, Bank, National First to Advice 7/17 question is under consideration Advice to Wallkill National Bank, Wallkill, N. Y., that 7/17 question is under consideration Reply to First National Bank of Kenmore that in view of State maximum rate, not over 2% may be paid on deposits of, copy to be sent to Mr. Ellen9/ 4 berger http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1613 1624 1846 1427 2822 1015 1203 1635 2822 1624 1624 1625 1866-7 226 pages Interest: (Continued) Postal savings funds: (Continued) New York: (Continued) Letter to Wallkill National Bank re, and similar letter 9/ 4 to Comptroller Reply to First National Bank of Kenmore that contract 9/ 7 1819 is terminable as of Oct. I Reply to Deputy Superintendent White that limitation of interest rate on, to 2% is already accomplished 9/ 7 Further reply to Mr. White that Board's regulation is binding as to rate, but Board cannot require de9/14 1917 posits of Further reply to Wallkill National Bank that Board has not been advised of attitude of Postal savings system toward deposits remaining in New York 9/19 19° banks Rate paid, reply to Mr. Peyton calling attention to provi6/20 1454 sion in Banking Bill of 1935 covering Wisconsin, reply to Mr. O'Connor on effect of order of Banking Commission in reducing rate on, below legal 6/24 requirement Letter to Mr. Stevens requesting confirmation that order does not apply to postal savings funds and letter 6/24 to Mr. Peyton on question Premium for opening demand account, etc., reply to T. Harris Smith and Associates that consideration of question will be deferred pending passage of Banking 170 8/ 7 Act of 1935 Public funds: Ohio, letters to Messrs. Birdzell and Crowley of F.D.I.C. re competitive disadvantage to member banks in bidding for, in connection with Security Central 2617-6 National Bank, Portsmouth 12/ 4 Payment on demand deposits of, reply to Farmers and Citizens State Bank, Crestline, Ohio, and letter to Mr. Fletcher, that contract of First National Bank in Crestline is not in compliance with law 11/16 Rate reduction, Hudson County Group, New Jersey Bankers Association, reply to Mr. Reilly on resolution peti6/20 14218 tioning reduction Rates: .Charged customers by State member banks and paid on deposits, 65° schedule included in Form 105 for reporting 3/ 8 Maximum, letter from Senator Glass to Mr. Morrill stating that they were fixed in direct contravention of law, Messrs. Morrill and Wyatt to prepare draft of reply 12/26 New York, action of Banking Board in reducing maximum, on time and savings deposits, national banks not to be notified until it is determined whether 7/16 Congress will amend Sec. 24 of FRAct Reply to Mr. O'Connor that Board is now considering ef7/17 fect on national banks 1867 140 1459 009 160 16$4 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 227 Pages Intarest: (Continued) Rates: (Continued) Time and savings deposits and on commercial and industrial loans, topic suggested for consideration by officers and directors of FRBanks by Governor Eccles (See also FRBanks, List of topics) Regulation Q: Cook, Ralph B., reply on suggestion that member banks be permitted to pay 3% interest on deposits Regulation of F.D.I.C.: (See Regulations, F.D.I.C.) Savings accounts, payment to estate of deceased father or to accounts of two sons beneficiaries, reply to First National Bank, Marietta, Ga., that ouestion depends on local law Savings devices, reply to Mr. Harry Schwartz, that distribution of, such as "CaleMeter" does not constitute payment, on demand deposits, copy to FRAgents Replies to inquiries informing, them of ruling re coin banks Reply to Earl Service for Banks re ruling Ruling to be published in FRBulletin Tarrant County Water Control and Improvement District No. 1, reply to Mr. Walsh on payment by Continental National Bank, Fort Worth, Texas, on demand deposits of Texas, McAllen Independent School District and certain Water Control and Improvement Districts, reply to Mr. Walsh on legality of payment of interest on demand deposits Texas municipalities, reply to League of Texas Municipalities on request of Mr. McAdams for definite ruling as to payment of interest on demand deposits of, by member banks TtMe and savings deposits: First National Bank in Henderson, N. C., reply on complaint that F. D. I. C. banks are paying higher rate than is permitted to members of FRSystem First National Bank of Prestonburg, Ky., reply to Mr. Fletcher that letter of Mr. Stephens will be brought to attention of Board and requesting advice if bank loses substantial amount of deposits through differences in rate Modification to comply with amendment to Regulation Q reducing interest rate, reply to Mr. Anderson To be added to ruling to be published in FRBulletin Payment on certificates may continue until expiration at contract rate even though regulation Q has been amended to prescribe *% Ruling to be published in FRBulletin Reconmendation that text of reply to Mr. Anderson on same subject be incorporated in statement to be published in Bulletin, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/4 358 4/19 957 3/21 731 12/ 7 2646 12/21 12/21 12/26 2809-10 2810 2851 3/13 662 4/9 874 9/18 1946 3/15 688 1/3 26 2/2 2/2 345 346 1/30 1/30 297 297 2/2 346 228 Interest: (Continued) Time certificate of deposit: Continued payment at 3% rate after reduction in rate is ef2/14 fective, reply to Mr. Fletcher Payable in six or twelve months, reply to Mr. Omernik on 8/30 rate payable Payment for period between maturity and renewal where depositor overlooked renewal, reply to First National Bank of Louisville, Ky., that it is not legal and that renewals may not be post-dated 10/ 2 Stamped statement on, that rate is subject to change by Board, reply to Mr. Ruff on effect of 10/25 Washington Trust Co., Spokane, Wash., certificate bearing notation that no interest is payable after one year from date of issue, reply to Mr. Sargent that further interest payment is illegal 2/26 Withdrawal of interest from deposit which is payable on 30 days' written notice, reply to Seaboard Citizens National Bank of Norfolk, Va. 3/13 Trust funds, demand deposits, in New York, reply to Kenefick, Cooke, Mitchell, Bass & Letchworth on statement that provisions of Banking Law of New York do not appear to be applicable to national banks, that Regulation Q relates to such deposits "in State banks" 12/23 Waiver of service charge on small commercial account by American Trust Co., because customer carries large savings account, reply to Mr. Hale on constituting indirect payment of Wisconsin, order of Banking Commission prescribing maximum rate of 2% on deposits, except as to contracts "now existing", telegram to Messrs. Stevens and Peyton re effect of, and letter to Mr. Schafer advising of action 6/ 4 Reply to Mr. O'Connor re effect on postal savings deposits 6/24 Letter to Mr. Stevens requesting confirmation that order does not apply to postalsavings deposits and letter to Mr. Peyton on question 6/24 Interlocking directorates: Advisory board of branch, reply to Mr. Clark that service to, in connection with Clayton Act is determined by facts in case, law not applicable to Mr. Woodrow's service to branch of First National Bank of Birmingham 6/26 Agricultural Credit Corporations, permit not necessary for Mr. Lewis to serve Shelby County Agricultural Credit Corporation 3/ 5 Applications: Edwards, J. Renz, memo from Mr. Thomas suggesting that action be deferred pending disposition of Banking Act 5/25 of 1935 Friend, T. W., advice to Mr. Fletcher of service authorized 9/14 under Board's resolution of September 12 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis page' 458 3.841 2°8 2198 051 2622 6 10° 10 9'61 146 606 20 1 229 Pages Late rlocking directorates: (Continued) APPlications: (Continued) Xackson, John P., Board would not grant permit, but action deferred pending action on Banking Bill of 6/20 1935 Karraker, R. Wallace, advice to FRAgent that Board would not grant permit, but action is deferred pending ac6/20 tion on Banking Bill of 1935 permits Policy to be followed, letter setting forth new, to be granted only until January 14, 1936 and legislation to be recommended amending Clayton 1/9 Act e contemplat not does Reply to Mr. McAdams that Board issuing permits to applicants serving organizations within prohibitions of Sec. 8A although it is authorized to issue permits to serve bank2/ 6 ing institutions involved under service g authorizin Resolution offered by Mr. Thomas Clayton Act in case of applications before Board on date of passage of Banking Act of 1935, 9/12 amended and approved APPlications approved: Armstrong, Ray W., review of permit by /RAgent submitted, 5/ 8 permit to be continued in effect bank State serve to necessary not Athey, B. Y., new permit 2/13 converted into national bank bank State serve to necessary not permit new Athey, G. W., 2/13 which has converted into national bank Athey, R. G., new permit not necessary to serve State bank 2/13 which has converted into national bank Campbell, Gordon R., review of permit submitted by FRAgent, 5/ 8 to be continued in effect Chesney, Cummings C., opinions that emergency requires continuance of temporary permit, allowed, but still 1/31 be considered temporary efin Childress, L. Wade, permit to be allowed to continue 4/23 fect outCook, A. A., permit which was not to be released until come of charge of possible violation of Sec. 22(g) of FRAct, Yr. Clark directed to release in 2/ 6 view of recommendation of Mr. Newton effect COSgriff, X. E., permit to be allowed to continue in in view of information submitted by Mr. Sargent that services are not in violation of the Clay3/ 5 ton Act 4/23 deceased Cowen, W. B., noted that he is 2/27 Davis, Paul M., to expire Dec. 31, 1935 5 3/ approval Letter advising of ous) Miscellane (See also infra DeLay, J. J., no action at present looking toward revoca1/30 tion of permit Dollenmayer, Albert, to continue in effect http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/ 8 1438 1438 79 386 1901 1097 448 448 448 1097 321 981 388 608 981 550 597 306 74 pages 230 Interlocking directorates: (Continued) Applications approved: (Continued) Eccles, George S., FRAgent requested to direct attention to provisions of Sec. BA of Clayton Act so as to be advised as to possibility of application to companies served Egan, Louis B., permit to be allowed to continue in effect Fort, Franklin W., review of permit noted and Board to allow to continue in effect Garrott, I. Floyd, review of permit submitted, to be continued in force Gilkey, Geo. L., reports with respect to attendance at directors meetings, suggestion of Mr. Peyton that FRAgent at Chicago be requested to furnish, Board to take no action pending disposition of Banking Act of 1935 Hayes, A. Reed, reply to FRAgent at Philadelphia that consolidation did not affect permit and Board is willing to allow it to continue in effect Healy, Joseph E., reply to FRAgent on review of permit, Board willing to allow to continue in effect, but new review requested by Dec. 1 Hogan, William A., Sec. 32 not applicable and permit to be released to Hoyt, Allen G. Johnson, William, review of permit submitted by FRAgent, to be continued in effect Lawton, Charles L., review of permit submitted by FRAgent, to be continued in effect Lonsdale, John G., permit to be allowed to continue in effect Loprete, Michael, review of permit noted and Board to allow to continue in effect Markham, George D., permit to be allowed to continue in effect McMillan, James T., reply to letter of Mr. Stevens that as emergency situation is not over, Board will allow temporary permit to continue, but request review not later than Dec. 15 M.cPherrin, Grant, review of temporary permit, to be allowed to continue in effect .Mercantile-Commerce Bank and Trust Co., permits granted applicants to serve, and Mercantile Commerce National Bank, on condition that former dispose of stock of latter, to be allowed to continue in effect Miller, Curtis, review of permit noted and Board to allow to continue in effect Mitchell, Samuel A., permit to be allowed to continue in effect Morse, F. L., recommendation of FRAgent that permit be revoked, Board to allow to continue in effect Mudd, E. J., permit to be allowed to continue in effect http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/30 4/23 508 981 3/ 5 600 5/21 1201 5/11 1124 1/25 250 1/ 8 3/21 1/17 5/ 8 5/ 8 4/23 3/ 5 4/23 1/25 1/29 4/23 20 901 604 3/ 5 992 4/23 3/ 5 4/23 902 231 Pages lilte rlocking directorates: (Continued) APplications approved: (Continued) Muggli, Louise, review of permit received and Board willing to continue in effect National City Bank of New York, permits granted to applicants to serve, and other banks, in accordance with action of Board on Dec. 29, 1934 Nelson, J. C., review of permit, to be allowed to continue in effect Odgers, Richard E., review of permit submitted by FRAgent, to be continued in force Ohse, George, review of permit submitted by FRAgent with recommendation of revocation, to be allowed to continue pending disposition of Banking Act of 1935 Olson, A. R., no action at present looking toward revocation of permit Patten, George H., review of permit noted and Board to allow to continue in effect Patten, Z. C., review of permit noted and Board to allow to continue in effect Rand, Frank C., permit to be allowed to continue in effect Ruppe, Joseph, review of permit submitted by FRAgent, to be continued in effect Stix, Ernest W., permit to be allowed to continue in effect TQMS, Madison L., temporary permit reviewed and to be allowed to continue in effect Vanderbilt, Arthur T., permit reviewed, feeling of FRAgent that it should be revoked, but not until rehabilitation of bank is completed, approved Review of permit noted and Board to allow to continue in effect Vesper, F. W. A., permit to be allowed to continue in effect Westlake, James L., permit to be allowed to continue in effect Wilson, Geo. W., permit to be allowed to continue in effect A Wunneke, E. J., under Section 25 of FRAct 'PPlications approved until Jan. 14, 1936: Abernathy, T. L. Abernethy, C. N., disapproval reconsidered and permit granted Adams, Howard Agor, Edward S. Albert, A. H. Andrews, J. Warren Andrews, W. N. Aldrich, Charles S. Aldrich, Winthrop W. Alig, C. U. Armistead, Parkes Letter advising of approval (See also infra Miscellaneous) http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/19 962 1/17 160-5 2/13 448 5/ 8 1097 5/18 1180 1/30 306 3/ 5 605 3/ 5 4/23 605 982 5/ 8 1097 4/23 982 2/ 4 362 1/ 7 61 3/ 5 604 4/23 982 4/23 4/23 7/24 982 982 1651 4/23 983 177 1/18 337 2/ 1 903 4/11 5/ 1 1044 964 4/19 5/29 1286 3/ 5 599 255 1/25 313 1/30 2/27 550 598 3/ 5 page 232 Interlocking directorates: (Continued) Applications approved until Jan. 14, 1936: (Continued) Armstrong, Samuel Ashby, T. V. Atmar, L. P. Backus, Chas. S. Baird, Julian B. Baker, George F. Baker, Thos. E. Ball, Edward Baltz, Edward C., application amended to exclude one bank and permit granted Manfred Barber, Barger, E. W. Barnes, R. M., advice of resignation from one bank, application reconsidered and permit granted B. W. Barrett, 0. W. Barrett, Barry, W. L., permit not to be released until ascertained that Sec. SA is not applicable Bartle, George J., amended permit granted Barton, R. B., if Bank of Commerce and Trust Co., Memphis, Tenn., which is in partial liquidation makes loans on stocks or bonds, permit must be amended Bassett, George Bauer, Harry W. Bayrd, Frank A. Beadle, R. W. Beale, Mac. H., relationship between banks appears close, but not in competition Beall, E. B. Beavers, Thomas N., banks in position to compete but not in competition, permit granted Beeler, J. M. Bell, J. Wade, FRAgent requested to determine if possible violation of Sec. 22(g) of FRAct is of class which would now be reported to Attorney General before releasing permit Letter to Mr. Hoxton further in connection with alleged violation of Sec. 22(g) and release of permit Bell, Roy W. Bennett, E. G., to be advised that loans secured by stocks and bonds by any organizations served would be violation of Sec. BA Benninghofen, Paul Benninghofen, Peter Benson, George E., permit not to be released until ascertained that Sec. 32 is not applicable Berry, E. L. Black, Dameron Blosser, Emanuel http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/25 1/30 2/ 7 2/ 4 2/ 7 1/30 1/23 1/19 4/11 1/25 3/15 1/29 5/ 1 5/1 1/30 4/4 2/20 2/21 7/17 3/ 5 1/19 2/ 7 255 312 402 364 402 256 190 905 256 6911045 1.04° 301 641 496 519 627 599 169 460 2/14 689 6 126 5/29 4/11 4/ 4 4/19 04s 960 0 1/23 304 1/30 126v 5/29 106 5/29 1/30 1/19 3/ 5 6/18 233 Pages Illterlocking directorates: (Continued) 4Plications approved until Jan. 14, 1936: (Continued) Bohart, Jas. M. Bohnson, A. F. Borden, Daniel C. Bottenus, Harold Bowers, A. E., and to be advised that if Wheeler Kelly Hagny Trust Co. again issues mortgage bonds it will be necessary to determine if they fall within provisions of Sec. 32 Bradley, John C. Bradley, Wallace H. Brady, W. G., Jr., in accordance with action of Board on Dec. 29, permit not to be released until it is ascertained that Sec. BA is not applicable Bramwell, Mrs. Clara M. Branaman, G. H. Brent, T. J. Breckheimer, Anthony L. Bremer, C. A. Bremer, Otto, permit not to be released until applicability of Sec. 32 is determined Brenton, W. H. Brichler, G. W., permit not to be released until applicability of Sec. aA is determined Bridwell, T. S. Brooks, Vernon A., previously disapproved application reconsidered in light of additional information and granted Brophel, Bartholomew E., disapproval reconsidered and permit granted Brown, C. M., resigned from one bank involved in permit which expired Dec. 31, application reconsidered and permit granted Brown, Earl T. Brown, Theodore F. Brown, Volney M. Brown, W. Ernest Amended permit granted Browning, Miss Edith I. Browning, M. A., and to be advised that if any organizations served make loans secured by stocks or bonds, Sec. 8A of Clayton Act will be applicable Buck, Charles H. Buckley, George D. Bulleit, Walter V., including service to Louisville Branch Bunch, A. B. Burke, James Burks, R. E. Burns, R. T. Bush, Roscoe S., disapproval reconsidered and permit granted Butler, Wm. C. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/31 1/23 1/17 1/17 326 235 161 162 335 2/1 149 1/16 7/12 1605 231 1/23 5/ 1 1045 691 3/15 314 1/30 233 1/23 326 1/31 1/25 2/15 253 470 2/21 2/1 518 337 2/7 399 1/19 191 1/29 2/20 5/ 1 5/ 1 1/30 3/25 2/1 284 500 1044 1045 310 764 337 308 1/30 5/29 1287 164 1/17 485 2/18 236 1/23 784 3/27 849 4/4 235 1/23 255 1/25 151 1/16 pages 234 Interlocking directorates: (Continued) Applications approved until Jan. 14, 1936: (Continued) Caldwell, C. M. Campbell, H. Donald Cannon, Willard T. Cantine, Holley R. Carpenter, F. H. Carson, Robert, permit not to be released until applicability of Sec. 32 is determined Carter, C. S. Carter, W. E. Cartinhour, W. C. Castle, C. E. Cathcart, T. L. Chadbourne, Arthur C. Christie, George R. Ciralsky, Ira W., banks located in same building, but not in competition, permit granted Letter to, advising of approval Clark, M. L. Clark, Sheldon Clary, Hugh L. Clemens, P. W., application reconsidered and permit granted Clogston, R. M. Clow, C. W. Cochran, George G. Coleman, X. A. Collier, S. H. Collins, Chas. Conrad, Laird L. Converse, Myron F., banks in competition, reasons for approving Cook, W. D. Copeland, E. L., banks in position to compete but not in actual competition, Governor Eccles believes policy adopted Jan. 9 should be adhered to, application approved Cosby, J. T. Coston, S. S. Couch, D. R. Coughlan, Harry O., application reconsidered and approved . Coyle°, A. A. Crawford, David A., in accordance with the action of the Board on Dec. 29, 1934 Crawford, William W. Creighton, John T. Crickard, Mason Crone, Arthur E., disapproval reconsidered and permit granted Crosby, L. L. Crowe, M. J. Crowel, Orestes A. Curtis, D. C. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/23 1/25 1/16 1/15 1/16 1/25 2/ 4 A 2/ 'k 3/ 5 1/30 1/18 1/17 1/23 238 255 151 140 150 252 565 364 605 512 YM 165 237 890 4/11 940 4/16 470 2/15 31° 1/30 4/ 1 469 2/15 9 7/10 15gfr 2/20 50A 6/ 4 131' 151 1116 'A 90' 4/11 964 4/19 10 6/18 816 1/31 2/20 4/11 1/17 1/15 1/30 2/ 7 2/ 2 1/17 1/16 1/17 1/16 1/19 1/16 2/ 7 3/21 3/13 a '- 161 141 40° 566 166 15° 10 15° 191 jSi. 402 70 o6 235 Pages Int erlocking directorates: (Continued) APPlications approved until Jan. 14, 1936: (Continued) Curtis, Heber W. Damerel, H. Damon, B. H. B. Dant, George W. Davis, J. E. Deahl, C. E. Derflinger, L. J. Dickenhorst, R. H. Dickson, G. W. Dickover, Mark L. Diehl, Harry Dodge, Cleveland, E., granted in accordance with action of Board on Dec. 29, permit not to be released until applicability of Sec. 32 has been determined Dolan, Bernard J. Dorin, H. E., previously disapproved application reconsidered in light of additional information and granted Doubleday, James M. Dye, Robert Weed Dreyer, Thomas DuBois, W. F. Duckett, T. Howard Dulany, William H. Duncan, H. C. Durham, J. R. Durrell, J. H. Earle, Harry R. East, Howard Eckerson, Thomas H. Permit to be withheld until determination of status of possible violation of Sec. 22(g) of FRAct Eckles, A. H. Eddy, John Franklin Edgington, L. 0. Edmonds, H. C. Edmondson, F. W. Elkins, J. A. Elliott, William Ellwood, E. P., resigned from one bank, application reconsidered and permit granted Engebretson, Mrs. L. B. Engelhard, J. C. Enos, W. J. Ewer, Maurice H. Farrington, F. H. Ferguson, B. B., relationship between banks appears close, but not in competition http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/14 1408 1/15 141 984 4/23 637 3/ 8 2/4 364 2/7 402 1/23 235 529 2/25 2/2 355 3/5 600 8/19 1769 1/29 2/20 282 500 2/7 399 7/24 1652 1/17 164 311 1/30 285' 1/29 1/30 310 150 1/16 5/ 8 1100 326 1/31 162 1/17 285 1/29 8/14 1754 2/11 419 5/11 1121 3/ 5 600 7/22 1642 4/29 1023 3/21 735 5/ 1 1044 327 1/31 7/ 8 1587 1/29 1/23 8/15 2/ 1 1/25 1/19 283 237 1760 337 256 189 2/ 7 398 236 Interlocking directorates: (Continued) Applications approved until Jan. 14, 1936: (Continued) Fincher, I. W. Fisher, John S. Fitton, Don W. Flamer, Lewis Fleming, J. H., Amended permit Foley, F. A. Foltz, Stewart P. Foote, Richard W. Fortson, S. B. Fortson, John T. Fosnes, C. A. France, Jacob Frazier, Geo. W. Frazier, Linn French, Ralph L. Friend, T. W. Frisbie, E. C. Fritzon, Fritz Frye, W. W. Fuqua, H. E. Gage, Homer Garland, A. C. Garrou, A. F. Gatley, Albert S., present application made necessary because Board did not include service as officer in permit granted in 1916, disapproval would be tantamount to revocation, application approved Gault, John C. Amended permit granted Giannini, A. P., including service as consigliere of Banca d'America e d'Italia, Milan, Italy Reply to letter returning permit, which did not include service to City Bank Farmers Trust Co. and letter to FRAgent deferring action pending outcome of pending legislation affecting Clayton Act permits Giannini, L. M. .Gilman, A. George Glaboff, J. U., action deferred Application approved Letter advising of approval (See also infra Miscellaneous) Gock, A- J. Goetz, W. L. Golden, Roy R. Goodson, Mrs. Dora Gorder, Carlton 0., FRAgent to satisfy himself prior to releasing permit that Sec. BA is not applicable http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/16 7/12 5/29 5/18 2/ 4 2/15 5/29 7/12 1/17 5/ 1 5/ 1 1/21 6/ 4 3/ 8 3/ 5 1/31 2/15 4/19 2/ 2 1/16 3/25 1/30 4/19 7/17 4/11 1/29 3/25 2/ 7 2/18 1/30 3/ 5 2/13 2/27 3/ 5 4/ 7/ 3/ 4/ 1 6 8 4 iso 1605 1286 1183 364 468 1285 1606 161 1045 1045 200 1314 657 600 325 469 966 356 15° 766 309 965 809 266 165 391 484 314 599 458 55° 596 816 158 ! 63, s49 401 2/ 7 237 Pages Ita rlocking directorates: (Continued) APPlications approved until Jan. 14, 1936: (Continued) Grace, Joseph P., approved in accordance with action of Board on Dec. 29, 1934 as to permits to serve National City Bank of New York, not to be delivered until ascertained that Sec. 32 is not applicable Graham, Harry C. Graham, Kelley Graham, O. P., disapproval reconsidered and permit granted Grant, J. E. Greenbaum, A. Greer, Grover C., previously disapproved application reconsidered in light of additional information, service seems necessary to welfare of banks, permit granted Greer, S. M. Griffin, G. R., amended permit granted Griffith, C. S. Grtmsley, A. M. Grisso, W. E. Guernsey, Benjamin W. Hackler, Kenneth A. Hagey, John F. Hall, C. C., previously disapproved application reconsidered in light of additional information and granted Hall, I. C. Halsema, John C. Hanes, R. S. Han, Noel Erskine Hansen, Abel, application amended to exclude one bank and permit granted Hanzlik, Charles X. Harber, W. E. Hardy, Charles J., permit not to be released until applicability of Sec. 32 has been determined Hargis, Tom Harper, J. F. Hartman, William H., amended permit granted Harvey, Villa W. Haven, R. E. Hayes, Kent B. Hazen, W. P. C. Hedrick, Ira G. Hemingway, W. L., amended permit granted Other organizations served do not affect application of Clayton Act, and permit to be released Hendricks, B. E., disapproval reconsidered and permit granted henneman, Harry E. Hermann, Wm. F. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/19 3/29 1/23 1/23 1/29 1/23 188 798 234 240 286 239 437-8 2/13 150 1/16 673 3/14 5/ 1 1043 5/29 1287 5/29 1285 529 2/25 165 1/17 190 1/19 399 2/ 7 5/ 1 1043 356 2/ 2 8/19 1770 164 1/17 636 3/ 8 5/29 1287 5/29 1285 5/ 8 1095 236 1/23 5/ 8 1100 764 3/25 355 2/ 2 233 1/23 984 4/23 5/18 1184 200 1/21 981 4/23 7/24 1652 1/19 1/17 3/ 5 191 164 601 Page' 238 Interlocking directorates: (Continued) Applications approved until Jan. 14, 1936: (Continued) Hertzel, F. E., disapproval reconsidered and permit granted Heymann, L. H. Hickman, E. C. Hille, Wm. G. Hinz, W. R. Hodge, 0. E. Hodges, William V. Hoffman, William W., in accordance with action of Board on Dec. 29, 1934, permit not to be released until ascertained that Sec. 32 of Banking Act is not applicable Hogan, D. P. Holderness, Howard Holmes, Herman Hottel, Sibyl, banks in competition, but Board does not feel that denial of permit to minor employee would have any effect on situation Houston, Samuel F. Howarth, Wt. Hoy, John M., disapproval reconsidered and permit granted Hoyt, Allen G. Huber, P. S. Huff, R. E. Hughes, Harry E. Hughes, Richard P. Hughes, Rowland R. Hunt, J. S. Hunter, M. K. Hunter, Richard R. Husbands, J. D. Ickler, Mrs. C. J. Ickler, L. H. Ingram, J. A. Irvine, J. C. Irvine, W. B. Jackson, Charles E. Jacobs, W. B. japhet, E. C. Jasper, S. M. Jenkins, E. O. Jenkins, H. V. Jennings, Prescott Jernagan, Oliver, Tr. Johnson, A. C. Johnson, G. I., permit not to be released until appliesbility of Sec. 32 is determined Johnston, C. I. Jones, Carl A., previous disapproval reconsidered and application approved Jones, H. E., previous disapproval reconsidered and application approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/18 1/23 2/ 7 1/23 1/23 1/18 4/ 9 17/ 256 40 254 256 178 9. 88w 1/23 ,Z 844 11 7,A 3/25 ,Iatl ; 7/12 ' Iv 1/25 1/23 1/16 1/18 1/17 4/ 1 2/ 1 5/29 7/16 1/17 1/18 3/14 1/30 4/19 1/23 1/23 1/23 8/14 5/ 1 1/23 7/12 4/19 1/30 3/ 5 1/23 1/19 3/25 2/21 1/25 1/30 3/27 3/27 260 254 151 178 165 816 337 106 , 161 : 16P 03 riA 6,AP 9-65 0 WO 01 65 1041 2g 16°,6 96' 51S 0 zoS 3-39 766 0 2° 0 239 Pages Itterlocking directorates: (Continued) APPlications approved until Jan. 14, 1936: (Continued) 1/17 Jones, Harry W. 1/21 Jones, R. Leon 1/16 Jordan, A. H. B. 1/17 Jordan, C. C. 2/2 Tordan, Fred Kanaley, James L., disapproval reconsidered and permit 1/25 granted 4/19 Kane, Francis J. 1/25 Kasiska, Miss M. J. 5/ 1 Kasten, W. E. 1/17 Keator, Beverley 3/8 Keefer, A. H. 1/30 Keefer, G. B. 2/15 Kelly, G. C. 4/9 Kennedy, John 1/17 Kenny, George J. 1/23 Kershner, F. 0. Kettle, Albert E., previously disapproved application reconsidered in light of information in connection with application of Mr. Monroe that competition is slight between banks involved and per2/13 mits granted both men 2/21 Letter to FRAgent advising of action 6/14 Kibler, D. 0. 2/20 Kincade, A. W. 3/11 granted King, I. L., amended permit 7/12 King, R. C. Memphis, Co., Trust Cob.merce and King, V. R., if Bank of Tenn., which is in partial liquidation, makes loans on stocks or bonds, permit must be 2/20 amended 4/1 Kingry, W. C., amended permit granted Kinkead, Eugene F., application reconsidered and permit 2/11 granted 1/19 Kirby, S. R., Jr. 1/16 Kleberg, Robert J., Jr. 1/21 Klein, C. H. 1/21 Klein, C. P. 4/9 granted permit Amended 7/12 Klinginsmitb, John G. 2/6 Kluge, Albert C. 1/16 Knapp, Edson D. 1/17 Koelsch, Henry A., Jr. 4/23 5/11 Korth, Earl A., amended permit granted 3/5 Kusch, Dr. L. 1/23 La Faye, E. J. Lamberton, Chess, advice to FRAgent that in view of amendment to Clayton Act by Banking Act of 1935, review of permit requested by Board need not be 10/ 9 made http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 163 200 151 163 355 255 964 258 1045 165 637 313 470 882 162 235 436 518 1408 501 648 1606 498 814 419 190 151 200 200 881 1606 389 149 161 983 1124 601 237 2068 pages 240 Interlocking directorates: (Continued) Applications approved until Jan. 14, 1936: (Continued) Langer, Frank E., disapproval reconsidered and permit granted Laud, Sam Lawrence, Frank D., previously disapproved application reconsidered in light of additional information and granted Lee, Edwin A. Lee, Harry Lee, R. P. Leech, W. B. Lees, James Lemon, H. Y. Lenfesty, N. C., in accordance with action of Board on Dec. 29, 1934, permit not to be released until ascertained that Sec. 32 of Banking Act is not app11 cable Lewis, Marion L., application reconsidered and granted Lewis, Wm. J., permit not necessary to serve Shelby County Agricultural Credit Corporation Ley, Leo L. Liberman, Philip Liggett, R. A. Lindmueller, Charles Lindsley, H. K., and to be advised that if Wheeler Kelly Hagny Trust Co. again issues mortgage bonds it will be necessary to determine if they fall within provisions of Sec. 32 Lipton, Harry I. Little, Leon M., to be advised that if charitable organization makes loans secured by stocks or bonds, service will be in violation of Sec. SA Litz, A. Z. Lombard, Darwin Lombard, L. M. Lord, Chester B. Loveland, B. C., Jr. Lowndes, Tasker G., further consideration requested, permit granted Lowndes, W. Bladen .Luckstead, Esthal J. Lyon, 3. J. F. MacKechnie, Andrew, Jr., if either of New Jersey mortgage companies served resumes sale of participating certificates, FRAgent is to determine applicability of Sec. 32 MacKenzie, William H. Mahan, C. E., Jr., service as employee of Merchants and Miners National Bank of Oak Hill, W. Va., omitted, Board will consider permitting service if he is actually serving http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/19 1/30 191 "1 399 2/ 7 256 1/25 237 1/23 151 1/16 200 1/21 449 2/13 6/14 108 1/23 2/ 7 252 401. 606 3/ 5 1605 7/12 31° 1/30 601 3/ 5 311 1/30 306 2/ 131° 1/30 641 3/11 1100 5/ 8 6 35v 2/ 2 056 2/ 2 599 3/ 5 204 1/23 2/25 3/29 1/23 1/30 1/23 1/16 3/18 526 790 OS 02 149 70 241 Pages Inter locking directorates: (Continued) APPlications approved until Jan. 14, 1936: (Continued) Mallory, W. IN., if Bank of Commerce and Trust Co., Memphis, Tenn., which is in partial liquidation makes loans secured by stocks or bonds, permit must be amended Mandle, Henry H. Mansfield, C. J. Marsh, William L. Martin, C. A. Martin, M. Scovell Martin, Otto S. Matthews, Joe B. Mawyer, H. D., disapproval reconsidered and permit granted Maxwell, T. W. McAlpin, W. R. McAnge, W. N., Jr., previous disapproval reconsidered and application approved McCain, Arthur W. McCarter, Thomas N. McCloud, Bentley G. McCreight, G. A. McCullough, James, Jr., previously denied application reconsidered and granted, no action toward revocation of present permit, Chief National Bank Examiner to be advised to consider advisability of instituting action under Sec. 30 of Banking Act of 1933 McCutchen, C. E. McFarlin, John L., Jr. McKee, Henry H. McLanahan, John D. McLean, A. IN., Robeson County Loan Co., excluded from consideration and permit McLean, James McReynolds, Allen Meade, I. J. Menet, Frank E. Menefee, W. M. Merchant, F. L. Merriam, Carroll B., attention to be called to applicability of Sec. 8A of Clayton Act if Central Trust Co. should make loans on stock and bond collateral Merrick, Robert G. Miller, F. R. Miller, P. A. Miller, W. H. Minor, M. C. Mitchell, H. B. Moffett, Louis B. Mohr, Fred J., amended permit Monohan, Edward S., Jr. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/20 2/7 3/13 1/17 2/25 4/8 2/25 1/31 1/23 4/19 3/21 498 401 664 162 530 867 529 327 240 965 735 3/27 1/25 1/25 1/19 3/18 782 256 256 190 714 387 2/6 337 2/1 7/10 1592 402 2/7 356 2/2 6/14 1404 160 1/17 364 2/4 326 1/31 983 4/23 6/18 1422 402 2/7 6/24 5/29 1/16 1/17 5/29 2/11 7/22 5/ 1 4/29 1/16 1466 1287 149 163 1285 419 1641 1044 1023 150 page' 242 Interlocking directorates: (Continued) Applications approved until Jan. 14, 1936: (Continued) Monroe, Stephen B., permit previously refused Mr. Kettle to serve same banks on grounds of competition, advice that competition was slight, permits granted to both men Letter to FRAgent advising of action Montgomery, R. E., permit to be withheld until charter is issued to National Bank of Norfolk, Nebr. Moody, Robt. Mooney, John E. Moore, B. V. Moore, Charles L. Moore, D. C. Moore, George S. Morlatt, C. E., disapproval reconsidered and permit granted Morris, Nelson Mcxrrisette, C. B. Mortar', Ralph E. Moses, E. Walter, disapproval reconsidered and permit granted Munroe, Charles A., application had been held pending determination of status under Sec. 32, service to Greenwich Trust Co., Greenwich, Conn., excluded as requested by applicant Myers, Mrs. E. E., temporary permit expired Dec. 31, 1934, permit granted until Jan. 14, 1936 Myers, Harry M., service to State Bank of Standish not included in permit as bank has not yet commenced business Myers, W. D., temporary permit expired Dec. 31, 1934, Dermit granted until Ian. 14, 1936 Myers, W. D., Jr. Naetzker, Louis Nagel, Henry D. Nakdtmen, H. S. Nakdimen, I. H. Newton, V. J. Niedringhaus, Hayward Nisbett, J. G. Oakes, R. W., disapproval reconsidered and permit granted Oas, Olaf O'Brien, Miles W., banks occupy same building, but are not in competition, permit granted Letter to, advising of approval Odgers, Ira Olsen, William L. Osgood, Roy C. Osler, T. T. Panario, G. J. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/13 2/21 456 51.8 5/18 1181 1/16 132 236 1/23 964 4/19 314 1/30 964 4/19 254 1/23 965 4/19 255 1/25 1185 5/18 2/15 164 1/27 1/23 239 5/11 601 3/ 5 3/13 4/19 665 964 601 3/ 5 601 3/ 5 3.60 1/17 256 1/25 609 7/13 1609 7/13 3/27 9o3 4/23 40 2/ 7 1/18 691 3/15 890 4/11 94 5811 , ° 4/16 1 7/ 8 525 1/31 190 1/19 1/30 816 4/ 1 764 111 011 243 Pages -Locking directorates: (Continued) APPlications approved until Jan. 14, 1936: (Continued) 5/29 Pangborn, Thomas W. 1/16 Parker, Frederick L. 3/18 Parkin, F. Rogers 1/21 Parks, S. Conant, amended permit 1/23 Paul, F. A. 1/23 Paul, T. C. 1/17 Pearce, Stanley D. Pearre, Sifford, permit to be withheld until applicability 5/29 of Sec. 32 is investigated not was cognizance FRAgent directed to release permit, given to fact that possible applicability of Sec. 32 was in connection with two nonmember 6/14 banks 6/14 Peer, Raymond B. 2/11 Perkins, E. M. 1/17 Perkins, James H. 4/19 Peter, Arthur 1/23 Petersen, P. H. 1/31 Peterson, Robert 1/23 granted permit and reconsidered Pfiffner, U. J., disapproval 3/5 Phelan, J. H. 1/23 Phelps, Charles A. Phillips, Marcus, previous disapproval reconsidered and per3/1 mit granted 1/30 Phillips, S. Albert 2/4 Pingel, L. F. permit 8, Jan. expired permit temporary Pitzer, H. A., 3/11 granted 1/25 G. Place, Hermann 1/23 Pollard, H. D. 8/14 Poorman, A. T. 5/29 Pope, Hugh L. 4/1 Porter, Drury L. Post, James Howell, in accordance with action of Board on 1/29 Dec. 29 1/30 Potter, Norman B. 1/17 Pratt, Stewart C. 3/5 Price, Sidney M. 3/18 Price, Smith Memphis, Pritchard, A. L., if Bank of Commerce and Trust Co., Tenn., which is in partial liquidation makes loans on stocks and bonds, permit must be 2/20 amended 2/4 Putnam, H.W. 2/4 Putnam, H.W., Jr. 5/ 1 Quigley, James P. 2/6 Rahb, C. Henry 3/29 Railsback, J. C. 2/7 Ranney, W. A. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1287 149 713 200 238 238 164 1283 1405 1407 419 163 963 236 326 240 601 234 566 312 364 648 256 235 1755 1287 815 285 309 162 599 714 498 365 365 1044 389 799 401 pages 244 Interlocking directorates: (Continued) Applications approved until Jan. 14, 1936: (Continued) 218; 5/29 10 Ray, R. R. Pv 1/23 Reagan, E. D., disapproval reconsidered and permit granted Reed, Charles M., to be advised that if First Bond and Mortgage Co., which is inactive, should in the future engage in business within provisions of Sec. 32 a permit will be necessary under that 5 1/30 3°, section . 166, 7/26 90 Reich, Otto F. 2/ 6 160 Remington, Charles N. 1/17 Rentschler, Gordon S. 551 2/ 1 Reu, F. I. 599 3/ 5 Reynolds, C. E. E. 909 4/16 325 Rice, L. I., amended permit granted 1/31 51.° Richardson, Raymond S. 1/30 Riddel, Roy 5/29 1° 54 Riddle, H. T. 1/30 511 Hideout, Dunning 1/30 , 556 Riley, Walter J. 2/ g, Ripley, L. D. 5/11 1125 Ritchie, L. C. Riviere, B. G., IRAgent to determine if possible violation of Sec. 22(g) of FRAct is of kind which would not 846 be reported to Attorney General before releasing 4/ 4 00 permit 3/ 5 Rizzie, Joseph W. 0 Robinson, E. T., permit not to be released until determina1/25 309 tion of applicability of Secs. RA and 32 1/30 0 Robinson, John C. 1/23 764 Roe, John J. 3/27 0 Ramfh, E. C. 3/ Rothviell, T. F. 6/14 20 Rovegno, Charles W. a6 1/25 Rovensky, Joseph C. 12 ' 5/29 590 Ruder, E. M. 2/ 6 90 Ryan, W. H. 4/11 Ryder, Willis H. 1/1 Sacks, George P., disapproval reconsidered and permit 1/18 55° granted bge 2/2? Sadler, L. G. 5 3/ Letter advising of approval (See also infra Miscellaneous) 1161 Sam, A. G., permit to be withheld until charter is granted 5/18 04 to National Bank of Norfolk, Nebr. 1/23 01-6 Sandford, C. harry 4/3. 189 Sbarboro, A. E. 1/19 0 Seamen, Scott 1/30 Schatz, 0. A. 20 Schley, Reeve, permit not to be released until applicability 1/25 20 determined is 32 Sec. of 1/25 2° F. John Schmid, 1/25 J. Carl Schmidlapp, http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 245 Pages Illterlocking directorates: (Continued) 4Plications approved until Jan. 14, 1936: (Continued) Schmidt, George F., previously refused application reconsidered and permit granted Schnetz, Earl 0. Schulz, 0. W. Schuster, L. J., FRAgent to determine whether Sec. 32 is applicable before releasing permit Schuyler, A. L. Scobey, M. A. Scott, John R. Scott, R. H. SeaY, H. B. Sedwick, John F. Selden, Lynde Seligman, Fustace Sellars, J. D. Sellars, L. H. Sesnon, Porter Seubert, Edward G. Shatz, Sol Sheehan, C. V. Shelley, George E. Sheperd, Howard C. Short, J. T. Shriver, Henry, temporary permit expired on Jan. 8, permit granted until Jan. 14, 1936 Simonson, William A. Stmms, James H. Amendment to permit to allow service as chairman of board of First National Bank at De Kalb, Texas Singleton, M. E. Skaggs, C. L. Skinner, Album E., disapproval reconsidered and permit granted Slaybaugh, Chester C. Sletteland, 0. B. Sloan, Samuel Sloss, Leon, Jr. Smiley, M. D. Smith, Donald B. Smith, Edgar, and advice to FRAgent that Board has concluded that Fidelity Mortgage Co., Austin, Texas, is a bank Smith, G. E. Smith, Robert C. Smith, Sherrill Smith, Thos. J. Snyder, C. B. Sollenberger, M. E. Sordoni, Andrew J. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/6 5/ 6 1/21 389 1075 201 233 1/23 236 1/23 5/ 1 1043 5/ 1 1044 816 4/1 903 4/11 327 1/31 257 1/25 257 1/25 141 1/15 3/25 766 314 1/30 190 1/19 8/14 1755 161 1/17 5/29 1284 162 1/17 7/10 1593 3/11 1/17 4/19 648 163 965 5/18 5/29 4/11 1182 1287 904 1/25 2/25 1/30 1/17 5/14 1/16 2/20 255 529 312 164 1144 150 500 5/29 1284 816 4/1 390 2/6 257 1/25 600 3/5 327 1/31 3/5 600 149 1/16 246 page' Interlocking directorates: (Continued) Applications approved until Jan. 14, 1936: (Continued) 3.100 5/ 8 600 Southwood, J. E. 3/ 5 Spaulding, A. K. 849 4 4/ Speer, Walter G. 236 1/23 30 Stanpe, Fred W. cA 1/31 9v, Stange, C. G. 4/19 Staples, Alfred L. Stebbins, Henry H., Jr., disapproval reconsidered and permit 259 1/23 granted 511 1/30 Steck, E. L. 5/ 6 100 F. Steinhauer, E. 257 1/25 449 Stern, Siegfried 2/13 Stern, William, application reconsidered and permit granted permit reconsidered and Harry C., disapproval Stevenson, 259 1/23 965 granted 4/19 Stone, Albert G. 266 1/29 F. John Stone, 354 2/ 2 254 Stone, Judson F., amended permit 1/23 00 Stover, Arthur W. 1/31 10 Struble, A. J. 1/17 Stuart, Nelson 258 1/23 otA Sugg, Calvin H. ' 12 5/29 if34 Sullivan, 0. J. 3/27 29 Swigart, W. Emmert 1/23 ilt,_ till Sykes, Conwell S. 5/ 8 03 Taliaferro, Wm. M. 1/23 0 Tankersley, Fayette 2/18 50 Taveniere, Darius J. 2/25 Taylor, Lawrence, amended application approved Taylor, Reginald B., permit not to be released until ap0 1/25 149 plicability of Sec. 32 is determined 1/3.61s Terhune, Henry S. 5/29 Tevis, John W. Thompson, Otis A., FRAgent not to release permit until he determines status of charge for possible viola391 2/ 7 0 tion of Sec. 22(g) of FRAct 1/30 0 Thompson, W. R. 1/23 50 Thorson, C. L. 1/30 0 Tinsley, John F. 1/25 469 Titus, Henry C. 2/15 161 Tompkins, W. Ward 1/17 1,111 Torrance, Bascom H. 1/16 90 Tredway, W. T., disapproval reconsidered and permit granted 4/19 51 Treman, Robert H. 1/30 Charles H. True, Truesdale, W. E., permit not to be released until ascertained that Sec. 32 is inapplicable, to be advised that Sec. 8A will be applicable if Inland Steel 0 1/30 50 Co. makes new loans on stocks or bonds 1/30 01 Turnage, H. W. 1/25 Turnbull, Barton P. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 247 Pages Inte rlocking directorates: (Continued) A pplications approved until Jan. 14, 1936: (Continued) Turner, Charles A. Turner, H. H. Valle, Gaston G. L. van Houten, T. Van Keuren, James I. Van Kleeck, Harold L. VanKuren, W. G. Vedder, F. S. Veeser, Henry J. Vogelsinger, H. E. Vollwerth, Richard von Hamm, C. C., disapproval reconsidered and application approved Vreeland, Edward B. Wahl, E. H. Wakefield, J. W. Letter advising of approval (See also infra Miscellaneous) Wakefield, L. E. Walkinshaw, William Wallace, Geo. C. Walters, H. S. Walters, W. H. Ward, Chas. A. Ward, DeForrest, disapproval reconsidered and permit granted Warnell, D. B., noted that national bank contemplates going into liquidation and resuming as State bank, new permit will be necessary if consummated Warner, DeVer C. Warren, George E. Washburn, A. McC. Watson, H. C. Weatherly, J. F. Webb, Robert W. Weeks, John E., application amended and permit granted Wegener, W. S. Welch, E. S. Westberg, C. A. Wetterau, C. H. Letter advising of approval (See also infra Miscellaneous) Whaley, John S. Wheaton, Charles F. Whelan, D. A. Wherrett, Harry S. White, Gilbert J. White, Russell L. White, W. E. Whiteford, Hugh C., amended permit granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/7 402 674 3/14 419 2/11 674 3/14 765 3/25 257 1/25 1/29 286 312 1/30 7/ 8 1587 713 3/18 7/ 2 1570 1/23 1/31 2/4 2/2? 3/5 240 326 364 550 598 964 4/19 449 2/13 7/10 1592 3/5 602 6/14 1407 326 1/31 240 1/23 961 4/19 469 2/15 257 1/25 964 4/19 5/18 1183 5/ 8 1100 965 4/19 6/20 1437 236 1/23 449 2/13 311 1/30 550 2/27 599 3/5 189 1/19 162 1/17 312 1/30 7/17 1627 313 1/30 8/14 1755 313 1/30 866 4/8 page 24-8 Interlocking directorates: (Continued) Applications approved until Jan. 14, 1936: (Continued) Wiggenhorn, E. A. Willey, A. W. Letter advising of approval (See also infra Miscellaneous) Williams, Edwin R. Williamson, H. L., advice requested as to anticipated election and qualification as director of Commerce Union Bank of Nashville, Tenn. Williamson, Homer B. Williamson, J. K., amended permit granted Wilson, John P., in accordance with the action of the Board on Dec. 29, 1934, permit to be withheld until determined that Sec. 32 is not applicable Wilson, P. S. Wilson, W. Palmer Wilson, William W. Winslow, H. C., disapproval reconsidered and permit granted Wisdom, Vern Wolf, Frank, disapproval reconsidered and permit granted Wolfe, Edmund S. Wood, Wm. G., RAgent to determine if violation of Sec. 22(g) of FRAct was of a kind not necessary to be reported to District Attorney before releasing permit Woods, Eugene Worrall, George Wright, Moorhead Wright, Paul L. Wyard, W. D. Wyckoff, Jacob Yaple, Luther B. Young, B. E. Young, Miss Ora Young, W. J., Jr., FRAgent to determine applicability of Sec. 32 before releasing permit Zachry, D. S. Zoller, G. E. Zornow, H. B. Zouck, Frank H. Zuber, Frank, amended permit granted Applications disapproved: Atterbury, W. W. Letter to FRAgent advising of action Auchincloss, Gordon Barnes, Mrs. Hattie M., noted that contemplated withdrawal from bank will bring services within Clayton Act Barnes, R. M., advice to FRAgent that as contemplated withdrawal from directorate of bank brings services within Clayton Act, Board will consider application to serve Toluca bank and one Lacon bank http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/25 2/27 3/ 5 1/25 6/14 4/ 4 3/14 1/17 2/ 6 4/ 4 1/17 1/30 2/15 2/25 1/25 2/15 550 550 60 257 1401 849 1 0- 166 390 A 840 164 305 40 55° 240 40 1406 6/14 0 3/ 5 a 18' 1/19 50 2/25 601 3/ 5 0 2/ 4 149 1/16 130 5/11 14° 6/14 0 1/23 1/23 5/ 6 4/23 5/29 5/29 7/31 2/13 2/25 3/ 5 0 06 1V 994 1266 0i 109 441 50 0 1/15 1S9 1/15 249 Pages 14terlocking directorates: (Continued) APPlications disapproved: (Continued) Baltz, Edward C., application may be amended to exclude one Washington Bank, to be advised of possibility of applicability of Sec. 32 Application reconsidered and disapproval reaffirmed Bodine, William W. Letter to FRAgent advising of action Byars, L. P. Collins, J. L., banks in competition, but Board previously granted permit to Mr. Hanna, statement of Governor Eccles that in view of new policy, permit should not be granted, motion that application be denied, carried Additional information submitted, application reconsidered and disapproval affirmed Dorrance, Arthur C. Letter to FRAgent advising of action, amended application will be considered Reply to Mr. Austin on request for basis for concluding that banks are in competition, to be advised that if he desires to submit additional information he should do so promptly so it may be considered with applications of Messrs. Gowen, Ingersoll and Jackson Further consideration given to application and denied, application may be amended Earle, D. A. Edwards, J. Renz Einstein, J. R., application for amendment to permit to serve also as officer of bank refused, Board will take no action to revoke existing permit Finan, Thomas B., temporary permit expired Jan. 8, application reconsidered, disapproved Fondren, W. W. Reconsideration of application and disapproval reaffirmed Fry, Wilfred W. Desire to discuss situation with Mr. Gest of FidelityPhiladelphia Trust Co., who is away, no further action to be taken until then and Mr. Fry to refrain from attending meetings of one bank Gilliam, Claude W. Gowen, James E. Letter to FRAgent advising of action File being held by Mr. Thomas pending disposition of Banking Act of 1935 application may be amended to exclude one Abel, Hansen, Perth Amboy bank, possibility of applicability of Sec. 32 to be called to attention Hardman, L. G., Jr. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/ 2 3/ 7 2/13 2/25 1/31 353 618 441 525 323 2/13 439 5/21 1206 441 2/13 2/25 525 4/23 978. 7/ 5 2/ 2 2/15 1581 354 469 5/ 1 1042 3/11 3/ 5 648 602 848 4/ 4 5/21 1208 7/29 1/31 2/13 2/25 1669 323 441 525 5/22 1211 2/ 2 3/14 351 673 250 Interlocking directorates: (Continued) Applications disapproved: (Continued) Harrower, Harold P., application reconsidered and disapproval reaffirmed, noted that father of appli1/ 7 cant is deceased Holland, William, application reconsidered and disapproval reaffirmed 1/30 2/13 Ingersoll, C. Tared 2/25 Letter to FRAgent advising of action File being held by/tr. Thomas pending disposition of 5/22 Banking Act of 1935 Jackson, Albert A., Division of Examinations recommended approval of application and disapproval of six other applications involving Philadelphia banks, 2/13 disapproved Letter to FRAgent advising of action, existing permit 2/25 not to be revoked File being held by Mr. Thomas pending disposition of 5/22 Banking Act of 1935 Jones, Carl A., FRAgents recouriended approval of application because of participation in reorganization, re2/13 fused in keeping with new policy 2/21 Letter to FRAgent that reason is competition Jones, H. E., FRAgents recommended approval of application because of participation in reorganization, re2/13 fused in keeping with new policy 2/21 Letter to FRAgent that reason is competition 1/25 Kearney, Frank A. 3/ 5 Resignation from both Phoebus banks Kingman, R. H., Jr., to be advised that application may be 1/31 amended by excluding one Macon bank Reconsideration requested of disapproved application, disapproval reaffirmed, he may amend application 2/20 by excluding one Macon bank 2/ 2 Lee, Thomas D. 2/ 4 Lieblein, Edward M. 3/ 5 Application reconsidered and disapproval reaffirmed McAnge, W. N., Tr., competition exists but was instrumental r4 2/1.., in reorganizing banks, vote disapproving 2/21 Letter advising FRAgent of action McMullen, Hugh A., temporary permit expired Jan. 8, applica3/11 tion reconsidered, disapproved 1/31 Muennink, W. G. a 2/1-) Patterson, George Stuart Letter to FRAgent advising of action, existing permit 2/25 not to be revoked 1/31 Phillips, Marcus 1/25 Porter, James H. 1/31 Rose, A. M. 3/ 5 Scott, Morton Application reconsidered in light of letter from Mr. 4/19 Ayres, and disapproval reaffirmed 1/31 Scott, S. D., application reconsidered, not approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Pages 305 441 525 1211 441 526 1211 440 515 440 515 254 604 0 496 0 30 04 44° 516 0 441 52?, 02''' 04, 3217, 0/. 962 0 251 Pages It terlocxing directorates: (Continued) APPlications disapproved: (Continued) 3/13 Smith, Charles W. Reconsideration of application and disapproval reaf4/1 firmed Taylor, Lawrence, application reconsidered and disapproval reaffirmed, to be advised that he may amend application by excluding one national bank and furnishing evidence of severance of connec1/30 tion Tyler, George F., may continue to serve under existing permit if he severs his connection with Fidelity7/ 2 Philadelphia Trust Co. applicaamend Weeks, John E., to be advised that he may 1/31 tion by excluding one of banks in Middlebury 1/31 Woolley, Knight Further consideration granted to application and dis5/ 8 approval reaffirmed 1/30 Young, F. J. na king B Act of 1935, provision to repeal Sec. 8 and BA of Clayton Act, proposed substitute for, motion of Mr. Miller that all interlocking directorates be prohibited, laid on table, question referred to 5/ 1 Messrs. Thomas and Hamlin for recommendation of Act Banking in to amendment Thomas Opposition of Mr. 1935, action deferred and recommendation to 5/17 be prepared Committee prepared to report, suggestion of Mr. James, concurred in by Mr. Miller, that all interlocking directorates be prohibited, amendment to be determined upon and submitted to Congress 5/18 as soon as possible Committee to give further consideration to, and to proposed amendment to Sec. 32 of Banking Act of 5/18 1933 examendment Report submitted by Committee and effect of plained, effective date changed to Feb. 1, 1936, Counsel to prepare letters transmitting 5/22 recommendations 5/28 Copies of amendments to be sent to ERBanks 6/ 6 Amendments 6/27 to reply amendments, Comments of Mr. Stevens re Amendment to, by Banking Act of 1935, letter to FRAeents re service of persons who were, on Aug. 23 "law9/16 fully serving" banks under Board's permit s relationship re Clark Mr. for circular of n Interpretatio 10/ 2 not prohibited prior to passage of 0 laYton Act, amendments proposed by Federal Trade Commission, 1/29 reply to Mr. Davis on ttr, to ‘iontiguous or adjacent thereto", letter to Sargent and copy all other FRAgents re previous rulings on, 10/11 and interpreting definition 11/26 Interpretation of phrase to be published in FRBulletin http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 664 815 305 1569 320 322 1096 506 1025 1152 1159 1162 1214-7 1260 1322 1533 1931 2043 281 2079 2537 252 Interlocking directorates: (Continued) Federal intermediate credit banks, exempt from Sec. 8 of Clayton Act by Banking Act of 1935, letter to Ma.. Wood 10/15 that service of Mr. Jones is legal Fidelity Mortgage Co., Austin, Texas, conclusion of Board that it is bank, in connection with application of Mr. 5/29 Smith Investment counselor service, reply to Hr. Stevens that activities of Mr. David Hill do not constitute 9/25 him an employee of banks to which furnished Miscellaneous: Andrews, Frank, permit heretofore granted ineffective, filing of new application matter for his determination, should be advised of Board's policy in view of 4/ 4 adverse action on application of 1,14.. Fondren Armistead, Parkes, application, recommendation of FRAgent that it be denied, memo of Mr. Thomas that limited permit be granted, on recommendation of Mr. Jesse Jones, action deferred until Mr. Tames a 2/13 can be present Statement of Mr. James on situation in Nashville, statement of Mr. O'Connor, permit granted to expire 2/27 Jan. 14, 1936 6/13 Bacon, H. E., action deferred Bentley, Calvin P., banks so located as to come within exception to Sec. 8 and service not prohibited by 9/24 Clayton Act 6/18 Bernhardt, F. J., action deferred Berwind, Charles G., banks so located as to came within 9/24 exception to Sec. 8, not prohibited Brasuell, W. Chester, reply to Mr. Case that he should not be considered employee of three national banks in view of his furnishing investment advice, within meaning of Clayton Act 8/ 2 4/ 4 Buckner, E. H., permit heretofore granted now ineffective 5/ 8 Callaghan, Asbery A., action deferred Citizens National Bank of Evansville, Ind., reply to Mr. Wood approving his desire to defer action on applications of directors of, pending possible con6/18 solidation of bank with affiliated State bank Cooperative banks in Massachusetts as banks under Clayton 10/25 Act Crowe, M. T., attention of Mr. Peyton called to fact that he may be serving banks in violation of Clayton Act 1/ 3 Davis, Paul M., application to serve Nashville Branch and other banks, FRAgent recommended refusal, memo of Mr. Thomas that permit should be granted for limited period on recommendation of Mr. Jones, action deferred until Mr. James is a 2/13 present Statement of Mr. James on situation in Nashville, statement of Mr. O'Connor, pointed out that term as director of branch will expire Dec. 31 and that he will not be reappointed, permit granted until http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Dec. 31 2/27 Pages 2096 1284 2° 0 550 i42 1999 1421 1996 1036 40 -a 169 144'31 2194 459 5 253 Pages iliter.locking directorates: (Continued) Miscellaneous: (Continued) De Lay, J. T., reply to Comptroller that FRAgents have been requested to submit recommendations regarding possible revocation Board not to give consideration at this time to revocation, but Comptroller has been requested to advise Board of results of next examination of bank Dollenmayer, Albert, reply to FRAgent that in view of information and recommendation, Board will allow permit to continue in effect Dorrance, Arthur C., reply to Mr. Wayne that he may serve only two of the three banks involved, under the amendment to the Clayton Act contained in the Banking Act of 1935 Edwards, J. Renz, action deferred Einstein, J. R., amenament to permit disapproved, Board will take no action to revoke existing permit First Industrial Loan Company of California is bank under Clayton Act First National Bank of Birmingham, Ala., service of members of advisory boards of branches and other banks Florence, F. F., action deferred Reply to Mr. Walsh that service may come within exception to Sec. 8 because of location of banks Froelich, A. C., action deferred Giannini, A. P., return of permit on retirement from Bank of America, and application for new permit, letter to Mr. Sargent that Board deems it desirable to defer action pending outcome of legislation pending Letter to Mr. Sargent that services to National City Bank of New York, City Bank Farmers Trust Co., Bank of America N.T. & S.A. and Banca d'America e d'Italia are not prohibited by Clayton Act Glaboff, J. U., application, recommendation of FRAgent that it be denied, memo of Mr. Thomas that limited permit should be granted on recommendation of Mr. Jesse Jones, action deferred until Mr. James can be present Statement of Mr. James on situation in Nashville, statement of Mr. O'Connor, permit granted to expire Jan. 14, 1936 Gouldman, John F., Jr., letter advising of continued violation of Clayton Act and requesting what steps he proposes to take to bring service into compliance before taking legal steps to enforce compliance Gowen, James E., hearing on application granted on April 3 Gray, W. IN., action deferred http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/ 7 63 1/30 306 1/ 8 74 10/ 9 5/25 2067 1243 5/ 1 1042 11/ 9 2330 6/26 1520 5/ 8 1099 9/24 1999 6/18 1421 2/18 484 9/ 4 1871 2/13 438 2/27 550 2/21 3/21 6/18 515 735 1421 254 Interlocking directorates: (Continued) Miscellaneous: (Continued) Haddock, John C., to be advised that application is under consideration, Sec. 8A may be applicable and pending legislation would make section inap4/23 plicable Harrower, L. E., noted that he is deceased, in connection with disapproval of application of Harold P. 1/ 7 Harrower Hill, David A., reply to Mr. Stevens that investment counselor service to banks does not constitute him 9/25 an employee 6/18 Huthsteiner, W. F., action deferred 3/12 Ingersoll, C. Jared, hearing granted on April 3 3/21 Jackson, Albert A., hearing granted on April 3 Jones, John Allen, reply to Mr. Clark agreeing that Sec. 8A is not applicable to "nominal partnership" with telegraph operator who places orders with Fenner 2/21 and Beane Jones, Larry D., to be advised that application is under consideration, action deferred pending deter4/25 mination of legislation now before Congress 6/18 Knauss, I. L., action deferred Lykes, J. M-, filing of application matter for his determination, should be advised of Board's policy in view of adverse action on application of Mr. 4/ 4 Fondren Massey, J. W., noted that he is serving only Hamblen National Bank of Morristown, Tenn., and Clayton 3/ 5 Act permit is unnecessary McCullough, James, consideration of revoking permit, attention of Chief National Bank Examiner to be directed to facts for consideration of advisability of instituting proceedings under Sec. 30 2/ 6 of Banking Act of 1933 W., reply to Mr. Hoxton on failure to obtain McLean, Angus a Clayton Act application in proper form, directing that action be deferred pending disposition 5/11 of Banking Act of 1935 noted national Neuman, E. W., that bank has gone into liquidation and permit not necessary unless service to Shenandoah County National Farm Loan Association may bring within provisions of Sec. 4/23 BA Olson, A. R., reply to Comptroller that FRAgents have been requested to make recommendations regarding 1/ 7 possible revocation Board not to give consideration to revocation at this time, but Comptroller has been requested to ad1/3° vise results of next examination 3/21 Patterson, George Stuart, hearing granted on April 3 Queeny, Edgar M., reply to Mr. Wood re suggestion that provision be included in revision of Regulation L to permit service also to Mercantile-Commerce Bank 10/28 and Trust Co. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 00 10 7g 755 515 591 255 Pages Interlocking directorates: (Continued) Miscellaneous: (Continued) Rose, C. F., action deferred Sadler, L. G., application, recommendation of FRAgent that it be denied, memo of Mr. Thomas that limited permit should be granted on recommendation of Mr. Jesse Jones, action deferred until Mr. James can be present Statement of Mr. James on situation in Nashville, statement of Mr. O'Connor, permit granted to expire on Jan. 14, 1936 Scales, T. D. Vanderbilt, Arthur T., reply to Mr. Case noting that permit should be revoked but agreeing to allow to continue service until completion of capital rehabilitation of Savings Investment and Trust Company, East Orange, N. J. Wakefield, I. W., application, recommendation of FRAgent that it be denied, memo of Mr. Thomas that limited permit be granted, on recommendation of Mr. Jesse Jones, action deferred until Mr. James can be present Statement of Mr. James on situation in Nashville, statement of Mr. O'Connor, permit granted to expire Jan. 14, 1936 Walker, H. Mercer, Clayton Act not applicable Warren-Rappahannock Trust Co., Front Royal, Va., letter to Mr. Boxton on directors serving, that although company has surrendered bankinp charter, it is not clear whether operations as mortgage company bring within Sec. 8A Wells, J. Cheney, to be advised that application is under consideration, FRAgent advised that Sec. 8A is technically applicable but that pending legislation would make section inapplicable Wetterau, C. if., application, recommendation of FRAgent that it be denied, memo of Mr. Thomas that limited permit should be granted, on recommendation of Mr. Jesse Jones, action deferred until Mr. James can be present Statement of Mr. James on situation in Nashville, statement of Mr. O'Connor, permit granted to expire Jan. 14, 1936 Wier, R. W., permit heretofore granted now ineffective, filing of new application matter for his determination, should be advised of Board's policy in view of adverse action on application of Mr. Fondren Willey, A. W., application which FRAgent recommends be denied, memo of Mr. Thomas that permit should be granted for limited period on recommendation of Mr. Jesse Jones, action deferred until Mr. James can be present http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/18 1421 2/13 438 2/27 6/18 550 1421 1/ 7 61 2/13 438 2/27 3/18 550. 706 4/ 9 880 4/23 977 2/13 438 2/27 550 4/ 4 848 2/13 438 256 Interlocking directorates: (Continued) Miscellaneous: (Continued) Willey, A. W.: (Continued) Statement of Mr. Tames on situation in Nashville, statement of Mr. O'Connor, permit granted to expire 2/27 on Jan. 14, 1936 Woodrow, Robert H., reply to Mr. Clark that service to advisory board of branch of First National Bank is not in contravention of Clayton Act, depends on 6/26 facts in case National farm loan associations exempt from effect of Sec. 8 of Clayton Act under Banking Act of 1935, ser10/15 vice of Mr. Newman legal Permits, review of, telegram to FRAgents that reports of may be discontinued pending action of Congress onpending amendment to Clayton Act, and requesting list of all outstanding permits with other information 3/ 5 Letter to Mr. Case that in view of pending legislation to amend Clayton Act, Board will take no action on routine reviews and will act only on cases where Board requested reviews or in special cases 3/27 Letter to Mr. Fletcher 3/27 Letter to Mr. Peyton 3/27 Letter to Mr. McAdams 3/27 Letter to Mr. Sargent 3/27 FRBank of Kansas City, reply acknowledging 18 letters from Mr. McAdams and advising that no action will be taken pending disposition of Banking Act of 1935 5/21 Telegram to FRAgents that review and report will not be necessary, and that reports on individual cases previously requested need not be made 10/28 Permits revoked: Holland, M. B., reply to Mr. McAdams that in view of his recommendation Board will allow permit to continue in effect, he assumes full responsibility for misrepresentation and that directors now own qualifying shares 1/15 McKenzie, Bert L., permit to be allowed to continue in effect, qualifying shares of stock now owned, and Mr. Holland assumes full responsibility for misrepresentation 1/15 Resolution authorizing service under Banking Act of 1935: (See supra Applications) Service under Banking Act of 1935: Armstrong, Ray W., service apparently comes within exception to Sec. 8 re banks not located in sane town 11/12 Boyd, Trafford, service to banks located in towns 21 miles apart seam to be within exception of Sec. 8 of Clayton Act, reply to Mr. Fletcher 10/28 Callaghan, Asbery A., letter to Mr. Walsh that he may serve under Board's resolution of Sept. 12, may come within exception in draft of Regulation L 10/ 9 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis pages 615° 1520 2°4 770 80 12°6 206 139 139 25° 00/ 2069 257 Pages erlocking directorates: (Continued) Service under Banking Act of 1935: (Continued) Cochran, W. S., Board's resolution of Sept. 12 permits service to Houston Land & Trust Co. end First National Bank in Houston until March 1 or until Board adopts general regulations Curtis, Louis, Jr., letters to Mr. Curtiss and Mr. Case questioning whether he was legally serving on August 23, upon which depends continuance to Feb. 1, 1939 Earle, F. P., service to banks 22 miles apart seems to came within exception to Sec. 8 of Clayton Act Einstein, J. P., resignation from bank was due to misunderstanding, Board's ruling held inapplicable, may serve until February 1, 1939 Ferguson, F. C., was lawfully serving national bank on date of enactment of Banking Act of 1935 as resignation of Feb. 6, 1935 had not been accepted, service to Ampere Bank and Trust Co. depends on contiguity of East Orange and Jersey City, N.J. First National Park of Apollo, Pa., letter to Mr. Fletcher re inquiry of Mr. Jamison of, that as Mellon National Bank of Pittsburgh is 30 miles distant, Sec. 8 is apparently not applicable to employee who is director of former Haddock, John C., service to coal companies which was prohibited by Sec. 8A now legal service to banks in towns 12 miles apart Price, Heckman, apparently comes within exception to Sec. 8 of Clayton Act, reply to Mr. Stevens Hoffman, William W., service to National City Bank of New York and City Bank Farmers Trust Co., authorized by law because of common ownership of stock of banks Holmes, W. E., service seems to came within exception to Sec. 8 re banks not located in same towns Jackson, John B., service to banks in Dongola, Anna and Jonesville, all of Illinois, depends on contiguity of latter two towns lanes, Larry D., letter to Mr. Wood that Federal intermediate credit banks are exempt from Sec. 8 of Clayton Act and service is legal Karraker, R. Wallace, service to banks in Dongola, Jonesville and Anna, all of Illinois, depends on contiguity of latter two towns Kinney, R. W., letter to Mr. Sargent that he may continue to serve under Resolution of Sept. 12, question of contiguity of Oakland and San Francisco involved in future service Kirkman, H. M., service to national bank and Federal savings and loan association not within prohibitions of Clayton Act http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/28 2210 12/27 2874 10/28 2209 11/13 2385 11/ 2 2246 10/26 2200 11/12 2362 10/28 2208 11/12 2361 11/12 2364 11/ 2 2247 10/15 2095 11/ 2 2247 11/ 1 2238 10/28 2206 258 Pages Interlocking directorates: (Continued) Service under Banking Act of 1935: (Continued) Lewis, Art T., service to banks in towns 10 miles apart seems to came within exception to Sec. 8 of 08 10/28 22 Clayton Act, reply to Mr. Wood Lewis, Bert, service to banks in towns 10 miles apart seems to came within exception to Sec. 8 of Clayton 1028 2208 Act, reply to Mr.. Wood Milton, John, may serve two of three banks under Board's Sept. 12 resolution, question of service to all three banks depends upon contiguity of Jersey 26 11/ 5 City, Union City and Newark, N. J. Morlatt, C. E., Board has not sufficient information to determine applicability of Sec. 8, RAgent re11/12 23° quested to determine Newman, E. W., reply to Mr. Boxton that no further action will be taken pending determination of action on legislation to exempt national farm loan association from application of Clayton Act, Bank084 ing Act of 1933 exempted from Sec. 8 Shoup, Guy V., service seams to came within exception to 2064 Sec. 8 re banks located in different towns Wells, J. Cheney, relations which were technically pro256° hibited by Clayton Act are now legal Statement by Mr. Thomas on problems involved in administration of Clayton Act and on proposed legislation, 5/22 1219 topic for Governor's Conference 5/28 Statement made Internal Revenue: bonds, letter to Commissioner Belvering Coupons from certain acceding to request to advise FRBRIlks to watch 9/11 180 for, and copy of letter to FRBanks Interstate Commerce Commission: Railroad financing investigation: (See Railroad financing investigation) Investment securities: National banks, limitation on amount of, of one obligor which may be purchased or held by, circular letter of Comptroller and desire of Board to publish in 1/30 FRBulletin Regulation of Comptroller of the Currency, draft of, letter to Mr. O'Connor that Board will consider, re pur9/28 90 chase of 11/14 Letter to Mr. O'Connor commenting on draft Ruling on right of State member banks to purchase and hold obligations within general classification of, but which are not, under Sec. 5136 of Revised 9/23 Statutes, to be published in FRailletin Shell Union Oil Corporation notes, held by Bankers Trust Co., may not be considered as, under Sec. 5136, Re9/11 vised Statutes 1259 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 259 Pages -4 -Dankers Association, maximum interest rate on savings deposits, reply to Mr. Warner re inquiry of member bank re 1% maximum, that maximum rate payable on savings accounts is 2,14 Major General Merritte W.: (See Community Chest) ' 10-Ethi0p1an conflict, possible settlement of, referred to by Secretary of Treasury, which might be accompanied by a return flow of gold to Europe it1211Y, financing cotton shipments to, copy of letter from Governor Harrison re inquiry of National City Bank re propriety of, sent to Secretary of State for comment Draft of letter to Governor Harrison suggesting submission of questions involving governmental policy to Board in future cases, laid on table pending reply from Secretary of State RePlY from Secretary of State outlining policy, statements of Messrs. Thomas and James, reply to Governor Harrison to be drafted, and copy of Secretary's letter to be sent to, copy of reply to be sent to Secretary, copies of all correspondence, etc., to be sent to all FRBanks and published in FRBulletin Reply to Governor Harrison in accordance with, and covering letter to FRAgents with correspondence 12/27 2860 11/ 8 2297 11/20 2437 11/30 2598 12/11 2687-8 12/21 2813 . ttjTt J'Arn hrrett, Hill Mfg. Co.: (See Loans, Industrial Advances) Edward, reply to, on letter from Hansen Brothers Garage, Great Falls, Mont., regarding industrial loan application which was declined by FRBank of Minneapolis Van Hooser & Co., "general obligations" as used in Sec. 5136 3.1 of Revised Statutes, reply to Mr. Van Hooser that Board has not defined, that Board has not issued any instructions to State member banks on charges for buying or selling securities J'errerson for customers National-Expansion Memorial, reply to FRBank of St. Louis approving proposed contribution in view of improvement which will be effected in bank property 's S. W.: (See Fiduciary powers, Goodhue County National j'coatt Bank of Red Wing, Minn.) McNamara Organization, reply to suggestion that member banks purchase single premium annual yield life insurance policies on slow unprotected debtors and as to valuation of such contracts their eligibility and 444 wieland Brewing Co.: (See Loans, Industrial advances) http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/ 3 27 2/18 483 3/ 5 593 6/24 1462 page0 260 Johnson, George V.: (See National Recovery Administration) Johnson, Senator Hiram, reply on consideration given by FRBsnk of San Francisco to application of Karth Spray Equipment Co., Los Angeles, Calif., for industrial advance Johnson, Otis B.: (See Federal Trade Commission) Jones, Grosvenor M.: (See Department of Commerce) 8/29 1861 "K" Karth Spray Equipment Co.: (See Loans, Industrial advances) Kenefick, Cooke, Mitchell, Bass 8c Letchworth, interest payment on demand deposits of trust funds, reply on statement that Banking Law of New York does not appear applicable to national banks, that Regulation Q relates to such deposits "in State banks" Keogh, Edward S.: (See Holding company affiliates, Ranborough Corporation) Kilby, Thomas E.: (See Loans, Industrial advances, Kilby Car and Foundry Co.) Kilby Car & Foundry Co., review of application requested of Mr. Newton, in view of call of Mr. Kilby on Chairman Eccles King, Dr. Willford I.: (See American Statistical Association) Kominers, Morton, reply that Board cannot make exception to ruling prohibiting resale to collectors of canceled postage stamps by FRBanks Krick, E. V.: (See State member banks, American Trust Co., San Francisco) Kuhn, Loeb and Co.: (See Loans, Industrial advances, Hudson Motor Co.) Kuhrt, O. C.: (See Industrial concern obligations) Lea, Congressman Clarence F., salaries of Messrs. Agnew, Hodges and Armstrong as attorneys and counsel at FRBank of San Francisco, information transmitted to, on request League of Texas Municipalities, reply to Mr. McAdams' request for definite ruling as to payment of interest by member banks on demand deposits of municipalities Leased wire system: Chicago-:Kansas City, letter to Mr. Adams requesting installation of teletype service Letter to Mr. Adams requesting nine hour service instead of eight Chicago-New York-Washington, letter to American Telephone and Telegraph Co. requesting installation of threeway switch at New York to permit sending through New York from both Washington and Chicago http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/23 2822 11/ 1 2° 6/14 14° 8/ 2 1° 9/19 8/ 2 946 1666 8/ 9 106 8/19 1169 261 Pages Leas ed wire system: (Continued) PRBEuak of Minneapolis - 1JRBank of Chicago, American Telephone and Telegraph Co. requested to convert Morse 9/14 service to teletype Rearing of American Telephone and Telegraph Co. before Federal Communications Commission, reply to Mr. Dillard on feeling of Leased Wire Committee that any 1/ 4 action should be on system basis New York-Chicago circuit, letter to Mr. Adams requesting change 7/26 from duplex to single line RePort of Leased Wire Committee, letter to Governor Schaller on assumption of share of expenses by Board, procedure for reimbursable business, and gradual replacement of manual operation by teletype and personnel problem in connection 5/ 8 therewith Accepted by Governors' Conference and voted that recommenda10/24 tion be approved Telet ype service between FRBanks of Chicago and San Francisco, letter to American Telephone and Telegraph Co., 2/ 2 requesting discontinuance TeletYpe installation between FRBank of Dallas and FRBank of Chicago, letter to American Telephone and Tele5/25 graph Co. requesting installation Treasury reimbursement for use of, letter to Mr. McReynolds that Board will permit use of wires for remainder of fiscal year 1936, that if no appropriation is made for reimbursement thereafter, 11/22 Treasury make other arrangements for telegrams Washington - Philadelphia telephone wire, reply to Bureau of the Census that Board cannot comply with re12/ 9 quest that Board make available for use of Lea+, AdminBusiness of College vziarman, George A.: (See Armstrong istration) Lasv esof absence: An derson, E. R., telegraph Office of Board, extension of leave, 5/11 with pay, on account of illness 3/21 1,.,nnual, at FRBank of New York, extension for certain purposes objecno Francisco, San of FRBank `'elkins, J. U., Governor, tion to contemplated three months' leave on 3/4 account of ill health 4/19 c approved Three months leave ace, S. H., FRAgent, 'RBank of New York, vacation at this 2/11 time, approved C rtiss, F. H., FRAgent at Boston, no objection to contemplated 3/11 month's leave starting near end of month Ilatcher, W. H., Acting FRAgent, RBank of Cleveland, leave 2/6 for three weeks commencing Feb. 18 approved granted 4t0, William A., Division of Research and Statistics, 2/12 additional leave with pay on account of illness Newman, H. X., Division of Examinations, additional leave 5/ 8 without pay on account of illness http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1920 41 1660 1094 2163 347 1242 2476 2672 1103 720 578 954 405 642 380 422 1079 page' 262 Leaves of absence: (Continued) Sargent, S. G., Assistant FRAgent at San Francisco, leave of absence for 30 days, recommended by physician, approved Sick leave records of FRBank of New York to be furnished to Dr. King in connection with survey under auspices of Public Health Service 12/17 Sproul, Allan, FRBank of New York, additional annual leave for 7/24 two weeks approved Stevens, E. M., FRAgent, FRBank of Chicago, leave for two weeks 2/12 to recover from illness approved Strahorn, C. A., Assistant FRExaminer, additional annual leave 12/13 with pay granted Legislation: Act of May 18, 1934: (See infra Bank Robbery Statute) Advances under Sec. 10(b) of FRAct, extension, memo of Mr. Wyatt recommending, in view of provisions of Banking Act of 1935 that Congress not be asked 2/27 for Amendments proposed by Governor Eccles to Banking Act of 1935, agreed that they are to be sent to Congress separately from amendments to Clayton Act and Banking Act of 1933 Bank Robbery Statute, violations, reply to Attorney General re procedure for reporting Banking Act of 1935: Amendments proposed by Governor Eccles in testimony before subcommittee of Senate Banking and Currency Committee, Counsel requested to prepare letters to Senate and House Benking and Currency committees transmitting Amendments to Clayton Act and Sec. 32 of Banking Act of 1933, comments of Mr. Stevens and reply to Approval by President, statement that it would change title of FRBoard to "Board of Governors of the Federal Reserve System", present stocks of sta8/21 tionary, checks, etc., to be used up Accounts of Board, Secretary authorized to direct FRBank of Richmond to change names to conform to new title, Mr. Miller and Mr. Morrill to give consideration to new design for seal Records required to be kept under, Mr. Morrill and Mr. Wyatt to determine, question of providing for stenographic record of meetings of Federal Open Market Committee 8/21 Inscription on Board's new building to be "Federal Reserve" 8/21 FRAgents, question of appointments, matter to be left 8/21 for action after Feb. 1, 1936 Advice of approval of Act by President, press release re, Mr. Miller may prepare memo re effect of Act 8/23 Board members, advice from Governor Eccles that Senator Glass intended to call some members to testify, probably on Thursday or Friday 5/22 3/13 2762 643 422 2716 562 5/22 ' 1 6 6/27 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 17 9 1211 263 Pages Legislation: (Contiqued) Banking Act of 1935: (Continued) Brown Brothers, Harriman & Co., reply on amendments suggested by Clayton Act, provision to repeal Sec. 8 and 8A, proposed substitute for, motion of Mr. Miller that all interlocking directorates be prohibited, laid on table, question referred to Messrs. Thomas and Hamlin for recommendation Opposition expressed by Mr. Thomas to provision in Banking Act of 1935, action deferred and recommendation to be prepared Committee prepared to report, suggestion of Mr. James, concurred in by Mr. Miller that all interlocking directorates be prohibited, amendment to be determined upon and submitted to Congress as soon as possible Committee to give further consideration to proposed amendment and to amendment to Sec. 32 of Banking Act of 1933 Report submitted by Committee and effect of amendment explained, effective date changed to Feb. 1, 1936, Counsel to prepare letters transmitting amendments Copies of amendments to be sent to ERBanks Conference of Secretary Morgenthau, Mr. Crowley, Mr. O'Connor and Governor Eccles with group of bankers including Mr. Tom K. Smith, President's views on compromise of Title II and discussion of permanent deposit insurance Conferences on position of Treasury and Administration on, review by Governor Eccles of details of developments in Directors of FRBanks, reply to Mr. Peyton on service for additional term after term expiring Dec. 31, 1935, Board not desirous of expressing opinion on legality but will consider amendment to proposed Banking Act "***duty of the FRBoard *** to promote conditions conducive to business stability and to mitigate *** unstabilizing fluctuations ***ff, discussion of meaning of, and problems involved Examination of trust department records of national banks: (See National banks) Exchange charges, advice to Governor Harrison on recommendation of modification of requirement that snail banks be compelled to join FRSystem, as they exist by making Exchange and collection charges, reply to Mr. Clark on suggestion, through Mr. Ottley, of Atlanta clearing house banks that Sec. 324 be amended to prohibit absorption of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/29 1274 5/ 1 1025 5/17 1152 5/18 1159 5/18 1162 5/22 1214-7 5/28 1260 6/14 1370 5/ 1 1031 5/21 1186 5/25 1224-5 5/21 1203 8/14 1754 pages 264 Legislation: (Continued) Banking Act of 1935: (Continued) Federal Advisory Council, statement of Mr. Thomas that Board has not considered formally, Council to consider in separate session Report on, feeling of Governor Eccles that it would be unfortunate if submitted to Congressional Committees, council to be requested to come to Washington to discuss Report of Governor Eccles on meeting April 10, changes Council is disposed to make in report, to be submitted to Board for decision as to release Letter to Mr. Lichtenstein acknowledging receipt of report and advising it had been sent to Congressman Steagall and Senators Fletcher and Glass Reply to Mr. Lichtenstein that Board has no objection to release FRBank stock, cancelation of: (See Stock, FRBank) Governor Eccles' address before Ohio Bankers Association, reprinted in Congressional Record, desire to have reprints made and sent to member banks, approved and suggested change in letter of transmittal by Mr. O'Connor left to decision of Governor, statement of Mr. Eccles that President was in accord with address Bill for 1500 reprints ordered by Governor Eccles, ordered paid Governors' Conference, placed on list of topics for discussion May 27 Hearing before subcommittee of Senate Banking Committee, Governor Eccles to appear Holding company affiliates: (See Holding company affiliates) Industrial Advisory Committee Chairmen conference, statement of Governor Eccles before, re rediscounting under Interest payment: Authority in bill to Board to determine what shall be deemed as, letter to Senator Fletcher on letter of Mr. Barnett re Definition, reply to Senator Fletcher on letter of Mr. Barnett relative to provision authorizing Board to determine what shall be deemed as Interlocking directorates: (See Interlocking directorates) Interpretations, statement on procedure in handling requests for, presented by Mr. Vest, to be published in FRBulletin Letter to FRAgents on procedure also submitted by Mr. Vest, and approved Pennsylvania Bankers Association, resolution of Group VI transmitted to Board, reply, inclosing copy of Governor Eccles' statement to press of Feb. 8 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/19 488 A 835 4/' t 4/11 885 4/23 5/11 2/27 2/27 5/22 1101 548 ' 9 554 121a 5/ 6 6/25 1° 4/29 1015 5/21 8/23 1° 8/28 1°9 2/18 .9 265 Pages egi slation: (Continued) Banking Act of 1935: (Continued) Postal savings legislation, reply to Attorney General re effect of Sec. 324 and 341 on, Board's counsel having rendered opinions re opinion of Solici11/ 1 tor of Post Office Department Publication of condition reports: (See Condition reports) Reserves, computation of: (See Reserves) Sec. 32 of Banking Act of 1933, amendment to section in Act opposed by Mr. Thomas, action deferred and 5/17 Thomas to prepare recommendation Expression of Board members asked by Mr. Thomas, feeling of some that all interlocking directorates of kind referred to in Sec. 32 should be prohibited, amendment to be determined upon and 5/18 submitted to Congress as soon as possible Committee on interlocking directorate legislation to 5/18 give further consideration to Report submitted by Committee, effect of proposed amendment explained, effective date changed to Feb. 1, 1936, Counsel to prepare letters sub5/22 mitting recommendations 5/28 Copies of amendments to be sent to FRBanks 6/ 6 Letter offering, should be sent immediately, approved Statement of Governor Eccles of discussions at FRBanks of Boston and New York on meeting with Federal Advisory Council, which decided to appoint a com2/27 mittee to study bill further of staff Memo prepared by Governor Eccles and members showing arguments pro and con, discussion of proposal to create new open market committee, Governor proposing vesting complete authority in Board with advisory committee of ERBank governors, he had proposed provision in drafting bill 2/27 Statements made by Governor Eccles on Titles II and III of, before House Banking and Currency Committee re3/ 4 ferred to by Governor, discussed Summary of, reply to Mr. Logan that there is no objection 8/28 to sending copies to banks in district Banking and CurHouse Eccles before Governor Testimony of rency Committee, desire, because of misunderstanding of, to send digest of, to FRBanks and member banks, bid of National Capital Press for 4/29 printing of, accepted Bills referred to Board, procedure for consideration and re2/27 ports suggested by Governor Eccles, approved ranch banking, agreed that recommendation should be drawn up to pernit limited, and attitude of President 5/18 deternined l'ancries of national banks, amendment to law suggested by Mr. Sargent to permit establishment within 25 mile radius by banks with capital of not less than 4200,000 11/13 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2236 1152 1159 1162 1214-7 1260 1322-4 542 543 578 1825 1017 552 1160 2385 266 Legislation: (Continued) Central heating plant, letter to Senator Connally expressing gratification that his committee has reported favorably bill to permit Board to obtain steam from, for new building, and requesting expedi5/29 tion, similar letter to Congressman Lanham Clayton Act: Amendment to be sought, advice to FRAgents in connection with policy outlined by Board for passing on i/9 applications Letter offering, should be sent immediately, effective 6/ 6 date changed to Jan. 1, 1936, approved Amendments proposed by Federal Trade Commission, reply to Mr. Davis on 1/29 Executive officers, Sec. 22(g) of FRAct amended to extend time for liquidation of existing indebtedness, 6/14 telegram to FRAgents re Federal Power Act, applicability to officers, directors, employees of RBanks or member banks, reply to suggestion of Mr. Curtiss that ruling on, be 9/23. sought Reply to Mr. Curtiss that if any cases arise involving, Board will submit to Federal Power Commission 10/11 for ruling Advice to FRAgents that Commission will not be able to rule before Oct. 25 10/21 Federal Register Act, memo of Counsel that Board should take steps to file complete compilation of all documents issued by Board prior to Sept. 24, 1935, still in effect as authority for functions and 8/14 activities FRBank stock, memo of Mr. Cherry suggesting amendment to require reduction at time of reduction of surplus, amendment to be prepared 1/30 FRSystem, outline of proposed, presented to members of Board, to be considered at meeting next week 1/18 H. R. 5357, including amendment to Sec. 22(g) of FRAct proposed by Board, advice of, to Attorney General 3/ 1 Holding company affiliates not principally engaged in holding bank stocks or managing banks, reply to Mr. Sargent on possibility of amendment to law changing status of 1/30 Koppleman Bill, resolution of Industrial Advisory Committee Chairmen expressing attitude toward 6/25 Mortgage pool, reply to Mr. Berger, Pennsylvania Bankers Association, on fourth draft of, that members of Board's staff and such members of Board as may be able, will meet with, on Dec. 16 12/11 North Carolina, supervision over State banks, proposed law to eliminate as State function and leave to F.D. I.C. and FRSystem http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis pages 3.282 8° 1322281 1401 1986 2011 2141 118° 500 296 1°1 2101 1 267 Pages Legisi 4-abion: (Continued) , ennsylvania, banking law amended to permit inclusion of pre' ferred stock as "capital", in connection with fiduciary powers, reply to Mr. Fill regarding surplus requirements Program affecting FRSystem: Statement of Governor Eccles of expectation of conference with President, agreed to be advisable not to say anything regarding taking over of industrial loan work by R.F.C. Statement of Governor Eccles on, that Messrs. Wyatt, Await, Wilcox and Smith are working to reconcile any differences in views of Board and Comptroller's Office, various technical measures to be included in omnibus bill Review of situation before Federal Open Market Committee by Governor Eccles • PUID1-lo Utility Act of 1935, applicability to officers, directors or employees of FRBanks, reply to Mr. Curtiss' suggestion that ruling re, be sought Railroad investigation: (See infra S.R. 71) Sec. 22(h) of FRAct, amendment suggested by Mr. Case to prohibit examiners from disclosing any information obtained during examination to unauthorized persons Sec- 22(g) of FRAct: Procedure revised as to reporting violations and advice to FRAgent of amendments to law recommended Report to Senate Banking Committee on S. 370, to amend, suggesting form of amendment drafted by Board Letter to Attorney General on draft of amendment suggested by Department of Justice Reply to Attorney General in connection with proposed amendment to, which has been incorporated in H. R. 5357 71, directing investigation by Senate Interstate Commerce Committee of financial policies, credit and security operations of railroads, request for loan of Messrs. Folsom and Dembitz of Board's staff Board willing to release Mr. Folsom, but not Mr. Dembitz, offer of assistance of Division of Research and Statistics to be made, letter to be,prepared to Mr. Lowenthal in connection with Letter to Mr. Lowenthal advising of action S. 370: (See supra Sec. 22(g) of FRAct) S. Al -1-1-5, to amend Industrial loan act, reply to Senate Banking Committee that as amendment applies wholly to R. F. C., Board cannot express opinion cial Security Bill: Exemption of FRBanks and employees, memo of Mr. James re Letter to Senator Harrison requesting exemption of FRBank employees from provisions of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/ 8 1091 1/23 211 1/23 217 2/ 5 373 9/21 1986 8/ 7 1717 2/13 446-8 1/14 118-21 1/14 121 3/ 1 563 8/21 1772 8/21 8/26 1773 1796 1/25 247 5/28 1260 5/29 1276 268 Page° Legislation: (Continued) Social Security Act: (Continued) Member banks, memo of Mr. Vest that Board take no action as to commenting on possible exemption from provisions of, in response to inquiry of Treasury 12/31 291 through Mr. Wilcox South Dakota, branch offices, law passed authorizing establishment without regard to capital requirements,reply to Mr. Peyton on effect of, on member banks e69 4/ 8 and applicants for membership Reply to Mr. Lillibridge giving views of Board re establishment, by State member banks under statute 6/14 recently enacted 6/14 Letter to Senator Bulow re insurance plan, one resolution of Senate to extend for Temporary 6/26 J. year Lehmann, Priscilla, reply on correctness of charge made by Bonner County National Bank, Sandpoint, Idaho for cash7/ 5 ing a warrant Leitch, Paul W.: (See Pittsburgh Stock Exchange) Lemke, Congressman William, industrial loan application of Mr. Wimmer, Fargo Jewelry Mfg. Co., reply on refusal of 2/21 FRBank of Minneapolis to make advance Lenhardt, Elgin H.: (See National banks, Bridgeport National Bank, Bridgeport, Pa.) Lewis, Guy L.: (See State member banks, Allegheny Trust Co.) Lewis, Senator J. Hamilton: John Wieland Brewing Co., San Francisco, Calif., reply on letter and memo of Mr. Metzenbaum re application for industrial loan from FRBank of San Francisco Sec. 22(g) of FRAct, reply on amount of loans made by banks to executive officers Liabilities, Fayette Bank and Trust Co., Connersville, Ind., contributions of stockholders made to eliminate undesirable assets in 1923, bank has no liability for 11/ 5 Liberty Loan Associations: Assets and liabilities of some were taken over by FRBanks, request information as to status of any existing 6/12 accounts FRBank of Chicago, reply to Mr. McKay noting that FRBank did not take over any, but disposition of certain liberty bonds and participation certificates should be taken up with Treasury 9/28 Reply to Mr. McKay re participation certificates which are obligations of bank, instructions as to carrying and reporting 10/ 8 FRBank of St. Louis, letter to Mr. Wood that accounts of St. Louis Liberty Loan Association should be dis9/28 posed of, should be taken up with TreasUry IRBank of San Francisco, reply to Mr. Hale that accounts of one taken over should be disposed of, should be 20 taken up with Treasury 9/28 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 269 Pages 1.41N) rtY Loan Associations: (Continued) FRBanks, advice to Mr. Wood that question of disposition of 3/4 profits of, is under consideration Libr arY of Congress: Branch, Group and Chain Banking Report, reply to Mr. Putnam 9/19 in 111.2114that there is no copy available for filing imto authorized of Washington Building, expenditure --"ng 1/9 prove, in Board's offices ibria Lill Bank) State Burke banks, member State Lita ---ge, L. L.: (See eraan, Carter and Plant, reply to Mr. Plant that Board cannot wire total amount of debits each week, but will mail special delivery and suggestion that local 9/ 7 agency could wire them 444, Arthlir S.: (See National Association of Bank Auditors and Camptrollers) Lin,4 '1%u-dating banks, purchase of assets by member bank from liquidating national bank, no objection to transaction between Home Banking'Co. and First National 2/7 St. Marys, Ohio Bank, Lin" "°r in interstate transportation, letter to FRBanks calling attention to provisions of Criminal Code making it unlawful to collect price of, or act as agent 4/29 in connection with Letter to Governor Calkins suggesting consideration of uniform procedure as to accepting drafts covering purchase price, in view of criminal provisions of 6/12 Section 239 has Board Letter to Governor Calkins that since sending letter, 6/21 been advised of action of Governors' Conference Lists: D irectors of FRBanks, list requested of all who have served 5/ 8 FRBanks with certain pertinent information Nonmember banks qualified under Regulation T by execution of Form T-1 or T-2 to be published by Board when certain information has been received from FRAgents at Boston, New York, Philadelphia, 5/18 Cleveland and St. Louis FRBanks of for consideration of officers and directors suggested by Governor Eccles, to be presented to directors at meeting of Federal Open Market 2/4 Committee (See also FRBanks, List of topics) 48ton, Wm. H.: (See Quarters of FRBoard) Advances under Sec. 10(b) of FRAct: Extension of legislation authorizing, memo of Mr. Wyatt recommending in view of provisions of Banking Act of 1935 that no further extension be requested, approved FRBank of Cleveland, reply to Mr. Zurlinden that FRBank may continue to make pending revision of Regulation A, and basis for rate shall be discount rate under Sec. 13 and 13a Ruling to be published in FRBulletin http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 580 1953 85 1886 395 1021 1363 1441 1090 1172-80 358 2/27 552 10/ 2 10/15 2042 2093 270 Loans: (Continued) Advances under Sec. 10(b) of FRAct: (Continued) FRnotes, collateral for, reply to Mr. Stevens that such notes would not be eligible as, but would be 9/20 eligible as security for FRbank notes Affiliates: First Security Bank of Idaho, Boise, Idaho, loan to Franklin Investment Co. does not came within provisions 7/ 2 of Sec. 23A Marketability of collateral, statement submitted by Mr. Vest 5/25 for publication in FRBulletin, approved "Rental sale contracts", advance by First Farmers & Merchants National Bank, Troy, Ala., on, to First National Co. does not come within provisions of 3/11 Sec. 23A Termination of relationships, reply to First Farmers & Merchants National Bank, Troy, Ala., on request for consideration of, so requirements,of Sec. 23A 9/ 1* will not apply Union National Bank of Providence, Ky., reply to Deputy Comptroller Lyons on loans to two affiliates secured by preferred stock of one affiliate for which there are no market quotations, regarding validity of security and legality under Sec. 23A of FRAct 4/29 "Bad debts", classification of certain obligations as, under Sec. 5204, Revised Statutes, request interpre2/14 tation from Comptroller Bar Harbor Banking and Trust Co., Bar Harbor, Me., to G. H. Parker 6/ 7 Boyer, Frank S., reply that FRBanks are not authorized to make to individuals on real estate 1/ 8 Certificate of deposit: Evasion of prohibition on payment of certificates before maturity, reply to First National Bank, Louisville, Ky., on question of 2/21 Purchase of certificate at discount due to differential in interest rates, reply to First National Bank, Louisville, Ky., as to whether loan on certifi3/25 cate would constitute Collection policy, reply to Borrocks-Ibbotson Co., that Board has not influenced pressure for collection, by banks but has encouraged meeting of legitimate demand for 10/22 Commercial demand for, and extent to which new loans are being offset by liquidation of existing loans, suggested as topic for Governors' Conference, Mr. lead to consider advisability of making study 5/22 of Deposits, Union National Bank of Donora, Pa., reply to Mr. Binns on loan on deposit 6/20 Examiner of F.D.I.C., reply to Northwestern National Bank and Trust Company of Minneapolis re legality of re9/25 newel of note http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis page 19" 1669 101 644 180 1°19 469 121 72 508 0 2148 10 109 2006 271 Pages 1,08,4 8: (Continued) Executive officers, reply to Senator Lewis, in connection with Sec. 22(g) of FRAct as to amount of loans made 8/ 2 1685 to, by banks (See also Executive officers) Federal Housing Administration, classification of, letters to Acting Administrator McDonald relative to instructions given MBank examiners as to loans in7/24 1649 sured under National Housing Act 'Banks to Federal home loan banks, reply to Governor Young that Board agrees with Counsel for FRBank that latter may not make advances to, on notes se226 1/23 cured by Home Owners Loan Corporation bonds l'irst State Bank of King City, Mo., to Citizens National Bank 6/ 4 1295 to pay depositors P"eign: 25 1/ 3 Gold, manner of showing in weekly MBank statement Official rulings and correspondence on, no objection to FRBank of New York making,for years 1914-19, available to representative of Munitions Com843 4/ 4 mittee Industrial advances: Activity of FRBanks, discussion with Governors' Conference of whether it should be continued, Governors feel that all possible has been done, question of continued service of Industrial Advisory Com5/28 1260-1 mitteemen without compensation comand advances Apportionment of net earnings on industrial 12/24 2836 mitments ens difficultie on hams Chapman-Iiams Co., reply to Mr. countered in getting applications of clients 809 4/ 1 approved by FRBank of Philadelphia 959 4/19 letter further on Reply to Mr. hams regarding Ward Mr. to reply Minn., City Market Co., Duluth, rejection of application of Mr. Persha for loan 6/ 7 1341 for, by FRBank of Minneapolis to, given on on considerati Shipstead Senator Reply to and on charge of discrimination, and letter to Mr. 14ard re complaints as to treatment of Mr. 9/21 1983-5 Persha Commitments: Desirability of loans with, statement of Mr. Szynczak before conference of Chairmen of Industrial Advisory Committee Chairmen Maturity, inquiry of Mr. Wood of conference of Chairmen of Industrial Advisory Committees as to practice of making, if for life of loan, majority for six months Craig, William S., reply stating that law prevents MBank of Cleveland from making loan for completion of golf course http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/25 1472 6/25 1475 3/ 4 584 272 Loans: (Continued) Industrial advances: (Continued) Curry, Douglas, reply re refusal of FRBank of New York to 9/34 make loan Davis, H. C., reply that loan he seeks does not came within 12/31 authority of FRBanks to make Edwin C. Bennett Pottery Co., Baltimore, Md., reply to National Recovery Administration that Board regards individual borrowers as confidential but 5/25 that company has been granted two loans Fargo Jewelry Mfg. Co., Fargo, S. Dak., reply to Congressman Lemke on refusal of FRBank of Minneapolis to 2/21 make advance to Mr. Wimmer FRBank of Atlanta, payment of amounts to U. S. out of earnings on funds derived from Secretary of Treasury, 1/15 reply giving instructions on FRBank of Chicago, Board's views expressed in letter to Mr. Stevens, in connection with discussions of Mr. 5/ 6 Szymczak with directors and officers of FRBank FRBank of Kansas City, reply on proposed loan of five million, part of which is to be used for capi3/18 tal investment FRBank of Richmond, reimbursement by Secretary of Treasury 1/ 3 for funds disbursed on account of FRBanks: Continuance of activity, question on list of topics suggested by Governor Eccles for consideration of officers and directors, and question of transfer 2/ 4 to R.F.C. Feeling of Federal Advisory Council that they should continue activity, statement of Mr. Szymczak that banks feel they should continue, commitments increasing, Beckman Report to support claim that FRBanks have done all possible 2/19 (See also FRBanks, list of topics) Funds received from Secretary of Treasury, instructions on reporting 1/ 8 Information requested on extent of applications for credit from different lines of business and in3/ 7 dustry Review of advances and commitments, request expedition of disbursement and that stress be laid on advances through financing agencies, advice that there appears to be need for working capital advances 3/22 Statement by Mr. Szymczak on activities to be topic for Governors' Conference 5/22 Statement made 5/28 Tables forwarded to Mr. Jones, Bureau of Foreign and Domestic Commerce, showing loans made, in de4/ 4 tail Unsuccessful applicants, reply to FRAgent at Philadelphia re letters from ' 4/ 4 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PageS 031 291z log 510 154 1°66 700 409 614 i49 oss 045 273 Pages LOan 8: (Continued) Industrial advances: (Continued) FRSystem program, letter to Mr. Bill, re his letter to Mr. Wooton, Board requesting specific criti11/ 5 2261 cisms of Authority Code Furniture manufacturers, reply to Furniture on request for information as to advances made 5/25 1240 to Golf course, reply to Mr. Craig that loan for purpose of com584 3/ 4 pleting, does not meet requirements of law Mr. Jarto reply Mont., Falls, Great Hansen Bros. Garage, rett on letter relative to application which 27 1/ 3 FRBank of Minneapolis declined Hudson Motor Car Co., Detroit, Mich., reply to Mr. Case that RBank of New York may purchase or make commitment to purchase obligations from New York 186 1/19 bank Proposed loans by FRBanks of New York and Chicago, in which Kuhn, Loeb & Co. will receive stock bonus for participation, feeling of various Board members on arrangement, further information to be 2/27 544-5 obtained from Mr. Rounds and action withheld Company in need of funds, information received from Mr. Rounds that action had been deferred, feeling of New York directors, legal questions involved in two banks participating; or in one bank making entire advance and rediscounting part with 546-7 2/27 other bank Review of circumstances involved in application by Messrs. Szymczak and Thomas, advice that New York directors had approved loan in revised form presenting different arrangement with Kuhn, Loeb & Co., Governor Harrison had been informed. that Board's objection was to arrangement whereby 570-3 3/ 4 the private bank would profit Wire to Board prepared by FRBank of New York need not be sent, advice of condition imposed by FRBank 574 3/ 4 of Chicago which Kuhn, Loeb & Co. rejected Opinion that withdrawal of objection to nature of participation of Kuhn, Loeb & Co. in advance would 574 3/ 4 be tantamount to approval of arrangement Statement of Mr. Coolidge that Mr. Morgenthau feels that FRBanks are within law and that Board would be assuming responsibility if company were com575 3/ 4 pelled to suspend operation that Chiproposes of FRBank solution Governor Eccles cago make entire loan and discount part with FRBank of New York, reasons former desires par575-6 3/ 4 ticipation of Kuhn, Loeb & Co. Question of permanent financing of company, suggestion of Governor Eccles that FRBanks be advised re- http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis sponsibility rests with them, approved and telegram to be prepared 3/ 4 577 274 page6 Loans: (Continued) Industrial advances: (Continued) Hudson Motor Car Co.: (Continued) Telegram to Governors Schaller and Harrison in accordance with action of Board on March 4, approved, state56T 3/ 5 ment of Mr. Miller on negative vote FRBank of Chicago desirous that outside financing in112 3/27 stitutions take larger participation Telegram to Governor Schaller that as bonus feature is 642 4/ 4 eliminated, Board has no objection to advance Refusal of FRBank of Chicago to take more than half of participation unless claims of outside financing institutions are subordinated, advice from Mr. Rounds that his directors at YRBank of New York 895 4/11 will consider taking additional participation Industrial concern obligations, suggestion of Mr. Kuhrt that past due accounts of 90 days or more be absorbed by issuance of five-year, 0 notes, reply that they would not be eligible for rediscount, but may be acceptable for industrial advance collateral Information: FRBanks, other submitted to Board than regular forms may be discontinued, Board desires explanation of any unusual changes in weekly reports and list of outstanding advances may be forwarded 6/18 148 quarterly in future Prof. Dolley, University of Texas, telegram to FRAgents log 8/ 7 that there is no objection to furnishing to Interest rates, copies of Mr. Currie's memoranda and Mr. Szymczak's memorandum with regard to recommendations, review to be made prior to next meeting of Board and Mr. Szymczak to be prepared to yx 1/2make recommendation James A. Hill Mfg. Co., Minneapolis, Minn., reply to Mr. Smith with further reference to complaint as to 1/10 rate of interest charged Reply that FRBank of Minneapolis has reviewed rates 4/16 and concluded that they are fair John Wieland Brewing Co., San Francisco, Calif., reply to Senator Lewis on letter and memo of Mr. Metzen3/14 baum regarding application for loan Karth Spray Equipment Co., Los Angeles, Calif., reply to Senator Johnson re consideration given by FRBank 8/29 of San Francisco to application Kilby Car and Foundry Co., reply to Mr. Kilby re refusal 2og of FRBank of Atlanta to approve application for 10/ 2 Reply to Mr. Kilby re consideration given to application 210 10/19 by FRBank of Atlanta Review of application requested of Governor Newton, in 201 view of call of Mr. Kilby on Chairman Eccles 11/ 1 National banks, letter to Comptroller on interpretation of Sec. 24 of FRAct prohibiting taking of portion of obligation, stating that it seems proper that http://fraser.stlouisfed.org 1/3 FRBank handle security Federal Reserve Bank of St. Louis 275 Pages , lContinued) Industrial advances: (Continued) 1/30 Pamphlet issued by FRBank of Chicago by gathered Pamphlet prepared by Mr. Creighton, material FRBoard, sent to Chairmen of Industrial Advisory Committees as possible basis for issuance in their districts, copy of letter sent to gover1/17 nors and FRAgents chairof resolution industries, small to Permanent capital men of Industrial Advisory Committee that FRBoard 6/25 make study of 6/26 Resolution of Board opposing Press comment on industrial loan program, FRBanks requested 6/ 4 to forward clippings, etc., to Board Procedure, copy of letter from Deputy Governor Fleming on, 1/ 2 sent to all governors Reconstruction Finance Corporation, agreed, in connection with legislative program, that it is not advisable to say anything concerning taking over 1/23 of entire work by Rediscounts, statement of Mr. Szymczak before conference of Industrial Advisory Committee Chairmen that it should be made clear that action does not re6/25 flect on financing institution Reports submitted to Secretary of Treasury, reply to Mr. Coolidge explaining distribution of expenses which exceeded earnings between surplus, Sec. 5/ 8 13b and surplus Sec. 7 publication, Review of work to be prepared by Mr. Adams for temporary appointment of Mr. Adams for purpose, 5/11 opposed by Mr. Miller informaDallas, of Southern Properties, Inc., by FRBank tion requested as to connection of E. P. Locke, 7/19 of counsel for FRBank, with company Senator to reply Mont., Sun Produce Co., Inc., Helena, Wheeler on letter from Mr. Ehlers re rejection 10/14 of application by FRBank of Minneapolis on General Postmaster to letter to reply Ullman, Lothar, 1/ 3 application to FRBank of New York reply Pa., Watsontown, Co., Furniture & Watsontown Table to Mr. Rombach on refusal of FRBank of Phila2/21 delphia to make loan to Wimmer, Fred: (See supra Fargo Jewelry Mfg. Co.) Ziv Steel and Wire Co., Chicago, Ill., reply to Senator Russell on complaint of, that he had not been able 11/16 to obtain loan to reply MeMber banks, National Housing Act, Titles I and II, Federal Housing Administration, Chicago, on mak4/12 ing, and selling instruments Na+ Campto reply -ional banks to affiliates, renewal of loans, troller interpreting first paragraph of Sec. 23A 3/29 with regard to two cases http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 298 157 1481 1495 1306 7 211 1474 1089 1101 1640 2086 26 511 2410 921 794 page' 276 Loans: (Continued) "Others than brokers or dealers in securities for purchasing or carrying securities", inclusion of item in revised call report form questioned, statement of Mr. Parry re desire for information in connection with formulation of Regulation U, item 11/27 withdrawn Assistant Hendrix, C. L. to Ala., Bank, Clanton, Peoples Savings 2/11 National Bank Examiner Savings deposit as security for, proposed by North Philadelphia National Bank, reply to Comptroller amending his 8/ 9 reply to bank Securities held in loan account, Bankers Trust Co. may not hold 9/11 notes of Shell Union Oil Corporation as Staff of FRBoard: DuBois, J. D., authorized to negotiate with member bank for loan on stocks or bonds, to be invested in real 2/16 estate Time certificate of deposit: American National Bank at Indianapolis, reply to on making 5/ 8 loan on certificate issued by another bank First National Bank of La Grange, Ga., reply to re making, quoting provisions of revised Regulation Q, 12/ 7 copy to FRAgents Title II of National Housing Act: (See Federal Housing Administration) West Side Trust Co., Newark, N. J., own stock held as collateral for, extension of time for compliance with mem7/ 2 bership condition (See State member banks, Farmers and Citizens Lombard, G. K.: State Bank, Crestline, Ohio) Looney, Ida M., reply that without full statement, Board cannot undertake to consider indebtedness of RBank 9/ 7 employee Louisiana: Interest payment required by State law on deposits of parish or municipality in Calcasieu-Marine National 1/15 Bank, reply to Comptroller (See Salem County Bankers Association, Salem, Lounsbury, C. W. N. J.) Lovett, Robert S.: (See Brown Brothers Harriman & Co.) Lowenthal, Max: (See Railroad financial investigation) Ludlum, Clinton W.: (See National banks, Second National Bank of Hempstead, N. Y.) Lundeen, Congressman Ernest, salaries of Messrs. Peyton, Swanson, Johnson and Stutzman, FRBank of Minneapolis, request for, letter refusing information, statement of Mr. O'Connor re publication of salaries 7/12 by S.E.C., information to be furnished Reply furnishing information as to individuals except X. B. 7/17 Johnson, of wham there is no record Lynch, Thomas C.: (See National banks, Carthage National Exchange Bank) http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2559," 413 1722 A94 1° "46 1566 1° 13S is91/9 1616 277 Pages lkiracartney, W. N.: (See Horrocks-Ibbotson Co.) niollerson, Gregor: (See Hart & Dice) B°nda, coupons, stock certificates, etc., question of practice of FRBarks of placing in regular mails referred to Governors' Conference Bulk mailings, request that they not be made between December 15 and 24 1 Regu-Lar mails used in shipping coupons, bonds, etc., instead of registered mail 5/14 1132 8/29 1841 2/26 539 Trust funds, reply to Mr. Curtiss on Board's position re deposit in savings department where pledge of security for, does not constitute valid pledge and there 10/ 4 is no preference in law for Malcolm C. Brock & Co., reply to Mr. Brock on extension of credit by national securities exchange acting for 8/ 7 broker in clearance of unregistered securities MallerY) Mrs. Etma, reply on protest charge on check drawn on Valley Bank and Trust Co., Mesa, Ariz., that Board has 3/5 no jurisdiction as to whether amount is proper Mallaged aurrency, views of Governor Geery and Board members on, requested by Senator Thomas in relation to silver policy, referred to Counsel for determination of 9/17 Board's jurisdiction Louisville, Bank, National S. H.: (See National banks, First Ky.) 148171end: 2046 1716 593 1937-9 Ilduciary powers, waiver of membership condition for State member banks in, requiring deposit of security for 9/27 2016 trust funds in commercial department TrUst funds, reply to Mr. Hoxton requesting that he ascertain definitely whether preference for trust funds apply to those deposited by banks in own com7/17 1622 mercial departments 44Yer iviell,a2 Moses: (See Nonmember banks, Mayer State Bank) keAdig4s, E. E.: (See League of Texas Municipalities) 8rn8, Pope: (See National banks, First National Bank, Louisville, Ky., Loan on certificate of deposit) 444_ uO, Senator William Gibbs, economic and statistical divisions of FRBanks, reply on letter of Young protesting 342 2/2 against "abolition" of National Bank, 14eC/Ixteil, W. H.: (See National banks, Lancaster Lancaster, N. H.) Y) J. W.: (See National banks, First National Bank of Ashland, Ore.) a. _ 14eboriz, d Clifford P.: (See National banks, Carthage National Exchange Bank) 4e14 1)°114-1-d, Stewart: (See Federal Housing Administration) '1h-e4/7, T. Carl: (See National banks, Columbia County National Bank, Benton, Pa.) http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 278 McNamara, John C., Jr.: (See John C. McNamara Organization) McPherson, Charles J.: (See Voting permits, Transamerica Corporation, First National Corporation of Portland) 1/29 Meeks, Everett V., present at meeting of FRBoard Member banks: Capital stock reductions, copy of reply to Mr. Case on procedure for advising R.F.C. of approval or disapproval of reductions of State member banks subject to membership condition requiring Board's approval, and advising that R.F.C. requires written approval of supervisory authorities prior 2/13 to consideration of reductions Earnings and expenses, publication by FRBank of Cleveland of 5/ 6 analysis for district, no objection Executive officers, reply to Attorney General in connection with amendment proposed to Sec. 22(g) of FRAct by Board, no objection to furnishing circular on, to FRAgents and request as to any objection to 3/ 1 furnishing substance to member banks (See also Executive officers) Federal Power Act, applicability to directors and officers of Sec. 305(b) of, reply to Mr. Curtiss that if any case arises involving, Board will submit to Fed10/11 eral Power Commission for ruling Advice to FRAgents that Commission will not be able to rule before Oct. 25 FRBank stock, cancelation of holdings in excess of 6% of capital 10/21 and surplus required by Banking Act of 1935, advice to FRAgents, forms for, and, pending revision of Regulation I, such applications need not 8/28 be submitted to Board but reported monthly Fiduciary powers: Exemptions of banks and officers from liabilities, letter to FRAgents that some have been acting in fiduciary capacities under agreements containing unwar6/29 ranted, and requesting information 6/29 Letter to Mr. O'Connor advising of action State authorities should be advised of grant of, and surrender, letter to FRAgents 1/ 3 Loans under Titles I and II of National Housing Act, reply to Federal Housing Administration, Chicago on 4/12 banks making, and selling instruments Officers and directors, Federal Power Act, reply to Mr. Curtiss that there is no basis for appeal to Federal Power Commission for ruling re applicability 10/11 of Sec. 305(b) 6 5 Publications of FRSystem, letter to all member banks inclosing questionnaire for purpose of appraising usefulness 6/ Recapitalization, need for continued aid of R.F.C. suggested by Governor Eccles as topic for consideration of officers and directors of FRBanks 2/ 4 (See also FRBanks, List of topics) http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis pages 290 444-6 1011 2077 2141 1816 155) 101 01 359 279 Pages Menther banks: (Continued) Reclassification for electoral purposes, memo of Mr. amead recommending classifications, approved and IRBanks to be advised Reserves: Excess, Weekly FRBank statement, recommendation of Mr. mead for inclusion of estimate in, Mr. Miller believes it should appear in reporting member bank statement, procedure followed by FRBank of New York question of publishing estimate in weekly FRBank statement again raised by Governor Eccles, views of Board members, to be published, FRBanks to be notified FRBanks notified of addition to statement Penalties for deficiencies, reply to Mr. Stevens that net demand deposits for purpose of assessment for period Aug. 24-31, may be taken on basis of law prior to enactment of Banking Act of 1935 Reduced, review of all authorizations to carry reduced, continuance of authorization recommended, and that Main State Bank, Chicago, Ill., be permitted to carry reduced reserves, approved Social Security Act, memo of Mr. Vest that Board take no action as to commenting on possible exemption from provisions of, in response to inquiry of Treasury through Mr. Wilcox b erehip in FRSystem: Admission of nonmember banks, matters affecting, suggested as topic for consideration of officers and directors of FRBanks by Governor Eccles (See also FRBanks, List of Topics) Algonac Savings Bank, Algonac, Mich., application approved Amilerican Bank of Carlsbad, N. Mex., application approved when authorized to commence business, instructions re proposed absorption of First National Bank of Carrizozo American State Savings Bank, Lansing, Mich., application approved and letter to RAgent re settlement of investment in banking quarters and requesting copy of voting trust certificate Theme° de Puerto Rico, examination by F.D.I.C., Board to participate in, in view of application for Cochran that participation in examindtion has to Mr. Reply been ordered and upon completion of, Board will act promptly on application bank of Canton, Ga., further extension of time for compliance with condition requiring disposal of stock of Canton Cotton Mills Bank of Fairfield, capital impairment, reply to Mr. Sargent that question of admission of banks with, is under consideration, but no decision has been reached http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/29 1839 5/22 1212-4 7/12 7/16 1595-6 1614 9/16 1928 4/11 900 12/31 2913 2/ 4 359 6/ 5 1318 9/13 1911 12/27 2857 12/11 2698 12/17 2738 4/ 9 872 4/25 985 pages 280 Membership in FRSystem: (Continued) Bank of the Manhattan Co., New York, N. Y., extension of time for compliance with condition requiring disposal of stock of County Trust Co., White Plains, N.Y. 9/30 Bank of Marysville Company, Marysville, Ohio, extension of time for compliance with condition requiring BancOhio Corporation to obtain general voting permit 1/4 Bank of Rainelle, W. Va., extension of time for compliance with condition that Meadow River Lumber Co. obtain general voting permit Bank of Sheboygan, Wis., application approved and letter to Mr. Stevens granting permission to operate branch at Haven, other real estate should be carried in proper account, real estate not occupied carried under banking quarters and disposal of 12/26 own stock held Banks outside U.S.: Alaska, application of First National Bank of Ketchikan, letter that Board does not approve, memo of Mr. Hamlin that it should be approved, letter to be prepared along lines suggested by Mr. Szymczak, Mr. Hamlin to prepare memo of previous action and consideration of 3/22 Letter presented and approved, statement of Mr. Miller that he is not in accord with view expressed therein Reply to Mr. Sonne that if Survey is deemed necessary, It should be completed within 30 days 3/29 Question of policy referred to Committee of Messrs. Thomas, Hamlin and Tames, pointed out by Mr. Miller that applications might be followed by demands for establishment of branches and agencies 4/27 Puerto Rican banks, Board to participate in F.D.I.C. examination of two banks, one of which has already made application for membership 12/11 Bar Harbor Banking and Trust Co., Bar Harbor, Me., extension of time for compliance with condition requiring reduction of Parker loan to legal limits 6/ 7 Barton County State Bank, Lamar, Mo., not to be required to increase capital and surplus at present, in compliance with 11/12 Boyle Bank and Trust Co., Danville, Ky., extension of time for compliance with condition requiring holding company affiliates to obtain general voting permits 1/23_ Brewster Banking Co., Brewster, Ohio, application approved 1/12 Extension of time for completion of admission 2/11 Notice of intention to take no steps toward completion of membership, application to be considered as withdrawn 3/21 Calvert Bank, Baltimore, Md., application approved 2/ 4 2026 55 5/2]. 1192 2847' 45-1 3/25 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 791 1°9 2696 1°21 2351 q 'OS o g 281 Pages 14ea1bership in FRSystem: (Continued) Calvin B. Taylor Banking Company of Berlin, Md., capital, ques- tion of considering as impaired because of certificates issued to waiving depositors having priority over claims of stockholders, position of Mr. Eccles, recommendation to be prepared by 11/ 8 Mr. Thomas and Mr. Hamlin Thomas, Mr. by resolution Board's position reconsidered on suggestion that bank's attitude toward member11/ 8 ship be ascertained and new examination made Capital impairment, consideration of question, reply to Mr. 4/25 Sargent that no decision has been reached Capital requirements, certificates of beneficial interest arising from waived deposits and giving holders priority over stockholders' claims, question of impairment of capital, counsel to prepare memo covering 10/30 cases now before Board considered be not capital that Eccles Chairman Position of impaired if agreement is placed on stock certificates, Messrs. Thomas and Hamlin to prepare 11/ a recommendation Resolution presented by Mr. Thomas, in connection with Calvin B. Taylor Banking Co., policy reconsidered along above lines, to be applicable to 11/ 8 similar cases comon Sargent Central Bank of Oakland, Calif., reply to Mr. pliance with condition requiring increase in capital stock to offset retirement of preferred 8/30 stock Central comfor time of extension Y., Trust Co., Rochester, N. pliance with condition requiring disposal of own 3/8 stock held as collateral to loans Certificate, Community Bank, Napoleon, Ohio, returned to, was forwarded to Board with withdrawal notice which 9/13 has now been rescinded Citizens Bank of Arcade, N. Y., application approved subject to compliance by Citizens Shareholders of Arcade, Inc., with conditions incident to general 6/12 voting permit Extension of time for completion of, and for Citizens Shareholders of Arcade, Inc., to secure voting permit 7/17 Citizens Bank of White Plains, N. Y., reply to Mr. Case that Board will take no action on noncompliance with membership condition requiring annual charge off on banking quarters, for 1933 and 1934 and 7/ 5 will not waive compliance for 1935 Citizens Bank and Trust Co., Concord, N. C., condition requiring that building and loan association be removed from banking quarters, indefinite exten7/17 sion of building date Citizens State Bank of Osage City, Kansas, not to be required to increase capital and surplus at this time, as required by condition of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/ 8 2304 2315 985 2219 2303 2315, 1845 620 1913 1359 1617 1573 1618 2307 282 page' Membership in ERSystem: (Continued) Citizens Trust end Savings Bank of South Bend, Ind., application 9/13 approved Extension of time for accomplishment of 11/25 2494 12/26 Extension of time for completion of City Bank Farmers Trust Co., New York, N.Y.: Condition 25 canceled to permit retention of interest in stock of City Bank Farmers Trust Co., Ltd., 5/ 8 1081 London Extension of time for compliance with condition requiring National City Bank of New York to obtain voting 6/ 7 permit Condition requiring National City Bank of New York to 20 12/17 secure voting permit canceled City State Bank and Trust Co., McAllen, Texas, capital increase required by condition of, Board will accept transfer of earnings to certified surplus as 3/ 1 compliance 4/17 Clymer State Bank, Clymer, N. Y., application approved Commercial and Farmers Bank, Ellicott City, Md., application approved and general voting permit authorized for 120 5/22 Howard County Liquidating Corporation Commercial Bank of L'Anse, Mich., reply to Mr. Stevens on attitude of Board toward permitting one year for termination of branch at Greenland if bank should 150° make application 6/ 7 Commercial Bank & Trust Co., Knoxville, Tenn., application ap1590 6/14 proved Commercial Savings Bank Co., Galion, Ohio, unable to comply with condition requiring removal from banking quarters of other financial organizations located therein, no action as notice of withdrawal has been filed Commonwealth Bank of Baltimore, Md., application approved Conditions: Banks with branches, admission of Capital stock reductions, letter to Mr. Herson, R.F.C., inclosing list of State member banks in which corporation has interest, having condition requiring Board's approval of 2/ 6 List of six banks in which question of applicability of condition is under review 2/ 6 Procedure for advising R.F.C. of action where condition requires Board's approval, reply to Mr. Case, letter to FRAgents advising that R. F. C. requires approval of supervisory authorities before consideration 2/13 Supplemental list furnished R.F. C. of those subject to condition requiring prior approval of Board 3/ 4 Certificates of beneficial interest, to be required to be shown in published statements where stockholders refuse to surrender stock certificates for indorsement re 12/11 1911 2848 sa 944 0 444 ' 09fr6 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 283 Pages Merab eradp in MSystem: (Continued) Conditions: (Continued) Pledge of collateral for trust funds: Authority of Board to prescribe, reply to Louisville 5/25 1228 Trust Co. First State Bank of Valparaiso, Ind., condition imposed although waived for Indiana, advice to Mr. Stevens that it is for future invocation if ever neces9/ 7 1875 sary 631 3/ 8 Waiver in certain States, letter to all FRAgents on Waiver of condition requiring deposit of security for funds in commercial department, for State mem9/27 2016 ber banks in Maryland 7/17 1621 Waiver of condition for trust companies in New York Waiver of reauirament for Ohio banks, letter to Mr. Fletcher and one to Mr. Fulton after further 625-8 3/ 8 consideration Letter to Mr. Stevens on waiver for Indiana banks, in connection with violation of condition by Merchants Trust and Savings Co., Muncie, Ind., 628 3/ 8 copy to Mr. Wood Letter to Mr. Walsh that consideration of question in Arizona was based on safeguarding of funds 763 3/25 rather than on law to Pennsylreply Trust fund investment in mortgage pools, vania Bankers Associaticn that Board would be glad to have furnished to it any information developed by committee, in connection with re11/ 8 2313 vision of Regulation H time of extensions grant to authority 7, FRAgents granted for disposal of stocks acquired in protection 824 4/ 2 of loans 12, exception made to application to member banks subject to, to permit selling of mortgages guaranteed 11/29 2572 under National Housing Act HousNational under insured those to as made Exception ing Act (11/29), letter to FRAgents calling attention to footnote 11 in Regulation H re and 12/27 2869 that all State member banks be advised of 15, ratio of capital to deposits: State member banks with inadequate ratios: (See State member banks, Ratio, etc.) Trust Co., Cambridge, Mass., extension of time and Bank C°44tY for compliance with condition requiring Shawmut Association and National Shawmut Bank of Boston 5/29 1272 to obtain general voting permits Extension of time for compliance with condition requiring Shawmut Association and National Shawmut Bank of 11/30 2602 Boston to obtain voting permits Dan 130 1/15 approved sard State Bank, Monroe, Mich., application Board that "Posits, reply to Mr. Stevens rejecting suggestion adopt policy of restricting membership to banks 954 4/19 having above minimum amount http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 284 pago Membership in FRSystem: (Continued) Eligibility: Capital impairment, reply to Mr. Stevens that in accordance with Sec. 345 of Banking Act of 1935, Board may exercise discretion re considering capital unimpaired for purposes of, if debentures are type 12/23 purchasable by R.F.C. Illinois, reorganized banks, reply to Mr. Wilkes' letter re eligibility, and copies sent to FRAgents at 8/12 1151 Chicago and St. Louis Fall River Trust Co., Fall River, Mass., condition requiring removal of Lafayette Cooperative Bank from banking quarters, waived indefinitely Farmers and Merchants Bank of Summersville, W. Va., extension of 10/31 time for compliance with condition requiring re1/15 duction of loans to legal limits Farmers & Merchants State Bank, Carrollton, Texas, extension of time for compliance with condition requiring Mercantile National Bank at Dallas and Equitable 1195 Securities Co. to obtain general voting permits 5/21 Farmers &Merchants State Bank, Darlington, Ind., application approved and letter to FRAgent re conditions prescribed, excess balance with nonmember bank and 2091 building and loan association in quarters Condition 18, Board does not feel justified in waiving, but will consider showing of contingent liability 1 0/:: on books as compliance 10/ Farmers & Merchants State Bank, Ladonia, Texas, extension of time for compliance with condition requiring Mercantile National Bank at Dallas and Equitable Se110 5/21 curities Co. to obtain general voting permits Farmers and Merchants State Bank, Turkey, Texas, application 3/13 approved Farmers and Merchants State Bank, Wakefield, Kansas, application 0 3/25 approved Farmers State Bank, Alto, Mich., reply to Mr. Stevens that Board is not favorable to adoption of policy of admission based on minimum amount of deposits and that it would be inclined to approve bank's ap4/19 plication Reply to Mr. Stevens relative to adverse recommendation that Board feels favorable recommendation is 109 6/ 4 4 justified and would approve application 6/14 A' Application approved Farmers State Bank of Waupaca, Wis., membership application approved, and letter to FRAgent re elimination of depreciation, question of ownership by certain directors of sufficient capital stock, question of granting overdrafts and certificate to open business not included with application 11/ 6 ° Fifth Avenue Savings Bank Co., Columbus, Ohio, extension of time for compliance with condition requiring BancOhio Corporation to obtain general voting permit 1/ 4 2230 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 285 Pages Metabership in FRSystem: (Continued) Fifth Avenue Savings Bank Co., Columbus, Ohio: (Continued) Extension of time for compliance with condition requiring 7/ 2 BancOhio Corporation to obtain voting permit Extension of time for compliance with condition requiring BancOhio Corporation to secure voting permit, 12/11 which now has been authorized First National Bank of Ketchikan, Alaska: Application, letter that Board does not approve at present time in view of reasons of RBank of San Francisco, memo of Mr. Hamlin that application be approved, letter to be prepared along lines suggested by Mr. Szynczak, and Mr. Hamlin to prepare memo reviewing previous consideration and action 3/22 on applications from outside United States Mr. Miller of statement approved, Letter presented and that he is not in accord with view expressed 3/25 therein necessary deemed is survey if that Reply to Mr. Sonne 3/29 it should be completed within 30 days reS. U. of outside banks to regard in Question of policy ferred to Committee of Messrs. Thomas, Hamlin and James, pointed out by Mr. Miller that applications might be followed by demands to estab4/27 lish branches and agencies First St. Joseph Stock Yards Bank, South St. Joseph, Mo., condition 19 need not be complied with, as First National Bank of St. Joseph and First Trust Company of St. Joseph are not now holding company 6/21 affiliates First Security Bank, of Beaverton, Ore., reply to Mr. Sargent re consideration of obligations issued to R.F.C. in determining if capital is adequate and unim11/ 2 paired Pirst State Bank, Celina, Texas, extension of time for compliance with condition requiring Mercantile National Bank at Dallas and Equitable Securities 5/21 Co. to obtain general voting permits endeavor to First State Bank of Chester, Ill., request FRAgent to secure ratio of capital to deposits of one to ten, from point of view of original agreement rather than condition voluntarily adopted, request advice of return of contribution to con1/30 tributors not surplus, and capital Kansas, Pirst State Bank, Ness City, to be required to increase at present in can12/21 pliance with membership condition 9/23 First State Bank of Libby, Mont., application approved 3/13 First State Bank of Petoskey, Mich., application approved 3/21 St State Bank of Tonganoxie, Kansas, application approved First State Bank of Valparaiso, Ind., capital impairment prevents Board taking favorable action on application http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/16 1566 2699 745-7 752 791 1000' 1442 2241 1193 294 2805 1988 653 722 1611 286 Membership in .MSystem: (Continued) First State Bank of Valparaiso, Ind.: (Continued) Cannot eliminate capital impairment by reduction in capital stock because of Indiana requirements, application to be held in abeyance pending passage of 8/12 Banking Act of 1935 Application approved, and letter to FRAgent Stevens re conditions imposed, condition of capital account and reporting latter, basis for FRBank stock 9/ 7 subscription Reference made to discretion exercised by Board in considering capital unimpaired for purposes of, in reply to Mr. Stevens 12/23 2/ 2 First State Savings Bank, Mason, Mich., application approved First Trust Company of Philadelphis, Pa.: Certification to F. D. I. C. that it is now member of FRSystem 12/24 Extension of time for completion of membership and First National Bank of Philadelphia granted extension to secure voting permit 1/17 2/13 Further extension 3/14 Further extension 4/12 Further extension 5/14 Further extension Further extension 6./18 Further extension 11/16 Florida Bank at Orlando, Fla., reply to Mr. Clark that application will be considered as withdrawn and noting that bank has been notified that it will be expected to pay cost of examination 1/29 6/14 Fountain State Bank, Fountain, Mich., application approved General principles, successful operation, reply to Mr. Stevens in case of unfavorable recommendation of application of Farmers State Bank of Alto that Board did not contemplate that warranty of success should be given, that favorable recommendation is justified and Board would approve application 6/ 4 Gonzales State Bank, Gonzales, Texas, application approved 7/29 Goodyear State Bank, Akron, Ohio, desire before making application, that Board determine if Goodyear Tire & Rubber Co. is holding company affiliate, Board 9/20 will consider Reply to Mr. Fletcher that Board cannot waive requirements of Sec. 23A, Goodyear Tire and Rubber Co. and Goodyear Tire and Rubber Co., Inc., appear to be holding company affiliates 10/19 Home State Bank of Lawrence, Mich., application approved 6/20 I-C Bank and Trust Co., Chicago, Ill., application to be considered on basis of policy adopted as to consideration of certificates of beneficial interest as not an obligation impairing capital 11/ 8 Application approved 12/17 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis pages 1728 1815 28 524 38 2855 155 445 610 916 1129 1412 20° 1591 186 1° or7 1,6 287 Pages erShip in FRSystem: (Continued) 1-0 Bank and Trust Co., Chicago, Ill.: (Continued) Letter to Agent calling attention to omission of articles of incorporation from application and deficiency 12/17 In number of directors alternative Condition 18, attention called to omission of course, explanation of Mr. Morrill that it was to be included in revised call report form, proposed reply to be revised to require showing in 12/11 published statement when necessary (See also supra Capital requirements, Certificates of beneficial interest) 9/ 4 mlaY City State Bank, Imlay City, Mich., application approved 6/21 ?ingston State Bank, Kingston, Mich., application approved -Lawyers County Trust Co., New York, N. Y., extension of time for compliance with condition requiring disposal of 2/18 own stock as collateral for loans , Further extension 8/12 l icking County Bank, Newark, Ohio, extension of time for Com' pliance with condition requiring BancOhio Cor1/ 4 poration to obtain aeneral voting permit 7/ 2 Further extension 12/11 Further extension 14)rain Street Bank, Cleveland, Ohio, application approved and letter to Comptroller recollutiending approval of 7/31 branch now operated in Lakewood arYsville-Commercial Bank, Marysville, Ohio, extension of time for compliance with condition requiring BancOhio 7/ 2 Corporation to secure voting permit 12/11 .... Further extension ,a_cDonald State Bank, North Platte, Nebr., application approved ! 3/21 Menotomy Trust Co., Arlington, Mass., extension of time for compliance with condition requiring Old Colony 6/ 4 Trust Associates to obtain voting permit 9 12/ , Further extension 4erchants Trust and Savings Company of Muncie, Ind., extension ' 6/ 7 of time for compliance with condition 21 12/10 „ Further extension 9/17 41ners Bank and Trust Co., Lykens, Pa., application approved ',, 1/12 approved application Nebr., Valentine, "braska State Bank of General voting permit granted Bankers Bond & Share Co. to 1/12 vote stock of instrucmembership, of completion for time Extension of tions as to issue of FRBank stock in view of 2/ 7 possible change in ownership Notification that it will not attempt to take any action toward accomplishing membership, application to be considered as withdrawn, voting permit granted 3/15 Bankers Bond and Share Co. returned to Board 11°4member banks, reply to Mr. Stevens, and copy to all other FRAgents re desirability of endeavoring to secure applications for, attention called to Board's authority to admit with capital impairment and to requirement for insurance of de 9/30 posits by 1941 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2737 2695-6 1865 1439 477 1732 35 1566 2699 1672 1566 2699 722 1302 2655 1328 2675 1941 98 99 391 684 2032 288 Membership in FRSystem: (Continued) Norfolk County Trust Co., Brookline, Mass., extension of time for compliance with condition requiring Old Colony Trust Associates to secure voting permit, which now has been authorized 12/ 9 Pamphlet on, reply to Mr. Stevens, re his suggestion that it be revised to conform to Banking Act of 1935, 8/28 that Board concurs in suggestion Passaic Park Trust Co., Passaic, N. T., application approved 2/ 6 Perry County Bank, New Lexington, Ohio, extension of time for compliance with condition requiring BancOhio Corporation to obtain general voting permit 1/ 4 7/ 2 Further extension 12/11 Further extension 5/22 Problems involved to be discussed at Conference of Governors Reading Trust Co., Reading, Pa., application approved and letter to FRAgent re charge off of loss incurred through litigation and on banking house 10/ Real Estate-land Title and Trust Co., Philadelphia, Pa., reply to Mr. Austin on proposed plan to organize wholly owned affiliate to take over title busi3/21 ness in connection with eligibility Springfield Marine Bank, Springfield, Ill., modification of condition relative to charging off depreciation on 3/ 8 banking house 8/28 State Savings Bank of Gagetown, Mich., application approved Summit Trust Co., Summit, N. J., condition requiring disposal of stock of Summit Title and Mortgage Guaranty Co. extended to July 1, 1936 and time also extended for acting as trustee in connection with bonds or other obligations of guaranty company 6/4 Union Trust Co., St. Petersburg, Fla.: Condition requiring disposition of own stock, reply to Mr. Clark that Board will consider compromise settlement as technical compliance, benefits of Mr. Brophy's influence questioned Extension of time for compliance with condition requiring sale of own stock held by trustees as security for loans 1/ 8 Permission granted to transfer sum from special reserve 12/24 account to surplus Washington County Bank, Blair, Nebr., not to be required to increase, at present, capital and surplus, as required by condition of 11/1 Washington State Bank, Washington, Iowa, application approved 11/ 2 Watkins State Bank, Watkins Glen, N. Y., extension of time for compliance with condition requiring First National of Elmira Corporation to obtain voting I permit 6/ 11/30 Further extension West Side Trust Co., Newark, N. J., extension of time for compliance with condition requiring disposal of loans secured by own stock 1/ 8 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Pages 2655 18°9 57 35 6 156 . 40 2'19 12 22° 625 181° 66 28:54 05 224 ' 10 601 , 289 Pages 148111bership in FRSystem: (Continued) West Side Trust Co., Newark, N. J.: (Continued) Further extension Worcester County Trust Co., Worcester, Mass., extension of time for disposal of corporate stocks although membership condition does not seem to require, own shares should be disposed of mem Zeelsnd State Bank, Zeeland, Mich., application approved Phis Building and Loan Association, stock of, acquired by Bank of Memphis in violation of condition of membership, Board cannot grant permission to hold Mercantile American Realty Co., no objection to proposed plan of American Trust Co., San Francisco, to purchase certain assets from Ntzenbaurn, Walter: (See Loans, Industrial advances, John Wieland Brewing Co.) 7/ 2 1566 5/ 6 5/11 1054 1104 2/26 536 8/19 1763 Fiduciary powers of national banks, opinion of Assistant Attorney General that capital of Community National Bank of Pontiac is insufficient for full powers, re8/29 1833-7 view of basis of Board's position klas ! esiPPi: .L nterest rate, reply to Mr. Clark on effect of Regulations Bulletin No. 5 issued by State Comptroller, limiting rate of, on member banks, and letter to Mr. Wood 9/16 1924-5 re, inclosing copy of letter to Mr. Clark Reply to Mr. Clark and similar telegram to Mr. Wood that Board would not object to payment of interest on contracts entered into prior to July, but does not feel it advisable to alter letter of Sept. 10/ 8 2056 16 Reorganization of banks, opinion of Supreme Court on validity of statute, in case of Doty v. Love, to be pub957 - 4/19 in FRBulletin lished 4itela„„ tiko Walter, Jr.: (See Furniture Code Authority) ko IleY, Frederick G.: (See Federal Housing Administration) 4-teza: Prt1st funds, reply to Mr. Peyton that Board does not feel it would be justified in waiving membership condition requiring deposit of securities in trust department for those in commercial department koria %rills B. T.: (See B. T. Moran, Inc.) ;age companies: idelity Mortgage Co., Austin, Texas, conclusion of Board that company is a bank, in connection with Clayton Act application of Edgar Smith '11301eon Mortgage Co., Napoleon, Ohio, Board will take no action on membership of Napoleon State Bank because of acquisition of stock of company ewsrk Mortgage Co., Newark, N. J., no action on acquisition by Clinton Trust Co. of stock of, in reorganization http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/17 1623 5/29 1284 5/29 1266 8/28 1812 290 Mortgage companies: (Continued) Summit Title and Mortgage Guaranty Co., Summit, N. J., time extended for Summit Trust Co. to dispose of stock of, and also for acting as trustee for bonds and other obligations of guaranty company 6/ 4 Warren-Rappahannock Trust Co., Front Royal, Va., service of directors of, in violation of Clayton Act 4/ 9 Mortgages: Financing, Mr. Daiger requested by Governor Eccles to keep in touch with, memo re 11/ 8 Insured under National Housing Act: Membership condition 12, exception made, to permit State member banks subject to, to sell mortgages 11/29 Letter to FRAgents that State member banks be advised of exception made in case of, to permit sale, and calling attention to footnote 11 of Regulation H 12/27 Pledging as security for trust funds in banking department, reply to First National Bank at Orlando, Fla. re 12/17 Trust funds, investment of, letter to Federal Housing Administration inclosing copy of reply to Mr. Wood and advice that similar case involving national bank has been referred to Comptroller 9/ 3 Letter to Comptroller advising of action, and copy of letter to Mr. Wood re inquiry of W. B. Worthen Co. as to such investment 9/ 3 Reply to Mr. Wood re, by member banks, W. B. Worthen Co., Commercial National Bank of Little Rock, stating positions of Board and Federal Housing Administration, copy to other FRAgents 12/18 Mortgage pool legislation, reply to Mr. Berger, Pennsylvania Bankers Association re fourth draft of, that members of Board's staff and such members of Board as may be able, will meet with, on December 16 12/11 Ohio-Merchants Trust Co., Massillon, Ohio, letter to Mr. Fletcher concerning acquisition of certain real al estate, liability on mortgage and manner of reporting liability 9/ 3 Southern Arizona Bank and Trust Co., Tucson, Ariz., reply to Mr. Walsh on desire to sell insured, Sec. 21 of Banking Act of 1933 may prohibit, no mortgage discount corporations have been organized 1/18 Trust fund investment in pools of, reply to Mr. Berger of Pennsylvania Bankers Association committee that Board will be glad to have furnished to it any information developed 11/ 8 Whole, reply to Hughes, Schurman and Dwight that sale, by Bond and Mortgage Guarantee Corporation is not affected by Sec. 32 of Banking Act of 1933 9/16 Montgomery Production Credit Corporation: (See Farm credit corporations) http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis page' 1094 0 25)° 26° 2°1 1856 1° 291 Pages Motion killv Pictures, FRBank of Minneapolis: (See MBank of Minneapolis) ' tiona industry, Senate committee investigating: (See Committees, Senate) 141a4g1 decorations, Denver Branch: (See Branch banks, FRSystem) W.: (See Foreign banks, Bank of Nova Scotia) 1 savings banks: Banks", Seattle Trust Co. to be advised, with respect to applicability of Sec. 22(g) of FRAct, that they 11/ 5 have been ruled to be ClaYton Act, "bank" under, reply to Mr. Sargent that as First Industrial Loan Company of California is similar to mutual savings bank, it should be considered 11/ 9 as, under Clayton Act Savings accounts, FRAgents requested for practices as to pre4/12 senting pass books at time of withdrawals 2262 2330 918 ftNft Nti -nal Archives: tiaposal of useless papers by Board, reply to Mr. Connor, Archivist, on procedure which has been followed in pest Letter to Mr. Connor containing description of papers for Federal Register Act, documents required to be filed by Board Natiunder,letter to Archivist Connor re °Ilal Association of Bank Auditors and Comptrollers, reply to request of Mr. Linn for representative of Board to participate in efforts to develop standard forms of condition reports, earnings and dividend reports, etc., designation of Mr. Smead gu-01,1 Association of Supervisors of State Banks, convention in Atlanta on Nov. 7 - 9, reply to Mr. Clark that Board approves expenditure of specified sum for entertainment of delegates 11;4140 nal banks: Affiliates: (See Affiliates) Alabama National Bank, Montgomery, Ala., exchange charge, reply to Mr. Cottingham that bank may not pay or absorb, for Montgomery Production Credit Corporation (Farm Credit Corporation) AlbanY Exchange National Bank, Albany, Ga.: Capital stock reduction plan, amendment to, involving sale of reduced amount of preferred stock to R.F.C., sale of additional capital stock locally is desirable Examination, criticisms resulting from, in connection with voting permit applications of Citizens and Southern National Bank and Citizens and Southern Bolding Co., memo of Mr. Baumann that they are holding company affiliates Allerican National Bank of Bowling Green, Ky., capital stock reduction approved, new common stock to be sold http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/21 10/11 1204 2078 10/18 2116' 5/14 1133 10/ 7 2050 12/27 2859 2/ 1 332 11/13 1/ 3 2372-76 18 292 National banks: (Continued) American National Bank at Indianapolis, Ind., loan on time certificate of deposit of another bank, reply to 5/ 8 Mr. Bilkene on compliance with Regulation Q of F.D.I. Nashville, Tenn., regulation of American National Bank C. on interest, advice from Mr. Davis that failure to prohibit absorption of exchange and collection charges was leading State bank to 12/28 solicit deposits from member banks (See also Regulations, F.D.I.C.) Atglen National Bank, Atglen, Pa., fiduciary powers, certificate 3/11 of surrender of, granted Atlantic National Bank of Jacksonville, Fla., liquor drafts, advice to Mr. Wynne on effect of sec. 239 of 5/ 8 Criminal Code regarding collection of Austin National Bank of Austin, Minn., fiduciary powers, certifi2/18 cate of surrender of Bank of America National Trust and Savings Association, San Francisco, Calif.: Affiliates, reply to Mr. Sargent on question of affiliation 2/ 1 with Capital Co. and California Lands, Inc. Newspaper articles and memoranda forwarded to Board by Mr. 4/25 Bates, referred to Comptroller of the Currency Rates of interest fixed for deposits payable outside of U.S., letter on, and requesting certain information 2/11 periodically as to rates paid Barnett National Bank, Jacksonville, Fla., interest payment, reply to Senator Fletcher on letter of Mr. Barnett re provision in Banking Bill of 1935 authorizing 4/29 Board to determine what shall be deemed as Further reply to Senator Fletcher on letter of Mr. Barnett as to provision of Banking Act of 1935 authoriz5/21 ing Board to determine what shall be deemed as Barnstable County National Bank of Hyannis, Mass., fiduciary 10/28 powers, application approved Bergen County National Bank of Hackensack, N. S., fiduciary power 1/23 application approved Boardwalk National Bank of Atlantic City, N. J., fiduciary power 7/22 application approved Bonner County National Bank of Sandpoint, Idaho, charge for cashing warrant, reply to Miss Lehman re correctness 7/ 5 of making Branches, amendment to law to permit establishment within 25 mile radius by banks with capital of not less than $200,000, suggested by Mr. Sargent 11/13 Bridgeport National Bank, Bridgeport, Pa., savings accounts, transfer or assignment to another depositor in same bank, reply to Mr. Lenhardt that transaction constitutes withdrawal of deposit 12/21 Burlington County National Bank of Medford, N. J., capital stock reduction approved in amended plan superseding previously approved plans and involving sale of preferred stock and retention of direc2/14 tors' guaranties http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Page° °84 287° 69 416 0 981 " 109 16° 293 Pages National banks: (Continued) Calcasieu-Marine National Bank, Lake Charles, La., interest payment required on deposits of parish or munic1/15 135 ipality in Louisiana, reply to Comptroller Caldwell National Bank, Caldwell, N. I., capital stock reduction approved in plan involving sale of preferred 3/29 990 stock to R. F. C. Carthage National Exchange Bank, Carthage, N. Y., fiduciary powers, reply to Mr. Lynch that as National Exchange Bank and Trust Company of Carthage was qualified to act as trustee under will of Clif12/ 7 2638 ford P. McDonald, above bank is qualified Cezenovia National Bank, Cazenovia, N. Y., FRBank stock adjustment, reply to Mr. Case that it should be based on amount of paid in capital, as undivided profits account deficit offsets book surplus, 9/20 1957 copy to all other FRAgents Central National Bank at Battle Creek, Mich, fiduciary power ap263 1/29 plication approved Central National Bank of St. Paris, Ohio, consolidation with First National Bank of Saint Paris proposed in recapitalization plan of latter, title to be 4/29 1008 First Central National Bank of St. Paris Central National Bank of San Angelo, Texas, interest payment on "estate funds" deposited in name of "Clerk of the Court, Trustee", reply to Mr. Cartwright that they are not public funds and that interest 565 3/ 1 payment is prohibited antral United National Bank of Cleveland, Ohio, reserve de- . ficiency, FRBank of Cleveland authorized to waive penalty in view of ignorance of bank of change in 9/27 2014 method of computing reserves Ce rtificates of deposit, no authority to purchase from bank acting as broker, Board requests permission to send Comptroller's letter to Mr. Hausman, to all 6/20 1432 FRAgents Reply to Mr. Stevens, inclosing copy of letter to Mr. Haus6/29 1551 man Ch artering and opening, statement of Mr. Coolidge before Federal Open Market Committee that Secretary of Treasury has determined on policy of securing recommenda372 2/ 2 tion of FRBanks in future Ilesa National Bank of the City of New York, N. Y.: 3/29 791 Colon, Panama, authority granted to establish branch French bankers' syndicate to purchase stock of American corporations, certificates to be held by, Chase Bank to issue bearers' certificates, additional 7/31 1677 information requested Interest rates paid by foreign branches, letter to, fixing, and requesting certain information periodically 413 2/11 on rates paid Advised that because of amendment in Sec. 324 of Banking Act of 1935, reports re, will not need to be made 11/25 2497 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 294 National banks: (Continued) Citizens and Southern National Bank, Savannah, Ga., examination in connection with application for voting permit, information requested of Mr. O'Connor re certain points involved in consideration, and re criticisms of, memo of Mr. Baumann that it is holding 11/13 company affiliate Citizens National Bank of Athens, Tenn., FRBank stock, application for additional, reserve is for payment of dividend on common stock and bank is not en6/24 titled to additional stock Citizens National Bank of Cheboygan, Mich., capital stock reduction plan amended as to amount of Class B pre4/11 ferred stock to be sold Citizens National Bank of Evansville, Ind., fiduciary powers, grant withdrawn as plans for merger have been 7/.J'xi abandoned and bank has refused to add to capital A' Citizens National Bank of Hampton, Va., fiduciary powers, appli6/14 cation approved Citizens National Bank in Independence, Kansas, fiduciary powers, further consideration given to application and Board unwilling to grant permission for exercise of more than limited powers now exer3/ 1 cised Citizens National Bank of King City, Mo., loan from First State Bank to pay off depositors in program of voluntary liquidation, no objection to transaction, without considering possible violation of member6/ 4 ship condition No. 1 Citizens National Bank of Maplewood, Mo., capital stock reduction approved, superseding approval of previous 1/21 plan of reduction Citizens National Bank in Zanesville, Ohio, examination, in connection with voting permit application of BancOhio Corporation, criticisms resulting, letter 11/13 to Comptroller re Citizens National Bank and Trust Co., Waynesboro, Pa., examination by State authorities of trust department, 12/31 reply to Mr. Stouffer re permitting City National Bank of Lansing, Mich.: FRBank stock, receiver not appointed because of pending litigation, Comptroller's office requested to advise Board on determination of litigation, in connection with cancelation of 2/26 Status requested by FRBank of Chicago as bank was absorbed by Capital National Bank but has not yet been placed in liquidation a/ 5 City National Bank in Wichita Falls, Texas, fiduciary power ap2/26 plication approved City National Bank and Trust Company of Battle Creek, Mich., capital stock reduction approved in plan in7/ 5 volving sale of preferred stock to R. F. C. City National Bank and Trust Co., Oklahoma City, interest compu7/19 tation, reply to Mr. O'Connor regarding method http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Page° 2515 1457 896 1614 1599 196 20 506 1669 295 Pages National banks: (Continued) Claxton National Bank, Claxton, Ga., cessation of membership through cancelation of FRBank stock, advice to 12/ 7 F.D.I.C. Coldwater National Bank, Coldwater, Mich., cessation of membership through cancelation of FRBank stock, ad12/ 7 vice to F.D.I.C. Columbia County National Bank, Benton, Pa., "contracts entered into prior to Dec. 18, 1934", reply to Mr. McHenry on interpretation of, in amendment to 3/25 Regulation Q Columbia cerpowers, fiduciary %ash., Dayton, National Bank of 7/12 tificate of surrender granted C memberof cessation Pa., Bradford, of Bank ommercial National ship through cancelation of FRBank stock, ad12/ 7 vice to F.D.I.C. in Ohio, examination, Coshocton, of Bank Commercial National connection with voting permit application of BancOhio Corporation, criticisms resulting, 11/13 letter to Comptroller re Commercial National Bank of Little Rock, Ark., mortgages insured under National Housing Act, investment of trust funds in, inquiry re, referred to Comp12/18 troller, letter re Board's position COMMercial National Bank of Spartanburg, S. C., fiduciary 7/12 powers, application approved C ommunity National Bank of Pontiac, Mich., fiduciary powers, application for full, reply to Mr.. Stevens reviewing basis for Board's position re capital requirements of Michigan, application returned to 8/29 FRBank for further consideration Reply to Mr. Stevens that Board does not grant authority to act as escrow agent and depository only, sug10/28 gestion that trust powers may not be necessary Concord National Bank of Concord, Mass., capital stock reduction approved and limited voting permit for Old Colony Trust Associates authorized in connec8/ 7 tion with Condition reports: 1/3 Call as of Dec. 31, 1934 4/1 Call as of March 4 7/ 2 Call as of Tune 29 5 11/ Call as of Nov. 1 Continental National Bank, Fort Worth, Texas, reply to Mr. Walsh on payment of interest on demand deposits of Tarrant County Water Control and Improvement 3/13 District No. 1 Continental National Bank of Harlowton, Mont., application for partial cancelation of FRBank stock, Minneapolis approved and advice to Mr. Peyton re procedure 9/20 in future http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2644 2644 760 1604 2644 2371 2757. 1604 1833-7 2203 1713 13 800 1565 2249 662 1979 296 National banks: (Continued) Continental National Bank and Trust Co., Chicago, Ill.: Reserves, no objection to waiver of penalty for deficiency in 4/2 special circumstances Uninvested trust funds, request for ruling on reserves against, Mr. Stevens requested for additional in8/26 formation Decatur County National Bank of Greensburg, Ind., fiduciary powers, application approved, after consideration of question as to whether small institution should be granted even limited powers where application was based principally on desire to be on equal competitive footing with State institu12/10 tions Deposits, study of distribution and activity of, to be made with funds allocated by WPA, records of closed na9/12 tional banks to be used District National Bank of Chicago, Ill., reserves, authorized to carry reduced 9/17 Dividends on preferred stock where capital is impaired, reply to Mr. Walsh on inquiry of examiner of Texas Banking Department, quoting paragraphs from letter of Comptroller applicable 4/ 1 Examinations, trust departments: (See infra Fiduciary powers) Fairfield National Bank of Lancaster, Ohio, fiduciary powers, certificate of surrender issued 2/ 2 Farmers National Bank of Grayville, Ill., capital stock reduction approved 8/12 Farmers National Bank, Owenton, Ky., reserve increase, reply to Mr. Holbrook on machinery for, and consideration Board has given to situation 12/13 Farmers National Bank of Sardinia, Ohio, cessation of membership through cancelation of FRBank stock, advice to F.D.I.C. 12/ 7 FRBank stock: Applications, letter to Deputy Comptroller of the Currency supplying revised forms 30 and 30a for, and advising of altered procedure in approving 12/23 Issuance to newly organized banks, where there is discrepancy in dates of certificates and charters, letters to FRBanks of Philadelphia, Cleveland, Chicago, Minneapolis and Dallas re simultaneous 8/22 dating Issuance and cancelation of, letter to Comptroller re changes in procedure incident to revised Regulation I 5 Fiduciary powers: Examination of trust department records by State authorities, letter to Comptroller re proposed reply to Mr. Austin on amendment to Sec. 11(k) pro9/ 7 hibiting Letter to Mr. Austin, amended to include Comptroller's 9/14 views, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Page° 981 1802 1905 194 813 0 1°6 270 2644 260 1786 26°4 1° 1916 297 Pages National banks: (Continued) Fiduciary powers: (Continued) Granting of even limited powers to small institution where principal reason for application is desire to be on equal competitive footing with State institutions, held that nothing in statute limits 12/10 granting on such considerations Pennsylvania: Banking law amended to permit inclusion of preferred stock as "capital", reply to Mr. Hill regarding 5/ 8 surplus requirements Hearing on questions arising from capital and surplus requirements, State Banking Department desirous 2/13 of First and Merchants National Bank of Middletown, Ohio: Eliminations in connection with issuance of limited voting permit not made, reply to Mr. Fletcher that as there was no intent to deceive and present requirements have been made he need take no 2/13 further action Voting permit, limited, authorized to vote stock of American 10/21 Trust & Savings Bank to effect consolidation Pirst Capital National Bank of Iowa City, Iowa, additional application for FRBank stock, letter to Mr. Stevens on fact that all of additional stock covered by previous authorization was not issued and requesting advice of such action in future, pres2/25 ent application approved rst-Columbia National Bank, Columbia, Pa., capital stock re5/ 8 duction approved hret Farmers & Merchants National Bank, Troy, Ala., loans to affiliated First National Co. on "rental sales 3/11 contracts", not within provisions of Sec. 23A Request consideration of termination of affiliate relationships so requirements of Sec. 23A will not ap9/ 4 ply to, reply hret-Hardin National Bank of Elizabethtown, Ky., capital stock reduction approved in plan involving sale of 1/ 7 preferred stock to R.F.C. hrst-Mechanics National Bank of Trenton, N. X., capital stock reduction approved in plan involving sale of 7/ 1 preferred stock to R.F.C. hrst National Bank, Alderson, W. Va., maximum interest rate under Regulation Q, reply to Mr. Rowe that Board 9/ 3 does not contemplate reducing hrst National Bank of Amboy, Ill., fiduciary powers, certifi1/ 4 cate of surrender of hrst National Bank of Antioch, Ill., capital stock reduction approved Aug. 24, 1934, and involving sale of 5/18 preferred stock to R.F.C. Pirst National Bank of Arcadia, La., cessation of membership through cancelation of FRBank stock, advice to 12/ 7 F.D.I.C. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2676 1091 444 443 2138 524 1082 644 1868 56 1558 1856 36 1165 2644 298 Page' National banks: (Continued) First National Bank of Ashland, Ore., fiduciary powers, reply to Mr. McCoy re discontinuance of trust department, that certificate may be retained, question of 12/13 2717 State banking department examining First National Bank in Athens, Texas, no objection to return of stock payment to organizers, Comptroller has 104 1/12 no advice of abandonment of organization plans First National Bank of Bainbridge, Ga.: Capital stock reduction approved in plan involving absorption 1/21 195 of Bainbridge State Bank FRBank stock adjustment necessitated by merger with Bainbridge State Bank into First State National Bank 1694 8/ 5 of Bainbridge, reply to Mr. Clark First National Bank of Baird, Texas, capital stock reduction approved in plan involving sale of preferred 1/ 7 stock to R.F.C. First National Bank of Banning, Calif., cessation of membership through cancelation of FRBank stock, advice 2644 12/ 7 to F.D.I.C. First National Bank of Batavia, Ohio, capital stock reduction approved as recommended in supplemental memorandum 456 2/14 of Comptroller First National Bank of Belle Plaine, Minn., cessation of membership through cancelation of FRBank stock, advice 2644 12/ 7 to F.D.I.C. First National Bank Bellerose, N. Y., recapitalization plan amended as to amount of preferred stock to be 100 1/12 sold First National Bank of Binghamton, N. Y., violation of Sec. 21(a)(1) of Banking Act of 1933 arising from account with Dick & Merle-Smith, account has log 5/ 1 been closed First National Bank of Bloomingdale, N. J., capital stock reduction approved in plan superseding plan approved 2/ 1 by Board on Jan. 8 First National Bank of Blooming Prairie, Minn., fiduciary 640 3/11 powers, certificate of surrender of, granted First National Bank of Boston, Mass.: First of Boston International Corporation, application to acquire stock of, approved, latter to submit to 496 2/20 examinations and pay costs thereof Modification of agreement whereby national bank may hold stock of, to permit corporation to act as agent in making and servicing collateral loans to brokers 5/ 8 Board grants national bank permission to invest in and 1190 hold stock of corporation, and letter to FRAgent 5/21 Interest rates on deposits payable outside U.S., letter to, fixing, and requesting certain information peri2/11 odically on rates paid Advised that because of amendment in Sec. 324 of Banking Act of 1935, reports re, will not need to be made 13.125 2491 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 299 Pages Nati01.181 banks: (Continued) nrst National Bank in Brooksville, Fla., capital stock reduction approved in plan involving sale of pre195 1/21 ferred stock locally First National Bank of Brownstown, Ind., capital stock reduction approved in plan involving sale of preferred 55 1/ 7 stock to R.F.C. First National Bank in Burlington, Iowa, fiduciary powers, Board unwilling to approve application at present 655 3/13 because of low ratio of capital to deposits Further consideration given to application, Board does not feel it can approve application unless proper 834 4/ 4 ratio is attained First National Bank of Calumet, Mich., fiduciary powers, cer7/ 5 1574 tificate of surrender granted First National Bank of Carbondale, Pa., FRBank stock, reply to Mr. Austin on adjustment in view of retirement of preferred stock and reserve set up for pay8/ 2 1681 ment of dividends in common stock hrst National Bank of Carrollton, Mo., recapitalization plan amended as to amount of preferred stock to be 101 1/12 sold to R.F.C. Pirat National Bank of Centerville, S. Dak., capital stock reduction approved in plan involving sale of pre456 2/14 ferred stock to R.F.C. First National Bank of Chillicothe, Ohio, examination, in connection with voting permit application of BancOhio Corporation, criticisms resulting, letter to 11/13 2371 Comptroller re deon payment interest National Bank in Crestline, Ohio, mand deposits of public funds, contract with 11/16 2408 City of Crestline not in compliance with law reduction stock capital Iowa, National Bank of De Witt, approved in plan involving sale of preferred stock and retirement of certificates of bene5/ 1 1035 ficial interest :First National Bank of Dolgeville, N. Y., condition reports of Julius Breckwoldt & Son, Inc., reply to Mr. Case that Board will require more information to rule on holding company affiliate relation9/30 2030 ship and necessity for publication of hrst National Bank of Elizabethville, Pa., capital stock reduction approved in plan involving sale of new common stock and of convertible preferred stock 612 3/ 7 at a premium hrst National Bank of Englewood, Colo., fiduciary powers, cer264 1/29 tificate of surrender of hrst National Bank of Fair Haven, Vt., capital stock reduction approved in plan involving prorata return of 5/21 1191 released funds to shareholders http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 300 National banks: (Continued) First National Bank of Fayetteville, Ark., capital stock reduction approved in plan involving sale of preferred stock and sum to be used to cancel common stock held by trustee for Arkansas National Bank 1/ 4 First National Bank of Fort Worth, Texas, fiduciary powers, waiver of portion of Regulation F relating to custody of notes secured by liens against real property requested, letter to Mr. Hamilton re8/26 fusing First National Bank, Georgetown, Ohio, interest payment on demand certificate of deposit where customer could not be located for notification of cessation of interest payment at enactment of Banking Act of 1933, payment permitted 3/ 5 First National Bank of Gilman, Ill., capital stock reduction plan amended to provide for smaller contribution by stockholders and to permit their reimbursement through trusteeship of eliminated assets 3/18 First National Bank of Gladewater, Texas, no objection to returning FRBank stock payment to organizers, Comptroller has not received notice of abandonment of organization 1/16 First National Bank in Gladstone, Mich., territory, reply to Mr. Noreus on views as to proposal to have northern Michigan transferred from 9th to 7th FRDistrict 4/16 First National Bank, Glenn Falls, N. Y., savings accounts, reply to Mr. Safford that withdrawal without presentation of passbook converts account to demand de7/24 posit First National Bank of Glenwood Springs, Colo., capital stock reA duction approved 4/ 't First National Bank of Hancock, Mich., fiduciary powers, cartificate of surrender of, granted 3/ 8 First National Bank of Harrison, N. Y., capital stock reduction approved in plan involving sale of Class A preferred stock to R.F.C. and Class B locally 6/ 4 First National Bank of Harvey, Iowa, cessation of membership through cancelation of FRBank stock, advice to F.D.I.C. 12/ 7 First National Bank in Henderson, N. C., interest rate on time and savings deposits, reply to complaint of Mr. Harrison that banks under F.D.I.C. are paying 3% whereas members of YESystem are paying only 2% 3/15 First National Bank of Jefferson Parish at Gretna, La., "special reserve fund" to be set up as preferred stock is retired, Board considers as "surplus" insofar as adjustments in FRBank stock are concerned 5/21 First National Bank of Johnstown, Colo., capital stock reduction approved, preferred stock previously sold 3/21 First National Bank of Julesburg, Colo., capital stock reduction approved in plan involving sale of preferred stock to R.F.C. 2/ 1 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis pages[ 36 18° 591 691 148 909 1646 831 621 1299 2644 6ag 1194 729 301 Pages National banks: (Continued) First National Bank of Kenmore, N. Y.: 1/ 4 Capital stock reduction plan amended Postal savings funds, question of payment of interest in view of State reduction in rates, reply that it 7/17 is under consideration Reply to Mr. Bangert that in view of maximum rate of interest in New York State, not over 2% may be 9/ 4 paid on 9/ 4 Copy of letter to be sent to Mr. Eilenberger Reply to Mr. Bangert re considering contract as "existing contract" on which interest may continue to 9/ 7 be paid, that it is terminable as of Oct. 1 First National Bank of Ketchikan, Alaska: Membership application, Board does not approve, memo of Mr. Hamlin that application be approved, letter to be prepared along lines suggested by Mr. Szym3/22 czak Mr. Hamlin to prepare memo reviewing previous consideration and action on applications from outside of 3/22 United States Letter presented and approved, statement of Mr. Miller that he is not in accord with view stated therein 3/25 Reply to Mr. Sonne that if survey is deemed necessary 3/29 it Should be completed within 30 days Question of policy in regard to banks outside of United States referred to Committee of Messrs. Thomas, Hamlin and James, pointed out by Mr. Miller that applications might be followed by demands 4/27 to establish branches and agencies First National Bank of La Grange, Ga., loan upon time certificate of deposit, reply to Mr. Hofmann re, quoting profisions of revised Regulation Q, copy to 12/ 7 FRAgents First National Bank of Lake Charles, La.: 7/ 1 Fiduciary powers, certificate of surrender of Reserves, reply to Mr. Clark on permissive nature of deduction of cash items in transit from gross demand 9/16 deposits in computing First National Bank of Laurium, Mich., fiduciary powers, cer3/ 8 tificate of surrender of, granted First National Bank, Lebanon, Ill., savings deposits, reply to Iva.. Cryder re classification of five dif6/14 ferent accounts as First National Bank in Le Mars, Iowa, fiduciary powers, applica3/13 tion approved First National Bank of Lexington, Va., capital stock reduction 6/26 approved First National Bank of Longview, Wash., capital stock reduction plan amended so as not to require increase in 4/19 common stock on reduction of preferred stock http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 37 1624 1866 1867 1879 745 747 753 791 1000 2645 1558 1926 622 1400 654 1518 956 302 National banks: (Continued) First National Bank, Louisville, Ky.: Interest payment during period between maturity and renewal of time deposits, where depositor overlooked re10/ 2 newal, reply to Mr. Mann that it is not legal Loan on certificate of deposit, reply to Mr. McAdams on question of evasion of prohibition on payment of cer2/21 tificate before maturity Reply to Mr. McAdams on query as to whether transaction might not constitute purchase of certificate at 3/25 discount due to differential in interest rates First National Bank, Marietta, Ga., interest payment on savings account of deceased customer, reply to Mr. Collins that question of payment to estate of father or to accounts of two sons is matter of 3/21 local law First National Bank of Matador, Texas, assets acquired and lia5/21 bilities assumed by First State Bank of Matador First National Bank of Memphis, Texas, capital stock reduction approved in plan involving sale of preferred 2/ 1 stock to R.F.C. First National Bank of Miami, Fla., balances due from foreign banks, reply to Mr. Clark on his definition of "Foreign banks" in connection with deduction of, from gross demand deposits in computing reserves gill First National Bank of Mlfflintown, Pa., certificate of deposit where bank reserves right to require 30 days notice of withdrawal, reply to Mr. Doty on 3/18 legality of payment before maturity First National Bank in Mount Clemens, Mich., capital stock reduction approved in recapitalization plan, pre4/1u ferred stock previously sold to R.F.C. First National Bank, Navasota, Texas, reply to Mr. Henry that it is improbable that Norwood Investment Co. is holding company affiliate of bank, advice re 12/27 voting by proxy First National Bank of Newberg, Ore., cessation of membership through cancelation of MBank stock, advice 12/ 7 to F.D.I.C. First National Bank of Niles, Mich., fiduciary powers, application for permission to act as trustee, Board does not feel that it has authority to grant power requested under its interpretation of 4/ 6 State law Request that file be closed on application for trustee powers because of insufficient capital and sur6/20 plus, approved First National Bank of Oakes, N. Dak., capital stock reduction approved, preferred stock previously sold to R.F.C., limited voting permit granted Marshall1/25 McCartney Co. First National Bank of Oakland, Md., capital stock reduction approved in plan involving sale of preferred stock 1/ 3 to R.F.C. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis page' 2038 761 1188 1896 2868 303 Pages National banks: (Continued) First National Bank of Oakmont, Pa., fiduciary powers, cer5/25 tificate of surrender of First National Bank of Odebolt, Iowa, FRBank stock, recommendation of Mr. Young for additional six months for cancelation, Board requests application be filed 1/14 immediately reto wish may it event in Desire to postpone cancelation sume operations, advice that it cannot resume and to be requested to make application for can3/15 celation signature waive to authorized Chicago of Surrender, FRBank of one member of liquidating committee on appli7/29 cation First National Bank of Oelwein, Iowa, savings deposit rules, reply to Mr. Falk that they are not inconsistent 2/26 with FRAct or Regulation Q hrst National Bank at Orlando, Fla., mortgages insured under National Housing Act, reply re pledging in trust department as security for trust funds in commer12/17 cial department First National Bank of Park Falls, Wis., capital stock reduction approved, preferred stock already sold to 1/ 4 R.F.C. hrst National Bank of Ponder, Nebr., cessation of membership through cancelation of FRBsnk stock, advice to 12/ 7 F.D.I.C. restock irat National Bank of Perth Amboy, N. I., capital duction approved in plan involving issue of A and B preferred stock and subordinating present 7/29 preferred stock to other two classes hrst National Bank of Philadelphia, Pa.: Holding company affiliate, determined not to be, of First 11/16 Trust Company of Philadelphia is application that Austin Mr. Voting permit, letter to still under consideration and extending time for obtaining permit, and for completion of 1110114/12 bership of First Trust Company of Philadelphis with membercompliance in securing, for Time extended ship condition imposed on First Trust Company 6/18 of Philadelphia Ilrst National Bank of Piedmont, W. Va., trustees under trust agreement, reply to Mr. Thomas that they constitute an organization which could be, a holding company affiliate and that no voting permit 12/27 is necessary hrat National Bank of Plainfield, N. J., capital stock reduction approved in plan involving sale of preferred stock to R.F.C. and sale of new common stock, memo of Counsel that Artcol Investing 3/14 Co., Inc., is not holding company affiliate First National Bank of Pleasantville, N. Y., capital stock re8/ 7 duction approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1231 123 690 1666 540 2751 38 2644 1666 2399 916 1412 2866 670 1713 304 pages National banks: (Continued) First National Bank at Ponca City, Okla., fiduciary power applij.7 1/ 3 cation approved First National Bank of Prestonburg, Ky., interest rate on time and savings deposits, reply to Mr. Fletcher that letter of Mr. Stephens will be brought to Board's attention and request for advice if bank loses any substantial amount of deposits 26 1/3 through difference in rate First National Bank of Rhinelander, Wis., capital stock reduction approved in plan involving conversion of 4/16 1952 class B preferred stock into new common stock First National Bank in St. Charles, Minn., interest on demand deposits, reply to Mr. Thul on statement that prohibition on is being evaded by improper 2/18 481 classification of deposits as savings deposits First National Bank of St. Johnsbury, Vt., capital stock re8/ 5 1690 duction approved First National Bank in St. Marys, Ohio, purchase of notes receivable and securities investment account by 394 2/ 7 Home Banking Co., as former is in liquidation First National Bank of Saint Paris, St. Paris, Ohio, capital stock reduction approved in plan involving consolidation with Central National Bank of St. Paris under own charter and title of The First Central National Bank of St. Paris First National Bank of Salt Lake City, Utah, depreciation in securities, reply to Mr. Sargent on elimination by establishment of valuation reserves, in connection with voting permit for First Security 6/14 1595 Corporation of Ogden First National Bank in Santa Ana, Calif., fiduciary powers, application approved, warning against trusts 2591 of First National Bank of Santa Ana First National Bank of Selby, S. Dak., capital stock reduction approved, preferred stock was sold previously First National Bank in Sidney, N. Y., fiduciary powers, granted certificate of surrender of First National Bank of Spangler, Pa., capital stock reduction approved in plan involving retirement of pre5/21 "91 ferred stock, issue of new preferred stock First National Bank, Spearman, Texas: Certificate of deposit bearing notice, "30 days' notice required for withdrawal", reply to Mr. Walsh on 705 3/18 payment before maturity Consolidation of, by First State Bank, Spearman, Texas, no 12/21 28D5 objection First National Bank of Tampa, Fla., capital stock reduction approved in plan involving sale of preferred stock 8119 1q6S to R.F.C. First National Bank of Union, Ore., cessation of membership through cancelation of FRBank stock, advice to F.D.I.C. 4/29 1.°° ' http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 305 Pages National banks: (Continued) First National Bank of Valdosta, Ga., capital stock reduction 4/4 approved First National Bank of Wayne, Nebr., capital stock reduction plan amended to eliminate cash contribution and permit in lieu thereof, acceptance of note of director, latter held not violation of Sec. 3/21 22(g) of FRAct First National Bank of Westwood, N. J., capital stock reduction 1/4 approved First National Bank, Winslow, Ariz., deposits, reply to Mrs. Charles that if they are represented by time cer4/ 2 tificates, bank may not pay until maturity First National Bank of Worden, Ill., cessation of membership in FRSYstem through cancelation of FRBank stock, 12/ 7 advice to F.D.I.C. First National Bank and Trust Company of Bridgeport, Conn., capital stock reduction approved in plan involving sale of additional preferred stock to P.F.C. 8/22 and new common stock First National Bank and Trust Company of Springfield, Ohio, examination, in connection with voting permit application of BancOhio Corporation, criticisms 11/13 resulting, letter to Comptroller re irst National Bank and Trust Company of Walden, N. Y.: 3/ 1 Capital stock reduction approved Plan amended to modify requirements as to eliminations 6/ 4 and use of released capital Savings accounts, reply to Mr. Case on doubtful classification of 23 accounts as, procedure in handling 1/19 Is satisfactory First Security Bank of Utah, N. A., condition reports of subsidiaries of First Security Corporation of Ogden, Utah, question of affiliation with, and necessity 7/ 2 for obtaining reports referred to Comptroller st State National Bank of Bainbridge, Ga., FRBank stock, reply to Mr. Clark on adjustment necessitated by changes in capital incident to merger of First National Bank of Bainbridge and Bainbridge State 8/ 5 Bank into 4atbush National Bank of Brooklyn in New York, N. Y., capital stock reduction approved, preferred stock has 3/15 already been sold to R.F.C. 4etcher-American National Bank of Indianapolis, Ind.,'suit against FRBank of Chicago, voted by Governors' Conference that if trustees of national bank 10/24 institute, it be made system matter Franklin National Bank of Jersey City, N. J., capital stock re6/ 4 duction approved Pranklin National Bank of Nutley, N. J., merger with Bank of Nutley, limited voting permit granted latter in lieu of requested extension of permit pre4/4 viously granted to effect http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 836 728 38 826 2644 1785 2370 560 1298 185 1569 1694 684 2165 1300 838 306 National banks: (Continued) Franklin National Bank of Nutley, N. J.: (Continued) Voting permit application of Bank of Nutley to vote stock of, advice to Mr. Case of procedure to be followed if 8/22 national bank desires to offer objections Reply to Mr. Case re objections to be offered, procedure, Board to decide on hearing after examination of objections 10/ 8 Freeborn County National Bank of Albert Lea, Minn., fiduciary 2/15 powers, certificate of surrender 9/27 Gap National Bark, Gap, Pa., fiduciary powers, surrender of Glen Rock National Bank, Glen Rock, N. J.: Capital stock reduction approved in plan involving sale of 1/17 preferred stock to R.F.C. and/or others Plan approved Jan. 17 abandoned and new plan approved involving increase of capital through sale of new common stock at premium and reduction of 5/11 capital, must surrender trust powers 5/25 Fiduciary powers, certificate of surrender of Goodhue County National Bank of Red Wing, Minn., fiduciary powers, reply to Mr. Jensch on request for copy of form of Board's application used in 1919-20, 1/17 copy of regulations and application of bank Grange National Bank, Tioga, Pa., fiduciary powers, certificate 4/12 of surrender Gratz National Bank, Gratz, Pa., savings accounts, reply to Mr. Umholtz on authorization to permit withdrawal of specified amount without notice, as corn9/16 pliance with Regulation Q Grundy County National Bank, Morris, Ill., capital stock reduction approved in plan involving local contribution, retirement of preferred stock and issue of new preferred stock and trusteeship of eliminated 4/29 assets Haddonfield National Bank, Haddonfield, N. J., capital stock reduction approved, preferred stock previously sold 3/29 to R.F.C. and others Hamilton National Bank of Chattanooga, Tenn., violation of Sec. 21 (a)(1) of Banking Act of 1933, reply to Mr. Clark that possible infringement of law arising from account with Jno. F. Clark & Co. does not 5/ 1 seem to be violation Hanover National Bank of Wilkes-Barre, Pa.: Capital stock reduction approved in connection with con6/20 version of Hanover Bank and Trust Co. into FRBank stock, Philadelphia, original application revoked and application of Hanover Bank and Trust Co. for stock in name of, approved on conversion 9/16 of latter into Fiduciary powers, authorized on conversion from Hanover Bank and Trust Company into, to exercise only in specific trusts of latter 6/20 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis page 1° 2054 465 2014 166 11 :9 1" 158 0 1926 1008 791 1°41 1421 1° 1° 307 Pages Nati°nal banks: (Continued) Home National Bank of Longton, Kansas, cessation of membership through cancelation of FRBank stock, advice to 12/ 7 F.D.I.C. Industrial advances, letter to Comptroller on interpretation of Sec. 24 of FRAct which forbids taking of portion of obligation, stating it seems proper that 1/ 3 FRBank handle security Investment securities, limitation on amount of, of one obligor which may be purchased or held by, letter of Comptroller sent to all national banks, desire 1/30 of Board to publish in ERBulletin Investment of trust funds in mortgages insured under National Housing Act, Question referred to Comptroller with copy of letter to Federal Housing Adminis9/ 3 tration re reply to Mr. Wood J'amee River National Bank of Jamestown, N. Dak., fiduciary 1/23 powers, certificate of surrender of, granted J'efferson County National Bank of Watertown, N. Y., capital reduction approved in plan superseding previously amended plan, involving sale of pre1/ 4 ferred stock to R.F.C. Pa., certificate J'uniata Valley National Bank of Mifflintown, of deposit, maturing in six or twelve months and payable on thirty days' notice, reply to 3/18 Mr. Sterrett on payment before maturity 4earny National Bank, Kearny, N. J., capital stock reduction approved in plan involving sale of preferred 6/18 stock to R.F.C. end others 4e0kuk National Bank, Keokuk, Iowa, fiduciary power application approved only in specific trusts of old Keokuk 1/25 National Bank 4isely National Bank of Butler, Ind., fiduciary powers, Board 3/18 unwilling to grant application 8/14 Application approved aleYette National Bank, LaFayette, Ind., fiduciary power appli' 1/21 cation approved Lancaster County National Bank, Lancaster, Pa., interest payment on time certificate of deposit at renewal, when it is renewed before maturity, reply to Mr. 12/23 Zecher re Lancaster National Bank, Lancaster, N. H., holding company affiliate relationships, reply to Mr. McCarten that organizations referred to have neither applied for voting permits nor determination that they are not holding company affiliates, 12/18 and does not appear necessary Lebanon_ Citizens National Bank, Lebanon, Ohio, fiduciary powers, 9/21 surrender of Li), -arty National Bank in Ellsworth, Me., fiduciary power appli7/24 cation approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2644 27 302 1858 221 37 704 1412 244 696 1747 194 2822 2756 1981 1643 308 page' National banks: (Continued) Liberty National Bank and Trust Co. of Louisville: Capital stock reduction approved in bank, which Liberty Bank and Trust Co. is to be converted into, involving sale of preferred stock to R.F.C. 1/ 7 and local interests Fiduciary power application approved on conversion of Liberty 55 1/ 7 Bank and Trust Co. into Littleton National Bank, Littleton, Colo., certificates of deposit payable six or twelve months after date, reply to Mr. Dunn that last ruling on, was pub8/28 lished in FRBulletin for January, 1934 Live Stock National Bank of Chicago, Ill., reserve deficiency, no objection to waiver of penalty by FRBank of 20 11/ 1 Chicago Loans to affiliates, renewal, reply to Comptroller interpreting first parapraph of Sec. 23A with regard to two 794 3/29 cases Mahopac National Bank, Mahopac, N. Y., capital stock reduction 560 3/ 1 approved McCloud National Bank, McCloud, Calif., cessation of membership through cancelation of FRBank stock, advice to 2644 12/ 7 F.D.I.O. Mechanics National Bank of Providence, R. I., banking quarters, amortization charges adopted to eliminate carrying value by 1978, Board hopes program will be carried out even thourzh holding company agreement 2864 12/27 is no longer binding upon Industrial Trust Co. Menard National Bank, Menard, Texas, interest payment by member banks, reply to Mr. livalsh Quoting provision in Banking Act of 1935 which, if passed, will eliminate competitive disadvantage mentioned by 7/19 Mr. Heyman Mercantile National Bank at Dallas, Texas: Eliminations made in connection with issuance of voting permit, no objection to transfer of sum from valua2/ 7 tion reserves to reserves for contingencies Fiduciary powers, application to exercise full powers denied, 4/ 2 based on adverse recommendation of Comptroller 9/18 Application approved 1940 Merchants National Bank in Chicago, Ill., reserves, authorized 9/17 to carry reduced Merchants National Bank, Hillsboro, Ohio, fiduciary powers, 4/ 6 certificate of surrender of, granted Merchants National Bank in Plattsburg, N. Y., capital stock re7/26 duction approved Merchants National Bank of Salem, Mass., capital stock reduction 1/17 approved 1940 Milwaukee Avenue National Bank of Chicago, Ill., reserves, au9/17 thorized to carry reduced Miners First National Bank of Ishpeming, Mich., fiduciary power 4/ 9 application, Board unwilling to approve 1654 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 309 Pages National banks: (Continued) Miners National Bank of Butte, Mont., fiduciary powers, application approved upon conversion into, from Miners Bank and Trust Co. National Bank of Bay City, Michigan, fiduciary power application to act as trustee in connection with liquidation of certain banks' assets approved National Bank of Charleroi and Trust Co., Charleroi, Pa., capital stock reduction approved, no legal requirement for surrender of trust powers even though capital and surplus will be below State requirements Letter to Mr. Fletcher re question of necessity for Mellbank Corporation to secure voting permit and issue of limited permit authorized N ational Bank of Commerce of Lincoln, Nebr, fiduciary power application on which action was deferred, recommendation of FRAgent that it be reconsidered, advice to Comptroller that Board will reconsider Board unwilling to grant in view of low ratio of capital to deposits Statement of Mr. Thomas that nature of certain deposits is temporary and he feels application for full powers should be approved Statement of Counsel that he is now of opinion that Board has authority to grant trust powers on conditions and to revoke permits, 'application approved National Bank of Detroit, Mich., funds deposited by Treasurer of State of Michigan advanced by U. S. Department of Agriculture, Bureau of Public Roads, reply to Mr. Burns on classification in published statements, condition reports, etc. N ational Bank of Grand Rapids, Mich., FRBank stock, reply to Mr. Stevens on question of surrender of, on retirement of preferred stock and simultaneous establishment of reserve for dividends payable in common stock Rational Bank of Logan, W. Va., fiduciary powers, limited, granted to National Bank of Lorain, Ohio, fiduciary power application approved only in specific trusts of National Bank of Commerce of Lorain Board unwilling to grant further than limited powers now authorized National Bank of Opelika, Ala., capital stock reduction approved National City Bank of New York, N. Y.: Branches in China and British Crown Colony of Hong Kong, permission granted to pay 7% interest on time deposits Reply to Mr. Case that authorization covering interest rate payable covers branches at Harbin, Mukden and Dairen http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/29 1007 7/22 1639 3/15 685 3/15 687 2/25 522 5/ 6 1058 8/21 1781 8/21 1782-3 4/ 8 864 5/21 1197 4/19 955 1/ 3 16 968 4/23 5/14 1130 3/15 688 4/ 8 855 310 National banks: (Continued) National City Bank of New York, N. Y.: (Continued) Branches in Philippine islands, court case in New York involving right to establish, not deemed of sufficient importance to file brief as friend of 11/13 court Cotton shipments to Italy, copy of letter from Governor Harrison re inquiry of, as to propriety of financing, sent to Secretary of State for cam11/20 ment Draft of letter to Governor Harrison suggesting submission of questions involving governmental policy to Board in future cases, laid on table pending 11/30 reply from Secretary of State Interest on deposits payable outside of United States, letter to bank on rates fixed under Regulation Q and requesting certain information periodically 2/11 as to rates paid that Letter to, because of exception in Sec. 324 of Banking Act of 1935, no reports will be required re 11/25 International Banking Corporation, reply to Mr. Perkins granting permission to invest in stock of, and to invest further during next two years, copies to RAgent at New York and Comptroller 12/31 National Deposit Bank in Owensboro, Ky., fiduciary power appli4/ 9 cation approved National Iron Bank of Morristown, N. T., capital stock reduction plan amended 1/ 3 National Lumberman's Bank of Muskegon, Mich., capital stock reduction approved in plan involving sale of pre6/ 7 ferred stock to R.F.C. and/or others National Shawmut Bank of Boston, Mass., capital stock reduction 5/25 approved National Spraker Bank of Canajoharie, N.Y., fiduciary powers, 4/25 certificate of surrender of New London City National Bank, New London, Conn., capital stock reduction approved in plan involving sale of ad3/ 1 ditional preferred stock to R.F.C. Plan amended to provide for sale of preferred stock to local 6/ 7 interests North Philadelphia National Bank, Philadelphia, Pa., loan on security of savings deposit, reply to Comptrol8/ 9 ler amending his reply to bank re Northwestern National Bank in Philadelphia, Pa., fiduciary powers, reply to Mr. Stahl on refusal of State certificate to exercise, that Board's authority is all that is necessary, letter and copy of 1/14 letter to Mr. Stahl sent to Mr. Beckman 8/15 Application approved Northwestern National Bank and Trust Company of Minneapolis, loan to examiner of F.D.I.C., reply to Mr. Anderson 9/25 re legality of renewal of note http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis page' 2582 241 2598 41 2491 2910 1/ 1554 986 560 1555 1169 206 311 Pages Nati onal banks: (Continued) Ohio National Bank, Columbus, Ohio: Agreement with Fifth Avenue Savings Bank Co. re repurchase of securities, interest payment on securities violating prohibition on payment of interest 2/15 on demand deposits Examination, in connection with voting permit application of BancOhio Corporation, criticisms resulting, 11/13 letter to Comptroller re Ontario National Bank, Ontario, Ore., cessation of membership through cancelation of FRBank stock, advice to 12/ 7 F.D.I.C. Otssiic Valley National Bank of South Otselic, N. Y., capital stock reduction approved under plan superseding 2/14 plan approved Oct. 12, 1934 reply powers, fiduciary Pa., PeoPles National Bank of Nanticoke, to Peoples Savings Company of Nanticoke, that on conversion of latter into, new application 12/21 would have to be made Peoples National Bank of Patchogue, N. Y., fiduciary powers, 6/ 4 certificate of surrender of capital T., N. Pemberton, Peoples National Bank & Trust Co., stock reduction approved in plan involving sale 2/20 of preferred stock to R.F.C. preferred of sale involving plan in Reduction approved stock locally, plan superseding one approved 6/27 Jan. 20 Pel'rY National Bank of Hamilton, Texas, capital stock reduction 1/25 approved Pikeville National Bank, Pikeville, Ky., fiduciary power application approved, advice that although application was not made for permission to act as registrar of stocks and bonds, power may be 3/ 1 exercised under general power -Pittsburg National Bank, Pittsburg, Texas, capital stock reduction approved in plan involving sale of Class 5/22 "A" preferred stock to R.F.C. Plattsburg National Bank & Trust Co., Plattsburg, N. Y., capital stock reduction approved in plan involving sale 3/8 of preferred stock to R.F.C. affiliates, company Portland National Bank, Portland, Me., holding reply to Mr. Ashton, re voting trust agreement, that trustees are not an "organization", etc., that there is no need for determination of 12/23 status A Colo., Collins, Fort of Bank o11 4re River Valley National P, capital stock reduction approved in plan involv6/29 ing sale of preferred stock to local interests l'oultney National Bank, Poultney, Vt., violation of Sec. 32 of Banking Act of 1933 possible, reply to Mr. Curtiss on holding of bonds for, by C. F. 6/24 Childs and Co. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 467 2370 2644 455 2804 1297 495 1527 245 558 1223 622 2825 1549 1465 312 pages National banks: (Continued) ( Preferred stock, retirement, setting up of reserve for payment of dividends in comion stock will be considered as surplus in connection with adjustments in 5/21 19 FRBank stock, letter to FRAgents Reply to Comptroller that setting up of reserve will be considered compliance with condition imposed on national banks that when preferred stock is retired, provision be made for maintaining capital 5/21 1198 account Putnam County National Bank of Carmel, New York, capital stock reduction approved in plan involving sale of Class B preferred stock locally and release of direc3/14 669 tors' guaranty bond Rhode Island Hospital National Bank, Providence, service charges, uniform system, reply to Mr. Bowen that neither Board nor Comptroller is consider2231 ing any recommendations re Roslyn National Bank & Trust Co., Roslyn, N. Y., capital stock 408 reduction approved Rutherford National Bank, Rutherford, N. T., capital stock re1500 duction approved in plan involving sale of pre6/ 4 ferred stock to R.F.C. or others Saguache County National Bank of Saguache, Colo., capital stock 160 7/16 reduction approved Salisbury National Bank, Salisbury, Md., maximum interest rate, reply to Mr. Ruark that Board does not contemplate reduction and on authority of F.D.I.C. as 2037 10/ 2 to nonmember banks Scarsdale National Bank and Trust Co., Scarsdale, N. Y., interpretation of Sec. 24 of FRAct, reply to Mr. Case that as Mr. Gidney suggested to bank that it inquire of Comptroller, no action by Board is 1o/15 2()° necessary Seaboard Citizens National Bank of Norfolk, Va., interest withdrawal on time deposit, open account requiring 30 days' notice before withdrawal, reply to Mr. 3/13 Hudgins on 1764 Second National Bank of Hempstead, N. Y., fiduciary power ap8/19 plication approved Second National Bank of Hempstead, N. Y., title, proposed addition of "Trust Company", reply to Mr. Ludlum 5/26 160 that it is matter for Comptroller's action 44 Second National Bank of Xackson, Tenn., fiduciary power applica1/25 tion approved Security Central National Bank, Portsmouth, Ohio, interest payment on demand deposits of public funds, letters to Messrs. Birdzell and Crowley of F.D.I.C. re competitive disadvantage to member banks in 12/ 4 bidding for deposits Security National Bank of Battle Creek, Mich., fiduciary power application approved with warning against trusts 46 1/ 5 of Old Merchants National Bank and Trust Co. 6a 2611/6 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 313 Pages National banks: (Continued) Security National Bank of Everett, Wash., absorption by Peoples Bank and Trust Co., Seattle, Wash., no objec10/11 tion Security National Bank of Huron, S. Dak., capital stock reduction approved and Mr. Peyton authorized to issue limited voting permit to First Bank Stock Cor8/ 5 poration in connection with Shenandoah Valley National Bank of Winchester, Va., capital 1/29 stock reduction approved stock capital Silver Creek National Bank, Silver Creek, N. Y., 6/ 5 reduction approved Souhegan National Bank of Milford, N. H., capital stock reduction approved in plan superseding plan approved 5/18 Dec. 15, 1933 South East National Bank of Chicago, Ill., reserves, authorized 9/17 to carry reduced South Philadelphia National Bank of Philadelphia, Pa., fiduciary powers, Board refuses to grant any additional 5/ 6 powers South Side National Bank of Butler, Pa., cessation of membership through cancelation of FRBank stock, advice to 12/ 7 F.D.I.C. SPringfield National Bank, Springfield, Mass., eliminations required as condition prerequisite to issue of limited voting permit to Old Colony Trust Associates, requested modification granted and au2/12 thorization to issue permit State Road National Bank of Highland Park, Upper Darby, Pa., capital stock reduction approved in plan superseding previous plan and involving sale of preferred stock to R.F.C. and new common stock at 3/11 a premium Staunton National Bank and Trust Co., Staunton, Va., capital 5/ 1 stock reduction approved Talladega National Bank, Talladega, Ala., capital stock reduction approved in plan involving return of portion of 1/25 released capital to shareholders Teague apNational Bank, Teague, Texas, capital stock reduction 5/ 6 proved reply Third National Bank, Nashville, Tenn., fiduciary powers, that increase in capital will not necessitate increase in surplus, as required by State law, 11/16 to continue to exercise TomPkins County National Bank, Ithaca, N. Y., merger with 8/14 Ithaca Trust Co. into Tompkins County Trust Co. Trust departments, examination of, reply to Purse Co. re statutory amendment prohibiting State authorities 12/24 from making Trlist funds, interest payment on demand deposits of, reply to Kennefick, Cooke, Mitchell, Bass & Letchworth on statement that provisions of New York Banking Law do not appear applicable to national banks, that Regulation Q relates to such deposits http://fraser.stlouisfed.org 12/23 "in State banks" Federal Reserve Bank of St. Louis 2071 1690 265 1319 1165 1940 1058 2644 424 640 1035 244 1061 2398 1747 2833 2822 314 National banks: (Continued) Union National Bank of Cadiz, Ohio, examination, in connection with voting permit application of BancOhio Corporation, criticisms resulting, letter to Comp11/13 troller re Union National Bank of Donora, Pa., loan on deposit, reply to 6/20 Mr. Binns on making Union National Bank of New Albany, Ind., fiduciary powers, application approved, warning against trusts of 2/25 New Albany Trust Co. Union National Bank of Providence, Ky., loans to two affiliates secured by preferred stock of one affiliate for which there are no market quotations of value, reply to Deputy Comptroller Lyons on validity of security and legality under Sec. 23A of FRAct 4/29 Union National Bank of Superior, Wis., fiduciary power applica7/24 tion, Board unwilling to approve United National Bank of Cliffside Park, N. T., fiduciary power application approved 4/17 United States National Bank in Johnstown, Pa., fiduciary power application approved 4/ 9 University National Bank of Seattle, Wash., capital stock reduction approved in plan involving sale of preferred stock to R.F.C., plan superseding previous amended plan 6/27 Valley National Bank of Des Moines, Iowa, FRBank stock, letter to Deputy Comptroller that if steps to reopen bank or place it in liquidation are not taken, a receiver should be appointed and stock canceled 12/ 5 Valley National Bank of Phoenix, Ariz., fiduciary power applica4/19 tion approved Voting permits for holding company affiliates, question of Board prescribing conditions which would involve regulation of affairs of subsidiary national banks, position of Comptroller 7/12 Memoranda re Board's duties and responsibilities in prescribing conditions, memo of Mr. Hamlin recommending adoption of resolution to prescribe condition that subsidiary national banks shall comply with recommendations of Comptroller 7/12 • Prescribing of proposed conditions in permits for Transamerica Bank Holding Co. mould result in responsibility on Board for internal management of subsidiary national banks, position of Comp7/12 troller, resolution adopted as policy of Board Wallkill National Bank, Wallkill, N. Y., postal savings funds, reply to Mr. Terwilliger that question of effect of New York State interest rate reduction on payment of interest on, is under considera7/1? tion Reply to Mr. Terwilliger that in view of State maximum interest rate, not over 2% may be paid on deposits 9/4 of, similar letter sent to Comptroller http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis page' 2311 1429 522 1019 1644 944 811 15218 26 955 1639 1° 1601 16° 18° 315 Pages ionsl banks: (Continued) Wallkill National Bank, Wallkill, N. Y.: (Continued) Reply to Mr. Terwilliger that Board has not been advised of Postal savings system's attitude toward per9/19 mitting deposits to remain in New York banks Wallowa National Bank of Enterprise, Ore., cessation of membership through cancelation of FRBank stock, advice 12/ 7 to F.D.I.C. Waltham National Bank of Waltham, Mass., capital stock reduction approved in plan involving sale of preferred 1/29 stock to R.F.C. West Englewood National Bank, West Englewood, N. I., capital stock reduction approved, preferred stock has 2/ 1 already been sold to R.F.C. West Side National Bank of Yakima, Wash., fiduciary powers, ap9/ 3 plication approved West Winfield National Bank, West Winfield, N. Y., capital stock reduction approved, preferred stock has 1/21 already been sold to R.F.C. and others Winchester National Bank, Winchester, Mass., charge off of depreciation in securities in connection with voting permits for Shawmut Association and National Shawmut Bank of Boston, not to be required at 7/ 2 present W°0dside National Bank of New York, N. Y., capital stock reduction, question of affiliation with Globe Financial Corporation, memo of counsel that corporation is holding company affiliate, ruled not a 4/11 holding company affiliate 4/23 Reduction approved Letter to Mr. Case advising that Globe Financial Corporation 4/23 is not holding company affiliate stock reduction krorning National Bank of Casper, Wyo., capital approved in plan superseding plan of Nov. 27, 1933, involving sale of preferred stock to R.F.C. 1/12 440 n51 Capital Press: Bid for printing digest of Governor Eccles' testimony on Banking Bill of 1935 before Banking and Currency Com4/29 mittee of House accepted 12/ 4 ?Tinting of part of revised regulations of Board awarded to 84PP1ement to Regulation Q, letter to, authorizing printing of, 12/ 7 at additional cost farm loan associations: (See Farm Loan associations) tO lull Housing Act: Illortgages insured under, exception made to membership condition 12, to permit State member banks subject to, to 11/29 engage in sale of subLetter to FRAgents requesting that State member banks ject to membership condition forbidding investments in mortgages be advised of exception as to 12/27 (See also Mortgages) (See also Federal Housing Administration) http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1952 2644 264 332 1854 194 1567' 891 969 970 101 1017 2620 2647 2572 2869 316 Pages National Industrial Conference Board, questionnaire re activities of employers for employees, reply to nBank of New York that there is no objection to furnishing in209 10/11 formation requested National Park Service: Demolition and removal of Temporary Building No. 5 from Board's building site, reply to Mr. Cammerer re amendment 8/28 185° of bids for Survey of site for Board's building requested, showing power and pipe lines, etc., and letter to Mr. Living5/29 1278 ston advising request has been made Temporary Building No. 5, on site for Board's building, reply to Mr. Demaray relative to securing possession by 5/ 6 1°62 /line 1 Vouchers for services of Messrs. Nagle, Martin and Runacres in connection with program of competition for 6/ 7 1558 architect for Board's new building, approved National Radio Forum, address of Governor Eccles, request to have 6/14 1584 printed and distributed National Recovery Administration: Edwin C. Bennett Pottery Co., Baltimore, Md., reply to Mr. Johnson that Board regards individual borrowers from FRBanks as confidential but that company has 5/25 12 !' been granted two industrial loans National securities exchanges, forms for monthly report of condition 8/29cjV Nebraska: Expenditures, request of Senator Burke for estimate of governmental, in Nelson, Luther: (See Smith, Kirkpatrick & Co., Inc.) Nelson, Oscar: (See State member banks, State Bank of Geneva, Ill.) New Xersey: Banking Department, conference to be held by FRBank of New York with representatives of, noted with interest by 1/18 171 Board and hopes for furtherance of cooperation Interest rate on time and savings deposit, regulation of Banking Advisory Board, limiting maximum rate, telegrams to Messrs. Case and Austin that it is binding upon member banks and letter to Mr. O'Connor re 11/26 11/30 Reply to Salem County Bankers Association re Reorganization plan of banks in, affected by decision in case of dissenting depositor in Clinton Trust Co., let3/1 ter to Mr. Case on New York: Interest, limitation to maximum of 2% on time and savings deposits, memo of Mr. Owens suggesting that no notification of reduction be sent to national banks in State pending possible amendment to Sec. 24 of FRAct, approved Reply to Mr. O'Connor that ruling as to payment of interest on postal savings funds will be deferred pending passage of Banking Act of 1935 260 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 317 New York: (Continued) Interest: (Continued) Advice to Mr. Case to notify member banks of effect of resolution of State Banking Board limiting rate 8/30 payable Postal savings funds, reply to First National Bank of Kenmore that in view of State maximum interest rate, not over 2% may be paid on deposits of, copy to be 9/ 4 sent to Mr. Eilenberger Letter to Wallkill National Bank, Wallkill, N. Y., re, and 9/ 4 similar letter to Comptroller Reply to First National Bank of Kenmore that contract is 9/ 7 terminable as of Oct. 1 Reply to Deputy Superintendent White that limitation of in9/ 7 terest rate on, to 2% is already accomplished Reply to further letter of Mr. White that Board's regulation re interest is binding but Board cannot require 9/14 deposits of Reply to further inquiry from Wallkill National Bank that Board has not been advised as to attitude of postal savings system toward permitting deposits 9/19 to remain in New York banks Trust funds: Interest payment on demand deposits, reply to Kenefick, Mitchell, Bass & Letchworth on statement that provisions of Banking Law do not appear applicable to national banks, that Regulation Q. re12/23 lates to such deposits "in State banks" securities in of requiring deposit Membership condition trust department for funds deposited in commer7/17 cial department, waiver of N'Irk State Banking Board, interest rates, reply to Mr. Egbert that Board does not have under consideration any possible further reduction, in connection 6/20 with possible reduction by State Banking Board 44r York State Banking Department, rulings and interpretations of Board on payment of interest, no objection to FRBank of New York furnishing with copies of cer3/21 tain liew York Times, letter of S. Parker Gilbert re excess reserves situation, read at meeting of Board with Fed12/18 eral Open Market Committee elltrality policy, cotton shipments to Italy, copy of letter from Governor Harrison re inquiry of National City Bank re propriety of financing, sent to Secre11/20 tary of State for comment 1)l'aft of letter to Governor Harrison suggesting submission of questions involving governmental policy to Board in future cases, laid on table pending 11/30 reply from Secretary of State George W.: (See Foreign banking corporations, First Federal Foreign Banking Corporation) http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Pages 1846 1866 1867 1879 1880 1917 1952 2822 1621 1427 730 2764 2437 2598 pago 318 1/29 "1 Nolen, John, Jr., present at meeting of ERBoard Nonmember banks: Altoona Trust Co., Altoona, Pa., agreement on Form T-1 not signed in name of trust company, attention of 5/18 Mr. Austin called to Auburn Trust Co., Auburn, N. Y., no proper evidence of authority of executive committee to authorize execution 5/18 of From T-1 Bainbridge State Bank, Bainbridge, Ga., merger with First National Bank of Bainbridge into First State Na8/ 5 tional Bank of Bainbridge Bank of Batavia, N. Y., absorption by Marine Trust Company of Buffalo, no objection and establishment of branch 12/24 approved Beaver Dam Deposit Bank, Beaver Dam, Ky., Form T-1 not signed by officers in capacities named in resolution authorizing execution Capital stock reductions, arrangements made by F.D.I.C. with State banking departments whereby corporation 4/25 will be given opportunity to express views on Clearing accounts with FRBanks, reply to Mr. Stevens that on receipt of his inquiry Board requested practices of all 1RBanks, summary of reply sent to, and advice that liberal attitude be adopted, copy to all FRAgents Memo of Mr. Smead that accounts are not being used solely for exchange or collection but that as insured banks must enter FRSystem by July 1, 1937 it is 4/29 assumed that they should not be discontinued Columbus Trust Co., Newburgh, N. Y., name of bank omitted from Secretary's certificate in connection with execution of Form T-1 and signature of only one 5/18 officer authorized to sign certificate appears Currency shipments: Cost of, reply to Mr. Peyton, in connection with par clearance of Works checks, that Board has taken position that FRBanks should not absorb 11/ 1 FRBank of New York, advice to, that it is only FRBank to absorb charges for 4/25 Absorption of costs of 5/21 Governors' conference, voted that there is no objection to, where FRBank is reimbursed for shipping charges 10/24 Drafts on: (See Clearing and Collection) Empire Trust Co., New York, N. Y., no proper evidence of authority of executive committee to authorize execu5/18 tion of Form T-1 Farmers Bank of the State of Delaware, Dover, Del., corporate seal not affixed to Form T-1 and no proper evidence of authority of executive committee to authorize execution Farmers Deposit Bank, Brandenburg, Ky., signature of only one authorized officer appears on Form T-1 1176 1174 1694 2832 5/18 11" 986 4/29 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1019 11°'5 980 1202 210 1114 319 Pages tiOnm ember banks: (Continued) Pirst-City Bank & Trust Co., Hopkinsville, Ky., not clear if "Executive Board of Directors" has power to 5/18 authorize execution of Form T-1 First Industrial Loan Company of California, reply to Mr. Sargent that, as company is similar to mutual savings bank, it is a bank, and question of applicability 11/ 9 of Clayton Act First Trust Company of Tonowanda, N. Y., no proper evidence of authority of executive committee to authorize 5/18 execution of Form T-1 Freehold Bank, Pittsburgh, Pa., reported abuse of affiliate re3/18 lationship with Colonial Trust Co. Abuse by Colonial Trust Co. of relations with, should be 8/12 absorbed Genesee Valley Trust Co., Rochester, N. Y., no evidence of authority of executive committee to authorize execution of Form T-1 and only one signature 5/18 of officers authorized to sign appears for G°0dyear State Bank, Akron, Ohio, desire before applying membership or conversion into national bank, that Board determine if Goodyear Tire & Rubber Co. is holding company affiliate, Board will 9/20 consider Raddonfield Trust Co., Haddonfield, N. J., absorption by Camden Safe Deposit and Trust Co., Camden, N. J., and 12/23 establishment by latter of branch Half Dollar Trust and Savings Bank, Wheeling, W. Va., violation of Sec. 12B (v)(1) of FRAct, to be reported to 12/21 F.D.I.C. lienover Bank and Trust Co., Wilkes-Barre, Pa.: Capital stock reduction of Hanover National Bank approved, 6/20 in connection with conversion into latter FRBank stock, application for, in name of Hanover National 9/16 Bank approved on conversion into national bank Fiduciary powers, authorized to exercise only in specific trusts, on conversion into Hanover National 6/20 Bank Rome Bank and Trust Company of Darien, Conn., no proper evidence of authority of executive committee to author5/18 ize execution of Form T-1 L conafayette Cooperative Bank, Fall River, Mass., membership dition of Fall River Trust Co. requiring removal from banking quarters, waived indefinitely 10/31 List of banks qualified under Regulation T by execution of Form T-1 or T-2 to be published by Board when certain information has been received from FRAgents at Boston, New York, Philadelphia, 5/18 Cleveland and St. Louis Main Line Trust Co., Ardmore, Pa., irregularities in Government securities subscriptions placed through FRBank of Philadelphia http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/18 1180 2330 1174 698 1730 1174-5 1958, 2819 2817 1427 1928 1426 1174 2230 1172-80 479 320 Page° Nonmember banks: (Continued) Mayer State Bank, South Whitely, Ind., reply to Mr. Mayer on practice of requiring bank borrowers to maintain 360 2/4 specified balances in deposit accounts Medina Trust Co., Medina, N. Y., uo proper evidence of authority of executive committee to authorize execution of Form T-1 and only one signature of officers authorized to execute appears Membership in IRSystem: Admission to, matters affecting, suggested as topic for consideration of FRBank officers and directors by -A 559 2/ 1 Governor Eccles (See also FRBanks, List of topics) Applications for, reply to Mr. Stevens, and copy to all other FRAgents re desirability of endeavoring to secure, attention called to Board's authority to admit with capital impairment and to requirement for insurance of deposits by 1941 Milledgeville Bank, Milledgeville, Ohio, signature of only one of authorized officers affixed to Form T-1 Co., Butte, Mont., fiduciary Dower appliTrust and Bank Miners cation approved on conversion into Miners National Bank of Butte Mitten Bank and Trust Co., Philadelphia, Pa., no evidence of authority of executive committee to authorize ex5/18 1176 ecution of Form T-1 North Side Bank, St. Louis, Mo., (former member bank) letter to Attorney General that report of examination revealed possible violation of Regulations of Secre4/ 4 tary of the Treasury Ottoville Bank Co., Ottoville, Ohio, corporate seal is not affixed to Form T-1 and resolution authorizing 5/18 execution names only one officer 1180 Peoples Bank, New Hope, Ky., resolution authorizing execution of 5/18 Form T-1 names only one officer Reading Trust Co., Reading, Pa., no evidence of authority of executive committee to authorize execution of 5/18 1116 Form T-1 Real Estate-Land Title and Trust Co., Philadelphia, Pa., reply to Mr. Austin on proposed plan to organize wholly owned affiliate to take over title business in connection with eligibility for member3/21 ship in FRSystem Real Estate Trust Company of Philadelphia, Pa., no evidence of authority of executive committee to authorize 5/18 execution of Form T-1 Security Trust Company of Rochester, N. Y., no proper evidence of authority of executive committee to authorize execution of Form T-1 5/18 Springfield State Bank, Springfield, Ky., signature of only one 5/18 of authorized officers appears on Form T-1 State Trust Company of North Tonowanda, N. Y., no proper evidence of authority of executive committee to authorize 5/18 execution of Form T-1 5/18 13-14-5 844 1110 111' http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 321 Pages No nnieraber banks: (Continued) Stoneham Trust Co., Stoneham, Mass., agreement under Regulation T is not signed in name of trust company, let5/18 1172 ter to Mr. Curtiss on Title Guarantee and Trust Co., New York, N. Y., no proper evidence of authority of executive committee to 5/18 1174 authorize execution of Form T-1 eviTrust Company of New Jersey, Jersey City, N. I., no proper dence of authority of executive committee to 5/18 1174 authorize execution of Form T-1 Union Trust Company of Rochester, N. Y.: Assets, granted permission by FRAgent at New York to hold shares of Servandum stock in, to be considered in connection with voting permit application of 196 1/21 Marine Midland Corporation comexecutive of Form T-1, no proper evidence of authority 5/18 1174 mittee to authorize execution of 2866 12/27 of Voting permits not necessary to vote stock West Side Bank of Commerce, Kansas City, Mb., deposit liability /10 1590 *7 Commerce Trust Co. J. assumed by Bank in GladNational 14°11e118, E. (See National banks, First stone, Mich.) "Oa Carolina: Supervision of State banks in, legislation proposed to eliminate, 702 3/18 leaving function to F.D.I.C. and FRSystem of banks by on distributi that reply Y., 17, John, Brooklyn, N. savings devices such as coin banks does not con12/21 2810 stitute indirect payment of interest 11Ye Senator Gerald: Munitions investigation: (See Committees, Senate Committee Investigating Munitions Industry) tion 0th of office: 1,01pcles, Marriner S., as Governor of FRBoard loial Opinions of the Attorneys General of the United States", purchase by Counsel's Office for law library authorized Ohio: 4/27 997 3/ 4 580 l'Unds of, deposited with Fifth Avenue Savings Bank Co., Columbus, Ohio, reply to Mr. Fletcher on classification 466 2/15 for reserve purposes of public deposits Interest payment by member banks on demand funds, letters to Messrs. Birdzell and Crowley of F.D.I.C. re competitive disadvantage in bid12/ 4 2617-8 ding for deposits State member banks, fiduciary powers, letters to Mr. Fletcher and Mr. Fulton that after further consideration Board is willing to waive standard condition of membership requiring deposit of securities for 625-8 3/ 8 trust funds in commercial department http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 322 Gmernik, Damian, reply on rate of interest payable on time certificate of deposit payable in six or twelve 8/30 months Open market operations: Authorization of Executive Committee of San. 25 ratified by Federal Open Market Committee and latter authorized to make shifts in government securities, purchases and sales up to certain amount with ad2/ 5 ditional authorization on telegraphic approval Reply of Governor Harrison to Mr. Hamlin's question, that no sales would be made without notifying Gover2/ nor of Board Resolution approved, Board to keep matter under constant a 2/ u review Consideration of report on, money market and credit conditions, etc., by Federal Open Market Committee Oct. 22-4 10/24 Exchange of maturiting notes directly with Treasury, request from FRBank of Chicago for ruling re, memo of counsel and reply that Board feels, without determination of legal question, that as a matter of policy, exchange should be effected in open market 12/ 5 Federal Advisory Council: Recommendation, Council not to make, inquiry re static condition of FRSystem portfolio, statement of Mr. 9/24 Frost suggesting reduction in Recommendation that FRSystem's holdings be reduced, discussion of effects and reasons involved, question of effect on recovery, reduction of excess re11/21 serves the objective Effect on interest rates questioned as motive, earninas of RSystem and effect of sale, on government bond market discussed, further discussion of increase in reserves as curb on excess reserves 11/21 Statement of Dr. Goldenweiser on Federal reserve credit, holdings of governments and factors entering into excess reserve situation 11/21 Statement of Dr. Miller re inflationary currency and credit, Chairman Eccles on consideration given increasing reserve requirements and reading of 11/21 reply to Federal Open Market Committee Press statement re considerations of Council, question of, to be considered further 11/21 Statement of Council that recommendation be published by Dec. 20, to be considered by Federal Open Market Committee, and reply to be prepared, recommendation not to be submitted to Committee prior to 11/22 meeting FRBank of Kansas City, purchase of Government securities from Federal Land Bank of Omaha under repurchase agreement, reply to Mr. Worthington that such transactions require Board approval and will fall under control of New Federal Open Market Commithttp://fraser.stlouisfed.org 11/29 tee Federal Reserve Bank of St. Louis Page° 1947 0 2156 26°9 1992-1 Wee° 2464f 246ffr° 09 6A6Yf 323 Pages 0/)en, market operations: (Continued) PRBank of Kansas City: (Continued) Study of subject recommended by Mr. Benedict to prepare for recommendations to new Federal Open Market Com11/29 mittee, approved rePRBank of New York, sale of securities in own account and placement with shorter maturities proposed, no 11/ 6 objection 11/ 8 Reply advising of action Government securities holdings of RSystem, Federal Advisory Council's inquiry re static quantity, Mr. Miner 10/21 to prepare reply for consideration on Oct. 25 action reply, prepare to Mr. Miller desirous of more time 10/25 deferred until next meeting of Board 10/30 Reply approved Maturities of securities in System account, resolution of Federal Open Market Committee authorizing shifts in, within certain limitations, representing 10/24 continuance of existing authority there feels Harrison Governor necessary, Board approval not should be definite policy re shifts, discussion of amounts of securities held of different maturities and elements to be considered, /RBank 10/24 earnings included Federal Open Market Comfilittee action of Oct. 22-4 authorizing shifts in, suggestion that Board reserve right to reconsider, distribution of maturities 11/ 6 considered satisfactory Reply to be drafted advising that Board approves authorization insofar as replacement of maturities is 11/ 8 necessary until next meeting of Committee Mr. of Reply presented, amended, and held, pending return 11/20 James Amendment to reply to be prepared, at suggestion of Chairman, 11/26 as previous action may be too restrictive 11/27 changed further Draft of letter presented and 11/29 p Letter approved of effect of increasing study °110Y, tentative resolution re, member bank reserve requirements submitted by 10/24 Federal Open Market Committee for suggestions members Resolution to be mailed to committee as to changes in phraseology and to be submitted 10/24 to Board with minutes of meeting Plirchase or sale of Government securities up to specified sum in case of emergency, resolution of Federal Open Market Committee granting authority to Executive 10/24 Committee for, and reasons for action Action of Federal Open Market Committee of Oct. 22-4 authorizing, suggestion of Mr. James that Board's action cover authority to allow maturities to run off, purpose to offset any disturbance arising from possible increase in reserve re11/ 6 quirements http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2593 2279 2311 2131 2179 2224 2156 2159, 2271-2 2303 2428 2500 2539 2564 2157 2161 2156 2271-2 324 Open market operations: (Continued) Purchase or sale of Government securities: (Continued) Reply to be drafted advising that action by Board is not necessary on authorization 11/ 8 Reply presented, amended, and held pending return of Mr. 11/20 Tames 11/21 Reply, part of, read to Federal Advisory Council 11/23 Reply approved and copies sent to FRAgents Resolutions adopted by Federal Open Market Committee, rirst superseding previous authorizations and authorizing shifts between maturities up to $'250,000,000, the second authorizing purchase or sale of up to $250,000,000 of securities on telegraphic ap5/28 proval of majority of connittee Review of shifts in maturities under previous authority to 5/28 executive committee Policy in shifting maturities explained by Governor Harrison and not contemplated that Board action is necessary on resolutions 5/28 Statement by Governor Harrison of basis for, feeling that no change should be made in present policy 5/28 Sale of Government securities, Governor Young favors, as means of drawing down excess reserves of member banks 12/18 Sales, purchases or shifts between maturities in system account, action of Executive Committee, supplementing action of Committee on Dec. 17, query of Mr. Miller as to attitude of Treasury, approved, to be used to prevent any possible disturbance in market 2/1 Open market policy: Board members requested by Chairnan to consider whole question of, in view of approaching meeting of Federal Open Market Committee 12/11 "Other creditors", reply to Mr. Sargent that Board does not believe that holders of preferred stock or capital debentures should be considered as, in connection with certification to F.D.I.C. 5/29 Ottley, John K.: Absorption of exchange and collection charges, proposal of Atlanta Clearing House banks that Sec. 324 of proposed Banking Act of 1935 be amended to prohibit 8/14 Martin, H. Warner, memo of Mr. James re call of, to remind Board of agreement to appoint latter as FRAgent 10/25 at Atlanta, action deferred Overdrafts, reply to Attorney General re overdrafts of Elk Paper Manufacturing Co. with Maryland Trust Co., Baltimore, Md. stating that situation appears effort to work out unsatisfactory line of credit Oxford Dictionary, memo of Mr. Hamlin that if Board will purchase supplement and have bound, he will give set to Board, approved, to be bound by Government 6/7 Printing Office http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis page' 23° q 245 248 1245'6 1246 1243-9 12° 2710 269° 120 2119 325 Pages trpn Par clearance, publicity material requested by member banks, voted by Governors' Conference that furnishing be left to discretion of individual FRBanks per list, nonmember banks, withdrawal from, feeling of FRBank of New York that banks would effect, if it discontinues absorption of shipping charges on currency sent to Parking of automobiles on 20th and 21st Streets, Washington, D.C., adjacent to Board's building lot, request to be made to prohibit Parrish & Co., securities deposited by customer with restricted account, letter from Mr. Post inclosing letter from, inquiring if they may be handled separately and if incorrectly placed in account error may be corrected Counsel's office drafted negative reply, Messrs. Thomas and Hamlin feel that position in alternate draft is desirable although it qualifies Ruling 35 under Regulation T, latter draft to be revised Letter presented and approved 10/24 2165 10/25 2182 11/20 2434 3/15 682 3/15 3/27 682 776 4Y1Ile Baker, (Newton D.) Hostetler, Sidlo and Patterson, fee for legal services in return by FRBank of New York of old form gold certificates to Treasury, payment approved Entertainment of National Supervisors of State Banks, FRBank of Atlanta authorized to expend specified sum for, during convention on Nov. 7, 8 and 9 l'RBank of Atlanta, proposed sum to be granted to Mrs. E. R. Black, letter from Mr. Newton and memoranda of Messrs. Hamlin and Miller, no objection if unanimous approval of Board members is obtained Letter to Mr. Newton that Board offers no objection to payment of contemplated sum to "'epic, Charles A., Deputy Governor, noted that on resignation, Directors of FRBank of Richmond authorized six months' salary in advance Stockholders' meeting, FRBank of Boston authorized to reimburse not more than one representative of each bank J.E.011 data requested by Secretary of Labor and Bureau of Census, items covering, included in Earnings and Dividends reports Letter to FRAgents re Letters to Messrs. Curtiss, Case, Austin, Fletcher, Fry, Clark, and Sargent, re securing special figures where bank operates in more than one county , Walter H.: (See Volunteer State Life Insurance Co.) S tanking laws, amendment to http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/13 1914 10/ 7 2050 1/23 212-7 2/ 6 383 8/26 1797 9/25 2001 12/ 4 12/21 2619 2815 12/21 2816 5/ 8 1091 page' 326 Pennsylvania: (Continued) National banks, fiduciary powers, State Banking Department desirous of hearing before Board on questions arising from capital and surplus requirements 2/13 444 of State Notes of commonwealth of, Pittsburgh Branch requested to advise Peoples Pittsburgh Trust Co. that question of negotiability, in connection with eligibility, g/7 1885 has been left to discretion of local FRBank Tax on deposits, reply to Mr. Cook that Board would have no 4/19 951 authority to require member banks to absorb Pennsylvania Bankers Association: Group VI, resolution on "Banking Act of 1935", copy of Governor Eccles statement to press of Feb. 8 sent to Mr. 2/18 481 Zimmerman Mortgage pool committee, fourth draft of outline for mortgage pool legislation, reply to Mr. Berger that members of Board's staff and such members of Board 2701 12/11 as may be able, will meet with, on Dec. 16 Trust fund investment in pools of mortgages or other securities, reply to Mr. Berger, in connection with revision of Regulation H and anticipated request for permission to make, that Board would be glad to have furnished to it any information that committee of, may develop Pennsylvania Banking Department, hearing before Board desired, on questions recently arisen in connection with capital and surplus requirements for exercise of fiduciary powers, as to grant of power by 444 Board to national banks 2/13 Pennsylvania Liquor Board, accounts of, method of showing in condition report of Toledo Trust Co. 6/14 1405 Peoples, Rear Admiral C. T.: (See Treasury Department, Procurement Division) Perkins, James H.: (See National banks, National City Bank of New York) Perrott, Ward: (See Securities and Exchange Commission) Persha, David: (See Loans, Industrial advances, City Market Co.) Personnel classification plans: 808 Conference to review, called for April 17, in Chicago 4/ 1 Peterson, Edward: (See Violations) Philadelphia Mint: CUban pesos, reply to FRBank of Atlanta that Board has no objection to making arrangements with Second ExportImport Bank for delivery of and payment for 222 amount, to be coined for Cuban Government by Philadelphia Stock Exchange, margin, period for obtaining, reply. to Mr. Post on inquiry of Mr. Gravatt, making reference to rulings 19 and 20 6/22 1° Philippine Islands: Branches of National City Bank of New York, suit in Supreme Court re right of Philippine Government to tax, memo of Mr. Wyatt re, and that it is not necessary to file brief as friend of court 10/30 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 327 Pages ?hot° 5/18 pit,graphs of designs for Board's new building 48blirgh Stock Exchange, restriction of account, reply to Mr. Anderson on inquiry of Mr. Leitch as to effect of certain successive transactions on an un7/31 restricted account W. (See Linderman, Carter and Plant) u.• Platt 9 Edmund, regulations of Board, request for tentative drafts 9/17 of, granted 1)014L , 9/18 ette1. to Mr. Platt complying with request 'ical affiliations of directors: kckles, A. H., director of Louisville Branch, no objection to service on Christian County Budget Commission 1/ 3 and Christian County Highway Bond Commission of FRBank at ciwards, N. T., nominee for Class A directorship San Francisco, reply to Mr. Sargent that Board's resolution prohibits service and instructions re 11/ 2 withdrawal of name Rieman, Charles E., FRBank of Richmond, no objection to service 10/15 on advisory Banking Board of State of Maryland Sevel,, Mayor as election Boston, of Arthur, Class A, FRBank of Bath, Me., Board cannot permit continuance 3/29 in both positions of opinion positions, both in service Question of continued Mr. Curtiss, Governor Young's suggestion, question of interference with duties, to be permitted 7/12 to continue until end of year 7/17 ?pit Advice to Mr. Curtiss pop cY record of Board: (See Board of Governors) el Xohn Russell, design submitted by, placed second in competition 5/18 for architect for Board's building Nrte -1') Ira J.: (See State member banks, Louisville Trust Co., Louisville, Ky.) ?NAOfP t7-4ice Department: .uwIrd will cooperate in connection with request that it with8/29 hold bulk mail for period Dec. 15 to 24 6/29 'Irrency shipments, letter to Mr. Eilenberger FRBanks, to 91c1 abrasion losses on shipments by postmasters ' ' letter from Mr. Eilenberger requesting reimbursement referred to Secretary of Treasury who has 4/ 9 charge of Emergency Appropriation Act practice requesting MEtiled matter of FRBanks, letter to 1RBanks as to placing coupons, bonds, etc., in ordinary mail, in accordance with request for information 2/26 by Mr. Eilenberger, reply to latter that matter Ellenberger Mr. to advice Practice not uniform, 5/14 has been referred to Governors' Conference l'ostage surcharge on shipments of currency and securities, recommendation of Conference of Governors that Board take up with, matter of discontinuance of 10/24 loatal savings funds, copy of reply to First National Bank of Kenmore to be sent to Mr. Eilenberger, re prohibition of payment of interest over 2% on 9/ 4 deposits of (See also Deposits) http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1156 1675 1933-5 1947 14 2240 2092 793 1596-7 1617 1156 1841 1553 876 539 1132-3 2164 1866-7 328 Page6 Post Office Department: (Continued) Postal savings legislation, reply to Attorney General on effect of Sec. 324 and 341 of Banking Act of 1935 on, Board's counsel having rendered opinions re opinion of Solicitor of Postmaster General: Canceled stamps, letter to, advising of receipt by chief of mail division of FRBank of Chicago of request from employee of one of emergency governmental agencies to exchange stamps FRBank of Philadelphia, letter to, supporting request of FRBank that it be permitted to continue to make shipments of currency from present main Post 90 4/25 Office Postage stamps, resale to dealers or collectors by FRBanks, reply to Mr. Kominers that Board could not relax ruling 140 6/14 prohibiting Postage surcharge on currency and securities shipments, recommendation of Governors' Conference that Board take up with Post Office Department the discontinuance of 10/24 Postal savings funds: Interest on, Wisconsin, reply to Mr. O'Connor on effect of order of Banking Camaission reducing rate below that 14sa 6/24 required by law Letter to Mr. Stevens requesting confirmation that order does not apply to postal savings funds and let6/24 ter to Mr. Peyton on question payment on effect on O'Connor that Mr. ruling to New York, reply of interest on, of rate reduction, will be deferred pending passage of Banking Act of 1935 Advice to First National Bank, Kenmore, N. Y., that question is under consideration Advice to Wallkill National Bank, Wallkill, N. Y., that question is under consideration Reply to First National Bank of Kenmore that in view of maximum interest rate of State, not over 2% may 1366;1 be paid on deposits of, copy to be sent to Mr. 9/4 Ellenberger Letter to Wallkill National Bank re and similar letter to 9/4 Comptroller Reply to First National Bank of Kenmore that contract re 9/ 7 interest payment is terminable Oct. 1 Reply to Deputy Superintendent White that limitation of 9/ 7 interest rate on, to 212 is already accomplished Further reply to Mr. White that Board's regulation is binding as to rate of interest but Board cannot re9/14 quire deposits of that not to has reply Wallkill Bank Board Further National been advised of attitude of Postal savings system toward permitting deposits to remain in New 19° 9/1.9 York banks 4/23 914 2164 1911 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 329 Pages -41441 savings funds: (Continued) Reserves, letter to Postmaster General that member banks are required by law to maintain, that Mr. Eilenberger informed Mr. Sanders reserves are not 7/22 1640 required member and to, ts as requiremen Withdrawal, difference between 70 banks, reply to First State Bank, Norton, Kansas 1/ 8 Postal Savings System: Banking Act of 1935, reply to Attorney General on effect of Sec. 324 and 341 on existing legislation, Board's counsel having rendered an opinion re 11/ 1 2236 opinion of Solicitor of Post Office Department Pc)stMaster General: ilenberger, C. B., Third Assistant, currency shipments, copy of letter suggesting FRBanks keep description of, and include some new currency in each, sent 762 to FRBanks wtih request for feasibility and cost 3/25 Pre„, mulce-Hall, Inc.: H°1ding company affiliates under Sec. 2(c)(1) of Banking Act of 1933, reply interpreting Board's ruling with regard to ownership or control of more than 50/0 776 3/27 of stocK voted at last election 1071 5/ 6 approved pl._ Securities Regulation Service, subscription to, w3ident of the United States: Government securities as collateral security for FRnotes, letter to President requesting extension of author341 2/ 2 ization to offer which within period the years two Proclamation extending for 537 2/26 Board may authorize FRBanks to pledge Works program checks, telegram to FRAgents quoting request of, that they be cashed at par and on identification cards by all banks, to be communicated to all 10/ 9 2064 banks (See also Clearing and collection) Pliess reports: Hearing of Mr. Giannini on voting permit for Transamerica Corporation, reference to, in Wall Street Journal, Board members cautioned against making statements outside of Board meetings Industrial loan program, FRBanks requested to forward clippings, etc., to FRBoard Robbery of train at Garrettsville, Ohio, local editorial suggesting collusion, letter to Mr. Fletcher quoting, and requesting any information developed eza statements: APPointments of Class C directors, FRAgents,deputy chairmen and branch bank directors, statement re reasons for actions re, to be prepared for consideration at meeting tomorrow Statement presented and changed, Mr. Eccles and Mr. Miller authorized to prepare and release a statement next week http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/22 2462 6/ 4 1306 11/12 2359 11/29 2572 11/30 2598 Page° 330 Press statements: (Continued) Banking Act of 1935, release given out by Chairman Eccles on signing of Board: for Building Competition for architect, award approved Mr. Miller to meet with press and give them copies of statement Title for property, Mr. Miller authorized to prepare statement for release on transfer of, to Board Debits, reply to Linderman, Carter and Plant that Board cannot wire total amount each week, but will mail special delivery and suggestion that local agency could wire them Directors, new policy for appointing Class C at FRBanks and directors of branches, feeling of Governor Eccles that as press has learned of matter, Board's letter should be released Question again raised by Governor as to release, authorized to release letter with introductory statement Earnings and expenses of member banks, FRBank of Cleveland, no objection to publication of analysis for banks in district Federal Advisory Council recommendation re reduction in government securities and considerations given excess reserves, question of issuing, further consideration to be given to Statement of Council that recommendation be published by Dec. 20, to be considered by Federal Open Market Committee, and reply to be prepared, recammendation not to be submitted to Committee prior to meeting Federal Open Market Committee: Meeting of Dec. 17, Chairman discussed release preparation with Messrs. Thurston and Goldenweiser Meeting of Board with, to consider problem presented by excess of member banks' reserves, draft of, redrafted by Messrs. Eccles, Miller, Harrison, Young, Goldenweiser, Morrill and Thurston, final draft approved Interpretations of Regulation T, reply to Mr. Case on request for permission to issue reply to inquiry under, that Board prefers to issue interpretations to insure uniformity and outlining procedure therefor Monthly review of business conditions by FRBAnk of Chicago, action deferred on proposed discontinuance of Permanent insurance plan: (See Deposits, Insurance) Reserve requirements increase: (See Reserves, Increase) Weekly FRBank statement: Excess reserves of member banks, recommendation of Mr. amead for including in, Mr. Miller believes that if published it should be in reporting member bank statement, Mr. Burgess gives estimate orally to press, action deferred http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/23 1789 5/17 1150 5/18 1156 1/19 182 9/ 7 1"6 1/18 161 170 1/18 5/ 6 1°71 11/21 2459 11/22 2461' 12/11 2696 12/18 4/16 4/17 5/22 2 ' 5 904 946 10'4 331 Pages eole statements: (Continued) Weekly FRBank statement: (Continued) Excess reserves of member banks: (Continued) Reasons for including given by YR.Bamk of New York, Governor Harrison's reasons, Mr. Miller's feeling that it should not be in statement, put to vote and as not unanimous, action deferred until next 6/26 1487 meeting of Board t again statemen in estimate Question of publishing raised by Governor Eccles, views of Board members, estimate to be published, notification to 7/12 1595-6 be sent to FRBanks 7/16 1614 FRBanks notified of addition to statement 87 1/ 9 F.D.I.C., stock, letter to Governors on reporting "Foreign Loans on Gold", reply to Mr. Crane that advances 25 should be carried under "Other Bills Discounted" 1/ 3 of Home Owners Loan Corporation bonds, purchased by FRBank Kansas City, recommendation of Mr. Smead that they be shown against "Other Securities" rather than "Securities fully guaranteed by U. S. Gov't", 10/ 9 2065 approved Weekly reporting member banks: RAgents Reserves against net demand deposits, telegram to show into on reporting on B-21, and statement 8/28 1824 clusion of Government deposits first y accompan to Revision of statement and explanatory memo 11/ 2 2243 issue, to cover 101 cities all from report n Possible request for monthly conditio member banks and eventual elimination of weekly 11/ 2 2244 reports Art ration) Bancorpo Marine price, Andrew: (See Voting permits, lIce, A. C.: (See Chicago Thrift Co.) FRAct, placing of order with Government Printing Office as low bidder for new edition upon adjournment of 990 4/25 Congress authorized Regulation Q, letter to National Capital Press re printing sup12/ 7 2647 plement to, at additional cost Regulations of Board, revised, memo of Mr. Carpenter submitting bids of Gibson Bros. and National Capital Press and recommending division of work to determine 12/ 4 2620 rapidity and quality, approved 1511vate banks: 1381 ances due from, reply to Mr. Walsh that they were intentionally included in items not proper deductions from gross demand deposits, in connection with 8/30 1848 computation of reserves P. Morgan J. that advice and Sargent Similar reply to Mr. 8/30 1848 and Co. are licensed as private bankers of) ion Computat , (See also Reserves http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 332 Private banks: (Continued) Balances due from: (Continued) Reply to Mr. Stevens that they were purposely omitted from 9/ 7 items properly deductible Balances member banks may carry with, provisions of Sec. 19 of FRAct limiting balances with nonmember banks does not apply to, letter to Mr. Walsh that practice 8/28 should be discouraged "Banks", Seattle Trust Co. to be advised, with respect to applicability of Sec. 22(g) of FRAct, that they 11/ 5 have been ruled not to be Examinations, completion of any under way suggested in reply to Mr. Young, but further undertaking should be 6/29 deferred pending action on Banking Bill of 1935 examination of Jno. F. Clark & Co., New Orleans, La., report of Hamilton National Bank of Chattanooga, Tenn. reveals possible violation of Sec. 21(a)(1) of 3/ 5 Banking Act of 1933 J. P. Morgan and Co., advice to Mr. Sargent that firm is licensed as, in connection with classification 8/30 of balances due, in computation of reserves pages 1885 1811 2262 -1 606 1846 J. S. & S. B. Byrom, Byromville, Ga., reply to Mx. Clark on correspondence with Mr. Byrom relative to applicability of Sec. 21(a)(2) of Banking Act of 1933, that Board has no discretion and matter should be a 100 5/ reported to Department of Justice Pine Grove Bank, Pine Grove, Pa., reply to Attorney General on examination under Sec. 21 of Banking Act of 1933, agreeing with opinion bank had no right to choose 604 3/ 8 examination by FRBank, letter to Mr. Austin on W. L. Moody & Co., Galveston, Texas, "excess balance" carried with, by Security Bank and Trust Co., Wharton, Texas, limitation on balances member bank may 8/28 1841 carry with nonmember banks, not applicable to Processing taxes: (See Taxes) Proclamations of President, Government securities pledged for ERnotes, extending for two years authority of 50'9 2/26 Board to permit Procurement, warehousing and distribution of commodities, Mr. Noell designated to act as representative of Board in connection with program of Procurement Division 6/ 4 of Treasury relating to Procurement Division of Treasury: (See Treasury Department) Public Health Service, sickness records of FRBank of New York, reply to American Statistical Association that there is no objection to IRBank making available records, in study being conducted under auspices of 12/17 Publications: Handbook for Trust Examiners, reply to Mr. Peyton inclosing suggestions of Division of Examinations and legal division for changes in proposed 7/ 5 1° http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 333 Pages PUblicetions: (Continued) Handbook for Trust Examiners: (Continued) Reply to Mr. Peyton noting incorporation of Board's suggestions and connenting on points raised in his 7/26 letter furbe it that Reply to Mr. Peyton approving suggestion nished to State banking departments, suggested that it also be furnished to chief national bank 8/14 examiners, copy of letter sent all FRBanks Letter to Comptroller inclosing copy and letter to Mr. Sargent, A.B.A., re coordination of trust department examination procedure and inclosing 8/28 copy Reply to Mr. Peyton that there is no objection to furnishing, to trust officers if advised that it is not a 9/21 manual of trust practices that copy of his letter re, Reply to Mr. Sargent, 10/11 would be transmitted to Mr. Peyton Illdustrial loans: 1/30 Pamphlet issued by FRBank of Chicago by gathered material Pamphlet prepared by Mr. Creighton, FRBoard, sent to Chairmen of Industrial Advisory Committees as possible basis for issuance in their districts, copy of letter to governors 1/17 and FRAgents Membership in MSystem, pamphlet on, reply to Mr. Stevens that Board concurs in his suggestion that it be revised to conform to Banking Act of 1935, to be 8/28 revised by committee which prepared it Questionnaire to member banks on usefulness of those compiled 6/ 5 and circulated by FRSystem "Report on Availability of Bank Credit in Seventh FRDistrict", reply to Mr. Stevens that Board will forward 1/23 copies when printing is completed tIPPly and use of member bank reserve funds, cost of printing 9/19 pamphlet approved 1°11111-city: FRSystem, reply to Governor Schaller in response to transmitted request for article, admitting need for pub8/19 licity and explaining functions of Mr. Thurston Member banks' requests for, including par clearance subject matter, voted by Governors' Conference that furnishing be left to discretion of individual 10/24 FRBanks Procedure for giving out information re Board's activities dis10/25 cussed SRvings bonds, discussion of Mr. Coolidge before meeting of Board with Federal Open Market Committee on is10/25 suance of, given to newspapers Foreign banks, Reichsbank) 14tQl ifta- and Co.: (See Securities exchange regulation, Gover) (See http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1657 1750 1825-7 1985 2078 298 157 1827 1320 227 193 1768 2165 2184 2184 page' 334 Purse Co., Chattanooga, Tenn., reply to Mr. Spencer Clinton re statutory prohibition against State authorities examining trust departments of national banks Putnam, Herbert: (See Library of Congress) 12/24 2835 Quarters of FRBoard: Abell, E. F., professional adviser: Arrangement for day-by-day compensation for time spent in assisting Mr. Meeks in answering inquiries on program for competition 1/25 Arrangement made to have Mr. Abell and Mr. Stevens came to Washington to assist Mr. Meeks in handling drawings submitted in program of competition for architect, and compensation, letter confirming 4/25 Extension of temporary services until announcement of program of competition for architect 1/ 4 Traveling expenses in excess of sum fixed, payment approved 1/ 9 Voucher submitted for services rendered in connection with Board's building, made to cover period to Feb. 5, although competition was announced Feb. 1, payment approved 2/28 Architect, competition for, statement of Mr. Miller on conferences with Messrs. Meeks and Abell and that it may be necessary to have special meeting of Board to consider 1/ 9 Suggestion of Mr. Miller that no information be given to press prior to announcement 1/ 9 Questions to be decided by Board before announcement, recommendations of Mr. Miller on cubage or floor area, preservation of right of Board to have special engineering work done, and fixing of fee for architect 1/16 Number to be invited to participate and allowance to participants, Board must decide, and as to who they will be, and as to composition and number of members of jury, Mr. Miller requested to make written recommendations for future consideration 1/10 Letter presented by Mr. Miller requesting cooperation of Mr. Moore, Fine Arts Commission, in selection of participants in competition and jury 1/18 Recommendations of Mr. Miller as to number of participants and fee for competing, approved, with letter to Mr. Moore, also agreed that Messrs. Delano and Miller should be members of jury 1/18 Statement of Mr. Miller that meeting of Board should be held on receipt of reply from Mr. Moore, adopted, and question of compensation for jurymen to be fixed at that meeting 1/18 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 0 990 54 86 556 85 84 140 144 10 1.111 335 Pages karters of FRBoard: (Continued) Architect, competition for: (Continued) Design, Board may accept or reject that of winning architect and fee to be paid if rejected, honorarium for members of jury, fee for architect, architects to be canvassed as to willingness to compete List of architects submitted in reply of Mr. Moore, competition limited to first ten architects named by Mr. Moore, list of, Messrs. Thomas and Szynczak reported as agreeable to any action Board might take Jury, statement of Mr. Miller on men most suitable for, selection of Messrs. Emerson, Howells and Cross as professional members approved Program for competition, draft to be ready Monday morning, copy to be furnished to each member of Board and considered approved if not objected to by noon Tuesday Report of Mr. Miller that those invited to participate had agreed to enter, that two of the professional members of the jury had agreed, question raised as to participation of Mr. Saarinen who may not be American citizen Saarinen, Eliel, report of Mr. Miller that he is not American citizen, and should be barred, Mr. Thomas opposed to barring, name dropped from list, Mr. Miller to discuss further with Mr. Moore, competition to be limited to nine participants Changes agreed upon as result of conference of Mr. Meeks with Messrs. Delano and Nolen, south building line altered, east and west lines limited, statement of Mr. Nolen that building may be 78 feet high, question of entrances, plans may be submitted for five story building Revised program to be ready tonight and to be submitted for approval to National Capital Park and Planning Commission, Fine Arts Commission and American Institute of Architects Selection, statement of Mr. Miller that Plans will be submitted by May 13, Board to meet May 18 to consider report of jury Letter to Mr Meeks advising of procedure for examination of drawings submitted, Board Room to be made available, provision for Mr. AbeLland an assistant to attend Report of Jury awarding first place to design No. 7, comments of Mr. Howells, action deferred pending return of Mr. James, report accepted Board members indicate approval of jury's selection and no need for Mr. Howells to remain for meeting tomorrow http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/19 181-2 1/19 183 1/19 184 1/19 184 1/23 202 1/25 242-3 1/29 290-2 1/29 292-3 4/12 906 4/25 989 5/17 1146-8 5/17 1148 336 Quarters of PBoard: (Continued) Architect, competition for: (Continued) Wire advice had been arranged for architects, for meeting of winning architect with Fine Arts Commission, contract in hands of Mr. Miller, to take four to six months to complete drawings, statement of Mr. Miller on use of marble in building 5/17 Press statement approved and Dress photographers to have access to winning design 5/17 National Park Service to make photographs of all designs for Board at cost, all except winning design to be returned, payment of competition fees approved 5/17 Report of Jury, meeting called to take action on, design No. 7, recommended by Jury approved and author awarded as winner, opening of envelopes containing names of competitors, Paul P. Cret author of plan No. 7 5/18 Design by John Russell Pope placed second and design of James Gamble Rogers placed third 5/18 Competitors to be advised of selection of Mr. Cret by Mr. Meeks, Mr. Miller to address letters of thanks to, and to advise Mr. Cret by telephone, latter will come here Monday for meeting with Fine Arts Commission 5/18 Designs submitted, Architectural Forum authorized to photograph certain entries 5/18 Jury, discharged and honorarium and travel and subsistence expenses to be paid to, and Mr. Miller to address letters of thanks to members 5/18 Meeks, Everett V., payment of fee approved 5/18 Commendation of Mr. Miller by Governor Eccles 5/18 Drawings of Mr. Cret, report of Mr. Miller that they have been photographed and returned, suggestion that Board members study so that general design of building may be determined upon without delay 5/22 Drawings submitted by Mr. Cret, to be exhibited by Architectural League of New York 12/18 Architect, contract, form of, approved and Mr. Miller as Building Committee authorized to execute with Mr. Cret 6/ 5 Architect, fee, reply to Mr. Cret that Board is in agreement that increase in basic cube of building increases amount of 8/12 Auditorium in new building discussed 1/29 Building account, telegram to governors of FRBanks to credit 80% of portion of assessment subject to call for, and telegram to Governor Seay on 1/19 (See also Board of Governors, Accounts) Building: Central Heating Plant, letter to Secretary of Treasury with reference to possibility of Board obtaining heat from 3/21 Letters to Senator Connally and Congressman Lanham expressing gratification at favorable committee recommendations on bill to permit Board to obtain steam from, and requesting expedition http://fraser.stlouisfed.org 5/29 Federal Reserve Bank of St. Louis page' 1149 1156 1156 1151 1151 1151 , 1151 1158 1°3° 2159 /517 10 292 135 337 Pages ters of FRBoard: (Continued) Building: (Continued) Central heating plant: (Continued) 7/19 Report of Mr. Morrill on charge to be made for steam "Clerk of the works" or superintendent of construction, statement of Mr. Miller re desirability of employing, authorized to negotiate for, at stated 10/18 maximum salary on letting to as Miller Contracts, question raised by Mr. lump sum or management fee basis, former method 10/18 agreed upon Cost of: Charging off, to be reconsidered by Governors' Confer12/ 7 ence 12/28 FRBanks by loss and profit to To be charged discussed, economies of possibility Estimate of, and final drawings to be submitted in December, 8/ 6 contract may be let in January, 1936 Demolition of building now on site, forms for invitation to bids, contracts, etc., approved and Mr. Miller 7/24 authorized to make any necessary changes Letter to Mr. Cammerer, National Park Service, re amend8/28 ment to bids for Letter to Hechinger Engineering Corporation replying to request for amendment to invitation for bids re 9/ 3 prevailing rate of wages and Bids received and opened, advice to Mr. Guthridge request for status of arrangements for removal of Federal Trade Commission from Temporary 9/ 4 Building No. 5 status to progress, Review by Mr. Morrill of impediment of removal of Federal Trade Commission reported 9/12 in letter from Mr. Demaray and rights on stand Board should Mr. O'Connor feels should charge rent, Messrs. Thomas, Morrill and Clayton authorized to negotiate with successful 9/12 bidder for extension of demolition agreement of Federal removal re read again Demaray Letter from Trade Commission, Mr. Thomas authorized to con9/17 fer with Secretary Ickes on expediting removal re Walker Mr. of memo inclosing Demaray Mr. Letter from removal of Federal Trade Commission, reply to 9/28 be prepared 9/30 Reply to Mr. Demaray approved Letter to Hechinger Engineering Corporation re exten10/16 sion of bond covering bid until Jan. 1, 1936 Federal Trade Commission advised that Board expects to start demolition Jan. 2, as Rochambeau apart11/15 ments have been assigned to Contract with Hechinger Engineering Corporation, Mr. Morrill authorized to execute, payment to be credited to building fund http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/30 1630 2112 2112 2653 2889 1704-5 1647 1830 1863 1870 1907-8 1909 1936 2020 2029 2100 2395 2901 338 Quarters of FRBoard: (Continued) Building: (Continued) Demolition: (Continued) Acceptance of bids of subcontracting firms of Grover H. Ashbrook and Allen, Mitchell & Co. in connection with work necessitated by continued occupancy of part of building by Federal Trade Commission 12/30 Federal Trade Commission, letter to, re delays in removal and advising that Board intends to com12/24 mence with part of demolition Detailed studies of main entrance, Board room, conference roam, Chairman's office and a Board member's office, approved and suggestion of Mr. Miller that provision for library in one conference room be made, adopted 10/18 Engineering, feeling that firms affiliated with Mr. Cret, Gravell and Duncan, Inc., and Isaac Hathaway Francis, should be employed, Board approves taking up option that Mr. Cret furnish engineering services 6/12 Letter to Mr. Cret advising of exercise by Board of option re engineering services 6/18 Extension of time for architect to deliver contract drawings, specifications, etc., including steel framing design and drawings 12/17 Federal Trade Commission, report of Mr. O'Connor that negotiations had been opened with him for rental of apartment house as quarters for 10/25 Grades, necessity for architects to have, District of Columbia Highway Department has promised them 8/ 6 Information concerning matters in connection with, outlined by Mr. Miller 11/20 Landscaping development, latest study submitted by Mr. Miller and approved by Board, to be presented to National Capital Park and Planning Commission tomorrow 10/18 Marble, statement of Mr. Miller on difference of opinion as to desirability of using, opinion that it would be well to have expert at quarry to supervise selection of material 4/16 Marble on court walls to be second grade 6/26 Meeting to be held Aug. 5 to pass on preliminary plans, question of having large pictorial map in Board room depicting activities in various parts of country Question of use of steam or electricity for mechanical power Miller, A. C., cawmended by Governor Eccles for handling of chairmanship of committee on site, construction and competition for architect, Mr. Miller commends Board for approval of impartial procedure in selection of architect and urges continued study of building problems 5/18 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis pages 2902 2656 2114 1550'2 1418 27° 2166 211' 906 ,496 1156 339 Pages ckerters of FRBoard: (Continued) Building: (Continued) Mural decorations, auestion of using travertin on walls of 6/12 main lobby and principal staircases permitted P.W.A. artists, inquiry made if they should be to execute murals, Mr. Miller's feeling, suggestion of Governor Eccles that matter be left to 6/12 architect, approved site, of survey furnish to requested National Park Service showing pipe and power lines, etc. end letter 5/29 to Mr. Livingston advising of request and Martin Nagle, Messrs. of services Voucher for 6/ 7 Runacres, approved Office arrangement, Mr. Morrill's trip, discussion of arrangement, inquiry of Mr. Morgenthau as to provisions to be made for him, question of elevators, question of eventually housing F.D.I.C. 6/12 and Comptroller's offices Question of location of Secretary's Office discussed, to occupy west wing on Constitution Ave., first floor and Counsel's office to occupy east wing, Division of Examinations to take second floor 6/12 space designed for Secretary's Office Mr. by raised Wyatt question Offices of heads of divisions, as to proposed locations, arrangement suggested 5/22 by Mr. Miller Parking, statement of Mr. Miller re provisions being made for, and suggestion that restriction be requested on 11/20 parking on adjacent streets 12/11 Request made of Mr. Van Duzer to restrict Reply to Mr. Van Duzer re plans for demolition of temporary building, that full restriction need not 12/26 be effective until Jan. 15, 1936 Placement, necessary to move three feet further south than originally planned, approval of Fine Arts Com6/26 mission expected Plans, preliminary, to be ready for submission to Board on Aug. 5 and arrangements made for meetings of Commission of Fine Arts and National Capital Park and Planning Commission for consideration 7/19 of drawings, minor changes Test borings to be made, forms for obtaining bids and letting contracts for demolition of building now on site, Oct. 15 soon enough for vacation of building, ground not able to be broken prior to 7/19 Feb. 1, 1936 Preliminary plans presented, discussion of Board room, exterior design, possible use of stone in place of metal in exterior walls, plans approved by Commission of Fine Arts, question of circular driveway on South side, re-study of landscaping 8/ 6 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1348 1349 1278 1338 1344-7 1348-9 1217 2434 2708 2852 1496 1628 1629 1701-2 page6 340 Quarters of IIRBoard: (Continued) Building: (Continued) Reporters, Mr. Willer inclined to opinion that they should 10/25 be excluded from Board members' section 6/26 Showers to be placed on three floors Steam, report on status of H. P. 7652 authorizing obtaining from Central Heating Plant, Mr. O'Connor to en6/12 deavor to secure prompt action Telephone operating and terminal rooms, reply to Mr. Livingston on correspondence between Moody & Hutchison 10/ 7 and telephone company re location of Tunnel under C street to annex if built in future, question of making provision for, Mr. Miller authorized 1o/18 to determine if provision is to be made Report of Mr. Miller re question of making provision for, that National Capital Park and Planning Commission had agreed to reconsider prohibition of bridge over C street and that there vas possibility of lowering steam line so tunnel could be constructed above sewer line, matter left to 10/25 building committee Report of Mr. Miller that it will be feasible to place 11/20 just below street level Vacating of temporary building on site, question of, and 8/ 6 estimate of time necessary for construction Shoreham Building: Additional rooms for use of Divisions of Bank Operations and 3/ 8 Research and Statistics, contract for, approved Recommendation of substitution of Room 338 for Room 335 3/29 at additional cost, approved Rental of Room 335 authorized, to be used at present for three representatives of .MBanks who will prepare report to Governors' Conerence Committee on Reimbursable Fiscal Agency Expenses 6/14 Site: Letter to Secretary of Treasury that Board is ready to acquire squares E87 and E88, and letter to Secretary of Interior requesting execution of quitclaim deed 1/ 2 Title to, attention called to fact that program of competition for architect cannot be announced until it is acquired, Governor Eccles to take up 1/ 9 Statement of Mr. Miller that it will pass to Board soon and suggestion that statement for press be authorized, Mr. Miller authorized to prepare and issue 1/19 Recording fees for deed and consideration for quitclaim deed by National Park Service, payment approved 1/25 Temporary building No. 5, reply to Mr. Demaray on securing possession by June 1 5/ 6 Occupancy or temporary building by Federal Trade Commission, due to assignment of space in Munitions Building to Mr. Walker, Board will not require removal prior to Sept. 1 5/21 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2184 1496 1347 200 2115 2185 2455 170'4 786 14° 6'11 64 341 Pages Oaaarters of FRBoard: (Continued) Superintendent of construction: (See Staff of Board of Governors) Title of building, inscription to be "Federal Reserve", in view of change in title of FRBoard to "Board of 8/21 Governors of the Federal Reserve System" Washington Building: 5/25 Additional space secured on sixth floor of Lighting, memo of Mr. Morrill recommending installation 1/ 9 fixtures and painting of ceilings, approved 9/11 approved Space on sixth floor available, rental authorized Thomas Mr. into, Desire of Mr. Daiger to move to act in matter after conference with Governor 9/17 Eccles 9/30 space Termination of lease on third floor q4ast ionnaires: Dismissal compensation policy of FRBank of New York, no objec7/ 8 tion to reply to Mr. Hawkins YRBank Coe, to Mr. reply Board, National Industrial Conference of New York that there is no objection to furnishing information on, re activities of em10/11 ployers for employees PUblications of FRSystem, usefulness of, letter to all _MBanks 6/ 5 inclosing questionnaire relative to 1781 1242 85 1898 1939 2030 1586 2079 1320 "R" 41road financial investigation, S. R. 71 directing, by Senate 1 / Interstate Commerce Committee of financial policies, credit and security operations of roads and affiliates, request for loan of Messrs. Folsom and Dembitz of Board's staff Board willing to release Mr. Folsom, but not Mr. Dembitz, offer of assistance of Division of Research and Statistics to be made, letter to be prepared to Mr. Lowenthal in connection with Letter to Mr. Lowenthal re RePly to Mr. Lowenthal assigning services of Charles T. Malone, FRExaminer,to Senate Committee on Interstate Commerce 8/21 1772 8/21 8/26 1773 1795 12/17 2735 Cable, Havana Agency, proposed increase to eliminate loss from operation of, meeting of Mr. James and Governor Newton with representatives of banks having 4/ 4 branches in Havana Discussion of other means of eliminating losses and possibility of commercial banks increasing rates, 4/ 4 action deferred No information available as to whether commercial banks would also increase rates, position of Mr. Welles, State Department, that change before possible elections in Cuba in November may affect political situation, action deferred and in /01 terested parties to be notified http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 828 829-33 884-6 page' 342 Rates: (Continued) Cable, Havana Agency: (Continued) Letter to Governor Newton on action and letters to representatives of banks having branches in Cuba .ERBank of Atlanta: Advances under Sec. 10(b): Established at 4% Established at 2,610 Advances under Sec. 13 and 13a, established at 2% Rediscount, established at 2% Repurchase agreements on Government securities, established at 2% Schedule of discount and purchase FRBank of Boston: Advances under Sec. 10(b), established at 2iJ% Industrial advances, schedule established Schedule of discount and purchase http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/16 1/12 936-8 9/13 1910 1/12 1/12 97 1/12 2/11 3/11 4/16 5/14 6/18 7/12 8/ 9 9/15 9/27 10/11 10/51 11/12 11/23 12/ 7 12/21 9/19 3/21 1/10 1/23 2/ 6 2/21 4/ 4 4/17 5/ 1 5/18 5/29 6/12 6/26 7/10 7/24 8/ 9 8/22 9/19 10/ 2 10/16 11/ 2 11/16 11/30 12/12 12/27 97 97 4 636 110 1410 1603 1721 2015 2091 2227 191° 2349 2478 2658 280 1951 gib 09 0.0 378 so 834 94 1032 110 1264 1359 1491 161 17.44 1784 19514 203 ' 2097 2244:, 2391 60CI 2710 654 i 343 Pages Ites: (Continued) FRBank of Chicago: Advances under Sec. 10(b), established at Advances under Sec. 13 and 13(a) of FRAct, established at 2% Industrial advances, established at 1% above discount rate for portion of advance on which financing institution is obligated Rediscount: Established at 2% Authority granted to executive committee to establish new rate if deemed desirable prior to next meeting of directors, noted Schedule of discount and purchase 111Bank of Cleveland: Advances under Sec. 10(b): Establishment at 2%, Board to take no action on, as directors will consider further on Oct. 18 Established at 2% Advances under Sec. 13 and 13(0, established at 3.]-% Advances to individuals, etc., established at 3$ Advances,industrial, schedule established, approved Discount and purchase, question raised in letter from Governor Fleming as to procedure for Board approval, reply to be made that existing rates shall remain in effect until Board shall take further action Reply approved and copy sent to other RBanks Rediscount, established at leo Schedule of discount and purchase http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/20 1/18 1955 173 4/16 927 1/18 173 5/29 1264 98 1/12 243 1/25 2/21 505 747 3/22 4/29 1006 5/29 1264 6/29 1546 7/26 1654 8/26 1795 9/ 7 1875 9/20 1955 10/ 4 2045 10/31 2227 11/ 5 2249 11/18 2414 11/30 2600 12/17 2735 12/28 2883 10/11 10/18 5/11 5/11 4/ 9 2071 2116 1102 1102 869 10/18 2107 10/31 2228 5/11 1102 33 1/ 4 404 2/11 620 3/8 6/ 7 1326 7/ 5 1572 8/ 9 1721 9/ 7 1875 page 344 Rates: (Continued) FRBank of Cleveland: (Continued) Schedule of discount and purchase: (Continued) 9/20 10/11 10/18 11/ 5 11/18 11/30 12/17 12/28 FRBank of Dallas: Advances under Sec. 10(b), established at 2i% Advances under Secs. 13 and 13(a): Established at Established at 2% Industrial advances, cotnmitinent rate, approved at 1% Rediscount: Established at 200 Established at 2% Schedule of discount and purchase FRBank of Kansas City: Advances to individuals, etc., established at 4-% Advances under Sec. 10(b), established at 44 Advances under Sec. 13 and 13(a) established at Industrial advances, spread of 4%-6% approved Rediscount, established at 2% Schedule of discount and purchase http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/ 7 956 201 2116 249 2414 2600 2735 :3 2049 11'7 5/ 8 4/11 1/ 7 5/ 8 2/11 3/13 6/ 7 7/ 8 10/ 7 10/26 11/ 5 101 11/25 12/ 7 12/17 12/26 5/11 8/26 5/11 2/25 5/11 1/12 1/25 2/11 3/ 7 4/ 8 4/19 5/25 6/ 7 6/20 7/ 5 7/19 9/'? 9/19 10/ 4 53 078 404 661 150 1684 2049 196 249 255Z 2494 2658 2755 404 610 861 96° 226 1.1 42,) 345 Pages 11 68: (Continued) " FRBank of Kansas City: (Continued) Schedule of discount and purchase: (Continued) 10/11 10/31 11/ 8 11/25 12/ 7 12/10 12/24 PRBank of Minneapolis: 10/28 Advances under Sec. 10(b), established at Wo Advances under Secs. 13 and 13(a): 1/7 Established at 2% 5/14 Established at 2% Industrial advances: Commitment rate of 1% per annum approved, telegram sent as result of Mr. Peyton's letter indicating "per annum" rate, whereas Board's records showed ap3/15 proval of 1% "flat" James A. Hill Mfg. Co., Minneapolis, Minn., reply that FRBank has reviewed rates and concluded that 4/16 they are fair Rediscount: 1/7 Established at 2% 5/14 Established at 2% 2/12 Schedule of discount and purchase 3/13 4/16 6/12 7/19 8/12 9/ 9 9/23 10/ 7 10/26 10/28 11/ 6 11/22 11/26 12/ 4 12/17 1RBank of New York: Advances under Sec. 10(b): 2/2 Established at 2% Established at 2%, reduced to afford three member banks borrowing benefit of lowest legal rate, but not 10/11 precedent Rediscount: 5/18 Review by directors re Case Mr. to reply of, Procedure for Board approval basis for policy set forth in letter of Oct. 31, 11/22 to Governor Fleming http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2071 2227 2304 2494 2638 2674 2831 2202 53 1127 683 938 53 1127 422 651 927 1359 1631 1727 1888 1988 2049 2196 2202 2281 2465 2532 2613 2735 338 2070 1162 2466 page° 346 Rates: (Continued) FRBank of New "York: (Continued) Schedule of discount and purchase 1/ 4 1/12 1/18 1/25 2/ 2 2/11 2/15 36 96 175 245 358 404 464 620 685 147 785 851 915 955 1006 1051 1.162 12.,2i6 n 127v 3/ 8 3/15 3/22 3/29 4/ 8 4/12 4/19 4/29 5/ 6 5/18 5/25 6/ 4 6/ 7 1526 6/14 10 1456 6/24 1546 0 6/29 7/ 5 7/12 1605 J 65/ 7/19 1654 7/26 8/ 2 1661 8/ 9 8/19 8/26 S/30 9/ 7 9/13 9/20 9/27 10/11 10/25 10/31 11/ 2 11/13 11/18 11/23 12/ 3 12/ 7 12/17 12/24 12/27 FRBank of Philadelphia: Advances under Sec. 10(b), established at 44 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/ 1 1721 1762 179S 1846 1.31 191v , 2015 200 0 , 347 224° 2366 414 241 260 206 z864 Oc:4 347 Pages (Continued) FRBank of Philadelphia: (Continued) Advances under Sec. 13 and 13(a), established at 2% Industrial advances, commitments, 1% to 2%, approved Rediscount, established at 2% Schedule of discount and purchase 448: PRBank of Richmond: Advances under Sec. 10(b), established at *% Advances under Sec. 13 and 13(a): -1 2 Established at 0 Established at 2% Circular No. 190, specific references to maturities of paper should be eliminated and announcements should include reference to relevant section of FRAct Rediscount: Established at 2.10 Established at 2% Schedule of discount and purchase http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/16 4/8 1/16 1/2 2/6 2/20 3/7 3/21 4/4 4/17 5/ 1 5/18 6/ 7 6/20 7/ 5 7/19 9/ 4 9/18 10/ 2 10/16 11/ 1 11/ 8 11/23 12/ 7 12/21 147 851 147 4 378 492 610 716 834 943 1032 1162 1326 1425 1572 1631 1865 1945 2036 2097 2233 2304 2478 2638 2802 9/21 1980 1/10 5/ 8 89 1078 3/11 646 1/10 5/ 8 2/14 3/14 4/11 6/14 7/12 8/ 9 9/ 7 9/20 10/ 4 10/11 10/31 11/ 8 11/16 12/ 3 12/13 12/27 89 1078 453 668 894 1388 1603 1721 1875 1955 2045 2071 2227 2304 2397 2607 2716 2854 348 Rates: (Continued) IRBank of St. Louis: Advances to individuals, partnerships and corporations secured by direct obligations of U.S., established 2/21 at 4% Advances under Sec. 10(b), established at 2?4 10/ 2 Advances under Secs. 13 and 13(a), established at 2;b 1/ 2 Rediscount, established at 2% 1/ 2 Schedule of discount and purchase 1/17 2/ 6 3/ 8 3/21 4/ 4 4/19 5/ 1 5/18 6/ 5 6/20 7/ 5 8/ 9 9/ 4 9/18 10/ 2 10/16 11/ 2 11/ 8 11/23 12/ 5 12/21 FRBank of San Francisco: Advances under Sec. 10(b), established at 2N 9/20 Industrial advances, commitment rate of 14 to 2% approved 3/29 Schedule of discount and purchase 1/ 4 1/17 2/11 3/ 8 3/29 4/ 8 4/19 5/ 6 6/ 7 6/20 7/19 a/ 2 8/19 9/ 7 9/20 10/ 4 10/25 11/ 2 11/18 11/30 12/13 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis pages 504 2036 4 4 153 378 620 716 8 955 1052 1162 1318 1425 1572 1721 1865 1945 2036 2097 224° 2304 206 265° 280 955 783 33 155 404 620 765 851 955 losi• 13q 142 ' 1651 16810 176` 1875 1965 2046 2161 2240 2414 2600 2716 349 Pages 11 88: (Continued) " FRB:auks: Advances under Sec. 10(b): Discount rates under Sec. 13 and 13a shall be basis 10/ 2 for, reply to Mr. Zurlinden 10/15 Ruling to be published in IEBulletin Establishment at minimum rate, opinion of Governors' Conference that it should not be construed to prevent increase commensurate with character of 10/24 collateral and earnings therefrom Govfrom Discount and purchase, question raised in letter ernor Fleming as to procedure for Board approval, reply to be made that existing rates shall remain in effect until Board shall take further action 10/18 10/31 Reply approved and copy to be sent to other FRBanks Industrial advances: Memoranda of Mr. Currie and Mr. Szymczak, to be reviewed prior to next Board meeting and latter 1/23 to be prepared to make recommendation in consider, FRAgents that request Review of structure, view of low level of rates, advisability of re2/12 ducing and standardizing Rediscount: Differential in rates at various FRBanks pointed out by Governor Eccles, discussion of factors in, and effect, statement of Mr. Miller that cheap money, particularly for Treasury financing will prove "dear" money, letter to be prepared suggesting consideration by FRBanks of bringing rates in 4/27 line connecQuestion of Governors' Conference raised in tion with, not to be called until Congress has 4/27 disposed of Banking Bill of 1935 relation on Excess reserves of member banks, statement between by Dr. Goldenweiser topic for Governors' Conference, meeting to be held Saturday 5/22 to hear statement 5/25 on later determinati for left Time for statement 5/28 Statement made to act right to as raised question Executive committees, 12/28 on changes in letter changes, for ions recomwendat Reasons underlying to FRAgents requesting that statement of, be 12/10 included in advising Board of changes Reduction of those rates which are out of line, letter to FRBanks suggesting and memo of reasons, prepared in accordance with action of Board on 5/ 6 April 27 definition word Reestablishment of existing schedules, code changed to conform to requirements of changes 9/ 7 made by Banking Act of 1935 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2042 2093 2165 2107 2228 211 425 997 1000 1218-9 1225 1254 2881 2674 1052 1886 Pag°5 350 Rates: (Continued) Foreign branches, China and British Crown Colony of Hong Kong, permission granted member banks to pay interest of 7% on time deposits in Interest: (See Interest) Real estate business: Louisville Trust Co., Louisville, Ky., reply to Mr. Wood re apparent violations of membership conditions that condition 20 was not to be interpreted as restricting handling of own real estate or necessary management, etc. Real estate mortgages: Washington Loan and Trust Co., Washington, D. C., no objection to sale of a note to national bank as it does not constitute engaging in business of selling notes, etc. Reconstruction Finance Corporation: Capital investment in member banks, retirement of, letter to all FRAgents on policy to be followed in connection with Capital stock reductions of State member banks, letter to Mr. Herson re those required by membership condition to secure Board's prior approval for Reply to Mr. Case on procedure for advising of action on reductions of State member banks subject to membership condition requiring Board's approval, copy of letter sent to FRAgents Fair value of assets, letter from Mr. Allen requesting if Board will agree to designate person to make in case of future disagreement in connection with banks reducing par value of preferred stock, discussion of, Board will undertake responsibility, R.F.C. to be advised Reply, in accordance with action, and letter to IRBank of Atlanta re Industrial advances: Activity by, agreed that it is inadvisable to say anything, in connection with legislative program, as to taking over of Cooperation with FRBanks discussed by conference of Chairmen of Industrial Advisory Committeemen, applicants filing applications with both Delay in handling applications, criticism reported at conference of Chairmen of Industrial Advisory Committees Preference of applicants for R.F.C. or 1RBanks discussed by conference of Chairmen of Industrial Advisory Committees Recapitalization of banks, need for continued aid suggested by Governor Eccles as topic for consideration of officers and directors of FRDanks (See also 1RBanks, List of topics) http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/15 ° 3/21 726 947 4/17 12/13 2/ 6 2718 381 4-6 2/13 12/11 2° 12/19 2r° 1/23 6/25 6/25 6/25 2/ 4 211 140 1414 471 OS9 351 Pages Re evnetruction Finance Corporation: (Continued) Relationships, affiliate, and holding company affiliate, with banks in which stock is owned by, and by Northwest Bancorporation, letter to Mr. Peyton on 9/ 3 bases for determination of Redi scounts: Acceptances based on exports of munitions of war, request of Mr. Logan for copy of memo of Governor Harrison on right of Board to restrict, prepared as assistant counsel of Board, approved, was requested by 12/27 Senate Committee from Board's files Advisory Federal by Credit and monetary situation, statement Councilman Frost on rediscounting of paper and purchase of securities by FRBanks relating to 9/24 effect on E Peoples ia, Pennsylvan of notes ligibility, negotiability of Pittsburgh Trust Co. to be advised in connection with, that question of negotiability of distilling company notes was left to local 9/ 7 FRBank Individuals, partnerships and corporations, extension of authorization to FRBanks for additional six months to 1/8 discount for exetc., notes, rediscount to RBanks Authorization to 7/10 tended for further six months Industrial loans, financing institutions, statement of Mr. Szymczak before conference of Chairmen of Industrial Advisory Committees that it should be made clear that rediscounting will cast no re6/25 flection on institution that Itsurance policies, reply to Mr. McNamara on suggestion member banks purchase single premium annual yield, on slow, unprotected debtors, and as to 6/24 valuation and eligibility Pittsburgh Ilegotiability of notes of Pennsylvania, Peoples Trust Co. to be advised that question of, in case of distilling company was left to local 9/ 7 MBank or 90 days of accounts due Ilutes representing absorption of past more of industrial concerns, five year, 6(4, reply to Mr. Kuhrt that they would not be eligible, but may be acceptable as collateral for indus1/15 trial advances Ruffsdale Distilling Co. collateral trust notes, reply to Allegheny Trust Co., Pittsburgh, re eligibility 9/ 7 of tqq-Lations: Cumptroller of the Currency: Investment securities, letter to Mr. Await that Board will 9/28 consider draft of regulation to govern purchase 11/14 of Reply to Mr. O'Connor commenting on draft http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1862 2873 1995 1885 70 1592 1474 1462 1885 136 1884 2019 2389 Pages 352 Regulations: (Continued) Federal Deposit Insurance Corporation: Interest payment by insured nonmember banks, regulation approved, but not issued, does not prohibit absorption of exchange and collection charges, Chairman Eccles requested Mr. Crowley not to issue until it had been discussed, discussion of authority of F.D.I.C. to prescribe prohibition Mr. O'Connor concerned because national banks would surrender charters, Chairman Eccles to discuss further with Mr. Crowley Messrs. Hecht and Fleming concerned over situation, Mr. Eccles and Mr. Crowley to discuss further, issuance to be deferred until Feb. 1, proposed telegram to FRBanks suspending applicable provision of Regulation 0 . Statement of Mr. Eccles re, Mr. Davis reported to Mr. James that State bank in Tennessee was preparing to solicit deposits from member banks, telegram amended and approved FRBank of Minneapolis: Helena Branch operation, reply to Mr. Peyton making one suggestion re FRBoard: Banking Bill of 1935, statement of Governor Eccles that he has requested legal division to prepare tentative drafts so that they can be sent to FRBanks as soon as possible after passage of bill and adopted possibly in September Computation of deposit liabilities in connection with permanent insurance plan, issuance of regulation discussed Draft of telegram embodying regulation, to FRAgents, question of date for computation and whether it should be distributed to other than member banks, March 4 chosen for computation and telegram authorized sent Telegram to FRAgents that banks organized after June 16, 1933 should compute subscription on capital and surplus and that regulation does not apply to such banks, letter to Mr. Crowley Condition reports of affiliates of State member banks, publication of, under Banking Act of 1935, proposed regulation governing waiver, approved subject to approval by Comptroller of similar regulation governing affiliates of national banks Form of regulation to govern, submitted by Mr. amead for printing on reverse of form 105e, approved Criticism invited in topic submitted to Governors for consideration of officers and directors of FRBanks, by Governor Eccles (See also FRBanks, List of topics) http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/26 12/26 84 286 12/28 2816-T 12/28 2676-9 12/ 3 261° 6/26 1' 4:97 6/14 6/14 8/18 8/28 8/28 2/6 41' 66 353 Pages lieglaations: (Continued) FRBoard: (Continued) Directors of ERBranch banks: Appointment of, revised rules and regulations in connection with revised policy Feeling of Governor Eccles that as press had learned of matter, Board's letter should be released Mr. Thomas statement that he had not seen draft of letter before sent out Question of press release again raised by Governor Eccles, authorized to release letter with introductory statement Favorable comments reported by Governor Eccles from Messrs. Hecht, Fleming, Smith and Bucklin Minutes of Jan. 9, objection of Mr. Thomas to procedure in sending out letter were reasons for not approving, minutes approved (See also FRBoard, Procedure) Requirement that one director reside outside of branch city, waiver for 1935 as to Helena Branch Interpretations, inquiries to be submitted through FRAgents Margin requirements for loans by banks on equity securities for purchasing or carrying securities registered on national exchanges, question of issuance of, and amount to be borrowed suggested as topic for consideration of officers and directors of FRBanks by Governor Eccles (See also FRBanks, List of topics) Publication of condition reports: (See supra Condition reports Revision of existing and adoption of new, under Banking Act of 1935, tentative drafts to be sent to FRAgents for comment and with notation that they have not been considered by Board, at suggestion of Mr. James and Mr. Miller Tentative draft of Regulation H sent to FRBanks for comments, approved with understanding that it will not be necessary to submit to Board for approval similar letters in connection with other revised or new regulations Copies of tentative drafts requested by Mr. Platt, question of policy re distribution on request discussed, to be released with statement that Board has not considered drafts Telegram to FRAgents on action Memoranda re recommendations by staff on principal suggestions of FRBanks, preparation requested by Mr. Eccles, copies of comment and criticism sent by FRBanks forwarded to all ERBanks, feeling that governors should be given opportunity to discuss http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/ 9 78 1/18 167 1/18 168 1/18 170 1/23 204 1/23 217 1/31 8/28 318 1828 2/ 4 359 8/21 1774 8/22 1786 9/17 9/18 1933-5 1947 10/18 2101 354 Regulations: (Continued) FRBoard: (Continued) Revision of: (Continued) Statement of Mr. Eccles that because of voluminous nature of drafts they be sent to FRAgents for comments rather than discussed by Governors' Conference 10/21 American Bankers Association committee to meet with Board's staff this week on 10/21 Recommendations of Board's staff re suggestions of ilitBanks, to be considered as of system formulation, statements before Governors' Conference, Governors to consider and join with FRAgents in sending any further comments to Board 10/24 Consideration of, suggestion of Mr. Szymczak that informal conferences be held on, Mr. O'Connor desirous that Mr. Folger attend with one of deputy comptrollers, schedule of conferences to be arranged 10/25 Action on, suggestion of Mr. Eccles that some, which have been revised on basis of comments of FRBanks be considered next week 11/20 Meetings to be held on Nov. 26, 27 and 29 to consider revised drafts, agreed that I, Q, and D, be placed on docket for 26th 11/22 Consideration of drafts of, Regulations I, and D considered and approved 11/262 112 Mimeographed copies of approved regulations to be sent to FRBanks for printing and distribution to member banks, pending their receipt of official printed copies 11/26 Release to be soon as possible of approved regulations, statement re to be made on approval of Chairman 11/27 Printing, memo of Mr. Carpenter submitting bids of Gibson Bros. and National Capital Press and recommending division of work to determine rapidity and quality, approved 12/ 4 A: Advances under Sec. 10(b), reply to FRBank of Cleveland that pending revision of, such loans may continue to be made and basis for rate on, shall be discount rate under Sec. 13 and 13a 10/ 2 Ruling to be published in IRBulletin 10/15 Revised draft of, Chairman Eccles desirous of suggesting certain changes in, and feeling that there was no immediate necessity for issuance of revised regulation 11/26 D: Penalties for deficiencies in reserves, letter to 1RAgents requesting comments on rules now in effect and on inclusion in revision of regulation of reference to 8/28 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Pages 2135 219 a" 2° 20 262° 2O4! z09"7 25° la° 355 Pages Re4lations: (Continued) ERBoard: (Continued) D: (Continued) 11/22 Revised draft, placed on docket for Nov. 26 of ss correctne re raised question of, Consideration old rulings re inclusion of deposits payable at foreign branches in gross demand deposits, would not require change in text of regulation, Reg11/26 ulation D approved To be released as soon as possible, with statement, 11/27 on approval of Chairman F: Custody of notes secured by liens against real property, waiver of provisions relating to, requested by First National Bank of Fort Worth, Texas, re8/26 fused prepared Revision, reply to Mr. Peyton that one is being and suggesting that he reserve his comments, to be discussed if conference of Assistant 9/18 FRAgents is held subject Revocation of permits and granting applications to conditions, Counsel now of opinion that Board has right for, revision of Regulation to be pre8/21 pared H: Member banks, sending, with Regulation P to all, and H to nonmember banks, telegram to FRAgents re12/23 questing opinions on advisability of Mr. by outline of, revision of tion Membership, considera Wyatt of controversial points, and amendments to conditions, condition 5 questioned re loan on mortgage for two or more accounts, condition to 11/27 be revised apbe to and upon agreed n to regulatio s Amendment 11/27 proved when revised condition 5 is accepted Memo of Counsel submitting revision of Condition 11/29 5, approved, and Regulation H approved Membership condition 12, re sale of mortgages, letter to FRAgents calling attention to footnote 11 exempting mortgages insured under Federal Housing Act from prohibitions of, to advise State 12/27 member banks re exception made (11/29) FRBanks to Printing, to be done in Washington, and sent 11/27 for distribution pools, mortgage Revision of, trust fund investment in reply to Pennsylvania Bankers Association that Board would be glad to have any information fur11/ 8 nished to it, developed by committee of 8/22 comment for to FRBanks Tentative draft sent National banks, letter to Comptroller re changes in pro12/ 5 cedure incident to revision of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2465 2524-22 2548 1804 1948 178? 2827 2541 2542 2576 2869 2547 2313 1786 2634 pages 356 Regulations: (Continued) FRBoard: (Continued) I: (Continued) Procedure authorized in letter of Nov. 26 should be put 12/ 9 into effect immediately, advice to kRBanks Revision, tentative draft of new regulation sent to 8/19 FRAgents for comments Advice to FRAgents that proposed, provides for handling of adjustments by FRBanks, and pending revision, cancelation of excess holdings shall be 8/28 reported to Board monthly 11/22 Revised draft placed on docket for Nov. 26 Draft had been considered by RBanks, Board members and staff members, no important questions raised re, Regulation approved, and letter to FRAgents containing instructions as to checking and handling applications, approved 11/26 To be released as soon as possible, with statement, 11/27 on approval of Chairman L: Cooperative banks in Massachusetts, letter to Mr. Curtiss re classification as "banks", in connection with 10/25 revision of Revision, provision suggested by attorneys for Manufacturers Bank & Trust Co., St. Louis to permit Mr. Queeny to serve also Mercantile-Commerce Bank and Trust Co. 10/28 0, Issuance and retirement of FRnotes, 1915: Revoked on recommendation of Mr. Smead and letter containing necessary instructions approved for transmittal to FRAgents, suggestion that 0 be used as designation of new regulation on loans to executive officers 11/26 0, Loans to Executive Officers: Tentative draft, copies sent to FRAgents for comment, not to be issued unless Banking Act of 1935 is enacted 8/ 7 11/26 Designation approved 11/27 Consideration of, approved To be released as soon as possible, with statement on approval by Chairman 11/27 P: Printing to be done in Washington, and to be sent to FRBanks for distribution 11/27 Consideration of, standard conditions not part of regulation, approved 11/27 Member banks, sending, with Regulation H, to all, and H to nonmember banks, telegram to FRAgents re12/23 questing opinions on advisability of Absorption of exchange and collection charges, reply to Mr. Clark on suggestion of Atlanta Clearing House banks that amendment be made to Banking Act of 1935 to prevent http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/14 2671 1767 1816 2465 2501-11 2548 2194 221° v5 4"C 5..14 PV 215' 2° 201 2540' 2° 357 Pages tqlations: (Continued) FRBoard: (Continued) Q: (Continued) Absorption of exchange and collection charges, prohibited by, new F.D.I.C. regulation for insured nonmember banks does not prohibit, Chairman Eccles requested Mr. Crowley not to issue until discussed, discussion of authority of 12/26 F.D.I.C. to prescribe restriction would Mr. O'Connor concerned because national banks surrender charters, Chairman Eccles to discuss 12/26 further with Mr. Crowley (See infra F.D.I.C. regulation) "Contracts entered into prior to Dec. 18, 1934", reply to Columbia County National Bank, Benton, Pa., 3/25 on interpretation of does regulation Federal Deposit Insurance Corporation not prohibit absorption of exchange and collection charges, Chairman Eccles requested Mr. Crowley not to issue until discussed, discussion of authority of F.D.I.C. to prescribe restric12/26 tion would banks national because Mr. O'Connor concerned surrender charters, Chairman Eccles to discuss 12/26 further with Mr. Crowley Messrs. Hecht and Fleming concerned over situation, Mr. Eccles and Mr. Crowley to discuss further, issuance to be deferred until Feb. 1, proposed telegram to FRBanks suspending applicable pro12/28 vision of Statement of Mr. Eccles re, Mr. Davis reported to Mr. Tames that State bank in Tennessee was preparing to solicit deposits from member banks, 12/28 telegram amended and approved Glass, Senator Carter, letter to Mr. Morrill stating that maximum rates of interest were fixed in direct contravention of law, Messrs. Morrill and 12/26 Wyatt to prepare reply Case Mr. to reply Interest payment at foreign branches, that Mukden, Harbin and Dairen may be considered as in Republic of China for purpose of payment 4/ 8 of 7% interest fixed States, United Interest rate for deposits outside by Board under, letter to FRAgentz and banks 2/11 having foreign branches no Department, Banking State York New Interpretations, objection to FRBank of New York furnishing, with 3/21 certain copies of to Special comment for sent drafts tentative Revision, Committee of A.B.A., Comptroller and Chairman of 8/28 F.D.I.C. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2845 2846 760 2845 2846 2876-7 2878-9 2839 855 411 730 1814-7 358 Regulations: (Continued) FRBoard: (Continued) Q: (Continued) Revised draft placed on docket for Nov. 26 11/22 Outline of consideration given to and amendment to, proposal of Mr. Wyatt to contain maximum rates in supplement, suggestion of Chairman re rates to be prescribed, Regulation and supplement approved after statement that interpretations re furnishing by member banks of small coin boxes, etc., could best be handled by rulings 11/26 To be released as soon as possible with statement, on approval of Chairman 7 2/27 11 Supplement to, letter to National Capital Press re printing of, at additional cost T: Amendment No. 5 adopted, advice to .bRAgents 7/29 Amendments, memo of Mr. Parry requesting authority to send letter with proposed, to FRBanks and to submit proposed changes to Securities and Exchange Cannission, approved 2/ 2 Amendments proposed by Division of Security Loans, statement of consideration given to, memo of Mr. Wyatt on and suggesting further amendments, approved, effective May 10 5/ 1 Banks, regulation does not apply to, complaints from brokers re, Dlr. Eccles has requested Mr. Parry to prepare regulation to apply to, and that Division of Security Loans is better equipped now to prepare 10/18 Bonds, called, credit to be extended under 2/26 Enforcement, authority granted Mr. Parry to invite Mr. Smith, Chicago Stock Exchange, to advise with Division of Security Loans on, Board to pay travel and subsistence expenses 3/14 Memo of Dr. Parry re problem, statements of Messrs. Miller and Szynczak re, and re organization for, question of status of FRAgents, Mr. Eccles authorized to discuss with Governors Conference 10/18 (See also FRAgents, Status) Responsibilities of Board, memo of Mr. Eccles re, read to Governors' Conference, reference to future duties of FRAgents, request for cooperation of governors for present 10/24 Mr. Parry believes Regulation T can be simplified and statement re cooperation of FRBanks, brought to Governors' attention as a problem in which they can help arrive at a decision as to organization Review by Dr. Goldenweiser of operation of Regulation on credit in purchasing and carrying securi-10/24 ties 10/24 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis page' 2465 251° 215'6:758' 2 344 1056 210 559 669 W° eV 17 21° 359 Pages 4gUlations: (Continued) FRBoard: (Continued) T: Interpretations: 35, draft of reply to inquiry, feeling of Messrs. Thomas and Hamlin that it should be approved 3/15 even though it would qualify ruling 35 41, New York Produce Exchange, discontinuance, all securities "registered" because listed on to 2/25 cease to be registered securities 42, short time unsecured loan not for Purchasing or 4/16 carrying securities to obtain 43, extension of time for further period margin where aggregate of extensions does not 5/ 8 exceed 10 days Exand 44, exempted securities under Securities change Commission rules AN6, AN? and AN8, limi6/26 tation on loan value 7/ 8 45, date of payment by creditor account cash 46, transfer of transaction from special to margin account and extension of credit On se7/13 curities in latter account contracts, 47, margin rules covering "when issued" Interpretation of section 3(f)(4) re, telegram 11/18 to FRAgents reinquiries, to replies RAgents' of Publication ply to request of Mr. Case for permission to release, that Board prefers to issue interpretations to insure uniformity and outlining proce4/16 dure therefor Warrants, amendment to Regulation re, in connection with Securities and Exchange Commission regulations dealing with unissued securities, telegram to FRAgents re, approved and memo of Mr. Benedict 10/14 re Ur, Enforcement, memo of Mr. Parry re problem, statements of Messrs. Miller and Szymczak re, and re organization for, question of status of FRAgents, Mr. Eccles authorized to discuss with Governors' 10/18 Conference (See also ERAgents, Status) Federal Advisory Council recommendation re proposed regulation, that it be simple and that it recognize small, worthy industries whose securities have 11/21 largely a local sale and Council of members Parry, Discussion of, by Mr. members of Board, question, in connection with no need for regulation now, of taking same position with regard to increasing reserve require11/21 ments securities in dealers or brokers than others to "Loans for purchasing or carrying securities", inclu sion of item in revised call report form ques11/27 http://fraser.stlouisfed.org tioned, item withdrawn Federal Reserve Bank of St. Louis 683 523 935 1085 1518 1585 1608 241 934 2082-5 2103-5 2441 2442-6 2539 360 Regulations: (Continued) FRBoard: (Continued) U: (Continued) Regulation T does not apply to banks, complaints from brokers re, Mr. Eccles has requested Mr. Parry to prepare regulation to apply to banks, and that Division of Security Loans is better equipped now to prepare 10/18 Open Market, repurchase agreements in purchase by PRBanks of government securities, memo of Mr. Benedict recommending study of subject in order to be 11/29 able •to make recommendations to Committee re Reilly, 3. H. P.: (See Hudson County Group, New Jersey Bankers Association) Relations with dealers in securities: Banking Act of 1935: 6/ 6 Amendment to Sec. 32 Comments of Mr. Stevens on, and reply 6/27 Blanket permit, extended to Jan. 1, 1936, telegram to all ITAgents and attention called that no recommendation as to renewal is necessary because of amendment to Sec. 32 contained in Banking Act of 1935 10/21 Bond and Mortgage Guarantee Corporation, reply to Messrs. Hughes, Schuman & Dwight that Sec. 32 is not applicable 9/16 to sale of whole mortgages Correspondent relations, C. F. Childs & Co., Inc., New York, N.Y., reply to Mr. Curtiss agreeing that circumstances by which bonds were held for Poultney National Bank do not involve 6/24 Directors, permits: Auchincloss, Gordon, further information submitted in support of application to serve Chase National Bank and American International Corporation, disapproval reaffirmed 1/23 Bissell, C. S., application refused 2/13 (See also infra Individual dealer) Application refused 3/18 Bowman, I. T., additional information requested and course of action outlined due to reluctance to supply required information in past 3/29 Southwest Investment Co. activities came within prohibitions of Sec. 32 and refusal of permit reaffirmed 5/ 6 CostiEan, Edward J., request for return of application, advised that law forbids removal of papers from Board's files, but that application will be considered withdrawn 4/16 Eckert, W. K., application denied i/3 Request for reconsideration, Board has carefully considered but will grant hearing if desired 3/ 5 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis pages 2102 2595 15° 159 2140 1466 22 6 706 791 1°74 959 2z9 696 361 Pages 1-ations with dealers in securities: (Continued) Directors, permits: (Continued) Foster, Oscar R., draft of letter refusing, application, memo of Mr. Thomas that "primarily" in Sec. 32 is disregarded, memo of Mr. Chase calling attention to similar case of Mr. .Janson Noyes, letter approved Kent, Fred I., reply that statements have been considered, but that Board is not willing to disregard its policy by granting permit even for limited time Love, Pinkney W., application refused Application refused (See also infra Individual dealer) Mayerstein, Ralph M., application refused Application denied (See also infra Individual dealer) Maynard, Edwin P., application denied Noyes, Jansen, denial of permit cited in memo of Mr. Chase as similar to situation involved in case of Mr. Oscar Foster Perkins, James H., permit amended to include service to City Bank Farmers Trust Co. Rentschler, Gordon, permit amended to include service to City Bank Farmers Trust Co. reconsideration of disapproval and reaffirS., J. Rippel, mation Hearing requested by, set for March 13 Hearing set for 11 a. m. on March 27, advice to Mr. Case Request that hearing be fixed for later in day, approved File being held by Mr. Thomas pending disposition of Banking Act of 1935 Robertson, Charles E., application refused Application refused (See also infra Individual dealer) Shoenberg, Sydney M., application refused Spencer, Ernest 0., application refused Thorndike, Joseph J., application refused (See also infra Individual dealer) Wheelwright, Henry J., application refused Resignation from Merchants National Bank of Bangor, Me., not accepted because of unsettled conditions, no objection to remaining inactive director until June 30 Individual dealer, five applications presented, memo of Mr. Thomas that Sec. 32 should be held applicable, although phraseology of Sec. 32 excludes, motion of Mr. Miller that ruling be reconsidered and applications rejected, carried, FRAgents to be notified, Mr. Hamlin voting "no" http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/13 432-4 1/ 5 2/13 3/18 51 431-2 708 2/13 3/18 431 710 2/ 2 348 2/13 434 2/21 513 2/21 514 1/ 4 3/ 8 3/13 42 635 663 3/22 747 5/22 1212 431-2 2/13 709 3/13 3/18 5/14 2/13 711 1143 431-2 1/12 104 3/27 777 2/13 431-2 page' 362 Relations with dealers in securities: (Continued) Individual dealers, letter to FRAgents that Board has reconsidered ruling contained in letter of October 30, 1933, and that the provisions of Sec. 32 are now held applicable to Investment trust, applicability of Sec. 32 to Century Shares Trust, Mr. Thomas and Mr. Hamlin opposed to ruling that dealing in own shares is barred, memo of Mr. Wingfield that case should be decided on particular facts, that general principle of hpplicability to all investment trusts is not involved, held not applicable Miscellaneous: Auchincloss, Gordon, service to Chase National Bank and Equitable Trust Co. and Solvay American Investment Corporation, Sec. 32 not applicable Ayer, Frederick, reply to Mr. Curtiss that sale of own shares by General Capital Corporation will not make Sec. 32 applicable to services to that corporation and Capital Managers, Inc. Bacon, Frederic W., service reconsidered in light of additional information and decision that Sec. 32 is not applicable Bardon, Thomas, further consideration given application and conclusion reached that Sec. 32 is not applicable to service to Mining Shares Corporation Barrett, William M., Sec. 32 inapplicable Beal, Gerald F., Sec. 32 not applicable Information confirming ruling that Sec. 32 is not applicable to service involved Supplementary information furnished confirms opinion that Sec. 32 is not applicable to service Bissell, C. S., has discontinued "trading.," and Sec. 32 is not now applicable Booth, Willis H., Sec. 32 not applicable to service to Guaranty Trust Co., Cavanol Corporation and International Equities Bradford, Lindsey, Sec. 32 not applicable Sec. 32 not applicable Brady, Bruce B., Sec. 32 not applicable to if he should became officer and director of member bank, as building and loan association pass books do not seem to be "securities" Calder, Curtis E., Sec. 32 held not applicable Conclusions relative to service to belected Industries, Inc., also applicable to, and Sec. 32 not applicable Capital Managers, Inc., reply to Mr. Curtiss that Sec. 32 is not applicable to service to, in connection with sale of own securities by General Capital Corporation Century Shares Trust: (See infra Curtis, Louis) http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/18 2/13 1/23 4/25 1/25 4/17 1/12 2/ 2 712 434'6 228 992 248 95° 106 547 2/ 4 3/ 5 594 6/20 14°6 2/11 1/12 2/ 6 415 107 565 6/27 10, 6T° 4/ 9 4/ 9 4/25 85° 363 Pages qations with dealers in securities: (Continued) Miscellaneous: (Continued) Clark, S. C., reply to Mr. Case agreeing that Sec. 32 is not applicable to service to Chartered Investors, Inc. Clark, Dr. Stanley A., Board agrees with conclusion of counsel for FRBank of Chicago that Sec. 32 is not applicable to service to Associates Investment Co. Costigan, Edward J., withdrawal of application as non-reelection to bank makes Sec. 32 inapplicable to his case Crandell, W. S., no objection to service to national bank involved until San. 1 when, by amendment contained in Banking Act of 1935, Sec. 32 will became inapplicable to Curtis, Louis, Sec. 32 not applicable Draft of letter holding Sec. 32 applicable to Century Shares Trust, memo of Mr. Thomas doubting interpretation as to sale of own stock by investment trust, memos of Messrs. Hamlin and Wingfield, Sec. 32 ruled not applicable Letter to FRAgent advising of decision Cutler, Bertram, Sec. 32 not applicable Darling, William, Sec. 32 not applicable Dulles, John Foster, Sec. 32 not applicable Edgar, David A., reply to Mr. Stevens that information submitted is insufficient to determine applicability of Sec. 32 Ellinger, Alfred M., conclusions re inapplicability of Sec. 32 to service of Mr. Maynard to Broad Street Investing Co., Inc., also applicable to Conclusions as to inapplicability of Sec. 32 to Mr. Maynard also applicable to First Trust Co., Lincoln, Nebr., affiliate of First National Bank of Lincoln, reply to Mr. McAdams that it is not subject to Sec. 32 Fuller, Carlton P., additional information submitted affirming ruling that Sec. 32 is inapplicable General Capital Corporation, reply to Mr. Curtiss that sale of own shares will not make Sec. 32 applicable to service to Gray, Prentiss N., further evidence affirming that Sec. 32 is not applicable to Sec. 32 not applicable to service to J. Henry Schroder Trust Co. end European Mortgage and Investment Corp. Hager, Wilfrid M., partnership dissolved, no further action on application for permit Harriman, W. A., Sec. 32 not applicable http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/22 2149 7/13 1609 1/19 188 11/ 5 1/14 2264 124 2/13 2/21 1/3 1/10 1/10 434-6 512 28 94 95 12/ 3 2611 4/23 977 5/14 1140-2 8/14 1753 1/30 502 4/25 992 1/9 87 1/12 108 4/2 1/14 826 125 364 Relations with dealers in securities: (Continued) Miscellaneous: (Continued) Harriman, W. A.: (Continued) Conclusion of Board regarding inapplicability of Sec. 32 to services of Mr. Stetson to W. A. Harriman Securities Corporation also applicable to, services to Orama Securities Corp. and Merchant-Sterling Corp. do not came within prohibitions of Sec. 32 4/17 Hogan, William A., Sec. 32 not applicable and Clayton Act 3/21 permit to be released to Hoffman, William W., no objection to service involved until Ian. I when, by amendment in Banking Act of 11/ 5 1935, Sec. 32 will became inapplicable to Tones, John Allen, reply to Mr. Clark agreeing that Sec. 32 Is not applicable to "nominal partnership" with telegraph operator who places orders with Fen2/21 ner and Beane 1/10 Kemmerer, Edwin W., Sec. 32 not applicable Reply to Mr. Case agreeing that Sec. 32 is not applicable to service to United States& Foreign Securi10/22 ties Corporation Reply to Mr. Austin that Sec. 32 is not applicable to service to Second International Securities Corporation and United States and British Inter10/22 national Co., Ltd. Kentucky Title Trust Co., Louisville, Ky., resumption of sale of mortgage bonds would bring interlocking 7/ 5 directorships within scope of Sec. 32 King, Nathaniel, further information submitted and Sec. 32 2/11 held inapplicable to service involved 5/14 Kleeman, Arthur S., Sec. 32 ruled not applicable to Leader, Edward R., reply to Mr. Austin that Board agrees that Sec. 32 is applicable and that it would not be willing to grant permit 3/ 5 Sec. 32 no longer applicable to, as Leavens&Leader have severed relations with J. & W. Seligman 7/24 & Co. 1/14 Lovett, Robert A., Sec. 32 not applicable Maxwell, Joseph S., considerations relative to ruling that Sec. 32 is not applicable to Mr. Cutler are also applicable to Service to Reliance Management Corporation not within provisions of Sec. 32 Mayerstein, Ralph M., Sec. 32 not applicable as R. M. Mayerstein Co. does strictly brokerage business Maynard, Edwin P., farther information in connection with service to Broad Street Investing Co., Inc., and Sec. 32 concluded to be inapplicable Sec. 32 ruled not applicable to, and conclusions also applicable to Alfred M. Ellinger http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis pages 950 74 2265 23-50 2131 1576 411 1139 10 k ;30 941 104 365 Pages Re]. ations with dealers in securities: (Continued) Miscellaneous: (Continued) Munroe, Charles A., conclusion of Board that services of Mr. Stetson to W. A. Harriman Securities Corporation are not within Sec. 32, also appli950 4/17 cable to is 32 Sec. that agreeing Mr. Case to Parsons, Lester, reply 10/25 2193 not applicable to 361 2/ 4 Pope, Bayard F., Sec. 32 inapplicable Supplementary information confirms opinion that Sec. 32 595 3/ 5 is not applicable to service 878 4/ 9 Sec. 32 held inapplicable Poultney National Bank, Poultney, Vt., possible violation of Sec. 32 of Banking Act of 1933 by C. F. Childs 6/24 1465 holding bonds for, reply to Mr. Curtiss 4/17 948 Schwenk, Gustav A., Sec. 32 inapplicable Shattuck, Arthur G., reply to Mr. Curtiss in connection with reversal of Board's policy toward individual dealers, that he may not be primarily engaged 865 4/ 8 in dealing in securities Further information submitted, Sec. 32 held not ap991 4/25 plicable Schoenburg, Sydney M., further consideration given to facts relative to service to national bank, possible that application of Sec. 32 might be determined 6/ 4 1313 by principles relating to investment trusts Curof Shove, E. P., Sec. 32 not applicable, Comptroller 733 3/21 rency to be notified inapplicability Sloan, Matthew S., conclusions regarding of Sec. 32 to services of Mr. Maxwell to Reliance Management Corporation also applicable 948 4/17 to Curtiss Mr. to reply Corporation, State Street Investment that continued sale of securities causes Cor993 4/25 poration to came within prohibitions of Sec. 32 32 not is Sec. that reached conclusions Stetson, Eugene W., applicable to service of Mr. Pope to Selected 880 4/ 9 Industries, Inc., also applicable to that is Sec. 32 conclusion and presented Further facts not applicable to services to W. A. Harriman 949 4/17 Securities Corporation inapconfirming information further W., Thomas Streeter, 138 1/15 plicability of Sec. 32 Talbott, Harold E., Jr., conclusions reached that Sec. 32 is not applicable to services of Mr. Pope to 880 4/ 9 Selected Industries, Inc., also applicable to Thorndike, Joseph J., carrying of margin accounts given up, releasing applicant from application of Sec. 8A of Clayton Act, but service as odd-lot 707 specialist may bring within provisions of Sec.32 3/18 of Transactions in odd lots do not make provisions 797 3/29 Sec. 32 applicable http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis pages 366 Relations with dealers in securities: (Continued) Miscellaneous: (Continued) Tidd, George N., reply to Mr. Case that additional information confirms opinion that Prudential Investors, Inc., is not within provisions of Sec. 32 Vanneck, John, Sec. 32 not applicable Walker, H. Mercer, Sec. 32 held not applicable Warren-Rappahanock Trust Co., Front Royal, Va., service of directors to, may be violation of Sec. 32 White, A. M., Jr., Sec. 32 held not applicable to service to White, Weld & Co. Woolley, Knight, Sec. 32 not applicable Northern Trust Co., reply to Mr. Stevens that if securities referred to are within exception of Sec. 5136 R. S. blanket permit covers dealing, but otherwise Board has no authority to issue permit Sec. 32 of Banking Act of 1933, amendment to, contained in Banking Act of 1935, opposed by Mr. Thomas, action deferred and Mr. Thomas to prepare recommendation Expression of Board members asked by Mr. Thomas as to policy and feeling of some members that all interlocking directorates of kind referred to in Sec. 32 should be prohibited, amendment to be determined upon and submitted to Congress as soon as possible Committee on interlocking directorate legislation to give further consideration to Report of committee submitted, effect of proposed amendments explained, effective date changed to Feb. 1, 1936, Counsel to prepare letters transmitting recommendations Copies of amendments to be sent to FRBanks State Street Investment Corporation, further consideration given to applicability of Sec. 32 to director of member bank serving also, applicability based on continued activity in own shares Further correspondence with Mr. Cabot reveals that sec. 32 Is not applicable to Statement by Mr. Thomas on problems involved in administration of Sec. 32 of Banking Act of 1933 and on proposed legislation, topic for Governors' Conference Statement made Violations, Lawyers County Trust Co., New York, N. Y., possible violation of Sec. 32 by retention of former directors Sachs and Rothschild as advisory members of investment committee Removal of officers and directors: Sponable, F. W.: (See Directors, FRBank of Kansas City) "Rental sales contracts", loan by First Farmers & Merchants National Bank, Troy, Ala., to affiliated First National Co. on, held not to be within provisions of Sec. 23A http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/ 8 1/31 3/18 316 gig 680 4/ 9 8/ 5 1695 126 1/14 1/ 3 30 5/17 5/18 1159 5/18 1162 5/22 1214-1 1260 5/28 5/22 5/28 3/11 109 367 Pages Re°rganization of banks: Illinois, membership in FRSysten, reply to Mr. Wilkes' letter re eligibility of certain reorganized institutions, copies of his letter sent to FRAgents at Chicago and St. Louis Mississippi statute regarding, memo of Mr. Wingfield recommending publication of opinion of Supreme Court in FRBulletin on validity of New Jersey, reply to Mr. Case on adverse court decision in case brought by depositor who did not assent to reorganization plan of Clinton Trust Co., and suggesting FRBank counsel offer informal assistance in appeal No objection to furnishing memoranda of Board to Counsel for trust company, R. F. C. and F. D. I. C. 13(31t on Availability of Bank Credit in 7th FRDistrict: (See Viner Report) eports 8/12 1737 4/19 957 3/ 1 564 4/ 8 863 Deposits for purposes of reserves, reply to Mr. Strater that they may be shown in full or nearest hundred 12/31 dollars statement: and loss profit larnings, expense, FRBank of Kansas City, reply to Mr. Worthington that form 1/12 is satisfactory Instructions for preparation, revised copies sent to gover5/18 nors Earnings and Dividends, reports of member bank on Form 107, revised draft presented, to include data on payrolls requested by Secretary of Labor and 12/ 4 Bureau of Census 12/21 Letter to FRAgents re Letters to Messrs. Curtiss, Case, Austin, Fletcher, Fry, Clark and Sargent, re securing special figures 12/21 where bank operates in more than one county PRBank stock, excess holdings of member banks canceled under Banking Act of 1935, to be reported to Board 8/28 by FRBanks monthly FUnctional expense: Conference to be held Feb. 18 to attempt to bring about more nearly uniform costs, statement of Mr. James on, and that Messrs. Mangels, Snyder, Ross, Walden and Myrick would be requested to attend, to be held at Cleveland because of Governor 2/ 6 Fleming's familiarity with subject Memorandum presented by Mr. James on, before Governors' 5/28 Conference, copies to be sent to FRBanks Submission of, for 1935, memo of Mr. James re, recommending studies by Board's staff be resumed and that Mr. Myrick visit ERBanks in connection 11/ 9 with, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2913 104 1172 2619 2815 2816 1818 374 1260 2329 rages 368 Reports: (Continued) Foreign branch banks, interest rates paid by, advice to member banks concerned that because of amendment in Sec. 324 of Banking Act of 1935, reports re, need not be made Industrial loans, to Secretary of Treasury, reply to Mr. Coolidge explaining distribution of expenses, which exceeded earnings, to surplus, Sec. 13b and surplus, Sec. 7 Member firms of national securities exchanges: Cincinnati Stock Exchange, letter to Mr. Fletcher requesting extension of reporting to member firms of Extension of monthly, memo of Mr. Parry re, and letters to all FRAgents, approved Margin accounts, reply to FRBank of St. Louis re necessity of certain firms which do not carry furnishing, on F. R. 240 Margin and restricted accounts, telegram to FRAgents requesting supplemental data re National securities exchanges, monthly, extension to all FRDistricts with respect to certain exchanges, memo of Mr. Parry recommending, plans were worked out at staff conference in New York, letters to FRAgents, approved Reserves, monthly, from selected member banks in connection with changes in requirements recommended in 1931 by System Committee on reserves, advice that reports on 234 may be discontinued Standard forms, designation of Mr. Smead to cooperate with National Association of Bank Auditors and Comptrollers to develop Unification of forms, reply to Mr. Clark, Committee on Unification of the Reserve City Bankers Association designating Mr. &mead to work with Republic Steel Corporation, robbery of currency shipment destined for, letter to Mr. Fletcher quoting editorial suggesting collusion and requesting any information developed Research and Statistical activities of FRSystem: Statement on coordination by Dr. Miller placed on list of topics for Governors' Conference 11/25 2491 5/ 8 V° 11/16 240 2145'6 1:/2 /31 2 2 10/31 11/26 2537 9/20 10'1 12/ 7 2654 5/14 ° 5/14 1134 5/2: 11/1 5/28 Reserve and central reserve cities: Weekly computation period, telegram to Governors Schaller and McKinney that for reserve city banks it ends on Friday in all but three FRDistricts, and requesting if FRBanks of Chicago and Dallas would be agreeable to change to Friday 12/26 Changes approved, advice to Governors Schaller and McKinney 12/28 Advice to Governors re achievement of uniformity 12/28 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10 ' 1 200 289,P 2891) 369 Pages Ileserve City Bankers Association: Committee on Unification, reply to Mr. Clark designating Mr. Smead to work with, on unification of report 5/14 forms Ilealerve Investing Corporation, letter to Mr.Case requesting any possible reason why use of "Reserve" in title should not be reported to Attorney General as 10/25 statutory violation of application Title shown in connection with voting permit Marine Midland Corporation, reported to At11/ 8 torney General as possible statutory violation kiserves: Amounts due to and from private bankers, ruling on consideration as amounts due to and from "other banks" 1/30 in computing, to be published in FRBulletin of branches American from due Balances payable in dollars foreign banks, reply to Mr. Timberlake that pending consideration of question they may be deducted from gross demand deposits in 9/ 3 computing authorFRBank Ohio, Cleveland, of Bank Central United National ized to waive penalty for deficiency as bank had not been informed of change in method of 9/27 computing reof approval recommending Fossen Van Mr. of memo Chicago, duced requirements for four banks and review 9/17 of reduced reserve requirements in Computation of, against net demand deposits: Banking Act of 1935, and amendments to form B-15, telegram 8/28 to all FRAgents footnote Advice to FRAgents on reporting on Form B-21, to be appended to weekly member bank statement 8/28 to show inclusion of Government deposits banks private Reply to Mr. Walsh that balances due from were intentionally included in items not proper 8/30 deductions from gross demand deposits P. J. that advice Similar reply to Mr. Sargent and 8/30 Morgan and Co. are listed as private bankers that Stevens Mr. to Balances due from private banks, reply they were intentionally omitted from items 9/ 7 properly deductible from gross demand deposits permissive Cash items in transit, reply to Mr. Clark on nature of deduction from gross demand, deposits, relating to First National Bank of Lake Charles, 9/16 La of, definition his re Clark Mr. to reply "Foreign banks", for First National Bank of Miami, in relation to deduction of amounts due from, from gross de9/11 mand deposits Method, reply to Mr. McLarin on change in, re advice previously sent to FRBank and that Board does not expect report for last 8 days of August to be on 9/23 new basis http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1134 2193 2313 298 1860 2014 1940 1823 1824 1848 1848 1883 1926 1896 1989 page' 370 Reserves: (Continued) Computation: (Continued) Net demand deposits, reply to Governor McKinney re report showing credit figures in demand deposit column and advising method of arriving at average net demand deposits Continental National Bank and Trust Co., Chicago, no objection to waiver of penalty for deficiency in special circumstances Deposit schedules on condition reports, revision of, in connection with revision of Regulation D, letter to FRAgents re Depreciation, on RBank buildings, question of changing basis of, to charge off book value in 40 years, referred to Governors' Conference District National Bank of Chicago, Ill., authorized to carry reduced Dividends in common stock, advice to FRAgents that Board will consider such reserves, set up as preferred stock is retired, as "surplus" insofar as adjustments in FRBank stock are concerned Reply to Comptroller that setting up reserve will be considered compliance with condition imposed on national banks that when preferred stock is retired, provision be made for maintaining capital account 'xcess: Absorption of: (See Increase in requirements) Consideration given to problem at Federal Open Market Committee meeting, five courses presented re, by Dr. Goldenweiser and his comments re Statement of Mr. J. H. Williams agreeing with Dr. Goldenweiser and analyzing three problems presented Federal Advisory Council, attention called by Mr. Frost re volume of, and that consideration should be given to possible results of present policy (See also Federal Advisory Council) Government securities holdings of FRSystem, discussion of relation between, by Federal Advisory Council, statement of Mr. Frost re Publication of figures in weekly FRBank statement, recommendation of Mr. Smead for, Mr. Miller believes that if published it should be in reporting member bank statement Reasons for including given by FRBank of New York, Governor Harrison's reasons, Mr. Miller's feeling that it should not be in statement, put to vote and action deferred until next meeting of Board as not unanimous Question of publishing estimate in statement again raised by Governor Eccles, views of Board members, estimate to be published, notification to be sent to FRBanks FRBanks notified of addition to statement http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/ 8 2° 4/25 12/19 2/92 12/12 2114 9/17 194° 5/21 1196 5/21 11° 12/17 20-9 12/17 27W4 2/19 491 9/24 19'4 5/22 10'd 6/26 7/12 15% 7/16 371 Pages Reserves. (Continued) Excess: (Continued) Statement of Dr. Goldenweiser on, regarding effect on relation to changes in reserve requirements and discount rates and FRBank earnings, meeting to 5/22 be held Saturday to hear statement 5/22 Time for statement left for later determination 5/28 Statement made securities, FRBank of Boston, profits from sale of government authorized to transfer balance after payment of dividends to "Reserves for losses not elsewhere 12/28 provided for" ERBank of Chicago: 12/28 Additional, for losses, authorized to set aside ning of airconditio purchase Authorization to set up, for equipment, against losses on Oconomowoc (industrial advance) loan, advice re liquida12/30 tion of prior liability to retirement system sum transfer to system, Prior liability under retirement to reserve for contingencies rather than pay 12/28 directly, pending further consideration 12/28 amount Reserve to be in different FRBank of Cleveland: Depreciation on other real estate, authorized to make usual 12/28 addition to to authorized , commitments and loans industrial Losses on 12/28 set up reserve against Net earnings remaining after payment of dividends, author12/28 ized to transfer to ERBank of Kansas City: Additional, on self insurance authorized, and all net earn12/28 ings remaining after payment of dividends Losses on industrial loans and commitments, authorized to 12/28 set up reserve against of PRBank of Minneapolis, net earnings remaining after payment 12/28 dividends, authorized to transfer to Bank of New York: 12/28 Additional, for losses, authorized to set aside earnnet all Additional, on self insurance authorized and 12/28 ings remaining after payment of dividends of up setting Buildings at head office and Buffalo branch, 12/28 certain, authorized usual make to authorized Depreciation on other real estate, addition to, and increase reserve on annex 12/28 building and No. 10 Gold Street building remaining sum, nominal except earnings, net PRBank of Richmond, after payment of dividends, authorized to trans12/28 fer to of payment after remaining earnings net Louis, St. 11R-Bank of 12/28 dividends, authorized to transfer to http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1218-9 1225 1254 2888 2889 2899 2890 2892 2890 2889 2889 2890 2889 2889 2889 2890 2888 2890 2889 2889 372 Reserves: (Continued) IiRBank of San Francisco: Additional, on head office, Salt Lake City and Los Angeles branch buildings, authorized 12/30 Profits from sale of government securities, authorized to transfer balance after payment of dividends to "Reserves for losses not elsewhere provided for" 12/28 FRBanks, recamendations re end of year, approved 12/28 Fifth Avenue Savings Bank Co., Columbus, Ohio, classification of funds of State of Ohio and of Franklin County, Ohio, for purposes of, reply to Mr. Fletcher 2/15 "Foreign banks", amounts due from: (See supra Computation) Glasgow Savings Bank, Glasgow, Mo., permission granted to transfer balance of special reserve established in compliance with membership condition to general reserve account 3/ 7 Increase in requirements: Change for individual banks or for all banks in given class, reply to Armstrong College of Business Administration as to whether Banking Act of 1935 authorized Board to 11/16 Consideration of, recommendation of Federal Open Market Committee as means for absorption of excess re6 serves 11/ 6 Memo of Mr. Snead containing distribution and swnnary of member bank reserve positions, discussion of effect of increase, bank balances in large centers, memoranda for and against increase 11/ 6 Views of Secretary of Treasury unknown, question of press statement in event of increase, suggestion of Mr. Miller for statement reviewing increase and advising that Board is watchful 11/ 6 Any action should be by Friday and announced immediately, effective Jan. 1, made special order for Nov. 8, drafts of press statement and announcement to IRBanks to be prepared 11/ 6 Statement of Mr. Miller re proportion of any increase 11/ 6 Views of Secretary of Treasury that there is no need for immediate action, reported by Chairman, and that he had advised Secretary of views and considerations of Board 11/ 8 Position of Mr. Miller that there is no urgency for action, concurred in by Mr. Eccles, Secretary not concerned as to Treasury position or financing program 11/ 8 Security price increases, Italo-Ethiopian conflict, possibility of reversal of gold inflow, presented as further considerations and agreed that action be deferred for present 11/ 8 Conclusion of directors of FRBank of New York on no need for immediate action 11/ 8 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis page' 2899 2 2 ,91 466 616 2410 220 220 0 0700 2 2295'6 2297 2291-9 2299 373 Pages Ileserves: (Continued) Increase in requirements: (Continued) Consideration of: (Continued) Reply to be prepared to resolution of Federal Open 11/ 8 2300 Market Committee re Draft of reply presented, amended, to be held for re11/20 2428 turn of Mr. Tames FRBank of Chicago, minute of directors suggesting in11/20 2429 crease, reply to be prepared 2459 11/21 Council to Federal Advisory Reply, part of, read reply to part of quoting Chicago, Reply to ERBank of 11/23 2487 Federal Open Market Committee Holbrook Mr. to reply Owenton, Ky., Bank, National Farmers on machinery for, and consideration Board has 12/13 2725 given matter Federal Advisory Council, uuestion raised in connection with no need for issuance now of Regulation U, dis11/21 2442-6 cussion of Government securities, recommendation that PRSystem's holdings be reduced, discussion of effects and reasons involved, Question of effect on recovery, 11/21 2448-53 reduction of excess reserves the objective Effect on interest rates questioned as motive, earnings of FRSystem and effect of sale on bond market discussed, further discussion of increase in 11/21 2454-7 reserves as curb on excess reserves Statement of Dr. Goldenweiser on Federal reserve credit, holdings of governments and factors entering 11/21 2457-8 into excess reserve situation Statement of Mr. Eccles on consideration given increase, and reading of reply to Federal Open Market 11/21 2458-9 Committee Recommendation, statement of Council that it be published by Dec. 20, to be considered by Federal Open Market Committee, and reply to be prepared, recommendation not to be submitted to Committee 11/22 prior to meeting2461-2 Federal Open Market Committee: Resolution of, re open market policy including study of 10/24 2157 effect of (See also Open market operations, Policy) Resolution recommending action to absorb part of excess in near future, consideration and discussion of 12/18 2761 whole matter, press release approved re ITIBank of Chicago, minute of directors suggesting 25% in11/20 2429 crease, reply to be prepared Reply approved, quoting part of answer to recommenda11/23 2487 tions of Federal Open Market Committee objection to Live Stock National Bank of Chicago, Ill., no waiver of penalty for deficiency by FRBank of 11/ 1 2235 Chicago Main State Bank, Chicago, Ill., granted permission to carry reduced http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/11 900 Page5 374 Reserves: (Continued Member bank requirements, reports, monthly, on form 234, in connection with study relative to recommendations in 1931 of System Committee, advice to FRAgents that they be discontinued Merchants National Bank in Chicago, Ill., permission to carry reduced Milwaukee Avenue National Bank of Chicago, Ill., authorized to carry reduced Penalties for deficiencies: Assessment for period August 24 to 31, reply for Mr. Stevens that net demand deposits for purpose of, may be taken on basis of law prior to enactment of Banking Act of 1935 9/16 Waiver of, letter to FRAgents requesting comments on rules now in effect and on inclusion in revision of Regulation D of reference to 8/28 Postal savings funds, member banks are required to maintain against funds, letter to Postmaster General, as Mr. Eilenberger informed Kr. Sanders that re7/22 serves are not required Reduced, reviews of, carried by member banks and recomm endation that authorization be continued end that Main State Bank, Chicago, Ill., be permitted to maintain reduced reserves, approved 4/11 Reports of deposits by member banks for reserve purpos es, telegram to FRAgents suggesting prompt comparison with November call report, in connection with revised Regulation D 11/27 Reply to Mr. Strater that figures may show in full, in dollars, or nearest hundred dollars 12/31 South East National Bank of Chicago, Ill., authori zed to carry reduced 9/17 Time deposits maturing on definite date, reply to suggestion of Mr. Peyton that Board change ruling so certificate would be considered time deposit for computing reserves up to maturity 1/8 Uninvested trust funds, request of Continental National Bank and Trust Co., Chicago, for ruling re requirements against 8/26 Valuation, First National Bank of Salt Lake City, Utah, reply to Mr. Sargent on elimination of depreciation through establishment of, in connection with voting permit for First Security Corporation Weekly computation period, telegram to Governors Schaller and McKinney that for reserve city banks it ends on Friday in all but three FRDistricts, and requesting if ERBanks of Chicago and Dallas would be agreeable to change to Friday 12/26 FRBank of Richmond, reply to Mr. Walden approving change of day for end of, in Washington, to Friday Changes approved, advice to Governors Schaller and McKinn 8 ey 1. Advice to Governors re achievement of uniformity 12/28 2654 ) •940 1940 1928 1825 1640 900 2565 2915 1940 lea 6/14 ' 1 95 1V/r http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 28 375 Pages Federal Open Market Committee: Authorization voted to executive committee to shift maturities, purchase or sell governments up to certain amount end additional amount authorized 2/ 5 on telegraphic approval constant under matter keep to Board Resolution approved, 2/ 5 review necessary, steps are retarding no that expansion, Credit but recommending that excess reserves be absorbed, and that Treasury be consulted in view 11/ 6 of its monetary powers Reply to be drafted reviewing consideration given to 11/ 8 resolution Reply presented, amended, and held, pending return of 11/20 Mr. James Minute of directors of FRBank of Chicago concurring in resolution and suggesting increase in reserve 11/20 requirements 11/21 Reply, part of, read to Federal Advisory Council 11/23 Reply approved and copies sent to FRAgents Reply to FRBank of Chicago, quoting part of above reply 11/23 Maturities of securities in FRSystem account, authorizing 10/24 shifts in (See also Open Market operations) Open market policy, tentative, study of effect of increasing 10/24 reserve requirements of member banks sugfor members committee to mailed be Resolution to gestions as to changes in phraseology and to 10/24 be submitted to Board with minutes of meeting Purchase or sale of Government securities up to specified sum in case of emergency, resolution of Committee granting authority for, to Executive Commit10/24 tee 1I/Bank of Atlanta: Havana Agency, protection, requesting Board to use offices to secure through State Department if serious situation threatened in Cube should materialize, 3/22 to be transmitted to State Department 3/27 Letter to Secretary of State, approved FRBoard: 6/21 Assessment on FRBanks for expenses of Board, levying 12/30 Assessment on EEBanks for expenses of Board, levying Colon, Panama, authorization to Chase National Bank of the 3/29 City of New York to establish branch by presented Mr. Interlocking directorate applications, Thomas authorizing service to applicants whose applications were before Board on date of passage 9/12 of Banking Act of 1935, amended and adopted that effect to Mr. by Szymczak, presented businesses, Small study of furnishing capital to, proposed by Industrial Advisory Committee Chairmen, is not in 6/26 province of Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 367 370 2269 2300 2428 2429 2459 2485 2487 2156 2157 2161 2156 738 774 1440 2900 791 1901 1494 pages 376 Resolutions: (Continued) FRBoard: (Continued) Voting permits, recommendation of Mr. Hamlin of adoption of, to prescribe condition that subsidiary national banks shall comply with recommendations of Comptroller 7/12 (See also Voting permits, National banks) Industrial Advisory Committee Chairmen: Kopplemann Bill, that creation of intermediate industrial credit corporation would duplicate existing facilities 6/25 Permanent capital to industry, recommendation that Board make study of problem of furnishing 6/25 Resolution of Board that such study is not within its 6/26 province Retirement System Trustees, expenses of members of Board of Trustees, that FRBanks be authorized to carry, approved St. Louis Clearing House Association, that member of Federal Open Market Committee selected by FRBanks of St. Louis and Chicago be connected officially with neither bank 12/26 Retirement system: Additional contributions, reply to Mr. Coleman that those authorized in Board's letter of Dec. 26, 1934 intended to apply to any employees retired subsequent to March 1, 1934 6/12 Board of Trustees and committee members, travel and subsistence expenses, reply to Mr. McKay that previous authorization to FRBanks to pay was based on resolution adopted by trustees and that Board will be glad to consider further recommendation 4/ 2 Compulsory retirement of officers and employees of FRBanks: Memo of Mr. James submitting memoranda of Mr. Smead and Mr. Cherry re, laid on table pending reorganization of Board 10/25 Report of Mr. James on conference with members of Board's staff and Mr. Rounds, suggestion of Governor Eccles that if feasible, it should be compulsory and that it would be desirable to consider in connection with review of personnel classification plan 1/23 Direct contribution to retired employee rather than purchase of annuity, reply to Governor Hamilton that Board does not approve Dismissal wage, schedule submitted by FRBank of Cleveland, all FRBanks to be authorized to pay, to be in addition to additional contributions previously authorized, consideration to be given to compulsory retirement 6/26 Telegram to Governor Fleming on action and advice that letter will be addressed to FRBanks re 6/27 1600 1° 14° 1495 6/ 4 13" http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 284 1364 825 2180 377 Pages 4t1rement system: (Continued) Expenses of members of Board of Trustees, committee members, etc., Board authorizes payment of by its fiscal 6/ 4 agent and by FRBanks until further notice Extensions of service: Brinker, Mrs. Henrietta T., Division of Issue and Redemption, 6/27 recommendation of 2/28 Burchard, Addle K. 2/28 Copeland, L. G. Mooney, J. J., Chief Telegraph Operator, FRBoard, reply to Mr. Preston that Board desires that he request extension 1/14 Quesenberry, Caroline B. 2/28 Simms, R. N. 2/28 Snead, Susan U. 2/28 Soule, Mary L. 2/28 PRBank of San Francisco, retirement allowance in excess of that provided by system, reply to Governor Calkins on granting to employees attaining age of 65 1/21 Leaves of absence without pay, FRBank of New York authorized to continue contributions in cases of, in order to continue in effect death and disability benefits 11/25 Maximum annuity, reply to Mr. McKay on voluntary contributions by member of system and amount that may be paid under cash refund plan 1/3o Members of Board's staff eligible for retirement, review of, by Executive Committee, no recommendation re retirement, position agreed to 12/31 Physical examinations, changes in forms for, letter to Dr. Barr, Board not prepared to adopt policy of periodical medical examinations, any necessity for special tests in examinations to be referred to Board with estimate of cost 8/30 Prior liability of FRBanks under, question of charging off immediately or over five year period, referred to Governors' Conference 12/12 Governors' Conference recommended discharge of, over five year period, approved, telegram to FRBanks asking if they will cooperate 12/21 Memo re discharge of, plan of advance payments approved, reserve to be set aside by FRBank of Chicago 12/28 Telegram to all governors re charge to current expense for five year period to liquidate 12/30 Published information, reply to Volunteer State Life Insurance Co. that Board has issued none, and inclosing copy of rules and regulations 6/14 Retirements: Chapin, Mrs. Emma L., Division of Bank Operations, recommended for 11/20 Rgles and Regulations, advice to Mr. Strater that Board approves changes adopted by Board of Trustees 6/ 4 at its annual meeting April 16 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1.07 1522 557 557 123 557 557 557 557 197 2498 301 2919 1849 2714 2814 2892 2898 1402 2436 1307 pages 378 Retirement System: (Continued) Snyder, Carl, FRBank of New York, contribution by FRBank to in3/27 crease, approved 3/29 Letter advising of action, approved 5/29 Social Security Act, letter to Senator Harrison re effect on Special contributions by FRBanks for supplementing allowances for employees involuntarily separated before age 65, question referred to Committee on Salaries and Expenditures Reply to Mr. Strater that Board will await replies to Mr. James' letter before acting on recommendation of Governors' Conference relative to payment of 6/12 up to six months salary in such cases 6/26 Dismissal wage to be in addition to Letter to governors extending authorization (12/26/34) to permit more adequate allowances for employees involuntarily separated i./27 Reply to Governor Norris that Board is not willing to permit special contributions to be made direct to 12/27 separated employee 5/22 Statement by Mr. James,topic for Governors' Conference Memoranda presented on provision for employees separated involuntarily, supplement to allowance for voluntary retirement between ages 55-65 and exemption of employees from provisions of Social Se5/28 curity Act Copies to be sent to FRBanks 5/28 Temporary employees of FRBoard, memo of Mr. Carpenter on induction into 3/ 7 Review of the Month: Copy for October, approved by Board 10/14 Manuscript for FRBUlletin discussed and revised 8/29 Rich, Congressman Robert F., losses of FRBanks and particularly FRBank of Philadelphia during past six years, reply that information is being compiled and will be forwarded on completion 8/ 2 Richards, Stephen L.: (See Voting permits, Corporation of the President of the Church of Jesus Christ of Latter-Day Saints) Robberies, Garrettsville, Ohio, letter to Mr. Fletcher quoting excerpt from local editorial suggesting collusion and requesting any information developed through 11/12 investigation Rogers, James Gamble, design submitted by, placed third in competition for architect for Board's building 5/18 Rombach, Fred W.: (See Loans, Industrial advances, Watsontown Table & Furniture Co.) Rovensky, Joseph C.: (See National banks, Chase National Bank) Rowe, H. B.: (See National banks, First National Bank, Alderson, W. Va.) Ruark, Howard H.: (See National banks, Salisbury National Bank, Salisbury, Md.) 773 793 1276 6/ 4 io http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1364 1486 287° 2811 1219 1260 1260 612 201 16g 160 250 1156 379 Pages RtIff, Ivan P., reply on effect of stamped statement on certificate of deposit that interest rate is subject to 10/25 change by Board Rtir fsdale Distilling Co., Braddock, Pa., reply to Allegheny Trust 9/ 7 1141Co.,Pittsburgh, re eligibility of po„es, FRBoard: (See Regulations, FRBoard) ings: Comptroller of the Currency: Dividends on preferred stock, payment by national banks with impaired capital, reply to Mr. Walsh on inquiry of examiner of Texas Banking Department 4/ 1 quoting paragraphs from letter of Comptroller PRBoard: Absorption by banks of "extra out-of-pocket expenses" for favored customers arising from special printing of checks, summary of rulings sent to Mr. Clerk 5/11 and copy to FRAgents FRAct: of Advances under Sec. 10(b) FRBank of Cleveland may continue to make pending revision of Regulation A and basis for rate shall be dis10/ 2 count rates under Sec. 12 and 13a 10/15 Ruling to be published in FRBulletin Agency accounts of Industrial Trust Co., held not to be de10/30 posits but foreign accounts efto 30, October Letter to bank re ruling of Board, on 11/23 fect that they do not *constitute deposits (See also Deposits) Amounts due to and from private bankers, ruling on consideration as amounts due to and from "other banks" in computing reserves, to be published in 1/30 RBulletin imwith banks member State by nt Branch bank establishme paired capital, memo of Mr. Wingfield that Board would be justified in following Comptroller's interpretation of law that it may be permitted where other factors justify ap12/23 proval California State departmental banks, reply to Mr. Clerk that they are not "savings banks" in connection with prohibition of payment of interest on de9/28 mand deposits, action deferred Coin banks: (See infra Savings devices) Condition reports, publication of surplus and undivided profits, reply to Mr. Hoxton re calculation where bank has preferred stock of retirable value different from par value, copy to other 11/29 FRAgents preon Sargent to "Contiguous or adjacent thereto", reply vious rulings and furt:Ier definition, copy to 10/11 other FRAgents in Clayton contained as of, ion Statement re interpretat 11/26 Act, to be published in FRBulletin http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2188 1684 811 1108 2042 2093 2212-4 2490 298 2820 2020 2573 2079 2537 380 Rulings: (Continled) FRBoard: (Continued) Cooperative banks in Massachusetts, letter to Mr. Curtiss re classification as "banks", in connection with revision of Regulation L 10/25 Criticism invited in topic submitted by Governor Eccles to Governors for consideration of officers and directors of RBanks 2/ 6 (See also FRBanks, List of topics) Executive officers: Indebtedness to be reported under Sec. 22(g) of FRAct, statement re rulings on, to be published in next issue of FRBulletin 10/26 Indebtedness to receiver or liquidator of State or national bank arising out of pre-existing indebtedness to bank, reply to Mr. Sargent that it should be reported to directors, not necessary to report if assessment on stock 9/25 FRBank stock, surplus should not be included in basis for adjustments when aggregate of capital accounts is no greater than outstanding capital stock, notes and debentures, or when deficit in undivided profits account off-sets surplus 9/20 FRnotes, collateral for, reply to Mr. Stevens that advances under Sec. 10(b) are not eligible as, but are eligible for FRbank notes 9/20 Free premium such as fountain pen, check protector, etc., reply to T. Harris Smith and Associates, that giving by member banks as inducement to open demand accounts would constitute indirect payment of interest 12/27 Foreign banking corporations, capital, no legal objection to keeping part thereof in foreign branches, reply to Mr. Crawford 4/11 Holding company affiliates: Cases presented where strict application of ruling would cause then to be considered as, memo of Mr. 1Vatt presenting three possible interpretations of section 3/15 Statement of Mr. Hamlin that organization controlling minority of stock of member bank should not be held holding._ company until it actually controls an election, Board rules five organizations not holding companies without determining general principle 3/15 Letter to Comptroller that Board has not determined general principle and inclosing copies of five letters covering majority of cases 3/15 Determination of status by Board under Sec. 301 of Banking Act of 1935, reply to Mr. Stevens that status is not affected until Board makes determination 9/25 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis pages 2194 "7 2199 2007 1957 19'18 2856 896 675 676 681 2° 381 Pages nEs: (Continued) IRBoard: (Continued) Holding company affiliates: (Continued) Prentice-Hall, interpretation of ruling, reply on, with regard to ownership or control of more 796 3/27 than 5010 of stock voted at last election Individual dealer under Sec. 32 of Banking Act of 1933, reversal of previous ruling and section now 431-2 2/13 held applicable to 32 Advice to FRAgents that Board has concluded that Sec. 712 3/18 is applicable to DepartInterest payment on deposits, New York State Banking ment, no objection to FRBank of New York furnish730 3/21 ing certain rulings and interpretations to of time at deposit Interest payment on time certificate of renewal, when renewed prior to maturity, reply 12/23 2822 to Lancaster County National Bank re contract at continue may deposits, time on Interest payment rate on certificates even though amendment to 297 1/30 Regulation Q reduced rate to 2% 297 1/30 Ruling to be published in FRBUlletin Recommendation of Mr. Vest that text of reply to Mr. Anderson on same subject be incorporated in 346 2/ 2 statement to be published in Bulletin, approved Investment securities, ruling on right of State member banks to purchase and hold obligations which fall within classification of securities but are not, within meaning of Sec. 5136, R.S., to be pub9/23 1989 lished in FRDulletin by Liability on account of use of stockholders' contributions Fayette Bank and Trust Co., Connersville, Ind., to eliminate undesirable assets in 1923, does 11/ 5 2260 not exist by loan contracts", Loans to affiliates, "rental sales First Farmers & Merchants National Bank, Troy, Ala., to First National Co. on, held not within 644 3/11 provisions of Sec. 23A of RAct banks member by loans securing collateral Marketability of to affiliates, statement submitted by Mr. Vest 5/25 1241 for publication in FRBulletin, approved of county deposits to not applicable rate Maximum interest funds payable on demand on which interest is re280 1/29 quired by State law, reply to Mr. Walsh Mortgages, whole, reply to Hughes, Schurman (Sc. Dwight that sale by Bond and Mortgage Guarantee Corporation is not affected by Sec. 32 of Banking Act of 9/16 1930 1933 preof holders that Sargent Mr. to "Other creditors", reply ferred stock or capital debentures should not be considered as, in connection with certifica5/29 1273 tion to F.D.I.C. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 382 Rulings: (Continued) .MBoard: (Continued) Private bankers, balances member banks may carry with, reply to Mr. Walsh that Sec. 19 of FRAct limiting de8/28 posits with nonmember banks does not apply to Reserve computation, reply to suggestion of Mr. Peyton that Board change ruling so certificate of deposit of definite payment date could be considered time deposit for computing reserves up to maturi1/8 ty Reserves required against uninvested trust funds, requested by Continental National Bank and Trust Co., 8/26 Chicago, additional information requested Savings accounts, withdrawals from, to be published in 3/27 Bulletin Savings department of California departmental bank, ruled 12/11 not to be "savings bank" Savings devices: Coin banks, distribution by member banks does not constitute indirect payment of interest on demand deposits 12/ 7 12/26 Ruling to be published in FRBulletin Distribution by banks, of such as "Cale:Meter", reply to Zell Products Corp. that it does not constitute indirect payment of interest on demand deposits, copy to FRAgents 12/ 7 Replies to inquirers informing them of ruling re coin banks 12/21 Reply to Earl Service for Banks re ruling 12/21 Savings passbooks, retention by banks in unusual circumstances, memo from Mr. Vest that Mr. Szymczak has requested ruling be prepared based on existing law and letters to be sent to inquirers 4/ 1 re, advising of action Letter to FRAgents requesting views as to modification in cases involving certain circumstances and request for practices of mutual savings bank 4/12 Memo of Mr. Owens that replies from FRBanks seem to indicate that ruling should be modified, action deferred pending action on Banking Act of 1935 7/ 5 Surplus, "special reserve fund" set up as preferred stock is retired by First National Bank of Jefferson Parish at Gretna, La., Board to consider as surplus in connection with adjustments in FRBank stock, letter to all FRAgents 5/21 Reply to Comptroller that setting up reserve will be considered compliance with condition imposed on national banks that when preferred stock is retired, provision be made for maintaining capital account 5/21 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis pages 1811 71 1°2 775 2697 2646 2851 2645 2609 0810 806 1576 1194'6 1196 383 Pages -ngs: (Continued) FRBoard: (Continued) Uninvested trust funds, request of Continental National Bank and Trust Co., Chicago for ruling on reserves required against, additional information requested ell, SS6 4, Senator Richard B., Jr.: Ziv Steel and Wire Co., Chicago, Ill., reply on complaint from Mr. Ziv that he had not been able to obtain industrial advance 8/26 1802 11/16 2410 "S" SEtrekeeping: PRBank of Chicago, securities for member banks in reserve bank and branch cities, reply to Mr. McKay that Board's position remains as stated in let176 1/18 ter of June 6, 1934 PRBanks, Government securities for member banks, reply to Mr. McKay that no action was taken by Federal Advisory Council or FRBoard which alters Board's 103 1/12 letter of June 6, 194 Security for trust funds deposited in banking department of Southington Bank and Trust Co., Southington, Conn., question of keeping in Phoenix State Bank 6/ 7 1329 and Trust Co. 1/4Tor., Bank, Glenn National First G. E., (See National banks, Falls, N. Y.) 'Louis Clearing House Association: 4 (Bderal Open Market Committee member, resolution of, that FRBanks of Chicago and St. Louis select man who is officer of neither bank, discussion of question, draft of letter to be prepared expressing opinion that member should be of12/26 2841-3 ficially connected with one of such ERBanks 41 County Bankers Association, Salem, N. J., interest payable by ' national banks in New Jersey after Jan. 1, 1936, reply to Mr. Lounsbury re limitation placed up11/30 2605 on by regulation of Banking Advisory Board 414E Management, New York, N. Y., letter to Mr. Bill re his letter to Mr. Wooton, requesting specific criticisms 11/ 5 2261 of FRSystem industrial loan program Lake Stock Exchange, Salt Lake City, Utah: tension of credit to customer on unregistered non-exempt security for purpose of purchasing additional 5/21 1193 securities, reply to Mr. Woolley PUrchase of number of shares of registered securities equal to number previously sold, reply to Mr. Woolley that transaction is not permitted if larger extension of credit is involved than permitted 7/ 5 1577 under Regulation T http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 384 Saperstein, David: (See Securities and Exchange Commission) Sargent, Henry E.: (See American Bankers Association) Savings bonds: (See Government securities) Savings department of California departmental bank, proposed reply to Mr. Clerk that it is not "savings bank", approved, Mr. Hamlin voting "no" 12/11 Schact, Hjalmar: (See Foreign banks, Reichsbank) Shafer, S. N., Commissioner, State Banking Department of Wisconsin, interest, order of Banking Commission of Wisconsin prescribing 2% maximum rate of deposits, advice to, of action taken by Board in notifying 6/4 Messrs. Stevens and Peyton of effect of Reply to Mr. O'Connor on effect on Postal savings deposits 6/24 Letter to Mr. Stevens requesting confirmation that order does not apply to postal savings deposits and letter to Mr. Peyton on question 6/24 Schwartz, Harry: (See Zell Products Corporation) Seal of Board of Governors, Mr. Miller requested to consider new, and to prepare design 8/21 Second Export-Import Bank of Washington: Cuban pesos, reply to FRBank of Atlanta that Board has no objection to making arrangements with, for delivery of and payment for amount, to be coined for Cuban Government by Philadelphia Mint 10/30 FRBank of Atlanta, no objection to entering into arrangement with, for delivery of and payment for, pesos to be coined by Philadelphia Mint for Cuban Government 2/26 Secretary of Commerce: (See Department of Commerce) Secretary of the Interior: Site for Board's building, letter to, requesting execution of quitclaim deed in connection with acquisition of squares E87 and E88 from Secretary of Treasury 1/ 2 Secretary of Labor: Payroll data requested by, items included in Earnings and Dividends report 12/ 4 Letter to RAgents re 12/21 Letter to Messrs. Curtiss, Case, Austin, Fletcher, Fry, Clark and Sargent, re securing special figures where bank operates in more than one county 12/21 Secretary of State: Cuba, copy of resolution re strike conditions in, transmitted to 3/29 Financing shipments of cotton to Italy, copy of letter from Governor Harrison re inquiry of National City Bank re propriety of, sent to, for comment 11/20 Draft of letter to Governor Harrison suggesting submission of questions involving governmental policy to Board in future cases, laid on table pending reply from Secretary of State 11/30 Reply from Secretary of State outlining policy, statement of Mr. Thomas and of Mr. James, copy of renly to be sent to Secretary, copies of all correspondence, etc., to be sent to FRBanks and published in FRBulletin http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis pave 2697 1506 1458 1459 170 2225 558 6-11 2619 2616 2816 774 2451 2596 385 Pages S e vretary of State: (Continued) Financing cotton shipments to Italy: (Continued) Reply to Governor Harrison in accordance with, and covering letter to FRAEents with copies of correspondence 12/21 2813 4uLary of Treasury: Coo1l4e, T. J., Undersecretary: Condition reports of State member banks, changes made in form 105 at recuest of, to determine holdings 9/ 7 1882 of 2 7/8% Treasury bonds of 1955-60 Present at meeting of Board wit'. Federal Open Market Commit372 2/ 5 tee Savings bonds, statement before meeting of Board 1A.ith Fed10/24 2157 eral Open Market Committee (See also Committees, Federal Open Market, Meeting Oct. 22-4) Disturbed by account in newspapers of statement, re10/25 2184 ported by Governor Eccles (See also Board of Governors, Press reports) PRnotes, Series of 1928, letter to, advising of action of Governors' Conference in agreeing to discontinue issuance of, with understanding that Treasury will request Congress to reimburse cost of replace12/20 2800 ment with 1934 series notes Industrial loans, reports submitted to, by .}Banks, reply to Mr. Coolidge explaining distribution of expenses which exceeded earnings, to surplus, Sec. 13b 5/ 8 1089 and surplus, Sec. 7 Mr. of statement of, opening and National banks, chartering Coolidge before Federal Open Market Committee that Secretary has determined on policy of se372 2/ 5 curing recommendation of RBanks in future Preferred stock and debentures, desire for banks to retire rapidly, review of condition of banks requested, conference of Treasury, R.F.C., F.D.I.C., Comptroller and Board representatives on, no action 11/20 2431 11/20 2432 Letter to be prepared to FRAgents re Reserve requirements of member banks, expression of position re 11/ 8 2295 possible increase in Site for Board's new building, letter to, that Board is prepared to acquire squares E87 and E88 and letter to Secretary of Interior requesting execution of 8-11 1/ 2 quitclaim deed 4cr.4. --6bry of War: Civilian Conservation Corps, Mess fund, reply of Board that deposits of surplus rations savings cannot be con7/ 1 1559 sidered as "savings deposits" 1tjes: Shipments, postage surcharge on, recommendation of Governors' Conference that Board take up Post Office Depart10/24 2164 ment discontinuance of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis pages 386 Securities affiliates: C. T. Investment Co., reply to Mr. Fletcher that Board agrees that company is no longer engaged principally in issue and sale of securities and affiliation with Cleveland Trust Co. is not violation of Sec. 20 of Banking Act of 1933 Securities and Exchange Commission: Augustus, Godfrey, reply to Mr. Perrott, Director, that there is no objection to his negotiating with, or to the Board releasing, for employment with _MBank directors, officers and appointees, reply to Mr. Curtiss that request for ruling as to applicability of Sec. 17(c) of Public Utilities Act will be deferred pending issuance of regulation Securities Financing company of Cleveland, Ohio, reply to Mr. Saperstein that as company appears to be complying with Regulation T, Board contemplates no action Unissued securities, memo of Mr. Parry submitting letter to Commission re proposed regulations to govern dealings in, amendment to Regulation T re warrants and telegram to FRAgents re latter, memo of Mr. Benedict re, approved Securities companies: First Trust Co., Lincoln, Nebr., affiliate of First National Bank of Lincoln, reply to Mr. McAdams that Sec. 20 of Banking Act of 1933 is not applicable Hackensack Securities Co., reply to Mr. Case that there is no objection to distribution of stock of member banks to shareholders as step toward dissolution of company Kentucky Title Trust Co., Louisville, Ky., securities dealing, request for reconsideration of applicability of Sec. 20 and Sec. 32 of Banking Act of 1933, Board cannot permit sale of real estate bonds up to any specified limit Securities Exchange Act: Haskins and Sells, contract renewed in connection with interpretation of Securities exchange administration: Agent for foreign securities exchange in arranging loan for carrying customers, reply to Mr. Osgood on member of Boston Stock Exchange acting as Agreements filed on Forms T-1 and T-2: Farmers Bank of the State of Delaware, reply to Mr. Post noting that copy of agreement and excerpt from bylaws shows proper execution FRBank of Boston, letter to Mr. Curtiss on irregularities in execution by Stoneham Trust Co. FRBank of Cleveland, attention of Mr. Fletcher called to irregularities or omissions by two banks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/6 "4 10/21 2136 9/2]. 5/ 6 10/14 8/14 2/12 1062 20P*5 1753 424 7/ 5 1° 6/ 5 1319 12/12 271' 0 40 12/30 '9 5/13 11" 5/13 1111 387 Pages Sec Urities exchange administration: (Continued) Agreements filed on Forms T-1 and T-2: (Continued) ERBank of New York, letter to Mr. Case on irregularities or omissions in agreements of a number of banks FRBank of Philadelphia, letter to Mr. Austin callinr, attention to certain irregularities and omissions FRBank of St. Louis, letter to Mr. Wood calling attention to certain omissions and irregularities Omissions and irregularities, reply to Mr. Post that supplemental information obtained places those in 3rd district in satisfactory form Commodity commitments, reply to Mr. Sargent relative to question of Dean Witter and Co. as to whether they may be excluded from designated old account Credit extension to customer on unregistered, nonexempt aecurity for purpose of purchasing additional securities, reply to Salt Lake Stock Exchange Credit extension on unregistered security, reply to Mr. Dredger that broker may not make, for purchase or carrying securities, transaction would include "senior security" by national securities exchange acting for credit Extension of broker in clearance of unregistered securities purchased in bona fide cash transaction, reply to Malcolm C. Brock &•Co. Extension of time for collection of payment for bonds sold by Harold C. brown & Co., Inc., reply to Mr. Brown that as matter has been adjusted sativfactorily, Board action is not necessary Extenaion of time for payment of security bought in bona fide cash transaction, reply to Mr. Peyton on query of Minneapolis-St. Paul Stock Exchange that exchange may grant FRAgent or any assistant 'hAgent at YRBani: of San Irencisco authorized to exercise such powers under Degulation T ES are given to business conduct committees of exchanges "General obli t.ations" as used in Sec. 5136 of Revised Statutes, reply to Mr. Van hooser that Board has not defined, that it has not issued instructions to State member banks on charges for buying and selling securities for customers to claim that brokerage firm of PulliEm and reply Gover, The, Co., Dallas, Texas had defrauded him, that Board has no power to assist in recover;, of losses temporary arrangement to advise Board exSells, end liaskins tended Renewal of arrangement with, by Division of Security Loans for further temporary period http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/18 1173 5/18 1175 5/18 1178 12/30 2898 8/12 17::47 5/21 1193 7/24 1647 8/ 7 1716 12/19 2791 10/ 2 2041 12/21 2612 2/16 483 3/ 7 618 2/26 533 11/11 2346 Fag° 388 Securities exchange administration: (Continued) Interpretations of Regulation T, publication of El/Agents' replies to inquiries, reply to Mr. Case on request for permission to release, that Board prefers to issue, to insure uniformity and outlining procedure therefor Loan value of called bond, reply to Mr. Wood that if it is registered nonexempted security, creditor may not extend more credit than if not called, loan value continues as long as it is not stricken from list of exchange Loan value of Otis Steel Company common stock, reply to Mr. Shannon re maximum "Loans to others than brokers or dealers in securities for purchasing or carrying securities", inclusion of item in revised call report form questioned, statement of Mr. Parry re desire for information in connection with formulation of Regulntion U, item withdrawn Margin requirements on daylight trades of specialists and floor traders, memo from Dr. Parry recommending that earlier recommendation be referred back to staff for presentation to Board later if action should be requested by SEC Period for obtaining margin, reply to Mr. Post on inquiry of Philadelphia Stock ExchanLe re, making reference to rulings 19 and 20 Reply to Mr. Edmands that his letter to Securities end Exchange Commission has been referred to Board's Division of Security Loans which is making study Monthly reports of member firms of national exchanges, extension of, memo of Mr. Parry submitting letters to all FRAgents re, approved "Old account", reply to Mr. Curtiss on question of Mr. Osgood whereby a ,bond sale and subsequent purchase resulting in increase in adjusted debit balance because of difference in interest, would violate Regulation T and on question of considering as "new account" because of increased debit Purchase of number of shares of registered securities equal to number previously sold, reply to Salt Lake Stock Exchange that transaction is not permitted if larger extension of credit is involved than is permitted under Regulation T Regulation fixing margin requirements for loans by banks on equity securities for purchasing or carrying securities registered on national exchanges, question of issuance and amount to be borrowed suggested by Governor Eccles as topic for consideration by officers and directors of FRBanks (See also FRBanks, List of topics) http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/16 934 2/26 53e 10/ 2 2040 11/27 4/ 9 059'41 876 8/22 1767 11/13 10/22 2145'8 3/ 5 7/ 2/ 4 059 :389 Pages Securities exchange administration: (Continued) Reports, memo from Mr. Parry re securing monthly from national securities exchanges on form submitted, letter to Mr. Case re, and memo of Mr. Benedict Extension to all FRDistricts with respect to certain exchanges, memo of Mr. Parry recommending, plans were worked out at staff conference in New York, letters to FRAgents approved Member firms of national securities exchanges, reply to FRBank of St. Louis on necessity of certain, furnishing, which carry no margin accounts Cincinnati Stock Exchange, letter to Mr. Fletcher requesting extension of reporting to member firms of Margin and restricted accounts, telegram to FRAgents requesting supplemental data re Repudiation of order by customer who purchases securities without depositing margin, and refusal of broker to remit profit to such customer, reply to Better Business Bureau of Philadelphia Responsibilities of Board, memo of Mr. Eccles re, read to Conference of Governors, reference to future duties of FRAgents, request for cooperation of governors for time being Mr. Parry believes Regulation T can be simplified and statement re cooperation of FRBanks, brought to governors' attention as a problem they can help solve and arrive at a decision on organization Review by Dr. Goldenweiser of operation of Regulation T on credit in purchasing and carrying securities Responsibilities of Board re enforcement of Regulation T, memo of Dr. Parry re problem, statements of Messrs. Miller and Szymczak re, and re organization, status of FRAgents, Mr. Eccles authorized to discuss with Governors' Conference (See also FRAgents, Status) Restricted accounts, reply to Mr. Case on questions raised as to transferability from one customer to another, suggestion noted as to amendment to Regulation T to permit Restriction of account, reply to Mr. Anderson on inquiry of Mr. Leitch as to effect of certain successive transactions in unrestricted account Sale of registered security from unrestricted account, reply to Mr. Wheeler on inquiry of Wm. Cavalier& Co. that to avoid possibility of restriction occuring before proceeds are available, security may be transferred to special cash account Securities deposited with firm by customer with restricted account, letter from Mr. Post inclosing letter from Parrish and Co., inquiring if they may be handled separately and if incorrectly placed in account error may be corrected http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/26 1805-8 9/20 1972-7 10/31 2232 11/16 2409 11/26 2537 1/23 225 10/24 2170 10/24 2171-2 10/24 2172 10/18 2103-5 3/ 5 590 7/31 1675 5/18 1167 3/15 682 390 pageS Securities exchange administration: (Continued) Securities deposited with firm by customer: (Continued) Counsel's office drafted negative reply, Messrs. Thomas and Hamlin feel that position in alternative draft is desirable although it qualifies' Ruling 35 3/15 682 . under Regulation T, latter draft to be revised 3/27 'rib Letter presented and approved • Securities Financing Company of Cleveland, Ohio, reply to Mr. Saperstein that as company appears to be complying with Regulation T, Board contemplates no ac5/ 6 1062 tion Security Dealers Association of San Francisco, reply to Mr. Sargent on extension of time in cash transactions involving, unregistered, nonexemoted securities, seven day period of maintenance of credit in bona fide cash transaction starts only when title to securities has passed, Interpretation 1/21 198 No. 40 covers other questions Short commitments, margin requirements, reply to Mr. Shannon re regulations governing and re loan value of Otis 2040 Steel Company cannon stock 10/ 2 Short sale of common stock and purchase of preferred stock of same company, reply to Mr. Willett on margin re5/20 1431 quirements Short sales of unregistered, nonexempted security, reply to Mr. Curtiss on Mr. Osgood's inquiry if a broker may 764 make for a customer 3/215 Transfer of securities from unrestricted account to transfer agent for delivery to broker and redelivery to customer, reply to Mr. Wheeler on inquiry of Wm. Cavalier & Co. that even if account has became restricted by time broker receives securities, transaction may be completed 5/18 Unisued securities, memo of Mr. Parry submitting letter to Securities and Exchange Commission re proposed regulations to govern dealings in, amendment to Regulation T re warrants and telegram to FRAgents re latter, memo of Mr. Benedict re, approved Unregistered bond which is convertible into registered security, 19/11reply to suggestion of Mr. Graham that such security be exempted from operation of Regulation 12/19 2791 Securities exchanges: Minneapolis-St. Paul Stock Exchange, extension of time for payment for security bought in bona fide cash transaction, reply to Mr. Peyton on query of Mr. Selover that exchange may grant 10/ P Securities prices, increase in, attention called to, by Mr. James, in connection with consideration of increase in member bank reserve requirements 11/ a 2297 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 391 Pages ities transactions of barks, enforcement of regulation on, memo of Dr. Parry re problem, statements of Messrs. Miller and Szymczak re, and re organization for, question of status of FRAgents in connection with, Mr. Eccles authorized to discuss with Gov10/18 2103-5 ernors' Conference „. (See also FRAgents, Status) "Urity Dealers Association of San Francisco: (See L'ecurities exchange administration) Seely, Mrs. Hilda B., reply on payment of Christmas club accounts be9/25 2005 fore maturity 41Over, H. Paul Minneapolis-St. F.: (See Securities exchanges, Stock Exchange) Sete Committee Investigating the Munitions Industry: (See Committees) Senate Document 310, Minutes of Conference of Board with Federal Advisory Council and Class A directors, reply to Mr. Amos that it is not exact copy of Board's Transcript, and that Board cannot cer12/ 9 2672 tify it as such Reply to Mr. Amos that Board can furnish typed and certified copy of transcript and charts on Bank Credit, Money Rates and Business Activity, and proposed 12/20 2800 cost thereof 111111-non, w. Lane, reply re regulations governing margin on short commitments and re loan value of Otis Steel 10/ 2 2040 Company common stock Shell Union Oil Corporation notes, Bankers' Trust Co. may not hold as "investment securities" or in loan account, but no objection to continued holding as they were acquired prior to passage of Banking Act 9/11 1894 of 1935 iPstead, Senator Henrik: City Market Co., Duluth, reply on consideration giver industrial loan application, and on charge of discrimination, and letter to Mr. Ward re corn9/21 1983-5 plaints as to treatment of Mr. Persha bane° de Mexico, FRBank of New York authorized to earmark silver for, on substantially same terms as govern earmarking of gold Earmarking for National Bank of Nicaragua by FRBank of New York approved POlic3 request by Senator Thomas of Governor Geery for comment on gold standard, bi-metallic standard and managed currency, Board members received similar letters, views on replying, referred to Counsel for determination of Board's jurisdiction http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/31 1677 6/27 1531 9/17 1937-9 392 Pages Small businesses, capital, recommendation of Business Advisory Council of study to determine ways of furnishing, discussion before conference of Chairmen of Industrial Advisory Committees, resolution of latter adopted as amended, suggestion of Mr. James of authority for determining financial 6/25 1478 status Statement of Mr. Szymczak that proposed study is not within province of Board and resolution stating, renewal 6/26 1494 of Mr. James' suggestion, resolution adopted Letter to Chairmen of Industrial Advisory Committees, advising 6/27 155° of resolution Small Industries Committee of the Business Advisory and Planning Council, tables showing industrial advances made by FRBanks in detail, forwarded Bureau of Foreign 4/ 4 and Domestic Commerce for use of Smith, F. B.: (See Loans, Industrial advances, Tames A. Hill Manufacturing Co.) Smith, Kenneth L., Assistant Secretary, Chicago Stock Exchange, memo from Mr. Parry requesting that invitation be extended to, for two or three days to visit and advise with Division of Security Loans on enforcement of Regulation T, and that Board pay travel 669 3/14 and subsistence expenses, approved Smith, T. C.: (See State member banks, Bank of Memphis) Smith, Tom K., appointment of directors of FRBanks and branches, favorable comment on new policy, reported by 204 Governor Eccles 1/23 Smith, Kirkpatrick & Co., Inc., reply to Mr. Nelson on inquiry as to reviving First Federal Foreign Banking Corpora825 tion which is in liquidation 4/ 2 Smyth, F. S.: (See Better Business bureau of Philadelphia) Sobeloff, Simon E., reply that Board cannot furnish any specific data for comparison of banks' investments in banking buildings, in connection with liquidation of 2706 12/11 Baltimore Trust Co. Social Security Act: Applicability to National and State member banks, memo of Mr. Vest re request of Treasury for any comments Board may wish to offer, and recommending that 291° Board offer no comments, approved 12/31 Soldiers bonus, considered in connection with possible action to absorb excess reserves of member banks, at meeting of Board with Federal Open Market Committee 12/18 2767 South Dakota: Branch offices, law passed authorizing establishment without regard to capital requirements, reply to Mr. Peyas9 ton on effect of, on membership and member banks 4/ 8 Reply to Mr. Lillibridge giving views of Board re establishment by State member banks under State statute recently enacted 6/14 1591 Letter to Senator Bulow re 6/11" http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 393 Pages 4elleer, Charles E., Jr.: (See National banks, First National Bank of Boston) 81;1111(3f FRBoard: Chairman's Office: 12/31 Benton, Madeleine E., Stenographer, salary increased 12/31 Clayton, Lawrence, Assistant to Chairman, salary increased Daiger, J. M., Special Assistant to Board: Housing construction, memo of Mr. Eccles re request that he give consideration to means of giving vigorous impetus to, and that he keep in touch with mortgage and housing financing, asking co11/ 8 operation of division heads, approved Quarters, desire to move into newly leased space on sixth floor of lhashington Building, Mr. Thomas authorized to act after conferring with Chair9/16 man Eccles until Jan. 31, Secretary, salary approved Fgbert, VaLois, 12/31 1936 8/29 McLeod, Lucy E., resignation of Ritter, Frederica, transferred from Division of Examinations to, to be stenographer to Mr. Clayton and 11/ 1 salary increased Thurston, Elliott, Special Assistant to Chairman, salary 12/31 increased Changes in, question of procedure raised by Mr. Miller on appointment of Mr. Hersey, Governor requested to submit a suggested plan, outlining relations be3/27 tween Board and staff Memo of Governor Eccles on procedure for handling applications and appointments, statement that he would change procedure so that appointments other than clerical and stenographic, be brought up at Board meetings, to be studied for further 4/27 consideration Suggestion of Governor Eccles that Board members individually study functioning of organization and distribution of duties 4/27 Counsel's Office: Armstrong, Clara B., Stenographer, salary increased 12/31 11/30 Baumann, John C., Assistant Counsel, salary increased Benedict, Frederic P., appointment and salary as Assistant 2/26 Counsel Blamer, Edna M., leave of absence with pay granted because 1/14 of illness Buchanan, Avelyn, temporary appointment and salary for period ending Dec. 31 as stenographer 11/ 5 Carroll, Jeanne, resignation as stenographer 5/18 Chase, G. Howland, Assistant Counsel, salary increased 5/ 1 Cherry, Alfred K., Assistant Counsel, salary increased 5/ 1 Clegg, Hilour L., designation changed to Secretary 5/ 1 Costinett, Grace, salary increased 5/ 1 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2915 2915 2300 1939 2915 1832 2233 2915 768 1001-3 1003 2916 2596 532 110 2250 1163 1026 1026 1028 1026 394 Staff of FRBoard: (Continued) Counsel's Office: (Continued) DeCosta, Mrs. Winnie T.: 6/20 Appointment and salary as stenographer 8/26 Leave of absence with pay granted on account of illness Dreibelbis, T. P., Mr. Wyatt authorized to offer position 11/30 as Assistant General Counsel to, and salary DuBois, T. Delafield, Assistant Counsel: 2/18 Loan from member bank, no objection to his making 11/23 Resignation 5/ 1 Salary increased 5/ 1 Dyas, Mildred W., Law Clerk, salary increased Dyer, Sara A., salary increased and designation changed to 5/ 1 Chief Stenographer Entriken, Everett, Law Clerk: 12/31 Salary increased Transferred from Division of Research and Statistics and designation changed from Library Clerk to 4/16 Law Clerk Gallagher, Mrs. Nadine: Leave of absence, additional granted with pay, on am-flint 11/ 8 of illness Transfer from Division of Examinations as stenographer 7/ 5 with no change in salary Goepfert, Mabel, salary increased and designation changed to 5/ 1 Secretary 5/ 1 Herring, Allene, salary increased 6/18 Hill, Richard A., appointment and salary as stenographer 5/ 1 Hooff,Wilson L., Law Clerk, salary increased Hunley, John M-, Messenger, transferred from Secretary's 5/ 1 Office to Nadia, S. Anne, Secretary, salary increased and designa12/31 tion changed to 12/31 McDonnell, Mary, Stenographer, salary increased McKenna, Marcella Grace: 3/13 Appointment and salary as stenographer 6/14 Resignation as stenographer Morgan, Mary A., temporary appointment and salary for three 7/12 months as stenographer Temporary appointmentment as stenographer made per9/26 manent and salary Offutt, James R., Stenographer-clerk, no objection to transfer to Bureau of Customs of Treasury, name to be 1/29 stricken from payroll as of date of transfer Organization, memo of Mr. Wyatt requesting authority to enploy Mr. Dreibelbis as Assistant General Counsel, promote Messrs. Solomon and Seitz and increase salaries of Messrs. Solomon, Owens and Baumann, to strengthen and encourage staff, approved 11/ http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis pages 1425 1797 2595 480 240 1026 1026 1026-6 2916 927 2005 1572 1026-6 1026 1410 1026 1029 2916 2916 2010 260 9 395 Pages Sterf of FRBoard: (Continued) Counsel's Office: (Continued) Owens, J. T., Assistant Counsel: Leave of absence, memo from Mr. Wyatt recommending, in excess of normal leave for employee who has served between six months and two years, approved Salary increased Pendleton, Kathleen: Leave on account of illness, additional granted Salary increased and designation changed to Secretary Rivers, Mrs. Helen H., temporary appointment and salary as stenographer M., temporary appointment and salary as Genevieve Schmidt, stenographer for period ending Dec. 31 Seitz, S. E., Law Clerk: Appointment as Assistant Counsel Salary increased Solomon, Frederic, Law Clerk, appointed Assistant Counsel and salary increased Vest, George B., Assistant Counsel, designation changed to Assistant General Counsel Wingfield, B. Magruder, Assistant Counsel, designation changed to Assistant General Counsel Wisner, Margaret: Designation changed to Secretary Resignation Sick leave, granted additional 37 days with pay Wyatt, Walter, General Counsel: Legislative program affecting /RSystem report of Governor Eccles that he is working with representatives of Comptroller's Office and Treasury to reconcile any differences Division of Bank Operations: Anderson, Eleanor K., File Clerk, salary increased Salary increased Baldwin, William N., granted sick leave with pay Barnett, Jewell, salary increased Salary increased Barton, Edgar B., temporary appointment and salary as file clerk, subject to passing physical examination Temporary appointment extended for period not to exceed six months Brown, Tressa: Appointment and salary as stenographer, to replace Mrs. Earnshaw, resigned Leave granted with pay, even though not all earned Salary increased Bryan, Evelyn, salary increased http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/1 11/30 801 2596 11/22 2467 5/ 1 1026-8 11/ 8 2304 11/ 1 2233 11/30 5/ 1 2596 1026 11/30 2595-6 5/ 1 1028 5/ 1 1028 5/ 1 9/16 8/ 7 1028 1923 1708 1/23 217 4/12 12/31 1/7 4/12 12/31 912 2918 54 912 2918 2/25 521 8/12 1727 5/22 1221 7/29 1662 12/31 2918 912 4/12 pages 396 Staff of .H/Board: (Continued) Division of Bank Operations: (Continued) Chapin, Emma L.: Leave on account of illness, granted additional 30 days Granted additional 30 days on account of illness, recommendation to be submitted later in case of eligibility for retirement on account of disability Retirement, recommendation of Mr. Smead that she be recommended for, as of Jan. 1, 1936 and that she be continued on sick leave with pay approved Sick leave, granted additional 30 days for 1935 Crews, Esther G.: Appointment and salary as file clerk Salary increased Devereux, Mrs. Flora S., granted sick leave with pay Additional leave granted Dorsey, W. B., suspended without pay for one month because of reporting for duty under influence of intoxicants, Mr. Miller feels he should be dismissed, case of Mr. Tanner reviewed Earnshaw, Mrs. Frances C.: Resignation as stenographer, Miss Brown appointed to replace Salary increased Evans, Louise E., salary increased Farrell, John R., ERBank Clerk, salary increased Salary increased Finn, B. J., resignation as part time employee on night force of Gold Settlement Fund Goheen, Loretta M., additional leave granted with pay on account of illness Further extension of sick leave with pay Heiner, Sybil E., Stenographer, salary increased Hammond, C. B., Technical Assistant, salary increased Horbett, J. E., Principal Assistant: Designation changed to Assistant Chief Salary increased Tacquot, Mrs. Ruth D.: Leave with pay granted on account of illness until Nov. 27, temporary employee Temporary appointment and salary as comptameter operator Extension of temporary appointment Further extension of temporary appointment until Dec. 31, no change in salary Jenkins, F. H., resignation as part time employee on night force of Gold Settlement Fund Jones, Marjorie F., Member bank clerk, salary increased Kennedy, David M., Member bank clerk, salary increased Salary increased http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/13 1910 10/31 2229 11/20 7/ 8 206 1564 516 2916 1/31 12/31 1/ 7 10/14 2082 2/13 49 54 5/22 1221,; 5/ 1 102' 4/12 912 5/ 1 1027 12/31 2917 9/ 4 1865 552 2/26 1 4/ 1 12/31 2918 912 4/12 5/ 1 12/31 11/30 lood 291' 260 2/11 110 5/11 160 1865 2911 100 2911 397 Pages St4fr of FRBoard: (Continued) Division of Bank Operations: (Continued) Kroh, Margaret M., Camptometer Operator, salary increased Lawrence, Evelyn M., Stenographer, salary increased Matthews, Mrs. Evelyn Mae, appointment and salary es stenographer, is at present member of Retirement System as employee of RBank of Philadelphia McLelland, Mrs. Beatrice S., appointment and salary as canptometer operator Myrick, L. S.: Conference on functional expense reports, to be requested to attend at Cleveland on Feb. 18 Functional expense reports, authorized to visit banks, possibly with an assistant, in connection with Salary increased Salary increased Porter, J. H., transferred to, from Division of Examinations, designated Examiner and salary Sherfy, Robert E., salary increased Skinner, Carl M., Messenger, transferred to, from Secretary's Office Smead, E. L., Chief: Standard forms of condition reports, earnings and dividend reports, etc., designated to cooperate with National Association of Bank Auditors and Comptrollers to develop Unification of report forms, designated to cooperate with Committee on Unification of the Reserve City Bankers Association Stone, Harry B., salary increased Stutler, Oscar S., resignation as part time employee on night force of Gold Settlement Fund Tindall, Evelyn: Resignation as comptameter operator Salary increased Walker, F. A., salary increased Wallace, William D.: Resignation Salary increased Watt, Dora A., Camptometer Operator, salary increased Salary increased Weihe, Laura, salary increased Williams, Arthur Clarence: Appointment and salary as messenger Salary increased Wright, Zelphe Mae, salary increased Salary increased http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/31 12/31 2918 2918 4/29 1006 12/30 2896 2/6 375 11/ 9 4/12 12/31 2329 912 2917 12/31 5/ 1 2905 1027 5/ 1 1029 5/14 1133 5/14 1134 5/ 1 1027 9/ 4 1865 12/ 3 2607 912 4/12 5/ 1 1027 7/31 1672 912 4/12 4/12 912 12/31 2918 912 4/12 8/ 5 12/31 4/12 12/31 1688 2918 912 2918 398 page Staff of FRBoard: (Continued) Division of Examinations: Augustus, Godfrey, reply to Director Perrott of S.E.C. that there is no objection to negotiating with, or Board releasing, for employment with Commission 10/21 2156 2234 Resignation of 11/ 1 Berry, Benjamin, Messenger, transferred from Secretary's ! Office to 5/ 1 102 Boysen, J. T., Assistant Examiner (Field), salary increased 12/31 291, Brien, E. L., Examiner, salary approved 5/ 1 1027 Brown, A. B., salary increased 4/12 912 Brown, S. L., Assistant Examiner, salary increased 4/12 912 Buck, Earl E., Assistant Examiner, salary increased and 1027-9 designation changed to FRExaminer 5/ 1 Cagle, C. E., Examiner: Salary increased and designated Assistant Chief 5/ 1 1026-8 2916 Salary increased 12/31 Witness in case of H. B. Macklin v Federal Intermediate Credit Bank of Columbia, reply to Fella Credit Administration agreeing to permit attendance as 4/29 1022 Reply to Mr. Evans letter that expenses will be reimbursed 5/11 1107 Chamberlin, R. B., Examiner, salary increased 5/ 1 1026 Salary increased 12/31 2916 Conkling, G. M., Examiner, designation changed from Assistant ! Examiner to 12/31 291 291' Cook, Rachel, Stenographer, salary increased 12/31 Cooke, Robert W., Assistant Examiner, headquarters changed from Washington to Chicago 5/25 12,26 Connell, J. J., Assistant Examiner, salary increased 4/12 912 Crays, D. L., Examiner, salary increased 5/ 1 1026 Salary increased 12/31 1026 Crosby, J. B., Examiner, salary increased 5/ 1 Daniels, M. B., Assistant Examiner, salary increased 5/ 1 3.021 Dougal, W. D., Examiner, salary increased 5/ 1 1021 912 English, T. Assistant Examiner, salary increased 4/12 Folsom, George H., Assistant Examiner: Railroad financial investigation, request of Mr. Lowenthal for loan of services of, to aid Senate Interstate Commerce Committee in, to be ac' 2 ceded to 8/21 17% 179" Letter to Mr. Lowenthal re 8/26 1027 Salary increased 5/ 1 Salary to be transferred to general budget of Board while serving Senate Committee on Interstate Commerce 12/31 2911 Franzoni, John C., Assistant Examiner (Field), salary increased 12/31 G-allagher, Mrs. Nadine L., Clerk, transfer to Counsel's Office as stenographer with no change in salary 7/ 5 15721„ 102 Goodman, G. M., Examiner, salary increased 5/ 1 Salary increased 12/31 2911 291' 2911 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 399 Pages StEtff of FRBoard: (Continued) Division of Examinations: (Continued) Goshorn, Marion, Stenographer, salary increased Salary increased Griffin, Elizabeth B., resignation as stenographer Hagler, H. H., Assistant Examiner, salary increased Highfield, C. R., Assistant Examiner, salary increased Hopkins, Julia B., salary increased and designated Assistant IRExaminer Salary increased Hostrup, C. C., Examiner, salary increased Salary increased Howard, T. P., Assistant Examiner, salary increased Huyett, Ernest E., resignation as temporary stenographer Kearney, Helene, Stenographer, salary increased Kidwell, Alice E., salary increased King, Herman C., Assistant Examiner, resignation accepted Koppang, H. 0., Examiner, salary increased Salary increased Lamb, Ruth, salary increased Lanston, Marjorie B., resignation as stenographer Lee, A. W., Assistant Examiner, salary increased Leonard, R. F., Examiner, salary increased and designated Assistant Chief increased Salary Lindquist, A. G., Assistant Examiner: Designation changed to AiExaminer Resignation accepted Malone, Charles T., Examiner: Railroad investigation by Senate Committee on Interstate Commerce, services of, assigned to, reply to Mr. Lowenthal Salary to be transferred to general budget of Board while serving Senate Committee on Interstate Commerce Mann, W. T., Assistant FRExaminer, resignation accepted Massey, E. R., transferred to field force and appointed Assistant Examiner Mathews, Beverly, Stenographer, salary increased Maynard, Marguerite C., salary increased Salary increased McClelland, W. J., Assistant Examiner, salary increased and designation changed to FRExaminer Salary increased Millard, E. R., Examiner, salary increased Salary increased Murff, G. R., Assistant Examiner, salary increased Myers, E. S., salary increased Nelson, F. A., Examiner, salary increased Newcome, Elynr, salary increased Salary increased http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/12 12/31 10/ 8 4/12 4/12 912 2917 2054 912 912 5/ 1 1027-9 12/31 2917 5/ 1 1027 12/31 2916 912 4/12 33 1/ 4 12/31 2917 912 4/12 611 3/ 7 5/ 1 1026 12/31 2916 912 4/12 9/11 1893 912 4/12 5/ 1 12/31 1026-8 2916 5/ 1 5/29 1029 1265 12/17 2735 12/31 1/ 8 2917 65 33 1/ 4 2917 12/31 5/ 1 1027 12/31 2917 5/ 1 12/31 5/ 1 12/31 4/12 5/ 1 5/ 1 4/12 12/31 1027-9 2917 1027 2917 912 1027 1027 912 2917 400 pages Staff of FRBoard: (Continued) Division of Examinations: (Continued) Newman, Harold J., Assistant Examiner: Extension of sick leave 5/ 8 109 Salary increased 4/12 912 O'Brien, Bernice, File Clerk, salary increased 12/31 2917 O'Donnell, T. B., Assistant Examiner, salary increased 4/12 912 Piper, Robert, Messenger, transferred from Secretary's Office to 5/ 1 1029 Pollard, W. B., Examiner, salary increased 5/ 1 1027 Salary increased 12/31 2916 Porter, J. H., Assistant Examiner, transfer to Division of Bank Operations, designated Examiner and salary 12/31 2915 Porter, Nancy, salary increased 4/12 912 Quinn, Dorothy E., salary increased 4/12 912 Radford, J. R., Tr., Assistant Examiner, salary increased ' 9 and designation changed to FRExaminer 5/ 1 1021 Ringen, George, Assistant Examiner, transfer from road to office force and headquarters changed to Washing505 ton from St. Louis 2/21 Ritter, Frederica, Stenographer, transferred to Office of Chairman, as stenographer to Mr. Clayton and salary increased 11/ 1 22, 3 , 5 Root, Rose D., Chief File Clerk, salary increased 4/12 Salary increased 12/31 291., Scott, A. Frances, Stenographer, salary increased 12/31 2911 Sheafe, E. A., salary increased 5/ 1 1°21 Simms, R. N., Messenger: Extension for year of service under Retirement System re557 quested 2/28 029 I Transfer from Secretary's Office to 5/ 1 Skees, L. E., salary increased and designation changed to ' 9 FRExaminer 5/ 1 1027 Snow, R. Thornton, Assistant Examiner: Headquarters changed from Washington to Salt Lake City 5/22 1221 Transfer from office to field force, appointment and salary as assistant FRExaminer 2/14 453912 Stone, Harold F., salary increased 4/12 Strahorn, C. A., Assistant Examiner: Leave, additional, with pay granted because regular leave was used up and no work after Dec. 21, 1935271! 12/13 911 Salary increased 12/31 291,2 Troup, F. W., Assistant Examiner, salary increased 4/12 Turnbull, J. A., Assistant Examiner, salary increased 4/12 912 Wilkes, M. R., Examiner, salary increased 5/ 1 1026 Winkler, P. J., Assistant Examiner, salary increased and designation changed to FRExaminer 5/ 1 1021:9 Salary increased 12/31 291' Wishart, E. J., Assistant Examiner, salary increased 4/12 912 Division of Issue and Redemption: Brinker, Mrs. Henrietta T., recommendation to Retirement System of extension of service 6/27 1522 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 401 Pages 411er of FRBoard: (Continued) Division of Issue and Redemption: (Continued) Burchard, Addle K., extension of service for year under Re2/28 tirement System requested Copeland, L. G., Chief, extension of service for year under 2/28 Retirement System requested Expenses of, Mr. Wyatt requested to study plan whereby Comptroller might be reimbursed for cost of service and Board relieved of carrying employees of, on 12/31 its payrolls salary as money counter 6/ 4 and Theresa, appointment Mrs. Mennel, Quesenberry, Caroline B., extension of service for year 2/28 under Retirement System requested Snead, Susan U., extension of service for year under Retire2/28 ment System requested Soule, Mary L., extension of service for year under Retire2/28 ment System requested 4/12 Williams, Maude, salary increased Division of Research and Statistics: 4/12 Barton, Hubert, Research Assistant, salary increased 12/31 Salary increased 12/31 Bergelin, John 0., Research Assistant, salary increased 12/31 Blattner, George W., Research Assistant, salary increased 4/12 Borruat, Ella W., salary increased Burgess, Caroline, Library Clerk: 12/31 Salary increased 2/ 4 Temporary appointment and salary as clerk Appointment made permanent and salary to remain 5/ 6 same Y., temporary appointment and salary for Carson, William 4/ 1 work in connection with pending legislation 7/10 Coffey, Lyndall Hester, appointment and salary as clerk increased 4/12 Raymond, salary Collier, 12/31 Salary increased Conklin, Maxwell R.: Appointment and salary as Junior Research Assistant, now member of staff of ERBank of San Francisco 4/17 12/31 Salary increased Crim, Lois: Appointment as stenographer, extension for three months of temporary 1/18 3/21 Appointment made permanent with no change in salary Leave on account of illness, granted additioral, with pay 9/ 3 12/31 Salary increased Currie, L. B., Assistant Director, deposits, study of, present at meeting of Board with Federal Advisory Council and outline of reasons for desir11/21 ing to make http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 557 557 2919 1291 557 557 557 913 913 2918 2918 2918 913 2918 359 1053 800 1589 913 2918 943 2918 173 717 1852 2918 2439-41 402 page' Staff of FRBoard: (Continued) Division of Research and Statistics: (Continued) Drury, Horace Featherstone, temporary appointment and salary until completion of inventory of material in storeroan17 97 8/26 Month-to-month appointment placed on half-time basis and 9/20 1956 corresponding decrease in compensation Dunlap, Anita, temporary appointment and salary as comptameter operator 2/25 521 Ellis, Margaret I., salary increased 5/ 1 1021 Entriken, S. Everett, Library Clerk, transferred to Counsel's Office and designation changed to Law Clerk 4/16 0 Evans, Ethel L., temporary appointment and salary as clerk 4/ 9 819 Thployment made permanent with no change in salary 6/24 1456 Salary increased 12/31 2916 Ewin, Neva, temporary appointment and salary as stenographer 2/18 411 Appointment made permanent and salary 4/ 2 Gardner, Walter R., Research Assistant, salary increased 12/31 2916 Garfield, Frank R., Research Assistant, salary increased 5/ 1 Goldenweiser, E. A., Chief: Business and credit conditions, statement begun at meeting of Board, leading to discussion of production and distribution of automobiles 5/25 3-224 Business situation, review before meeting with Conference of Governors 10/24 2112 Credit situation, analysis of, and outline of five courses open to Board in connection with excess reserves 12/17 2729 Federal Advisory Council, attendance at preliminary meeting of, question raised as to propriety, no change to be made in procedure 11/20 Statement before Federal Advisory Council, on Federal reserve credit, holdings of governments and factors entering into excess reserves situation 11/21 2451-e Statement on excess reserves of member banks, their relation to changes in discount rates and reserve requirements and bearing on earnings of FRBanks, meeting to be held Saturday to hear statement 5/22 12e Time for statement left for later determination ' 1 5/25 122 Statement made 5/28 1254 Granwell, Helen R., Draftsman, salary increased 12/31 2918 Hamill, Caroline, salary increased 4/12 913 Salary increased 12/31 29113 Hersey, Arthur Baird: Appointment and salary as Junior Research Assistant, Mr. Miller raises question of procedure as to changes 70 in staff of Board, appointment approved 3/27 Salary increased 2919 12/31 93 Jones, Ruth, salary increased 4/12 Salary increased 2915 12/31 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 403 Pages stetr of FRBoard: (Continued) Division of Research and Statistics: (Continued) Kline, William A,: Leave of absence on account of illness granted Salary increased Litchfield, Mrs. Susan Burr, appointment and salary as Research Assistant Longstreet, Victor M., Research Assistant, salary increased Salary increased Maroney, Mary M., Statistical Clerk, salary increased Salary increased Martz, Jean G.: Appointment, temporary made permanent, no change in salary Salary increased Morse, Chandler, Junior Research Assistant, transfer from FRBank of New York with no change in salary Appointment was approved by Board June 14, to became effective Sept. 1, and to be reimbursed for trip from New York to Washington on Board's business Moss, Joyce W., salary increased Myer, Eleanor, Secretary, salary increased Nergard, Miss Mavis B.: Appointment, temporary, and salary as clerk Appointment made permanent and salary Salary increased Olmstead, Helen G.: Appointment, probationary, and salary as stenographer Salary increased Perry, Katharyne, salary increased Salary increased Porter, Ruth B,, resignation, granted 30 days' leave with pay Rackstraw, Elsie, Librarian, salary increased Riefler, Winfield W., resignation accepted Robinson, Harvey, salary increased Robinson. Roland I., Research Assistant, salary increase approved Rott, Neva E., Stenographer, salary increased Ruch, Edith B., salary increased Sanderson, Alexander Graham, Jr., temporary appointment and salary for three months as clerical assistant Seals, Mrs. Constance, temporary appointment as Clerk made permanent, no change in salary Sissman, Louise C., salary increased Smith, Jesse, Messenger, salary increased Sutherland, Alvern H., Assistant Librarian, salary increased Sutton, Blanche, Statistical Clerk, salary increased Tappy, Mrs. Elizabeth Player, appointment and salary as clerk Trescott, Charles G., Messenger, transferred from Secretary's Office to http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/12 4/12 422 913 13 1/ 3 5/ 1 1027 12/31 2918 913 4/12 12/31 2918 3/ 7 12/31 610 2918 6//4 1390 8/28 1810 913 4/12 12/31 2918 1/14 4/ 2 12/31 116 819 2918 4/ 2 12/31 4/12 12/31 820 2918 913 2918 717 3/21 5/ 1 1027 471 2/18 913 4/12 12/31 12/31 4/12 2918 2918 913 6/14 1389 5/21 5/ 1 12/31 5/ 1 12/31 1185 1027 2918 1027 2918 10/26 2196 5/ 1 1029 404 Staff of FRBoard: (Continued) Division of Research and Statistics: (Continued) 4/12 Van Brakle, Charles R., appointment and salary as messenger Wenger, Jane, appointment and salary for temporary period as 1/12 clerk 10/28 Temporary appointment for three months and salary White, Mrs. Mary: Leave of absence on account of illness granted with pay 2/13 for additional period 4/12 increased Salary Division of Security Loans: 12/31 Bradley, Philip E., Assistant Chief, salary increased Branic, Otto H., Messenger: 12/31 Salary increased 5/ 1 Transfer from Secretary's Office to Dembitz, Lewis N.: Railroad financial investigation, request of Mr. Lowenthal for loan of services of, to aid Senate Interstate Commerce Committee in, Board cannot 8/21 spare services 8/26 Letter to Mr. Lowenthal re 4/12 Salary increased 12/31 Salary increased Grinioff, Vladmir B., appointment and salary as Research 12/ 4 Assistant Ball, Catherine A.: 1/ 4 Appointment and salary as Secretary to Assistant Chief 12/31 Salary increased 11/12 Title changed from Secretary to Statistical Clerk O'Hare, Florence C., salary increased 4/12 12/31 Salary increased Parry, Carl E., Chief: 12/31 Salary increased Securities Exchange Act, memo re enforcement of regula10/18 tions issued under Schmidt, Catherine Louise, appointment and salary as Secretary 11/12 Smith, Kenneth L., authority granted to pay expenses for visit to Washington for two or three days to advise with Division re enforcement of Regula3/14 tion T Smith, Milton C., recommendation of Mr. Parry that he came to work in Division March 16-April 15, from FRBank of Cleveland, compensation and expenses to be paid by Board, approved 3/13 Extension of temporary assignment to Division to May 15 4/16 Examining Physician: Barr, Dr. E. 0., advice that he will take vacation during Slily and recommending Dr. Chadwick for any examinations of employees during absence, approved 6/26 Chadwick, Dr. D.C., Board approves recommendation of Dr. be= that he make any physical examinations necessary 6/26 for Board during latter's absence on vacation http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis pageS 915 96 2202 442 915 2918 2918 1029 170 : 4 119d 91 29 261 34 29 205° 91.) 20 20 210 2 9 929 1491 1497 405 Pages Stlatf of FRBoard: (Continued) Fiscal Agent's Office: Foulk, Oliver E., Fiscal Agent, premium on bond assumed by 5/ 1 Board bond on premium Agent, Fiscal Deputy E., Josephine Lally, 5/ 1 assumed by Board Messengers: 2/15 Pinn, William, appointment and salary Nurse, suggestion of Mr. O'Connor that she be placed on his payroll and Board to pay half her salary, Board 6/29 willing to pay t600 of her salary (Miss Coombs) Office of Mr. Daiger: Morgan, Maxine, transferred to Board Members' personnel and 12/31 salary increased Office of Governor: Adams B. P.: Temporary appointment and salary to prepare review of work done in connection with industrial advances, method of appointment and setting up of public relations staff opposed by Mr. Miller, appointment approved, to work at FRBank of New York and 5/11 under direction of Mr. Thurston 6/29 to given Assistant Title of Technical 6/29 increased salary E., Benton, Madeleine 4/12 increased salary L., Brissenden, Sarah Daiger, J. M., proposed assistance in development of Federal Housing Administration activities, made per8/23 manent employee Edmiston, H. H., Economic Assistant, transfer to Division of Research and Statistics proposed by Governor 5/ 6 Eccles in event of employment of Mr. Thurston Transfer to Division of Research and Statistics which Governor Eccles had suggested referred to, Dr. 5/17 Goldenweiser agreeable, salary to be decreased Statement of Mr. Miller opposing placing of a man in a position for administrative considerations, ac5/17 tion deferred Transfer to Division of Research and Statistics brought up by Governor Eccles with outline of qualifications, Dr. Goldenweiser's views, objections of 6/12 Mr. Miller Suggestion of Mr. O'Connor for temporary transfer, Mr. Hamlin's motion that transfer be approved, carried, Messrs. Szymczak and O'Connor not voting, explanation of voting, motion of Mr. Hamlin 6/12 for unanimous approval, same voting 4/12 increased salary E., McLeod, Lucy http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1028 1028 464 1548 2916 1101 1546 1547 911 1791-3 1048 1154 1154 1352-5 1356-8 911 pages 406 Staff of RBoard: (Continued) Office of Governor: (Continued) Thurston, Elliott L.: Appointment as publicity man, recommendation of, Mr. Stern to employ if released by Board, proposed salary and duties, opposition of Mr. Miller and views of other Board members, employment authorized as Special Assistant to Governor Appointment and salary Functions explained in letter to Governor Schaller Office of Mr. Hamlin: Nagle, Mrs. Margaret L., Secretary, salary approved until Jan. 31, 1936 Office of Mr. James: Bradley, C. S., Secretary, salary approved until Jan. 31, 1936 Office of Mr. Miller: Ficks, L. G., Secretary, salary approved until Jan. 31, 1936 Office of Mr. Szymczak: Stone, A. M., Secretary, salary, increased for January, approved only until Jan. 31, 1936 Taylor, Victrin M.: Salary increased Transfer from Secretary's Office to Office of Mr. Thomas: Farrar, Margaret E., Secretary, salary approved until Jan. 31, 1936 Public relations man: Review by Governor Eccles of consideration given to employment of, and recommendation of Mr. Thurston, not desirous of dispensing with services of Mr. Daiger before adjournment of Congress, Mr. Stern will employ Mr. Thurston if released by Board (See also supra Governor's Office, Thurston) Opposition of Mr. Miller to publicity work, views of other Board members Retirement System: Review by Executive Committee of persons eligible for retirement, agreed not to recommend retirement for any at present 3alaries: Policy to be followed in preparation of budget for 1936, policy for FRBanks suggested, draft of letter to division heads re Recommendation of Governor Eccles for approval of budget and increases, reference of Mr. Miller to requirement of bylaws that Executive Committee prepare budget, referred to Executive Committee for review http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/ 6 1047 ,/ 8 1019 8/19 17v 12/31 2916 12/31 12/31 2915 12/31 2915 4/12 5/1 1029 911 12/31 2915 5/ 6 1041 5/ 6 1050 12/31 2919 11/30 2591 4/11 086 407 1 Pages Stall' of FRBoard: (Continued) Salaries: (Continued) Report of Mr. Thomas that he and Mr. James generally concurred that increases below $2000 should be approved, except that he thought special circum4/12 stances might be considered exfor Statement of Mr. James, and on approving increases aminers, statement of Governor Eccles and on salaries paid Messrs. Gidney, Sheehan and Roberts 4/12 Statement of Mr. Miller that some salaries should be decreased and that Board members should became acquainted with members of staff, suggestion of Mr. Szymczak that heads of divisions be af4/12 forded opportunity to be heard approved, committee of by majority recommended Increases and others referred back to committee for oppor4/12 tunity for division heads to be heard be Board of member another that Eccles Governor Request of substituted for him on Executive Committee to 4/12 consider adjustments, Mr. Szymczak appointed more or $5,000 receiving employees and officers Salaries of per annum, opposition of Mr. Thomas to proposed reply to request from Senator Burke for information, to be sent and information to be printed 5/18 In annual report from now on 5/29 Letter to Senator Burke inclosing information Secretary's Office: Assistant Secretaries, authorized to sign checks, vouchers, 8/15 etc., in each other's absence 4/12 Atkins, Claire C., salary increased 4/19 stenographer as salary Benton, Madeline E., appointment and Berry, Benjamin D., Messenger: 4/12 Salary increased 1 5/ Examinations Transfer to Division of 1 5/ increased salary Secretary, Bethea, L. P., Assistant Branic, Otto H., Messenger: 4/12 Salary increased 5/ 1 Loans Security of Division Transfer to 4/12 increased salary C., Brennan, John Salary increased and designated Secretary to Mr. Bethea 12/31 4/12 Burke, Catherine M., Telephone Operator, salary increased 5/ 1 increased salary Secretary, Assistant R., S. Carpenter, F.: John Cassil, 3/1 Appointment and salary as file clerk 12/31 Salary increased 5/ 1 Coe, Madison P., salary increased 4/12 Costello, John M., salary increased 5/ 1 Dodd, Yvonne, salary increased 4/12 Drake, William H., Messenger, salary increased 12/31 Salary increased 12/31 Dyson, Nelson S., Mimeograph Operator, salary increased http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 907 907-9 910 911 913 1160-2 1278 1760 911 953 911 1029 1026 912 1029 911 2916 911 1026 558 2916 1026 911 1026 912 2916 2916 pages 408 Staff of FRBoard: (Continued) Secretary's Office: (Continued) Fitzgerald, Mrs. Frances S., salary increased and designation 5/ 1 1°26-8 changed to Senior Clerk 12/31 2916 Fletcher, W. T., Mimeograph Operator, salary increased 12/31 Foster, Mildred, Stenographer, salary increased Frost, Frederick L., Messenger, salary increased 4/12 912 Salary increased 12/31 21916 Fulwiler, Lucy E., appointment and salary as stenographer 1290 for three months' period 6/ 4 8/12 1721 Temporary appointment extended for three months' period Appointment made permanent, as stenographer, and salary approved 11/20 20 Grimes, Frank H., Jr., salary increased 4/12 9/1 Haworth, Margaret G., salary increased 4/12 911 Salary increased 12/ /31 gL359 Bunley, John H., Messenger, transferred to Counsel's Office Johnson, Gordon P., Messenger, salary increased 4/12 9/1 Salary increased 12/31 2916 Kellogg, Scott D., salary increased 4/12 911 Kidwell, Warren, salary increased 4/12 911 Kiley, John N., Jr., salary increased 4/12 911 5/ 1 1026 Kilgore, J. Edward, salary increased Krieger, D. Jeanne, salary increased 4/12 911 5/ 1 1026 McDowell, Henry, Chief Messenger, salary increased Morgan, Maxine, salary increased and transferred to Board n 6 Members' personnel 12/31' a Noell, J. O., Assistant Secretary: Community Chest, designated to serve as Board's representative 9/23 1988 Designated to act as representative of Board in connection with program of Procurement Division of Treasury relating to procurement, warehousing and distribution of canuodities 6/ Peregory, Walter L.: 911 Salary increased 4/12 0016 Salary increased 12/3 6/1: Transfer from Telegraph Office to become Supply Clerk and salary increased 2916 Pinn, William, Messenger, salary increased 15 2/ /31 109 Piper, Robert, Messenger, transferred to Division of Examinations 861. Ramisch, Helen, appointment and salary as stenographer 4/ 8 Failure to pass satisfactory physical examination 4/19 Simms, R. N., Messenger, transferred to Division of Examinetions 5/ 1 1029 Skinner, Carl M., Messenger, transferred to Division of Bank 1029 Operations 5/ 1 912 Smith, Jesse D., Messenger, salary increased 4/12 1026 Stewart, Mrs. Phyllis E., salary increased 5/ 1 109 Taylor, Victrin M., transferred to Mr. Szymczak's office 5/ 1 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 409 Pages 8tat1 of FRBoard: (Continued) Secretary's Office: (Continued) Thomason, Mrs. Louise: 2/ 1 Appointment and salary as typist 12/31 Salary increased Thompson, R. K., salary increased and designation changed 5/ 1 to General Assistant 12/31 Salary increased Trescott, Charles G., Messenger: 4/12 Salary increased 1 5/ Statistics and Research of Transfer to Division 12/31 increased salary Operator, Mimeograph Truehart, Lynwood, Twomey, R. C., transferred from Supply Clerk to supervise mail, mimeograph work and messengers in Shore6/14 ham Building, replaced by Mr. Peregory 12/31 increased salary Messenger, Van Brakle, Raymond, Walters, Alvin C., salary increased and designation changed 5/ 1 to Secretary 4/12 increased salary Messenger, Sidney, Washington, 12/31 Salary increased 4/12 Watkins, F. L., salary increased 12/31 Salary increased 4/12 Wilkes, Mrs. Anne B., salary increased Special Assistant to Board: Daiger, J. M.: Leave on account of illness, recommendation of Governor Eccles that as soon as he has acclimulated sufficient annual leave he be paid salary which he would have received if he had not been ill, ap5/14 proved payof question of illness, period for paid Salary not ment raised by Mr. Hamlin, referred to Gover1/ 9 nor with power adjournment to prior with dispensed be to not Services of Congress, understanding that he will work under Mr. Thurston, question raised as to em5/ 6 ployment on permanent basis Stevens, Jeanne, temporary employment and salary for reviewing newspaper clippings and preparing 2/18 digest of comment Wise, Hattie M., appointment and salary as Secretary to Mr. 2/18 Daiger Superintendent of Construction: Kremer, Fred M., temporary appointment and salary as, trans12/ 5 ferred from Procurement Division of Treasury Telegraph Office: Anderson, E. F., Operator, extension of sick leave with 5/11 pay 5/ 1 increased salary Operator, Buckley, T. N., basis time full on placed be to Operator, H., Cooley, L. June 16 - August 31, and temporary operator to be employed on part time basis to take care of 5/18 vacations http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 331 2916 1026-8 2915 911 1029 2916 1389 2916 1026 912 2916 911 2916 911 1128 83 1047 472 471 2630 1103 1028 1163 410 Staff of FRBoard: (Continued) Telegraph Office: (Continued) Costello, John M., Messenger, salary increased 4/12 Salary increased 12/31 Crowder, Joseph S.: Employment and salary as temporary messenger 6/29 Resignation 9/ 7 Heher, I. H., Operator, salary increased 5/ 1 Kidwell, Warren, Messenger, salary increased 4/12 Mooney, J. I., Chief Operator, extension of service under Retirement rules, reply to Mr. Preston that Board desires him to request 1/14 Mulranen, E. T., Operator, salary increased 5/ 1 Norris, C. L., operator, placed on full time basis and salary, to continue until return of either one of two operators now extraordinarily absent 7/22 Operator: Employment of one on temporary basis at stated salary for period June 16 - August 31, to take care of vacations 5/18 Replacement of Morse, by teletype, considered 5/ 8 Ott, R. M., Operator, salary increased 5/1. Peregory, Walter L., Messenger: Salary increased 4/12 Transfer to Secretary's Office and made Supply Clerk, salary increased 6/14 Temporary employees: Retirement system, memo of Mr. Carpenter recommending procedure for induction into 3/7 Starley, R. F., State Bank Commissioner of Utah: Walker Bank and Trust Company of Salt Lake City, proposed retirement of debentures referred to Mr. Sargent and advice to 12/11 State banking authorities, trust powers, to be notified of granting of 1/3 State Banking Board of New York: (See New York State Banking Board) State departmental banks: California, reply to Mr. Clerk that they are not "savings banks" with reference to prohibition upon payment of interest on demand deposits, action deferred 9/28 State member banks: Affiliates: (See Affiliates) Algonac Savings Bank, Algonac, Mich., membership application approved 6/ 5 Allegheny Trust Co., Pittsburgh, Pa., eligibility of collateral trust notes issued by Ruffsdale Distilling Co., reply to Mr. Lewis 9/ 7 Almire St. Bank, Almira, Washington, affiliate reports, reply to Mr. Sargent re letter to, and republication will not be required 12/28 American Bank of Carlsbad, N. Max.: Certification to F.D.I.C. 9/21 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Pages 911 2916 3.547 180 1028 911 123 1028 1658 1090 1028 911' 1389 " 2 2701 26 2020 1318 1884 2 1960 411 Pages State member banks: (Continued) American Bank of Carlsbad, N. Mex.: (Continued) Membership application approved when authorized to commence business, instructions re proposed absorption of First National Bank of Carrizozo American Bank & Trust Co., New Orleans, La., reply to Mr. Bauman on suggestion as to appointment of Mr. Legier as director of New Orleans branch, that it is matter for FRBank of Atlanta American State Savings Bank, Lansing, Mich., membership application approved and letter to FRAgent re settlement of investment in banking quarters and requesting copy of voting trust certificate American Trust & Savings Bank of Middletown, Ohio: (See FirstAmerican Bank & Trust Co.) American Trust Co., San Francisco, Calif.: Branches, contemplated closing of certain, Board's approval not required, no objection "Foreign department agencies" on S. S. Mariposa and S.S. Monterey, reply to Mr. Sargent that Board prefers to defer ruling as to whether they are branches until counsel for trust company submits brief Reply to Mr. Sargent that if they do not negotiate checks and negotiable instruments, they will not be branches and will not require Board's approval Mercantile American Realty Co., no objection to proposed plan to purchase certain assets of latter Mercantile Securities Co., reply to Mr. Sargent that condition report publication is required although company is inactive and has no stock outstanding Stockton, permission granted to establish branch Waiver of service charge on snail commercial account because customer carries large savings account, reply to Mr. Hale in regard to Mr. Krick's query as to indirect payment of interest Ashland Bank and Savings Co., Ashland, Ohio, banking quarters, no objection to proposed investment in Baltimore Trust Co., Baltimore, ad., liquidation of, reply to Mr. Sobeloff that Board cannot furnish any specific data re comparative investments of banks in banking buildings Bank of Auburn, Pa.: Copies of correspondence with Guy L. Wildermuth forwarded to Mr. Austin Failure of, reply to Mr. Wildermuth that there is no appropriate action Board can take Situation, reply to Mr. Austin on possible, which may arise out of rehabilitation of, in 1929 or 1930, noting that Mr. Austin believes that any charges which may be preferred against Mr. Hill are unfounded http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/13 1911 11/19 2424 12/27 2857 9/23 1989 5/29 1265 10/11 2072 8/19 1763 1/30 11/12 299 2350 5/11 1112 3/21 726 12/11 2706 6/ 5 1319 5/14 1131 4/ 9 873 412 Pages State member banks: (Continued) Bank of Bethlehem, Delmar, N. Y., capital ratio to deposits below 10% required by membership condition 15, no action 5/29 1269 Bank of Boyceville, Wis., debentures, reply to Mr. Peyton in connection with documents to be forwarded to Board in connection with, liability for, should be shown in published statements rather than in footnote 5/ 8 3.091 Bank of Canton, Ga., Canton Cotton Mills stock, extension of time for compliance with membership condition requiring disposal of 4/ 9 872 Bank of East Aurora, N. Y., absorption by Marine Trust Company of Buffalo, no objection, and establishment of branch approved 12/24 2832 Limited voting Permit granted Marine Midland Corporation in connection with 12/24 2854 Bank of Farmingdale, N. Y., capital stock reduction approved plan involving se of new common stock and reinal tirement of Class B debentures 6/ 4 1296 Bank of Forest, Miss., capital ratio to deposits below requirement of condition of membership 15, surplus has 1290 been increased and condition now complied with 5/29 Bank of Glade Spring, Va.: Holston Agricultural Corporation, affiliate of, and of Farmers Exchange Bank of Abingdon, report should be secured and published but not necessary to re484 publish report of former bank 2/18 Bank of Jamestown, N. Y.: Certification to F.D.I.C., question raised as to whether debentures should be considered as capital or liabilities, to be certified upon request 6/24 1454'6 Condition unsatisfactory, memo of Division of Examinations 954 re 4/19 Bank of Lakeview, Mich., capital which was reduced below minimum requirement, bank prefers to withdraw from System rather than increase, Board to take no action 5/14 115° Bank of the Manhattan Co.: Berliner Handelsgesellschaft, no objection to converting coupons of stock into additional stock of 7/29 1665 Stock of County Trust Co., White Plains, N. Y., extension of time for further six months for disposition 696 of 3/18 /16 Extension of time for further period for disposal of 9/30 ' 2 Wallette, Dorothy, possible violation of Sec. 5209 of the Revised Statutes, not to be reported because 814 of small amount 4/ 1 Bank of Marvell, Ark., waiver of notice and permission for Immediate withdrawal from FRSystem 6/18 Bank of Marysville Co., Marysville, Ohio, extension of time for compliance with membership condition requiring BancOhio Corporation to obtain general voting 36 permit 1/ 4 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 413 Pages State member banks: (Continued) Bank of Memphis, Tenn., stock of Memphis Building and Loan Association acquired in violation of membership condition, reply to Mr. Smith's request for permission to hold until maturity that Board has no authority to grant permission Bank of New York and Trust Co., New York, N. Y., retirement of capital notes without obtaining approval of Board, action approved Bank of Nutley, N. Y., merger with Franklin National Bank of Nutley, limited voting permit granted in lieu of requested extension of permit previously granted to effect Bank of Orofino, Idaho, Schedule 0 not submitted as of June 29, to be requested Bank of Rainelle, W. Va., extension of time for compliance with membership condition that Meadow River Lumber Co. secure general voting permit Bank of Sheboygan, Wis., membership application approved, letter to FRAgent granting permission to operate branch at Haven, other real estate should be carried in that account, real estate not occupied carried under banking quarters, and disposal of own stock held Bank of Slidell, La., capital ratio to deposits below requirements of membership condition 15, no action Bank of Southern Utah, Cedar City, Utah: Cedar Finance Co., reply to Mr. Sargent that removal into another part of building appears to comply with Board's requirement Examination report, offices of Cedar Finance Co. should be removed from banking quarters Bank of Spanish Fork, Utah, Schedule 0 not submitted as of June 29, to be requested Bank of Sturgeon Bay, Wis., recapitalization, letter to Mr. Stevens furnishing background for conditions of R.F.C. in commitment to purchase debentures to aid in completion of Bankers Trust Co., New York, N. Y.: Affiliate relationships arising from holding of stock of corporations in fiduciary capacity, determination of question deferred pending disposition of Banking Act of 1935 Interest rates on deposits payable outside of U. S., letter to, fixing, and requesting certain information periodically on rates paid Advised that because of amendment in Sec. 324 of Banking Act of 1935, reports re, will not need to be made Shell Union Oil Corporation note, may not be held as "investment securities" or in loan account, but no objection to continued holding, as they were acquired prior to passage of Banking Act of 1935 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/26 536 5/ 6 1056 4/ 4 838 9/ 4 1870 5/21 12/26 1192 2847-8 5/29 1270 4/ 1 805 2/18 480 9/ 4 1870 4/17 946 5/11 1114 2/11 413 11/25 2497 9/11 1894 414 State member banks: (Continued) Bar Harbor Banking and Trust Co., Bar Harbor, Me., extension of time for compliance with membership condition requiring reduction of Parker loan to legal 6/ 7 limits Barton County State Bank, Lamar, Mo., capital and surplus, not to be required to increase, in compliance with 11/12 membership condition, at present Birminghan Trust and Savings Co., Birmingham, Ala.: Condition unsatisfactory, memo from Division of Examinations, memo of Mr. Tames that Governor Newton and Mr. Talley of R.F.C. had reached agreement 4/11 as to definite steps to be taken Preferred stock, reduction in par value of, proposed amendment to charter including provision that in case of disagreement with R.F.C. or other preferred stockholders, Board will designate person to determine fair value of assets, Board agrees Letter to R.F.C. in accordance with action and letter 12/1 119 to FRBank of Atlanta re B. M. C. Durfee Trust Co., Fall River, Mass., capital stock reduction approved, ratio of capital to deposits will be too low, right of bank to purchase its own shares for retirement, amount of reduction 5/29 not clear Most of charge offs)nade, balance not to be required at present as amply covered by reserve for contingencies, specific provision should be made 8/ 7 soon, however Boyle Bank and Trust Co., Denville, Ky., extension of time for compliance with membership condition requiring holding company affiliates to obtain general voting permits 1/21 Brewster Banking Co., Brewster, Ohio: Extension of time for completion of admission to membership 2/11 Membership application approved 1/12 Notice of intention to take no steps toward completion of membership, application to be considered with3/21 drawn Burke State Bank, Burke, S. Dak., branch offices, reply to Mr. Lillibridge giving Board's views re establishment by State member banks under recently enacted State statute 6/14 Letter to Senator Bulow re 6/14 Cache Valley Banking Co., Logan, Utah, not to be required to publish corrected condition report of Utah Mortgage Loan Corporation as affiliation has been terminated 3/11 California Bank, Los Angeles, Calif.: Branches at Ocean Park, Atlantic Avenue and Beverly Hills, application for retention of, on which action had been deferred, approved 9/ 3 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis pages 1327 2351 896 :6788: 1267 1709 401 125 1391 , 90 647 1852 415 Pages State member banks: (Continued) California Bank of Los Angeles, Calif.: (Continued) Examination, reply to Mr. Sargent on policy to be followed Board does not believe participation by one or two RExaminers in State examination would be 8/30 aufficient apCalvert Bank, Baltimore, Md., application for membership 2/ 4 proved Camden Safe Deposit and Trust Co., Camden, N. S., no objection to absorption of Haddonfield Trust Co. and establishment of branch, consideration given to IIIRMO of counsel that Board follow Comptroller's ruling and permit branch establishment by bank with Impaired capitel where other factors favor approval 12/23 Capital stock reductions: Manufacturers Trust Co., New York, N. Y., advice to Mr. Herson that bank is not subject to condition of membership requiring Board's approval, advice completing information requested by R.F.C. 3/25 R.F.C., letter to Mr. Person inclosing list of reductions in which Corporation has interest, noting which banks are subject to membership condition requiring approval of Board for 2/ 6 Procedure in advising R.F.C. of action by banks subject to membership condition requiring Board's approval, reply to Mr. Case, letter to FRAgents 2/13 Supplemental list furnished R.F.C. of those subject to membership condition requiring prior approval of Board 3/ 4 Central Bank of Oakland, Calif., membership condition requiring increase of capital stock on retirement of preferred stock, reply to Mr. Sargent on compliance With 8/30 Central Farmers Trust Co., West Palm Beach, Fla., no objection to assumption of deposit liability of Florida Bank 8cTrust Co., which has been placed in voluntary liquidation 7/ 2 Central Home Trust Co., Elizabeth, N. S., examination report, inadequate ratio of capital to deposits and question of elimination of losses 8/19 Central Savings Bank, Sault Ste. Marie, Mich.,preferred stock, no objection to reduction in Class A 6/ 7 Central Trust Co., Cincinnati, Ohio: Examination report, charge off of losses and depreciation, maintenance of reserves, acquisition of corporate stocks and policies and management 3/25 Liability on check on Treasurer of U. S., because of fraudulent indorsement of payee, reply to Mrs. Banister that Board can express no opinion on, bank absorbed Brighton Bank and Trust Co. 11/19 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1843 360 2819 758 381 444 6 583 1845 1567 1762 1334 754 2424 416 pages State member banks: (Continued) Central Trust Co., Rochester, N. Y., extension of time for compliance with membership condition requiring disposal of own stock held as collateral to 3/8 620 loans. Certification to F.D.f.C.: (See Certification) Charters, amendments to, reply to Mr. Hoxton on obtaining copies where there may be cost to member bank, proce4/11 9°1 dure outlined Reply to Mr. Hoxton on obtaining copies of, Board approves 5/29 1218° procedure outlined for obtaining Chemical Bank and Trust Co., New York, N.Y.: Acceptance transaction involving registered marks account which appeared on books in excess of actual value, not violation of Sec. 5209 of Revised 3/ 7 615 Statutes Northeastern Water and Electric Corporation and its subsidiaries, telegram to Mr. Case that question of affiliation is under consideration and Board extends time for filing affiliate reports 8/ 2 1684 Board holds that they are affiliates and condition re8/ 5 1695 ports must be furnished Reply to Mr. Dillistin on request for waiver of publication of reports of, that they must be published 2066 and submitted 10/ 9 Chippewa Trust Co., St. Louis, M.o., capital stock reduction approved 1/14- 117 Citizens Bank of Arcade, N. Y., application for membership approved subject to compliance by Citizens Shareholders of Arcade, Inc., with conditions incident to general voting permit Extension of time for completion of membership and for Citizens Shareholders of Arcade, Inc., to secure voting permit Citizens Bank, White Plains, N. Y.: Absorption of expenses for check books, endorsement stamps, registered mail and insurance charges, reply to Mr. Hallock on payment of interest on demand de1110 5/11 posits enclosing ruling sent to Mr. Clerk Membership condition, requiring annual charge off on banking quarters, reply to Mr. Case that Board will take no action on non-compliance in 1933 and 1934 and will not waive compliance for 1935, attention called unsatisfactory management of loan account '7/ 5 150 Citizens Bank and Trust Co., Concord, N. C., membership condition requiring that building and loan association be removed from banking quarters, indefinite extension of effective date Citizens State Bank, Marianna, Fla., examination report, refinancing of Baker line and necessity for increase in capital to restore proper ratio to 756 deposits 3/25 6/12 309 7/17 161 ' 7/17 161.9 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 417 Pages State member banks: (Continued) Citizens State Bank, Milford, Ill., condition report, reply to Mr. Prugh re discrepancies between form 105 and publishers' form, 105-e, submitted by Citizens State Bank, Osage City, Kans.: Banking quarters, permission granted to make additional investment in Capital, reply to Mr. McAdams that Board will not require immediate increase to comply with membership condition 15, but directors should bear in mind maintenance of adequate capital Not to be required at this time Citizens State Bank, Reynolds, Ga., withdrawal, permission granted for immediate, RAgent to suggest deferment until it can be simultaneously accepted as insured nonmember bank Letter to Mr. Crowley granting permission for F.D.I.C. to examine bank, in connection with continuation as insured bank as a nonmember Citizens State Bank, Westbrook, Minn., violation of Sec. 22(g) of FRAct by bank and Vice President Ewy, letter to Attorney General on prosecution as test case, that Mr. Ewy is not performing executive officer functions and calling attention to amendment to Sec. 22(g) in Banking Act of 1935 Citizens Trust and Savings Bank of South Bend, Ind., membership application approved Extension of time for accomplishment of membership Extension of time for completion of membership City Bank Farmers Trust Co., New York, N. Y.: Affiliate relations arising from holding stock of corporations in fiduciary capacity, question of, action deferred pending disposition of Banking Act of 1935, David Blustein & Bros., Inc., is not affiliate City Bank Farmers Trust Co., Ltd., London, condition of membership 25 canceled to permit retention of stock in Extension of time for compliance with membership condition requiring National City Bank of New York to obtain voting permit Membership condition requiring National City Bank of New York to secure voting permit canceled City Deposit Bank and Trust Company, Pittsburgh, Pa.: Examination report, large losses, inadequate capital, investment in banking house, furniture, etc., potential "other real estate", request for copy of examination State Banking Department made of trust department Withdrawal from FRSystem, six months' notice waived and permission for immediate granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/29 2574 12/23 2821 5/21 1189 11/ 8 2307 11/25 2494 12/ 4 2614 6/ 5 1320 9/13 1911 11/25 2494 12/26 2848 5/11 1116 5/ 8 1081 6/ 7 1336 12/17 2738 2/26 534 10/28 2202 418 pages State member banks: (Continued) City Deposit Bank and Trust Company, Pittsburgh, Pa.: (Cont'd) Withdrawal: (Continued) Cessation of membership through FRBank stock cancelation, 12/ 7 2644 advice to F.D.I.C. City State Bank and Trust Co., McAllen, Texas, capital increase required by membership condition, Board will accept transfer of earnings to certified 561 3/ 1 surplus as compliance Clarks Fork Valley Bank of Fromberg, Mont., capital debentures, 5/21 1192 no objection to proposed reduction of Cleveland Trust Co., Cleveland, Ohio, reply to Mr. Fletcher that Board agrees that C. T. Investment Co. is no longer engaged principally in issue and sale of securities and affiliation is not violation 384 2/ 6 of Sec. 20 of Banking Act of 1933 Clinton Trust Co., Newark, N. X.: Court case involving adverse decision as to reorganization, brought by dissenting depositor, letter to Mr. Case on, suggesting FRBank counsel offer informal assistance in appeal as other New Jersey 564 3/ 1 banks would be affected Suit of Mr. Fischman against, involving effect of New Jersey reorganization statute on depositor who did not consent, no objection to furnishing Board's memoranda to counsel for trust company, E30 4/ 8 R.F.C. and F.D.I.C., reply to Mr. Case Reorganization, letter to Mr. Case on valid consummation, Board to take no action on acquisition of stock 8/28 1812 of Newark Mortgage Co. Clymer State Bank, Clymer, N. Y., membership application ap90 4/17 proved Colonial Trust Co., Pittsburgh, Pa.: Condition unsatisfactory, need for additional capital, payment of dividends should be discontinued and question of abuse of affiliation with Freehold 698 3/18 Bank Examination report, necessity of strengthening capital, abuse of affiliate relationships with Freehold 8/12 Bank, latter should be absorbed Columbus Bank and Trust Co., Columbus, Ga.: Affiliates, reply to Mr. Clark that as relations with, have been terminated, no further corrective action 501 2/21 need be taken W. C. Bradley Company and subsidiaries, reply to Mr. Clark 10/11 that they are not affiliates of Commerce Trust Co., Kansas City, Mo., no objection to assumption of deposit liability of West Side Bank of Com7/10 merce Commercial and Farmers Bank, Ellicott City, Md., membership application approved and general voting permit authorized for Howard County Liquidating Corpora10 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 419 Pages State member banks: (Continued) Commercial Bank, Delphos, Ohio, possible violation of Sec. 22(g) of FRAct, by Joseph Jettinghoff, Mr. Fletcher to investigate and comply with pro5/29 cedure previously outlined by Board report, examination Mich., Mountain, Iron of Bank Canmercial Question of legality of holding of certain bonds, and as to operation of insurance depart9/13 ment Commercial Bank, Spanish Fork,Utah: Affiliation with H and T Feed and Elevator Co., reply to Mr. Sargent that if it has been or will be Immediately terminated, condition report need 3/ 8 not be published Commercial whether Payson, Utah, reply to Mr. Sargent as to 7/24 Service Corporation is a branch apmembership Commercial Bank and Trust Co., Knoxville, Tenn., 6/14 plication approved condition, Commercial Savings Bank Co., Galion, Ohio, membership unable to comply with requirement that financial institutions be removed from banking quarters, no action as notice of withdrawal has been filed 1/19 Commonwealth Bank of Baltimore, Md., membership application ap7/22 proved Ohio: Community Bank, Napoleon, Affiliate report for Napoleon Mortgage Loan Co., request for waiver of, consideration will be given in connec12/28 tion with general terms of waiver Membership certificate, issued to Napoleon State Bank, returned to, in view of rescinding of notice of 9/13 intention to withdraw from FRSystem Community Trust Company of Bloomfield, N. T.: Examination report, loans to officers, directors and their interests may be abuse of credit facilities, relations with Entwood Corporation criticised, 1/23 may be contrary to law Indebtedness of officers, directors and their interests to bank, reply to Mr. Case, request consideration in light of possible application of Sec. 22(g) 4/23 of FRAct Condition reports: 1/ 3 Call as of Dec. 31, 1934 4/ 1 Call as of March 4 7/ 2 Call as of June 29 5 11/ Call as of Nov. 1 includand changes Form 105, memo of Mr. Smead recommending ing schedule for report on interest rates 3/ 8 charged customers and paid on deposits transto FRAgents letter next, Forms and instructions for 3/27 mitting 6/24 FRAgents to transmitted Forms for next call http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1281 1912 635 1645 1390 184 1638 2887 1913 221 972 13 800 1565 2249 633 775 1456 420 pages State member banks: (Continued) Condition reports: (Continued) Forms and instructions for next call, with waiver provisions for affiliates, transmitted to FRBanks 12/23 2827 Publication of, as required by Banking Act of 1935, memo of Mr. Smead submitting form 105e and regulation governing, approved Conditions of membership, acceptance after admission Conneaut Mutual Loan & Trust Co., Conneaut, Ohio, deposits of funds representing liquidating proceeds from unacceptable assets deposited by Trustees, reply to Mr. Fletcher that funds are not savings deposits 2/12 426 Continental-American Bank & Trust Co., Shreveport, La., capital adjustment plan involving sale of preferred stock to R.Y.C. and retirement of like amount of capital debentures, no objection 7/12 1604 County Bank and Trust Co., Cambridge, Mass., membership condition, extension of time for compliance with, requiring Shawmut Association and National Shawmut Bank of Boston to obtain voting permits 5/29 1212 Extension of time for compliance with membership condition requiring Shawmut Association and National Shawmut Bank of Boston to obtain general voting 2602 permits 11/30 County Trust Co., White Plains, N. Y., recommendation to Comptroller of approval of application to establish 262 branch at Mamaroneck 1/29 Crawford County Trust Co., Meadville, Pa., capital stock reduction, no objection, in plan involving sale of preferred stock to R.F.C. 4'4 8°1 Dallas Bank and Trust Co., Dallas, Texas, examination report reveals severe criticism of trust department operation 9/ 3 305 Dansard State Bank, Monroe, Mich., membership application ap130 proved 1/15 Davenport Bank and Trust Co., Davenport, Iowa, capital structure, not to be required to increase in accordance with membership immediately Depositors Trust Co., Augusta, Me., trust funds, reply to Mr. Curtiss on question raised by examination, stating Board's position on deposit in savings department where deposit of security for, does not constitute valid pledge and there is no preference in law for 10/ 4 2°46 Dime Deposit Bank and Trust Company of Kulpmont,Pa., waiver of notice and permission for immeaiate withdrawal from FRSystem, letter of notice of intention requested 5/ 1 log Dothan Bank & Trust Co., Dothan, Ala., banking quarters, no objection to recent investment in 8/26 1798 Earnings and dividends reports, revised form for last half of 2619 1935 to include payroll data 12/ 4 8/28 1819_ 1/30 ' 29 5/25 101 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 421 Pages State member banks: (Continued) Earnings and dividends reports: (Continued) Letter to all FRAgents transmitting forms Letter to FRBanks re figures for banks operating in more than one county East Orange Trust Co., East Orange, N. J., withdrawal from ±IRSystem, notice waived and permission granted for immediate Elliott State Bank, Jacksonville, Ill., banking quarters, permission granted to increase investment in Empire Trust Co., St. Toseph, Mo., affiliation with St. Joseph Paper Box Co., newly discovered, change in directorate contemplated to terminate, publication of condition reports not to be required Equitable Trust Co., Wilmington, Del.: Affiliate relationships, reply to Mr. Austin that question arising out of holding stock of corporations in fiduciary capacities is affected by pending Banking Act of 1935 and action deferred Ewart, H. Ralph, reply re complaint of manner in which trust company administered trust, and letter to Mr. Austin re Examination of affiliates, cost of, reply to Mr. Sargent re assessment of Examinations: Charges for, FRBank of Boston, reply to Mr. Curtiss re policy of bank (See also Examinations) Fall River Trust Co., Fall River, Mass., membership condition requiring removal of Lafayette Cooperative Bank from banking quarters, waived indefinitely Farmers and Citizens State Bank, Crestline, Ohio, interest payment by national bank on demand deposits of public funds, reply to Mr. Lombard, and letter to Mr. Fletcher, that contract of First National Bank in Crestline re, is not in compliance with law Farmers and Merchants Bank of Salisbury, Md., affiliate report not of same date as that of bank, republication not to be required Farmers and Merchants Bank of Summersville, W. Va., extension of time for compliance with membership condition requiring reduction of loans to legal limits Farmers and Merchants State Bank, Carrollton, Texas: Extension of time for compliance with membership condition requiring Mercantile National Bank at Dallas and Equitable Securities Co. to obtain general voting permits Liquidation of, reply to Mr. Walsh that it is not necessary for holding company affiliates to secure voting permits for http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/21 2815 12/21 2816 7/29 1662 12/23 2820 2/ 6 382 5/11 1113 12/19 2784 8/19 1766 12/21 2807 10/31 2230 11/16 2408 8/ 2 1685 1/15 130 5/21 1193 12/18 2757 422 State member banks: (Continued) Farmers and Merchants State Bank, Darlington, Ind.: Membership application approved, and letter to FRAgent re conditions imposed and excess balance with nonmember bank, also building and loan association 10/16 in banking quarters Membership condition 18, Board does not feel justified in waiving, but will consider showing of contin10/31 gent liability on books as compliance Farmers and Merchants State Bank, Ladonia, Texas, extension of time for compliance with membership condition requiring Mercantile National Bank at Dallas and Equitable Securities Co. to obtain general 5/21 voting permits Farmers and Merchants State Bank, Turkey, Texas, application for 3/13 membership approved Farmers and Merchants State Bank, Wakefield, Kansas, membership 3/25 application approved Farmers and Merchants State Bank of Wylie Texas: Extension of time for compliance with membership condition requiring Mercantile National Bank at Dallas and Equitable Securities Co. to obtain general voting 5/21 permits Liquidation of, reply to Mr. Walsh that it is not necessary to secure voting permits for holding companies to 12/1a place in Farmers Exchange Bank of Abingdon, Va., report of Holston Agricultural Corporation as affiliate, not necessary to publish if affiliation has been ter2/18 minated Farmers State Bank of Alto, Mich., membership application ap6/14 proved Farmers State Bank, Scribner, Nebr., examination report, reply to Mr. McAdams on corrections of criticized mat7/1,7 ters Farmers State Bank of Waupaca, Wis., membership application approved, and letter to FRAgent re elimination of depreciation, question of ownership of sufficient stock by directors, of granting overdrafts, no copy of certificate to begin business 11/ 6 Fayette Bank and Trust Co., Connersville, Ind., liability to stockholders, contributions were made by latter in 1923 and used to eliminate losses, bank is under no liability 11/ 5 F.D.I.C. stock, reply to Mr. Peyton that it should be carried 6/24 as asset Fidelity-Philadelphia Trust Co., Philadelphia, Pa., banking quarters, permission granted to increase investment in, through advances to affiliated Fidelity 6/14 Building Corporation Fidelity Union Trust Co., Newark, N. I.: Affiliate report of Jones & Woodland Co., extension of time for publication granted pending modification of 12/23 waiver conditions http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis pages 2097 2231 2757 484 1391 162° 2282 2260 1463. 82 423 Pages State member banks: (Continued) Fidelity Union Trust Co., Newark, N. J.: (Continued) East Orange, recommendation to Comptroller for establishment of two branches after purchasing assets and as7/29 suming liabilities of Essex County Trust Co. Establishment of two branches previously approved by Comptroller, approved by Board in view of provi9/16 sions of Banking Act of 1935 Examination report, loans to and investments in obligations of affiliates and directors' interests, real 4/8 estate, violations of Regulation Q Fiduciary powers: Condition of membership requiring deposit of securities for trust funds in commercial department, letter to 3/8 all FRAgents on waiver in certain States Indiana, letter to Mr. Stevens on waiver of membership condition requiring deposit of securities for trust funds in commercial department of bank, copy to 3/8 Mr. Wood Ohio, letters to NEI% Fletcher and Mr. Fulton that after further consideration Board is willing to waive standard membership condition requiring deposit of securities for trust funds in commercial de3/ 8 partment Ohio: Bank Co., Columbus, Savings Fifth Avenue Extension of time for compliance with condition of membership requiring BancOhio Corporation to obtain general 1/4 voting permit Further extension of time for compliance with membership condition requiring BancOhio Corporation to se7/ 2 cure voting permit Further extension of time for compliance with membership condition requiring BancOhio Corporation to secure voting permit, which now has been author12/11 ized Reserves, classification of funds of State of Ohio and of Franklin County, Ohio, for purposes of, reply to 2/15 Mr. Fletcher First-American Bank & Trust Co., Middletown, Ohio, consolidation of First and Merchants National Bank of Middletown by American Trust & Savings Bank of Middletown, no objection, and change of title to, and recapitalization, stock acquired to be 11/20 disposed of insured under mortgages Co., Akron, Ohio, Trust First-Central National Housing Act, exception made in application of membership condition 12 re selling, similar exception to be made in cases of other 11/29 member banks subject to condition http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1664 1923 855 631 628 625-8 35 1566 2699 466 2436 2572 Pages 424 State member banks: (Continued) First St. Joseph Stock Yards Bank, South St. Joseph, Mo., membership condition 19 need not be complied with as Iirst National Bank of St. Joseph and First Trust Co. are not holding company affiliates any longer 6/21 First Security Bank of Boise, Idaho: 9/4 Schedule 0 not submitted as of June 29, to be requested Subsidiaries of First Security Corporation of Ogden, Utah, are not affiliates of, and no condition reports need be obtained, loan to Franklin Investment 7/ 2 Co. does not came within provisions of Sec. 23A First Security Bank of Provo, Utah, waiver of six months' notice and permission for immediate withdrawal from 8/28 FRSystem First State Bank, Celina, Texas, extension of time for compliance with membership condition requiring Mercantile National Bank at Dallas and Equitable Securities 5/21 Co. to obtain general voting permits First State Bank of Chester, Ill.: Absorption of First National Bank of Percy, Ill., no objection, question of excessiveness of advance involving three notes, each endorsed by makers of 7/17 other two Capital and deposits, letter to Mr. Wood to endeavor to secure ratio of one to ten between, from standpoint of agreement entered into rather than condition of membership voluntarily adopted, request advice of return to contributors of sum First State Bank of King City, Mo., loan to Citizens National Bank to be used in paying off depositors of latter in program of voluntary liquidation, no objection without considering possible viola6/ 4 tion of membership condition No. I State Texas, First Bank, Kirkland, violation of Sec. 22(g) by President Purr, also possible violation of 7/26 Sec. 5209, to be reported First State Bank of Libby, Mont., membership application ap9/23 proved First State Bank, Matador, Texas: Echols, A. B., increase in indebtedness to bank, not necessary to report as possible violation of Sec. 22(g) of FRAct as grand jury previously refused to in2/20 dict him for original debt First National Bank of Matador, no change in assets or functions from absorption of, no action on member5/21 ship First State Bank of Mathis, Texas, Bank of Tynan, transaction whereby First State Bank acquired certain assets and assumed certain liabilities of, re5/18 sulted in no change in scope of functions, etc. 1442 1870 1569 1811 110 1619 1/30 ' 94 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1295 1660 1988 491 1188 425 Pages State member banks: (Continued) First State Bank, Ness City, Kansas, capital ratio to deposits below requirement of membership condition 15, no action in view of anticipated decrease in de5/29 posits 12/21 at present increase to Not to be required First State Bank, Norton, Kansas, savings deposits, reply on difference as to requirements for member banks 1/ 8 and postal savings funds as to withdrawal membership for application Mich., Petoskey, of Bank State First 3/13 approved First State Bank, Spearman, Texas, consolidation of First Na12/21 tional Bank of Spearman, no objection First State Bank of Tonganoxie, Kansas, membership application 3/21 approved apFirst State Bank of Valparaiso, Ind., membership application proved, and letter to FRAgent Stevens re conditions imposed, condition of capital account and reporting latter, basis for FRBank stock sub9/ 7 scription First State Savings Bank, Mason, Mich., membership application 2/ 2 approved First Trust Company of Albany, N. Y.: 3/13 Capital stock reduction approved 8/12 Examination report reveals unsatisfactory condition First Trust Company of Philadelphia, Pa.: 12/24 Certification to F.D.I.C. that it is member of .RSystem for and membership of Extension of time for completion holding company affiliate to obtain voting per1/17 mit 2/13 membership of completion for time Further extension of 3/14 membership of completion for time Further extension of as applimembership, of completion Extension of time for cation of First National Bank of Philadelphia 4/12 for voting permit is still under consideration 5/14 membership of completion for time of Further extension /18 6 membership with compliance for time of Further extension condition Vs., W. e, Co., Sistersvill Trust and First Tyler Bank report, reply to Mr. Fletcher on manner in which to report deposits of receiver of a closed State 5/ 6 bank report, examination Ind., s, Indianapoli Fletcher Trust Co., Question of affiliation with U. S. Tile Corporation, investment of trust funds in mortgage par4/23 ticipations Floral Park Bank, Floral Park, N. Y., examination report reveals high rental as major problem to bank, 8/ 7 management poor and should be improved memberFlorida Bank at Orlando, Fla., reply to Mr. Clark that ship application will be considered as withdrawn and noting that bank has been advised that it will be expected to pay cost of exami1/29 nation http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1271 2805 70 653 2805 722 1875-7 338 656 1728 2833 155 443 670 916 1129 1412 1072 967 1710 262 426 State member banks: (Continued) Florida Bank and Trust Co., West Palm Beach, Fla., assumption of deposit liability of, by Central Farmers Trust Co., no objection, former has been placed in voluntary liquidation 7/ 2 Fountain State Bank, Fountain, Mich., membership application approved 6/14 Franklin Washington Trust Co., Newark, N. J., recapitalization by sale of preferred stock and elimination of criticized assets, heavy investment in banking house, self-dealing in trust administration criticized 1/21 Gallatin Trust and Savings Bank, Bozeman, Mont., examination report, proposed conversion of debentures in preferred stock and common stock reduction, no objection 4/16 Geneva Savings and Trust Co., Geneva, Ohio, affiliation with Geneva Metal Wheel Co., report of, need not now be published as trust company was unaware of affiliation and it has since been terminated 3/ 1 Geneva Trust Co., Geneva, N. Y., examination report, heavy depreciation in invesLment account, no objection to proposed capital reduction, need for more forceful management 4/ 2 Glasgow Savings Bank, Glasgow, Mo., reserve account, permission granted to transfer balance of special reserve established in compliance with membership condition to general reserve account 3/ 7 Gonzales State Bank, Gonzales, Texas, membership application approved 7/29 Grosvenor Savings Bank, Jonesville, Mich., capital stock, which was reduced below amount required by membership condition, advice that it will be restored and action deferred on matter 4/16 Bank not able to restore to minimum requirement, Board not disposed to take any steps toward termination of membership 6/ 4 Board to take no action affecting membership in view of unsuccessful efforts to restore 9/ 4 Guaranty Trust Co., New York, N. Y., interest rates on deposits payable outside of U. S., letter to, fixing, and requesting certain information periodically on rates paid 2/11 Advised that because of amendment in Sec. 324 of Banking Act of 1935, reports re, will not need to be made 11/25 Guardian Bank of Royal Oak, Mich., directors qualifying shares, question of legality relative to holding by hank under agreement by which at termination of terms, shares will be exchanged for those of Guardian Detroit Union Group, reply to Mr. Stevens 8/ 5 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis pages 1567 1591 197 82° 616 952 500 1 415 2497 15° 427 Pages State member banks: (Continued) Guilford Trust Co., Guilford, Me., withdrawal from FRSystem, notice filed, to be advised that it may reconsider any time before six months' period elapses 7/26 Hamilton Bank and Trust Co., Hamilton, Texas, dividend payment 5/18 held not violation of membership condition Harvard Trust Co., Cambridge, Mass., letter to Comptroller recommending modification of condition to permit establishment of branch at Belmont, Mass.,on basis 2/ 2 of present corrections Home Banking Company, St. Marys, Ohio: Dissension among directors of, reply to Mr. Fletcher re conference to be held to endeavor to reconcile dif12/ 5 ferences in Bank, First National Purchase of assets for cash from 2/ 7 voluntary liquidation, no objection apapplication Home State Bank of Lawrence, Mich., membership 6/20 proved application membership I-C Bank and Trust Co., Chicago, Ill., 12/17 approved articles of omission to Letter to FRAgent calling attention of incorporation from application and deficiency 12/17 in number of directors Imlay City State Bank, Imlay City, Mich., application for member9/ 4 ship approved Industrial Trust Co., Providence, R. I., agency accounts in foreign department, proposed reply to Mr. Curtiss that for all purposes of Sec. 19 they should be treated as deposits, procedure undesirable, Mr. Hamlin to discuss with officers of IRBank of 9/28 Boston Memo of Mr. Hamlin agreeing with position of FRBank of Boston that they are not deposits, but foreign exchange transactions, action deferred pending review of 10/25 file by Mr. Szymczak Statement of Mr. Szymczak, feeling of Mr. Wyatt that ruling they are not deposits may lead to abuses, Mr. Thomas does not concur with opinion of Mr. Wyatt, 10/30 ruled not deposits Letter to bank re ruling of Board, on October 30, to effect 11/23 that they do not constitute deposits Industrial Trust Co., Wilmington, Del., capital stock reduction, 7/16 no objection Investment securities: (See Investment securities) , Ithaca Trust Co., Ithaca, N. Y., merger with Tompkins County Na8/14 tional Bank into Tompkins County Trust Co. dealing, Ky., securities Louisville, Kentucky Title Trust Co., request for reconsideration of applicability of Sec. 20 and 32 of Banking Act of 1933, Board cannot permit sale of real estate bonds up to any 7/ 5 specified limit Kingston State Bank, Kingston, Mich., membership application ap6/21 proved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1654 1164 339 2634 394 1425 2736 2737 1865 2021 2183 2212-4 2490 1612 1747 1578 14-39 428 State member banks: (Continued) Kingston Trust Co., Kingston, N. Y., examination report, inadequate provision for depreciation in stocks and lower grade bonds, unjustified paynent of dividends, investment in corporate stocks and other 4/ 1 criticisms Lawyers County Trust Co., New York, N.Y.: Extension of time for compliance with condition of membership requiring disposal of own stock as collateral 2/18 for loans membership with Further extension of time for compliance 8/12 condition of 1933, possible violation by retenAct Sec. 32 of Banking tion of former directors Sachs and Rothschild as 5/ 6 advisory members of investment committee 5/ 6 approved capital notes retirement of Stock, possible condition 17 violation of membership Trust funds, relative to securing those on deposit in trust 5/ 6 department Lewis County Trust Co., Lowville, N. Y., examination report, ratio of capital to deposits, elimination of losses and depreciation, investment in stocks, 4/11 and loans to officers and directors Liberty Trust Co., Cumberland, Md., interest rate, maximum, reply 8/30 to Mr. Brewer on possibility of Board lowering Licking County Bank, Newark, Ohio, extension of time for compliance with membership condition requiring BancOhio Corporation to obtain general voting 1/ 4 permit Further extension of time for compliance with membership condition requiring BancOhio Corporation to ob7/ 2 tam n voting permit Further extension of time for compliance with membership 12/11 condition Linden Trust Co., Linden, N. J.: Capital structure, letter to Mr. Case on correspondence between his office and bank on rehabilitation of, 3/ 5 and eliminations of losses and depreciation Examination report reveals inadequate charge offs and re10/15 serves, question of increasing capital Lorain Street Bank, Cleveland, Ohio: Branch, reply to Mr. Evans that inclusion of debentures in capital required for establishment is permissible 6/20 Membership application approved and letter to Comptroller recommending approval of two branches now op7/31 erated Louisville Trust Co., Louisville, Ky.: Membership condition requiring deposit of securities in trust department for trust funds in commercial department, reply to Mr. Porter on Board's au5/25 thority in prescribing Violations of conditions of membership, reply to Mr. Wood on apparent, condition 20 not interpreted to restrict handling of own real estate or necessary 3/21 management, etc. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis pages 801 477 1732 1061 1061 1061 89S 1646 1566 2699 568 209° 14:31 1672 1° 106 429 Pages State member banks: (Continued) Madison County Trust and Deposit Co., Oneida, N. Y., examination report, elimination of losses and depreciation, efforts to strengthen capital and proper appli5/ 6 1057 cation of reserves in published statements Main State Bank, Chicago, Ill., reserves, permission granted to 900 4/11 carry reduced Marine Trust Company of Buffalo, N. Y., absorption of Bank of Batavia and Bank of East Aurora, no objection, and establishment of branches at the two loca12/24 2832 tions, approved Midland Corporation in granted Marine permit voting Limited 12/24 2834 connection with violations possible Milwaukee, Wis., Bank, Ilsley Marshall & of criminal provisions of banking Statutes by two former employees have not been reported to Department of Justice, one need not be reported 1072 in view of small amount involved Maryland Trust Co., Baltimore, Md.: Examination report, shows that program of elimination of losses has reached point where charge offs should be made only as losses are definitely determined, Maryland Trust Building Co. is affiliate and 8/ 7 1711 should be so reported Overdrafts of Elk Paper Manufacturing Company with, reply to Attorney General re, and stating that situation appears effort to work out unsatisfactory line 11/11 2332 of credit Marysville-Commercial Bank, Marysville, Ohio, extension of time for compliance with membership condition requiring BancOhio Corporation to secure voting permit 7/ 2 1566 Further extension of time for compliance with membership 12/11 2699 condition McDonald State Bank, North Platte, Nebr., membership application 3/21 722 approved Menotomy Trust Co., Arlington, Mass., extension of time for completion of membership condition requiring Old Colony Trust Associates to obtain general voting 6/ 4 1302 permit Further extension of time for compliance with membership 12/ 9 2655 condition Mercantile-Commerce Bank and Trust Co., St. Louis, stock of Mercantile Commerce National Bank, memoranda of Mr. Wingfield that bank is prepared to contest in court validity of Board's action on disposition, and of Mr. Wyatt that Board should not enter litigation because of weakness in record 3/22 743 and submitting draft of letter to bank bank, memo letter to as to form of Hamlin Mr. Suggestion of of Mr. Thames criticizing proposed letter and holding that disposition was accomplished legally, Messrs.Hamlin,Thomes and James requested to 744 3/22 prepare letter 3/27 774 approved and presented Letter http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 430 State member banks: (Continued) Merchants Bank of Kansas City, Mo., examinetion report reveals affiliate which bank did not realize it had, steps to be taken to terminate connection with Edward Aaron, Inc. 12/ 5 Merchants Trust and Savings Co., Muncie, Ind.: Condition of membership, letter to Mr. Stevens on violation of one requiring deposit of security for trust funds in commercial department, on waiver of requirement for Indiana banks, copy to Mr. Wood 3/ 8 Extension of time for compliance with membership condition 6/ 7 Extension of time for compliance with membership condition 1240 Dormant deposit balances, Board will raise no further question re assessment against, in view of State law 7/ 2 Merrill Trust Co., Bangor, Me., branch bank buildings at Eastport and Searsport, transfer from collateral to directors notes to assets, no objection 2/11 Mid-City Trust Co., Plainfield, N. J., capital stock reduced without permission, preferred stock has been sold to R.F.G., reduction approved 2/26 Miners Bank and Trust Co., Lykens, Pa., membership application approved 9/1'7 Montana Bank and Trust Co., Great Falls, Mont., adjustment of carrying value of certain securities from purchase price to par value, correction made, no action 2/2 Mortgages guaranteed under National housing Act, exception made to membership condition 12, to permit member banks subject to, to engage in sale of 11/29 Mount Pleasant Bank and Trust Co., Pleasantville, N.Y., capital stock reduction approved, plan involving conversion of outstanding B debentures into like amount of common stock 7/29 Napoleon State Bank, Napoleon, Ohio: Membership, Board will take no action affecting if licensed, for acquisition of stock of Napoleon Mortgage Loan Co., or for purchase of assets from Commercial State Bank, bank should rescind application for withdrawal from 5/29 (See also Community Bank, Napoleon, Ohio) Nebraska State Bank of Valentine, Nebr., membership application approved 1/12 General voting permit granted Bankers Bond & Share Co., to vote stock of 1/12 EAtension of time for completion of membership and instructions to FRAgent on issuance of FRBank stock in view of possible change in membership 2/ 7 Advice that it will not attempt to complete membership, application to be considered as withdrawn, voting permit granted Bankers Bond and Share Co. returned 3/15 Norfolk County Trust Co., Brookline, Mass., extension of time for compliance with membership condition requiring Old Colony Trust Associates to secure voting per mit, which now has been authorized 12/ 9 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis pages 2635 628 1328 2675 1568 534 1941 342 2572 1667 1266 98 99 391 684 2655 431 Pages State member banks: (Continued) Norristown-Penn Trust Co., Norristown, P 8/26 Capital stock reduction approved Trust fund investment in pools of mortgages or other securities, reply to Mr. Berger that Board will be glad to have furnished information developed by committee of Pennsylvania Bankers Association re, in connection with proposed revision of Regulation H and anticipated request for permission 11/ 8 to make and North Side Bank, St. Louis County, Mo., waiver of notice permission for immediate withdrawal from FRSystem, FRAgent requested to ascertain nature of possible violations of regulations of Secretary 1/23 of Treasury reexamination of report that General Letter to Attorney vealed possible violations of regulations of 4/ 4 Secretary of Treasury compariin low ratio Ill., Chicago, capital Northern Trust Co., son with deposits, position liquid, management capable and record of earnings good, no immedi3/13 ate necessity for increase disin acquired stocks Y., N. Ogdensburg Trust Co., Ogdensburg, solution of affiliated Oswegatchie Securities Corp., may be violation of Sec. 9 of FRAct and 7/29 membership condition, Board to take no action Ohio-Merchants Trust Co., Massillon, Ohio: Mortgage on real estate acquired, letter to Mr. Fletcher on acquisition, bank's liability, no objection to reporting as contingent liability pending deter9/ 3 mination of status of persons involved Sec. 22(g) of FRAct, reply to Mr. Fletcher regarding ques4/19 tions presented by bank under Ohio Savings and Trust Company of New Philadelphia, Ohio, examination report, question of augmenting capital and eliminating losses, possibility of amendment to State law to permit capital reduction and to include debentures in capital, trust department 2/11 might be dissolved Old Kent Bank, Grand Rapids, Mich., recommendation to Comptroller of approval of branch at Wyoming Park,Mich., 5/21 after absorption of Wyoming Park State Bank 5/25 Advice to FRAgent of approval of branch and consolidation Pacific St. Bank, South Bend, Wash., affiliate reports, reply to Mr. Sargent re letter to, and republication will 12/28 not be required memberfor application X., N. Passaic Park Trust Co., Passaic, 2/ 6 ship approved FRAct of 22(g) Sec. of violation Va., Peoples Bank of Montross, by Messrs. McFadon and Stuart, correction to be made, and if made, not necessary to report to 6/ 7 U.S. Attorney necesnot Stuart, Mr. of by FRAct 22(g) Sec. of Violation 6/20 sary to report to U. S. Attorney http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1798 2313 223-4 844 653 1664 1856 958 409 1187 1230 2888 379 1342 1435 432 State member banks: (Continued) Peoples Bank and Trust Co., Seattle, Wash., consolidation of Security National Bank of Everett, no objection, establishment of branch approved subject to in10/11 crease in capital Reply to Mr. Sargent on purpose of capital increase requirement and that capital notes and debentures may 10/14 be included Peoples City Bank, McKeesport, Pa., violation, possible, of Sec. 23A of FRAct by reason of additional investment in and advances secured by stock of Colum6/18 bia Radiator Co., no action at present Peoples-Pittsburgh Trust Co., Pittsburgh, Pa.: Fligibility of notes of Pennsylvania, to be advised that question of negotiability in determining, is for 9/ 7 decision of local FRBank Stock held by trustees, reply to Mr. Fletcher's letter that trustees are doing everything possible to dispose 2/26 of Reply to Mr. Fletcher that Board will not require requests for extension of time for disposal but will require that he report progress each six 8/12 months Savings and Trust Peoples Company of Nanticoke, Pa., fiduciary powers, reply that on conversion into Peoples National Bank, new application would have to be 12/21 made, reply to Mr. Deppen Peoples Savings Bank, Clanton, Ala.: Banking quarters, permission granted to invest in addition 6/27 to present building and land for same Loan to Assistant National Bank Examiner L. C. Hendrix, not 2/11 to be reported to Attorney General Peoples Trust Company of Wyomissing, Pa., capital stock reduction approved in plan involving sale of pre7/1. ferred stock Perry County Bank, New Lexington, Ohio, extension of time for compliance with condition of membership requiring BancOhio Corporation to obtain general voting 1/ 4 permit further extension of time for compliance with membership 7/ 2 condition Further extension of time for compliance with membership 12/11 condition Personal Loan and Savings Bank, Chicago, Ill., reply to Mr. Crowder, Treasurer of All Saints Episcopal Church, that bank cannot pay interest on certificate of 4/12 deposit for period between maturity and renewal Perth Amboy Trust Co., Perth Amboy, N. S., examination by State authorities, FRBank of New York and F.D.I.C. examiners proposed to endeavor to work out solution for unsatisfactory condition, written ap11/ 1 proval for F.D.I.C. participation http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Pages 2071 2( 32 3f 1416 1685 557 1755 1529 415 16° 35 1566 2699 916 2°' 433 Pages State member banks: (Continued) Petersburg Savings and American Trust Co., Petersburg, Va., condition report, publication of, reply to Mr. Hoxton re calculation of surplus and undivided profits where preferred stock has retirable value different from par value, copy to other FRAgents 11/29 Pilgrim Trust Co., Boston, Mass., trustee for bondholders of a distillery company, no objection to acting in single case, Board's approval should be secured 10/ 9 for any general exercise of trust powers to reply of, Plainfield Trust Co., Plainfield, N. J., condition Mr. Case on eliminations effected subsequent to sale of preferred stock, agreement to sell new common stock, investment in affiliate, and self dealing in mortgage participations in investment 1/ 3 of trust funds report, n examinatio Pa., , Potter Title and Trust Co., Pittsburgh unsatisfactory condition, FRBank executive committee recommends no action toward termination 8/ 7 of membership to plan tion reorganiza Pntnam County Bank, Hurricane, W. Va., operate on unrestricted basis, no objection to 4/ 2 capital stock reduction involved auby State n examinatio Raritan Trust Co., Perth Amboy, N.J., thorities, _MBank of New York and F.D.I.C. examiners proposed to endeavor to work out solution for unsatisfactory condition, written ap11/ 1 proval for F.D.I.C. participation deposits: Ratio of capital to FRBank of Atlanta, letter to Mr. Clark on four banks which condition of membership No. are subject to 5/29 have adequate ratios not do which and 15 but all that Case noting Mr. to letter York, FRBank of New two banks, Bank of Bethelehem and State Bank of Ontario, subject to membership condition 15, 5/29 had adequate ratios approved n applicatio Pa., membership Reading, Reading Trust Co., and letter to FRAgent re charge off of loss in10/30 curred through litigation and on banking house affiliate, inactive Kansas, City, Kansas of Bank Riverview State Central Securities Co., reply to Mr. McAdams to reconcile conflicting information re issuance of stock before publication of condition report is 10/11 waived Saginaw State Bank, Saginaw, Mich., banking quarterS, permission 12/21 granted to invest sum for purchase of stock Sault Savings Bank, Sault Ste. Marie, Mich., preferred 6/ 7 no objection in reduction of Class A consolidaN.J., Savings Investment and Trust Co., East Orange, tion of East Orange Trust Co. and Trust Company of Orange, no objection to, action deferred on 9/30 operation of branch at office of latter what advised be to Seattle Trust Co., Seattle, Wash.,Mr. Winslow constitutes "banks" under Section 22(g) of FRAct 11/5 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2573 2062 14 1708 821 2234 1270 1269 2222 2076 2805 1334 2026 2262 434 State member banks: (Continued) Security Bank & Trust Company of Wharton, Texas: Condition report, reply to Mr. Walsh that it must be published under Board's regulation 11/18 "Excess balance" with W. L. Moody & Co. shown in examination report, provisions of Sec. 19 not applicable to private bankers, but practice should be discouraged 8/28 Security-Peoples Trust Co., Erie, Pa., examination report, inadequacy of capital, elimination of losses and depreciation, partial payments on certificates of deposit and investment of trust funds in mortgages of officers and directors 3/11 Security Trust and Savings Bank, Billings, Mont., debentures, letter to Mr. Peyton on proposed reduction, that ratio of capital to deposits would come below Board's standard and to take matter up with State Banking Dept. 4/11 Matter referred to Board by F.D.I.C., opinion that debentures should not be retired, but approval of Board not required under membership condition 4/25 Southern Arizona Bank and Trust Co., Tucson, Ariz.: Condition of membership requiring deposit of securities for trust funds in commercial department, State laws do not afford protection to trust funds and waiver of condition is not warranted 3/ 8 Examination report, question of compliance with membership condition requiring provision for depreciation on banking quarters, etc. 8/ 9 Mortgages, insured, reply to Mr. Walsh on desire to sell, that Sec. 21 of Banking Act of 1933 may prohibit, but that condition of membership does not prevent, no mortgage discount corporations have been organized 1/18 Savings deposits, charging of interest or escrows by note department constitutes withdrawals for which pass book should be presented, out-of-pocket expenses in connection with accounts do not constitute 3/ 7 withdrawals when charged to Trust funds, question of depositing with .1,11Bank of Dallas, reply to Mr. Walsh 6/14 Southington Bank and Trust Co., Southington, Conn., trust funds, revealed by examination of trust department that security for those in commercial department are not adequate, question of necessity of securing and of safekeeping of security 6/ 7 Connecticut ba
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