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KEY TO INDEX Branch Banks, Domestic, FRBanks 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 State Banks are listed under State Member Banks, Nonmember Banks, and Membership Stock of FRBanks and Member Banks, see Stock. INDEX APRIL - JUNE, 1933 Att • Pages Absorption of banks: (See Consolidations) Acceptances, bankers: FRBank of New York, report of no offers, and establishment of rates 00 for prospective offers at end of June Purchase under Banking Act of 1933, FRBank of Atlanta may continue 08 to buy under Regulation B Securities Act, as drafted would amount to prohibition of sale of, 4/1 Governor Gerry and Mr. Stevens call attention to Advice to FRBanks of letters to Committees of Congress proposing amendment to exempt from provisions of 4/5 Other classes of short term paper not covered in amendment, report on bill has been requested, draft of proposed letter and another form of amendment sub4/10 mitted and approved (See also Legislation) Adams, Hon. Nathan: Clearing of checks directly through banks instead of gold settlement fund, suggestion to Senator Sheppard, Board's 5/18 reply to Protest against activities of banks in central cities soliciting demand deposits under special arrangement whereby 6/20 interest might be paid Advisory Council: (See Federal Advisory Council) Affiliates: Century Securities Co., organization of, by Peoples Pittsburgh 6/4 Trust Co. in violation of spirit of agreement Purchase of stock of new national bank by, would be contrary to law Chemical Securities Corporation, New York, N. Y., stock acquired 4/4 by Chemical Bank and Trust Co. in absorption of Columbus Mortgage and Title Insurance Co., Newark, E. J., owner6/8 ship of stock by Columbus Trust Co. Essex Title Guaranty and Mortgage Co., request for information on relations of Bloomfield Bank and Trust Co., Bloom5,/18 field, N. J., with First National Securities Co., Barrington, Ill., request of First National Bank for advice on holding collateral securities under agreement with, to secure payment 4/24 of notes Marine Midland Corporation, cash contribution to Northern New York 6/8 Trust Co., Watertown, N. Y. Mortgage Bond and Title Corporation, stock acquired by Chemical 4/4 Bank and Trust Co., New York, N. Y. Northwestern Securities Corporation, right to guarantee real estate securities and issue participations never used, no action on membership of Northwestern 6/5 Trust Co., St. Louis, Mo. Personal Home Mortgage Co., request detailed information concerning in connection with membership application of Personal Loan and Savings Bank of Chicago, Ill. 5/28 543 533 3 51 92 324 484 235 552 36 423 309 167 422 36 403 523 Pages 2 Affiliates: (Continued) Princeton Securities Co., absorbed by Princeton Bank and Trust Co., Princeton, N. J., no action on membership but awn stock acquired to be disposed of 5/18 State member banks, examination mandatory, and insofar as necessary to disclose relationships with, and effects 6/23 Agencies, FRBank: Havana: Cuban gold coin, no objection to purchase by FRBank of Atlanta through, Cuban Government to repurchase 6/28 FRnotes, excess of unissued, appointment of Mr. McCravey extended to allow shipment of 5/4 Silver coin of United States, purchase from Cuban Government, further information requested 6/28 Staff: Meravey, J. R., Jr., extension of temporary appointment as Acting Assistant FRAgent approved to allow moving of excess FRnotes 5/4 Savannah: Continuance of, FRBank of Atlanta considering necessity for 6/5 American Institute of Banking: Convention of, contribution of FRBank of Chicago to, and payment of limited expenses of dinner to delegates of 5/18 FRBanks and branches approved FRBank of Atlanta, appropriation for local chapters of, approved 4/27 American Investment Corporation: (See State member banks, Commercial Security Bank) Annual reports: FRBank of Minneapolis, 1932, listing of unofficial members of staff as officers, suggested changes in list 5/6 FRBoard, draft presented, additional changes suggested, and report, as amended, approved 5/4 Expected from printer and to be released to press 5/18 "Other insurance", request of Congressman Patman for what is included in item for 1931 6/8 FRBanks for expenses of FRBoard, resolution levying and on Assessment directing deposit in FRBank of Richmond 6/23 profit and loss, statements furnished Treasury liabilities, and Assets Department by FRBanks as of Dec. 31, 1932, examined by FRBoard and no charges made except in accordance with FRAct and approval of FRBoard 4/4 Assistant FRAgents: (See FRAgents) Atlantic Creosoting Co., New York, N. Y., reply to Mr. Labrot's suggestion that FRBanks extend rediscount privileges to foreign banks of issue to stimulate exports 4/23 Austin, Texas, request of three banks that Texas warrants be made eligible for loans from FRBanks transmitted through Senator Sheppard, draft of reply to Avent, G. J., Florida National Bank, reply that Board has not acted on what constitutes time deposits or determined maximum rate of interest for savings deposits 311 496 537 243 537 243 407 301 198 259 256 330 427 507 38 500 53 480 owl Bank debits, regular weekly statement to be published 4 /3 32 3 Pages Banking holiday: FRBanks, expenses incurred in connection with, Mr. Snead requested to take up natter of reimbursement with Assistant Secretary of the Treasury Douglas Reserves, penalties for deficient, reply to request of FRBanks of Kansas City and New York for permission not to assess member banks in certain States during period of, no objection FRBanks requested to supply information on deposbanks, Status of its of nonmember institutions, banks unlicensed, nonmember banks suspended after reopening, etc., also supplementary lists showing changes of Telegrams of FRBanks sent over commercial wires in connection with, telegram to FRBanks suggesting that such bills not be paid pending decision of Treasury as to whether banks will be reimbursed for specialservices Banking Act of 1933: (See Legislation) Bank for International Settlements: Austrian National Bank, request for renewal of advance and possible reduction in interest rate, advice to FRBank of New York of New York that all participants have agreed FRBank to Advice to renew credit and interest rate will be reduced Deposit maintained by FRBank of New York with, letter to be prepared asking advice on and approved presented Letter as to whether Secretary of Treasury request L., George Harrison, would object to his serving as administration or a director, action deferred for consideration with Secretary of Treasury Service considered inadvisable at present, action to be deferred and President notified National Bank of Hungary, request for renewal of credits, advice to FRBank of New York of New York that all participants have agreed FRBank Advice to to renew credit in full Reichsbank, proposed change in credit renewal agreement to, unacceptable, advice to FRBank of New York, request that participants retain original wording or else they prefer to repay credit, attitude of FRBank of New York and Bank of France (See also Foreign banks) Bank of United States, bill providing for establishment of, letter for signature of Secretary of Treasury opposing Barse, George P., present at Board meeting during discussion of reorganization of closed banks Battle Creek, Mich., outline of banking situation involving withdrawals from Old-Merchants National Bank and Trust Co. and organization of national bank to take over business, and City National Bank and Trust Co. by Governor Black, closing of Old-Merchants reported Developments National Bank and Trust Co., and efforts to aid other banks and make portion of deposits of closed banks available, FRBank did all in its power (See also National banks) 4/3 31 4/1 4 4/13 106 4/3 31 4/10 83 4/17 125 5/9 5/18 281 319 5/9 280 5/10 288 84 4/17 125 4/10 84 4/26 186 4/19 137 6/3 396 6/15 438 4 Pages Bond depreciation: Charge offs, reply to Congressman Harter with regard to advice from Savings Deposit Bank Co., Medina, Ohio, that State banks are required to make upon admission to FRSystem while member banks are not 6/1 National barks, Mr. Await's query of Governors as to their opinion on more rigid requirement in connection with examinations as to charge offs V19 State, county and municipal bonds, charge off in making application for membership not to be required but reserve to bring down carrying value to be set up 4/3 (See also Membership in FRSystem, Central Farmers Trust Co.) Bonds, surety: Hall, C. C., renewal as Assistant FRAgent at Dallas 6/30 McCravey, J. R., Jr., as Acting Assistant FRAgent at Atlanta 6/1 Peyton, John h., as FRAgent at Minneapolis 5/18 Walsh, C. C., renewal as FRAgent at Dallas 6/30 Williams, John H., as Assistant FRAgent at New York 5/9 Borrowings of unlicensed member banks from FRBanks and claims against closed banks, confidential memorandum of Mr. Smead V17 and statement transmitted to FRBanks Branch banks, domestic: Chase Bank, New York, N. Y.: Chinatown Agency, request for six months extension of time to 5/18 open, approved conditionally Branch banks, FRSystem: Baltimore: Staff: Glanville, Thomas J., salary approved in excess of provisions of personnel classification plan 5/18 Lucius, Elizabeth, salary approved in excess of provisions of personnel classification plan 5/18 Birmingham: Directors: (See Directors) Staff: Bowron, Thomas, temporary appointment as Acting Assistant FRAgent extended for thirty days 5/24 Buffalo: Bylaws, amendment to provide for assistant manager 6/30 Share-the-work plan, vote of directors to continue, Governor Black opposed to plan adopted at some banks, no objection to continuation for 60 days 6/8 Cincinnati: Personnel classification plan, changes approved 64/26 Denver: Bylaws, amendment to eliminate payment of actual expenses to directors for attendance at meetings, and to permit payment of allowance, approved 5/9 Personnel classification plan, change to provide position of Acting Assistant FRAgent 6/15 Detroit: Directors: (See Directors) Files, request for access by Department of Justice agent in investigation of First National Bank of Detroit and Guardian National Bank of Commerce of Detroit 5/9 385 138 31 545 373 297 545 271 128 320 295 295 336 555 428 516 272 443 277 5 Pages Branch banks, FRSystem: (Continued) Detroit: (Continued) Personnel classification plan, changes approved, position of chief clerk and accountant to be re-analyzed, con6/8 415 tinued as appraised at present Staff: Anderson, C. H. F., designation to assist in examinations when available 4/27 199 Jarvis, Geo. T., resignation, reference made to in connection with irregularities and competence of admini73 stration of FRBRIlk of Chicago 4/10 (See also FRBank of Chicago, Irregularities) Levin, I., discussion of banking situation in Detroit with Mr. Acheson and feeling that latter should take matter up with Reconstruction Finance Corporation 6/23 509 415 Vogt, A. h., salary as chief clerk and accountant approved 6/8 El Paso: Bylaws, advisability of changing to eliminate position of Assistant Cashier, suFzestion that it be made optional 0.8 298 Personnel classification plan, change providing new position of "Typist" 5/18 301 FiZBank of Cleveland, revised personnel classification plan sheets should be submitted providing for position of Acting Assistant FRAgents at branches of 4/26 183 Helena: anotes, excess of fit, due to retirements, desire to have Comptroller of Currency cancel rather than ship to Minneapolis where stocks are higher than required 4/3 13 Suggested plan of placing reserve stock in separate compartments of vault, considered and decided against 4/3 13 Gold certificates, question of cancelation of fit, to be taken up with Treasury Department 13 4/3 Personnel classification plan, establishment of Reconstruction Finance Corporation department and other changes 6/30 545 Staff: Hoerr, A. A., additional compensation during absence of Towle, approved 4/10 76 Extra compensation was intended to be retroactive, approved 4/26 182 Towle, R. E., additional leave to serve Regional Agricultural Credit Corporation, request for definite advice on extension 4/26 182 Continuation of leave at request of Reconstruction Finance Corporation, advice of 229 5/4 Houston: Bylaws, advisability of chancing to eliminate position of Assistant Cashier and to discontinue payment of separate fee for directors meeting and executive committee meeting attended on same day 5/18 299 Amendment adopted as suggested, approved 6,/lb 456 Personnel classification plan, changes to provide new positions of "manager" and "stenographer and clerk" in :;econstruction Finance Corporation department 4/13 98 Change providing new position of "Reconstruction Finance Corporation Clerk" in Reconstruction Finance Corporation department 5/24 37 6 Fages Branch banks, FRSystem: (Continued) Jacksonville: Staff: Saussy, Fulton, temporary appointment as Acting Assistant FRAgent extended for 30 days 5/24 336 Little Rock: Directors: (See Directors) Personnel classification plan, change providing for new positions of "assistant manager" in collection, co2lateral, and securities, discount and Government department 5/4 228 Staff: Bailey, A. F., meeting with FRBoard to discuss applications of three Little Rock banks for membership 429 6/6 Los Angeles: FRnotes, custody of unissued, resolution authorizing Governor of FRBank of San Francisco to enter into agreement with FRAgent covering, changes suggested by Board A/17 119 Amended agreement approved with reservation to permit modification or discontinuance 5/18 320 Personnel classification plan, unnecessary to provide for position of "examiner and acting assistant FRAgent" 4/24 161 Staff: Swengel, Henry D., noted that he is serving as Acting Assistant FRAgent, in connection with requested change in personnel classification plan 4/24 161 Nashville: Staff: Davis, Maclin P., temporary appointment as Acting Assistant FRAgent extended for 30 days 5/24 336 New Orleans: Bylaws, amendment changing time of directors meetings 6/23 534 Custody of unissued FRnotes, etc., agreement between FRBank and FRAgent for, due to expiration of appointment of Mr. Broadus as Acting Assistant FRAgent 241 5/4 Authorization by executive committee and subsequent authorization by directors, no objection 242 5/4 Copy of agreement covering 5 /24 349 Directors: (See Directors) Lew Orleans banks, reply to suggestion of Mr. Schott that branch aid in liquidation of assets of 4/10 88 plan, change to provide for new posiclassification Personnel tion of "special custodian" in Custodian-Reconstruction Finance Corporation Department, request for information as to qualifications of J.V. :Testeraus 4/17 115 "Special custodian" position abolished, no need for change to provide for, no action to be taken 4/26 182 Staff: esteraus, J. Val, request for information in connection with salary range of position 4/17 115 Oklahora City: Bylaws, anendment to eliminate payment of actual expenses to directors for attendance at meetings and to permit payment of allowance 272 5/9 Personnel classification plan, change to provide for position of Acting Assistant FRAgent 6/15 443 7 Pages Branch banks, FRSysLem: (Continued) Omaha: Bylaws, amendment to eliminate payment of actual expenses to directors for attendance at meetings, and to permit payment of allowance 5/9 Directors: (See Directors) Personnel classification plan, change providing for position of Acting Assistant FRAgent 6/15 Pittsburgh: Personnel classification plan, changes approved 6/28 Staff: Bolthouse, C. J., appointment and salary as Assistant Cashier 5/18 5/18 Brown, P. A., transfer to head office Portland: FRnotes, custody of unissued, resolution authorizing Governor of FRBank to enter into agreement with FRAgent covering, changes suggested A/17 Amended agreement approved with reservation to permit modification or discontinuance 5/18 Personnel classification plan, unnecessary to provide for position of "examiner and acting assistant FRAgent" A/24 Staff: Snow, G. A., noted that he is Acting Assistant FRAgent, in connection with requested change in personnel classification plan 4/24 Salt Lake City: Directors: (See Directors) FRnotes, custody of unissued, resolution authorizing Governor of FRBank to enter into agreement with FRAgent covering, changes suggested A/17 Amended agreement approved with reservation to permit modification or discontinuance 5/18 San Antonio: Personnel classification plan, changes providing new positions approved 6/30 Seattle: Staff: Snow, G. A., noted that he has authority to serve as Acting Assistant FRAgent A/24 Spokane: Directors: (See Directors) Staff: Snow, G. A., noted that he has authority to serve as Acting Assistant Fhgent A/24 Branch banks, foreign: Chase Bank: Faris branch, adjustment of write-offs, request for permission to reinstate amount on books of, representing installation costs which had been entirely charged off 5/6 International Banking Corporation: London, advice from Lr. Prickett that it is inactive and advice from Corporation as to limited activities, no exam, ination to be required 5/18 272 443 516 295 295 119 320 161 161 119 320 546 161 161 265 317 Pages 8 Branch banks, foreign: (Continued) National City Bank of New York: Geneva, Switzerland, advice that branch will not be established at this time, new application will be filed later if desired Branch, group and chain banking, request from Senator Glass for report in connection with preparation of legislation, to be sent with note that volumes have not been considered by Board Letters signed by Liz'. Goldenweiser and Governor Meyer sent to Senator Glass Broderick, Joseph A., reply to letter referring to "rigid and stringent policy" in connection with membership, request for particulars of complaint Suggestion that :jr. Broderick come to Washington Proposed letter approved and Governor Black to write personal letter Bruce, Howard: (See State member banks, Baltimore Trust Co.) Budgets: FRBanks, covering statistical and analytical functions during year 1933 approved Bureau of Engraving and Printing: FRbank notes, bill for those printed under emergency legislation, reasons for increased cost, authorized for payment and for additional notes for FRBank of Atlanta FRnote printing requirements of Board, submission of estimate with understanding that order may be canceled and FRbank notes substituted for a part thereof Bylaws: Buffalo Branch, amendment providing for position of assistant manager Denver Branch, amendment to eliminate payment of actual expenses for attendance at directors and discount committee meetings and to permit payment of allowance El Paso Branch, advisability of changing to eliminate position of Assistant Cashier, suggestion that it be optional FRBank of Cleveland, proposed changes outlined to FRBoard by Mr. -Alliams and attention called to changes suggested to Mr. Strater FRBank of Minneapolis, proposed change to make chairman of Board chairman of executive committee, letter to be prepared suggesting change Letter prepared giving reasons and showing method of amendment 2RBoard, Fiscal Agent, new procedure to be followed in carrying accounts with FRBank of Richmond, amendment to bring into conformity Assistant Cashier, advisability of change to elimiBranch, Houston nate position, and to discontinue payment of separate fee for directors and executive committee meetings attended on same day Amendment adopted as suggested, approved New Orleans Branch, amendment changing time of directors meetings, approved Oklahoma City Branch, amendment to eliminate payment of actual expenses for directors and discount committee meetings and to permit payment of allowance 4/1 1 4/17 131 4/24 169 6/23 6/23 501 502 6/23 503 6/20 468 1/17 129 6/28 529 6/30 555 5/9 272 5/18 298 4/26 196 5/6 5/18 269 297 6/26 536 5/18 6/15 298 456 6/28 534 5/9 272 9 Pages Bylaws: (Continued) Omaha Branch, amendment to eliminate payment of actual expenses for attendance at directors and discount committee meetings and permit payment of allowance 5/9 272 "C " Cable, Congressman John L., reply to query as to inclusion of preferred stock in determining amount of capital necessary 6/30 for exercise of fiduciary powers California, legislation to stay mortgage forclosures proposed, suggestion from FRBank that FRBoard oppose, considered 4/17 inadvisable Capital Grain and Feed Co., Montgomery, Ala., request of Mr. Leo J. Drum for reimbursement of legal fees paid in case 6/23 against FRBank of Atlanta, Board cannot intervene Reply to letter from Mr. Drum in further regard to payment of 6/30 court expenses Capital stock: (See Stock, capital) Capitol National Company: (See National banks, Capitol National Bank and Trust Co.) Carlisle, F. T., control of banking institutions, request FRAgent at 6/8 New York to determine extent of Century Securities Co.: (See State member banks, Peoples Pittsburgh Trust Co.) Charge offs: Bond depreciation, reply to Congressman Harter with regard to advice from Savings Deposit Bank Co., Medina, Ohio, that State banks were required to make on admission to FRSystem while member banks were not 6/1 Chase Bank, New York City, adjustment of write offs, request for permission to reinstate amount on books of Paris Branch, amount representing installation costs which had been charged off, no objection 5/6 Everett Bank and Trust Co., Everett, Mass., directions for carrying valuation reserves and change in membership condi4/24 tions to permit Membership conditions, of depreciation of securities, when apprec6/15 iation occurs it may be considered as elimination National banks, Ir. Awalt's query of Governors as to their opinion on more rigid requirements in connection with examinations 4/19 State banks applying for membership which have deposit balances with Fidelity National Bank and Trust Co., Kansas City, to charge off 30% 4/27 State, county and municipal bonds, charge off in connection with applications for membership not to be required but 4/3 to establish reserve to bring down carrying value Chase, Congressman Ray P.: (See Membership in FRSystem, Conditions) Chesterman, Bertrand: <See Morris Plan banks) Circulars: FRBank of Dallas, mmbership in FRSystem, proposed, governing requirements and procedure of admission, for distri4/10 bution to member banks, reply suggesting changes FRBank of New York, repayment of credit by Reichsbank, copy of con4/17 tract letter and probable reasons sent to FRBanks 557 125 499 558 422 385 265 162 552 138 201 31 82 126 10 Pages Circulars, FRBoard: Affiliates of banks, ruling that they must be examined insofar as to show relationships with member banks 6/23 Appreciation of securities of banks applying for membership on which charge off was condition, FRAgents advised to consider as elimination 6/15 Borrowings of unlicensed member banks from FRBanks and claims against closed banks, memorandum and statement of amead transmitted to FRBanks 4/17 Capital stock reductions, letter to FRAgents advising of action on applications of Patapsco National Bank and Citizens National Bank of Pocomoke 6/23 Clayton Act: Applications, proposed revisions of Forms 94, 94a and 94b and procedure to facilitate proper presentation, eim., FRAgents asked for suggestions 5/9 paAgents to conduct correspondence with officer, etc., in apparent violations, procedure for submission of new applications and to review permits yearly 5/1 Collateral for advances under Sec. 10(b) of FRAct and advances to nonmember banks, outline of information to be furnished to FRBoard by FRBanks 4/13 Conservators of national banks, instructions to, approved by Secretary of Treasury and Comptroller of Currency, to be mailed to FRBanks as soon as possible A/5 Class A and B directors of FRBanks, advice to FRAgents Elections of on voting rights of unlicensed State member banks 6/5 Federal Home Loan Banks, considered banks and deposits should be classified as amounts due banks in computing reserves, advice to FRBanks 4/3 FRBank employees, names and salaries, statements checked against personnel classification plans, salaries noted with approval and matters for attention of banks 4/26 Form 34, advice to FRBanks h(Dw to report under items "special deposits-member bank" and "special deposits-nonmember bank" and "nonmembers-clearing account" for banks in hands of conservators 4,/1 Indebtedness, advice to FRAgents that they and members of their staffs should not incur to member banks and affiliates, applicable to FRBank personnel, officers should give all time to banks 5/1 (See also Indebtedness and outside business relations) Interest on demand deposits, information to all FRBanks on questions arising under Banking Act of 1933 6/23 Interest rates on time deposits, advice to all FRAgents that rate is maximum 6/23 Member and nonmember bank status, lists and weekly supplements of changes may be discontinued in connection with reopening under license, data being furnished under instructions of April 13 to be mailed weekly 6/15 ..:ember banks securing advances from FRBanks, warning must be given not to make loans secured by stocks and bonds 6/28 Membership in FRSystem: Disapproval of application of Personal Loan and Savings Bank of Chicago, transmitted to FRAgents 4/17 FRBank counsel to examine resolutions accepting conditions to determine conformity with prescribed conditions 496 452 128 493 276 219 106 50 406 108 183 3 217 494 497 458 532 118 490 11 Pages Circulars, FRBoard: (Continued) Ziembership in FRbystem: (Continued) Instructions to FRAgents as to information to be furnished by telegram regarding applications for 3/31 Reserves of member banks, assessment of penalties for deficiencies, rules for procedure in cases of nominal amounts 4/17 Status of banks, FRBanks requested to supply information on deposits of nonmember institutions, banks unlicensed, nonmember banks suspended after reopening, etc. 4/13 Subscriptions to Government obligations for officers, directors, or employees of FRBanks, advice to FRBanks on care to be taken in handling 4/13 Circulars, Treasury: No. 176, handling of checks in accordance with, for Federal Farm Loan Bureau 5/18 Clark, Henry C.: (See Membership in FRystem, Capital requirements) Clayton Act applications: (See Interlocking direotorates) Clearing and collection: Clearing of checks directly through banks instead of Gold Settlement Fund, suggestion of Mr. Adams to Senator Sheppard and Board's reply /18 Federal Farm Loan Bureau, request that FRBanks make arrangements for handling checks for 5/18 Interdistrict time schedule between' ,Jew York and Cleveland, change approved 5/26 Interdistrict time schedules and deferred credit time for direct sendings should be based on mail train schedules, FRBoard concurs in action of Governors Conference 4/24 Nonmember clearing account, not required to accept, advice to FRBank of Boston 6/23 Cleveland, banking situation reported quiet by Cr. 7iilliams and outline of efforts to reorganize closed banks 5/1 Closed banks, claims of FRBanks against, confidential memorandum and statementce ir. Smead transmitted to all FRBanks 4/17 (;o0E1 Cola Co., syndicate operations in stock of, by Trust Company of Georgia 5/18 Collateral: Advances under Sec. 10(b) of laAct and advances to nonmember banks, outline of information to be furnished FRBoard 4/13 First National Bank, Barrington, Ill., propriety of holding securities for First National Securities Co. 4/24 Commercial paper and bankers acceptances, Securities Act as drafted would amount to prohibition of sale of, telegrams from Governor Geery and Mr. Stevens 4/1 (See also Legislation, Securities Act) Committees: Bank aid plan, designation of Messrs. Await, Cummings, Fancher and Jones to consider question of FRBoard making immediate advance to applicant bank and Reconstruction Finance Corporation taking it over if unrepaid after 60 days, matter of collateral requirements 4/20 Branch, group and chain banking, report requested by Senator Glass for use in preparation of legislation, completed volumes to be sent with note that they have not been considered by FRBoard 4/17 Letters signed by Mr. Goldenweiser and Governor Meyer sent to Senator Glass 4/24 95 127 106 108 322 324 322 372 171 497 223 128 314 106 167 3 143 131 169 12 Pages Committees: (Continued) Federal Coordinating Service, Miss Aryness Joy designated to serve 41 on special subcommittee to review index numbers 4/4 FRBank of Chicago, directors, request that committee of, and chairman visit Washington in connection with irregularities in Government security transactions 4/1 8 Directors expected shortly, action on draft of letter to Attorney General deferred until after meeting 23 4/3 Messrs. Stevens, Leavell, Estberg and Schaller present at meeting of FRBoard for full discussion 71 4/10 Committees, FRBoard: District No. 2, to look into question of physical condition of J. H. Case, FRAgent at New York 6/23 511 District No. 9, consideration of recommendation of Mr. Peyton as FRAgent at Minneapolis 5/1 223 selection of successor to G.G. Wright for unexpired No. 12, District term as director of Salt Lake City Branch 4,/13 99 Recommendation of Mr. M. W. Smith 4/26 181 Executive, Mr. Miller and Mr. James to serve during second quarter 4/1 10 Research and Statistics, budgets of FRBanks for statistical and analytical functions, approved 6/20 468 Salaries and Expenditures: Budgets of FRBanks for statistical and analytical functions 6/20 468 Dividends, semi-annual of Monks, payment approved 6/28 529 Personnel classification plan change at FRBank of Atlanta and salary range, recommendation of approval 6/28 517 Personnel classification plan at FRBank of Cleveland, increase in maximum salaries of certain positions, recommendation of approval 6/28 516 Personnel classification plan changes at FRBank of New York, approval of 6/3 400 Salary statements of staffs of FRBanks checked against personnel classification plans, matters to be caned to attention of individual banks 4/26 183 Committees, Governors Conference: Pension plan, report of conference of Mr. Kenzel with insurance company, coluslittee to meet soon and report on plan 4/3 12 Comptroller of the Currency: Await, F. G., Acting, present at Board meeting and outline of aids for unlicensed national banks, no uniform plan of reorganization 4/19 137 Examiners, national bank: (See Examiners) Preferred stock of national banks, statement of Mr. Await that issuance is being permitted only against sound assets 4/1 3 Comstock, Governor: (See State member banks, Reorganization) Condition reports: Affiliates of member baits, reports required by law, draft of new forms for and necessity of conformity with those to be issued for national banks 6/23 504 FRBanks weekly statement: Changes suggested by Mr. Snead due to provisions of Farm Mortgage Net of 1933 5/18 329 contain to statement on changes, explanatory note to Text indicate that FRnotes are not included in "other cash" 5/18 330 Statement of Mr. Smead that FRBanks have been reporting past due paper as "other assets" and should be reported as discounted paper 4/3 17 13 Pages Condition reports: (Continued) Interest rates on demand deposits, reply to Mr. Stevens' suggestion that FRBank send questionnaire to member banks on, stating that Board may include in next call report 6/23 National banks, capital stock, directions for showing and to include report on rate of interest on time deposits and 6/23 schedule to be added on affiliate reports State member banks, capital stock, directions for showing and to include report on rate of interest on tire deposits 6/23 and schedule to be added on affiliate reports jeekly reporting member bank statements, publication considered inadvisable by Mr. Smead and recommendation that re4/3 ports be withheld pending completion of new basis 0 Publication to be resumed under modified arrangement Conferences, Governors: Interdistrict time schedules and deferred credit time for direct sendings should be based on mail train schedules, 4/24 FRBoard concurring Meeting, desired by Secretary of Treasury,matter to be discussed 4/10 by Governor Meyer and to be arranged if feasible Postponed unt;1 April 19, advice to all Governors 4/13 Held on April 19, 20 and 22 4/19 A/20 A/22 Expression of appreciation of Secretary of Treasury for cooperation during banking crisis,meeting called to dis4/19 cuss further action to improve situation Review of situation in various districts as to banks licensed, policies of State authorities to open nonmember banks and efforts to open unlicensed banks, also review of business conditions 4/19 Reorganization of closed banks and aiding licensed banks, to consider methods now employed and which miht be used in effecting 4/19 Outline by Mr. Await of aids for unlicensed national banks, no 4/19 uniform plan of reorganization Statement of Mr. Cummings of pressing need to aid licensed 4/19 banks which are in unsatisfactory conlition Suggestion of Mr. James that Reconstruction Finance Corporation can aid and that meeting with representatives of R.F.C. and of office of Comptroller should be arranged while Governors are present 4/19 meeting Secretary of Treasury to ask representatives to 4/19 with Board and Governors Bond depreciation, query of Mr. Await on more rigid requirement 4/19 in connection with examinations of national banks FRbank notes, Mr. Smead's opinion that as emergency currency they should be issued in emergency only or in case of substantial requests for 10(b) loans, opinion of Governors 4/19 Licensed banks in unsatisfactory condition, suggestion of Mr. Await that more liberal policy in granting 10(b) loans might aid, FRBanks have not rejected any applications 4/19 Reconstruction Finance Corporation, statement of Mr. Jones on policy in regard to licensed banks needing aid and to opening closed banks 4/20 495 503 503 32 278 171 91 96 134 140 153 136 136 136 137 137 138 138 138 139 139 140 14 Conferences, Governors: (Continued) Meeting: (Continued) Reconstruction Finance Corporation: (Continued) Member bank requirements should be taken care of by FRBanks, statement of Mr. Jones A/20 Differences in capitalization called to attention by Governor Meyer and risk of accepting unliquid paper A/20 Statement of Mr. Jones on necessary amount for taking over loans A/20 Statement of Governor Meyer that problem is further assistance to banks, not taking over of loans A/20 Messrs. Await, Cummings, Jones and Fancher to act as committee to consider plan of Mr. Jones A(20 Governors to develop ideas on proposed plan A/20 hew Gold Order signed by President, advice of A/20 Thomas Bill, advice of drafting and probably will be introduced in Senate today A/20 Copy read A/20 Discussion of effect of, and report of introduction 4/20 Insurance of deposits plan likely to be inserted in Glass Bill, desire to discuss and request that Governors remain rest of week A/20 Advice that copy of Glass bill is not available A/20 Open Market Policy Conference, resolutions of: (See infra Open Market Policy) Membership policy, consideration of, advocacy of liberalization and prompt action on applications 4/22 FRBoard's action prompt as possible A/22 Possible exceptions to general policy A/22 Statement of Governor Meyer that FRBanks have opportunity to emphasize putting banks in sound condition for admission to FRSystem A/22 Flexibility favored in meeting individual problems, statement of Governor Meyer on Board's position A/22 Safekeeping function of FRBanks, reply to FRBank of Atlanta that question is one of system policy, Board considering referring to 6/5 Conferences, Open Market Policy: Allotments, system of, resolution to achieve of existing holdings as well as new purchases of Government securities to arrive at more equitable relationship of reserve percentages of FRBani's 4/22 Discussed and action deferred A/24 working out of new system of, by executive committee authorized and to be submitted to FRBoard A/26 Executive Colianittee meeting, advice of, and Governor Black to attend, feeling of FRBoard that purchase program should be continued 6/28 Meeting to be held while Governors are in Washington, preliminary memo for consideration and report of operations since last meeting 4/19 Faturities of Government securities, resolution authorizinp: shift to longer, when advisable A/22 Discussed and action deferred A/24 Limitation of length suggested, more time asked by FRBoard for consideration, action deferred A/26 Pages 141 142 142 143 143 148 142 142 148 152 142 152 155 155 156 156 156 407 154 176 189 540 134 154 176 188 15 Pages Conferences, Open Market Policy: (Continued) Maturities of Government securities: (Continued) Distribution of maturities in limited categories suggested by 5/1 Governor Meyer, action deferred Discussed by Governor Meyer with Messrs. Harrison and Burgess, 5/4 Board's feeling Replacement, arrangements being made to keep 50% or more in maturities within 18 months, no program for further 5/6 shifting Purchase of up to one billion dollars of Government securities, 4/22 resolution presented Statement of Governor Harrison on conditions of purchase and necessity of preparing System to make arrangements A/22 along lines of Thomas Bill A/24 deferred Discussed and action A/26 Consideration of Board requested by Governor Harrison A/26 Purchases at present deemed inadvisable and action deferred Telegram approving resolution and authority to executive committee to proceed with purchase of up to one bil5/12 lion dollars of Government securities (See also Open market operations) Minutes of meeting, draft submitted and changes suggested, notice 5/18 of consideration given resolutions C onservators: Balances, old, of State member banks in hands of, under State law, reply to FRBank of Cleveland on applying to reduc4/17 tion of bills payable at request of conservator Funds of, of national banks, reply to Secretary of Treasury on safekeeping by FRBanks to facilitate administration of Bank Conservation Act A/10 Holdings of bills discounted and earnings thereon, discrepancy seems unavoidable and where reserve account is applied to indebtedness no interest accrual on past due paper is to be included in not earnings, advice to FRBank of Atlanta 6/1 Instructions to, of national banks, drafted at meetings at which Messrs. Walden, Strater, Sinclair, Parker and Dunn were present, approved by Comptroller of the Currency, letter to FRBanks approved on relations with 4/1 Approved by Comptroller of the Currency and Secretary of Treasury, to be mailed to FRBanks Liquidation of national banks, necessity for definite advice as to, 5/4 in order to cancel FRBank stock Paper held under discount for, reply to FRBank of Richmond on ques4/6 tion of construing bank as in liquidation Principles laid down for State member banks regarding surrender of FRBank stock, withdrawal of credit balances, advances and extension of credit are applicable to national 4/6 banks, advice to FRBanks Rediscounts, reply to FRBank of Minneapolis on application to indebtedness at request of conservator, as of date of appointment, preservation of right in interest 5/6 Reporting on Form 34 for banks in hands of, under items "special deposits-member bank" and "special deposits-nonmember bank" and "nonmembers-clearing account", advice to FRBanks 4/5 222 255 268 153 153 176 188 188 290 322 123 88 383 9 50 237 66 68 266 3 16 Pages Conservators: (Continued) Reserve balances, old, FRBank should consider advisability of according same treatment as if in hands of receiver mthen requested to apply against indebtedness 6/1 Surrender of FRBank stock not necessary, balance to bankts credit may be withdrawn under Regulation D and not in excess of indebtedness, extension of credit for FRBankts deter mination, principles applicable to national banks also, advice to lei:Banks 4/6 Unlicesned banks in hands of, reply to protest of FRBank of San Francisco that prohibition on borrowing seems discriminatory 4/10 War loan deposit accounts, reply to FRBank of Atlanta and advice to all FRBanks quoting memo of Assistant Secretary of Treasury as to authorization for renewals of notes pledged by banks in hands of 4/13 Consolidations: Central Savings Bank, Oakland, Calif., proposed transfer of assets of Central National Bank to A/24 Commercial State Bank of Nacogdoches, Texas, purchase of assets and assumption of liabilities of Appleby State Bank 4/27 Farmers State Bank, Belvidere, Ill., proposed transaction whereby part of deposit liabilities and assets of Peoples State Bank will be acquired 5/26 First National Bank and Trust Company of Highland Falls, N. Y., affairs taken over by First National Bank in Highland Falls 5/6 Montclair Trust Co., Montclair, N. J., purchase of assets and assumption of liabilities of Essex Title Guaranty and Trust Co. 5/9 Wayne County Savings Bank, Honesdale, Pa., absorption of Waymart State Bank, Waymart, Pa. 5/18 Continental Gin Co., syndicate operations in stock by Trust Company of Georgia 5/18 Conversions: Atoka State Bank, Atoka, Okla., advice of filing of application for conversion into national bank and extension of time for compliance with membership conditions 5/1 Conversion definitely decided upon and application for membership abandoned 5/26 Bank, Iowa City, Iowa, proposed conversion National Capital First of First Capital State Bank into 5/26 Live Stock National Bank, Chicago, Ill., proposed conversion from Stock Yards Bank and Trust Co. 4/4 Couch, Harvey: (See Reconstruction Finance Corporation) Counsel, General, memoranda of: FRAct, preparation of new edition, ordered printed 6/28 Patapsco National Bank of Ellicott City, Md., reasons for disapproving stock reduction plan 6/5 Credit companies, eligibility of paper for discount at FRBanks, S. 747 opposed 4/24 Draft of letter to Senator Sheppard reporting that emergency bank legislation removed necessity for enactment 4/24 Credit unions, S. 1610, amendment to FRAct to permit acceptance of deposits of, letter to Senate Banking and Currency Committee opposing 5/26 Letter for signature of Secretary of Treasury opposing 6/1 384 68 81 105 163 202 365 263 273 .312 314 210 364 367 42 535 405 175 175 370 388 17 Pages Cuba, no objection to purchase of U. S. silver coin and gold coin by havana Agency, Cuban Government to repurchase gold coin Cummings, ualter J., present at Board meeting and statment on pressing need to aid licensed banks which are in unsatisfactory condition Currency: FRbank notes: (See FRbank notes) FRnotes: (See FRnotes) Issuance under new banking law, request from Congressman Dowell quoting inquiry and reply that member banks obtaining currency by borrowing from FRBank must pay interest or discount Silver coin of United States, purchase from Cuban Government by Havana Agency, request for information Cushman, H. T., Manufacturing Co., discount of note authorized by FRBank of Boston Daggett, J. B.: (See FRBanks, Profits) Debits to individual accounts, regular weekly statenent to be published Department of Justice: Federal National Bank of Boston, request for access to files of FRBank in connection with investigation of alleged criminal irregularities at, and to examine reports of examinations of Inman Trust Co. FRBank of Chicago, irregularities, draft of letter submitting detailed report, action deferred until meeting with FRBank .directors Draft in preparation Letter approved and to await approval of Secretary of Treasury Rot yet approved by Secretary of Treasury Fisst National Bank of Detroit and Guardian National Bank, Detroit, investigation of alleged violations of Federal law by, access to files of FRBank of Chicago and Detroit Branch requested DePosits: Demand, interest on: Information to all FRBanks on questinns arising under Banking Act of 1933 Legislation prohibiting payment of, would involve major change in complicated situation, to be carefully studied Protest of President of First National Bank in Dallas, Texas, against reported activity of certain banks in central cities soliciting under arrangement permitting payment of interest Request of member bank for permission to continue to pay interest during payment period, reply to FRBank of Atlanta Federal Home Loan Banks in member banks, may be classified as amounts due banks in computing reserves, advice to FRBanks First National Bank of Atlanta, deposit with Trust Company of Georgia seems more loan that deposit, letter to Comptroller of Currency on 6/28 537 137 4/3 19 6/28 537 4/10 78 4/3 32 6/8 425 4/24 4/26 5/24 21 176 190 353 5/9 277 6/23 494 4/10 94 6/20 484 8/20 481 4/13 108 08 314 Pages 18 Deposits: (Continued) Form 34, advice to FHBanks on reporting under items "special deposits-member bank" and "special deposits-nonmember bank" and "nonmembers-clearing account" for banks in hands of conservator Frozen by banks under agreement with stockholders, request from FRAgent at Atlanta as to attitude of Board toward membership for such banks Insurance of: (See Legislation, Banking Act of 1933) Legislation, S.J.R. 2, to strengthen security of, reply of Comptroller of Currency for signature of Secretary of Treasury opposing adoption National banks, resolution of Senate Banking and Currency Committee requesting information as to National banks in hands of conservators, suggestion of Secretary of Treasury that FRBanks handle for safekeeping to aid administration of Bank Conservation Act Savings and loan companies, request from Central National Bank of Cleveland, Ohio, as to proper classification of balances due Savings and time, interest rates on, request for views of FRAgents on regulations to govern State member banks, request of FRBoard for number and aggregate balances of all deposit accounts of Time: Interest on: Advice to FRAgents that rate Board is authorized to fix is maximum Inquiry from lAr. Peyton as to consideration for slidinz scale in connection with regulations to govern Reply to Messrs. McQuaid, Walker and Avent that Board has not acted on what constitute, and on maximum rate of interest authorized by Treasury Regulation 7, request for inforfunds Trust mation by FRBank of St. Louis in connection with letter from Lincoln Bank and Trust Co., reply that they are subject to demand deposit reserves TEI.r loan accounts, reply to FRBank of Atlanta and advice to all FRBanks quoting memo of Assistant Secretary of Treasury as to authorization for renewals of notes pledged by banks in hands of conservators as security Withdrawals, S. 344, legislation to govern, request of Senator Fletcher for report, view of Comptroller concurred in by FRBoard Detroit, Mich., discussion of banking situation with Mr. Acheson by Yr. Levin of Detroit Branch and feeling that matter should be taken up with Reconstruction Finance Corporation Directors: Bank for International Settlements: Harrison, George L., request as to whether Secretary of Treasury or Administration would object to his serving, action deferred Service considered inadvisable at present, action to be deferred and .Fresident notified 4/1 3 5/24 338 4/17 127 5/18 327 4/10 88 4/10 90 6/20 461 327 6/23 497 6/23 496 6/20 480 A/10 79 4/13 105 4/5 18 6/23 509 5/9 280 5/10 288 19 Pages Directors, FRBank: Election of Class A and B, unlicensed banks not in hands of conservators, reply to FRBank of Richmond that they can nominate and participate in election of, advice to all FRAgents FRBank of Atlanta: Harris, George S., tender of resignation as Class C, action deferred until after visit of dlr. Newton Simon, Leon C.: Allegations made by Mr. Harper to be investigated Reimbursement of travel expenses for voluntary attendance at meetings of discount committee unwarranted FRBank of Chicago: Chairman and committee of, draft of letter requesting presence in liashington in connection with irregularity in handling Government security transactions Letter presented and approved Estberg, E. R., present at meeting to discuss irregularities Leavell, J. R., present at meeting to discuss irregularities Schaller, C. J., present at meeting to discuss irregularities Simpson, James, draft of letter to, regarding irregularities Transmittal ordered deferred until meeting with directors Changes in letter suggested and to be redrafted FRBank of Minneapolis: Peyton, John N.: (See FRAgents) FRBank of New York: Davison, George W., elected Class A for unexpired term of 1:.r. Wiggin Stabilization of English pound before licensing gold for export, statement of Mr. Meyer on impropriety of suggestion Watson, Thomas J., elected Class B for unexpired term of Mr. Woodin FRBank of Richmond: Reed, Charles C., Clasc B, advice of resignation as Chairman of Board of Supervisors of Chesterfield County FRBaJak of St. Louis: Hitt, F. Guy, question of service as conservator of First Rational Bank of East St. Louis, Ill., while Class A director, no objection FRBank of San Francisco: Ramsay, T. H., service as director of State Agricultural Society of California, no objection Directors, FRBranch banks: Birmingham: Allison, E. F., delinquency in attendance Attendance to be discussed with, by Hr. Newton, resignation or active participation desirable Farley, John G., reported delinquency in attendance Advice from FRAgent that attendance has been regular Detroit: Inglis, James, question of continuing as director because of acceptance of chairmanship of new bank Little Rock: alson, Stuart, no objection to service on joint fire commission of Texarkana 8/5 406 439 6/20 484 4/5 52 4/1 4/3 4/10 4/10 4/10 4/1 4/3 4/3 8 22-3 71 71 71 8 21 23 5/4 4/10 5/4 227 91 227 34 6/28 517 4/13 99 4/5 52 4/27 4/5 4/27 199 52 199 4/27 200 6/15 446 Pages 20 Directors, FRBranch banks: (Continued) New Orleans: Bylaws, amendment changing time of meetings 6/28 Saunders, P. H., delinquency in attendance at meetings 4/5 Attendance to be discussed with by Mr. Newton 4/27 Omaha: Clark, .. Dale, appointed for unexpired term of Mr. Marnell 4/17 idarnell, R. O., advice of death of, and appointment of successor to be deferred 4/3 Salt Lake City: Smith, M. W., appointment for unexpired term of Mr. Wright 4/26 Wright, G. G., advice of death of, selection of successor referred to Committee on District No. 12 4/13 Spokane: Easton, Stanly A., advice of severance of connections with educational institutions and will resign from any political committees 4/13 Discount rates: (See Rates) Dividends: Bank of Commerce & Trusts, Richmond, Va., question of further payment Bloomfield Bank and Trust Co., Bloomfield, N. J., question of further reduction in 5/18 Central Bank of Oakland, Calif., request from Reconstruction Finance Corporation as to attitude of Board toward amendment to articles of incorporation to permit payment on common stock, no objection 5/18 FRBanks, authorization for payment of semi-annual recommended by Committee on Salaries and Expenditures, approved 6/28 Mount Pleasant Bank and Trust Co., Pleasantville, N. Y., request for information as to suggested discontinuance Naumkeag Trust Co., Salem, Mass., analysis of examination report, payment should be discontinued 6/5 Westchester Bank, Katonah, N. Y., suggestion that they be Northern discontinued 6/20 Peoples Pittsburgh Trust Co., Pittsburgh, Pa., recommendation that material reduction be made in 5/4 Dollar exchange: Foreign banks of issue, reply to Jr. Labrot that extension of rediscount privileges to, mould place on them the obligation to furnish 6/23 Dowell, Congressman C. C.: (See Currency, Issuance of) Drum, Leo J.: (See Capital Grain and Feed Co.) 534 52 199 116 12 181 99 100 454 309 307 529 474 402 473 235 500 0E11 Employees: FRBanks: (See FRBank of FRBoard: (See Staff of FRBoard) England: Stabilization of pound before licensing of gold for export, statement of Governor Meyer on impropriety of suggestion by directors of FRBank of New York 4/10 Examinations: Affiliates of member banks, advice to FRBanks on interpretation of Banking Act of 1933 on extent of 6/23 91 496 21 Pages Examinations: (Continued) Bank of Cormerce and Trusts, Richmond, Va.. further information requested on ownership of stock of Mortgage Invest6/15 454 ment Co. and of Three State Investment Corp. Bank of haiti and Branches, national bank examiners designated to make 4/24 168 Bank of the -Manhattan Co., New York, N. Y., charge offs and allocations of reserves to await completion of Clearing 5/18 310 House Association examination Bank of the Manhattan Trust Co., New York, N. Y., reports of State examiners of constituent banks and reply to recommendation of Mr. Case that no further adjustments 4/13 101 be required under conditions of membership Bloomfield Bank and Trust Co., Bloomfield, N. J., advice requested as to stockholdings in Watsessing Bank of Bloomfield and relationship with Essex Title Guaranty 5/18 309 and Mortgage Co. Citizens State Bank, Richardson, Texas, report reveals unsecured directors lines and unsatisfactory management 6/20 475 Columbus Trust Go., Newark, N. J., ownership of stock of affiliated Columbus Mortgage and Title Insurance Co., FHAgent 423 to confer on strengthening management 6/8 Commercial Security Bank, Ogden, Utah, report reveals holding of stock of Bear Lake State Bank, request for examination report of American Investment Corporation which holds stock of 4/26 185 Commercial State Bank of Nacogdoches, Texas, no change in character of business as result of absorption of Appleby State Bank 4/27 202 Elliott State Bank, Jacksonville, Ill., carrying value of banking house too high and excess charge off 5/1 212 FRBank of Atlanta, report of, request for advice on matters referred to on FRBank and Branches 52 4/5 Directors, Allison and Farley of Birmingham Branch and Saunders of New Orleans Branch delinquent in attendance at meetings and reimbursement of Mr. Simon for voluntary attendance at discount committee meetings 52 4/5 .Matters brought to attention of directors, noted 407 6/5 FRBank of Chicago, withdrawal of excess reserves by Harris Trust and Savings Bank, reported by examiner 263 5/6 (See also State member banks) FRBank of Dallas, special study of Fiscal Agency department in connection with regular examination, comments on Government security subscriptions and on operations 4/27 203 Memo of action on comments, report requested on cash shortage, 5/24 351 Mr. Huff not to be retained as General Counsel FRBank of Kansas City, comments, and request for advice of action 5/10 285 on FRBank of Minneapolis: Fiscal Agency department, special study of 4/27 202 Information requested on matters in report, to be brought to attention of directors 425 6/8 FRBank of St. Louis, report to be brought to attention of directors and Board advised of comments on findings 5/18 316 Request for comments of FRAgent on report 6/30 554 22 Pages Examinations: (Continued) First Citizens Bank and Trust Co., Utica, N. Y., issuing and selling of mortgage bonds or participations and unsatisfac421 tory condition 6/8 First National Bank and Trust Co., HiFhland Falls, N. Y., to be examined before trust powers are terminated 263 5/6 Forney State Bank, Forney, Texas, FRAgent recommends no action on membership, recommendation of FRBank requested on next examination and information on any corrections 6/15 450 International Acceptance Bank, New York, N. Y., in connection with absorption by Bank of the Manhattan Co. A/13 102 International Banking Corporation, branches in Spain and England, request that Mr. Prickett conduct A/24 169 London Branch, advice of Mr. Prickett that it is inactive, no examination required 5/18 317 Merchants National Bank and Trust Co., Poughkeepsie, N. Y., report reveals unsatisfactory condition that will remain after stock adjustment 6/5 404 Merchants and Newark Trust Co., Newark, N. J., to be participated in by FRAgent to develop information on borrowings of J. S. Rippel & Co., Inc., and other matters 5/24 345 Montclair Trust Co., Montclair, N. J., FRAgent to participate in, and to report on condition in connection with assets and liabilities acquired from Essex Title Guaranty and Trust Co. 273 5/9 Mount Pleasant Bank and Trust Co., Pleasantville, N. Y., information requested on criticisms 6/20 474 National banks: Investmcnt accounts of certain, recommendation of Mr. Drinnen that national bank examiners analyze in course of regular examination A/24 171 Requirement of charge off of bond depreciation, query of Er. Await of Governors Conference as to opinion on more rigid A/19 138 National City Bank of New York, France, S. A., and branches, national bank examiners designated to rake A/24 168 Salem, Mass., dividends should be discontinued 6/5 Co., 402 Naumkeag Trust Nonmember banks, applicants for loans from FRBanks, reasonable cost may be charged to bank in opinion of FRBoard 216 5/1 Katonah, N. Y., impairment Bank, of Westchester capital, Northern suggestion that dividends be discontinued 6/20 473 Northwestern Trust Co., St. Louis, Mo., affiliated Northwestern Securities Corporation has never engaged in real esstate securities busiLess, no action on membership 6/5 403 Peoples Bank, Rural Retreat, Va., reports for several years reveal continuous carrying of loans in excess of State FRAgent advised of procedure 4/24 165 Peoples Pittsburgh Trust Co., Pittsburgh, Pa., organization of Century Securities Co., manner of transfer of national bank stock, capital stock reduction opposed and dividends should be reduced 235 5/4 Planters Bank and Trust Co., Farmville, Va., revised report correcting error in amount of depreciation 231 5/4 Trust Company of Georgia, Atlanta, Ga., syndicate operations in Coca Cola Co. and Continental Gin Co. stock, deposit of First National Bank seems to be loan 5/18 314 Letter to Comptroller regarding deposit 5/18 315 23 Pages Examinations: (Continued) United States National Bank, Eugene, Ore., unwillingness to approve 5/9 fiduciary power application as result of Uptown State Bank, Chicago, Ill., items omitted from membership 4/10 application, telegram from FRBank on Examiners: FRBank of Boston: Barry, George T., temporary appointment and salary 4/10 Eoyle, Percy E., designation and salary as Assistant 4/26 King, W. R., designation and salary as Assistant 4/26 Marr, R. '1., temporary appointment as Assistant continued 4,/26 Rapport, Richard, appointment and salary approved on assumption that it is temporary 4,/6 Advice that appointment is permanent 4/10 Stevens, E. J., designation and salary as Assistant 4/26 Viallace, George V., Jr., appointment and salary approved on assumption that it is temporary 4/6 Advice that appointment is permanent 4/10 FRBank of Chicago Anderson, C. H. F., designation to assist 4/27 Helmer, Hugh J., designation as Assistant, request for salary fixed 5/24 Laibly, C. T. designation to assist 4/27 Meloy, T. E., designation as Assistant, request for salary fixed 5/24 Pitman, C. L., services so satisfactory that he has been placed in charge of reorganization work in Michigan, sal6/15 ary increased 6/15 Smith, J. C., temporary appointment and salary 6/15 Vanzante, C. P., temporary appointment and salary Wilson, A. L., temporary appointment and salary under previous 4/24 authority FRBank of Cleveland: Fulton, Wilbur Dutton, appointment and salary under previous 5/4 authority V4itterson, David G., appointment and salary under previous 4/13 authority, request for status of appointment FRBank of Kansas City: Richards, Truman W., appointment and salary, request for status and effective date 4/24 FRBank of Minneapolis: 6/6 Stutzman, William J., appointment and salary approved Bank of New York: Flanagan, John N., temporary employment and designation as 5/4 Assistant Gross, Joseph D., temporary appointment as Assistant 4/6 6/26 Hannan, Henry J., Jr., temporary designation as Assistant Hunke, Richard E., transfer from securities department and 5/4 designation as Assistant Johnston, Charles D., temporary appointment as Assistant 4/6 4/6 Kauderer, John George, temporary appointment as Assistant Palmer, Ferris I., temporary appointment as Assistant 4/,6 6/28 Reed, Hugh P., temporary designation as Assistant 64/28 Rosenkranse, Robert, temporary designation as Assistant Schliesman, John F., temporary employment and designation as Assistant 5/4 274 78 76 181 181 181 63 76 161 63 76 199 335 199 335 442 443 443 160 228 98 160 416 227 63 516 227 63 63 63 515 515 227 24 Pages Examiners: (Continued) FRBank of Philadelphia: Bomman, Cyril, request for approval of designation as Assistant to examiners, need questioned 5/18 Necessity outlined and designation approved 5/26 Dorsch, Raymond M., designation and salary as Assistant 08 Eichmann, Harry V., request for approval of designation as Assistant to examiners, need questioned 5/18 Necessity outlined and designation approved 5/26 Evans, Henry W., designation and salary as Assistant 5/18 Myers, J. Carl, designation and salary as Assistant Neeley, John K., request for approval of designation as Assistant to examiners, need questioned 5/18 Necessity outlined and designation approved 5/26 Titles, change in personnel classification plan to provide titles of "Examiner" and "Assistant examiner" 5/18 Richmond: FRBank of Titles, change in personnel classification plan to provide for "Examiner" and "Assistant examiner" 5/18 FRBank of San Francisco: Steuart, S. L., released from temporary appointment and permission requested to keep designation open in case services are required later 08 Weigand, Charles P., temporary appointment canceled while acting as appraiser for reorganization of Vangfield banks, then to be reappointed 54/10 6/15 Advice of temporary reappointment and salary FRBanks: Titles should be limited in personnel classification plans to provide for "Chief examiner", "Examiner", and 4/26 "Assistant examiner" FRBoard: 6/28 Crays, Dwight L., appointment and salary as Assistant 5/24 Crosby, J. B., appointment and salary as Assistant Drinnen, F. J., copy of summary of investigation of Fiscal Agency department of FRBank of Dallas and recommendation that national bank examiners analyze invest4/24 ment accounts of certain national banks 5/18 Franzoni, John C., appointment and salary as Assistant Goodman, Glenn 1., appointment and salary as Assistant 6/28 Hagler, Herbert H., appointment and salary as Assistant 5/18 Pollard, William B., appointment and salary as Assistant 6/28 Snow, William J., appointment and salary as Assistant 4/17 Resignation submitted and accepted 6/28 Turnbull, Joseph A., appointment and salary as Assistant 4/17 National bank: Fanning, Francis B., salary approved, assigned to Seventh FRDistrict 4/6 Hoover, Paul E., salary approved 4/6 Luscombe, A. P., designated agent of FRBoard to c-nduct examinations of foreign branch banks A/24 Pole, John H., designated agent of FRBoard to conduct examinations of foreign branch banks 4/24 Prickett, Karl E., designated agent of FRBoard and request that he conduct examination of International Banking Corporation branches in Spain and England and the National City Bank of New York, France, S. A. and its branches 4/24 294 367 294 294 367 294 294 294 367 300 301 299 287 447 184 515 334 171 293 515 293 515 114 515 114 64 64 168 168 168 25 Pages Examiners: (Continued) National bank: (Continued) Prickett, Karl E.: (Continued) Advice that London branch of International Banking Corpora5/18 tion is inactive Executive orders: (See Gold) 317 HEM Farm Loan Commissioner: (See Federal Farm Loan Bureau) Federal Advisory Council: Banking situation, expression of opinion and proposed legislation 08 326 on Davison, George 1U., advice of resignation as representative of 259 5/6 FRBank of New York 259 York 6 Nev, 5/ Frew, ,Salter E., advice of appointment by FRBank of to Kansas City of Kemper, W. T., adv4 ce of selection by FRBank 4/17 116 succeed Mr. ,Talter S. McLucas, resigned and of, advice 1933, 16, Meeting to be held in Washington an May 4/17 117 topics for discussion requested Treasof coordination expeditious Memorandum adopted recommending ury, FRBoard, Comptroller of the Currency and Reconstruction Finance Corporation, and related 5/24 352 legislation Federal Coordinating Service, Miss Aryness Joy designated to serve on 41 special subcommittee to review index numbers 4/4 Federal Credit Union System, letter to Senate Banking and Currency 5/26 370 Committee opposing bill to establish Federal Deposit Insurance Corporation, payment into Temporary Fund for member banks, query of FRBank of Boston as to time 6/30 556 and amount of Federal Farm Loan Bureau, request that FRBanks make arrangements to 5/18 322 handle checks for, no objection Federal Home Loan Banks, considered banks and deposits should be classified as amounts due banks in computing 108 4/3 reserves, advice to FRBanks 267 5/6 Ruling to be published in FRBulletin PRAct: 6/28 535 New edition in preparation in Counsel's Office, ordered printed F RAgents: Assistants: 5/18 331 Albertson, Ward, FRBank of Atlanta, advice of death of Bailey, L. if., Acting, present at meeting of FRBoard to dis6/6 429 cuss membership applications of Little Rock banks Bowron, Thomas, Acting, temporary appointment at Birmingham 5/24 336 Branch extended for 30 days Davis, Maclin P., Acting, temporary appointment at Nashville 5/24 336 Branch extended for 30 days FRBank of Cleveland, revised personnel classification plans should be submitted to provide for position of 4/26 183 Acting at branches of 6/30 545 Hall, C. C., bond of McCravey, J. R., Jr., extension of temporary appointment as 243 5/4 Acting at Havana Agency 5/24 336 Appointment as Acting at FRBank of Atlanta 373 6,/1 Bond of Salary approved 374 6/1 Pages 26 FRAgents:(Continued) Assistants: (Continued) Saussy, Fulton, Acting, temporary appointment at Jacksonville Branch extended for 30 days Snow, G. A., noted that he is serving at Portland as Acting with authority to act in same capacity at Seattle and Spokane Swengel, Henry D., noted that he is serving as Acting at Los Angeles Williams, Prof. John H., motion that appointment at FRBank of New York be approved and that salary be at lower rate, action deferred Further discussion and Mr. Williams to came to Aashinton for interview, if possible Interview with FRBoard and approval of salary without deductions Bond of Case, J. H., FRBank of New York: Examinations, instructions to indicate in analyses of reports whether his office has discussed with State banking authorities or bank itself any matters criticised, and if not, to give reasons Vacation trip abroad involving two additional weeks approved, Committee on District No. 2 to look into question of physical condition Clayton Act, advice that they are to handle correspondence with officer, director, etc., in violations, procedure for submission of new applications, to review permits yearly and make recammendation regarding revocation Holmberg, George C., refusal of appointment at FRBank of Minneapolis and further recommandations to be made for successor to Mr. Mitchell Indebtedness and outside business relations of, and of staff, circular letter that debts should not be contracted to member banks or affiliates, report to be made to Board on debts and on outside business relations McClure, M. L., letter on policy of FRBoard of prohibiting sale of mortgage participations as condition of membership in connection with his letter to President of a bank Newton, Oscar, FRBank of Atlanta: Custody of unissued FRnotes, gold and gold certificates, agreement between FRBank and FRAgent for, at New Orleans Branch, due to expiration of temporary appointment of r. Broadus as Acting Assistant FRAgent Authorization by executive committee and subsequent authorization by directors, no objection Copy of agreement covering Present at Board meeting to discuss situation of First National Bank of Vicksburg and other banks in district Explanation of recommendation of licensing bank and suggestion for procedure in possible reorganization Report of request of Governor Black that he come to Washington Peyton, John N., FRBank of Minneapolis: Recommended by Mr. Miller for appointment as, to be invited to Washington and reimbursed for trip 5/24 336 4/24 161 4 /24 161 A/A 40 4 /5 57 A/17 5/9 130 271 6/20 474 6/23 511 5/1 219 4/3 21 5/1 217 6/30 549 5/4 241 5/4 5/24 212 349 4/5 55 4/5 6/15 56 439 5/1 223 27 Pages FRAgents. (Continued) Peyton, John N., FRBank of Minneapolis: (Continued) Recommendation of appointment: (Continued) Meeting with FRBonrd and outline of plan of licensing and 5/4 reorganizing banks in Minnesota Recommendation of appointment by Mr. Miller, authorized to take matter up with Chairman and if no objection 5/4 to offer appointment to, and salary Report of Mr. Miller that Chairman had no objection, appoint5/6 ment tendered and accepted by Mr. Peyton Acceptance of appointment, transmittal of bond and oath of 5/18 office, also notice of disposition of bank stocks Regulations governing payment -If interest on deposits, recom6/23 mendations of Stevens, Eugene M., ERBank of Chicago: Present at Board meeting to discuss irregularities in Fiscal 4/10 Agency department of FRBank Regulations to govern payment of interest on deposits, recommendation on and query as to advisability of send6/23 ing out questionnaire to member banks on VIalsh, C. C., FRBank of Dallas: Praise of method of submitting Clayton Act applications and request for suggestions as to proposed revision 5/9 of Forms 94, 94a and 94b, and as to procedure 00 ,. Renewal bond L. B., FRBank of Cleveland: Present at Board meeting to discuss Cleveland Trust Co. pre0 4 6 dicament and situation in Cleveland Co.) Trust Cleveland (See also State member banks, Report that banking situation in Cleveland is quiet and out5/1 line of efforts to reorganize closed banks 03 FRDistrict Fourth in situation Discussion of banking Wood, John S., FRBank of St. Louis: Meeting with FRBoard to discuss applications for membership of 6/8 three Little Rock banks FRbank notes: Additional printings for FRBanks of Boston, New York and Chicago 5/4 approved and for other FRBanks if desirable Bill for those printed under emergency legislation, reasons for increased cost, authorized for payment and for addi4/17 tional notes for FRBank of Atlanta Estimate of printing requirements for FRnotes submitted to Bureau of Engraving and Printing with understanding that order may be canceled and FRbank notes substituted 08 for a part thereof FRBank of Chicago, feeling of Mr. Stevens that quota should be Os FRbank notes instead of FRnotes, reply Issuance by FRBanks: Dowell, Congressman C. C., request quoting inquiry and reply /3 4 Draft of telegram to FRBank of San Francisco, to be used as basis for letter to other FRBanks, advice of tentative printing program and feeling that they should be used as emergency currency, changes suggested and Mr. Smead to redraft letter 4/3 Outline of situation by Mr. Smead and as emergency has terminated and present supply is sufficient, desirable that printing revert to normal program, draft of letter approved 4/5 255 255 268 296 496 71 495 276 545 193 223 509 429 244 129 529 530 19 32 54 Pages 28 FRbank notes: (Continued) Issuance by FRBanks: (Continued) Draft of telegram, etc.: (Continued) Report of approval by Secretary of Treasury, letters being addressed today 4/6 Opinion of Mr. Smead that as emergency currency they should not be paid out except in emergency or in case of substantial 10(b) loans, opinion of Governors A/19 Policy in connection with,possibility that FRBank of San Francisco will be called upon to make large advances Redemption, confidential instructions approved by Acting Secretary of Treasury, prepared by Assistant Secretary, Mr. Smead and Mr. Wingfield, approved Securities Act, broad enough to cover, letter and proposed amendment to exempt from provisions of, approved 4/10 FRBank of Atlanta: Acceptances, bankers, FRBank may continue to purchase under Regulation B, response to query AS to purchase under Banking Act of 1933 6/28 American Institute of Banking, appropriation for local chapters 4/27 Capital Grain and Feed Co., Montgomery, Ala., request of Mr. Drum for reimbursement of legal fees paid in case against, FRBoard cannot intervene 6/23 Reply of FRBoard to letter from Mr. Drum in further regard to payment of court expenses 6/30 Cuban Government, no objection to purchase of silver coin of United States and gold coin of former through Havana Agency under agreement whereby gold will be repurchased and advice that arrangements can be made for shipment of silver coin to Philadelphia Mint 6/28 Custody of unissued FRnotes, gold and gold certificates, agreement between FRBank and FRAgent for, at New Orleans Branch, due to expiration of temporary appointment of Mr. Broadus as Acting Assistant FRAgent 5/4 Authorization by executive committee and subsequent authorization by directors, no objection 5/4 Copy of agreement covering 5/24 Directors: (See Directors) Examination, request advice as to matters referred to in connection with FRBank and branches Branch bank directors delinquent in attendance at meetings, and payment of traveling expenses to director far voluntary attendance at committee meetings 4/5 Advice that FRBoard has noted matters brought to attention of directors 6/5 First I4ationa1 Bank of Ft. Myers, Fla., bank in conservatorship and unlicensed, request as to renewal of advance under Sec. 10(b) A/4 Georgia Savings Bank and Trust Company of Atlanta, renewal of notes, to be carried as demand obligations, feeling that indebtedness should be liquidated 6/1 Indebtedness and outside business relations: Directors favor principle, but favor reasonable tipe for liquidation of existing debts and severance of business relations 6/1 Notice of approval of policy in principle, further instructions regarding reports 6/28 62 139 4/3 26 4/3 29 4/5 93 533 198 499 537 241 242 349 52 52 407 34 379 375 518 29 Pages FRBank of Atlanta: (Continued) Interest on demand deposits, transmittal of request of member bank 6/20 for permission to pay until end of payment period Hibernia to regard in Harper Mr. of allegations of Investigation Bark and Trust Co., hohn, Weil and Simon, Inc., and 6/20 Director Simon, to be conducted by FRAgent New Orleans banks, reply to suggestion of L'r. Schott that FRBank 4/10 aid in liquidation of assets of Personnel classification plan: "Acting Assistant FRAgent", change providing new position of, 6/28 and salary approved 5/9 title provide to change examiner", "Assistant Rates: (See Rates) Safekeeping of securities for member banks, question of System policy and Board considering reference to Gover6,/5 nors Conference, comments requested 6/5 for continuance necessity of consideration Savannah Agency, Staff: 5/18 Albertson, Ward, advice of death of 5/18 Black, E. R., Governor, resolution accepting resignation 5/18 Johns, W. S., appointment as Acting Governor 5/24 McCravey, J. R., Jr., appointment as Acting Assistant FRAgent 6/1 Bond of 6/1 Salary approved Newton, Oscar, FRAgent: Present at meeting of FRBoard to discuss situation of First National Bank of Vicksburg and other banks 4/5 Explanation of recommendation for licensing and pro4/5 cedure for possible reorganization of bank Report of request of Governor Black that he come to 6/15 Washington Parker, R. S., present at meetings to aid in draft of instructions for relations between national bank conser4,/1 vators and FRBanks Stock: (See Stock) Vacation periods for officers and employees of head office, branches 4/27 and agencies fixed Vier loan deposit accounts, request as to authorization of Treasury for renewals of notes pledged by banks in conser4/13 vatorship as security for FRBatik of Boston: Affiliates, examination must show extent of relationships with 6/23 banks, ruling interpreting Banking Act of 1933 Banking Act of 1933, query as to application of Sec. 32, consider6/23 ation deferred Department of Justice, request for access to files in connection with investigation of alleged criminal irregularities at Federal National Bank and to examine re6/8 ports of Inman Trust Co. Federal Deposit Insurance Corporation, query as to time and amount 6/30 of payment for member banks into Temporary Fund Federal Home Loan Bank of Cambridge, Mass., reply that it is bank and deposits in member bank may be classified as 4/13 amounts due banks in computing reserves 5/4 FRbank notes, additional printing for, approved H. T. Cushman Manufacturing Co., North Bennington, Vt., authoriza4/10 tion of discount for, no objection 481 484 88 517 271 407 407 331 295 293 336 373 374 55 56 459 9 199 105 496 531 425 556 108 244 79 30 Pages FRBank of Boston: (Continued) Indebtedness and outside business relations, adoption of plan involving report of indebtedness amounting to more than ten per cent of salary, all indebtedness to member banks and affiliates should be reported 6/15 Member banks securing advances from, warning must be given not to make loans secured by stocks and bonds 6/28 Nonmember bank clearing accounts, FRBank not required to accept 6/23 Rates: (See Rates) Securities Act, request that certain classes of paper be removed from provisions of 4/6 Staff: Barry, George T., temporary appointment and salary as Examiner 4/10 Hoyle, Percy E., designation and salary as Assistant examiner 4/26 King, n% R., designation and salary as Assistant examiner 4/26 Marr, R. W., continuation of temporary appointment as Assistant examiner A/26 Rapport, Richard, appointment and salary as Examiner approved on assumption that it is temporary 4/6 Advice that appointment is permanent 4/10 Stevens, E. J., temporary designation and salary as Assistant examiner 4/26 Wallace, George V., Jr., appointment and salary as Examiner approved on assumption that it is tenporary 4/6 Advice that appointment is permanent 4/10 Stock: (See Stook) Tine collateral notes secured by stocks and bonds, practice of brokers to supply to savings banks, request that FRBoard ask Congress to exempt from Securities Act 4/6 Worcester Bank and Trust Co., Worcester, Mass., reopening under conservator, need not surrender FRBank stock, balance to credit may be withdrawn 4 /5 FRBank of Chicago: American Institute of Banking, contribution toward annual convention and payment of limited expenses of dinner to delegates from other FRBanks and branches 5/18 Deficiencies in reserves, clarification of information on nonassessment against member banks, unlicensed member banks and newly admitted member banks 5/18 Directors: (See Directors) Examination reveals excess reserves drawn by Harris Trust and Savings Bank, Chicago, Ill. 5/6 (See also State member banks) FRbank notes, additional printing for, approved 5/4 FRnotes, printing program, feeling of Mr. Stevens that the printing for FRBank should be FRbank notes 6/28 Files, request of FRBoard that Mr. Dowd of Department of Justice be afforded access to, in connection with alleged violations of Federal law in First National Bank and Guardian National Bank, of Detroit 5/9 Indebtedness and outside business relations, directors not prepared to act at meeting, feeling that prohibition mould work unnecessary hardships 6/8 Interest on deposits, request from, as to advisability of sending out questionnaire to member banks with regard to proposed regulations to govern 6/23 Interlocking directorates, few cases of violations, involving closed banks, no action seems necessary 5/18 445 532 497 66 76 181 181 181 63 76 181 63 76 66 47 301 318 268 244 530 277 417 495 321 31 Pages FRBank of Chicago: (Continued) Irregularities in Government security transactions: General Counsel believes matter should be referred to Department of Justice, opinion that a transcript of ::r. McKay's testimony should also be submitted, 4/1 action deferred 4/1 Question of further administrative action in matter 4,/1 Draft of letter to Mr. Simpson on allotments received To be redrafted ''/'3 444 Letter approved Answer to be made this week, reference of report to 4/17 Attorney General deferred pending receipt 4/24 Answer presented Letter to be drafted for transmittal of complete information to Attorney General 0 Letter presented, action deferred pending conference with committee of directors 4/3 4/5 Further discussion, transmibtal deferred Reference to Attorney General deferred pending receipt of 4/17 reply from Mr. Simpson Letter received from Mr. Simpson and letter to Attorney 4/24 General being prepared 4/26 Letter approved and to await approval of Chairman 5,/24 Letter not yet approved by Chairman Letter to be prepared requesting committee of directors and 4/1 Chairman of FRBank to come to Washington 4/3 Draft presented, approved 4/5 Mr. Stevens to try to arrange meeting early next week Messrs. Stevens, Leavell, Estberg and Schaller present at 4/10 meeting Memo of directors absolving officers and Mr. Simpson, state4/10 ments of Messrs. Estberg, Schaller and Leavell Summary of report and supplemental memorandum agrees with FRBank records, directors were advised of events leading to resignation of :.1r. Jones and over-allot4/10 ment information developed later Mr. Stevens' reference to request for resignation of ,ir. 4/10 Dazey and dropping of Mrs. Lederer from rolls Question of holding officers and Mr. Simpson responsible, 4,/10 views of committee on Question of competency of administration raised by resignation of Mr. Jarvis at Detroit Branch and other 4/10 irregularities there and at head office Directors requested to forward summary of conclusions and 4/10 steps it proposes to take Motion that regulation be drafted prohibiting FRBanks from 4/3 accepting subscriptions from personnel, carried 4/13 No further action need be taken by Counsel Procedure at all FRBanks. for issue, exchange and redemption of 4/24 securities, letter to Secretary of Treasury on Receipt of report covering subscriptions and allotments during 1931, substantial agreement with Mr. Cagle's report, to be held pending approval of letter to Attorney 5/24 General Report of investigation of First National Bank, Paw Paw, Mich., 6/30 letter to Secretary of Treasury transmitting copy 7 8 8 23 38 131 176 8 21-3 59 131 176 190 353 8 21 62 71 71 72 72 72 73 74 24 109 171 353 553 32 Pages FRBank of Chicago: (Continued) "nembership in Federal Reserve System", pamphlet prepared by, suggestion that each FRBank publish under own name 6/28 Penalties for deficiencies in reserves, not to be assessed in certain cases 5/18 Personnel classification plan, changes approved 6/8 Rates: (See Rates) Safekeeping of Government securities for ivash Motors Co. 4/24 Staff: Anderson, C. h. F., designation to assist examiners 4/27 Buss, Ralph H., to be employed by bank and at meeting of directors designated Assistant Deputy Governor, salary and procedure approved 5/18 Chaney, Osborn Miller, salary as special collection agent 6/1 Dawes, Neil B., appointment as Manager of Investment Department recommended, salary approved 5/24 Dazey, A. W., reference of Mr. Stevens to request for resignation 4/10 (See supra Irregularities) Dunn, C. B., present at meetings to aid in drawing draft of instructions for relations between conservators of national banks and FRBanks 4/1 Helmer, Hugh J., designation as Assistant examiner, request for salary fixed 5/24 Laibly, C. T., designation to assist in examinations A/27 Lederer, Mrs. L. C., reference of Mr. Stevens to dropping from rolls 4/10 (See supra Irregularities) McDougal, J. B., Governor, leave for three months with salary because of ill health 4/17 Extension of leave with pay for 90 days 6/28 McKay, C. R., testimony in irregularities should be included in report to Attorney General 4/1 designation as Assistant examiner, request for E., Meloy, T. salary fixed 5/24 Pitman, C. L., services so satisfactory that he has been placed in charge of reorganization work in Michigan, salary increased 05 Sihler, Alfred T., appointment as Assistant Deputy Governor in Fiscal Agency Department to be made by directors, salary approved 5/26 Smith, J. C., temporary appointment and salary as Examiner 6/15 Snyder, W. H., appointment and salary as comptroller, step in strengthening organization of bank 5/4 Stevens, Eugene M., FRAgent: Present at Board meeting to discuss irregularities in Fiscal Agency Department 4/10 Securities Act, may apply to sale of bankers acceptances and commercial paper, referred to Counsel Report that bill would cover, letters and amendment prepared to correct 4/3 (See also Legislation) Vanzante, C. P., temporary appointment and salary as Examiner 6/15 A. L., temporary appointment and salary as Exminer under authority previously granted A/24 Stock: (See Stock) 535 319 415 173 198 296 374 335 72 9 335 199 72 116 539 7 335 442 363 443 228 71 3 24 443 160 33 Pages FRBank of Cleveland: Banking situation in District, discussed by Mr. Williams with Governor Black, latter to discuss with Reconstruction Finance Corporation 6/23 Bylaws, proposed changes outlined to FRBoard by Mr. Williams and attention called to changes suggested to Mr. Strater 4/26 Indebtedness and outside business relations of officers, reviewed by directors, statements of Governor Fancher and Deputy Governor Zurlinden, regulations contemplat5/4 ing prevention of recurrence Old balances of State member barks now in hands of conservator under State law, question of application to reduc4/17 tion of bills payable to FRBank Personnel classification plan: Acting Assistant FRAgent at branches, revised pages should be A/26 submitted to provide for position Changes and increase in maximum salaries for certain positions 6/26 Recanstruction Finance Corporation Department not provided for, A/26 attention called to Rates: (See Rates) Share-the-work movement definitely suspended following termination of temporary employment of Mr. Hauck and transfer A/13 of Miss Atkinson Share-the-work plan, no deductions in salaries of additional emA/26 ployees under, attention called to Continuation voted, FRBoard considering policy involved, no 6/115 objection to continuation until July 31 Staff! A/13 Alidnson, Kathleen, transfer to fill vacancy 5/18 Bickford, C. L., Assistant Cashier, advice of death of 5/18 Bolthouse, C. J., transferred to Pittsburgh Branch Brown, P. A., appointment and salary as Assistant Cashier 5/18 Fancher, E. R., Governor, indebtedness to member banks reviewed 5/4 by directors, written statement on Fulton, Wilbur Dutton, appointment and salary as Examiner under 5/4 previous authorization A/13 Hauck, Harry K., temporary enployment terminated Strater, H. F., present at meetings to aid in drafting instructions for relations between national bank conserA/1 vators and FRBanks iVatterson, David G., appointment and salary as Assistant exam4/13 iner under authority previously granted Williams, L. B., FRAgent: 6/23 Discussion of banking situation in Distriet Present at Board meeting to discuss Cleveland Trust Co. A/26 predicament and situation in Cleveland (See also State member banks) Report that banking situation in Cleveland is quiet and outline of efforts to reorganize closed banks 5/1 Zurlinden, F. J., Deputy Governor, indebtedness to barks reviewed by directors and written statement on 5/4 Stock: (See Stock) ' 1uUtilk of Dallas: Admission to membership in FRSystem, draft of proposed circular on requirements and procedure governing, submitted to 4/10 Board and changes suggested 509 196 229 123 183 516 163 98 183 444 98 295 295 295 229 228 98 9 98 509 193 223 229 82 34 Pages FRBank of Dallas: (Continued) Lxamination, advice of action on corrents made in connection with, request for report on cash shortage, Mr. Huff not to be retained as General Counsel 5/24 Fiscal Agency Department, special study made in connection with examination, comments on subscriptions for Government securities Floral offerings, etc., reconsideration of Board's position on expenditures for, denied Indebtedness and outside business relations: Hall, C. C., request as to propriety of serving as secretarytreasurer of country club 6/28 Reasonable borrowing by staff members not engaged in examinations, etc., for determination of FRAgent 5/24 Personnel classification plan: Change of titles of examiners, and approval of salary of "page" in excess of salary range 5/24 Change providing position of "Assistant Manager" in Reconstruction Finance Corporation Department 6/28 Rates: (See Rates) Safekeeping for conservators of member banks, question of holding other than Government securities 6/28 Share-the-work plan, continuation voted, Board considering policy involved, no objection to continuation during July 6/15 Staff: Hall, C. C.: Propriety of service as secretary-treasurer of country club Os Renewal bond 6/30 Huff, C. C., not to be reelected General Counsel 5/24 Loyd, Roger, salary as "page" in excess of grade, approved 5/24 4a1sh, C. C., FRAgent: Clayton Act applications, praise of method of submitting and suggestions requested for proposed revision of Forms 94, 94a and 94b and as to procedure 5/9 Renewal bond 6/30 Stock: (See Stock) FRBank of Kansas City: Examination, request for action on comments after submission to directors 5/10 Indebtedness and outside business relations, action -as been deferred, information on FRAgents department will be forwarded 5/24 Personnel classification plan: Acting Assistant FRAgent at Denver Branch, change to provide for 6/15 Reconstruction Finance Corporation Department, changes approved 5/18 Rates: (See Rates) Reserves: b64.-Illent of penalties for deficiencies in connection with deposits received in special trust accounts and by conservators, possible waiver of Telegram to Governor Hamilton that such deposits are subject to demand deposit reserves Non-assessment of pena1t1,3s for deficiencies for periods of State bank holidays, no objection to 351 203 104 519 347 337 517 533 444 519 545 352 337 276 545 285 346 443 301 49 80 4 35 Pages FRBank of Kansas City: (Continued) Staff: McClure, M. L., FRAgent, letter reviewing policy in prohibition of sale of mortgage participations as membership condition Richards, Truman ,i., appointment and salary as Examiner Stock: (See Stock) FRBank of Minneapolis: Annual report for 1932, listing of unofficial members of staff, no reference to appointment of Mr. Ueland Bylaws, proposed change to make chairman of Board chairman of executive committee, letter to be prepared suggesting change Letter prepared giving reasons and showing method of change Conservators of banks indebted to, question of charging rediscounts to reserve accounts and right of FRBank to accrued interest Ixamination report, request for informtion on certain matters Fiscal Agency department, copy of report of special study sent to directors with request for action on Interest on time deposits, sliding scale suggested in connection with regulations to govern Membership in FRSystem, eligibility of bank whirlh would be formed by consolidation of other banks Anich violdd operate two of them as branches Personnel classification plan: "Assistant examiner", change in title of"Assistant bank examiner" Reconstruction Finance Corporation department, establishment, and other changes approved Rates: (See Rates) Staff: Counsel, request for clarification of status of Andreas and Sigurd Ueland and any necessary action to correct apparent discrepancy between record and schedule of salaries Geery, W. B., Governor: Securities Act, may apply to sale of bankers acceptances and commercial paper, referred to Counsel Report that bill would cover, letters and amendment prepared to correct Holmberg, George C., refusal of appointment as FRAgent, further recommendation to be made for successor to Mr. Mitchell Peyton, John N., recommended for appointment as FRAgent, to be invited to viashington and reimbursed for trip Meeting with FRBoard and outline of plan of licensing and reorganizing banks in Minnesota Recommendation of appointment by Mr. Miller, authorized to take up matter with Chairman and, if no objection, to tender appointment, salary Chairman has no objection, sr. Peyton accepts Acceptance of appointment, transmittal of oath of office and bond, notice of disposal of bank stocks Stutaman, William J., appointment and salary as Examiner Timberlake, H. C., increase in salary due to outside offer 8/30 A/24 549 160 5/6 259 5/6 5/18 269 297 5,76 8/8 266 425 A/27 202 6/23 496 6/8 420 6/1 375 6/30 545 p/a 416 A/1 3 A/3 24 4/3 21 5/1 223 5/4 255 5/4 5/6 255 269 5/18 6/8 5/6 296 415 259 36 Pages FRBank of Minneapolis: (Continued) Staff: (Continued) Ueland, Andreas, request for information on status as counsel 6/8 Ueland, Sigurd, appointent listed in annual report but previous advice not received 5/6 Status as counsel not clear, request for information 6/8 Stock: (See Stock) FRBank of New York: Austrian National Bank, requesting renewal of credit and possible reduction in interest 4/10 Credit renewed, interest rate reduced 4/17 Bank for International Settlements, no response to query on maintenance of deposit with, letter to be prepared asking advice 5/9 5,118 Letter presented and approved Bankers acceptances, report of no offers, and establishment of new rates for prospective offers at ead of half year 6/30 Directors: (See Directors) Expenses, estimate of out-of-pocket, in connection with banking holiday including telegrams over commercial wires, Mr. Smead to take up reimbursement with Mr. Douglas 4,/ , 3 FRbank notes, additional printing for, approved 5/4 National Bank of Hungary, request for renewal of credit 4/10 Credit renewed in full 4,/17 Penaltirls for deficiencies in reserves, request for permission not to assess for State banking holiday period 4/1 classification plan: Personnel Change involving discontinuance of certain positions and change in salary range 6/1 Changes providing for new division and new positions, approved 6/5 Rates: (See Rates) Reichsbank, question in connection with credit renewal, possibility of repayment 4 /5 modification of contract objectionable Proposed 4/10 Credit repaid in full, probable reasons to be sent to FRBanks 4/17 Participants in credit agreed to rate of 4% which was paid 5/18 Share-the-work plan, vote of directors to continue, Governor Black opposed to plan, no objection for 60 days 6/8 Stabilization of English pound before licensing gold for export, impropriety of suggestion of FRBank directors, statement of Governor Meyer 4/10 Staff: Case, J. H., FRAgent, vacation trip abroad involving two extra weeks, approved, Committee on District No. 2 to look into question of physical condition 6/23 Douglas, Edward O., appointment as manager of bill department 4/24 Flanagan, John N., temporary employment and designation as Assistant examiner 5/4 Gross, Joseph D., temporary appointment as Assistant examiner 4/6 Hannan, Henry J., Jr., temporary designation as Assistant examiner 6/28 Harrison, George L., Governor: Director of Bank for International bettlenents, request as to whether Secretary of Treasury or Administration would object to serving as, action deferred for consideration with Secretary of Treasury 5/9 Serviceconsidered inadvisable at present, action to be deferred and President notified 5/10 416 260 416 83 125 281 319 543 31 244 84 125 4 374 400 45 85 126 321 428 91 511 159 227 63 515 280 288 37 Pages FRBank of New York: (Continued) Staff: (Continued) Harrison, George L., Governor: (Continued) Foreign exchange policy, to confer in London with Dr. Sprague and representatives of French and English central banks and to report proceedings to Board Question of issuing statement to FRBanks on trip, to be brought up by Governor Black later if advisable Report of Governor that he had sent letters to FRBanks advising of purpose of trip Report of return from Europe, to discuss stabilization with Secretary Woodin and to come to Washington (See also Foreign exchange) Membership in FRSystem, statement on rigidity (See also Membership, Harrison) Hunke, Richard E., transfer from securities department mad designation as Assistant examiner Johnston, Charles D., temporary a-pointment as Assistant examiner hauderer, John George, temporary appointment as Assistant examiner Kenzel, E. R.. conference with insurance company on Federal Reserve pension plan Morgan, R. M., manager of Bill Department, resignation accepted Palmer, Ferris I., temporary appointment as Assistant examiner Reed, Hugh P., temporary designation as Assistant Examiner Rosenkranse, Robert, temporary designation as Assistant examiner Schliesman, John E., temporary employment and designation as Assistant examiner Todd, salary approved as Assistant Counsel Tiebout, Turnbull, Barton P., appointment as special adviser in FRAgents Department terminated Turner, S. G. H., appointment as special adviser in FRAgents Department terminated Williams, Prof. John H., motion that appointment as Assistant FRAgent be approved but that salary be at lower rate, action deferred until Chairman is present Further discussion and Mr. Williams to come to Washington if possible for interview Interview with FRBoard members and approval of salary Bond of Willis, Valentine, appointment and salary as manager of collection department Tr, Stock: (See Stock) L4Bank of Philadelphia: Berks County Trust Co., Reading, Pa., reply to statement of Governor Norris that disapproval of membership application would be unfortunate and deflationary Building plans, receipt of estirates on new vaults and statement that prompt decision is desirable Additional building considered advisable and request for advice as to necessity for new vault Obtaining of bids impracticable, agreement with present contractor on same unit cost, bank should investigate possibility of lower unit cost contract 6/1 392 6/3 395 6/15 459 5/25 509 4/19 134 5/4 227 4/6 63 4/6 63 4/ 4 3 4/13 4/6 6/28 12 97 63 515 6/26 515 5/4 4/1 227 1 4/4 34 4/4 34 4/4 40 4/5 4/17 5/9 57 130 271 4/24 159 5/6 261 4/3 20 4/3 20 4/4 39 38 Pages FRBank of Philadelphia: (Continued) Building plans: (Continued) Present agreements reported most favorable 4/5 Vault, no objection to preparation of plans and obtaining bids. to submit desirable bid to Board with budget for work 4/17 FRBsrk stock, query as to basis of calculating amount of additional to be issued to bank with impaired capital 6/8 Indebtedness of officers, etc., circular of Board brought to attention of directors but no action taken 5/9 Personnel classification plan, changes in wording of titles of examiners, new position in credit department and suggestion of uniform plan for fixing salaries 5/18 Rates: (See Rates) Salaries, suggestion of uniform plan of fixing 5/18 Share-the-work plan, no deductions in salaries of additional employees under, attention called to 4/26 Salaries of employees under, do not seem subject to deductions and suggestion of uniform plan of fixing salaries 5/18 Staff: Assistants to examiners, request necessity of additional 5/18 ICecessity outlined and designation approved 5/26 Bowman, Cyril, request necessity for designation as Assistant to examiners 5/18 hecessity outlined and designation approved 5/26 Dorsch, Raymond M., designation and salary as Assistant examiner 5/18 Eichmann, Harry V., request necessity for designation as Assistant to examiners 5/18 Necessity outlined and designation approved 5/26 Evans, Henry W., designation and salary as Assistant examiner 08 Myers, J. Carl, designation and salary as Assistant examiner 5/18 Neeley, John K., request necessity for designation as Assistant to examiners 5/18 Necessity outlined and designation approved 5/26 Norris, George 'X., Governor, reply of Board to statement that disapproval of membership application of Berks County Trust Co. would be unfortunate, etc. 5/6 Stook: (See Stock) FRBank of Richmond: Accounts of FRBoard, should be deposited in, under Banking Act of 1933, request for representative to came to Washington in connection with 6/20 Plan for deposit worked out with Mr. Walden, to be presented for approval on completion 6/23 Procedure to be followed in opening account with 6/23 Transfer of funds between accounts, signing of checks, etc., specimen signatures sent to FRBank 6/30 Advances on Lromissory note of nonmember bank secured by customers paper secured in turn by Government obligations, not authorized 4/5 Counsel, employment of, to represent bank in litigation to realize on note of Cormercial National Bank of High Point 4/24 Directors: (See Directors) Member banl-s in conservatorship, question of classification of paper held under discount for 4/6 57 130 426 278 300 300 183 300 294 363 294 363 294 294 363 294 294 294 363 261 482 507 536 555 48 159 66 39 Pages FRBank of Richmond: (Continued) 5/18 Personnel classification plan, changes in titles of examiners Rates: (oce Rates) Reconstruction Finance Corporation custodian department, salaries 4/26 not subject to percentage reductions 5/18 suggested Uniform plan of fixing salaries Staff: Walden, J. S.: FRBoard accounts, plan morked out with, for deposit in 6/23 FRBank for reinstructions drafting Present at meetings to aid in lations between conservators of national banks and 4/1 FRBanks Stock: (See Stock) FRBank of St. Louis: Directors: (See Directors) Examination report, to be brought to attention of directors and 5/18 Board advised of comments 6/30 certain matters FRAgent on Request for cownents of Fiscal Agency operations, report of special study, criticism of activities of sr. Navy and transactions of National 6/30 Stock Yards National Bank business relations: outside Indebtedness and Resolution prohibiting borrowing from member banks in district, 5/18 attention called to Board's views General auditor and his staff, question of omitting from 6/1 FRAgent's report position of provide new to change plan, Personnel classification 4/17 "clerk", salary range seems high approved 5/1 change and salary range Statement of reasons for Rates: (See Rates) Reserves, covering deposits of trust funds authorized by Treasury Regulation 7, request information in reference to letter from Lincoln Bank and Trust Co., Louisville 4/10 Staff: Bailey, L. H., meeting with FRBoard to discuss applications for 6,/8 membership of three Little Rock banks Martin, Wm. McC., Governor, meeting with FRBoard to discuss 6/6 membership applications of Little Rock banks Novy, E. J., criticism of handling of Government security 64/30 subscriptions Wood, John S., FRAgent, meeting with FRBoard to discuss member6/8 ship applications of throe Little Rock banks Stock: (See Stock) a1ik of San Francisco: Advances under Sec. 10(b) of FRAct, possibility of making large, to member banks, questions of policy 4/3 Custody of unissued FRnotes at Los Angeles, Salt Lake City and Portland branches, resolution authorizing Governor to enter into agreement with FRAgent covering, changes 4/17 suggested by Board 5/18 Copy of amended agreement Directors: (See Directors) PRbank notes, draft of telegram that they should be used as emergency currency and not paid out except to avoid shortage of collateral, etc., to be redrafted 301 183 295 507 9 316 554 553 317 376 115 208 79 429 429 553 429 26 119 320 32 40 Pages FRBank of San Francisco: (Continued) FRbank notes: (Continued) Outline of situation by Mr. Smead and desirable that prirting revert to normal, draft of telegram approved subject to concurrency of Chairman 4/6 Report of approval by Secretary of Treasury 4/6 Government securities, subscriptions to, reply to letter from, answering criticisms arising from Board's directions for supervision of allotments 5/24 Indebtedness and outside business relations, request for information desired by Board noted 6/28 Legislation proposed in California contemplating stay of mortgage foreclosures, inadvisable that Board oppose 4/17 Membership, eligibility of unlicensed State banks on reopening, relevant facts should be submitted for prompt consideration 5/10 Personnel classification plan: "Examiner and acting assistant FRAgent", change from "Examinerfield" approved, unnecessary to provide for at Los Angeles and Portland branches 4/24 Rates: (See Rates) Reserves, penalties for deficiencies, no objection to waiver for period of State bank holidays 4/6 Salary policy out of line with other FRBanks due to increases 4/26 Staff: Hardy, R. T., temporary appointment as acting assistant cashier 4/13 Shortt, 1W. D., appointment to position of assistant auditor 4/13 Stewart, S. L., released fram temporary appointment, designation as examiner to be held open 5/18 Weigand, Charles P., temporary appointment terminated while appraising Wingfield banks, to be reappointed 5/10 Advice of temporary reappointment and salary 6/15 Stock: (See Stock) Unlicensed member banks, protest that borrowing of those in hands of own offioers is discriminatory 4/10 State member bank in Oregon, status of, FRBank holds Unlicensed opinion it cannot discount for A/17 FRBanks: Assessment for expenses of FRBoard, resolution levying, and instructions directing deposit in FRBank of Richmond /23 Assets and liabilities, profit and loss, statements furnished Treasury department by, no charges not in accordance with FRAct or do not meet approval 4/4 Bankers acceptances and notes, drafts and bills of exchange, etc., advice concerning letter requesting exemption from provisions of Securities Act 4/5 Banking holiday, expenses in connection with, Mr. Smead to take up reimbursement with Mr. Douglas 4/3 Budgets, covering statistical and analytical functions during 1933 approved 6/20 Conservators, national bank, instructions drafted for relations with FRBanks at meetings attended by Messrs. Walden, Strater, Sinclair, Parker, Dunn and members of Board's staff, approved by Comptroller 4/1 Approved by Secretary of Treasury and to be nailed as soon as possible, advice to FRBanks 4/6 54 62 348 519 125 284 161 67 183 99 99 299 283 443 81 124 507 38 51 31 468 9 50 41 Pages FRBanks: (Continued) Conservatorship funds of national banks, suggestion of Secretary of Treasury that they be handled by, to facilitate 88 A/10 administration of Bank Conservation Act Directors: (See Directors) 6/28 529 Dividends, semi-annual, payment approved 6/28 529 Earnings for six months period Employees: (See FRBank of Federal Farm Loan Bureau, request that FRBanks make arrangements 5/18 322 for handling checks for, no objection Federal Home Loan Banks, advice that they are banks and deposits in member banks may be classified as amounts due 108 banks FRbank notes, additional printing approved for those having rela244 5/4 tively small supply Bureau of requirements submitted to FRnotes, estimate of printing Engraving and Printing with understanding that order 6/28 529 may be canceled and FRbank notes substituted Floral offerings, etc., position of FABoard reaffirmed after reA/13 104 quest of FRBank of Dallas for reconsideration Form 34, advice how to report on under items "special depositsmember bank", "special deposits-nonmember bank" and "nonmembers-clearing account" for banks in 3 4/1 hands of conservator, etc. Gold Licensing for export, advice that Secretary of Treasury will not issue for acquisition of, except where appli221 5/1 cants have surrendered gold Transportation costs, Treasury authorized to pay reasonable costs and FRBanks authorized to pay reasonable ex82 A/10 penses in delivery or shipment of 60 A/6 Withdrawal lists, advice that Board still desires Gold and gold certificates, large amounts on hand but Gold Settlement balances very small at several, desire to in6/23 498 crease, consideration of shipment to Treasury Indebtedness and outside business relations, FRAgents and staffs should not incur indebtedness to member banks, report to be made to Board on, applicable to officers 217 5/1 and employees, all time should be given to bank (See also Indebtedness and outside business relations) Licensed banks, to inform any member bank that license will be revoked if it does not reopen to full extent authorized and power to revoke 4/5 50 Officers: (See FRBank of Paper under discount for unlicensed banks, advice on reporting on Form 34 before and after placed in liquidation FRBanks should report past due paper rediscounted as discounted paper with maturity of 15 days Penalties for deficiencies in reserves, no objection to nonassessment for March 1-15 period when there was no opportunity to restore reserves Pension plan: (See Pension plan) Personnel classification plans, should be revised to change titles A/26 183 of examiners (See also FRBank of Profits, suggestion of Mr. Daggett through Senator Robinson that all A/13 109 be returned to member banks, reply to 4/3 4/3 42 Pages FRBanks: (Continued) Rates: (See Rates) Reimbursement for out-of-pocket expenses incurred in administration of Act of March 9, authorized by Treasury 4/24 Reopening under license of member and nonmember banks, lists and weekly supplements may be discontinued, data being furnished under instructions of April 13 to be expanded to cover national banks, and other data 6/15 Reserve deficiencies, ruling on procedure for assessing penalties in cases of nominal amounts 4/17 (See also Reserves) Reserve suspension, expiration of period and discussion of extension, no action needs to be taken 4/4 Salaries of staffs of, checked by Committee on Salaries and Expenditures against personnel classification plans, matters to be called to attention of individual banks 1/26 Salaries of officers receiving 410,000 a year or more, statement prepared for Comptroller to be used by Mr. Morgenthau in conference with President, referred to Governor with power 6/5 Salaries of executive officers and directors, S. R. 75, request for schedules of, involving questions which are being considered for prompt presentation to Board 6/15 Silver dollars, excess, query on policy of Treasury for disposal 6/23 State member banks in handsof conservators, unnecessary to surrender FRBank stock, balance to credit may be withdrawn under Regulation D but not to exceed indebtedness 4/6 State member banks unlicensed, request amounts of eligible paper under discount for, advances under Sections 10(b) and 13 of FRAct, number of banks indebted, etc. 4/3 FRBanks have been reporting past due paper as "other assets" rather than discounted paper as it should be 4/3 Stock: (See Stock) Subscriptions to Government obligations by officers, directors, etc., special care to be taken in handling, specific officer should be responsible 4/13 Meeting of representatives of FRBanks with Under Secretary of Treasury to discuss, recormendations to be in writing 6/23 Telegrams over commercial wires in connection with banking holiday, payment for 4 /3 Transfer of employees to positions with lower salary ranges making salaries higher than maximum for grade 4/26 banks, borrowings from and claims against closed member Unlicensed banks, memo and statement of Mr. Smead 4/17 accounts, reply to FRBank of Atlanta on authorizadeposit War loan tion for renewals of notes pledged by banks in hands of conservators as security for 4/13 FRBoard: Accounts, funds should be deposited in FRBank of Richmond under Banking, Act of 1933, request for representative to come to Washington 6/20 Plan worked out for deposit with Mr. 'Walden, to be presented for approval on completion 6/23 Procedure to be followed and change in bylaws 6/28 Transfer of funds between accounts, signing of checks, etc., specimen signatures sent to FRBank 6/30 172 458 127 38 183 412 440 498 68 17 17 108 508 31 183 128 105 482 507 536 555 43 Pages FRBoard: (Continued) Annual report, draft presented and approved as amended 5/4 Expected from printer and to be released to press 5/18 Bylaws, amendment concerning Fiscal Agent in connection with carry6/28 ing funds in FRBank of Richmond Employees: (See Staff of FRBoard) Expenses of, resolution levying assessment on FRBanks and directiLg 6/23 deposit in FRBank of Richmond FRnotes, estimate of printing requirements submitted to Bureau of Engraving and Printing with understanding that ord er 6/28 may be canceled and FRbank notes substituted Meeting of representatives of executive departments of Government, not to be represented because of political charactor 6/15 of meeting Lembers: Black, E. R., to be appointed and designated Governor 5/10 James, George R., to serve on Executive Committee for second 4/1 quarter Meyer, Eugene, Governor: Present at meeting of board of directors of FRBank of New 4/6 York and favors 3;, rate on rediscounts Resignation, copies of letters submitting and President's 5/10 acceptance Stabilizaticn of English pound before licensing of gold for export, impropriety of suggestion of FRBank of 4/10 New York directors, statement on Miller, A. C., to serve on Executive Committee for second 4/1 quarter Minutes: Executive Committee meetings, approved and actions ratified: 4/5 March 1 and 3 Eareh 9, 12, 13, 14, 15, 18, 20, 23, 24, 25, 27, 28, 29, 30, 31, and April 1, 3, 4, 5, 6, 10, 13, 17, 24, 5/10 26, and 27 May 1, 4, and 6, Messrs. Black and O'Connor not voting 576 6/20 May 9 and 10 6/20 May 12, 18, 24, 25, and 26 Meetings of FRBoard, approved: March 2, (2) and March 3, (2), Chairman not voting V.5 5/10 March 7, 8, 10, 11, 16, 17, 21, and 22 5/10 Meetings with Governors, April 19 and 22 Reconstrucand representatives of Governors with Meeting 5/10 tion Finance Corporation on April 20 5/10 L:emorandum of Secretary covering March 4, 5, and 6 5/20 June 1, 3, 5, and 8 Lorris plan banks, reply to suggestion of Mr. Chesterman that paper 4/10 be made eligible for rediscount National Recovery Administration, letter to Genaral Johnson 5/20 suggesting exchange of statistical data, etc. New Orleans banks, reply to suggestion that FRBanks aid in liqui4/10 dation of assets Governor Harrison atStates, request that the United President of 6/1 tend foreign exchange conference in London FRBanks on purpose of trip to 6/3 of issuing statement Question Report of Governor Black that he had sent letters to FRBanks 6/.15 advising of purpose of trip 256 330 536 507 529 460 287 10 60 286 91 10 57 287 399 466 467 57 287 287 287 288 467 89 483 88 392 395 459 44 Pages FRBoard: (Continued) Quarters: (See Quarters of FRBoard) Questionnaire, payment of interest on time deposits, advice to 6/23 495 FRBank of Chicago that Board is contemplating Regulations: (See Regulations) Rulings: (See Rulings) Staff: (See Staff of FRBoard) State Department, letter with reference to services of Mr. Gardner on staff of Delegation to Monetary and Economic Conference requested for record 5/25 359 FRBulletin: Federal Home Loan Banks, ruling that they are banks to be published 267 5/6 in First Federal Foreign Banking Corporation, placing in voluntary 267 liquidation, statement to be published 5/6 FRDistricts: (See FRBanks) FRnotes: Accumulation due to returns of, after alleviation of situation in Washington, suggested procedure for disposal by FRBank of Richmond 5/18 328 between FRBank of Atlanta and FRAgent Custody of unissued, agreement for, at New Orleans Branch due to expiration of ap241 pointment of Mr. Broadus 5/4 subsequent executive cormittee and by authorizaAuthorization 242 tion by directors, no objection 5/4 349 5/24 Copy of agreement covering Custody of unissued at Los Angeles, Salt Lake City and Portland branches, resolution authorizing Governor to enter 4/17 119 agreement with FRAgent covering, changes 320 5/18 approved Amended agreement Engraving Bureau of requirements submitted to Estimate of printing and Printing with understanding that order may be canceled and FRBank notos substituted 6/28 529 as Acting McCravey Assistant Mr. Agency, appointment of Havana 243 FRAgent extended because of need to ship excess 5/4 Helena Branch, excess of fit, no objection to having Comptroller of 13 Currency cancel 4/3 Suggested plan of placing reserve stock in separate compartments of vault considered and decided against 13 4,/3 Increased margin of FRBanks to remain in effect until further notice 220 5/1 Policy, question of, as to issue for coming year 6/28 530 FRBank of Chicago desires printing of FRbank notes, reply 6/28 530 33 4/3 Program for printing, proposed, telegram ordered revised Revised telegram to FRBank of San Francisco to be used as basis for letter to other FRBanks, Bureau of Engraving 54 and Printing to revert to normal program 4/5 Securities Act broad enough to cover, letter and proposed umendment to exempt from provisions of, approved 4/10 93 Fiduciary powers: Bank of Hartsville, Tenn., advice requested as to continuance of trusts under present capitalization in connection 233 with membership application 5/4 City National Bank and Trust Company of Battle Creek, Mich.: (See infra Old Merchants National Bank and Trust Co.) Cormunity National Bank and Trust Co., Knoxville, Iowa, application approved when chartered 6/20 478 45 Pages Fiduciary powers: (Continued) First Capital National Bank of Iona City, Iowa, application approved if and when conversion from First Capital State Bank 5/26 takes place First National Bank, Barrington, Ill., reply to request to hold collateral securities under agreement with First Nation4/24 al Securities Co., bank has no power to exercise First National Bank, Chicago, Ill., application approved 6/8 First National Bank of Groton, N. Y., permission to exercise 4/13 First National Bank in Houston, Texas, application approved 6/20 First National Bank in Orange, Texas, application approved Os First National Bank and Trust Company in Asheville, N. C., appli00 cation approved if and when chartered First National Bank and Trust Co., Evanston, Ill., application 6/20 approved if and when chartered First National Bank and Trust Company of Highland Falls, N. Y., certificate of termination of, requested by conservator of First National Bank in Highland Falls, examina5/6 tion to be made before granted 6/15 granted Certificate of termination Gloucester National Bank, Gloucester, Mass., application again 6/8 considered and Board unwilling to approve Hibernia National Bank in New Orleans, La., application approved when chartered, warning against trusts of Hibernia 5/24 Bank & Trust Co. and Hibernia Mortgage Co. conformity to as advice for request under, bonds of Trusteeship 5/26 with Board's policy by accepting, reply Live Stock National Bank, Chicago, Ill., application approved if and when converted from Stock Yards Bank and Trust A/4 Co. Comptroller condition, of features certain to Attention called prepared to issue charter and trust department well 4/4 managed, application approved Louisiana National Bank, Baton Rouge, La., permission granted to act only in specific trusts of constituent banks, 6/26 full powers deferred pending next examination 5/4 Moline National Bank, Moline, Ill., application approved National Bank of Commerce, Dallas, Texas, application for addition07 al powers approved 5/6 National Bank of Commerce in Memphis, Tenn., applicrtion approved National Bank of Commerce in New Orleans, La., application approved if and when chartered, warning against trusts of 5/24 Canal Bank and Trust Co. 5/6 National Bank of Detroit, Mich., application approved National Bank of Martinsville, Ind., action deferred on application 08 until after next examination National Bank and Trust Co. in North Kansas City, Mo., withdrawal 5/24 of application National banks, reply to Congressman Cable on inclusion of pre6/30 ferred stock in capital necessary for exercise Old-Merchants National Bank and Trust Co. of Battle Creek, Mich., and City National Bank and Trust Co., application 6/3 on behalf of new bank organized to take over 6/3 No recent examinations but old reports reveal no criticism 6/3 Three courses of action on expected application Planters Bank and Tru:t Co., Farmville, Va., application approved, 6/5 copy of resolution requested 367 167 424 104 479 528 551 478 263 455 424 341 368 42 42 528 239 119 263 342 262 307 340 557 3.07 397 397 406 46 Pages Fiduciary powers: (Continued) Stewart National Bank and Trust Co., Livonia, N. Y., exercise cannot , 240 be terminated because of indisposable trust 5/4 Stock Yards Bank and Trust Co., Chicano, Ill., application approved 42 when converted into Live Stock National Bank 4/4 Attention called to certain features of condition but Comptroller prepared to issue charter and trust department 42 well managed, application approved 4/4 Texas, application approved 239 Teague National Bank, Teague, 5/4 United States National Bank, Eugene, Ore., application again review274 5/9 ed and FRBoard unwilling to approve Co., Tarrytown, N. Y., application, request Washington Irving Trust 238 for information on proposed management 5/4 363 Application approved and resolution to be adopted by directors 6/1 lashington National Bank, Olympia, Wash., application approved 4/26 185 Finance companies, discount of paper of, S. 747 providing eligibility, letters for signature of Secretary of Treasury and Governor Meyer opposing to Senator Sheppard that emergency legislation has A/24 175 Draft of letter removed necessity for enactment 4/21 175 Ill., propriety of holding First National Securities Co. of Barrington, collateral securities of, by First National Bank 4/24 167 Fish, Congressman Hamilton: (See Membership in FRSystem, Mutual savings banks) F. L. Carlisle and Co., securities of, held by Northern New York Trust Co. and information requested as to control or interest exercised by Messrs. Carlisle and Machold in banking institutions 6/8 422 Fletcher, Senator Duncan U., advised that Comptroller believes bill S. 344 corresponds to Bank Conservation Act and 18 FRBoard concurs in view that it is unnecessary 4/3 (See also Legislation) Floral offerings, etc., reply to suggestion of FRBank of Dallas that Board reconsider action on such expenditures 4/13 104 Florida, irregularities in public utility financing, reply to Mr. Holzderber's charges involving Baltimore Trust Co. and Mr. Howard Bruce 5/24 350 Foreign banking corporations: Chase Bank, New York, N. Y.: Adjustment of write offs, to reinstate installation costs at Paris Branch, no objection 265 5/6 Chinatown Agency, request for six months extension to open 5/18 320 First Federal Foreign Banking Corporation, FRBoard desires to be kept fully informed on progress of voluntary liquidation 214 5/1 Statement referring to voluntary liquidation to be published in FRBulletin 5/6 267 French American Banking Corporation, reply to request for attitude of Board toward possible membership application 213 5/1 International Banking Corporation: Examination of branches in Spain and England, national bank examiners designated for 4/24 168 London Branch, advice from iJr. Prickett that it is inactive, 06 317 advice from Corporation, no examination necessary National City Bank of New York, France, S. A., and branches, national bank examiners designated to examine 4/24 168 47 Pages Foreign banks: Austrian National Bank, renewal of credit requested and possible reduction in interest Credib renewed in full, interest rate reduced Bank of France, proposed change in renewal agreement of credit to Reichsbank, latter prefers repayment Bank of Haiti and branches, national bank examiners designated to examine Banks of issue, reply to suggestion of Mr. Labrot that FRBanks extend rediscount privileges to National Bank of Hungary, request for renewal of credit Renewed in full Reichsbank, question in connection with renewal of credit, may elect to repay entire amount Proposed change in agreement objectionable, may repay Repaid in full, probable reasons to be sent to all FRBanks Interest rate agreed upon was 4% which was paid reign banks and bankers, relations with FRBanks under Banking Act of 1933, draft of regulation to be prepared and submitted to FRBoard Foroicn exchange: Conference in London, Dr. Sprague and Governor harrison to attend at request of President Telegram from Governor liarrison urging agreement on control Governor Black to take up matter with Mr. Acheson Report of return of Governor Harrison, to discuss stabilization with Mr. Woodin and to come to Washington Executive order authorizing Secretary of Treasury to regulate or prohibit transactions in Export of gold under license, application of Bank of lanhattan Co. raises question of granting freely, recommendation approved Pc/-=eign obligations, reply to FRBank of St. Louis that collateral for advances under Sec. 10(b) of FRAct and Sec. 404 of Act of March 9, secured by, must be satisfactory Forms: A/10 4/17 83 125 4/10 85 A/24 168 6/23 A/10 A/17 500 84 125 45 4/5 85 4/10 4/17 126 08 321 6/28 540 6/1 6/15 392 459 460 6/23 509 4/20 147 4/13 95 4/3 18 6/15 Affiliates, forms drafted for condition reports of, of member banks, 6/23 504 to conform with those of national banks 34, advice to FRBanks how to report on items "special deposits3 4/1 member bank" and 'nonmembers clearing account" Advice to FRBanks that paper held under discount for unlicensed member banks should be carried among discounted bills and after placed in liquidation in "claims 16 account closed banks" 4,/,3 94, 94a and 94b, proposed revision, circular to FRAgants 276 5/9 106, to be revised as to schedule L so that interest rates on time deposits may be shown and another schedule to be 6/23 503 added for affiliate reports St. 6386-a and 6386-c, to be submitted monthly and statistics not 4/13 106 published UGH Gel*'rll nY, credit position, domestic and foreign, opinion of Mr. Schact, offered as mason for terminating credit (See also Foreign banks, Reichsbank) 4/17 126 48 Pages Gillogly, James W.: (See Silver) Glass, Senator Carter: Branch, group and chain banking, request for report on, completed volumes to be sent with explanatory note 4/17 Letters signed by Mr. Goldenweiser and Governor Meyer to A/24 Interest on collateral loans, computation of, reply to memorandum referring letter of Dr. Knauff to Board 6/8 Gold certificates, Helena branch, question of cancelation of fit Gold: Cuban, FRBank of Atlanta to purchase through Havana Agency, Cuban Government to repurchase, no objection 6/28 Export under license, application of Bank of Manhattan Co. raises question of granting freely, recommendation approval A/13 Export, advice from Secretary of Treasury that it had been decided not to export any more gold except that already under earmark, President making statement today A/19 FRBanks, gold settlement balances very small at several and they are desirous of increasing, considering shipment of gold and gold certificates to Treasury 6/23 Licenses, notice to FRBanks that they will not be issued for acquisition unless applicants have surrendered gold 5/1 Licensing for export, impropriety of FRBank of New York directors suggesting that English pound be stabilized first A/10 Licensing for purchase and export, regulations of Secretary of Treasury presented for record 5/4 New order signed by President, advice of Chairman A/20 Executive order prohibiting earmarking and exporting of, licensing transactions, control of foreign exchange, etc., presented A/20 Discussion, centering around Section 4 A/20 Issue necessary to defeat contention that licensing was obligatory, to extend authority to regulate foreign exchange and reasons for Section 4, statement by Mr. Douglas A/20 Further explanation of Section 4 by Mr. Douglas A/20 Order probably to be issued today, advice of Mr. Douglas A/20 Report of issuance of order A/20 Return order: No comments on statement and order in present form from Mr. Ballantine 4/1 Further changes suggested by Mr. Ballantine after consultation with Attorney General, approved as recommendation of Board to Secretary of Treasury 4/3 Issued on April 5, form of 4/6 Press statement issued with, presented for record Transportation costs, advice to FRBanks of authorization for payment of reasonable costs by Treasury and FRBanks authorized to pay reasonable expenses in connection with shipment or delivery of gold iijio Supplementary press statement issued by Secretary of Treasury Withdrawal lists: FRBoard still desires lists, advice to FRBanks 4/6 Lists shown to Chairman and others to be sent to his office A/17 Gold Settlement Fund: Clearing of checks directly through banks instead of, suggested to Senator Sheppard by Mr. Adams, reply 5/18 131 169 426 13 537 95 134 498 221 91 246 142 144 146 146 147 147 152 6 26 60 61 188; 60 132 324 49 Pages Government securities: Advances to nonmember banks on promissory notes secured by customers' notes collateraled by, reply to FRBank of Richmond on authorization FRBank of Dallas, Fiscal Agency department, special study rade of subscriptions for, comments FRBank of St. Louis, Fiscal Agency department, special study made of subscriptions for, criticisms of activities of Mr. Novy and transactions of National Stock Yards National Bank Irregularities at FRBamk of Chicago in connection with issue, exchange and redemption: (See FRBank of Chicago) Regulations, motion of Mr. James that they be drafted prohibiting FRBanks from accepting subscriptions from personnel of any issues handled in Fiscal Agency Department No further action need be taken by Counsel on motion Subscriptions of officers, directors, etc., special care to be taken in handling, specific officer to be responsible Representatives of all FRBanks meeting in Washington to discuss handling with Under Secretary of Treasury, recommendations to be in writing 4/5 48 4/27 203 6/30 553 4/3 4/13 24 109 4/13 108 6/23 508 ”En H.: (See FRBank of Atlanta, Investigation) t!!Per, H. Congressman D. W., reply to letter on advice from Savings Deposit Bank Co. that State banks entering FRSystem are required to charge off bond depreciation 385 while member banks are not 6/1 liawthorne, Stafford & Pitts: (See State member banks, Interstate Trust and Banking Co.) 'folding company affiliates: American Investment Corporation, holds stock of Commercial Security 4/26 185 Bank, Ogden, Utah, request examination report of 11°1zderber, C. P.: (See State member banks, Baltimore Trust Co.) Ile T. Cushman Manufacturing Co., North Bennington, Vt., discount of note authorized, no objection if FRBank of Boston 78 is satisfied as to credit 4/10 banks, the Bank of Manhattan Co.) "p'"Anis A. B.: (See State member 11111 Iride btedness and outside business relations, FRBanks: PRAgents and staffs should not incur debts to member banks or affiliates, report to be made to Board, applicable to bank personnel, officers should give all time to bank 217 5/1 PRBEcmk of Atlanta, directors favor principle, but believe time for liquidation of debts should be reasonable 6/1 375 Notice of approval of principles of policy and further instructions regarding reports 6/26 518 PRBank of Boston, adoption of plan involving report of debts amounting to more than 10% of salary, all indebtedness should be reported 6/15 445 PRBank of Chicago, advice that directors were not prepared to take action at meeting 6/8 417 50 Pages Indebtedness and outside business relations: (Continued) FRBank of Cleveland, indebtedness reviewed by directors, Ivitten statements of Messrs. Fancher and Zurlind en, regulations cortcmplating prevention of recurrence 5/4 FRBank of Dallas, advice on occasional borrowing by personnel not engaged in examination work, etc. 5/24 FRBank of Kansas City, advice that action has been deferred and report on FRAgent's department will be forwarded 5/24 FRBank of Philadelphia, circular brought to attention of directors but no action taken 5/9 FRBnnk of St. Louis, resolution forbidding borrowing in District, should not borrow from any member bank 08 Question of omitting general auditor and staff from report of FRAgent 6/1 FRBank of San Francisco, Board's request noted 6/28 Index numbers, Miss Joy designated to serve on special subcommittee of Federal Coordinating Service to review A/4 Indiana, letter for signature of Secretary of Treasury replying to Congressman Ludlow on extension of membership privileges to nonmember banks in A/1 Insurance companies, memo to 2.r. Gibbons replying to suggestion of Mr. Safford that rediscount privileges be extended to 5,/18 Insurance of deposits: (See Deposits) Interdistrict time schedules: (See Time schedules) Interest: Collateral loans, reply of FRBoard to memorandum of Senator Glass referring letter of Dr. Knauff with regard to computation on 6/8 Demand deposits: Information to all FRBanks on questions arising under Banking Act of 1933 6/23 Legislation prohibiting payment on, would involve major chance in complicated situation 4/10 Permission requested by member bank through FRBank of Atlanta to pay interest until end of period 6/20 Rates, maximum on savings accounts, and what constitutes time deposits, reply to Messrs. McQuaid, iiialker and Avent of Jacksonville banks that matter has not been determined 6/20 Rates on savings and time deposits, request for views of FRAgents on regulations to govern 6/20 Time deposits: Rate Board is authorized to fix is maximum, advice to FRAgents 6/23 Sliding scale of rates of interest on, inquiry as to possible use by Mr. Peyton in connection with regulations to govern 6/23 Interlocking directorates: Applications approved: Ainsworth, J. C. 6/15 Blackiston, H. C. 5/10 Buffington, Eugene J. 6/8 Chandler, C. J. 5/10 Dollar, J. Harold 5/6 Embry, Jacob 5/24 Ennis, scott F. Frost, E. A. 4/13 229 347 346 278 317 376 519 41 5 326 426 494 94 481 480 481 497 496 462 289 436 289 269 357 OS 333 112 51 Pages Interlocking directorates: (Continued) Applications approved: (Continued) 4/26 Hammons, W. S. 4/6 Harding, C. R. Hayes, William F. 6/8 4/26 Japhet, C. B. 6/1 Keller, Will E. 6/5 Malone, John E. 6/6 McLennan, Donald R. 5/18 Miller, J. Paul 4/17 Phillips, Frank Reynolds, Arthur 0 8 4/24 Romfh, G. B. 6/15 Stewart, Robert V'v• 5 /24 Strack, P. A. 6/8 Waldeck, Herman 4/24 Walker, E. A. 5/24 Willis, P. C. Applications, FRAgents asked for suggestions in proposed revision of forms 94, 94a and 94b and procedure on, letter 5/9 to Mr. Walsh on his form of submission Bank of Chicago, advice that there are but few violations, in5/18 volving closed banks Miscellaneous: Allen, Frederic W., action deferred until report of proposed 5/9 reduction in directors of Chase National Bank 5/9 Ardrey, J. H., service not violation of Clayton Act Cutler, Bertram, no new permit necessary to serve consolidated 5/9 bank Federal Home Loan Banks, ruling that they are banks under 5/6 Clayton Act Field, Marshall, conversion of bank brings service under Sec. 8, Mr. Miller believes he should resign from one New 4/10 York bank, to be asked if willing Inglis, James, feeling that he should continue as director of Detroit branch even though now chairman of new 4/27 National Bank of Detroit Machold, H. E., action deferred until proposed reduction in 5/9 directors of Chase National Bank Murray, F. W., action deferred as bank has not been licensed to reopen, reference to confidential report of exam4/17 iner on institution of which he was president 5/6 Peabody, IL Rodman, request for additional information Walker, E. A., question of serving two banks and to be presi4/10 dent of a new bank, Board favorable Permits, query from Congressman Patman for number issued in 1931 6/8 and procedure in violations Violations, FRAgents advised that they are to conduct correspondence in cases of, procedure for submission of new 5/1 applications, to review permits granted yearly Illterlpretations of Banking Act of 1933: (See Legislation) J. s. 191 70 437 191 394 413 437 333 133 333 178 462 357 437 179 357 276 321 275 274 274 267 86 200 275 120 266 86 427 219 alppel and Co., examination of Merchants and Newark Trust Co. to be participated in by FRAgent to develop information on borrowings and other activities of 54/24 345 52 Pages (See Member ship in FRSystem, City Bank and Trust Company of Kansas City) Knauff, Dr. K.: (See Interest, Collateral loans) Kohn, Jell and Simon, Inc.: (See FRBank of Atlanta, Investigation) Kemper, i. T.: Labrot, W. H., suggestion that FRBanks extend rediscount privileges to foreign banks of issue to stimulate imports 6/23 Legislation: Banking Act of 1933: Branch, group and chain banking, request of Senator Glass for report on, completed volumes to be sent 4/17 Letters signed by Mr. Goldenweiser and Governor Meyer sent to Senator Glass 4/24 Changes suggested, memoranda prepared in Counsel's Office, provisions of bill discussed, motion to have matter discussed with Senator Glass to see if he desires Board to report on bill, action deferred 4/10 Prohibition of payment of interest on demand deposits would involve major change in complicated situation 4/10 Not necessary for Board to file suggestions but Senator Glass would like report on proposed deposit insurance which may be put in bill 4/13 Deposit insurance provisions of, desire for discussion with Governors Conference 4/20 Copy of bill not available 4/20 History reviewed for Chairman and attention called to changes suggested, provisions relating to deposit insurance and Federal Open Market Committee discussed 4/17 Interpretations: Accounts of FRBoard, dhould be deposited in FRBank of Richmond 6/20 Affiliates of banks must be examined insofar as to show relationships with 6/23 Bankers acceptances, reply to FRBank of Atlanta that it may continue to purchase under Regulation B 6/28 Condition reports of affiliates, requirement of law that they report and draft of three new forms for 6/23 Interest on demand deposits: Information to all FRBanks on questions answerable immediately 6/23 Permission to continue payment, reply to FRBank of Atlanta on request of member bank for 6/20 Interest on time deposits, advice to FRAgents that rate Board is authorized to fix is maximum 6/23 Member banks securing advances from FRBank, warning must be given not to make loans secured by stocks and bonds, advice to all YRAgents 6/28 Section 32, reply to YRBank of Boston on query as to application, that consideration has been deferred 6/28 Sugar factors being considered as depositaries, question of operations not yet determined and Department of Justice may determine within statute 6/30 500 131 169 93 94 110 142 152 132 482 496 533 504 /194 48/ 497 532 531 557 53 Pages Legislation: (Continued) Banking Act of 1933: (Continued) Senator Glass to attempt to have bill reported today, copies to 5/10 be forwarded to FRBanks as soon as available California, proposed measure staying mortgage foreclosures, suggestion from FRBank of San Francisco that Board op4/ 4 17 pose, considered inadvisable Federal Advisory Council, recommendation of, to secure necessary coordination of four Governmental financial agents 5/24 H. R. 4314: (See infra Securities Act) Refinancing of farm mortgages, request of Senator Smith as to whether bonds provided for, were made eligible as collat4/4 eral for member bank 15 day notes Sec. 10(b) of FRAct and Sec. 404 of Act of larch 9, reply to FRBank of St. Louis that foreign obligations as security 4/3 for advances under must be satisfactory to FRBank S. 245: (See supra Banking Act of 1933) S. 5l4, to amend Sec. 10(b) of FRAct to extend privileges to nonmember banks, proposed letter for signature of Secretary of Treasury giving reasons making bill unnecessary S. 344, Comptroller feels that bill corresponds closely to Bank Conservation Act and there is no need for enactment 4/3 and Board concurs S. 747, to make paper of finance companies and credit companies eligible for discount, letter for signature of Secretary of Treasury and one signed by Governor 4/24 Meyer opposing Draft of letter to Senator Sheppard reporting that emergency bank legislation has removed necessity for enact4/24 ment of bill similar to S. 4550 8. 806, "a bill establishing the Bank of the United States", letter 4/26 for signature of Secretary of Treasury opposing 8. 875: (See infra Securities Act) 8. 1111, to raise commodity price level, letter to Senate Banking and Currency Committee that there seems no need for 6/1 report S. 1466, regulated expansion of currency, letter to Senate Banking and Currency Committee that there seems no need for 6/1 report 8. 1539, amendment to FRAct with respect to rediscount powers of FRBanks, request for latter to Chairman of Senate Banking and Currency Committee for signature of 5/18 Secretary of Treasury reporting on 8. 1639, to establish a Federal Credit Union System, letter to Sen5/26 ate Banking and Currency Committee opposing Z. 1640, amending FRAct to permit acceptance of deposits from cred5/26 it unions, letter reporting on and opposing Letter prepared for signature of Secretary of Treasury opposing 6/1 bill S. 4550: (See supra S. 747) S°J.R. 2, reply of Comptroller for signature of Secretary of Treasury opposing, approval of section giving President discretion in publicity for Reconstruction Finance 4/17 Corporation loans 289 125 353 41 18 174 18 175 175 186 387 387 324 370 370 388 127 54 Pages Legislation: (Continued) S. R. 75, request for salary schedule of executive officers and directors of FRBanks and member banks, questions involved are being considered for prompt presentation 05 Securities Act: Bankers acceptances and commercial paper, advice from Governor Geery and jr.„ Stevens that bill may apply to sale of, referred to Counsel 4/1 Report that bill would cover, letters and amendment prepared to correct 4/3 Advice to FRBanks of letter to Chairmen of Committees of Congress proposing amendment to exempt paper from provisions of 4/5 Question raised as to whether provisions of proposed amendment are broad enough, Board can offer suggestions 4/5 FRBank of Boston, request that certain classes of paper be exempted from provisions of 4/6 Classes of short term commercial paper not covered in amendment submitted and report on bill requested, another amendment proposed and letter, exempting also FRnotw. FRbank notes and FRBank stock, presented and approved 4/10 Advice of action to FRBanks 4/13 Report, referring to previous letters and further changes suggested 5/4 Amendment, advice that draft is being prepared and may be Thomas introduced in Senate today 4/20 Copy read before meeting of Board and Governors Conference 4/20 Discussion of probable effect if enacted and advice it had been introduced 4/20 Licensed banks: Examinations of, Query of Mr. Await as to whether Governors think there should be more rigid requirements as to charge off of bond depreciation 4/19 Loans to banks in unsatisfactory condition, suggestion of Mr. Await before Governors Conference that relaxing policy in making loans would aid 4/19 Nonmember banks, review by Governors of situation in their districts 4/19 Policy of deconstruction Finance Corporation in aiding, statement of Mr. Jones 4/20 State member banks, may not take advantage of any State stabilization act providing for operation on restricted basis, member banks to be informed that unless they reopen to full extent of license granted it will be revoked and authority to FRBanks for purpose 4/5 Lists: Gold withdrawals, advice to FRBanks that lists are still desired 4/6 Lists shown to Chairman and others to be sent to his office 4/17 Member and nonmember banks changing status, printed lists and weekly supplements to be discontinued and weekly data submitted to be expanded to cover national banks and other data, should be mailed weekly 6/15 Loans: Advances to individuals, partnerships and corporations, FRBanks requested for information as to eligible paper held under discount for, as of March 31 4/3 440 3 24 51 51 66 92 107 245 143 148 152 138 139 136 141 50 60 132 458 17 55 Pages Loans: (Continued) Advances under Sec. 10(b) of FRAct: Collateral for, outline if information to be furnished by 4/13 FRBanks FRBank of San Francisco, possibility of making large advances 4/3 to member banks, policy involved First National Bank of Ft. Myers, Fla., unlicensed, renewal in reduced amount for determination of FRBank, ques4/4 tion of how to carry paper FRBank of St. to advice Foreign obligations as collateral, Louis that it must be satisfactory to FRBank 4/3 Georgia Savings Bank and Trust Co., Atlanta, Ga., FRBank to renew and carry as demand obligations, feeling of 6/1 FRBoard that early liquidation should be effected of Mr. suggestion condition, Licensed banks in unsatisfactory Await before Governors Conference that relaxing of 4/19 policy in making loans would aid Emergency since of, extent Senator Vandenburg, request for Banking Act, furnishing of information contrary to policy of FRBoard 6/28 State member banks, unlicensed, request FRBanks for information as to eligible paper held under discount for, as of 4/3 idarch 31 Advances to nonmember banks, etc.: Collateral for advances, outline at information to be furnished 4/13 FRBoard by FRBanks reasonable for held banks, applicant Examination expenses of 5,/1 FRBank to charge to First State Bank, iiolsey, S. Dak., advance to, notice of approval by executive committee of FRBank of Minne5/9 apolis and rate of 5% approved Promissory note secured by customers paper in turn secured by Government obligations, opinion of Board that suggested advance is not authorized 4/5 Anglo California National Bank of San Francisco, advance of large amount approved by Reconstruction Finance Corpora6,/15 tion, to be made through mortgage company Borrowings of unlicensed member banks from FRBanks and claims against closed banks, memorandum and statement of 4/17 Mr. Smead transmitted to all FRBanks Collateral, interest on, reply to memorandum from Senator Glass referring letter of Dr. Knauff regarding computation 6/8 H. T. Cushman Manufacturing Co., North Bennington, Vt., no objection to discount of note for, by FRBank of Boston al4/10 though part will be used to pay existing debt 14eMber banks securing advances from FRBanks must be warned not to make loans secured by stocks and bonds, advice to 6/28 all FRAgents Nonmember banks, S. 314, to amend Sec. 10(b) of FRAct to extend privileges to, proposed letter for signature of Secretary of Treasury giving reasons why bill is 4/24 unnecessary Reconstruction Finance Corporation, reply of Comptroller for signature of Secretary of Treasury approving portion of S.J.R. 2 leaving publicity for loans of, to dis4/17 cretion of President 106 26 34 18 379 139 539 17 106 216 272 48 438 128 426 79 532 174 127 56 PageS Loans: (Continued) Unlicensed member banks, protest from FRBank of San Francisco that borrowing is prohibited while in hands of conservator but that other unlicensed banks in hands of own officers may borrow, reply 4/10 Ludlow, Congressman Louis, reply to letter from, for signature of Secretary of Treasury with regard to suggested extension of membership privileges to nonmember banks in Indiana 4/1 request for information as to interest in or control of banking institutions by, in connection with Northern New York Trust Co., Watertown, N. Y. /7 , 6:/ Margin of FRBanks, increase to remain in effect until further notice Marine Midland Corporation, cash contribution to Northern New York Trust Co., and holding of stock by latter 6/8 McCullough, H. P.: (See National banks, First National Bank of North Bennington) McKellar, Senator ienneth, reply to letter enclosing letter from Peoples National Bank of Johnson City, Tenn., suggesting that law be amended to permit State banks to become members with present capital 4/3 McQuaid, W. R., reply that Board has not acted on what constitutes time deposits or determ,ned maximum rate of interest for savings deposits 6/20 Membership in FRSystem: Adirondack Trust Co., Saratoga Springs, N. Y., application approved A/1 American Security and Trust Co., ,iashington, D. C., application approved A/17 Atoka State Bank, Atoka, Okla., advice thnt bank has filed application for conversion into national bank and 30 days extension for compliance with conditions of 5,/1 Capital may be impaired, action to be deferred pending consideration, must apply for extension of time for compliance if it desires membership 5/18 Bank to seek conversion into national bank, application to be treated as abandoned 5/26 Banco di Napoli Trust Company of Chicago, Ill., preparation of letter advising that application be withdrawn 5/1 Letter stating Board is not justified in approving application and is favorable to withdrawal 5/6 Bank of Aberdeen, Idaho, request as to whether bank is eligible on present capitalization, will have to be increased 6/23 Baia of Adairsville, Ga., application approved 6/15 Bank of Carthage, Mo., application approved 6/15 Bank of Commerce, Lexington, Ky., approval of application not warranted, suggestion that it be withdrawn 6/1 Bank of Edwardsville, Ill., action deferred on application to give bank opportunity to demonstrate ability to operate successfully and improve condition 6/8 Advice to FRAgent of action 6/20 Application approved 6/30 Bank of Glade Springs, Va., application approved 4/10 Request for extension of time to comply with condition requiring disposal of bank stock 6/15 81 Machold, h. 422 220 422 18 480 5 117 210 305 364 221 262 490 448 448 377 432 470 547 77 448 57 Pages Membership in FRSystem: (Continued) Bank of Hartsville, Tenn., advice requested in connection with application as to continuance of trusts under capital5/4 ization, status of titles to real estate, etc. 5/18 Application approved Bank of the Manhattan Co., New York, N. Y., recommendation of hr. Case that no further eliminations or adjustments 4/13 be required under conditions of, reply Bank of Memphis, Mo., application approved 4/5 Bank of Millbrook, N. Y., application approved 5/4 Bank of Pine Apple, Ala., application approved 5/10 Bank of Russellville, Ohio, application approved 6/15 Bank of St. Albans, W. Va., application approved 6/15 Bank of Tifton, Ga., application approved 4/24 Bank of York, Ala., application approved 5/24 Bankers Commercial Trust Co., Little Rock, Ark., organized to take over certain assets and liabilities of Bankers 6/5 Trust Co., application 6/5 Plan of organization 6/5 Management substantially same Close affiliation between new companies organized to handle real estate, rental and insurance business of old 6/5 bank, termination of affiliation suggested 6/5 Mr. James' belief that management should be considered Question of requiring termination of affiliations before or 6/5 after admission, possible action on management Governor Martin and Mr. Bailey to be asked to Washington to 4/5 discuss application Condition of membership requiring maintenance of proper ratio of capital to deposits in connection with applica6/5 tion, formulation as standard of membership (See infra Conditions, Ratio) 6/8 FRAgent asked for statement on management 6/8 Review of banking situation in Little Rock by Governor Martin 6/8 Statements of Governor Martin and Mr. Wood on management 6/8 Importance of admission and feeling of Governor Martin Directors hold qualifying stock only, necessity of considering management, statement of Mr. Wood that bank is in good condition and soundly managed 6/8 Connection with affiliates should be severed prior to admission, Governor Black and Mr. Hamlin favoring admission on this condition 4/8 Opinion of Mr. James on success of bank and question of author6/6 ity of FRBank in connection with management Opinion of Mr. O'Connor, based on depreciation in Arkansas bonds 6/8 Mr. Miller not in favor of approval but suggests that application be withdrawn until bank demonstrates ability 6/8 to operate successfully, adopted 6/15 Mr. Wasson to meet with FRBoard to discuss Discussion with Mr. James and Mr. Wasson's letter to FRAgent suggesting agreements in effort to make application acceptable to FRBoard 5/20 Mr. Wasson to try to effect consolidations and Mr. Couch to visit Little Rock for same purpose 6/20 Motion of Ur. James that application be approved and statement of Mr. O'Connor against semblance of countenancing default of State obligations, condition of membership imposed 00 233 303 101 46 231 284 447 447 163 337 408 408 409 409 410 410 411 411 429 429 430 431 431-2 433 433 434 434 439 463 464 465 58 Pages Membership in FRSystem: (Continued) Bankers Commercial Trust Co.: (Continued) Question of bank participating in benefits of deposit insurance 6/20 Mr. O'Connor's statement that time should be limited for disposal of stock to give opportunity to determine whether to terminate membership before insurance becomes effective, accepted as amendment to motion 6/20 Mr. Miller opposed to approval of application 6/20 Application approved, Mr. Miller voting "no" 6/20 Berks County Trust Co., Reading, Pa., approval of application not favored at present, willingness to reconsider after correction of condition 5/4 Reply to letter from Governor horris stating that denial of membership would be unfortunate and deflationary 5/6 Advice of improvement in condition, present operating arrangement with FRBank to be continued in hope that after next examination favorable action can be taken 5/26 Boulevard Trust Co., Brookline, Mass., application approved 4/10 Bourbon Agricultural Bank and Trust Co., Paris, Ky., application approved 6/5 Broderick, Joseph A., reply to letter referring to "rigid and stringent policy" in connection with 6/23 Suggestion that he come to Washington 6/23 Proposed letter to, approved and Governor Black to write personal letter 6/23 Brookline Trust Co., Brookline, Mass., application approved 4/10 Withdrawal of application because of capital requirement, change in condition justified by otherwise sound condition 4/24 Buffalo Bank, Buffalo, W. Va., application approved A/13 Buhl State Bank, Buhl, Idaho, application approved 6/23 Caldwell State Bank, Caldwell, Idaho, application approved 6/23 Capital City Bank, Charleston, W. Va., application approved 5/18 Capital requirements, reply to letter from Senator Mcellar inclosing suggestion of Er. Clark that law be amended to permit banks to enter with present capital 4/3 Cashmere Valley Bank, Cashmere, Wash., application approved 6/15 Central Farmers Trust Co., West Palm Beach, Fla., policy on application because of depreciated bonds, to establish specific reserve to bring carrying value down to 5T04/3 Board to follow similar policy in such cases A/3 Extension of thirty days for compliance with conditions of 5/1 Central Savings Bank, Oakland, Calif., applicationcpproved if and when proposed transfer of assets of Central National Bank is approved by Comptroller and others A/24 Citizens Bank, Abilene, Kansas, application approved 4/24 Citizens Bank of White Plains, N. Y., application approved 4/10 Citizens Bank and Savings Co., Leesburg, Ohio, application approved 4/10 Citizens Bank and Trust Co., Carthage, Tenn., application approved 5,/18 Citizens Banking Co., Anderson, Ind., application approved 6/5 Citizens State Bank of Walnut, Ill., application approved 6/15 Citizens Trust Co., Toledo, Ohio, inquiry as to attitude of Board to, because of insuffivbnt capital which bank is able to increase to requirement City Bank and Trust Company of Kansas City, Mo., copy of letter to Mr. Kemper sent to Mr. McClure as indication of Board's mortgage participatic,n policy 6/30 4/3 466 466 466 466 232 261 365 77 400 501 502 505 77 177 100 486 489 302 18 446 29 210 3.63 77 77 303 400 447 14 549 59 Pages Membership in FRSystem: (Continued) City Bank and Trust Co., Natchez, Miss., removal of certain assets in connection with application, to withhold until matter is settled City Savings Bank and Trust Co., Shreveport, La., request that application be held in abeyance pending further improvement in condition City State Bank and Trust Co., McAllen, Tex., application approved Columbiana Savings Bank, Columbiana, Ala., application approved Conditions: Acquisition of stock of banks in protection of own interests, no objection but must be disposed of within six months unless extension is granted by Board Appreciation of securities of banks applying for, on which charge off was condition, to be considered as elimination Banks accepting, FRBank counsel to determine conformity of resolution with prescribed conditions Capital requirements for admission to, reply to Congressman Chase regarding letters from Fidelity State Bank of Minneapolis, justification of requirements Charge off of bond depreciation, reply to Congressman Harter with regard to advice from Savings Deposit Bank Co. that State banks were required to make, while member banks were not Depreciation of State, county and other municipal bonds which are unrated and show heavy depreciation, FRBoard not to require charge offs but establishment of reserve to bring carrying value down 50% (See supra Central Farmers Trust Co.) General policy as to admission, statement of Governor Harrison that few State banks can comply, although some are in better condition than member banks licensed, may have to require member banks to comply with conditions prescribed for new member banks Statement of Governor Meyer on Kansas City banks, charge off of 30% of deposit balances with Fidelity National Bank and Trust Co. favored advocacy of Governors Conference that FRBoard act as Policy, promptly as possible and follow as liberal a policy as sound banking principles will permit Policy in general very sound but some exceptions might be made Greatest difficulty is failure of applicant banks to understand reasons for conditions Statement of Governor Meyer that FRBanks have great opportunity for emphasis on desirability of banks attaining sound condition to enter System Governors in favor of flexibilityin meeting individual problems of banks Ratio of unimpaired capital and surplus to deposits, advisability of requiring as condition, formulation as standard of membership Discussed and action deferred Discussed with FRAgents or Assistant FRAgents at Philadelphia, Cleveland, Richmond and Chicago, all of whom feel condition should be prescribed, action deferred 5/4 233 5,/18 304 4/24 163 6/20 469 4/6 65 6/15 452 6/23 490 5/26 371 6/1 385 4/3 30 4/19 4/19 134 135 4/27 201 4/22 155 4/22 156 4/22 156 4/22 156 4/22 156 6/5 6/5 411 411 6/6 429 60 Membership in FRSystem: (Continued) County Trust Co., New York, N. Y.. application approved Bank did not charge off two loans as required, but as bank has charged off more assets than required, FRBoard will not insist on elimination at this time Danforth Banking Co., Washington, Ill., application approved Davenport Bank and Trust Co., Davenport, Iowa, application approved Eligibility: Depositors agreement waiving 150 of deposit liability, request for Board's attitude toward application Frozen deposits, banks having large percentage of, under agreement, request from FRAgent at Atlanta for attitude of Board toward applications Montana bank which would be formed by consolidation of other banks and operation of two as branches, query of FRBank of Minneapolis as to eligibility Mutual savings banks, reply to Congressman Fish in response to letter to Comptroller regarding admission to FRSystem Ownership and control by officers of bank of corporation doing real estate mortgage loan business, request for attitude of Board toward application of bank ,iiscorsin banks, stabilized under State law, request for attitude of FRBoard toward applications of, and reply Everett Bank and Trust Co., Everett, Mass., application approved Question of compliance with conditions of, directions for carrying valuation reserves and rewording of No. 16 to permit present method of charge offs Farmers Exchange Bank, Abingdon, Va., application approved Farmers and Mechanics Bank, West Point, Va., application approved Farmers State Bank, Belvidere, Ill., application approved FRBank of Dallas, draft of circular regarding admission, reply suggesting changes and additions Fidelity Trust Co., Baltimore, MU., application approved First State Bank, Chester, Ill., application approved French American Banking Corporation, request as to attitude Board would take toward application Garden City Bank and Trust Co., Garden City, N. Y., application approved Gimbel Brothers Bank and Trust Co., Philadelphia, Pa., application approved Glasgow Savings Bank, Glasgow, Mo., application approved Greenbrier Valley Bank, Lewisburg, W. Va., application approved Extension of time for compliance with conditions of Guaranty-Plaza Trust Co., St. Louis, Mo., action deferred on application to allow submission of new plan of reorganization Advice to FRAgent on action Hartford-Connecticut Trust Co., Hartford, Conn., FRBoard not willing to approve application because of ownership of voting stock of holding company Holstein State Bank, Holstein, Iowa, application approved Homewood Bank at Pittsburgh, Pa., application approved Hutchinson State Bank, Hutchinson, Kans., applicationapproved Ida County State Bank, Ida Grove, IOVIft, application approved Industrial Savings Trust Company of St. Louis, Mo., little commercial business, other reasons for not admitting Pages 4/4 36 6/8 6/15 6/15 419 448 447 5/18 305 5/24 338 6/8 420 4/4 37 6/5 40). 6/30 4/10 548 77 4/24 162 77 00 6/15 447 4/26 184 4/10 4/5 4/3 82 46 14 5/1 213 5/6 261 6/30 5/18 5/10 6/20 546 302 284 472 6/8 432 6/20 470 5/9 26o 5/6 261 5/10 303 4/10 5/18 77 302 4/24 /64 61 Pages Membership in FRSystem: (Continued) Leonia Bank and Trust Co., Leonia, b. J., application approved Extension of thirty days for compliance with conditions Further extension until July 12 Lynchburg Trust and Savings Bank, Lynchburg, Va., condition of bank good, is in position to engage in commercial business, might well be admitted Draft of letter advising of approval of application Application approved Thirty days extension of time for qualification Valuation reserves will meet conditions requiring charge offs Marion Junction State Bank, Marion Junction, Ala., application appnaved Merchants and Farmers Bank, Grays Lake, Ill., application approved Merchants and Farmers Bank, Inc., Smithfield, Va., application approved Merchants and Mechanics Bank, Columbus, Ga., application approved Metamora State Bank, Metamora, application approved Muscatine Bank and Trust Co., nascatine, Iowa, application approved Condition 18 amended to increase surplus Nampa State Bank, Nampa, Idaho, application approved Neat, Condit and Grout, Bankers, Winchester, Ill., application approved Oh-Merchants 10 Trust Co., Massillon, Ohio, to be advised to withdraw application until condition is improved Pamphlet on, prepared by FRBank of Chicago, suggestion that each FRBank publish under own name, FRBoardis suggestion that matter be referred to small committee of FRAgents for drafting, then submitted to all Peeples Bank of Bloomington, Ill., application approved Peoples Bank of Johnson City, Tenn., reply to letter from Senator McKellar enclosing letter from Mr. Clark suggesting that law be amended to permit State banks to become members with present capital Peoples Bank, Little Rock, Ark., organized to take over certain assets and liabilities of Peoples Trust Co., application (See supra Bankers Comercial Trust Co., Little Rock) eoplos Deposit Bank and Trust Co., Paris, Ky., approval of application not warranted, suggested that bank withdraw application until features are corrected PeoPles Savings Bank, Clanton, Ala., application approved 00ples State Bank, Bloomer, Cvis., application approved rersonal Loan and Savings Bank, Chicago, Ill., not engaged in type of business contemplated in FRAct and therefore application should not be approved Draft of letter to FRBank of Chicago with regard to policy in such cases Letter -ivirg reasons for disapproval , Steps to be taken if bank desires to renew application Ilanters Bank and Trust Co., Farmvi'le, Va., application approved Revised examination report correcting error in reported depreciation, charge off of amount to be treated as conpliance with condition No. 15 Resolutions of applicant banks accepting conditions of, to be examined by FRBank counsel to determine conformity with prescribed conditions 4/13 5/16 6/20 101 304 472 4/1 4/1 4/5 A/26 6/15 6 7 46 165 449 6/5 6/30 400 547 6/23 6/15 6/20 6/28 6/23 489 36 447 469 522 489 5/18 303 6/8 418 6/28 6/28 535 521 4/4 4/3 18 6/5 408 6/1 6415 5/26 377 447 364 A/1 A/1 A/17 6 4/24 7 118 522 163 5/4 231 6/23 490 6/26 62 Membership in FRSystem: (Continued) Rupert State Bank, upert, Idaho, application approved Salamanca Trust Co., Salamanca, N. Y., application approved Sanborn County Bank Woonsocket, S. Dak., application approved Savings and other noncommercial banks: Lynchburg Trust and Savings Bank, Lynchburg, Va., discl)ssion of type of business and condition, might well be admitted to System and letter to be prepared advising of approval of application Personal Loan and Savings Bank, Chicago, Ill., discussion of application, should not be approved Draft of letter to FRBank of Chicago regarding policy of Board in refusing admission Letter giving reasons for disapproval of application Circular letter to FRAgents enclosing copy of letter to Personal Loan and Savings Bank Southampton Bank, Southampton, N. Y., application approved Condition modified to provide for elimination of losses and depreciation by reduction in surplus South Side Bank and Trust Co., St. Louis, plan of reorganization not satisfactory and action to be deferred on application until definite plan is determined Application not favored as long as bank maintains investment in, or control of South side National Bank State Bank of Breese, Ill., application approved Condition modified to permit reduced surplus State Bank of Clearing, Chicago, Ill., application approved State Bank of Cochran, Ga., application approved State Bank of Niantic, Ill., application approved State Bank of Sea Cliff, N. Y., application approved State Bank of Terry, Mont., FRBoard feels that bank should increase capital and request for Montana requirements Application approved State Bank of dheatland, Wyo., application approved State Security Bank, Brigham City, Utah,,application approved Proposed reduction in surplus, no objection Stock Growers Bank of Wheatland, Wyo., application approved Title Guarantee and Trust Co., New York, N. Y., apparent titling of real estate andolbaling in mortgage loans, approval of application doubtful Town Trust Co., Montclair, N. J., application withdrawn, advice to FRAgent that papers must remain in Board's files Traders Trust and Banking Co., Spencer, W. Va., application approved Truckers Exchange Bank, Crystal Springs, Miss., application approved Union and New Haven Trust Co., New Haven, Conn., application approved Condition 19 amended and extension of time for qualification Union Bank, Little Rock, Ark., organized to take over assets and liabilities of Union Trust Co., and plan of organization (See supra Bankers Commercial Trust Co., Little Rock) Condition 25 modified to allow for depreciation in banking house Pages 6/23 4/13 4/3 489 101 14 4/1 7 4/1 7 A/1 A/17 7 18 A/17 4 /24 18 164 5/18 303 6/1 378 6/20 A/5 5/4 A/1 4/13 6/15 5/24 471 46 251 5 100 448 358 6/5 6/28 6/23 6/15 6/20 6/23 401 521 489 448 469 489 4/17 117 5/1 209 6/20 469 6/23 489 5/24 6/28 337 521 6/5 408 6/30 547 63 Pages Membership in FRSystem: (Continued) Union Trust Co., Lllsworth, Me., reply to FRBank of Boston on continuation of membership because of doubt as to constitutionality of State law under which bank may be 4/17 reorganized Unlicensed State bank, reply to FRAgent at San Francisco on attitude toward application of, on securing license to 00 reopen Uptown State Bank, Chicago, Ill., examination report reveals items 4/10 omitted from formal application Washington Loan and Trust Co., Washington, D. C., extension of time 4/24 for acceptance of conditions 5/26 Waterbury Trust Co., Waterbury, Conn., application approved Weiser State Bank, Weiser, Idaho, application approved 6/23 Westchester Trust Co., Yonkers, N. Y., revised tentative plan of reorganization, view of FRBank of New York that it 6/30 would be justified in furnishing credit Objections of FRBoard and feeling that bank should not be 6/30 admitted 4/10 Western State Bank, Cicero, Ill., application approved 5/18 Extension of time for compliance with conditions Westport Avenue Bank, Kansas City, Mo., reply to FRBank of Kansas City on question of admission if capital does not 4/3 meet full requirements application C., N. Wilmington Savings and Trust Co., Wilmington, 4/24 approved Michigan: Banking situation, discussion of Mr. Black with Mr. Talley, who is to confer with officials of FRBank of Chicago and 6/23 visit Detroit, Battle Creek and other points m. Reorganization of State member banks: (See State member banks) 111115Sota, licensing and reorganization of nonmember banks, outlined 5/4 by Mr. Peyton Mor • 1%18 plan banks, reply to suggestion of Mr. Chesterman that paper be 4/10 made eligible for rediscount Mortgages: California legislation, proposing stay of foreclosures, considered inadvisable to follow suggestion to oppose made by A/17 FRBank of San Francisco Citizens Bank and Trust Co., Middletown, Pa., to be urged to dis5/24 continue sale of participation certificates City Bank and Trust Co., Kansas City, Mo., copy of letter to Mr. Kemper sent to Mr. McClure as indication of Board's 6/30 mortgage participation policy Equitable Trust Co., Wilmington, Del., to be urged to discontinue 5/4 dealing in mortgage participations First Citizens Bank and Trust Co., Utica, N. Y., examination 6/8 report reveals selling of mortgage bonds, etc. Hibernia Mortgage Co., New Orleans, La., Hibernia National Bank not 5/24 to accept trusteeship for issues of of request Legislation proposed for refinancing of farm mortgages, Senator Smith if bonds provided for were made eli4/4 gible for member bank 15 day notes of complaint La., Mutual Loan and Investment Co., Alexandria, Messrs. Hawthorne, Stafford and Pitts that Interstate Trust and Banking Co. will not give names of bondholders 5/18 122 284 73 165 364 489 542 543 77 304 15 163 509 255 89 125 345 549 235 421 341 41 323 64 Pages Mortgages: (Continued) Northern New York Trust Co., Watertown, N. Y., investment of trust funds in mortgage participations of Marine Midland Corporation 6/8 Northwestern Trust Co., St. Louis, Mo., one of purposes of formation of affiliate, Northwestern Securities Corporation, to guarantee real estate securities, has never done so, no action on membership 6/5 Mutual savings banks, reply to Congressman Fish in resLonse to a letter to Comptroller regarding admission to FRSystem 4/4 Myhre, C. O.: (See Nonmember banks, Borrowing) 422 403 31 nhu Nash Motors Co., safekeeping of Government securities for, by FRBank of Chicago, not warranted 4/24 173 National bank notes, issuance under new banking law, request from Congressman Dowell quoting inquiry 19 4/3 National banks: American National Bank of Nashville, Tenn., acquisition of stock by Chemical Bank snd Trust Co., in absorption of affiliate, Chemical Securities Corporation 36 4/4 Anglo California National Bank of San Francisco, Calif., may be compelled to close if borrowings appear in condition report, loan approved by Reconstruction Finance Corporation to be made through mortgage company and issuance of preferred stock considered Atoka State Bank, Atoka, Okla., application filed for conversion 1380 6 g,/ 5 : To seek conversion, abandoning membership application 5/26 364 Bank of California, N. A., San Francisco, Calif., reply on question of considering sugar factors in Hawaii as depositaries under Banking Act of 1933 6/30 556 Caldwell National Bank, Caldwell, N. J., purchase of tax notes of 5/6 260 Borough of Caldwell by FRBank of New York from Canajoharie National Bank, Canajoharie, N. Y., to reduce capital stock and then increase it 6/30 550 Capitol National Bank and Trust Co., Hartford, Conn., condition requiring severance with Capitol National Company withdrawn and capital stock to be reduced 4/24 167 Central National Bank, Oakland, Calif., proposed transfer of assets to Central Savings Bank 4/24 165 Request for facts of liquidation before action can be taken on cancelation of FRBank stock 5/4 237 Central United Ilational Bank of Cleveland, Ohio, request for proper classification of certain balances due savings and loan companies, institutions may be classified as 90 banks and deposits as amounts due banks 4/10 Central Valley National Bank, Central Valley, L. Y., to reduce capital stock and then increase, condition will need 360 further corrections 6,/1 Chase National Bank, New York City, proposed reduction in number of directors which may retire Messrs. Allen and Machold whose Clayton Act applications are before Board 5/9 276 Citizens National Bank of Pocomoke City, Md., application for stock reduction cannot be approved in reorganization plan 5/4 24° 65 Pages National banks: (Continued) Citizens National Bank of Pocomoke City, Md.: (Continued) Letter to FRAgents with copy of letter to Comptroller of the 6/23 Currency on case City National Bank and Trust Company of Battle Creek, Mich., to be taken over by new bank to be organized which will also take over Old-Merchants National Bank and 6/3 Trust Co. Outline of tentative plan of organization of new bank 6/3 Application for fiduciary powers to be made on behalf of new 6/3 bank No recent examinations, but old reports reveal no criticisms of trust departments, three courses of possible 64/3 aotion on expected application 6/8 Negotiations for new bank still being conducted Commercial National Bank of High Point, N. C., employment of counsel by FRBank of Richmond to realize on note 4/24 of, no objection Community National Bank and Trust Co., Knoxville, Iowa, application 00 for fiduciary powers approved when chartered Conservators: Advice to FRBanks that conclusions with regard to State member banks are applicable to, and attention called to 4/6 section 402 of instructions Funds of, suggestion from Secretary of Treasury that FRBanks handle for safekeeping to facilitate administration 4/10 of Bank Conservation Act Liquidation, necessity for definite advice from Comptroller of 5/4 Currency in order to cancel FRBank stock Crocker National Bank of Turners Falls, Mass., request of FRBank of Boston for ruling on reduction in FRBank stock be5,/24 cause of capital reduction Deposit 1-c accounts, resolution of Senate Banking and Currency Com08 mittee asking information as to amounts of Duquesne National Bank of Pittsburgh, Pa., transfer of stockholdings of, by Peoples Pittsburgh Trust Co. to Century 5/4 Securities Co. criticized Examinations of licensed banks,query of Mr. Await as to whether Governors think there should be more rigid require4/19 ment as to charge off of bond depreciation Farmers and Merchants National Bank, Onley, Va., application for cancelation of FRBank stock to be returned and made out by conservator, proceeds may be applied against 6/16 indebtedness to MBank of Richmond Federal National Bank of Boston, request of Department of Justice for access to FRBank of Boston files in connection 6/8 with investigation of alleged criminal activities Fidelity National Bank and Trust Co., Kansas City, Mo., charge off of 30;0 of balances carried with by Kansas City banks 4/27 favored by FRBoard First Capital National Bank, Iowa City, Iowa, application for fiduciary powers approved if and when conversion 54/26 from First Capital State Bank takes place First National Bank, Alden, Minn., stock to be reduced in reorgani6/1 zation plan First National Bank of Atlanta, Ga., large deposit with Trust Company of Georgia seems more loan than deposit, correction to be effected 5/18 493 395 396 397 397 434 159 478 68 88 237 339 327 235 128 456 425 201 367 383 314 66 Pages National banks: (Continued) First National Bank of Atlanta, Ga.: (Continued) Letter to Comptroller with reference to 0.8 First National Bank, Barrington, Ill., reply to request to hold collateral securities under agreement with First National Securities Co., to secure payment of notes of latter 4/24 First National Bank, Birmingham, Ala., application to reduce capital stock approved 06 First National Bank, Butler, N. J., to reduce capital stock and 5/6 then increase it First National Bank, Chicago, Ill., application for fiduciary powers approved 4/6 First National Bank of Detroit, Mich., investigation being made regarding alleged violations of Federal law, by Department of Justice 5/9 First National Bank, East St. Louis, Ill.: Application for stock reduction approved 6/30 Conservator, no objection to service of Mr. Hitt while Class A director of FRBank of St. Louis 6/28 First National Bank of Elkhart, Ind., to reduce capital stock and then increase it 6/1 First National Bank, Elm, Wash., report of continued deficiency in reserves 4/13 First National Bank of Elmsford, N. Y., purchase of tax notes of Village of Elmsford by FRBank of New York from 4/24 Further purchase 6/28 First National Bank of Ft. Myers, Fla., unlicensed, reply to FRBank of Atlanta as to renewal of advance under Sec. 10(b) in reduced amount 4/4 First National Bank of Groton, N. Y., permission to exercise fiduciary powers 4/13 First National Bank in Highland Falls, N. Y., conservator desirous of termination of trust powers of First National Bank and Trust Co., examination to be made first 5/6 Certificate of termination of trust powers 6/15 First National Bank in Houston, Texas, application for fiduciary powers approved 64/20 First National Bank, Lake Linden, Mich., stock reduction approved 03 First National Bank, Morristown, N. J., to reduce capital stock and then increase it 05 First National Bank in Orange, Texas, application for fiduciary powers granted 6/28 First National Bank of North Bennington, Vt., FRBank of Boston authorized to discount note for H. T. Cushman Manufacturing Co., part of proceeds will be paid to Mr. McCullough, no objection 4/10 First National Bank, Paw Paw, Mich., report of investigation of Government securities subscription transactions sent to Secretary of Treasury 6/30 First National Bank, Salamanca, N. Y., application for reduction of stock approved with understanding that bank will be placed under new management and directors 6/23 First National Bank, Stillwater, Okla., stock reduction approved 5/4 First National Bank of Wilkinsburg, Pa., transfer of stockholdings by Peoples Pittsburgh Trust Co., to Century Securities Co. criticized 5/4 315 167 527 264 424 277 559 517 382 103 3.63. 515 34 104 265 455 479 492 455 526 76 555 491 241* 236 67 Pages National banks: (Continued) First National Bank, Williamson, W. Va., application to reduce capital stock approved 64/28 First National Bank and Trust Company in Asheville, N. C., application for fiduciary powers on behalf of, approved if 4/30 and when chartered First National Bank and Trust Co., Evanston, Ill., application 6/20 for fiduciary powers approved when chartered First National Bank and Trust Company of Highland Falls, N. Y., termination of trust powers desired by conservator of First National Bank in Highland Falls, examina5/6 tion to be made before granted 6/15 granted powers trust of surrender of Certificate First National Bank and Trust Company of Vicksburg, Miss., licensed, Mr. Newton present at Board meeting and belief that bank cannot survive without reorganization 4/5 Explanation of licensing, possibility of reorganization to be 4/5 looked into by Comptroller's Office First National Trust and Savings Bank, Port Huron, Mich., stock reduction approved in plan involving sale of preferred to Reconstruction Finance Corporation and loan from 6/30 latter to Military Investment Co. Fishkill National Bank of Beacon, N. Y.: Purchase of tax notes of City of Beacon by FRBank of New York 6/23 from 5/26 Reduction in capital stock and then to be increased Frederick County National Bank. Frederick, Md., to reduce capital 6/1 stock and then increase it Gloucester National Bank. Gloucester, Mass., application for fiduciary powers considered again, but Board unwilling to 6/8 approve Guardian National Bank, Detroit, Mich., investigation being made by Department of Justice regarding alleged violations 5/9 of Federal law Hibernia National Bank in New Orleans, La., application for fiduciary powers approved when chartered, warned against trusts of Hibernia Bank and Trust Co. and trustee5/24 ship for issues of Hibernia Mortgage Co. Trusteeship of bonds, reply to request as to conformity with 5/26 Board's policy by accepting Iludeon National Bank, Hudson, Mass., to increase capital stock and 4/24 then reduce Investment accounts, recommendation of Mr. Drinnen that national 4/24 bank examiners analyze accounts of certain banks Ltberty National Bank, Oklahoma City, Okla., to reduce capital stock and then increase it, further corrections 8/15 will still be needed Live Stock National Bank, Chicago, Ill., authorized to exercise fiduciary powers if and when conversion takes place 4/4 from Stock Yards Bank and Trust Co. Louisiana National Bank, Baton Rouge, La., permission to act in fiduciary capacity granted only in specific trusts, 6/28 full powers deferred until next examination Marlin-Citizens National Bank, Marlin, Texas, stock reduction approved in plan involving sale of preferred stock to Reconstruction Finance Corporation, understanding 6/28 that new management will be provided 526 551 478 263 455 55 56 551 488 366 381 424 277 341 368 166 171 453 42 528 527 68 Pages National banks: (Continued) Merchants National Bank and Trust Co., Poughkeepsie, N. Y., to reduce capital stock and then increase it, further corrections will be needed 6/5 Methuen National Bank, Methuen, Mass., application for additional FRBank stock approved, advice to FRAgent that application should be based on issued and paid-in capital stock with amount of book value of surplus 6/15 Moline National Bank, Moline, Ill., application for fiduciary powers approved 5/4 Montgomery County National Bank, Rockville, Md., application for reduction of stock in reorganization, differences between depositors' aEreement and articles of association 4/27 Question of policy raised as to amount of responsibility to be assumed by FRBoard in capital reductions A/27 Board willing to approve reduction after objectionable features of reorganization plan are eliminated 4 /27 Letter to Acting Comptroller outlining reasons for not approving reduction 5/3 To reduce capital stock and then increase it 5/6 National Bank of Commerce, Dallas, Texas, approval of application for additional fiduciary powers 4/17 National Bank of Commerce in Memphis, Tenn., application for fiduciary powers approved 5/6 National Bank of Commerce in New Orleans, La., application for fiduciary powers approved when chartered, warning against trusts of Canal Bank and Trust Co. 5/24 National Bank of Detroit, Mich., application for fiduciary powt-rs approved 5/6 National Bank of Martinsville, Ind., application for fiduciary powers, action deferred until next examination 5/18 National Bank in North Kansas City, Mo., withdrawal of applications for trust powers and FRBank stock as National Bank and Trust Co. and new application for FRBank stock approved when authorized to commence business 5/24 National City Bank of New York, advice that branch will not be opened in Geneva, Switzerland at present and if permission is desired later, new application will be made 4/1 National Loan and Exchange Bank of Columbia, S. C., application for cancelation of FRBank stock to be returned and made by conservator, proceeds may be applied against indebtedness to FRBank of Richmond 6/15 National Stock Yards National Bank, National Stock Yards, Ill., criticism of transactions in connection with purchase of Government securities 00 Old-Merchants National Bank and Trust Company of Battle Creek, Mich., advice of heavy withdrawals, assistance up to limit from R. F. C. and decision to organize new bank to take over institution and also City National Bank and Trust Co. 6/3 Tentative plan of organization of new bank 6/3 Application for fiduciary powers to be made on behlaf of new bank, no recent examinations but old reports show no criticisms, course of possible action on 6/3 404 456 239 204 20 205 215 266 119 263 342 262 307 340 456 553 395 396 397 69 Pages National b anks: (Continued) Old-Merchants National Bank and Trust Co.: (Continued) Advice that negotiations for new bank to take over are still be6/8 ing conducted Advice of closing and efforts to make portion of deposits 6/15 available, FRBank of Chicago did all in its power Patapsco National Bank. Ellicott City, Md., proposed reduction in capital stock as part of reorganization plan disap08 proved Reconsideration of reduction requested by Comptroller, original decision reaffirmed and memo of Mr. Wingfield 6/5 Copies of Board's letter refusing application, letter to Comptroller, and of Mr. Wingfield's memo, sent to all 6/23 gents Pitt National Bank, Pittsburgh, Pa., purchase of stock of, by 4/20 Colonial Trust Co. South Carolina National Bank, Charleston, S. C., capital stock to 4/20 be reduced and then increased South Side National Bank, St. Louis, Mo., feeling of FRBoard that any reorganization plan for South Side Bank and 6/1 Trust Co. should provide for disposal of stock of Cause for unfavorable attitude of Board toward membership appli8/20 cation of South Side Bank and Trust Co. Status of, statements shoving banks licensed to resume full operations and those not licensed, FRAgents requested 4/15 to expand to cover Stewart National Bank and Trust Co., Livonia, N. Y., advice to Comptroller that capital stock cannot be reduced 4/4 without termination of trust powers Teague National Bank, Teague, Texas, application for fiduciary 5/4 powers approved Third National Bank and Trust Co., Dayton, Ohio, to reduce capital 4/24 stock and then increase it United States National Bank, Eugene, Ore., application for fiduciary powers again reviewed, FRBoard unwilling to 5/9 approve in view of examination report Await Mr. by Unlicensed, outline of procedure for reorganization 4/19 before Governors, no uniform plan followed exercise to application Washington National Bank, Olympia, Wash., 4/26 fiduciary powers approved West Englewood National Bank, West Englewood, N. J., purchase of tax notes of Township of Teaneck from by FRBank of 5/4 New York Wolfeboro National Bank, Ablfeboro, N. H., application for reduc4/24 tion of capital stock approved interon Johnson General i°nal Recovery Administration, letter to 4/20 exchange of statistics and information 417 Orleans banks, reply to suggestion by Mr. Schott, that FRBanks aid, 4/10 in liquidation of assets 11°11Mamber banks: Advances to, on promissory note secured by customers' notes collateraled by Government obligations, request from FRBank of Richmond as to authority to make 4/5 APPleby State Bank, Appleby, Texas, purchase of assets and assumption of liabilities of, by Commercial State Bank of 4/27 Nacogdoches, Texas 434 438 316 405 493 476 477 378 471 458 240 239 166 274 137 185 230 314 183 88 48 202 70 Pages Nonmember banks: (Continued) Bear Lake State Bank, Paris, Idaho, stock held by Commercial Security Bank, Ogden, Utah 4/26 Borrowing from FRBanks, suggestion of Mr. Myhre, that it be permitted on security of Government bonds and that they be allowed to carry reserve accounts 4/24 Clearing account of, advice to FRBankof Boston that it is not required to accept 6/23 Essex Title Guarantee and Trust Co., Montclair, N. J., purchase of assets and assumption of liabilities of, by Montclair Trust Co. 5/9 Examinations of applicants for loans from FRBanks, reasonable cost may be charged to 5/1 First State Bank, Wolsey, S. Dak., advance under Sec. 404 of Act of March 9, as amended approved by FRBank and rate of 5% approved by Board 5/9 Georgia Savings Bank and Trust Company of Atlanta, advances under Sec. 10(b) of FRAct to be renewed by FRBank as demand obligations, feeling that they should be liquidated as soon as possible 6/1 Industrial Savings Trust Company of St. Louis, Mo., does little commercial business and other reasons for not admitting to FRSystem A/24 Inman Trust Co., Cambridge, Mass., request of Department of Justice for access to files of FRBank of Boston to examine records of 6/8 Licensed and unlicensed, review by Governors of situation in their districts, also efforts to reopen closed banks 4/19 Loans, S. 314, amending Sec. 10(b) of FRAct to extend privileges to, proposed letter for signature of Secretary of Treasury opposing 4/3 Main Line Trust Co., Ardmore, Pa.: (See State member banks, Pennsylvania Company for Insurances, etc.) Miners Bank of dilkes-Barre, Pa., no objection to acquisition of stock of, by Wilkes-Barre Deposit and Savings Bank in protection of interests Mutual Loan and Investment Company of Alexandria, La.: (See State member banks, Interstate Trust and Banking Co.) Peoples State Bank of Belvidere, Ill., proposed transaction whereby Farmers State Bank will acquire part of deposit liabilities and assets of, no objection 5/26 Personal Loan and Savings Bank of Chicago: (See Membership in FRSystem) Privileges of FRSystem, draft of reply for signature of Secretary of Treasury to letter from Congressman Ludlow enclosing telegrams from nine Indiana banks suggesting that they be granted to 4/1 Society for Savings, Cleveland, Ohio, proposed press statement for issue by FRBank of Cleveland worded to include 4/26 Status of, showing those licensed to resume full operations, under restrictions, not operating, but not in liquidation, FRAgents requested to furnish weekly statements 6/15 Stock Yards Bank and Trust Co., Chicago, Ill., proposed conversion into Live Stock National Bank 4/4 Title Guarantee and Trust Co., New York City, apparently engaged in titling real estate and dealing in mortgage loans, approval of application for membership doubtful 4/17 4/6 185 174 497 275 218 272 379 164 425 136 174 64 366 194 456 42 111 71 Pages Nonmeriber banks: (Continued) Waymart State Bank, Waymart, Pa., absorption by Wayne County Savings Bank, Honesdale, Pa. West Side Trust Co., Newark, N. J., no objection to acquisition of stock of, by Wilkes-Barre Deposit and Savings Bank in protection of interests 5/18 4/6 312 64 non Open market operations: Acceptances, bankers, reply to FRBank of Atlanta as to purchase under Banking Act of 1933 that it may continue to purchase under Regulation B Increase in System holding of Government securities, considered desirable by Governor Harrison, FRBoard feels increase inadvisable, action deferred on resolution of Open Market Policy Conference Draft of telegram approving resolution and authorizing purchase of Government securities up to $1,000,000,000 Secretary of Treasury favors, telegram amended on motion of Mr. Hamlin, Committee authorized to proceed with purchase and keep Board informed Decision to purchase $25,000,000 of Government securities Governor Black opposed, but agreed on purchase with understanding that if need arises vigorous action will be taken and deprecation of misleading news reports Mr. Miller in favor of energetic and considerable program of purchases, Mr. Hamlin agreeing and Mr. O'Connor of opinion that any action should be vigorous Advice of determination of executive committee to purchase additional securities Board members feel purchase program should be continued at least through July 5 latturities of securities in System portfolio, replacing, arrangements being made to keep 5077c or more within 18 months, no further program for shifting Regulation, under FRAct as amended by Banking Act of 1933, draft to be prepared, competent advice sought and then submitted to FRBanks for suggestions (See also Conferences, Open Market Policy) Oregon, loans to banks directed to discontinue normal banking functions by State authorities, status seems similar to that of banks in hands of conservators, reply to FRBank of San Francisco 533 4/26 188 5/12 290 5/12 290 5/24 354 5/24 355 5/24 356 6/3 395 6/28 540 5/6 268 6/28 540 4/17 124 Pattie: a n Congressman Wright, request for number of Clayton Act permits granted in 1931, procedure in violations, amount 6/8 of bills discounted by FRBanks, etc. 13e461011 plan, conference held by Mr. Kenzel with insurance company, satisfactory arrangements might be made along lines suggested in Board's letter to Governor Calkins, committee hopes to meet soon and make report ?resident of the United States: Executive orders: (See Gold) 427 12 Page 72 President of the United States: (Continued) Harrison, G. L., request that he attend conference at London to confer with representatives of French and English central banks on foreign exchange policy 6/1 (See also Foreign exchange) Meyer, Eugene, resignation as Governor of FRBoard,letter accepting presented for record 00 Press statements: Bank debits, regular weekly statement to be published 4/3 Cleveland Trust Co., Cleveland, Ohio, active run on and proposed statement to be issued by Governor Fancher 4/26 Statement put in form to apply to member banks and Society for Savings, question of obligation of FRBank to support Cleveland banks and effect of precedent, Yr. Ballantine in accord with statement and opinion of Mr. Williams 4/26 Suggestion of Mr. James eliminating "support", Mr. v4illiams desirous of telephoning for afternoon papers, Governor Meyer unwilling to approve 4 /26 Hoarding, issued in connection with executive order forbidding, presented for record 4/6 Supplementary statement issued by Secretary of Treasury 4/26 (See also Gold, Return order) Weekly FRBank statement: (See Condition reports) Weekly reporting member bank statement, publication considered inadvisable by Mr. Smead, recommendation that it be withheld pending completion of new basis for report 4/3 Publication to be resumed under modified arrangement 5/9 Publications: FRBulletin: (See FRBulletin) "Membership in Federal Reserve System", prepared by FRBank of Chicago, suggestion that it be referred to small committee of FRAgents for drafting and then to be submitted to all FRAgents 6/28 Quarters of FRBoard: Space in Treasury Building inadequate, Mr. Morrill to address memorandum to Chairman and he is to endeavor to arrange for necessary space 5/10 Report of no additional space available, request of Mr. James for memorandum for Board's consideration looking toward immediate housing elsewhere 6/13 Questionnaires: Interest on time deposits, reply to suggestion of Mt. Stevens that FRBank send out to member banks on, Board may include in next call report 6/23 392 286 32 193 194 198 61 187 32 278 535 288 441 496 tiRtt Rates: FRBank of Atlanta: Advances to nonmember banks, etc., established at 5% Schedule of discount and purchase 4/17 4/17 5/18 6/15 114 114 292 442 73 Pages Rates: (Continued) FRBank of Boston: Advances to nonmember banks, etc., established at 5% Rediscount, advice that it will in all probability be reduced to 3%, Governor Black authorized to approve Reduction to 3% approved Schedule of discount and purchase FRBank of Chicago: Rediscount rate, established at 3% Schedule of discount and purchase Rank of Cleveland: Advances to nonmember banks, etc., established at 5% Advances under Sec. 10(b) of FRAct, as amended, established at 5% Rediscount rate of 3% established, understood to apply to rediscounts under Sec. 13 Schedule of discount and purchase 54/4 225 54/26 6/1 4/6 A/24 A/4 A/18 A/15 6/28 362 373 62 158 225 292 442 514 5/26 A/1 6/23 362 208 488 4/1 10 5/6 258 6/15 4/10 A/6 441 74 258 4/10 75 4/10 5/9 6/8 75 271 414 4/13 4/13 A/27 A/18 A/24 6/15 6/23 97 97 198 292 334 442 488 4/17 113 4/17 5/4 113 226 A/4 226 5/9 4/13 A/10 6/15 272 96 283 442 PRBank of New York: Advances under Sec. 10(b) of FRAct, reduction in rate considered because of proposed reduction in R.F.C. rates, 6/15 action deferred 440 PRBank of Dallas: Advances to nonmember banks, etc., established at 5% Advances under Sec. 10(b) of FRAct, as amended, established at 5% Schedule of discount and purchase PRBank of Kansas City: Advances to nonmember banks, etc., established at 5% Schedule of discount and purchase PRBank of Minneapolis: Advances to individuals, etc., established at 6%, record of Board's approval lacking, advice it was given on August 9, 1932 Advances to individuals, etc., secured by direct obligations of the United States, established at 4j-%, securing of approval overlooked, approved Advances to nonmember banks, etc., established at 5% Advances under Sec. 10(b) of FRAct, as amended, established at 5% First State Bank, Wolsey, S. Dak., advance to, under provisions of Act of March 9, as amended, rate of 5% approved Schedule of discount and purchase page0 74 Rates: (Continued) FRBank of New York: (Continued) Effective buying rates, establishment or schedule Minimum buying rate established Rediscount rate of 3% established at meeting attended by Governor Meyer, approved Advice of reduction to 3% confirmed Possibility of reduction to 2b, Governor authorized to approve Advice of proposed establishment at 2, Governor Black authorized to approve Advice that Governor Harrison called to advise of reduction and advice confirmed by letter Schedule of discount and purchase Trade bills and repurchase agreements, rate reduced to approved Reduced to 21.%, approved MBank of Philadelphia: Advances to nonmember banks, etc.: Established at 5% Established at 4%, FRBank to be asked if reported tion in Reconstruction Finance Corporation basis for action Reasons for reduction and action deferred Advances under Sec. 10(b) of FRAct, as amended: Established at 52r Established at 0%, FRBank to be asked if reported tion in Reconstruction Finance Corporation basis for action Reasons for reduction and action deferred Rediscount rate of 3% established Schedule of discount and purchase FRBank of Richmond: Advances to nonmember banks, etc., established at 5% Effective buying rates, establishment of schedule Schedule of discount and purchase 4/30 545 A/10 76 A/6 A/10 60 74 A/13 95 5/25 359 5/26 A/10 A/17 A/24 0 5/6 08 5/24 4/5 6/15 8/20 4/23 4/30 361 74 114 158 208 258 292 334 399 442 467 40 544 3%, A/10 75 06 361 5/4 226 4/23 4/28 506 514 5/4 226 reduorate was reducrate was 6/23 505 4/28 514 414 4/8 62 A/6 A/24 158 5/4 226 5/18 292 6/23 488 12 4/3 A/26 180 96 A/13 A/26 180 54/16 292 414 4/8 FRBank of St. Louis: Advances under Sec. 10(b) of FRAct, as amended, established at 5% 5/4 226 75 Pages Rates: (Continued) FRBank of St. Louis: (Continued) Effective buying rates, establishment of schedule Rediscount rate of 3% established Schedule of discount and purchase FRBank of San Francisco: Advances to nonmember banks, etc., established at 5% Effective buying rates, establishment of schedule Minimum buying rates, schedule established Purchase of bills at rate lower than minimum buying rate, approval of Board requested and secured Rediscount rate, reduced to 3% Schedule of discount and purchase 6/30 6/8 0 A/24 5/4 08 6/23 6/30 62 . V/6 A424 158 4/24 158 96 4/13 399 6/5 4/24 158 5/6 258 5/24 334 6/20 467 Interest: (See Interest) 6/15 Reconstruction Finance Corporation, proposed reduction FRBank of Philadelphia to be informed that reduction has not 6/23 become effective lo.„ Roichsbank, participants in credit to, agreed on 4% which was paid 5/18 " construction Finance Corporation: Central Bank of Oakland, Calif., request as to Board's attitude toward amendment of articles of incorporation to 5/18 allow payment of dividends, no objection Cleveland Trust Co., run on, Governor Meyer's query of Mr. Williams A/26 as to arrangements made with Detroit banking situation, discussion of Mr. Levin of Detroit Branch with Mr. Acheson and feeling that latter 6/23 should take matter up with Licensed banks which need assistance, representatives to be aksed to meet with FRBoard and Governors to consider means 4/19 of rendering aid (See also Conferences, Governors) Little Rock, Ark., banks, advances to be made to institutions from which Bankers Cormercial Trust Co., Peoples Bank 4/13 and Union Bank are being formed (See also Membership in FRSystem) Members: Couch, Harvey, to visit Little Rock, Ark., in connection with 6/15 banks Jones, Jesse, staterent of policy in connection with aid for 4/20 licensed banks and opening closed banks Old-Merchants National Bank and Trust Company of Battle Creek, Mich., assistance extended up to limit, proposed new bank which will sell preferred stock 6/3 Publicity for loans of, reply of Comptroller for signature of Secretary of Treasury approving portion of S.J.R. 2 4/17 leaving to discretion of President 6/15 Rates, proposed reduction MBank of Philadelphia to be informed that reduction has not 6/23 become effective 544 414 45 158 225 292 488 544 440 506 321 307 195 509 138 106 439 141 396 127 440 506 76 Paget) Reconstruction Finance Corporation: (Continued) Staff: Towle, R. E., continuation of leave from Helena Branch at request of 5/4 Rediscounts: Advances to nonmember banks on promissory note secured by customers' notes collateraled by Government obligations, request of FRBank of Richmond on authority to make Banks of issue in foreign countries, suggestion of Mr. Labrot that FRBanks extend privileges of, to stimulate imports 6/23 Bills discounted of member banks not licensed, advice to FRBank of Atlanta that discrepancy between, and earnings thereon seems unavoidable, suggested that no interest accruals on past due paper be included in net earnin 6/1 Conservators of banks indebted to FRBank of Minneapolis, request for application of discounts to indebtedness as of date of appointment, no objection 5/6 Cushman, H. T., Manufacturing Co., North Bennington, Vt., authorization of discount for by FRBank of Boston 4/10 Finance company paper, S. 747, to make eligible, letter for signature of Secretary of Treasury and one signed by Governor Meyer opposing 4/24 Draft of letter to Senator Sheppard reporting that emergency banking legislation has removed necessity for enactment of bill similar to S. 4550 4/24 Insurance companies, memorandum to Mr. Gibbons on suggestion of Mr. Safford that rediscount privileges be extended to 5,/18 Legislation proposed for refinancing of Farm Mortgages, reply to Senator Smith as to whether bonds provided for, were made eligible as collateral for member bank 15 day notes would be likely to be sold at lower rate 4/4 Member banks in hands of conservators, request of FRBank of Richmond with regard to paper held under discount for, if banks should be construed as in liquidation 4/6 Morris Plan banks, reply to suggestion of Mr. Chesterman that paper be made eligible for rediscount 4/10 Paper held under discount for unlicensed member banks should be carried among discounted bills on Form 34 and after placed in liquidation included in "claims account closed banks" 4/3 FRBanks have been reporting past due paper as "other assets" rather than discounted paper 4/3 Advice to Governor Seay on classification of paper that bank should not be construed as in liquidation unless conservator is liquidating agent 4/6 State member banks in hands of conservators, request from FRBank of Richmond with regard to paper discounted for 4/6 State member banks not licensed to open, request FRBanks for information as to eligible paper under discount as of March 31 4/3 FRBanks have been reporting past due paper rediscounted as "other assets" rather than discounted paper 4/3 Total for FRBanks in 1932, request of Congressman Patman for 6/8 Unlicensed member banks, reply to protest of FRBank of San Francisco that borrowing of, in hands of conservator is prohibited while restricted banks in hands of own management may borrow 4/10 229 48 500 385 266 79 175 175 326 41 68 89 16 11 66 66 3.1 421 Rediscounts: 77 Pages (Continued) Unlicensed State member banks, FRBank of San Francisco is of opinion that it has no authority to grant applica4/17 tion for, advised to consult counsel War loan deposit accounts, request of FRBank of Atlanta as to authorization of Treasury Department for renewals of notes pledged by banks in hands of conservators as A/13 security for Warrants of State of Texas, reply for signature of Secretary of Treasury to Senator Sheppard on request of three Austin, Texas, banks that they be made eligible as collateral for FRBank loans 4 /5 Western Union Telegraph Co., reply to FRBank of New York that 5/4 notes are eligible Reed, Senator David A., reply on correspondence of Mr. Gillogly suggest4/13 Government purchase of silver gulations, FRBoard Rei:Ile Government securities, motion of Mr. James that regulation be drafted prohibiting FRBanks from accepting from personnel subscriptions to any issues handled through Fiscal agency departments 4/3 Letter to FRAgents and Governors on care in handling subscriptions, no further action need be taken by Counsel A/13 on motion of views Interest rate on savings and time deposits, request for 6/20 FRAgents on prescribing sending out FRBank of Chicago, request as to advisability of questionnaire to member banks on rates, FRBoard contemplating in connection with call report 6/23 °Pen market operations under FRAct as amended by Banking Act of 1933, tentative draft to be prepared, competent 6/28 advice sought and then presented to Board 14(g) See. Relations of FRBanks with foreign banks and bankers under of FRAct, tentative draft to be prepared, campetent 4/28 advice sought and then submitted to FRBoard Re atlons, Secretary of Treasury: 5/4 Licensing purchase and export of gold, presented for record prepared by instructions confidential Redemption of FRbank notes, Messrs. McClelland, Smead and Wingfield, approved by Assistant Secretary of Treasury, approved 4/3 Reor, rerallg of banks: Licensed State member banks, may not take advantage of any State stabilization act, FRBanks authorized to inform member banks that unless reopened to full extent authorized it will be necessary to revoke license 4 /5 Status of banks, FRBanks to mail lists showing information in conA/13 neotion with Rose I've percentages of FRBanks: OPen Market Policy Conference, resolution on system of allotments of existing holdings of Government securities as well as new purchases to arrive at more equitable A/22 relationship A/24 deferred action and Discussed Working out of new system by executive committee and to be sub4/26 mitted to Board 124 105 53 244 110 24 109 481 495 540 540 246 29 50 107 154 176 189 78 Pages Reserves: Crossman and Williams State Bank, ;tilliamston, Mich., no penalties for deficiencies in period ending April 30 and month of May 6/8 Deposits of trust funds authorized by Treasury Regulation 7, request of FRBank of St. Louis in connection with letter from Lincoln Bank and Trust Co., reply that they are subject to demand deposit reserves 4/10 Everett Bank and Trust Co., Everett, Mass., question of campliance with membership condition No. 15, instructions for carrying valuation reserves 4/24 Federal Home Loan Banks, deposits in member banks classified as amounts due banks in computing FRBanks, expiration of period of suspension, extension unnecessary 4/4 4/13 First National Bank, Elma, Wash., report of continued deficiency /13 Harris Trust and Savings Bank, Chicago, Ill., withdrawal of excess from FRBank 5/6 Lynchburg Trust and Savings Bank, establishment of valuation reserves will be considered compliance with charge off , requirement of membership condition 6/15 Member banks in hands of conservators, FRBank should give consideration to advisability of according same treatment as if in hands of receiver when requested to apply old balances against 4ndebtedness 6/1 Penalties for deficiencies: Assessment of member banks for nominal amounts, rules for procedure 4/17 Clarification for FRBank of Chicago of information for nonassessment 5/18 FRBanks of Kansas City and New York, request for permission not to assess member banks in certain States during period of bank holidays 4/1 Non-assessment for period March 1 to 15, no objection 4/10 Waiver for period of State bank holidays by FRBank of San Francisco, no objection 4/6 Waiver on deposits in special trust accounts and of conservators, request of FRBank of Kansas City as to possible 4/5 Reply to Governor Hamilton that reserves are required against deposits in FRBanks /10 State member bank now in hands of conservator under State law, reply to FRBank of Cleveland on applying old balances to reduction of bills payable at request of conservator 4/17 Steiwer and Carpenter Bank, Fossil, Ore., report of continued deficiency 4/13 Trust deposits received by member banks under Treasury Regulation 7 or by conservators, reply to Governor Hamilton that reserves are required against deposits in FRBanks A/10 Resolutions: Banking and Currency Committee of Senate, request for information on deposit accounts of national banks 5/18 Banks accepting membership conditions, FRBank counsel to determine conformity with prescribed conditions 6/23 FRBank of Atlanta, accepting resignation of Governor Black 5/18 FRBank of Chicago, extension of leave for additional 90 days with pay, to Governor McDougal 6,/28 424 79 162 13 088 103 268 449 364 127 318 4 81. 67 49 80 125 103 60 327 490 293 539 79 Pages Resolutions: (Continued) FRBank of St. Louis, prohibiting borrowing by officers from member 5/18 banks in District, views of FRBoard FRBank of San Francisco, custody of unissued FRnotes at Los Angeles, Salt Lake City and Portland branches,authorizing Governor to enter into agreement with FRAgent cov4/17 ering, changes suggested Amended to bring into conformity with suggestions 54/18 FRBanks, payment of semi-annual dividends, recommendation of authorization by Committee on Salaries and Expenditures, approved 64/28 FRBoard: Assessment of FRBanks for expenses of FRBoard and directing 4/23 deposit in FRBank of Richmond Salary reductions and share-the-work plans at FRBanlm, request6/23 ing prompt consideration of termination 'en Market Policy Conference: Allotments, system of, of existing holdings of Government securities as well as new purchases to arrive at more equitable relationship of reserve percentages of 4/22 FRBanks 4/24 Discussed and action deferred Working out of new system by executive committee authorized 4/26 and to be submitted to FRBoard Maturities of Government securities in System account, shifting to longer, presented at meeting of Governors with 4/22 FRBoard No change intended in fundamental policy but will make 4/22 possible more liberal policy 4/24 Discussed and action deferred Limitation of length of maturities suggested, action 4/26 deferred Suggestion of Governor Meyer that maturities be distributed 5/1 in limited categories Discussed by Governor Meyer with Governor Harrison and Mr. 5/4 Burgess, Board's feeling Replacement, arrangements being made to keep 50% or more in maturities within 18 months, no program for further 5/6 shifting Purchase of up to one billion dollars of Government securities 4/22 Statement of Governor Harrison, necessary to prepare System 4/22 for arrangements along lines of Thomas Bill 4/24 Discussed and action deferred 4/26 Consideration of Board requested by Governor Harrison Purchases at present deemed inadvisable and action deferred 4/26 Telegram approving resolution and authority to executive 5/12 committee to proceed with purchase operations) market Open (See also Rippe.,, 1 J. S., and Co., Inc.: (See State member banks, Merchants and Newark Trust Co.) 11°131-1180n, Senator Joseph T., reply to letter containing suggestion of Mr. Daggett that all profits of FRBanks be distri4/13 buted to member banks R°Per, Richard F., Board not to accept invitation to send represent6/15 ative to meeting of executive departments 317 119 320 529 507 510 154 176 189 154 154 176 189 222 255 268 153 154 176 188 188 290 109 460 Pagee 80 Rulings, FRBoard: Affiliates of member banks, examination must be made insofar as to show relationships between Crocker National Bank of Turners Falls, Mass., should reduce FRBank stock because of capital stock reduction Deposits: (See Deposits) Election of Class A and B directors of FRBanks, advice to FRAgents on voting rights of unlicensed member banks Federal Home Loan Banks, considered banks, and deposits should be classified as amounts due banks in computing reserves Ruling to be published in FRBulletin Penalties for deficiencies in nominal amounts in member bank reserves, procedure for FRBanks (See also Legislation, Banking Act of 1933, Interpretations) 6/23 496 5/24 339 6/5 406 A/3 108 5/6 261 4/17 121 ttstt Safekeeping: Conservatorship funds, suggestion of Secretary of Treasury that FRBarks handle, to facilitate administration of Bank Conservation Act 4/10 FRBank of Atlanta, securities for member banks, matter of System policy, Board considering reference to Governors Confer6/5 ence and request for comments FRBank of Chicago: Government securities for Mr. Simpson, question raised as to custody 4/3 Government securities for Nash Motors Co., unwarranted 4/24 FRBank of Dallas, for conservators of member banks, no objection to holding proper kinds of securities, question of holding other than Government securities 6/28 Safford, William C.: (See Insurance companies) Savings and loan companies, request from Central United Rational Bank of Cleveland for-proper classification of balances due 4/10 Schedules: Affiliate reports, new schedule to be added to condition reports of State member banks and national banks 8/23 Collateral for advances to member banks and nonmember banks, outline of information to be furnished by FRBanks 4/13 Time schedules, interdistrict: (See Time schedules) Schott, Albert C., reply to suggestion made to Secretary of Treasury that FRBanks aid in liquidation of assets of New Orleans banks 4/10 Secretary of the Treasury: Conservatorship funds, suggestion that handling for safekeeping by FRBanks would facilitate administration of Bank Conservation Act 4/10 Illness, confined to home and unable to attend meeting at which Governors are present 4/22 Improvement in banking situation, conference regarding, reason for calling Governors Conference 4/19 Regulations: (See Regulations) Securities Act: (See Legislation) 88 407 25 175 535 90 505 108 88 155 136 Share-the-work plans: Buffalo Branch, continuation voted by directors, Governor Black opposed to plan adopted by some, no objection to continuation for 60 days FRBank of Cleveland: Continuation of plan at FRBank voted, Board considering policy involved, no objection to continuing until July 31 Salaries of additional employees under, no deductions being made Suspension of movement, advice of FRBank of Dallas, continuation voted, FRBoard considering policy involved, no objection to continuing during July FRBank of New York, continuation voted, no objection to continuing for 60 days OPposition of Governor Black to plan as adopted by some FRBanks, matter to be further considered Considered and referred to Mr. James Mr. James favors indicating that discontinuance of plans and wage reductions would be favorable, resolution stating Resolution amended and adopted ShePPard, Senator Morris: Clearance of checks directly through banks instead of gold settlement fund, reply on suggestion of Mr. Adams Warrants of State of Texas, reply to, for signature of Secretary of Treasury on request of Austin banks that they be made eligible as collateral for FRBank loans Silver: Coin of United States, proposed purchase by Havana Agency from Cuban Government, information requested Excess, request for advice as to whether Treasury will permit FRBanks to ship to Treasury, mint, etc., at its expense Purchase of large amount by U. S. Government, reply to Senator Reed on suggestion of Mr. Gillogly kith -, Senator Ellison D.: (See Legislation, Refinancing of Farm Mortgages) SPra st ,§ue, Dr. 0.M.W.: (See Treasury Department) a'llization, general subject to be discussed with Secretary Woodin by Mr. Harrison on return from Europe St • . ablllzation of banks under State law, request attitude of Board toward Wisconsin banks as to membership Ztexp of FRBoard: Counsel's Office: Boatwright, H. Lee., Jr., appointment and salary as Assistant Counsel Wainwright, Mildred, appointment and salary as stenographic clerk Division of Bank Operations: Brooks, Edith, advice of resignation as temporary enployee Evans, Louise.E., appointment and salary as stenographer Hammond, Clarence B., appointment and salary as technical assistant Hitt, Mrs. Libbie S., resignation tendered and accepted 81 Pages 6/8 428 6/15 444 4/26 4/13 183 98 6/15 444 6/8 428 428 6/8 6/23 510 6/23 510 6/23 510 5/18 324 4/5 53 6/28 537 6/23 498 4/13 110 6/23 509 6/30 548 A 4/26 181 5/9 271 6/15 442 6/30 545 6/30 544 5/26 362 82 Page Staff of FRBoard: (Continued) Division of Exam5.nations: Boiseau, Mrs. Natalie, appointment and salary as stenographer 6/30 Crays, Dwight L., appointment and salary as Assistant FRExaminer 6/28 Crosby, J. B., appointment and salary as Assistant FRExaminer 5/24 Franzoni, John C., appointment and salary as Assistant FRExaminer 5/18 Goodman, Glenn E., appointment and salary as Assistant FRExaminer 6/28 Hagler, Herbert H., appointment and salary as Assistant FRExaminer 5/18 Pollard, William B., appointment and salary as Assistant FRExaminer 6/28 Sheafa, E. A., stenographer, transfer from Secretary's Office 6/1 Snow, William J., appointment and salary as Assistant FRExaminer 4/17 Resignation submitted and accepted 6/28 Turnbull, J. A., appointment and salary as Assistant FRExaminer 4/3.7 Division of Research and Statistics: Borruat, Mrs. Ella, leave without pay for four months A/24 Corder, Mrs. Mildred, extension of temporary employment for one month 5/1 Elder, Nora V., additional leave without pay because of illness 4/26 Two additional months granted 6/15 Gardner, W. R., FRBoard will accede to request of State Department to serve as member of staff of American Dolegation to International Monetary and Economic Conference, ask formal request for records 5/25 To remain on FRBoard payroll but expenses to be defrayed by Department of State 5/25 Reply to letter from State Department 6/1 Letter informing of Board's acquiescence to request 6/1 Jones, Mrs. Ruth, extension of temporary appointment for one month 5/1 Resignation submitted and accepted 5/24 Joy, Aryness, designated to serve on special subcommittee of Federal Coordinating Service to review index numbers A/4 Rackstraw, Elsie, granted 30 days additional sick leave with pay 6/30 Stewart, Clara F., temporary appointment and salary as draftsroman during absence of Mrs. Borruat 4/24 Governor's Office: Callahan, Miss Daisy, appointment and salary as Secretary to Governor 6/3 Fahy, Francis L., resignation as Secretary tendered and accepted 5/18 Harrison, Floyd R., resignation as Assistant to Governor tendered and accepted 5/18 McClelland, E. M., appointment as Assistant to Governor and to be reappointed to former position if and when Governor Black leaves 5/18 Question of salary, action deferred 5/18 Salary fixed 6/1 546 516 334 293 516 295 SO 373 3.3.4 515 13-4 159 208 160 442 359 360 389 390 208 336 41 546 159 399 293 292 330 381 392 8 5 i 1 5 i 5 i i i k 1 ,, 1 1 83 Pages Staff of FRBoard: (Continued) Painters, anthority for temporary employment of two for painting Governor's Office 6/8 Office of Mr. Thomas: Schroeder, Arthur H., temporary appointment and salary as Secretary 6/20 Secretary's Office: €: Brennan, John C., appointment and salary as stenographer 00 Carpenter, S. R., appointment as Assistant Secretary, and to be reappointed to former position if Governor Black loaves, action on salary deferred 08 Salary fixed 6/1 Grimes, Frank h., Jr., appointment and salary as assistant index clerk and typist 4/13 Raynor, Mrs. Margaret F., appointment and salary as stenographer 6/1 legraph Office: Heher, J. H., temporary appointment made permanent and salary 6/20 Roberts, S. B., discontinuance of temporary employment as operator 0 Staten -epartment: Gardner, W. R., request that he be permitted to serve as member of staff of American Delegation to Monetary and Economic Conference, Board will accede but ask formal request 5/25 Expenses to be defrayed by, but to remain on Board's payroll 5/25 Letter on reporting happenings to FRBoard and reply 6/1 Letter informing Mr. Gardner of Board's acquiescence to request 6,/1 State member banks: Affiliates, examinations mandatory and insofar as necessary to disclose relationships and effects 6/23 Allaerta Trust and Savings Bank, Alpena, Mich., representatives confer with Mr. Paulger, effect of reorganization plan 4/1 on mmbership Baltimore Commercial Bank, Baltimore, Yd., no objection to stock reduction in reorganization plan, suggestions 5/18 Baltimore Trust Co., Baltimore, Md., reply to Mr. Holzderber on alleged irregularities in financing public utilities in Florida, Mr. Bruce was not director of FRBank at that time 5/24 13ank of Commerce and Trust Co., Memphis, Tenn., waiver of six months notice and permission to withdraw from FRSystem immediately 5/9 844k of Commerce and Trusts, Richmond, Va., examination report shows ownership of stock of Mortgage Investment Co. and Three State Investment Corp. etc., question of further dividend payment 6/15 Bank of Glade Springs, Va., extension of time to comply with membership condition on disposal of stock of Farmers Exchange Bank of Abingdon 6/15 844k of the Manhattan Co., New York, N. Y.: Application for license to export gold to Holland, raises question of policy as to licensing 4/13 State examiners reports of constituent organizations, recommendation of Mr. Case that no further adjustments be required in connection with membership conditions 4/13 414 467 467 331 392 97 373 468 208 359 360 389 390 496 2 308 350 273 454 448 95 101 84 Pages State member banks: (Continued) Bank of the Manhattan Co.: (Continued) Charge offs and allocations of reserves to' await completion of Clearing House Association examination 5/18 Stock held in County Trust Co., Corning Trust Co. and North Side State Bank, disposal of, action deferred pending outcome of negotiations with Mr. Houghton, own stock as collateral should be disposed of 5/26 Time extended for sixty days 6/1 Own stock disposed of except shares under litigation Bankers Trust Co., Little Rock, Ark., waiver of six months notice and permission for immediate withdrawal 5/4 Bloomfield Bank and Trust Co., Bloomfield, N. J., examination report, stockholdings in Watsessing Bank, relationship with Essex Title Guaranty and Mortgage Co., question of further reduction in dividends 5/18 Capital stock, policy adopted that thero is no objection to acquisition in protection of interests if disposed of within six months 4/6 Central Bank of Oakland, Calif., reply to Reconstruction Finance Corporation that Board has no objection to amending articles of incorporation to allow payment of dividend on common stock 5/18 Chemical Bank and Trust Co., New York, N. Y., acquisition of stock of American National Bank of Nashville and Mortgage Bond and Title Corporation in absorption of Chemical Securities Corporation 4/4 Citizens Bank and Trust Co., Middletown, Pa., to be urged to discontinue sale of mortgage participations 5/24 Citizens State Bank, Richardson, Texas, examination report reveals unsecured directors lines in assets and unsatisfactory management 6/20 Cleveland Trust Co., Cleveland, Ohio, active run, outline by Williams of situation and proposed statement to be made by Governor Fancher 4/26 Statement put in form to apply to member banks and Society for Savings 4/26 Question of obligation of FRBank to support Cleveland banks and effect of precedent, Mr. Ballantine in accord with statement and Mr. ailliams' opinion 4/26 Suggestion of 1:r. James that "support" be eliminated, Mr. Williams desirous of telephoning statement for afternoon papers, inquiry as to any arrangements made with Reconstruction Finance Corporation 4/26 Governor Meyer unwilling to approvo statement, reply of Mr. Williams to question if it would not amount to guarantee of deposits, question of extent of commitment and statement of Mr. Williams on 4/26 Run continued for short time, then practically ceased, report of Mr. Williams 4/27 Colonial Trust Co., Pittsburgh, Pa., purchase of stock of Pitt National Bank 6/20 Columbus Trust Co., Newark, N. J., examination report reveals ownership of stock of affiliate, question of strengthening management considered 6/8 310 369 390 473 234 309 64 301 36 345 476 193 194 194 196 196#f 206 476 425 85 Pages State member banks: (Continued) Commercial Security Bank, Ogden, Utah, examination report reveals ownership of stock of Bear Lake State Bank, request for examination report of American Investment 4/26 Corporation which holds stock of Commercial State Bank of Nacogdoches, Texas, examination report, no change in character of business in absorption of 4/27 Appleby State Bank, Appleby, Texas Co nservators, banks in hands of: Discounted paper held for, reply to FRBank of Richmond on class4/6 ification Reserve balances, old, FRBank should give consideration to according same treatment as if in hands of receiver 6/1 when requested to apply against indebtedness Surrender of FRBank stock not necessary, balance to credit may be withdrawn, extension of credit for FRBankis de4/6 termination CrOSsnan and Williams State Bank, Williamston, Mich., no penalties for deficiencies in reserves during period ending 6/8 April 30 and month of May Deposit accounts, request of FRBoard for number and aggregate 5/18 balances of all Elliott State Bank, Jacksonville, Ill., examination report shows carrying value of banking house too high and 5/1 excess charge off on securities Equitable Trust Co., Wilmington, Del., discontinuance of title and real estate departments, corrections in condition, to be urged to cease dealing in mortgage participa5/4 tions Everett Bank and Trust Co., Everett, Mass., question of compliance with membership conditions, directions for valua4/24 tion reserves and amendment to condition No. 16 Farmers and Merchants State Bank, Brady, Texas, waiver of six months notice and permission for immediate withV13 drawal from FRSystem PEtrMerS State Bank, Belvidere, Ill., proposed transaction by which part of assets and deposit liabilities of Peoples 5/26 State Bank of Belvidere will be assumed First Citizens Bank and Trust Co., Utica, E. Y., examination report reveals dealing in mortgage bonds or participations, 64/8 and unsatisfactory condition First State Bank of Abernathy, Texas, waiver of six months notice 4/1 and permission to withdraw immediately First State Bank of Leakey, Texas, question of forfeiture of membership, possible violation of FRAct and voluntary 6/15 withdrawal suggested 6/28 Losses eliminated, no action affecting membership Forney State Bank, Forney, Texas, examination report, FRAgent recommends no action on membership to make new recom6/15 mendation after next examination Genesee County Savings Bank, Flint, Mich., plan of reorganization involving stock reduction, no objection 6/20 Georgia Savings Bank and Trust Co., Atlanta, Ga., waiver of six months notice and permission for immediate with5/4 drawal from FRSystem 185 202 366 384 68 424 327 212 235 162 101 365 421 5 449 523 450 476 234 86 Pages State member banks: (Continued) Harris Trust and Savings Bank, Chicago, Ill., withdrawal of excess reserves with idea of preventing FRBank from investing in Government securities and thus preventing member bank from investing at reasonable rate 5/6 and Trust Company of New Orleans, La., allegations Hibernia Bank with regard to, by Mr. Harper, to be investigated 6/20 and Banking Company of New Orleans, La., statement Trust Interstate from Messrs. Hawthorne, Stafford, and Pitts that bank will not give names of bondholders 5/18 currency under new banking law, reply to inqiury quoted Issuance of by Congressman Dowell Lenawee County Savings Bank, Adrian, Mich., no objection to stock reduction if necessary in reorganization 6/28 Secretary of Treasury, may not take advantage of any Licensed by State stabilization act providing restrictions, FRBanks authorized to inform to open to full extent of license and to revoke if they do not 4/5 Licensed and unlicensed, review by Governors of situation in their districts, also efforts to open unlicensed banks 4/19 Trust Co., Louisville, Ky., reserves against trust and Bank Lincoln funds authorized by Treasury Regulation 7 4/10 must be warned not to make loans secured by FRBanks, from Loans stocks and bonds, advice to all FRAgents 6/28 Savings Bank, Lynchburg, Va., valuation reserves and Trust Lynchburg will be considered as meeting charge off requirement of membership condition 6/15 Marion Central Bank, Marion, Ala., waiver of six months notice and permission for immediate withdrawal from FRSystem 4/5 Merchants and Newark Trust Co., Newark, h. J., examination to be participated in by FRAgent to develop information on borrowings of J. S. Rippel and Co., etc. 5/24 Montclair Trust Co., Montclair, N. J., purchase of assets and assumption of liabilities of Essex Title Guaranty and Trust Co., action deferred pending examination 5/9 Bank and Trust Co., Pleasantville, N. Y., informaPleasant Mount tion asked on matters criticised in examination report and suggested discontinuance of dividends 6/20 Naumkeag Trust Co., Salem, Mass., analysis of examination report, dividends should be discontinued 6/5 Northern New York Trust Co., viatertown, N. Y., matters affecting condition of, including investment of trust funds in mortgage participations, etc., and extent of interest in banking institutions by Messrs. Carlisle and Machold requested 6/8 Northern Westchester Bank, Katonah, N. Y., examination report reveals impairment of capital and suggestion of discontinuance of dividends Northwestern Trust Company of St. Louis, Mo., examination report, Northwestern Securities Corporation has never engaged in sale of mortgage participations, no action on membership 6/5 Old State Bank, Fremont, Mich., outline of reorganization plan, no objection to capital stock reduction 6/15 Paper held under discount for unlicensed banks, should be carried among discounted bills on Form 34 and after placed in liquidation under "claims account closed banks" 4/3 268 484 325 19 525 50 136 79 532 449 47 346 275 414 400 422 41s 405 4i51 16 State member banks: (Continued) Paper under discount: (Continued) 87 Pages Statement of Mr. Smead that FRBanks have been reporting past due paper as "other assets" rather than discounted 17 4/3 paper Penalties for reserve deficiencies, request for permission from FRBanks of Kansas City and New York not to assess 4/1 4 during period of bank holidays, no objection Lonassessment for period March 1 to 15, advice to FRBanks of no 81 4/10 objection (See also Reserves) Idennsylvania Company for Insurances on Lives and Granting Annuities, Philadelphia, Pa., request for status of stock holdings in Main Line Trust Co., and any action on re213 5/1 duction of dividends and oval stock held Presentation of four possible courses for disposition of stock 5/10 285 Letter presented and approved, no need for Mr. Newhall and Mr. 5/18 312 Mason to come to Washington PeoNes Bank, Rural Retreat, Va., continuous criticism of loans in excess of State law, prohibited by condition of 4/24 165 membership, advice of procedure to FRAgent Peoples Pittsburgh Trust Co., Pittsburgh, Pa., organization of Century Securities Co., criticism of transfer of stock of national banks, condition not satisfactory enough to permit capital stock reduction and ques235 5/4 tion of reducing dividends Purchase of stock of new national bank not legal and purchase 6/30 552 by Century Securities Co. also illegal PeoPles State Bank, Plainview, Minn., steps taken to place in satisfactory condition, procedure for license and re4/13 103 quirement for increasing capital Possibility of stockholders purchasing remaining stock to be 5,724 340 canvassed before extension of time is approved PeoNes Trust Co., Little Rock, Ark., waiver of six months notice 5/9 273 and permission for immediate withdrawal PinneY State Bank, Cass City, Mich., to reduce stock in reorganiza524 tion plan if necessary, no objection ?lanters Bank and Trust Co., Farmville, Va.: 406 6/5 Application for fiduciary powers approved 231 in depreciation 5/4 error p correcting report Revised examination elver City Trust Co., Niagara Falls, N. Y., no objection to stock 423 reduction Princeton Bank and Trust Co., Princeton, N. J., no action affecting membership because of absorption of Princeton Securities Co., advice as to acquired assets and dis5/18 311 posal of own stock held Reorganization of Michigan banks: Governor Comstock's wire that approval of proposed plan and 2 4/1 issuance of licenses is vital banks, aim to representatives of with Discussion of Mr. Paulger secure licenses and interest in attitude of Board, 4/1 2 question of issuing preferred stock Comptroller's officer permitting national banks to issue preferred stock only against sound assets, action de2 A/1 ferred Re8erves against old balances of banks in hands of conservator under State law, reply to FRBank of Cleveland on applying to reduction of bills payable 4/17 123 88 Pages State member banks: (Continued) Security State Bank, Hedley, Texas, waiver of six months notice and permission to withdraw immediately 4/5 South Range State Bank, South Range, Mich., waiver of six months notice and permission for immediate withdrawal 4/10 State Bank of Kewaunee, is., waiver of six months notice and permission to withdraw from FRSystem immediately 6/1 Status of, showing those licensed to resume full operations, under restrictions, and those not in operation but not in liquidation, request FRAgents to furnish in weekly statements 6/15 Steiwer & Carpenter Bank, Fossil, Ore., report of continued deficiency in reserves, action deferred 4/13 Suburban Trust and Savings Bank, Oak Park, Ill., waiver of six months notice and permission to withdraw from FRSystem immediately 5/18 Traverse State Bank of Traverse City, Mich., representatives confer with Mr. Paulger, interested in determining effect of reorganization on membership 4/1 Trust Company of Georgia, Atlanta, Ga., examination report reveals syndicate operations in stock of Coca Cola Co. and Continental Gin Co., and deposit of First National Bank seems more loan than deposit 5/18 Letter to Comptroller with reference to deposit 5/18 Union Trust Co., Ellsworth, Me., reply to FRBank of Boston on question of constitutionality of State law with regard to reorganization and for procedure if bank should desire to withdraw from FRSystem 4/17 Union Trust Co., Little Rock, Ark., waiver of six months notice and permission for immediate withdrawal 5/4 Unlicensed: Bills discounted and earnings thereon, advice to FRBank of Atlanta that discrepancy seems unavoidable and where reserve account is applied to indebtedness, it is suggested that no interest accruals be included in net earnings 6/1 Classification of paper held under discount for, reply to FRBank of Richmond on question of construing as in liquidation 4/6 Elections of Class A and B directors, reply to FRBank of Richmong on participation in 6/5 Eligible paper held under discount for, request FRBanks for information as to amounts of, under Secs. 13 and 10(b) of FRAct, and number of banks indebted to FRBanks as of March 31 4/3 Statement of Mr. Smead that FRBanks have been reporting past due paper rediscounted as "other assets" rather than discounted paper 4/3 Protest from FRBank of San Francisco that prohibition of credit advances to those in hands of conservators while those in hands of own officers may obtain credit is discriminatory 4/10 Status of, application for discount from, of Oregon, FRBank believes it has no authority to grant 4/17 Uptown State Bank, Chicago, Ill., stock reduction approved 5/1 Specific reserve for losses not in compliance with condition of reduction 5/26 41 78 376 456 10 306 2 314 316 122 254 365 66 406 11 81 124 211 361 89 Pages State member banks: (Continued) Ilkshington Irving Trust Co., Tarrytown, N. Y., application for fiduciary powers, request for information on pro5/4 posed supervision of trust department 6/1 Application approved Water Tower Bank, St. Louis, Mo., waiver of six months notice and 4/27 permission for immediate withdrawal from FRSystem Watsessing Bank of Bloomfield, N. J., stock held by Bloomfield 5/18 Bank and Trust Co. WaYne County Savings Bank, Honesdale, Pa., absorption of Waymart State Bank, no apparent change in character of 5/18 business, corrections needed Mest End Bank, University City, Mo., waiver of six months notice 5/1 and permission to withdraw immediately Makes-Barre Deposit and Savings Bank, Wilkes-Barre, Pa., no objection to acquisition of stock of Miners Bank and of Wrest Side Trust Co., Newark, N. J., in protec4/6 tion of interests Wor°ester Bank and Trust Co., bvorcester, Mass., reopening under conservatorship, no need to surrender FRBank stock, balance to credit may be withdrawn, FRBank not authorized to make advances or discounts 4/5 Waiver of six months notice and permission to withdraw from 5/24 FRSystem immediately Sterling exchange, stabilization of English pound, impropriety of FRBank of New York directors suggesting in connecA/10 with licensing of gold for export tion Stock, capital: American National Bank of Nashville, Tenn., acquisition of stock 4/4 of, by Chemical Bank and Trust Co., New York, N.Y. Baltimore Commercial Bank, Baltimore, Md., no objection to reduction 0.8 as part of reorganization plan Bank of Glade Springs, Va., holding of stock of Farmers Exchange 6/15 Bank, Inc., extension of time for disposal Bank of the Manhattan Co., New York, N. Y.: Own stock held as collateral should be disposed of 4/13 4/20 Advice of disposal except shares under litigation Stock of County Trust Co., Corning Trust Co. and 'North Side State Bank, action deferred on request for extension of time for disposal pending outcome of negotiations with Mr. Houghton and holding of own stock 54/26 is not corrected by charging it off 6/1 Extension of sixty days for disposal of stock CazIajoharie National Bank, Canajoharie, N. Y., to reduce and then 6/30 increase Ca-• eltol National Bank and Trust Co., Hartford, Conn., condition 4/24 withdrawn and reduction to take place immediately Central Valley National Bank, Central Valley, N. Y., to reduce and 6/1 then increase Citizens National Bank of Pocomoke City, LA., application for reduction in reorganization plan, Board unwilling to 5/4 approve Correspondence with Comptroller on refusal and his request for reconsideration, and memorandum of Mr. Wingfield 6/23 transmitted to FRAgents 238 383 200 309 312 210 64 47 338 91 36 308 448 102 473 369 390 550 167 380 240 493 90 Pages Stook, capital: (Continued) Commercial Security Bank, Ogden, Utah, examination report reveals holding of stock of Bear Lake State Bank, request examination report of American Investment CorporaA/26 tion which holds stock of 6/23 Condition reports, directions for showing on Crocker National Bank, Turners Falls, Mass., bank should reduce 5/24 FRBank stock because of reduction in Fiduciary pawers of national banks, reply to Congressman Cable on inclusion of preferred stock in determining capital 6/30 necessary for exercise of First National Bank, Alden, Minn., to be reduced in reorganization 6/1 plan 6/28 First National Bank, Birmingham, Ala., reduction approved 5/6 First National Bank, Butler, N. J., to reduce and then increase 6/30 First National Bank, East St. Louis, Ill., reduction approved 6/1 First National Bank of Elkhart, Ind., to reduce and then increase 6/23 First National Bank, Lake Linden, Mich., reduction approved First National Bank, Morristown, N. J., to reduce and then increase 6/15 6/23 First National Bank, Salamanca, N. Y., reduction approved 5/4 First National Bank, Stillwater, Okla., reduction approved 6/28 First National Bank, Williamson, 4. Va., reduction approved First National Trust and Savings Bank, Port Huron, Mich., reduction approved 6/30 5/(26 Fishkill National Bank of Beacon, N. Y., to reduce, then increase Frederick County National Bank, Frederick, Md., to reduce and then 6/1 increase Genesee County Savings Bank, Flint, Mich., reorganization plan involving possible reduction, no objection 6/20 4/24 Hudson National Bank, Hudson, Mass., to increase and then reduce Lenawee County Savings Bank, Adrian, Mich., to reduce in reorganization plan if necessary, no objection 6/28 Liberty National Bank, Oklahoma City, Okla., to reduce and then increase 6/15 Marlin-Citizens National Bank, Marlin, Texas, application for reduction approved in plan to sell preferred stock to Reconstruction Finance Corporation 6/26 Merchants National Bank and Trust Co., Poughkeepsie, N. Y., to reduce and then increase 6/5 Montgomery County National Bank, Aockville, Md., application for reduction in connection with reorganization, differences between depositors agreement and articles of association 4/27 Question of policy raised as to responsibility to be assumed by FRBoard in reductions 4/27 Problem considered and letter to be prepared advising Acting Comptroller of willingness to approve if objectionable features of plan are eliminated 4/27 Letter to Acting Comptroller outlin5.ng reasons for not approving reduction 5/1 Reduction approved and then to be increased 5/6 National banks, reductions, FRAgents sent copies of letters and memo of Mr. Wingfield on non-approval of applications of Citizens National Bank of Pocomoke City and Patapsco National Bank 6/23 Mich., reorganization plan involving posFremont, Old State Bank, sible reduction, no objection 6/15 185 503 339 557 363 527 264 559 382 492 453 491 241 526 551 366 381 476 166 525 453 62 404 20 203 203 21 ! 20 40 462 91 Pages Stock, capital: (Continued) Patapsco National Bank, Ellicott City, Md., reduction proposed in 5/18 reorganization plan, disapproved Reconsideration requested by Comptroller, original decision 6/6 reaffirmed and memo of Mr. Wingfield Correspondence with Comptroller on refusal and his request for reconsideration, and memorandum of Mr. Wingfield 6/23 transmitted to FRAgents Pennsylvania Company for Insurances on Lives and Granting Annuities, stockholdings in Main Line Trust Co, Ardmore, Pa., 5/1 request advice as to, and on own stock held Presentation of four courses of possible procedure for disposi5/10 tion of Main Line Trust Co. stock °P-Lee Pittsburgh Trust Co., Pittsburgh, Pa., transfer of stock of First National Bank of Wilkinsburg and Duquesne National Bank not in accordance with agreement, and own stock held as collateral to be disposed of 5/4 Purchase of stock of new national bank would be illegal, as 6/30 would purchase by Century Securities Co. Peoples State Bank, Plainview, Minn., attention called to member4/13 ship condition that it be increased Possibility of stockholders purchasing remainder of stock to be canvassed before Board grants extension of time 5,724 Piriney State Bank, Cass City, Mich., to reduce if necessary in reorganization, no objection 08 Pitt National Bank, Pittsburgh, Pa., purchase of stock by Colonial Trust Co. 6/20 Power City Trust Co., Niagara Falls, N. Y., no objection to reduc6/8 tion, request condition report showing effect Princeton Bank and Trust Co., Princeton, N. J., shares of own stock 5/18 to be disposed of South Carolina National Bank, Charleston, S. C., to be reduced and then increased 6/20 State member banks, acquisition of stock of other banks, policy adopted offering no objection in protection of own interests but must be disposed of within six months A/6 Stewart National Bank and Trust Co., Livonia, h. Y., reduction cannot be approved because fiduciary powers cannot be terminated 5/4 Third National Bank and Trust Co., Dayton, Ohio, to reduce and then 4/24 increase ITni,--awn State Bank, Chicago, Ill., reduction approved 5/1 Specific reserve against losses not compliance with condition, via.4. must charge off or establish valuation reserve 5,726 , eessing Bank of Bloomfield, N. J., stock held by Bloomfield 5/18 Bank and Trust Co. Vaakes-Barre Deposit and Savings Bank, Wilkes-Barre, Pa., no objection to acquisition of stock of Miners Bank, and of West Side Trust Co., in protection of loan 4/6 Violfeboro National Bank, Wolfeboro, N. h., reduction approved and Sto, then to be increased 5/24 elc, FRBank: Caneelation for national banks in hands of conservators, necessity for dofinite advice as to liquidation 5/4 CaPital impairment, reply to FRBank of Philadelphia on amount to be issued on additional application of bank with 6/8 316 405 493 213 285 235 552 103 340 524 476 423 311 477 64 240 166 211 367 309 64 344 237 426 Pagel 92 Stock, FRBank: (Continued) Conservators, banks in hands of, need not surrender FRBank of Atlanta: Bank of Adairsville, Ga., application approved Bank of Hartsville, Tenn., application approved Bank of Pine Apple, Ala., application approved Bank of Tifton, Ga., application approved Bank of York, Ala., application approved Britton & Koontz National Bank in Natchez, Miss., application Capital National Bank in Jackson, Miss., application approved Citizens Bank and Trust Co., Carthage, Tenn., application Citizens Bank & Trust Co., Savannah, Ga., surrender approved Citizens National Bank in Marietta, Ga., surrender approved Columbiana Savings Bank, Columbiana, Ala., application approved Dawson-City National Bank, Dawson, Ga., surrender approved First National Bank, Birmingham, Ala., application approved First National Bank in Gadsden, Ala., application approved First National Bank, Huntsville, Tenn., surrender approved First National Bank, Shelbyville, Tenn., surrender approved Gadsden National Bank, Gadsden, Ala., surrender approved Geo. D. Warthen National Bank of Sandersville, Ga., application Hibernia National Bank in New Orleans, La., application Marion Junction State Bank, Marion Junction, Ala., application Merchants and Mechanics Bank, Columbus, Ga., application National Bank of Commerce in New Orleans, La., application Peoples Savings Bank, Clanton, Ale., application approved State Bank of Cochran, Ga., application approved Truckers Exchange Bank, Crystal Springs, Miss., application FRBank of Boston: Boulevard Trust Co., Brookline, Mass., application approved Brandon National Bank, Brandon, Vt., application approved Brookline Trust Co., Brookline, Mass., application approved Capitol National Bank & Trust Co., Hartford, Conn., surrender Clement National Bank, Rutland, Vt., application approved Crocker National Bank, Turners Falls, Mass., should surrender part of holdings because of stock reduction Surrender approved Everett Bank and Trust Co., Everett, Mass., application First National Bank, Montpelier, Vt., application approved First National Bank at Portland, Me., application approved First National Bank of Rockland, Me., application approved First National Granite Bank, Augusta, Me., application approved Merchants National Bank, Bangor, Me., application approved Methuen National Bank of Methuen, Mass., application for additional stock approved, should be based on issued and paid-in capital with amount of book value of surplus National Bank of Commerce of Portland, Le., application North Adams National Bank, North Adams, Mass., application Rumford National Bank, Rumford, Me., application approved Souhegan National Bank, Milford, N. H., application approved Tradesmens National Bank of New Haven, Conn., application Union and New Aaven Trust Co., New Haven, Conn., application Waterbury Trust Co., Waterbury, Conn., application approved iiindsor County National Bank, indsor, Vt., application 4/6 88 6/15 5/18 5/10 4/24 5/24 6/30 6/8 5/18 4/24 6/23 6/20 5/9 6/20 6/28 11/6 4/24 4/13 6/28 4/24 6/5 4/4 5/1 6/15 4/13 6/23 448 303 584 163 357 559 438 305 176 512 469 262 486 641 68 178 111 541 176 400 36 224 441 100 489 7/ 4/10 6/23 512 7/ 4/10 5/18 352 456 6/8 5/24 6/23 4/10 6/8 6/28 6/30 5/4 5/4 339 612 7/ 435 541 669 266 266 6/15 456 6/23 512 266 5/4 435. 6/8 436 6/8 6/20 466 5/24 3.57 5/26 354 5/18 351 93 Pages Stock, FRBank: (Continued) FRBank of Chicago: 6/1 American National Bank, Rushville, Ind., surrender approved 5,/18 American National Bank, aausau, as., surrender approved 4/27 Atlantic National Bank, Atlantic, Iowa, surrender approved Auburn State Bank, Auburn, Ill., surrender approved 5/4 Mich., application 6/15 Birmingham National Bank, Birmingham, Central National Bank & Trust Co., Battle Creek, Mich., sur5,724 render approved Citizens Banking Co., Anderson, Ind., application approved 64/5 08 Citizens National Bank, Decatur, Ill., application approved 6/15 Citizens State Bank of Walnut, Ill., application approved 5,74 Commercial National Bank, Madison, his., surrender approved 6/1 Commercial State Savings Bank, Lakeview, Mich., surrender Cammunity National Bank & Trust Company of Knoxville, Iowa, 6/8 application approved 6/15 Danforth Banking Co., Washington, Ill., application approved 4/15 Davenport Bank and Trust Co., Davenport, Iowa, application 6/8 Delaware County National Bank, Muncie, Ind., surrender Dixon National Bank, Dixon, Ill., application approved 4/26 4/26 Farmers State Bank, Belvidere, Ill., application approved First Capital State Bank, Iowa City, Iowa, application 6/15 First Lake County National Bank at Libertyville, Ill., appli6/30 cation approved 6/15 First National Bank, Batesville, Ind., application approved 08 First National Bank, Black River Falls, Wis., surrender 4/24 First National Bank, Brillion, Wis., surrender approved 08 First National Bank in Burlington, Iowa, application approved 6/1 First National Bank, Casey, Ill., surrender approved 5/18 First National Bank in Colfax, Iowa, application approved 4/26 First National Bank, Coon Rapids, Iowa, surrender approved First National Bank-Detroit, Detroit, Mich., surrender 6/8 First National Bank of Evanston, Ill., application approved 6/20 5/9 First National Bank of Freeport, Ill., application approved 6/15 First National Bank of Galena, Ill., application approved 4/13 First National Bank, George, Iowa, surrender approved First National Bank, Hinsdale, Ill., application approved 54/24 6/15 First National Bank in Joliet, Ill., application approved 4/6 First National Bank, Manilla, Iowa, surrender approved 6/28 First National Bank in Marion, Ind., application approved 5/1 First National Bank in Toledo, Ill., application approved 6/23 First National Bank, Toledo, Ill., surrender approved 54/9 First National Bank, aausau, Wis., surrender approved 6/8 Guardian National Bank of Commerce, Detroit, Mich., surrender 5,/6 Holstein State Bank, Holstein, Iowa, application approved Ida County State Bank, Ida Grove, Iowa, application approved 08 Live Stock National Bank of Chicago, Ill., application approved 4/5 8/30 Merchants and Farmers Bank, Grays Lake, Ill., application Merchants National Bank, South Bend, Ind., application approved 6/8 6/15 Metamora State Bank, Metamora, Ill., application approved Mid -City National Bank, Chicago, Ill., application approved 08 6/20 Muscatine Bank and Trust Co., Muscatine, Iowa, application 6/8 National Bank of Bay City, Mich., applicationapproved 6/15 National Bank of Waterloo, Iowa, application approved 5/1 National Security Bank of Chicago, Ill., application approved 393 332 206 257 461 357 400 332 447 257 393 435 448 447 436 190 184 461 560 461 332 178 332 393 332 190 436 485 281 461 111 356 461 69 541 224 513 282 436 261 302 59 547 435 447 332 469 435 461 224 94 Stock, FRBank: (Continued) FRBank of Chicago: (Continued) Old Second National Bank, Aurora, Ill., application approved Peoples Bank of Bloomington, Ill., application approved State Bank of Clearing, Chicago, Ill., application approved State Bank of Niantic, Ill., application approved Western State Bank, Cicero, Ill., application approved FRBank of Cleveland: Ambridge Savings and Trust Co., Ambridge, Pa., surrender Bank of Russellville, Ohio, application approved Bourbon Agricultural Bank and Trust Co., Paris, Ky., application approved Citizens Bank and Savings Co., Leesburg, Ohio, application Colonial Trust Co., Pittsburgh, Pa., surrender approved First National Bank, Garrett, Pa., application approved First National Bank in Latrobe, Pa., application approved First National Bank at Massillon, Ohio, application approved First National Bank, Massillon, Ohio, surrender approved First National Bank in Sewickley, Pa., application approved First National Bank, Shelby, Ohio, application approved Guardian Trust Co., Cleveland, Ohio, surrender approved Homewood Bank at Pittsburgh, Pa., application approved Lebanon-Citizens National Bank & Trust Co., Lebanon, Ohio, surrender approved Ligonier National Bank, Ligonier, Pa., surrender approved Peoples National Bank, Lakewood, Ohio, application approved Pitt National Bank, Pittsburgh, Pa., application approved Second National Bank, Connellsville, Pa., application approved Union Trust Co., Cleveland, Ohio, cancelation approved FRBank of Dallas: Citizens National Bank, Ennis, Texas, surrender approved Citizens State Bank, Richardson, Texas, surrender approved City National Bank in Wichita Falls, Texas, application City State Bank and Trust Co., McAllen, Texas, application Farmers National Bank in Brenham, Texas, application approved Farmers National Bank, Brenham, Texas, surrender approved First National Bank, Bardwell, Texas, surrender approved First National Bank, Blackwell, Texas, surrender approved First National Bank, Burkburnett, Texas, surrender approved First National Bank in Houston, Texas, application approved First National Bank, Knox City, Texas, surrender approved First National Bank, Las Cruces, N. Mex., application approved First National Bank, Littlefield, Texas, surrender approved First National Bank, Midlothian, Texas, surrender approved First National Bank, Orange, Texas, surrender approved First National Bank, Paris, Texas, application approved First National Bank, Rio Grande, Texas, surrender approved First National Bank, Rule, Texas, surrender approved First National Bank, Trinity, Texas, application approved First National Bank in Valley Mills,Texas, application Surrender approved First State Bank, Lorenzo, Texas, surrender approved First State Bank, Roaring Springs, Texas, surrender approved Follett National Bank, Follett, Texas, surrender approved Gainesville National Bank in Gainesville, Texas, application Pagel 5/18 332 6/28 521 b 4/1 6/15 449 71 4/10 4/24 10 6,/15 441 6/5 4/10 4/24 5/9 6/8 5/18 8/8 6/8 6/1 6/28 5/18 400 71 110 282 435 351 436 436 395 541 306 4/24 3.16 69 /4/,6 6/28 541 395 6/1 4/26 190 6/23 495 6/1 5/18 5/18 4/24 4/26 6/15 6/1 6/1 6/1 5/4 4/26 6/20 4/13 6/1 4/27 5/24 4/26 4/27 6/5 4/,5 6/23 4/6 5/24 4/13 6/5 395 356 332 165 190 462 395 395 395 266 191 486 112 395 206 366 191 206 412 59 515 70 351 112 41 Stock, FaBank: (Continued) MBank of Dallas: (Continued) Hall County National Bank, Memphis, Texas, surrender approved Kilgore National Bank, Kilgore, Texas, application approved Marlin-Citizens National Bank, Marlin, Texas, surrender Mercantile Bank & Trust Co., Dallas, Texas, application ffichita National Bank, dichita Falls, Texas, application Bank of Kansas City: Bank of Carthage, Mo., application approved Citizens Bank, Abilene, Kansas, application approved Farmers National Bank, Alma, Kansas, surrenderapproved First National Bank at Ardmore, Okla., application approved First National Bank in Ardmore, Okla., surrender approved First National Bank, Lyman, Nebr., surrender approved First National Bank, North Bend, Nebr., surrender approved First National Bank, Wellington, Colo., surrender approved Hutchinson State Bank, Hutchinson, Kans., application approved National Bank and Trust Company in North Kansas City, Mo., application approved National Bank in North Kansas City, Mo., withdrawal of application and approval of new application if and when authorized to commence business National Bank of Tulsa, Okla., application approved Smith National Bank, St. Edward, Nebr., surrender approved State Bank of Wheatland, Wyo., application approved Stock Growers Bank of Wheatland, Wyo., application approved .niBank of Minneapolis: Ada National Bank, Ada, Minn., application approved Bloomington-Lake National Bank, Minneapolis, Minn., application Citizens National Bank, Merrill, Wis., surrender approved Citizens National Bank of Park Rapids, Minn., application East Helena State Bank, East Helena, Mont., surrender approved First National Bank, Adams, Minn., surrender approved First National Bank in Cannon Falls, Minn., application First National Bank, Casselton, N. Dak., surrender approved First National Bank, Faulkton, S. Dak., surrender approved First National Bank, Geyser, Mont., application approved First National Bank, Marshall, Minn., application approved First National Bank & Trust Co., Lake Norden, S. Dak., application approved First State Bank, Opheim, Mont., surrender approved Merchants National Bank, Kadena, Minn., surrender approved Northern National Bank, Ashland, Wis., surrender approved Peoples National Bank, Hayward, Wis., application approved Peoples State Bank, Bloomer, Wis., application approved Sanborn County Bank, Woonsocket, S. Dak., application approved State Bank of Revere, Minn., surrender approved State Bank of Terry, Mont., application approved p aorthington National Bank, Worthington, Minn., surrender aBank of New York: Adirondack Trust Co., Saratoga Springs, N. Y., application Bank of Millbrook, N. Y., application approved Citizens Bank of lihite Plains, N. Y., application approved Citizens National Bank, Long Branch, N. J., surrender approved Citizens National Bank, dellsville, N. Y., application County Trust Co., New York, N. Y., application approved 95 Pages 5/18 4/13 4/6 4,/13 4/13 333 111 70 111 111 6/15 448 4/24 163 4/13 111 4/13 111 6/20 486 436 6/8 4/26 191 5/24 357 77 4/10 4/4 44 5/24 340 4/26 190 70 4/6 6/23 489 6/23 489 4/6 4,/6 5/4 5/18 5/18 5/9 6/15 5/4 6/20 4/6 4/6 69 69 257 332 353 282 461 257 486 69 69 6 6/8 5/4 4/24 4/6 5/26 4/3 6/8 6/28 4/24 69 436 257 178 69 364 14 436 521 178 4/1 5 231 5/4 4/10 77 4/24 178 6/20 486 36 4/4 96 Page0 Stock, FRBank: (Continued) FRBank of New York: (Continued) Q/9 First National Bank, Caledonia, N. Y., application approved v13 First National Bank, Hawthorne, N. J., surrender approved First National Bank, Islip, N. Y., application approved 5/18 First National Bank, Remsen, N. Y., application approved 6/20 Garden City Bank and Trust Co., Garden City, N. Y., application approved 5/6 Lackawanna National Bank, Lackawanna, N. Y., application 5/9 Leonia Bank and Trust Co., Leonia, N. J., application approved 4/13 Salamanca Trust Co., Salamanca, N. Y., application approved 4/13 Southampton Bank, Southampton, N. Y., application approved 4/24 State Bank of Sea Cliff, N. Y., application approved 5/24 Sunrise National Bank & Trust Co., Baldwin, N. Y., surrender 5/24 FRBank of Philadelphia: Farmers National Bank, Exchange, Pa., surrender approved 4/6 First National Bank, Milford, Pa., application approved 6/20 Gimbel Brothers Bank and Trust Co., Philadelphia, Pa., application approved 6/30 Laurel Springs National Bank, Laurel Springs, N. J., application approved 6/20 Mountville National Bank, Mountville, Pa., application approved 6/20 Ninth Bank and Trust Co., Philadelphia, Pa., surrender approved 4/26 FRBank of Richmond: American Security and Trust Co., Washington, D. application A/17 A/10 Bank of Glade Spring, Va., application approved 6/15 Bank of St. Albans, W. Va., application approved 4/13 Buffalo Bank, Buffalo, W. Va., application approved Capital City Bank, Charleston, W. Va., application approved 5/18 Commercial National Bank, Washington, D. C., surrender approved 4/27 Farmers and Mechanics Bank, West Point, Va., application 6/15 Farmers and Mechanics National Bank, jestminster, Md., surrender approved 6/23 Farmers and Merchants National Bank of Onley, Va., application for cancelation, to be returned and made out by conservator, proceeds may be applied to indebtedness 6/15 Farmers Exchange Bank, Abingdon, Va., application approved 4/10 Fidelity Trust Co., Baltimore, Md., application approved 4/5 Surrender approvod 5/24 First National Bank, Belair, Ed., application approved 5/1 First National Bank of Columbia, S. C., application approved 6/28 First National Bank, East Rainelle, W. Va., surrender approved 6/1 First National Bark, Hampstead, Md., surrender approved 5/18 First National Bank of Kitzmillerville, Kitzmiller, Md., surrender approved 6/20 First National Bank, Mount Airy, Md., application approved 6/20 First National Bank, Statesville, N. C., surrender approved 4/6 First National Bank & Trust Company in Asheville, N. C., application approved 6/30 Greenbrier Valley Bank, Lewisburg, TI. Va., application approved 5,/10 Lynchburg Trust and Savings Bank, Lynchburg, Va., application 4/5 Merchants and Farmers Bank, Inc., Smithfield, Va., application 8/23 Middleburg National Bank, Middleburg, Va., application approved 5/24 National Exchange Bank, Chester, S. C., surrender approved 5/24 National Loan and Exchange Bank of Columbia, S. C., application for cancelation to be returned and made by conservator, proceeds may be applied against indebtedness 05 262 111 332 468 261 262 101 101 164 338 357 69 466 646 466 468 190 117 77 441 100 302 206 441 512 466 77 46 351 225 541 395 332 466 466 69 55g 264 46 469 366 351 456 97 Pages Stock, FRBank: (Continued) FRBank of Richmond: (Continued) Peoples Bank, Rural Retreat, Va., application approved Peoples National Bank, Rowlesburg, W. Va., application approved Planters Bank and Trust Co., Farmville, Va., application Traders Trust and Banking Co., Spencer, W. Va., application Union National Bank, Clarksburg, W. Va., application approved viachovia Bank & Trust Co., Winston-Salem, N. C., surrender Wilmington Savings and Trust Co., blilmington, N. C., application approved FRBan.k of St. Louis: American Exchange National Bank in St. Louis, Mo., application Bank of Edwardsville, Ill., application approved Bank of Memphis, Mo., application approved Cherokee National Bank, St. Louis, no., surrender approved Citizens National Bank, Tell City, Ind., application approved Farmers National Bank, Glasgow, Ky., surrender approved Farmers National Bank, Grayville, Ill., application approved Farmers National Bank, Wadesville, Ind., application approved First National Bank, Carlyle, Ill., application approved First National Bank, Conway, Ark., application approved First National Bank, Harrisburg, Ill., application approved First National Bank of Henderson, Ky., application approved First National Bank, Oakland City, Ind., application approved First National Bank, Petersburg, Ind., application approved First National Bank, Sebree, Ky., surrender approved First National Bank, Spurgeon, Ind., application approved First National Bank, Wbodlawn, Ill., application approved First State Bank, Chester, Ill., application approved Glasgow Savings Bank, Glasgow, Mo., application approved Grant State Bank, St. Louis, Mo., surrender approved Greenwood Bank & Trust Co., Greenwood, Miss., surrender Laclede Trust Co., St. Louis, Mo., surrender approved Lowell Bank, St. Louis, Mo., surrender approvod Mechanics Bank and Trust Co., Moberly, Mo., application Mercantile-Commerce Bank and Trust Co., St. Louis, Mo., surrender approved National Bank of Commerce, Memphis, Tenn., application National Bank of Orleans, Ind., surrender approved Neat, Condit and Grout, Bankers, Winchester, Ill., application Nokomis National Bank, Nokomis, Ill., surrender approved Old National Bank in Evansville, Ind., application approved Park Savings Trust Co., Richmond Heights, Mo., surrender Planters National Bank, Mena, Ark., application approved Prange National Bank, New Douglas, Ill., application approved Shaw Bank & Trust Co., St. Louis, Mo., surrender approved State Bank of Breese, Ill., application approved Union National Bank, Providence, Ky., application approved University City Bank and Trust Co., University City, Mo., surrender approved PR8ank of San Francisco: Ballard First National Bank, Seattle, dash., surrender approved Bank of Cmmas Prairie, Grangeville, Idaho, surrender approved Buhl State Bank, Buhl, Idaho, application approved Caldwell State Bank, Caldwell, Idaho, application approved Cashmere Valley Bank, Cashmere, Wash., application approved 5,/9 6/20 4/24 6/20 5/9 4/24 282 486 163 469 282 178 A/24 163 4/15 4/30 AO 5/18 6,4 4/13 6/8 6,/8 4/8 6/23 6/15 4/50 4/8 6,78 4/6 6/8 4/15 4,/,3 5/18 4/1 5/1 4/8 5/18 4/8 461 547 46 333 436 111 435 436 435 512 462 560 435 435 69 435 462 14 302 393 224 436 333 436 4/6 5/1 4/13 5,/18 5/18 4/8 4/26 5/26 6/1 4/6 4//5 6/8 69 224 111 303 333 435 191 372 393 69 45 436 4/26 191 4/23 5/24 4/23 6/23 4/15 513 357 489 489 448 98 Pages Stock, FRBank: (Continued) FRBank of San Francisco: (Continued) Central National Bank of Oakland, Calif., request facts of liquidation in connection with action to be taken for cancelat ion 5/4 Surrender approved 5,/18 Central Savings Bank, Oakland, Calif., application approved if and when assets of Central National Bank are transferred to 4/24 Supplemental application approved 4/26 Citizens National Bank, Portland, Ore., surrender approved 4/26 Clark County National Bank, Vancouver, Wash., application 6/1 First National Bank, Chico, Calif., application approved 6/8 First National Bank, Linnton, Ore., surrender approved 4 /26 First National Bank, Mullan, Idaho, surrender approved 4/27 First National Bank, Park City, Utah, application approved 5/18 First National Bank in Prescott, Ariz., surrender approved 5/4 First National Bank, Pullman, Wash., surrender approved 6/1 First National Bank, Redondo Beach, Calif., surrender approved 4/26 First National Bank of Shelton, Wash., application approved 6/28 First Savings & Trust Co., Colfax, Wash., surrender approved 4/6 Kingsburg Bank, Kingsburg, Calif., surrender approved 6/23 La Jolla National Bank of San Diego, La Jolla, Calif., surrender approved 5/9 Nampa State Bank, Nampa, Idaho, application approved 6/23 Peninsula National Bank, Portland, Ore., surrender approved 5/4 Rupert State Bank, Rupert, Idaho, application approved 6/23 State Security Bank, Brigham City, Utah, application approved 6/15 Union Bank & Trust Co., Walla Walla, aash., surrender approved 5/4 Washington National Bank, Vancouver, Wash., application 5/18 Weiser State Bank, Weiser, Idaho, application approved 6/23 National banks in hands of conservators, necessity for definite advice of liquidation in order to cancel 5/4 Securities Act, broad enough to include, letter and proposed amendment approved to exempt from provisions of 4/10 Stock, preferred: Fiduciary powers of national banks, reply to Congressman Cable as to inclusion of, in determining amount of capital necessary to exercise 6/30 First National Trust and Savings Bank, Port Huron, Mich., sale of, to Reconstruction Finance Corporation in plan involving common stock reduction 6/30 Marlin-Citizens National Bank, Marlin, Texas, sale of, to Reconstruction Finance Corporation in plan involving common stock reduction 6/26 Michigan bank reorganization plan, question of issue of 4/1 Comptroller's Office permitting national banks to issue against sound assets only 4/1 Sugar factors, request of Bank of California, N. A., for ruling on consideration as depositaries under Banking Act of 1933, in Hawaii 6/30 556 Tax notes: Beacon, City of, purchase of tax notes by FRBank of New York from Fishkill National Bank, Beacon, N. Y. 456 6/23 237 335 163 180 191 395 435 191 207 332 257 395 191 541 70 515 252 489 257 489 445 257 332 489 237 95 551 551 52/ 0 5 f 2 99 Pages Tax notes: (Continued) Caldwell, Borough of, purchase by FRBank of New York from Caldwell 5,/6 National Bank, Caldwell, N. J. Elmsford, Village of, purchase of notes from First National Bank of 4/24 Elmsford, N. Y., by FRBank of New York 6/28 Additional purchase Teaneck, Township of, purchase of notes by FRBank of New York from ;iest Englewood National Bank, Jest Englewood, N. J. 5/4 Texas, State of, reply for signature of Secretary of Treasury to Senator Sheppard on suggestion of three Austin banks to make eligible as collateral for loans A/5 Time schedules, interdistrict: Mail train schedules as basis for;FRBoard concurs in action of A/24 Governors Conference New York and Cleveland, change approved 5/26 Tr easurer of the United States: FRn °tes, accumulation after alleviation of situation in Washington, 5/18 suggested procedure of Mr. Douglas TreEtp,... Department: Assets and liabilities, profit and loss, statements furnished to, by FRBanks, examined by FRBoard and no charges not 4/4 in accordance with FRAct Gold settlement balances small at several FRBanks and increase desired, request for position of Treasury on abrasion, 6/23 cancelation of gold certificates, etc. Reimbursement for out-of-pocket expenditures incurred by FRBanks in 4/24 administering Act of March 9 Spraglie, Dr. 0. M. W., to attend conference in London with Governor Harrison, meeting representatives of French and 6/1 English central banks on foreign exchange policy 6/15 Letter sent to all FRBanks on purpose of visit to conference Belief that control of foreign exchange transactions should be 6/15 tightened, cablegram from Governor Harrison TrUst powers: (See Fiduciary powers) 260 161 518 230 53 171 372 328 38 498 172 392 459 460 tl utt U/114., censed banks: 8ills discounted and earnings thereon, advice to FRBank of Atlanta that discrepancy seems unavoidable, interest ac6/1 383 cruals not to be included in net earnings B orrowings of those in hands of conservator, reply to FRBank of San Francisco on protest that prohibition on banks seems discriminatory as restricted banks in hands of own management may borrow Borrowings from FRBanks and claims against closed banks, confidential memo and statement of Mr. &mead transmitted to 4/17 128 FRBanks Posits of trust funds authorized by Treasury Regulation 7, reply to FRBank of St. Louis in connection with letter of Lincoln Bank and Trust Co. that they are subject to i/lo 79 demand deposit reserves D irectors, FRBanks, elections of Class A and B, reply to FRBank of 406 Richmond on right to participate in 6/5 licensed to reopen, on being eligibility Membership in FRSystem, 5/10 284 reply to FRAgent at San Francisco le Page ; 100 Unlicensed banks: (Continued) Member banks in hands of conservator, reply to FRBank of Richmond on classification of paper held under discount for and 4/6 question of construing as in liquidation Oregon State member banks, status of those making application for 4/17 discounts Paper held under discount by FRBanks should be carried among discounted bills on form 34 and after placed in liquidation in "claims account closed banks" 4/3 FRBanks have been reporting past due paper rediscounted as "other assets" rather than discounted paper 4/3 Advice to Governor Seay on classification of paper, and ques4/6 tion of construing bank as in liquidation State member banks, request for information as to eligible paper held under discount for, as of March 31 413 66 124 3.6 3.7 66 3.7 ttirt Vandenburg, Senator, request for extent of use of Sec. 10(b) of FRAct since Emergency Banking Act, furnishing of information contrary to policy of FRBoard Vaults: FRBank of Philadelphia, estimates on new vault and statement that previous estimates submitted are based on present costs, prompt decision desirable, request need of new vault Information submitted, no objection to preparation of plans and securing bids, desirable offer to be submitted to FRBoard with budget for 'work Violations: First National Bank of Detroit, alleged, of Federal law, investigation being made by Department of Justice Guardian National Bank, Detroit, Mich., alleged, of Federal law, investigation being made by Department of Justice 6/26 4/3 559 20 4/17 130 5/9 277 5/9 277 Walker, John T., Jr., reply that FRBoard has not acted on what constitutes time deposits or determined maximum rate of interest for savings deposits 6/20 490 War loan deposit accounts, reply to FRBank of Atlanta on authorization by Treasury Department for renewals of notes pledged by banks in hands of conservators as security 4/13 106 Warrants of municipalities: (See Tax notes) Wasson, Marion: (See Membership in FRSystem, Bankers Commercial Trust Co., Little Rock, Ark.) Western Union Telegraph Co., notes eligible for rediscount by FRBanks, reply to FRBank of New York 5/4 Wisconsin, eligibility for membership of banks stabilized under State 6/30 law, attitude of Board requested Withdrawals from FRSystem: Bank of Commerce and Trust Co., Memphis, Tenn., waiver of six months 21.5 5/9 notice and permission for immediate Bankers Trust Co., Little Rock, Ark., waiver of six months notice 25 5/4 and permission for immediate Farmers and Merchants State Bank, Brady, Texas, waive. of six months notice and permission for immediate 4/13 244 54,9 1 ) ) 101 Pages Withdrawals from FRSystem: (Continued) First State Bank of Abernathy, Texas, waiver of six months notice 4/1 and permission for immediate Firs st State Bank of Leakey, Texas, recommendation that it be cited to show cause why membership should not be forfeit6/15 ed, voluntary withdrawal suggested G 6/28 Losses eliminated and no action to be taken ec'rgia Savings Bank and Trust Co., Atlanta, Ga., waiver of six 5/4 months notice and permission for immediate non Central Bank, Marion, Ala., waiver of six months notice and V5 permission for immediate PeoNes 1 Trust Co., Little Rock, Ark., waiver of six months notice 5/9 and permission for immediate Security State Bank, Hedley, Texas, waiver of six months notice and permission for immediate 4/5 South Range State Bank, South Range, Mich., waiver of six months 4/10 notice and permission for immediate State Bank of Kewaunee, Kis., waiver of six months notice and 6/1 permission for immediate Suburban Trust months waiver of six and Savings Bank, Oak Park, Ill., 5/18 notice and permission for immediate Union Trust Co., Little Rock, Ark., waiver of six months notice 5/4 and permission for immediate ter Tower Bank, St. Louis, Mo., waiver of six months notice and 4/27 parmission for immediate WestFATI Bank, University City, Mo., waiver of six months notice 5/1 and permission for immediate vlorcester Bank and Trust Company of ivorcester, Mass., waiver of 5/24 six months notice and permission for immediate 6 5 449 523 234 47 273 47 78 376 306 234 200 210 338
@FedFRASER