Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Index, January to June 1928, Volume 15, Part 1

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

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Federal Reserve Bank of St. Louis

KEY

TO INDEX

Branch Banks, Domestic, FRBanks, and
Foreign, see Branch Banks
Clayton Act Applications, see Interlocking Directorates
Collection, see Clearing and Collection
Directors of FRBanks and Branches,
see Directors
National Banks are listed under heading National Banks
State Banks are listed under State
Member Banks and Nonmember Banks
Stock of FRBanks and Member Banks,
see Stock.

INDEX
II A"
1
Pages
Absorption of Banks: (See Consolidations)
Acceptances:
Bankers:
Financing storage of cotton in Italy, desire of Lee,
Higgins= and Company to draw
Reply of Counsel on eligibility approved
Form evidencing eligibility, changed to conform to decision
in case of Lane Company v. Crum
Circular to FRAgents and Governors advising of ruling
Rates for purchase of, changes in:
FRBank of Atlanta

FRBank of Boston

FRBank of Chicago

FRBank of Cleveland

FRBank of Dallas

FRBank of Kansas City

FRBank of Minneapolis

FRBank of New York

FRBank of Richmond

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Federal Reserve Bank of St. Louis

2/18
3/20

168
247

6/12 472
6/26 509
1/31
2/7
4/4
4/17
5/24
2/2
2/8
4/4
4/17
5/24
2/7
3/31
4/13
5/18
2/18
4/4
4/17
5/24
4/4
4/17
5/24
4/13
4/18
5/24
6/7
2/7
3/31
4/17
5/18
5/24
1/31
2/3
3/30
4/13
5/18
2/18

105
129
290
318
411
121
142
290
317
411
129
282
310
396
158
290
317
411
290
317
411
310
325
411
456
130
283
317
397
410
105
124
275
309
396
159

Pages

2
Acceptances (Continued)
Bankers (Continued)
Rates for purchases of, changes in (Continued)
FRBank of Richmond (Continued)

FRBank of St. Louis

FRBank of San Francisco

Report of General Committee as regards domestic acceptance
credits
Dollar exchange, for furnishing: (See Dollar Exchange)
First Federal Foreign Investment Trust, request for permission for
granting of
Regulations of FRBoard prohibit such business when corporations have debentures outstanding
Draft of letter to corporation approved
Acceptances to 100 per cent of capital and surplus:
Bank of America National Association, New York City, to make
application under new title
Pacific Coast Trust Co., New York, N. Y., application approved
Adding Machine, purchase for use in Gold Settlement Division
Advances to member banks on promissory notes, motion of Mr. Miller
to fix seven days as minimum limitation
Counsel to prepare amendment to regulations and to be submitted
to directors of FRBank of New York
Advertising methods used by Iroquois Trust Co., Evanston, Ill., and
method of selling securities
Drafts of letters to Attorney General, Comptroller of the
Currency and FRAgent at Chicago
Agencies:
Havana:
Staff:
Frazer, H. C., salary as Assistant Manager
Magruder, L. L., salary as Manager
Tax on exportation of currency, status of, and plan to relieve Cuban Treasury of excess American
dollars, etc.
Presidential decree to be issued exempting Agency from
such tax
payment
approved if no treaty or understandTax on profits,
ing provides otherwise
Report by State Department that no such treaty exists,
Mr. Smead to check statement on profits


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Federal Reserve Bank of St. Louis

3/31
4/13
5/14
5/18
2/2
2/18
3/31
4/13
5/18
2/10
4/4
4/18
6/1

283
310
376
396
121
159
282
310
396
144
291
326
444

6/12 472

1/31

109

2/7
2/8

135
143

5/24 414
5/14 379
1/16
47
4/27 356
5/28 426
4/13 314
5/18 405

1/25
1/25

87
87 1

1/3

1 I

1/5

11

1/21

66

1/23

70

3
Pages
Agencies: (Continued)
Savannah:
Staff:
1/25
87
Bowden, J. H., salary as Manager
1/25
87
Goethe, J. A., salary as Assistant Manager
Agricultural, elimination of word in Sec. 13 of FRAct, amendment
3/5
recommended in Annual Report
207
Agricultural products, request of Wisconsin Cheese Producers Federation to classify cheese as agricultural
3/6
instead of manufactured product
218
Annual report of FRBoard:
Draft submitted, amended, and to be sent to printer for galley
proof
2/27 181
3/5 206-20
Amendments to FRAct to be recommended in
3/6
Recommendations of Executive Committee approved
211
Memo of Counsel submitting draft of recommendations
3/9
227
Galley proofs received from printer
3/9
227
Galleys considered and approved for page proofs, date of
submission to Congress and release to press
referred to Governor
3/12 229
Amendment to FRAct to provide for establishment of foreign branches
by State member banks, revision of
3/12 229
Approved Methods for the Preparation of Balance Sheet Statements,
distribution of pamphlet discontinued
2/1
114
Arizona, inability of Superintendent of Banks to conduct simultaneous
examinations of banks and branches
3/13 237
Assessment on FRBanks for expenses of FRBoard
6/12 467
Assistant FRAgents: (See FRAgents)
Attachment proceedings, proposed amendment to FRAct to exempt FRBanks
from
3/5
207
Attorney General of United States: (See Department of Justice)

34ksr. Newton D.:
Hugo State Bank Case:
Conference on suit against FRBank of Minneapolis by First
State Bank of Hugo, Minn.
Statement for services in connection with
History of case to be published in FRBulletin
Neoga National Bank, Neoga, Ill., suit brought by depositors
against directors of bank and against
FRBank of Chicago, employment suggested
All FRBanks to share in expense and Mr. Wyatt authorized to
negotiate with Mr. Baker
United States Foreign Financing Corporation, Special Counsel in
case brought against FRBoard by organizers
of proposed
Fee for services approved
To come to Washington for conference on amendment to
articles of association to Show change
in title


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92
6/19 492
6/22 502

5/18

392

6/26 511

4/13 315
4/24 339

6/1

448

Pagel

4

Baker, Newton D. (Continued)
United States Foreign Financing Corporation (Continued)
6/7
Present at meeting of Board and change in title approved
from
inquiry
Ballots cast in elections of Class A and B directors,
FRBank of Boston on how long they should
5/24 4i!
be retained
until
year
term
three
Memo of Counsel that they Should be retained
5/28 4$
of director has expired
and
Trust Co.,
Bancitaly Corporation, acquiring stock of United Bank
1/13 S
without approval of Board, ordered filed
I
Bank failures, study being made by W. M. Edens, to be granted use of
511•
6/26
data at FRBank of Chicago
banks)
Foreign
(See
France:
of
Bank
Bank Protective Devices, Inc., FRBoard not to request Bureau of
3/20 241
Standards to conduct tests of bank door
Bonds:
Circulation, advice of no applications from national banks:
1
1/5
During fourth quarter
29'
4/4
During first quarter
Domestic corporations, investment by foreign banking corporations
in: (See Foreign banking corporations)
,
Surety:
1
s
1/5
Minneapoli
at
Bailey, F. M., as Assistant FRAgent
3/20 24
Evans, W. J., as Assistant FRAgent at Dallas
37
5/14
Chicago
at
Schelling, Carl, to act for FRAgent
31
5/14
Chicago
at
Young, Clifford S., to act for FRAgent
by
published
charts
Bradford, Prof. Frederick A., authority to use
31
5/4
FRBoard in text book
Branch banks, domestic:
Bank of Manhattan Co., New York City, purchase of Flushing
1
National Bank, First National Bank of Whitestone
and Bayside National Bank, and to be operated
6/1 44
as branches
of
Coney
of
Bank
absorption
Brooklyn Trust Co., Brooklyn, N. Y.,
1
1/5
Island and operation as branch
Citizens Trust Co., Utica, N. Y.:
1/4
2018 Genesee St., advice of opening of
1
City:
Y.
N.
Corn Exchange Bank,
2/18 . le
1634 Avenue A, Borough of Manhattan, authorized to open
i
of
control
Borough
Richmond,
Bank,
National
Stapleton
2/18 le
acquired and to be opened as branch
I
Examination of, simultaneous with head office, Mr. Herson to
3/13 2!
work out new plan for
Ohio:
Cleveland,
Co.,
Guardian Trust
Larchmere and North Moreland Boulevard, establishment
4/24
authorized
/24 X
4
St.,
ent
authorized
163rd
East
establishm
and
Kinsman Road
1
,
Ky.:
Louisville
Bank,
Liberty Insurance
3/31 2!
2609 West Broadway, advice of establishment
N.
Y.:
Rochester,
Lincoln-Alliance Bank,
1
1/4
560 Monroe Avenue, establishment authorized


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Federal Reserve Bank of St. Louis

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Pages

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k

11:

'A

1'

1
34

r

31

31

44

1.
1J
i:

51,
54

0

Branch banks, domestic: (Continued)
Municipal Bank, Brooklyn, N. Y.:
Prospect Place and Saratoga Ave., authorized by State
Banking Department
United Bank and Trust Co., San Francisco, Calif.:
Banca Popolare Fugazi and branch in San Francisco, to take
over and operate as branches
Branch banks, Federal Reserve System:
Baltimore:
Directors, see Directors
Examination report as of Jan. 4
Staff:
Cupit, J. R., salary as Assistant Cashier
Dudley, A. H., appointed Managing Director for 1928
Salary of
Hays, T. 1., salary as Assistant Cashier
Reese, M. F., salary as Cashier
Tunnel between bank building and post office building,
letter to Treasury Department for
permission to construct
Construction approved, and bid of George A. Fuller
and Company approved
Birmingham:
Directors, see Directors
Staff:
Knowlton, T. N., salary as Assistant Cashier
Urquhart, H. J., salary as Cashier
Walker, A. E., appointed Managing Director for 1928
Salary of
Buffalo:
Building, final payment made on building of Manufacturers
and Traders Bank, and appropriation for
alterations approved
Directors, see Directors
Salaries of officers for 1928 submitted
Discussed but action deferred
Staff:
Assistant to Managing Director, appointment referred to
Governor with power
Title for proposed new employee to be Assistant
Manager
Blakeslee, C. L., salary as Assistant Cashier
Schneckenburger, W. W., appointed Managing Director
Salary recommended
Salary approved
Snow, H. W., salary as Cashier
Theobald, E. L., Assistant Cashier:
Resignation effective February
Salary approved
Wiltse, R.B., proposed employment as Assistant Manager
Appointment and salary as Assistant Manager
Resignation as FRExaminer


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Federal Reserve Bank of St. Louis

3/13 236

1/4

6

5/24 416
1/25
1/25
1/25
1/25
1/25

86
80
86
86
86

4/13 313
4/27 354

1/25
1/25
1/25
1/25

87
87
80
87

1/21

62

1/11
1/25

26
84

1/21

62

2/18
1/31
1/25
1/31
1/31
1/31

157
102
80
101
102
102

1/21
1/31
2/18
2/29
3/2

62
102
157
188
191

6
Branch banks, Federal Reserve System (Continued)
Charlotte:
Cost of operating, report of Mr. Delano on
Examination report as of Jan. 4
Staff:
Clements, W. T., salary as Cashier
Leach, Hugh, salary as Managing Director
Cincinnati:
Directors (See Directors)
Examination report as of April 21
Staff:
Kennelly, B., salary as Assistant Cashier
Lazar, B. J., salary as Cashier
McCombs, C. F., appointed Managing Director for 1928
Salary of
Ott, H. M., salary as Assistant Cashier
Denver:
Directors, (See Directors)
Staff:
Brown, S. A., salary as Cashier
Cronan, J. A., salary as Assistant Cashier
Olson, J. E., appointed Managing Director for 1928
Salary approved
Detroit:
Directors, (See Directors)
Examination report as of Mar. 3, 1928
Staff:
Baskin, J. G., salary as Assistant Cashier
Bowen, F. L., salary as Assistant Auditor
Butzel, H. M., retainer as Counsel
Cation, W. R., appointed Managing Director for 1928
Salary approved
Chalfont, H. J., salary as Cashier
Jarvis, G. T., salary as Assistant Cashier
El Paso:
Agent of Pacific National Agricultural Credit Corporation,
Fresno, Calif., with power of attorney,
request for designation as
on telegram to FRBank of Dallas and
Governor
of
Report
discussion with Mr. Eugene Meyer
FRBank to act as agent for Federal Intermediate Credit
Bank of Berkeley and make charge for services
Bylaws, amendment because of transfer of three counties to
San Antonio Branch
Directors, (See Directors)
Staff:
Employees charged with theft of postage stamps, letter
from Assistant Attorney General on
appointed Managing Director for 1928
O.,
W.
Ford,
Salary approved
Sayles, Allan, salary as Cashier


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Federal Reserve Bank of St. Louis

Pages

6/19 491
5/24 416
1/25
1/25

86
86

6/7

461

1/25
1/25
1/25
1/25
1/25

85

1/25
1/25
1/25
1/25

90
90
81
90

85

80
85
85

5/28 435
1/25
1/25
1/25
1/25
1/25
1/25
1/25

88
88
88
80
88
88
88

3/30 27/
4/4

296

4/13 310

1/25

81

136
2/7
81
1/25
91
1/25
91
1/25

7
Pages
BranhAuctaks, Federal Reserve System (Continued)
Helena:
Directors, (See Directors)
Examination report as of Feb. 15
Staff:
Cutler, W. A., Jr., Assistant Cashier, designated as
Examiner
Salary of
Towle, R. E., appointed Managing Director for 1928
Salary approved
Weir, T. B., retainer as Counsel
Zimmerman, H. L., salary as Cashier
Houston:
Directors, (See Directors)
Staff:
DeMoss, H. R., salary as Assistant Cashier
Pondrom, L. G., salary as Cashier
Reordan, D. P., appointed Managing Director for 1928
Salary approved
Territory, retransfer of Victoria County from San Antonio
Branch
Amendment to bylaws to change
Jacksonville:
Directors, (See Directors)
Staff:
DeSaussure, G. R., appointed Managing Director for 1928
Salary approved
Advice of death of
Successor elected
Mahon, Mary E., salary as Assistant Cashier
McLarin, W. S., Jr., salary as Cashier
Elected Managing Director
Report of Secretary on appointment, salary approved
Vardaman, George S., appointment and salary as Cashier
Little Rock:
Directors, (See Directors)
Staff:
Bailey, A. F., appointed Managing Director for 1928
Salary approved
Hamilton, Vela, extension of leave on account of illness
Extended for thirty days with pay
Long, M. H., salary as Cashier
Wood, C., salary as Assistant Cashier
Los Angeles:
Building, purchase of property to provide for, approved
Resolution to be presented to Congress for authority to
construct
Letter for signature of Secretary of Treasury approving
resolution 142 authorizing construction
of building
Staff:
Ambrose, W. N., transferred as Managing Director

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Federal Reserve Bank of St. Louis

5/28

434

3/20 245
1/25 90
1/25
81
1/25
90
1/25
90
1/25 90

1/25
1/25
1/25
1/25

91
91
81
91

1/25
82
4/17 319

1/25
1/25
1/31
2/14
1/25
1/25
2/14
2/18
2/18

80
87
106
152
87
87
152
163
163

1/25
81
1/25 89
1/13 34
2/2
121
1/25 89
1/25
89
2/18

164

5/3

368

5/18 400
3/12 230

8
Branch banks, Federal Reserve System (Continued)
Los Angeles: (Continued)
Staff: (Continued)
Currie, C. J., resignation to be requested
Dumm, A. J., salary as Assistant Cashier
Hale, W. M., appointed Managing Director for 1928
Salary approved
Transferred to head office as Cashier
Junor, John Bruce, salary as Chief of Mechanical
Maintenance Department
McRitchie, M., salary as Assistant Manager
Meyer, L. C., salary as Assistant Cashier
Svege, A. U., granted leave of absence for three months
Louisville:
Directors, (See Directors)
Staff:
Kinchloe, R. D., salary increased as Manager of Credit
Department
Kinchloe, W. P., appointed Managing Director for 1928
Salary approved
Moore, J. T., salary as Cashier
Moore, L. A., salary as Assistant Auditor
Muir, E. R., salary as Assistant Cashier
Memphis:
Building, purchase of property approved and construction of
building considered
Architect to prepare plans and specifications and make
estimates of cost and submit to FRBoard
Securing of bids and letting of contracts approved
Directors, (See Directors)
Staff:
Belcher, S. K., salary as Cashier
Glasgow, W. H., appointed Managing Director for 1928
Salary approved
Martin, C. E., salary as Assistant Cashier
Mitchell, J. M., leave of absence on account of illness
extended
Extended for thirty days
Thirty days from June 3 instead of May 3
Smith, Miss Camille, extension of leave on account of
illness
Extended for thirty days
Nashville:
Directors, (See Directors)
Directors of FRBank of Atlanta to hold May meeting at
Staff:
Fort, J. B., Jr., appointed Managing Director for 1928
Salary approved
Harrison, E. R., elected Cashier
Huggins, E. C., Jr., salary as Cashier
Resignation of
Starr, L. W., salary as Assistant Cashier

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Federal Reserve Bank of St. Louis

Pages

3/28
1/31
1/25
1/31
3/12

272
104
81
104
230

3/28 272
1/31 104
1/31 104
2/10 145

299
4/6
1/25 81
1/25 89
1/25 89
99
1/25
89
5
1/2

1/21

66

1/31
4/6

108
290

1/25
1/25
1/25
1/25

89
81
89
89

5/2
6/1
6/7

30
446
45/

3/24 261
4/24 339

3/20

246

90
1/25
9/
1/25
2/18 162
9/
1/25
10
2/18
1/25 81

9
Pages
- Branch banks, Federal Reserve System (Continued)
New Orleans:
Directors, (See Directors)
Staff:
Bladk, W. H., salary as Cashier
Miller, W. E., salary as Assistant Auditor
Vasterling, F. C., salary as Assistant Cashier
Walker, J. A., salary as Assistant Manager
Walker, M., appointed Managing Director for 1928
Salary approved
Oklahoma City:
Directors, (See Directors)
Staff:
Daniel, C. E., appointed Managing Director for 1928
Salary approved
Mathes, R. L., salary as Assistant Cashier
Wunderlich, R., salary as Cashier
Omaha:
Directors, (See Directors)
Staff:
Cordill, O. P., salary as Assistant Cashier
Earhart, L. H., appointed Managing Director for 1928
Salary approved
Gregory, G. A., salary as Cashier
Phillips, W., salary as Assistant Cashier
Pittsburgh:
Directors, (See Directors)
Examination report as of April 21
Staff:
Brown, P. A., salary as Assistant Cashier
Cobun, F. E., salary as Assistant Cashier
Griggs, T. C., salary as Cashier
Nevin, J. C., appointed Managing Director for 1928
Salary approved
Portland:
Staff:
Blanchard, J. P., salary as Assistant Cashier
MacEachron, S. A., salary as Assistant Manager
West, R. B., appointed Managing Director for 1928
Salary approved
Salt Lake City:
Staff:
Craft, H. M., salary as Assistant Manager
Dalby, L. W., salary as Assistant Cashier
Flo, Hans, leave on account of illness extended
Partner, W. L., appointed Managing Director for 1928
Salary approved
Pexton, Wilbur p., leave on account of illness for six
months with half pay
Smoot, W. M., salary as Assistant Cashier
San Antonio:
Building, bids for

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Federal Reserve Bank of St. Louis

1/25
1/25
1/25
1/25
1/25
1/25

87
87
87
87
80
87

1/25
1/25
1/25
1/25

81
90
90
90

1/25
1/25
1/25
1/25
1/25

91
81
91
91
91

6/7
1/25
1/25
1/25
1/25
1/25

461
85
85
85
80
85

1/31 104
1/31 104
1/25 81
1/31 104

1/31
1/31
3/28
1/25
1/31

104
104
272
81
104

2/27 175
1/31 104
1/21

62

10
Branch banks, Federal Reserve System, (Continued)
San Antonio: (Continued)
Building, bids for (Continued)
Acceptance of contracts approved
Directors, (See Directors)
Staff:
Crump, M., salary as Managing Director
Mendel, C. B., salary as Cashier
Territory:
Retransfer of Victoria County to Houston Branch
Amendment to bylaws to change
Transfer of Brewster, Presidio and Terrell Counties from
El Paso Branch, amendment to bylaws re
Seattle:
Staff:
Reif, G. W., salary as Assistant Cashier
Russell, B. A., salary as Assistant Manager
Shaw, C. R., appointed Managing Director for 1928
Salary approved
Spokane:
Staff:
Berg, Evan, salary as Assistant Cashier
Davis, D. L., appointed Managing Director for 1928
Salary approved
Leisner, J. M., salary as Assistant Manager
Wichita, Kansas, hearing on establishment of branch of FRBank
of Kansas City postponed
Report of hearing on May 24
Report of board of directors of FRBank refusing application
Branch banks, foreign:
American Trust Co., San Francisco, Calif.:
London, England, established Nov. 15, 1926
National City Bank, New York:
Colombia, new application necessary to reopen branches in
Cuba:
Havana, application to establish additional branch in
Application approved and branch to be known as
Plaza de la Fraternidad Branch
Yaguajay, closing of
State member banks, proposed amendment to FRAct to permit
establishment of
Revised paragraph for annual report approved
Brazil:
First Federal Foreign Investment Trust, difficulty of organizing
subsidiary corporation
loan in which National City Bank of New
Geraes,
Minas
State of
York purcnased issue of bonds
Budgets:
FRBanks, for operation of statistical and analytical functions
during 1928


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1/23

1/25
1/25

91
91

1/25
4/17

82
319

1/25

81

1/31 104
1/31 104
81
1/25
1/31 104

1/31 105
81
1/25
1/31 106
1/31 106
5/14 380
5/28 436
6/19 491

2/2

122

6/12 469
5/28

430

4se
6/7
3/30 276
206
3/5
3/12 229
3/20 246
6/26

510

2/27

179,

11
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9

1

4
4

30
56
31

31

59

66
76

08

0

46

3,0

Buildings:
Buffalo Branch, final payment on Manufacturers and Traders Bank
Building and appropriation for alterations
Los Angeles Branch, purchase of property to provide for erection of
Resolution to be presented to Congress for authority to
construct
Letter for signature of Secretary of Treasury approving
Resolution 142 authorizing construction
Memphis Branch, purchase of property approved and construction
of building considered
Architect to prepare plans and specifications and make
estimates of cost and submit to FRBoard
Securing of bids and letting of contracts authorized
San Antonio Branch, bids for
Acceptance of contracts approved
Bureau of Engraving and Printing:
Adjustments preparatory to printing new size notes, report of
Mr. Bond on program for putting new notes
in circulation
Situation described in letter from Secretary Mellon and FRBoard
asked to place order for printing FRnotes
for May and June
Reply of FRBoard that orders would be placed as requested
Bureau of Standards:
Request of Bank Protective Devices, Inc., to have model of bank
door tested by
BYlaws:
El Paso Branch:
Amendment because of transfer of three counties to San
Antonio Branch
PRBank of Atlanta:
Amendment to provide for election of officers and fixing of
salaries at first meeting in January
PRBank of Dallas:
Amendment fixing terms of members of executive committee
and dates of meetings
FRBank of New York:
Amendment to Article III re creating office of Assistant
Deputy Governor
Houston Branch:
Amendment to change Victoria County from territory of San
Antonio Branch
San Antonio Branch:
Amendment to change Victoria County to territory of Houston
Branch
Amendment to transfer Brewster, Presidio and Terrell Counties
from El Paso Branch

1/21
2/18

62
164

5/3

368

5/18 400
1/21

66

1/31 108
4/6
298
1/21
62
1/23
72

6/26

514

5/14 381
5/24 415

3/20

247

1/25

81

1/16

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Cafeteria
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Federal Reserve Bank of St. Louis

12
Cafeteria at FRBank of New York, absorption of greater proportion of
expense of operating (Continued)
Plan approved
"Calendar month", interpretation of term as used in Regulation D
Call money market in Chicago, memo of Deputy Governor on establishment
Capital Stock: (See Stock)
Charters of FRBanks, bill to repeal section of McFadden Act granting
indetermininate
rates and business activity to be
money
credit,
bank
Charts on
printed for general distribution
Request of Professor Bradford for authority to use charts in
text book
agricultural product instead of manufactured
n
as
Cheese, classificiatio
product to come under provisions of United
States Warehouse Act
call money market in
of
Chicago, establishment
Circulars:
Department of Agriculture, request of Mr. Whiteside for mailing
list of FRBank of Chicago
FRBoard:
Applications for membership in cases of consolidation of
member banks with nonmember banks in
Pennsylvania
Balances carried by member banks in American branches of
foreign banks may be deducted in computing
reserves, ruling on
Deposits of mutual savings banks, Morris Plan Banks, etc.,
ruling on classification to be published
in FRBulletin
Discounted paper held by FRBanks secured by collateral, and
amount of marginal collateral held as
additional security
at least one to be made during year
FRBanks,
of
Examinations
amendment to Clayton Act to be
of
copies
and
L
Regulation
transmitted to FRAgents
Reporting violations of criminal statutes
Ruling on form of certificate evidencing eligibility for
rediscount of bankers acceptances
Salary classification plan of FRBank of New York, adoption
by other -FRBanks
Secretary of Treasury:
Treasury Department to be closed for one-half day on
Saturdays from June 2 to Sept. 29
Clayton Act: (See Interlocking directorates)
Clearing and collection:
Negotiable instrument transferred to national bank for collection,
bill to make transferor preferred creditor
of Robert F. Maddox for hearing on
request
Non cash items,
interdistrict:
Time schedule,
Changes approved
FRBank of Atlanta, changes in
FRBank of Kansas City, changes in
Louisville to Cleveland, change in time from

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Collateral security, circular letter to FRBanks for statement of
amount of paper held under discount on
Committees:
Banking and Currency of House:
Amendment to Clayton Act to exempt directors of Joint Stock
Land Banks from provisions of, proposed
Hearings on Strong Stabilization Bill, members of FRBoard
invited to attend
Discussion of bill
Mr. Miller appearing at hearing
Other members of FRBoard to be invited to hearing
Mr. Miller again appearing before Committee
H. R. 13153, making transferor of negotiable instrument
transferred to national bank for collection
a preferred creditor in case of failure
Salaries paid officers of FRBank and branches, request for
information
S. 1989 and H. R. 12349, letters with views of FRBoard on
Letters approved and ordered transmitted
Banking and Currency of Senate:
Building for Los Angeles Branch, resolution 142 authorizing
erection approved
Clayton Act, proposed amendment to H. R. 6491 to exempt
Joint Stock Land Banks, laid on table
Letter from Farm Loan Commissioner approving bill
Credit, excessive use of Federal Reserve in making of
speculative loans, nearing on S. Resolution 113
letter for signature of Secretary
prepare
Governor to
of Treasury giving views of FRBoard
Federal Cooperative Banks, letter on S. 3024 to provide for
establishment of
FRBank of Dallas, S. Resolution 152 to investigate administration of affairs of
conducted by subcommittee consisting of
to
be
Hearing
Senators Glass, Sackett and Steiwer
Request of Senator Glass for copy of digest of proceedings
neld by FRBank
Mr. Stroud to visit Senator Glass to go over record
of proceedings
Members of FRBoard, letter on S. 3508 to increase number
of members of
S. 791, 1574 and 1989, letters for signature of Secretary of
Treasury giving views of FRBoard on
member
banks
as depositaries of public moneys, proState
posed amendment to FRAct to permit to act as
Opinion of Governor on bill expressed to committee
Federal Advisory Council:
Executive, members of
PRAgents with Mr. Smead to devise standard forms for earnings and
call reports
FRBank of Dallas:
Executive, amendment to bylaws fixing terms of members and
dates of meetings


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14
Committees: (Continued)
FRBoard:
Executive
Authorized to act on changes in rediscount rates to 4 per
cent during two day period
Given authority to approve rate if established by
FRBank of Cleveland
Authority to approve increases in discount rates while
members are absent
Authority limited to increase to 4 1/2 per cent
Cunningnam, E. H., expiration of term
Hamlin, C. S., designated member for three months
Expiration of term
Miller, A. C., to serve for three months
Resolution conferring authority to transact business,
made special order for June 7
Action postponed
Authorizing to approve increases in rediscount rates
to 5 per cent for thirty days adopted
Messrs. Eddy and Smead to report on plan for reclassification
of electoral groups
Messrs. Platt and Miller on wording of reference to redemption
qualities on new size notes, letter from
Under Secretary of Treasury on
Open Market Investment:
Meeting, advisability of holding referred to Governor with
power
Minutes of meeting held January 12
Meeting to be held in Washington on March 24
Postponed until March 26
Meeting on April 29, report and recommendations
Copies of minutes, report of Secretary and preliminary
memorandum considered by
Meeting postponed from May 22 to May 25
Minutes of meeting
Sale of not to exceed $50,000,000 of Government securities
approved
Condition of money market, and effect of change in discount
rate and sales of securities, discussed
with directors of PRBank of New York
Report presented, discussed and committee authorized to make
sales of Government securities
Report of Mr. Case on present condition of market and opinion
that further reduction in investment account
not be made at present
Report of Governor on conversation with Mr. Case on sales
of securities
Report on changes in holdings of securities since first of
year
of government securities approved
$50,000,000
of
Sale
Report of Acting Chairman on holdings of securities in Special
Investment Account


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Pages
Committees: (Continued)
Open Market Investment: (Continued)
Report of Acting Chairman on sale of Government securities
and on present holdings
System account reducing portfolio, no
from
Report on sales
further sales at present
Report of Mr. Case on further sales of securities, sales to
be discontinued for few days
at present level and to watch
maintained
Account to be
effect of sales already made and changes
in rediscount rates
of FRBank of New York that no sales of
directors
Opinion of
securities be made at present
Transactions over March tax payment period, letter from
Deputy Governor of FRBank of New York
Reloort with recommendations on rediscount rates and sales
of securities
Resolution of FRBoard approving recommendations of
committee
securities from account, report of Mr.
Government
of
Sale
Case on
Report of Mr. Case on sales of securities
Statement of Mr. Hamlin on creation of, and on power of
FRBoard to regulate purchases and sales
of Government securities
Effect of sales of securities on discounts of FRBanks, letter
from Mr. Case on
Changes in holdings of government securities and discussion
of present position of money market
Report of Acting Chairman and recommendations of committee
approved
Report of Acting Chairman on securities sold, etc.
Comptroller of the Currency:
Amendment to FRAct proposed to give authority to fix salaries
of national bank examiners
Amendment to be recommended in Annual Report
Condition reports of FRBanks and member banks to show violations
of criminal statutes, etc., regulation
suggested by Department of Justice
Procedure in reporting violations of criminal statutes by
officers and employees of national banks
C°naition reports:
Conference of committee of FRAgents to be arranged by Mr. Smead
to devise standard forms for
FRBanks and member banks, suggestion of Assistant Attorney General
that they show shortages, embezzlements, etc.
Referred to Comptroller of the Currency
Item to be included in October form showing member banks borrowing from FRBanks and simultaneously making
loans on call in New York
National banks:
Call as of Dec. 31, 1927
Call as of Feb. 28, 1928

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16
Condition reports: (Continued)
State member banks:
Call as of Dec. 31, 1927
Call as of Feb. 28, 1928
Conferences:
Committee of FRAgents with Mr. Smead on devising standard forms
for earnings and call reports
Counsel of FRBanks, arrangements to be made by Governor
Economic and Financial Section of League of Nations to study
monetary and bank statistics, Mr. Goldenweiser
authorized to attend
Letter to State Department on attitude toward proposed
representation
FRAgents:
Topics for discussion:
Reserve requirements, legislative program for solution
of problems in connection with
FRBank of Chicago, attended by State Bank Supervisors in District,
representatives of FRBanks of St. Louis and
Minneapolis and Chief National Bank Examiner
of District,proceedings of
FRBoard with Mr. Gilbert and Mr. Wyatt on responsibility of
FRBoard in examinations of State member bsnks
Mr. Gilbert to cooperate with FRAgents in conduct of
examinations
Governors:
Arranged for April 30 - May 2
Program completed and to meet with FRBoard at 3 o'clock
Minutes of meeting
Recommendations of, made special order for meeting on
May 31
To be brought up at later date
Recommendations considered and necessary action taken
Topics for discussion:
Directors of member banks liability in connection with
loans made and dividends paid while
reserves are deficient
Reserve cities, increasing number of
Reserve requirements, program for revision for submission
to Congress
Legislative program for solution of problems in
connection with
Reserves of member banks in reserve and central reserve
cities, daily computation of
Safekeeping services of FRBanks for Federal Land Banks,
etc., making charge for
League of Nations on economic statistics, letters from Department
of State on invitation to
Revised draft of reply of FRBoard approved
Supervisors of Public Buildings, use of Board room by Treasury
Department for
United States Chamber of Commerce, letter from FRAgent Austin
on attendance at

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17
Pages
Consolidations:
Bank of Haines, Haines, Ore., to take over deposits and assets
of Farmers State Bank of North Powder
Bank of Manhattan Co., New York, purchase of Flushing National
Bank, First National Bank of Whitestone
and Bayside National Bank, and to operate
as branches
Queens-Bellaire Bank, New York, N. Y., to take over
Bank of United States, New York City, proposed merger with
Central Mercantile Bank and Trust Co.
B. M. C. Durfee Trust Co., Fall River, Mass., proposed merger
with Massasoit-Pocasset National Bank and
Metacomet National Bank
Bowery and East River National Bank, New York City, with Bank of
America National Association and Commercial
Exchange National Bank upon conversion
Effect upon Clayton Act permits involved
Brooklyn Trust Company, Brooklyn, N. Y., absorption of Bank
of Coney Island and operation as branch
Cache Valley Banking Co., Logan, Utah, taking over of business
of Farmers Banking Co., of Cache Junction
Citizens Trust and Savings Bank, Columbus, Ohio, merger with First
National Bank under title of First-Citizens
Trust Co.
Commercial Savings Bank and Trust Co., Toledo, Ohio, purcnase of
assets of City Savings Bank
Corn Exchange Bank, New York City, control of Stapleton National
Bank acquired and to be converted into branch
Enderlin State Bank, Enderlin, N. D., with Peoples Bank of
Enderlin, a nonmember, and cancellation of
FRBank stock
Farmers State Bank, Lincolnton, Ga., assuming liabilities and
taking over assets of Bank of Lincolnton
Fidelity Trust Co., Portland, Me., purchase of Westbrook Trust
Co.. and to be run as separate corporation
Correspondence with Governor of FRBank of Boston on cancellation of bank's notice of withdrawal
First National Bank, Terre Haute. Ind., with McKean National
Bank, reduction in capital stock approved
First Security Bank, Pocatello, Idaho, to take over First
National Bank of Pocatello
International Germanic Trust Co., merger of Terminal Trust Co.,
New York, into
La Grange State Bank and La Grange Trust and Savings Bank, La
Grange, 111, merger under new charter
Merged under title of La Gran6e State Trust and Savings
Bank, surrender and cancellation of FRBank
stock of former member banks approved
Peoples Savings and Dime Bank and Trust Co., Scranton, Pa., with
Lincoln Trust Co., proposed
New application for membership to be filed
Memo of Counsel on


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18
Consolidations (Continued)
Peoples Wayne County Bank, Detroit, Mich., formed by union of
Wayne County and Home Savings Bank and
Peoples State Bank
Provident Trust Co., Philadelphia, Pa., to take over Commonwealth
Title Insurance and Trust Co.
for membership
application
To file new
Co., East Orange, N. J., formed by
Trust
and
Savings Investment
merger of East Orange Bank and Central Trust
Co., of Essex County
Steelton Trust Co., Steelton, Pa., to assume assets and liabilities
of Steelton National Bank
and
Co., Twin Falls, Idaho, assuming deposit
Trust
Bank
Twin Falls
liability of Bank of Rogerson
United Bank and Trust Co., San Francisco, Calif.:
Banca Popolare Fugazi with branch, to take over and operate as
branches
Co., San Francisco:
and
Trust
Bank
United
Security Bank and Trust Co., Bakersfield, taken over by
United Capitol National Bank and Trust Co., New York, N. Y.,
contemplated merger with Manufacturers Trust Co.
Conventions:
National Association of State Bank Supervisors, General Counsel
invited to attend
also
Conferences)
(See
Conversions:
Bank of America, New York City to Bank of America National
Association, application for fiduciary powers
Bank of Genesee, Batavia, N. Y., into Genesee Trust Co.
Commercial Exchange Bank, New York City, into Commercial Exchange
National Bank in New York
Farmers National Bank of Union, Endicott, N. Y., to Union Trust
Co., and application for membership
Lumbermans National Bank and Trust Co., Hoquiam, Wash., from
Lumbermans Bank and Trust Co.
State Savings Bank, Mobile, Ala., into Mobile National Bank
Cotton stored in Italy, request of Lee, Higginson and Co., to draw
bankers acceptances for financing
Reply of FRBoard witn ruling approved
Counsel of FRBanks:
Conference to be arranged by Governor
, Staff)
(See also FRBank of
of:
memoranda
Counsel, General,
Acceptances arising out of storage of cotton in Italy, request of
Lee, Higginson and Co., on eligibility of
Amendments to FRAct suggested for recommendation in Annual Report
of FRBoard
Drafts of amendments submitted by Counsel
Recommendations of Executive Committee approved
Amendment to Sec. 9 of FRAct making State member banks depositaries
of public money to be published in FRBulletin


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19
Pages
Counsel, General (Continued)
Applications for membership in cases of consolidations of member
banks with nonmember banks in Pennsylvania,
circular letter on
Baker, Newton D., statement for services in Hugo State Bank case
(See also Baker)
Balances carried by member banks in American branches of foreign
banks, ruling on
to be sent to all FRBanks
letter
Circular
Ballots cast in election of Class A and B Directors to be
retained until expiration of three year term
Bank of America National Association, New York City, to make new
application to accept to 100 per cent
Belk, W. H., application to serve interlocking directorates
temporarily refused
Bills introduced in Senate, letters for signature of Secretary
of Treasury to Banking and Currency Committee
of Senate
Bloch, Jesse A., final action on application to serve interlocking directorates deferred
Application approved
"Calendar month", interpretation of term as used in Regulation D
City National Bank in Miami, Fla., requirements to qualify for
exercise of fiduciary powers
Application filed without action
Clayton Act:
Amendment to be published in FRBulletin for April
Proposed amendment to exempt Joint Stock Land Banks from
provisions of
Reply of Mr. Meyer to letter from FRBoard approving
amendment
Condition report of FRBanks and member banks to show violations
of criminal statutes, etc., regulation
suggested by Department of Justice
Convention of National Association of State Bank Supervisors,
invitation to attend
Crocker, William H., no new application necessary because of
consolidation of banks
Deposits due in thirty days, proper classification of
Forms of FRBoari and Comptroller of the Currency to be
uniform in classifying as demand deposits
Deposits in member banks by Mutual Savings Banks, etc.,
classification in computing reserves
Report of Law Committee, referred to Counsel for ruling
Ruling adopted and to be published in FRBulletin
Reply to FRAgent at Chicago comenting on ruling
Digest of Rulings, publication of new edition authorized
Statement on publication and price to be published in
FRBulletin
Znderlin State Bank, Enderlin, N. D., cancellation of FRBank
Stock
Evans, John, application to serve interlocking directorates granted
not affected by service as president


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20
Counsel, General (Continued)
Farmers State Bank, Clarendon, Texas, loan to customer for which
President of bank is holding stock of bank
esident of bank to return stock or endorse note personally
tlFederalp, use of word in titles of foreign banking corporations
Memo reconsidered and referred to Law Committee
Federal Commercial and Savings Bank, Port Huron, Mich., attitude
of Board on change of title to Federal Bank
and Trust Co.
FRAct, views on S. 1989 and H. R. 12349 to amend sections of,
draft of letters to Committee on Banking and
Currency of House
Fiduciary powers, pamphlet to be issued by FRBank of Boston
on exercise of
First Federal Foreign Investment Trust:
Holding of stock in National Zinc Co.
Increase in capital approved
Request for permission to grant acceptances while having
debentures outstanding
Letter from FRAgent at New York opposing plan and
corporation to be advised
Draft of reply to corporation approved as amended
First State Bank of Hugo, vs. FRBank of Minneapolis, opinion of
Supreme Court of Minnesota to be published
in FRBulletin
Facts and history of case submitted by Counsel for publication
Fisher, Victor S., application to serve interlocking directorates,
action deferred
Ford, Eugene E., new application to serve interlocking directorates
not necessary
Forest Hill State Bank, Forest Hill, Md., balance of member bank
with nonmember bank
Forms for administration of Clayton Act revised, Regulation L
to be printed, and circular to FRAgents
Hale, Marshall, application to serve interlocking directorates
Application approved
Herrick, Parmely W., application to serve interlocking directorates
Action deferred pending amendment to Clayton Act
H. R. 6491, amendment to Clayton Act, draft of letter suggesting
amendment to exempt Joint Stock Land Banks
laid on table
To be recommended in Annual Report
Passed by House and Senate and now in hands of Secretary of
Treasury to be transmitted to President
Interlocking directorates involving conversion of Bank of America
and consolidation with national banks, letter
to FRAgent on status of permits granted
No action necessary
International T;:ercantile Exchange Bank, title as Edge Act
corporation not approved
Iroquois Trust Co., Evanston, Ill., drafts of letters to Attorney
General, etc., on methods of advertising
and selling securities

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21
Pages
Counsel, General (Continued)
Kerckhoff, William G., to be given opportunity to file application
to serve interlocking directorates
La Grange State Trust and Savings Bank, La Grange, Ill.,
application for cancellation and surrender
of FRBank stock
L. and N. Railroad Co., v. FRBank of Atlanta, recent development
in case involving validity of Regulation J
Ledbetter, Joe, application to serve interlocking directorates
refused
Mayham, Ray E., new application to serve interlocking directorates
not necessary
Maya, Ben, application to serve interlocking directorates refused
National banks granted general power have right to act in any
fiduciary capacity enumerated in Section 11 (k)
National City Bank, New York City:
Acceptance of drafts drawn by financial officers of foreign
countries for furnishing dollar exchange
Application for additional branch in Havana, Cuba.
Application approved
New application necessary to reopen branches in Colombia
Pasadena National Bank, Pasadena, Calif.. right to act as
registrar of stocks and bonds disapproved
Letter from Comptroller of Currency approving position of
Board
Peoples Savings and Dime Bank and Trust Co., Scranton, Pa., to
file new application for membership because
of consolidation
Memo on action
Peoples Wayne County Bank, Detroit, Mich., filing of supplemental
information waived
Provident Trust Co., Philadelphia, Pa., consolidation with
Commonwealth Title Insurance and Trust Co.,
to file new application for membership
Rediscount of note of Great Falls Manufacturing Co., by FRBank
of Boston, eligibility of
Regulation A, statement on change as result of amendment to
Sec. 13 of FRAct to be publisned in
FRBulletin
Material for publiCation submitted and approved
Regulation L, Interlocking Bank Directorates under Clayton
Act, revision of
To be publisned in April Faulletin
Printing of regulation as separate pamphlet authorized
Reserve deficiencies under Regulation D, interpretation of
section on
Reserves, assessing penalties for deficiencies, inquiry of FRBank
of San Francisco
aideaut, Dunning, action on application to serve interlocking
directorates deferred
Application approved
Shelton, T. M., application to serve interlocking directorates
returned to FRAgent for recommendation

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22
Counsel, General (Continued)
S. 3024, to provide for establisnment of Federal Cooperative
banks, etc.
S. 3058, to increase number of members of FR3oard
Sec. 22 (b) of FRAct, provision that examiners shall not disclose
names of borrowers or collateral for loans
of member banks to other than proper officers
Southern Bank and Trust Co., Miami, Fla., application for
cancellation of FRBank stock
Notice of intention to withdraw from FRSystem
Theft of postage stamps by employees of El Paso Branch, letter
from Assistant Attorney General on
Tracy Loan and Trust Co., Salt Lake City, classification of
accounts of
United Bank and Trust Co., San Francisco, cancellation of
stock approved
United States Foreign Financing Corporation: (See Foreign
banking corporations)
Violations of provisions of Sec. 22 of FRAct and sections of
Revised Statutes, reporting of
Letter to FRAgent at San Francisco submitted by Mr. Hamlin
and referred to Governor
action on application to serve interlocking
H.,
Bradford
Walker,
directorates deferred
Wetmore, Frank O., application to serve interlocking directorates
referred back to Law Committee
Action on application deferred
Young, H. Lane, action on aloplication to serve interlocking
directorates deferred
Court cases:
First State Bank of Hugo, Minn., v. FRBank of Minneapolis,
conference on
Opinion of Supreme Court of Minnesota to be published in
FRBulletin
Statement of Newton D. Baker for services in connection
with case
History of case submitted by Counsel for publication in
FRBulletin
L. and N. Railroad Co. V. FRBank of At1ant2, recent development
in case involving validity of
Regulation J.
Neoga National Bank, Neoga, Ill., Dy depositors against
directors of bank and against FRBank of
Chicago
Baker
to be retained in case
Newton
D.
Mr.
Atlanta,
of
FRBank
attorneys fees in connection with
Pouson v.
United States Foreign Financing Corporation: (See Foreign
banking corporations)
Cox, Walter S., schedule of rates for handling stenographic reporting
,
service
Credit and business situation, developments in, letter from Deputy
Governor of FRBank of New York

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Federal Reserve Bank of St. Louis

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23
Pages
Cuba: (See Agencies, Havana)
Cuban bank law, appointment of commission for revising, dispatch
transmitted by State Department
Letter from Governor Harding with suggested form of reply to
State Department
Copy of letter to be transmitted to State Department
Draft of letter to Secretary of State approved
Currency:
Circulation, letter from Mr. Case on changes in
Exported by Havana Agency, tax levied by Cuban Treasury, and
plan to relieve Cuban Treasury of excess
American silver dollars
Presidential decree to be issued exempting Agency from such
tax
also FRnotes)
Curr(eTS1:;
ations:
Revolving fund to be reestablished at First National Bank,
Miami, Fla., flr six months

!
)
,eilY computation of reserves: (See Reserves)
"Partment of Agriculture, request of Mr. Whiteside for mailing list
of FRBank of Chicago for distribution of
circulars
1)ePartment of Justice:
Amendment to sections 5208 and 5209 of Revised Statutes making
violations felony instead of misdemeanor,
letter to Attorney General with views of
FRBoard
Employees at El Paso branch charged with theft of postage stamps,
not violations of Revised Statutes
Federal Commercial and Savings Bank, Port Huron, Mich., advised
to consult Department before change in title
Fidelity Trust Co., Portland, Me., purchase of Westbrook Trust
Co., opinion of Attorney General to be sought
Opinion of Attorney General in similar case to be furnished
Governor Harding
Iroquois Trust Co., Evanston, Ill., letter on methods of advertising and selling securities
Ramsay, William H., interview on method of reporting violations
of statutes by officers and employees of
State member banks
Regulation to be issued by FRBoard requiring tnat reports of
condition of FRBanks and member banks snow
shortages, etc., suggested
Memo of Counsel on, matter referred to Comptroller of the
Currency
Reporting of violations of criminal provisions of FRAct and
Revised Statutes
Letter to FRAgent at San Francisco submitted by Mr. Hamlin
and referred to Governor


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Department of Justice: (Continued)
Reporting of violations: (Continued)
Circular letter to all FRAgents on reporting violations
State Planters Bank and Trust Co., Richmond, Va., opinion of
Attorney General on right to purchase capital
stock of new bank to be organized at
Hopewell, Va.
Publication of opinion by Attorney General not approved
To be advised that tnere is now no objection to publication
of opinion
Department of State:
Attitude toward representation by FRBoard at Conference on
monetary and bank statistics at Bank of
France under League of Nations
Conference on economic statistics to be held by League of
Nations, letters on invitation to
Revised draft of reply of FRBoard approved
Credit to National Bank of Rumania, conference of Governor Young
and Mr. Harrison with Department re
participation by FRBanks
Credit approved
Cuban banking law, decree creating commission for revising
transmitted to FRBoard
Letter from Governor Harding with suggested form of reply
Copy of letter to be transmitted to State Department
Draft of letter to Secretary of State approved
First Federal Foreign Investment Trust, organization of subsidiary
corporation in Brazil, facts to be transmitted
to
Tax on exportation of currency, status of, and plan to relieve
Cuban Treasury of excess American silver
dollars, etc.
Presidential decree to be issued exempting Agency from
such tax
Tax on profits of Havana Agency, to be asked if treaty exists
exempting agency from tax
treaty exists
such
Report tnat no
proposed amendment to Sec. 9 of FRAct
moneys,
public
Depositaries of
to make State member banks
Report of Governor of discussion of bill with Banking and Currency
Committee of Senate
Amendment to be publisned in FRBulletin
Deposits:
Classification for computing reserves, amendment to Sec. 19 of
FRAct not to be recommended in Annual Report
Classification for reserve purposes of partial payments to banks
engaged in making character loans
Classification of those due in thirty days, memo of Counsel on
Forms of FRBoard and Comptroller of the Currency to be
uniform in classifying as demand deposits
Definition of time and savings, program for submission to Congress
topic for Governors Conference

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Deposits: (Continued)
Forest Hill State Bank, Forest Hill, Md., with nonmember bank in
excess of 10 per cent of capital and surplus
Mutual savings banks, etc., in member banks, classification in
l:r
eTes, memo of Counsel on
ut;I:gozs
Ruling to be prepared
Ruling adopted and to be published in FRBulletin
Reply to FRAgent at Chicago commenting on ruling
Union Bank and Trust Co., of Los Angeles, Calif., classification
of trust funds as liabilities requiring
reserves
Dictlonary, edition received by Mr. Hamlin to be placed in Board room
Digest of Rulings of FRBoard, publication of new edition authorized
,. Statement on publication and price to be published in FRBulletin
14
.rectors, FRBanks:
Amendment to FRAct proposed to allow officers or directors of
mutual savings banks to serve as Class B or C
Ballots for election of Class A and B, inquiry of FRBank of
Boston on now long tney should be retained
Memo of Counsel that they should be retained until taree
year term of director has expired
PRBank of Atlanta:
Meeting in May to be neld at Nashville Branch
Newton, Oscar, salary as FRAgent
PRBank of Boston:
Curtiss, Frederic H.:(See FRAgents)
Election of successor to Chas. G. Washburn, July 16 set as
date for opening of polls
Washburn, Charles G., advice of death of
FRBank of New York:
McGarrah, Gates W.: (See FRAgents)
Proposed amendment to regulations to fix minimum limitation
on advances to member banks on promissory
notes, to be submitted to
Reyburn, Samuel W., Present at meeting of FRBoard to discuss
salaries, budget, and business situation
Clarence
M., present at meeting of FRBoard to
Woolley,
discuss salaries, budget, and business
situation
PRBank of Philadelphia:
Austin, R. L.: (See FRAgents)
Johnson, Alba B., resigned as Class B.
Stout, C. Frederick C., elected Class B for unexpired term
of Mr. Johnson
PRBank of Richmond:
Delano, Frederic A., letter on cost of operating Charlotte
Branch
Fisnburn, J. P., prospective nominee for election as Class
B, service as member of commission not under
reTulation of FRBoard
Elected for unexpired term of Edmund Strudwick
Hoxton, W. W., salary as FRAgent


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Federal Reserve Bank of St. Louis

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26
Directors, FRBanks: (Continued)
FRBank of Richmond (Continued)
Resolution on raising of rediscount rate
Strudwick, Edmund, Class B., advice of death of
FRBank of San Francisco:
Fees and allowances for attending meetings
Meeting not held on Jan. 19 because of lack of quorum
Meeting not held on Mar. 15 because of lack of quorum
Newton, Isaac B., salary as FRAgent
Ramsay, Thomas H., probable resignation as Class A
Not to resign
Whipple, Howard, resignation as Class A because bank was
taken over by nonmember bank
Election of successor to be held on June 25
Reclassification of electoral groups to be planned by Mr. Eddy
and Mr. Smead
Directors, FRBranch banks:
Baltimore Branch:
Dudley, Albert H., appointed Managing Director for 1928
Salary of
Wilcox, Henry B., appointed for three years
Birmingham Branch:
Henley, Walter E., appointed for three years
Walker, A. E., appointed Managing Director for 1928
Salary of
Branches of FRBank of Atlanta:
Resolution that r:anagers be selected outside of personnel
of directorates, rescinded
Buffalo Branch:
McDougal, Elliott C., appointed for three years
Scaneckenburger, W. W., appointed Managing Director for 1928
Salary recommended
Salary approved
Charlotte Branch:
Leach, Hugh, salary as Managing Director
Cincinnati Branch:
Kroger, B. H., appointed for three years
McCombs, C. F., appointed Managing Director for 1928
Salary of
Denver Branch:
Kountze, Harold, appointed for three years
Olson, J. E., appointed Managing Director for 1928
Salary approved
Detroit Branch:
Cation, Wm. R., appointed Managing Director for 1928
Salary approved
Haass, Julius, choice of FRBank of Chicago, vacancy to remain
unfilled until meeting of Board of FRBank
Appointed for unexpired term of Mr. Staley
Morley, George B., appointed for three years
Staley, John W., advice of death of
Vacancy to remain unfilled until regular meeting of
directors of FRBank of Chicago

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Federal Reserve Bank of St. Louis

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Directors, FRBranch banks: (Continued)
El Paso Branch:
Ford, W. O., appointed Managing Director for 1928
Salary approved
Flory, Geo. D., appointed for three years
Helena Branch:
Marlow, T. A., appointed for three years
Towle, R. E., appointed Managing Director for 1928
Salary approved
Houston Branch:
Catterall, Fred W., appointed for three years
Reordan, D. P., appointed Managing Director for 1928
Salary approved
Jacksonville Branch:
DeSaussure, George R., appointed Managing Director for 1928
Salary approved
Advice of death of
Successor elected
Kendall, C. P., appointed for three years
McLarin, W. S., Jr., elected Managing Director
Report of Secretary on appointment, salary approved
Little Rock Branch:
Bailey, A. F., appointed Managing Director for 1928
Salary approved
Davis, John M., appointed for three years
Los Angeles Branch:
Ambrose, W. Y., transferred from head office to be Managing
Director
Hale, W. M., appointed Managing Director for 1928
Salary approved
.
Transferred to head office as Cashier
Louisville Branch:
Jewett, H. E., appointed for three years
Kinchloe, W. P., appointed Managing Director for 1928
Salary approved
M
.emphls
Branch:
Alderson, John W., elected for unexpired term
Glasgow, W. H., appointed Managing Director for 1928
Salary approved
Snowden, R. Brinkley, appointed for three years
Vanden, J. W., deceased
Xashville Branch:
Caldwell, J. E., appointed for three years
Fort, Joel B., Jr., appointed Managing Director for 1928
Salary approved
liew Orleans Branch:
Bouden, James E., Jr., to be elected to succeed R. S. Hecht
Appointed for unexpired term
Hecht, R. S., to decline to qualify or resign
Appointed for three years
Resignation accepted


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Federal Reserve Bank of St. Louis

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28
Directors, FRBranch banks: (Continued)
New Orleans Branch: (Continued)
Walker, Marcus, appointed Managing Director for 1928
Salary approved
Oklahoma City Branch:
Daniel, C. E., appointed Managing Director for 1928
Salary approved
Mee, William, appointed for three years
Omaha Branch:
Eaxnart, L. H., appointed Managing Director for 1928
Salary approved
Marnell, R. O., appointed for three years
Pittsburgh Branch:
Brown, Charles W., advice of death of
Mellon, R. B., appointed for three years
Nevin, J. C., appointed Managing Director for 1928
Salary approved
Shea, Joseph B., appointed for unexpired term of Charles
W. Brown
Portland Branch:
West, R. B., appointed Managing Director for 1928
Salary approved
Salt Lake City Branch:
Partner, W. L., appointed Managing Director for 1928.
Salary approved
San Antonio Branch:
Crow, Frank, appointed for unexpired term of H. H. Rogers
Appointment formally approved
Crump, M., salary as Managing Director
Rogers, Harry H., resignation of
Schreiner, A. C., appointed for unexpired term of H. H. Rogers
Not to accept appointment
Seattle Branch:
Shaw, C. R., appointed Managing Director for 1928
Salary approved
Spokane Branch:
Davis, D. L., appointed Managing Director for 1928
Salary approved
Directors, Member banks:
Member banks deficient in reserves, form of letter to notify
them of their liability
Liability in connection with loans made and dividends paid
while reserves are deficient
Program for advising of legal responsibilities
Discount rates: (See Rates)
Dividends:
FRBanks, on June 30, 1928, payment approved
Member banks, declared but not paid, ruling of FRBoard that no
reserve is required against
Dollar balances carried by member banks in American brancnes of foreign
banks in computing reserves, ruling on
Circular letter to be sent to all FRBanks
Ruling to be published in FRBulletin

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Federal Reserve Bank of St. Louis

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29
Pages
Dollar

exchange:
Fidelity Trust Co., New York City, application to accept drafts
for furnishing, approved
Grace National Bank, New York, N. Y., application to accept
for creating, approved
National City Bank, New York City, letters on acceptances of
drafts drawn by financial officers of
foreign countries

east W. M., FRAgent Heath to grant use of data for study on bank
failures
Edges
Senator Walter E., views on right of FRBoard to refuse caarter
to United States Foreign Financing Corporation
Edge Act Corporations: (See Foreign banking corporations)
Educational and welfare work: (See Welfare and educational work)
Examinations:
Baltimore Branch, as of Jan. 4
Charlotte Branca, as of Jan. 4
Cincinnati Branch, as of April 21
Detroit Branch, as of Mar. 3.
PRBank of Atlanta, as of Jan 21.
Report of committee on list of banks shown in unsatisfactory
condition
PRBank of Chicago, report as of Mar. 3
PRBank of Cleveland, report as of April 21
FRBank of Minneapolis, report as of Feb. 15
PRBank of Richmond, report as of Jan. 4
Report of committee on list of banks shown in unsatisfactory
condition
PRBanks, Chief Examiner directed to make at least one during year
Helena Branch, as of Feb. 15.
Pittsburgh Branch, as of April 21
Simultaneous of banks with branches, Mr. Herson to make new
study of question
State member banks:
Amendment to FRAct proposed, to assess expenses against
banks examined
Amendments to be recommended in Annual Report
Letters and memoranda submitted by r.r. Gilbert, attitude of
Governor Young toward
Responsibility of FRBoard in connection with
Supervisor of Examinations to cooperate with FRAgents
in conduct of examinations
Valley Bank, Phoenix, Ariz., simultaneous with branches, telegram
from FRAgent on
Simultaneous entry examination arranged
'
0.11ere:
/11iBank of Atlanta:
Radford, R. A., appointment and salary
4 R3ank of Chicago:
Diercks, Wilford R., appointment of
Mauss, Edwin, indefinite leave of absence


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Federal Reserve Bank of St. Louis

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Federal Reserve Bank of St. Louis

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30f,

Examiners (Continued)
National Banks (Continued)
Salaries approved (Continued)
French, H. S.
Fuller, H. R.
Gilbert, H. B.
Green, C. W.
Grimes, Wm. C.
Hallenberg, Herbert
Harris, T. E.
Hodgson, R. M.
Hooker, Robert K.
Hoover, Paul E.
Horton, Bryan E.
Hotchkin, P. L.
Huck, W.F.
Ketner, John H.
Klein. Benton
King, F. L.
Laird, H. A.
Lanning, L. C.
Lifsey, W.P.
Lorang, P. J.
Luiken, J. B.
Lytle, F. S.
Machleid, C. J.
Madland, L. L.
Mann, Stuart H.
McFadden, Theodore
McLean, C. H.
McMullan, John R.
Medill, George L.
Moon, E. W.
Murphy,D. F.
Newnham, S. L.
Ockershausen, F. C.
Parker, E. F.
Patterson, B. K.
Penn, D. V.
Peterson, F. Raymond
Price, A. E.
/Quinn, H. F.
Ramsdell, P. C.
Rasmussen, F. E.
Roots, J. O.
Ross, M. A.
Rummel, John T.
Sailor, Vance L.
Schmidt, H. W.
Sedlacek, L. H.
Shea, L. A.
Sheehan, W. F.


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1/4
1/4

4
4
43
3
362
188
5
43
377
4
351
5
4
3
4
4
4
5
4
4
4
4
5
4
4
397
4
60
292
4
3
5
3
3
5
4
466
4
4
3
4
43
363
318
4
4
4
5
4

32

Pages

Examiners (0.)ntinued)
National banks (Continued)
Salaries approved (Continued)
Siebert, Joseph H.
Smith, C. F.
Smith, George F.
Smith, George H.
Smith, Robert F.
Snyder, Vernon G.
Stevens, L. T.
Stout, C. L.
Stuart, R.K.
Taylor, O. C.
Taylor, W.
Wanberg, J. F.
Ward, Maxwell M.
Watts, John L.
Weigand, C. P.
Whitehurst, William M.
Whitney, H. S.
Wilson, E. B.
II
0
II
Wilson, V. J.
Wood, D. R.
Wood, John S.
Wright, E. M.
Wright, I. D.

12C
2/2
1/16 4
1/4
1/4
4
1/4
4
,
1/4
4
1/4
i
1/4
4
1/4
9
1/4
4
1/4
4
1/4
5/14 371
1/4
4
1/4
4/27 351
!
1/4
4
1/4
291
4/4
4
1/4
1/4
t
1/4
4
1/4
4
1/4

Provision of FRAct re disclosing names of borrowers or collateral
for loans of member banks

Farm Loan Commissioner: (See neyer, Eugene)
HFederalli, use of word in title of foreign banking corporations
Memo of Counsel approved
Memo of Counsel reconsidered
Federal Advisory Council:
Alexander, James S., reelected by FRBank of New York
Member of Executive Committee for 1928
Bruton, J. F., appointed by FRBank of Richmond
Reelected Vice President for 1928
Connell, W. E., appointed alternate by FRBank of Dallas
Creech, Harris, reelected by FRBank of Cleveland
Member of Executive Committee for 1928
Goebel, P. W., reelected by FRBank of Kansas City
Heard, Arthur M., appointed by FRBank of Boston
Houston, P. D., reelected by FRBank of Atlanta
Lipman, F. L., elected by FRBank of San Francisco and
compensation fixed
reelected
by FRBank of Dallas
McKinney, B. A.,
Meeting to be held Feb. 17, list of topics requested
Attention called to meeting by Governor
Officers elected at meeting


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

40

5/18 39/
5/18 40C
5/18 40

1/13
2/18
1/7
2/18
1/21
1/9
2/18
1/16
1/7
1/16

30
160
10
0
0
2;
160
4
16
4

1/13
1/21
1/7
2/14 10
2/18 16°

33
Pages

0

4

4
91
4

6
4

4

46

91
00
,C)

60
16

60
22
'60
4'4
16
40

69

Federal Advisory Council (Continued)
Meeting to be held ".ey 18, preparation of program referred to
4/9
303
Executive Committee
considering
in
Recommendations of, special order for May 31
5/28 429
reserve requirements
1/7
Rieman, C. E., appointed alternate by FRBank of Richmond
16
1/7
16
Philadelphia
Rue, L. L., appointed by FRBank of
2/18
160
Member of Executive Committee for 1928
Smith, Walter W., elected by FRBank of St. Louis and compensation
1/7
16
fixed
160
2/18
for
1928
Member of Executive Committee
Stevens, Eugene M., to represent FRBank of Chicago if Mr.
1/23 72
Traylor cannot attend
Topics for discussion:
Designation of Boston, Philadelphia, Cleveland, St. Louis
4/27 356
and San Francisco as central reserve cities
Federal
individual
securities
by
Government
Investments in
3/28 269
Reserve banks
Rediscount rate should be raised and some action to check
1/23 72
speculation
Reserve requirements, legislative program for solution of
5/31 440
problems in connection with
4/23 335
Topics submitted by Governor
Traylor, Melvin A., to represent FRBank of Chicago if Mr. Wetmore
71
1/23
cannot attend
1/7
16
Wetmore, F. 0., appointed by FRBank of Chicago
2/18 160
Reelected President for 1928
1/31 105
111_, W°1d, Theodore, reelected by FRBank of Minneapolis
cuLeral Cooperative Banks, memo of Counsel on S. 3024 to provide for
4/4
296
establishment of
1'
-veder
_ s a1 Discount and Investment Trust: (See Foreign banking corporations)
4ecieral Intermediate Credit Bank of Berkeley: (See Pacific National
Agricultural Credit Corporation)
PRAot:
3/5 206-209
Amendments to be recommended in Annual Report, consideration of
3/6
211
Recommendations of Executive Committee approved
Bill to increase maximum maturity on advances to member banks,
draft of letter to Committee on Banking
4/9
304
and Currency of House
4/24 344
Letter approved and ordered transmitted
1/7
18
Digest of rulings, publication of new edition authorized
Reserve requirements, program for solution of problems in
5/31 438
connection with
Section 4:
Amendment proposed to exempt FRBanks from attachment
3/5
207
proceedings
directors
of
mutual
Amendment proposed to allow officers or
savings banks to serve as Class B or C
3/5
208
directors of FRBanks
granting
Act
indeterminate
McFadden
Bill to repeal section of
1/31 109
charters to FRBanks
and
surrender
of
cancellation
Section 6, proposed amendment on
208
3/5
FRBank stock

,60

http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Pates

34
FRAct (Continued)
Section 9:
Expenses of examinations of State member banks to be assessed
against banks examined
Amendment to be recommended in Annual Report
Proposed amendment on cancellation and surrender of FRBezik
stock
Proposed amendment to permit State member banks to have
foreign branches
Revised paragraph for annual report approved
Proposed amendment to make State member banks depositaries of
public moneys, etc.
Report of Governor of discussion of bill with Banking
and Currency Committee of Senate
Amendment to be published in FRBalletin
Section 13:
Amendment proposed to eliminate word "Agricultural"
Bill to amend paragraph on discount of sight drafts, letter
to Banking and Currency Committee of Senate on
Draft of letter to Banking and Currency Committee of
Haase on
Letter approved and ordered transmitted
Bill passed and statement to be published in FRBulletin
on change in Regulation A
Statement approved for publication in Bulletin
Proposed amendment to increase maximum maturity of advances
by FRBanks to member banks
Amendment to be recommended in Annual Report
Section 19, amendments proposed but not to be recommended in
Annual Report
Section 21:
Proposed amendment tnat salaries of national bank examiners be
fixed by Comptroller of the Currency
Proposed amendment to make assessment of charges for
examinations against State member banks
optional
Section 22, reporting of violations of criminal provisions of
Letter to FRAgent at San Francisco submitted by Mr. Hamlin
and referred to Governor
Circular letter to all FRAgents on reporting violations
Section 22(b), provisions re examiners disclosing names of
borrowers or collateral for loans of
member banks
Section 25 (a), amendment proposed by First Federal Foreign
Investment Trust re investment of funds
Reply of FRAgent at New York on plan
Letter of FRAgent considered and noted
Law Committee to prepare reply to Chairman of Corporation
opposing amendment
Reply submitted by Counsel and approved


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

2/27 17,
20
3/5
3/5

0

3/5 0,
3/12 V
4/27 35!I
5/2

36Ci

5/24 41 1
.i

3/5

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1/31 0
304
4/9
4/24 34'‘
6/19 40,
6/22 50;
3/5
3/6

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2141

3/5

0

3/5

20

1/16
5/18 401;
5/28
6/12 e
6/12
6/19

35
Pages
PRAgents:
Assistants:
Bailey, F.M., FRBank of Minneapolis, bond of
Evans, W. J., FRBank of Dallas:
Bond of
Salary for 1928 approved
Gettemy, Charles F., leave of absence for six or seven
weeks approved
Powell, Oliver S., re-designated to act as Alternate at
FRBank of Minneapolis
Austin, R. L., FRBank of Philadelphia:
Salary for 1928 approved
To attend conference of United States Chamber of Commerce
Curtiss, Frederic H., FRBank of Boston:
Absence of six or seven weeks, no objection to
Salary for 1928
DeCamp, George, FRBank of Cleveland:
Absence for three weeks approved
Salary approved
Heath, W. A., salary at FRBank of Chicago
Roxton, W. W., salary at FRBank of Richmond
Martin, Wm. McC., FRBank of St. Louis:
Salary approved for 1928
Vacation to begin on June 11
/4cC1ure, M. L., salary at FRBank of Kansas City
McGarr, Gates W., FRBank of New York:
Leave of absence to attend meeting of General Council of
Reichsbank
Present at meeting of FRBoard to discuss salaries, budget
and business situation
Salary for 1928 approved
Mitcaell, John R., salary at FRBank of Minneapolis
Newton, Isaac B., salary at FRBank of San Francisco
Newton, Oscar, salary at FRBank of Atlanta
Reporting violations of FRAct and Revised Statutes, memo of
Counsel on
Letter to FRAgent at San Francisco on
Circular letter to FRAgents on reporting violations
Walsh, C. C., FRBank of Dallas:
Salary for 1928 approved
To be absent from FRBank from June 13 to June 18
RB ,k Vacation to begin July 15
of Atlanta:
"344ke in district granted permission to carry reduced reserves,
review of
Budget for operation of statistical and analytical functions
for 1928
41awe, amendment to provide for election of officers and fixing
of salaries at first meeting in January
Directors: (See Directors)
2ducational and welfare work, appropriation for Federal Reserve
Clubs at head office and branches


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1/5

11

3/20 244
1/25
91
6/19 487
2/7

130

1/31
5/28

102
430

2/1
1/25

112
84

4/6
299
1/25
84
87
1/25
1/25
85
1/25
88
6/7
456
1/25
90

2/18

157

1/11
24
1/31 101
1/25
89
1/31 103
1/25
86
1/7
17
1/13
37
2/8
142
1/25
91
6/7
456
6/26 506

2/21

171

2/27 179
1/16

44

1/21

60

r •
JD-nk of ,.Alla\&: ( Con'1mie4)
.,._,zwt1on aa of Jan. 31
a.pan of c~ ltM oa 11 n t:1I bank.a &bcs:t • la va.eatt..f 90,017 c0Ddit1an
ftaanc~al ata\ementa to 'be o~tered cm all ~ ~ Sl.a:JO
lnat..i ot $2.500

Iu,erdiatr1et ti.. 1cb.tnle. cJtamc.. 1A
J.. 8114 I. Jla1lroa4 Co,. T. t receD\ d.ftel~l
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JI.ates: (SM latee)
.
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pe.reoa.nel ot dir~orai . . r-e1., . .
l.nolrt.DC ~•CJ tu4 •o 'be r"•labl1-..& ae n..ra ldiaaal JiaU.
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•11, M. I., Wal"J aa Caa41er
nack, •. a . • aal.ar7 .. GoTanor
~. T. I., 11&1&17 u .Uatibn\ Cashier
Callaha, Jlaifll, WaJ'7 U ~ \0 G!Qe•llN-~IMl!T_.
Cap, C. B•• aalAl'J aa u&lna\ C-eM•
Coaitt, I. 'I., aal.ar:r u Aa•i •'-* Cami•
'loater, Hach, Alal7 u Depv.t7 cio.__.
BoaOQI', J. · I. , aalal7 u .Uei a\et £ml1 \er
J
s. • aala17 . . A1l4i '°2'
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lias, A. A., aalU7 aa .lad abllt C.Mt •
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http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

-

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l?S

37
Pages

0

16

10,

0
of,
01'

PRBa4k of Boston (Continued)
Staff: (Continued)
Buckley, Joseph, extension of leave (Continued)
Extended with half pay
Extended with half pay
Extended with half pay
Extended with half pay
Carrick, K. K., salary as Secretary
Clark, Lester W., extension of leave on account of illness
Extended until next meeting of directors
Extended with half pay
Extended with half pay
Currier, H. F., salary as Auditor
Curtiss, Frederic H.:
Absence of six or seven weeks, no objection to
Salary for 1928
Eichorn, Anna, leave of absence on account of illness
Leave extended with pay
Gaynor, Joseph L., leave of absence on account of illness
Extended with full pay
Gettemy, Charles F.:
Leave of absence for six or seven weeks approved
Salary as Assistant FRAgent
Harding, W. P. G., Governor:
Cuban banking law: (See Cuban bank law)
Salary as Governor
Hoyt, Frank C., leave on account of illness
Extended until next meeting of Board of Directors
Extended with pay
Extended with pay
Hult, Be G., salary as Assistant Cashier
Irish, Phyllis D., leave on account of illness
Leavitt, E. M., salary as Assistant Cashier
Mahoney, Helen F., leave of absence on account of illness
extended
Elizabeth
F., leave of absence on account of illness
McCorkle,
extended
O'Keefe, Henry T., extension of leave on account of illness
Paddock, W. W., salary as Deputy Governor
Powers, Joseph, extension of leave on account of illness
Extended with full pay
QAealY, Mary C., leave of absence on account of illness
Roberts, Dorothy M., extension of leave on account of
illness with half pay
Extended until next meeting of Directors
Extended with half pay
Extended with half pay
Extended with half pay
Extended with half pay
Extended with half pay
Extended with half pay
Extended to May 1 with half pay


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

4/27
5/14
5/28
6/22
1/25
3/20
3/30
4/17
4/27
1/25

351
377
428
501
84
245
276
318
351
84

2/1
112
1/25
84
2/3
124
2/18 161
4/17 318
4/27 351
6/19 487
1/25
84

1/25
2/18
3/2
3/20
3/30
1/25
2/18
1/25

84
161
192
245
276
84
161
84

6/22 501
6/22
3/20
1/25
3/20
3/30
2/3

501
245
84
245
276
124

1/7
1/21
2/3
2/18
3/2
3/20
3/30
4/17
4/27

16
60
124
161
192
245
276
318
351

38
FRBank of Boston (Continued)
Staff (Continued)
Sweetser, L. W., salary as Assistant Cashier
Tylor, Julia C., extended leave on account of illness
Vigneau, Albert G., leave of absence on account of illness
with full pay
as Counsel
retainer
H.,
Weed, A.
cashier
as
salary
W.,
Willett,
Chicago:
FRBank of
Banks in district granted permission to carry reduced reserves,
review of
of statistical and analytical functions for
operation
Budget for
1928
Conference attended by State bank supervisors in district,
representatives of FRBanks of St. Louis
and Minneapolis, etc., proceedings of
Examination report as of Mar. 3, 1928
Leaves of absence for employees extended because of sickness to
be reported at end of each month
Progressive penalty for deficient reserves to be discontinued
Rates: (See Rates)
Staff:
Bachman, W. C., salary as Controller
Bateman, F., salary as Manager
Blair, J. H., salary as Deputy Governor
Burgess, F. R., salary as Auditor
Callahan, J. C., salary as Manager
Childs, K. C., salary as Controller
Coulter, R. E., salary as Manager
Dazey, A. W., salary as Manager
Delaney, E. A., salary as Manager
Diercks, Wilford R., appointed Examiner
Dillard, J. H., salary as Controller
Employees granted extended sick leave between June 1 and
21, salary payments approved
Fisher, I., salary as Manager
Hargreaves, R. J., salary as Manager
Heath, W. A-, salary as FRAgent
Hopkins, W. A., salary as Assistant Auditor
Howell, Naomi, leave of absence on account of illness extended
Huston, F. M., salary as Manager of Research and Statistics
Department
as Controller
salary
Jones, D. A.,
of
resignation
Glenn,
Kirk,
Manager
as
salary
A.,
F.
Lindsten,
of absence as Examiner
leave
indefinite
Mauss, Elwin,
McDougal, J. 13:
Salary as Governor
Telephone conversation on increase in rates by banks
in Chicago
McKay, C. R., salary as Deputy Governor
Meyer, L. G., salary as Manager

http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Pages

!
1/25 8
2/18 161
,61
1/7 !
1/25
1,
1/25 10

2/21 0
2/27 10
374
5/7
5/28 40
5/28 40
2/27 17'
i
1/25
1/25 0
1/25 0
1/25 al
1/25 0/
88
1/25
1/25 0
1/25 0
of
1/25
331
4/24
1/25 0
6/26 0
1/25 0
1/25 0
1/25 81
1/25 0
3t1
5/7
1/25
1/25
5/4
1/25
4/24
1/25
4/11
1/25
1/25

61
Vfi

39
Pages
PRBank of Chicago (Continued)
Staff (Continued)
Milburn, Lillian, leave on account of illness extended
Netterstrom, O. J., salary as Controller
Noveck, Frank, leave on account of illness
Olsen, Arill F., leave on account of illness extended
Pavey, L. G., salary as Manager
Powell, C. L., salary as Counsel
Purrington,F, L., salary as Manager
Roberts, J. G., salary as Manager
Schelling, Carl, authorized to act for FRAgent in receipt and
delivery of FRnotes
Bond of
Salary increased
White, W. H., salary as Assistant FRAgent
Young,C. S., authorized to act for FRAgent in receipt and
delivery of FRnotes
Bond of
Stock: (See Stock)
Suit brought by depositors of Neoga National Bank, Neoga, Ill.
against, employment of Newton D. Baker
suggested
Mr. Baker to be retained in case
14841c of Cleveland:
Banks in district granted permission to carry reduced reserves,
review of
Budget for operation of statistical and analytical functions
for 1928
Examination report as of April 21
Rates: (See Rates)
Rediscounts, increase in
Staff; '
Anderson, J. B., salary as Assistant FRAgent
Arnold, C. W., salary as Assistant Cashier
Bickford, C. L., salary as Assistant Cashier
Clouser, D. B., salary as Assistant Cashier
DeCamp, George:
Absence for three weeks approved
Salary for 1928
Pancher, E. R., salary as Governor
Fleming, M. J., salary as Deputy Governor
Pletcher, W. H., salary as Assistant FRAgent
Grayson, F. V., salary as Auditor
Hardesty, Grover C., salary as Chief of Guard Force
King, F. W., salary as guard reduced
McGraw, Ralph, leave on account of illness extended
Squire, Sanders and Dempsey, retainer as Counsel
Strater, H. F., salary as Cashier and Secretary
Taylor, W.F., salary as Assistant Cashier
Wagner, G. H., salary as Assistant Cashier
Zurlinden, F. J., salary as Deputy Governor
of Dallas:
Ildget for operation of statistical and analytical functions
for 1928


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

5/7
375
1/25
88
3/5
203
5/7
375
1/25
88
1/25
88
1/25
88
1/25
88
5/4
372
5/14 378
6/19 489
1/25
87
5/4
5/14

372
378

5/18
6/26

392
511

2/21

171

2/27 179
6/7
461
2/28

186

1/25
1/25
1/25
1/25

85
85
85
85

4/6
1/25
1/25
1/25
1/25
1/25
4/13
4/27
3/28
1/25
1/25
1/25
1/25
1/25

299
84
85
85
85
85
311
351
271
85
85
85
85
85

2/27

179

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lala17 tor 1938 approTe4
ferp80D, Marp.cit•, leoe cm accoaa\ ol 111.M•• eneDliecl
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ha'~• I. D., aa1arJ &I Aa•l•'•' D9PQ.\7 ~enor
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Federal Reserve Bank of St. Louis

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41
Pages
FRBank of Kansas City:
Banks in district granted permission to carry reduced reserves,
review of
Budget for operation of statistical and analytical functions for
1928
Hearing on estF:blishment of branch at Wichita postponed
Hearing held on May 24, report of
Report of Board of Directors refusing application
Rates: (See Rates)
Staff:
Bailey, W. J., Governor:
Leave on account of ill health until first of April
Salary for 1928 approved
Barley, G. E., salary as Assistant Cashier
Cunningham, Dan C., leave on account of illness for two months
Helm, J. W., salary as Cashier
Kihm, Marguerite, leave of absence on account of illness
extended
Extended for 60 days with half pay
Leedy, H. G., retainer as Counsel
McAdams, A. M., salary as Assistant FRAgent
McClure, M. L., salary as FRAgent
Oberwortmann, N. R., extension of leave on account of illness
Park, M. W. E., salary as Assistant Cashier
Phillips, J., Jr., salary as Assistant Cashier
Pipkin, G. H., salary as Assistant Cashier
Sandy, Mrs. Edna, leave of absence on account of illness
Smith, R. P., leave on account of illness extended
Tyner, E. P., salary as Assistant Cashier
Wardell, S. A., salary as Auditor
Worthington, C. A., salary as Deputy Governor
Stock: (See Stock)
paB Time schedule, changes in
allk of Minneapolis:
331111:Ice in district granted permission to carry reduced reserves,
review of
laudget for operation of statistical and analytical functions for
1928
ixamination as of Feb. 15.
(See Rates)
otaff:
Staff:

f

Anderson, Charles W., guard, leave of absence on account
of illness granted
Bailey, F. M., Assistant FRAgent, bond of
Salary of
Core, H. C., salary as Assistant Cashier
Danielson, L. C., leave on account of illness extended
Extended for three months
Dunlop, F. C., salary as Controller
Geery, W.B., salary as Governor
Larson, A. R., salary as Assistant Cashier
Mitchell, John R., salary as FRAgent


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

2/21

171

2/27 179
5/14 380
5/28 436
6/19 491

2/27
1/25
1/25
2/18
1/25

177
90
90
161
90

4/13 312
5/24 412
1/25
90
1/25
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1/25
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3/22 256
1/25
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1/25
90
1/25
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6/19 488
4/17 319
1/25
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1/25
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1/25
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2/27

175

2/21

171

2/27 179
5/28 434

6/1
446
1/5
11
1/25
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1/25
90
1/21
60
4/13 311
1/25
89
1/25
89
1/25
90
1/25
89

42
FRBank of Minneapolis: (Continued)
Staff: (Continued)
Moore, B.V., salary as Deputy Governor
Mosher, Curtis L., salary as Assistant FRAgent
Powell, Oliver S., redesignated to act as Alternate for
Assistant FRAgent
Rast, L. E., salary as Assistant Cashier
Ueland, Judge Andreas:
Leave for sixty days approved
Retainer as Counsel
Warren, G., salary as Cashier
Yaeger, H., salary as Deputy Governor
Ziemer, H. I., salary as Assistant Cashier
Stock: (See Stock)
Suit brought against, by First State Bank of Hugo, Minn., conference
of Counsel on
Opinion of Supreme Court of Minnesota to be published in
FRBulletin
Statement of Newton D. Baker for services in case
History of case submitted by Counsel for publication in
FRBulletin
FRBank of New York:
Banes dlItalia, copies of agreement by banks of issue to purchase
prime commercial bills
Bank of France, request to earmark $50,000,000 of gold bars for
Bank of Greece, account opened for and other relations established
Budget for 1928, committee of directors present at meeting
before FRBoard to discuss
Budget for operation of statistical and analytical functions
for 1928
Bylaws, amendment to Article III re creating office of Assistant
Deputy Governor
Cafeteria, absorption of greater proportion of expense of
operating
Plan approved
Directors: (See Directors)
Gold held earmarked for Bank of France to be shipped to Paris
Gold movements during 1927, report on
During January and February
During May
National Bank of Rumania, credit to: (See Foreign banks)
Open market operations, recommendation of directors on the sale
of securities
(See also Committees, Open Market Investment)
Percentages of participation in foreign accounts by FRBanks
Rates: (See Rates)
Salaries for 1928, committee of directors present at Board
meeting to discuss
Salaries of officers discussed, action deferred
Discussed with Secretary of Treasury and Governor to secure
more information on proposed increases
Changes in recommendations made by Messrs. McGarrah and
Woolley

http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Pages

1/25
1/25

0
0

2/7
1/25
3/20 0
1/25
1/25 8'
1/25 8'
1/25 9%

1/25
9;1
6/19 491
6/19 491:
6/22 5(

461

41

2/27
1/31

10

1/1]. 4

1/16

6/7 4 .
1/21
3/9
6/12

2/27
1/7

1

43
Pages
PRBank of New York: (Continued)
Salary classification plan, question of adoption for FRSystem
as a whole
Salary schedule for all employees approved as submitted
Staff:
Barrow, D. H., salary as Manager
Burgess, W. R.:
Conference of Economic and Financial Section of League
of Nations in Paris, to represent FRBank at
Salary as Assistant FRAgent
Case, J. H., salary as Deputy Governor
(See also Committees, Open Market Investment)
Coe, Charles H.:
Appointed Assistant Deputy Governor
Salary as Manager
Crane, J. E., appointed Assistant Deputy Governor and also
to serve as Secretary
Salary for 1928 approved
Dillistin, W. B., salary as Assistant FRAgent
Dodge, E. L., salary as General Auditor
Downs, H. S., salary as Assistant FRAgent
Doyle, Frank, promotion in grade approved
Employees granted extended leave of absence on account of
illness:
During December
During February
During March
During April
During May
Employees promoted in grades effective Feb. 1.
Changes effective April 1
Foreign Department, new position created in
French, E. C., salary as Manager
Galantiere, Lewis, employment in Foreign Department
Gidney, R. M.:
Appointed Assistant Deputy Governor
Request for extension of vacation with pay
Extension approved
Salary for 1928 approved
Gilbart, A.W., appointed Deputy Governor
Salary for 1928 approved
Harrison, George L., salary as Deputy Governor
Salary approved
Jones, J. W., appointed Assistant Deputy Governor
Salary for 1928 approved
Kenzel, E. R., salary as Deputy Governor
Logan, Walter S., appointment and salary as General Counsel
Salary approved
McGarrah, Gates W., FRAgent:
Leave of absence to attend meeting of General Council
of Reichsbank
Salary for 1928 approved

http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

4/6
2/10

301
146

1/31

102

2/14 154
1/31 101
1/31 101

6/26 507
1/31 102
1/11
1/31
1/31
1/31
1/31
5/18

26
102
101
102
101
397

1/21
3/28
4/18
5/24
6/19
2/18
5/2
5/2
1/31
2/7

61
271
326
412
489
162
364
364
102
130

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4/24
4/27
1/31
1/11
1/31
1/31
1/31
1/11
1/31
1/31
5/7
5/25

26
338
349
102
26
102
100
102
26
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375
422

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1/31

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101

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http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

'67

246
ioa

45
Pages
FRBank of Philadelphia: (Continued)
Staff: (Continued)
Hutt, Wm. H., salary as Deputy Governor
LaBold, Frank W., salary as Assistant Cashier
McCreedy, Wm. G., salary as Comptroller
McIlhenny, C. A., salary as Cashier and Secretary
Miller, R. M., Jr.. salary as Assistant Cashier
Mullen, James A., leave of absence on account of illness
extended
Norris, George W., Governor:
Leave of absence for three months, action of directors
of bank approved
Salary recommended
Salary not yet approved, old salary to remain in
effect
Salary approved at $27,000
Post, Arthur E., salary as Assistant FRAgent
Pritchard, A. C., salary increased as head of Currency
Department
Toy, James M., salary as Assistant Cashier
Vogt, George F., extension of leave on account of illness
Williams and Sinkler, retainer as Counsel
p„, stock: (See Stock)
"
4ank of Richmond:
Bans in district granted permission to carry reduced reserves,
review of
Budget for operation of statistical and analytical functions
for 1928
D
irectors: (See Directors)
Examination as of Jan. 4
Report of committee on list of banks shown as in
unsatisfactory condition
Punctional expense reports, data to be published in report to
stockholding banks
Investment securities to be sold in open market to aid in
checking inflation
Letter from FRAgent on amount of securities
Securities to be marketed through Open Market Investment
Committee
Letter to Governor of FRBank of Richmond confirming telephone
conversation
Rate, rediscount, resolution on raising of
Rates: (See Rates)
Staff:

10
10

46
10

Barnes, Viola, extension of leave on account of illness for
thirty days
Extended for thirty days
Broaddus, R. H., salary as Deputy Governor
Broughton, A. M., employed in Bank Relations Department,
salary of
Cherry, R. L., salary increased


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1/31
1/31
1/31
1/31
1/31

103
103
103
103
103

6/19

488

1/5
1/31

13
103

2/1
3/28
1/31

115
270
102

6/12 467
1/31 103
4/24 338
1/31 103

2/21

171

2/27 179
5/24 416
5/28

435

1/18

55

4/13 315
4/17 321
4/24

345

4/27 352
1/13
33

1/16
42
2/10 146
1/25
86
2/14 151
6/22 501

46
FRBank of Richmond (Continued)
Staff: (Continued)
Crawford, M. L., salary increased
Dillard, W. W., salary as Assistant Cashier
Epes, T. F., salary as Auditor
Faison, Asa B., leave on account of illness extended
Fry, J. G., salary as Assistant FRAgent
Garrett, J. T., salary as Manager of Bank Relations Department
Hoxton, Wm. W., salary as FRAgent
Johnstone, A. S., salary as Manager of Personnel and Service
Departments
Keesee, G. H., salary as Cashier and Secretary
Peple, C. A., salary as Deputy Governor
Salmon, Blanch, leave on account of illness extended
Seay, Geo. J., salary as Governor
Talcott, Mary G., leave on account of illness extended
Leave extended
Walden, J. S., salary as Controller
Wallace, M. G., salary as Counsel
Waller, E., Jr.. salary as Assistant Cashier
Whitmore, H. L., salary increased
Stock: (See Stock)
FRBank of St. Louis:
Banks in district granted permission to carry reduced reserves,
review of
Budget for operation of statistical and analytical functions
for 1928
Rates: (See Rates)
Staff:
Attebery, 0. M., salary as Deputy Governor
Biggs, D. C., salary as Governor
Debrecht, A. E., salary as Assistant Auditor
Gilmore, S. F., salary as Controller
Haill, A. H., salary as Controller
Hall, F. N., salary as Controller
Hollocher, G. 0., elected Controller to succeed J. W. Rinkleff
Jolley, Charles, extension in leave on account of illness
Maguire, F. P., appointed Assistant Examiner
Martin, Wm. McC.:
Salary as FRAgent
Vacation to begin June 11
McConkey, J. G., salary as Counsel and Secretary
Novy, E. J., salary as Auditor
Rinkleff, J. W.:
Advice of death of
Leave on account of illness extended
Extended for thirty days
Extended for thirty days
Extended for thirty days
Salary as Controller
Schacht, C. A., salary as Controller
Stewart, C. M., salary as Assistant FRAgent

http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Pages

6/22 56
1/25
1/25 8
6/19 481
1/25
1/25 8
1/25
1/25 8
1/25 ,
1/25
6/19 4
1/26 - 6
3/12
4/17 5;
1/25
1/25
1/25
6/22 °'

2/21
2/27

1/25
1/25
6
1/25
1/25
6
1/25
1/25
46
6/12
1/26
3/2

1/25
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4/4
5/2
6/7
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1/25
1/25

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0
0

47
Pages

8
6

1
1
1

FRBank of St. Louis (Continued)
Staff: (Continued)
Zeller, Robert, extension of leave on account of illness
Leave extended
PRBank of San Francisco:
Budget for operation of statistical and analytical functions for
1928
Directors: (See Directors)
Expense of simultaneous entry examination of Valley Bank of
Phoenix, Ariz., arrangement approved
Pees and allowances for directors for attending meetings at
head office and branches
PRnotes, reserve stock of unissued to be increased to $90,000,000
Meeting of directors not held due to lack of quorum
Progressive penalties for continued deficiencies in reserves,
resolution of board of directors
Rates: (See Rates)
Salaries of officers for 1928, action deferred
Discussed with Secretary of Treasury, to be acted on at
same time as New York
Staff:
Agnew, A. C., retainer as Counsel
Ambrose, W. N.
Salary as Cashier
Transferred to Los Angeles Branch as Managing Director
Bold, F. C., salary as Assistant Cashier
Calkins, J. U., Governor:
Present at meeting of FRBoard to submit resolution on
building for Los Angeles Branch
Salary recommended
Salary not yet approved, old salary to remain in
effect
Letter from FRAgent on
Approved at $30,000
Clerk, Ira, salary as Deputy Governor
Day, W..A., salary as Deputy Governor
Earhart, C. E., salary as Assistant Cashier
Hale, W. M., transferred from Los Angeles Branch as
Managing Director to be Cashier at head office
Hardy, R. T., salary as Auditor
Holmpn, F. H., salary as General Auditor
Johnson, Clifford, L., leave on account of illness extended
Lane, Lee L., leave on account of illness extended for
two months
I ailliard, E. C., salary as Assistant Cashier
Mangels, H. N., salary as Assistant Cashier
Newton, Isaac B., salary as FRAgent
Osmer, J. M., salary as Assistant Cashier
Phillips, C. D., salary as Assistant Cashier
Sargent, S. G., salary as Assistant FRAgent
Sproul, Allan, Salary as Assistant FRAgent
Stock: (See Stock)


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

3/20 246
4/13 311

2/27

179

3/22 258
1/13
1/5
1/21

35
13
61

1/13

35

1/25

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1/25

93

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104

1/31 104
3/12 230
1/31 104

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1/31

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103

2/1
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4/24
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336
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1/31

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0):
1(
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1/31 104
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48

pages

FRBanks:
Assessment on, for expenses of FRBoard
6/12 46
Budget for operation of statistical and analytical functions for
1928
2/27 17'
Charters, S. 1574 to repeal section of McFadden Act granting
indeterminate
1/31 10'
reports
Condition
to show shortages, embezzlements, etc.,
suggested by Assistant Attorney General
6/7 g
Referred to Comptroller of the Currency
6/26 51
Dividends as of June 30, 1928, payment approved .
6/26 5
Examinations, Caief Examiner directed to make at least one during
V'
year
2/7
Leave of absence to employees extended because of sickness to be
reported by all FRBanks at end of eacn month
5/28 42
1
Percentages of participation in foreign accounts
1/7
of
Salaries
officers for 1928, special order for meeting on
Jan. 25
1/23 7
Considered and approved
1/25
Salaries paid officers, request of Committee of Banking and
Currency of House in considering Federal
Reserve Retirement Bill
Salaries to remain in effect each year until new salaries are
approved
classification
plan of FRBank of New York, circular letter
Salary
on adoption by all FRBanks
FRBoard:
Annual report, draft submitted, amended, and ordered sent to
printer for galley proof
2/27 1
3/5 2C)
FRAct
to be recommended in
Amendments to
Recommendations of Executive Committee approved
3/6
21,
Memo of Counsel submitting draft of recommendations
3/9
22
Galley proofs received from printer
3/9
Galleys considered and approved for page proofs, date of
submission to Congress and release to press
referred to Governor
3/12 2S'
Committees: (See Committees)
for4
Expenses, assessment on FRBanks
6/12 6
Gold Settlement Division, purchase of adding machine, for use in
1/16 '
Library, volumes on money and banking loaned by Library of
Congress, request for return
6/12 46
Meetings held on summer schedule on Tuesdays, Wednesdays and
Thursdays
5/31 44
Members:
Bill S. 3508 to increase number of, letter to Banking and
25
Currency Committee of Senate on
4/4
Cunningham, E. H.:
1
Expiration of term as member of Executive Committee
1/4
Leave of absence to complete convalescence from recent
illness
5/28
Resolution introduced on discount rates and restricting
9
credit to banks making loans to brokers
1/26
Revised resolutions submitted, referred to Governor
for report
2/2

http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

49
Pages
PRBoard: (Continued)
Members (Continued)
Cunningham, E. H. (Continued)
Resolution introduced, etc., (Continued)
Report of Governor on methods of securing information
Item to be included in call report form beginning
in October
Statesment in explanation on vote on change in rediscount rate at FRBank of Richmond
Statement on vote opposing advance in rediscount
rate at FRBank of Chicago
Hamlin, C. S.:
Circular letter to FRBanks to make statement on amount
of paper held under discount secured by
collateral, etc.
Designated member of Executive Committee for three
months
Dictionary received by, to be placed in Board room
Power of FRBoard in regulating purchases and sales of
Government securities, statement on
Invited to appear at hearing on Senate Resolution 113,
based on excessive use of Federal
Reserve credit in making speculative loans
Subject of resolution discussed and letter for
signature of Secretary of Treasury to be
prepared by Governor
Report of Governor on appearance before Banking and
Currency committee of Senate
James, George R.:
Expression of views on possible changes in rediscount
rates to be sought
Letter giving views of changes in rates and also in
security holdings
quotation from letter
Statement on vote on change in rediscount rate at
FRBank of Boston
Statement on brokers loans, open market investment
account, discount rates, daily computation
of reserves
Made special order for May 24
Postponed to next regular meeting
Made special order for May 31
Plan discussed, no final action taken
Miller, A. C.:
Absent from meeting to attend hearing on Strong
Stabilization Bill
Again absent to attend hearing
Amendment to Regulations to fix minimum limitation on
advances to member banks on promissory notes
Counsel to prepare draft of regulation and to be
submitted to directors of FRBank of New York
Bank of Roumania, statement on
National
Credit to
opposition to
Executive Committee, to serve for three months


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

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147

5/28

425

1/26

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1/24

78

3/12 233
1/4
10
6/12 479
4/27

348

3/3

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3/5

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439

5/2
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PRBulletin: (Continued)
Form evidencing eligibility of bankers acceptances, ruling on
changes to be published in
Reserves against dividends declared but not paid not necessary,
ruling to be published
Statement on change in Regulation A as result of amendment to
Sec. 13 of FRAct to be published in
Material for publication submitted by Counsel and approved
Federal
Reserve Clubs, appropriation by FRBank of Atlanta for welfare
work at head office and branches
PRnotes:
PRBank of San Francisco, reserve stock of unissued to be
increased to $90,000,000
Issuing of new size notes, report of Assistant Secretary Bond
on program for
L gen th of time
requirements of each FRBank can be met for each
denomination from stock of unissued
Reference
to redemption qualities on new reduced size notes,
wording of
Situation at Bureau of Engraving and Printing and placing of
delivery orders for May and June, letter
from Mr. Mellon on
Reply of FRBoard that orders would be placed as requested
SuPPly kept on hand in Washington, and letter from Assistant
Secretary of Treasury on date for issuing
size currency
new
l'ederai
pichiej, Reserve Retirement Fund: (See Pension bill)
ml rY powers:
'
6111k of America National Association, New York City, application
approved upon conversion
BA)11,m---- of Hoquiam, Hoquiam, Wash., application approved
-uanks granted general power have right to act in any fiduciary
capacity enumerated
Citizens National Bank, Los Angeles, Calif., application approved
CitY National Bank in Miami, Fla., requirements to qualify for
exercise of fiduciary powers
, APplication filed without action, memo of Counsel on
"mmercial Exchange National Bank in New York, application referred to Executive Committee
u
Application approved
4dist0 National Bank, Orangeburg, S. C., co-administrator of
estate involving cash in savings department
of bank
P
4rmers National Bank, Colfax, Wash., permission to act as
guardian of estates, other powers deferred
Pe
deral Commercial and Savings Bank, Port Huron, Mich.,
attitude of Board on change of title to
Federal Bank and Trust Co.
Rtint 4
-,
-ngton National Bank, Columbus, Ohio, general powers granted
but power of committee of estates of
lunatics refused


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Federal Reserve Bank of St. Louis

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6/22 502
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53
Pages
Poreign banking corporations: (Continued)
First Federal Foreign Investment Trust:
Acceptances, request for permission for granting of
Regulations of FRBoard prohibit such business when
corporations have debentures outstanding
Draft of letter to Corporation approved
Brazil, subsidiary corporation in, difficulty in organizing
Capital stock, increase approved
Change in title being considered, views of FRBoard on
Letter to corporation reconsidered
Advised that Board will not approve elimination of word
"foreign" from title
Memo of Counsel with draft of letter to Corporation
advising of action
Investments in bonds of domestic corporations
Reply of FRAgent at New York giving views on plan
Reply of FRAgent considered and noted
FRBoard will not consider such investment not in excess
of 10 per cent excessive
Draft of letter to Corporation approved
Investment of funds in stock or securities of any corporation,
proposed amendment to Sec. 25 (a) of FRAct
Reply of FRAgent at New York on plan
Letter of FRAgent considered and noted
Law committee to prepare reply to Chairman of
Corporation opposing amendment
Reply to corporation presented by Counsel and approved
Stock owned by, legality of, final action to be deferred
until return of General Manager
Stock of National Zinc Co., memo of Counsel on holding of
Foreign Financing Corporation, new title approved for United
States Foreign Financing Corporation
international Acceptance Bank, Inc., plan to organize holding
company for stock not owned by member banks
Holding company not to be organized, entire stock of
International Acceptance Trust Co., to be owned
by International Acceptance Bank, Inc.
Advice of increase in capital and. surplus of International
Acceptance Trust Co.
Exchange Bank, application for approval
Mercantile
International
and reservation of title
Memo of Counsel objecting to use of word "bank" in title
International Trading Bank, letter from Mr. Julius Spiegel on
organization of
Draft of reply prepared by Counsel, approved
United States Foreign Financing Corporation, resolution that
articles of association and organization
certificate be not approved
Report of Mr. Eddy on visit of Mr. Ormsby McHarg, attorney
for organizers, who wishes to present additional
information
Mr. McHarg advised to submit information in writing and reply
of Mr. McHarg

http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1/31 109
2/7
2/8
3/20
6/1
5/18
5/18

135
143
246
443
401
402

6/12 477
6/26
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6/12 476
6/19 490
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6/12 477
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54
Foreign banking corporations (Continued)
United States Foreign Financing Corporation (Continued)
Reply to letter from Mr. McHarg to submit substitute articles
of association and organization certificate
New investigationon basis of substitute documents
Report of FRAgent at New York on investigation of additional
names in new documents
Substitute articles of association and organization certificate not approved
Letter from Mr. McHarg demanding action in case
Letter to Mr. McHarg advising of action of FRBoard
Suit filed in Supreme Court of District of Columbia to force
Board to issue certificate to commence
business
Employment of Newton D. Baker as Special Counsel in case
Letter from Senator Edge on provisions of Section 25 (a)
of FRAct
Demurrer filed by organizers to answer filed previously by
FRBoard, report of Governor on
Fee of Mr. Newton Baker for services as Special Counsel
Amended answer to suit presented by Mr. Wyatt and approved
Request to amend articles of association to show change in
title
Mr. Newton Baker present at meeting of FRBoard and change in
title approved
Foreign banks:
Balances held by member banks with, revocation of ruling on method
of reporting requested by Mr. Kent
Banca dlItalia, agreement by banks of issue to purchase prime
commercial bills, copies of
Bank of France, to make withdrawals of gold from New York and
London
Gold held earmarked by FRBank of New York to be shipped to
Paris amounting to $93,000,000
Government securities, request for sale of $50,000,000 of
Request for earmarking of $50,000,000 of gold bars by FRBank
of New York
Bank of Greece, account opened by FRBank of New York for
National Bank of Rumania, credit to be extended by central banks,
participation by FRBank of New York
Details of credit, letter from Mr. Harrison on
Mr. Harrison at meeting of FRBoard to discuss credit
Conference of Governor Young and Mr. Harrison with officials
of State Department, no objection to
participation by FRBanks
Credit approved
Statement of Mr. Miller apposing credit
Foreign branches: (See Branch banks, foreign)
Forms:
Clayton Act, revision because of new amendment, approved
Earnings and call reports, Mr. Smead to hold conference with
committee of FRAgents on devising
standard forms
(See also Condition reports)

http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

page!,

2/2
2/3

is

2/27
3/6
3/7
3/7

4/4
4/13

26

31!

4/24
4/24
4/24
5/18

6/1
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6/7
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6/13
6/13
6/1

40

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3/30
3/31
201
4/2

4/4
4/4
4/4

3/ 8
3/9

55
Pages
Puzctional expense figures of FRBank of Richmond, data to be furnished
in report to stockholding banks

1/18

55

3/26

266

3/28

273

11 G11

Gl..

Senator Carter, request for copy of digest of proceedings held
by directors of FRBank of Dallas
Request that Mr. E. B. Stroud be authorized to visit him to go
over record
Gold:

454

Bank of France to make withdrawals from New York and London
Exports and increase in Federal Reserve Credit, letter from
Mr. Case on
Held by FRBank of New York for Bank of France to be shipped to
Paris amounting to $93,000,000
Movements during 1927, table of gold imports and exports, and
of gold earmarked
Movements during January and February, report of FRBank of
New York on
Movements during May, letter from Deputy Governor of FRBank of
New York on
Request of Bank of France for earmarking of $50,000,000 of gold
bars
Win,dispatch in Evening Journal on losses of FRBank of Dallas,
telegram from B. A. McKinney re
GOV
"irrIment securities:
Report of sales of: (See Committees, Open Market Investment)
Go_ Request of Bank ofFrance for sale of $50,000,000
GrIErnors Conference: (See Conferences)
at Falls Manufacturing Co., Boston, eligibility of notes for
rediscount
OZ17 G. E., letter on acceptance for dollar exchange of drafts
drawn by financial officers of foreign
countries

2/27 181
4/27 352
6/7
1/21
3/9

458
64
227

6/12 471
6/13 483
3/7

223

6/13 483

5/28

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6/26 510

111111

0‘.1

14gs.
Committee of Banking and. Currency of House:
Strong Stabilization Bill, members of FRBoard invited to
attend
appearing
before Committee
Miller
Mr.
Other members of Board to be invited to appear
Mr. Miller again attending hearing
Committee of Banking and Currency of Senate:
Senate Resolution 113 on excessive use of Federal Reserve
credit in making speculative loans,
members of FRBoard invited to be present
resolution
discussed and letter for signature
Subject of
of Secretary of Treasury to be prepared by
Governor
Report of Governor on appearance at hearing


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

3/14
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Pages
liornblower, Miller and Garrison, application for reservation of
title "Federal Discount and Investment
Trust" for Edge Corporation
Referred to law committee

4/27 353
5/18 401

"I"
Illstitute of International Finance, question of inviting Mr.
Goldenweiser to become member of
Advisory Council of
,. Advised not to invite Mr. Goldenweiser to become member of Council
!I "district time schedules: (See Time schedules)
erlodking directorates:
Amendment to Sec. 8 of Clayton Act, provision to exempt
Joint Stock Banks not to be included in bill
Bill to be recommended in Annual Report
Passed by Senate and in hands of Secretary of Treasury to
be transmitted to President
Enacted and signed, revision of Regulation L as result of
To be published in FRBulletin
Printing in separate pamphlet authorized
Amendment to Clayton Act proposed to exempt Joint Stock Land
banks from provisions of
Reply of Mr. Meyer to letter from FRBoard expressing approval
of amendment
APplications approved involving Bank of America of New York,
effect of conversion and consolidation
Opinion of FRAgent that no action by FRBoard is required
APplications approved:
Abernathy, Taylor S.
Adams, Austin L.
Adams, C. F.
Adams, William P.
Adler, Ernest N.
Akers, John S.
Aldwell, E. C.
Alig, Cornelius 0.
Allison, John D.
Atterbury, W. W.
Bacigalupi, James A.
Baird, Julian B.
Baker, Walter H.
Ball, Ben C.
Ballantine, Ralph W.
Bascom, Charles E.
Benson, Philip A.
Benson, T. B.
Bermes, Daniel W.,
Berryman, J. W.
Bidkelhaupt, Adam
Bindley, Edward H.
Birge, F. A.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

2/1
2/3

114
126

3/5
3/5

205
208

3/9
3/22
3/22
3/28

227
251
256
273

3/22

258

4/9

303

5/28 428
6/12 470
5/14
1/31
1/25
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6/12
6/19
5/18
5/14
6/7
4/24
5/18
5/14
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386
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346
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386
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165
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58

VIZ°

Interlocking directorates: (Continued)
Applications approved: (Continued)
l
6/26 t
Black, Frank B.
5/1 #P8 t
Blauer, W. E.
'Or
5/24
Bloch, Jesse A.
6/12 4e
Bond, Charles G.
111
1/31 40
Bowen, J. Whitney
5/28 191
Bowman, E. A.
3/2 „al
Boyd, Charles L.
14 '2'4
Boyd. Robert m., Jr.5/
5/
'1081
Bracken, Robert
40
6/1
Brownell, Francls H.
1/16 1
Bullitt, Orville H.
51"
6/26
Burke, William F.
2/18 16
Carlisle, Floyd L.
lli
4
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Carr, Harry C.
5/18
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g
5/28 r
Case, F. E.
1/13
Chamerlain, F. A.
2/14 166
Chapin, John R.
vA
40g
1113
Clarke, H. C.
5/18 of
Cochran, James W.
5/14 0
Cochran, W. S.
1/21 10
Coffman, Lotus D.
3/2 40
Cogswell, Ledyard, Jr.
6/19 40
Coleman, S. Waldo
1/13 0
Cooke, Elbridge C.
1/25 $0
Corbett, Henry L.
5/11
OwA
1
Corbin, Alfred 0.
0
3/5
Couch, H. C.
1/9 04
Crawford, William
1
0
5/14 ,
Crist, Ernest
ii
Pl
i
5/14
Davis, Charles C.
0
2/27
Davis, Samuel C.
5/14 46,1
Dodd, Allison
611 10
Durell, George B.
3/2 40
Durell, H. L.
491
6/12
Eccles, M. S.
4e
6/19
James
A.
Eldredge,
6/12 40
Elliott, A. G.
6/19 10
Enright, John M.
3/6 0
Eppinger, Albert C.
/14
Evans, Edgar H.51
30
Evans, John
5/2 0
6/26 0
Evans, L. O.
2/7 4of
Fawcett, Will S.
5/18 199
Fisher, Victor S.
3/2 0
Franklin, Wirt
40
2/7
French, Edward S.
0
6/12
Frost, J. H.
6/12
Frost, T. C.

http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

bite
rlocking directorates (Continued)
APplications approved: (Continued)
Fultz, Charles M.
Gardner, Frederick D.
Gardner, James P.
Gauding, Alfred F.
Geary, Edward H.
Gildehaus, H. W.
Goelet, Robert
Greenwald, Oscar
Griffiths, George W.
Gross, Harvey A.
Guarini, Raymond
Hale, Marshal
Hansen, Abel
Hardy, A. B. C.
Harriman, Joseph W.
Harwick, H. J.
Hattersley, Willis
Hayes, James J.
56
Hays, Robert R.
0
Hazeltine, Arthur N.
Hazzard, E. N.
Heard, J. S.
Henderson, Joseph W.
Heiner, D. B.
Hendrick, A. W.
Highland, Alex.
Hill, John C.
Hille, William G.
Hills, Edgar S.
Hinman, Thomas P.
Rogan, John H.
Holland, Travis
Hollander, Michael
Honeywell, Mark C.
46!
Hopper, W. W.
Hornbrodk, Henry H.
401,
Huffines, R. L.
49°
Hull, Louis K.
0
491
Jaffray, C. T.
Jeffries, Sam B.
Jenkins, Edward E.
Jerman, B. S.
Jones, Richard W.
Kasten, Walter
Kaths, F. C.
Kelley, G. A.
Kerdkhoff, Wm. G.
Killough, Robert
King, J. Floyd
Korndorfer, Raymond L.

40


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

59
Pages

5/14
6/19
1/21
5/14
5/18
2/7
1/4
5/14
5/14
6/19
2/10
6/12
5/14
2/18
5/14
1/13
2/27
6/19
2/3
2/7
6/12
6/12
5/14
6/26
5/18
1/31
6/26
6/1
6/7
2/27
5/14
5/14
5/14
5/14
5/18
5/14
5/14
3/2
1/13
1/13
6/19
1/31
5/14
5/14
1/21
1/21
5/14
5/18
5/14
5/28

385
496
68
387
407
140
10
385
385
497
149
464
384
165
384
40
183
498
126
139
481
480
384
516
409
111
515
452
461
184
385
387
384
385
409
387
383
199
41
40
496
111
384
387
68
68
386
409
387
437

60
Interlocking directorates: (Continued)
Applications approved: (Continued)
Krutckoff, Charles
Lane, Mills B.
Langworthy, H. M.
Lee, Elisha
Lee, W. H.
Lenz, J. Mayo
Leslie, Gaylard M.
Lett, Everett
Lilly, R. C.
Lindsley,H. K.
Lisman, F. J.
Longmoor, Stanley A.
Machen, Harry L.
MacMillan, Fred C.
MacNaugnton, E. B.
McGlinn, William J.
McGregor, W. Eugene
McHugh, John
McLaren, Kenneth K.
McNut, Harry F.
McPherson, F. K.
Medart, Walter R.
Metzger, Frederick D.
Meyer, A. C. F.
Migliavacca, Jos. A.
Mills, A. L., Jr.
Mindnich, Charles M.
Mitchell, R. V.
Morris, Effingham B., Jr.
Morrissey, T. A.
Mossman, William E.
Mount, A. J.
Mulkerin, John J.
Nash, Philip I.
Needle, Harry
Nesbit, Scott H.
Neville, E. L.
Nevin, Joseph A.
Noble, Archie E.
Northup, Wm. G.
Nuckols, Henry W.
Oace, John A.
Ober, Edgar B.
Packard, C. S. W.
Paine, A. G., Jr.
Paine, C. A.
Parker, Edwin B.
Patton, Ludington
Paul, Henry C.
Pauly, P. J.

http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Pagel

5/14
W
6/1
10
2/14
4V
5/24
g
,
1/13 A
5/14
18
2/27
5/14 58
5/14 58
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5/24 yl

6/26 g
5/14 0
1/18 g

5/14 0
2/27 0
2/7

61
Pages
hite
-/-g directorates: (Continued)
ncleAln
41PPlications approved: (Continued)
Perkins, Merritt G.
Phelan, James D.
Phillips, B. D.
Pierce, H. Arnold
Pillsbury, C. S.
Rastetter, William C.
Read, William T.
Reed, John E.
Reinitz, Maurice
Reitz, W. C.
Rice, W. M.
Rideaut, Dunning
Ritchie, Alan A.
Rives, C. G., Jr.
Rolapp, Henry H.
Romfh, E. C.
Romy, Robert L., Sr.
Rose, George L.
Rossmassler, Walter H.
Rowan, Charles A.
Rugg, Robert Billings
Rust, Edgar C.
Sabin, Edward R.
Sandera, Frank M.
Saxton, W. G.
Scatena, L.
Schilling, Francis A.
Schlake, William
Schmitt, Louis L.
Scholes, L. W.
Shepard, Roger B.
Shoup, Oliver H.
Shuford, A. Alex.
Sibley, Harper
Siewert, Henry J.
Silzer, Parker W.
Simon, Joseph
Sivright, H. H.
49'
41
Slape, John C.
Slick, T. B.
Smith, J. Willison
Smith, Walter W.
411,
Stair, E. D.
5P1
Stanffer, H. M.
Stern, Charles F.
Summers, T. J.
Taylor, Vernon F.
Thatcher, M. D.
Thompson, W. L.
Tiffany, J. Raymond

http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

5/14
5/24
5/16
1/16
1/13
2/27
2/7
5/14
3/2
2/7
1/4
6/12
5/14
6/1
6/19
2/10
5/14
5/14
1/21
2/14
1/21
2/7
5/14
5/14
5/28
5/16
5/14
5/14
6/19
5/14
2/10
5/14
6/7
3/2
2/27
5/24
1/25
5/14
5/14
5/14
5/28
2/27
2/27
2/27
5/18
6/7
5/24
1/7
1/25
6/19

383
417
409
49
40
183
139
386
199
138
10
463
386
452
496
149
386
383
68
155
69
138
384
385
436
408
384
385
496
386
149
383
461
198
182
417
95
386
383
383
437
184
184
184
407
461
417
19
95
498

62
Interlocking directorates: (Continued)
Applications approved: (Continued)
Tredway, W. T.
Trumbull, Walter H. Jr
Turnbull, Henry P.
Tuttle, Howard B.
Tyler, George F.
Urbauer, Hugo, F.
VanBuskirk, DeWitt, Jr.
Van Derlip, John R.
Vandervort, Malcolm S.
Van Dyke, John C.
Van Valkenburg, Jesse
Vesey, William J.
Waggoner, W. T.
Wakefield, L. E.
Walker, Bradford H.
Waters, Daniel F.
Watson, Harold D.
Webb, Robert W.
Webber, William W.
Weckbach, E. J.
Weesner, H. R.
Wells, Stuart W.
Wente, C. F.
Whittemore, C. McK.
Wilding, Charles A.
Winston, F. G.
Wolf, Leo
Woodard, Graham
Wurst, Perry E.
Yager, Prank W.
Youngman, Thomas
Applications refused:
Belk, W. H. (temporary)
Ledbetter, Joe
Mays, Ben
Forms for administration of Clayton Act revised and to be
printed
Miscellaneous:
Bloch, Jesse A., action on application deferred
Application approved
Crocker, William H., no new application necessary because
of consolidations of banks
Fisher, Victor S., action on application deferred
Ford, Eugene E., new application not necessary
Geary. Edward H., action deferred
Hale, Marshall, application referred back to Law Committee
Application approved
Herrick, Parmely W., application to be approved if connection
with one of institutions is severed
Action on application deferred pending amendment to
Clayton Act

http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

pago
6/19 40
2/14 10

5/14 30
1/13
11
2/1
lg
2/7 10
2/14
0

1/13

6/26

5/14 30

1/26
2/27
6/1
1/13
5/14
5/14

10
40
0
30

3/2
Viz

40
490

6/1

30
0
0
1/13 40
5/18
16°
2/18
2/27 46
1/13 499
6/19
5/14

5/14
1/10

6/26
1/21 40
6/19
99
1/21 589
6/26 60
'
6/26

300
3/29
1/4
5/24
6/12
1/21
3/24
1/31
5/18
6/12

194
3/2
3/30

63
Pages

14ten„
i, -cKing directorates: (Continued)
xiscellaneous: (Continued)
Iselin, Ernest, application to be approved when filed
Kerdkhoff, William G., to be given opportunity to file
application
Mayham, Ray E., new application not necessary
McCune, Samuel L., new permit not necessary
Rideout, Dunning, action on application deferred
Application returned to Law Committee and letter to
FRAgent at San Francisco to be prepared
Application approved
1
Rives, C. G., action on application deferred
9
aftY, Robert L., Sr., action on application deferred pending
amendment to Clayton Act
0
Seibig, Arthur H., new permit not necessary
Shelton, T. M., application returned to FRAgent at
0
Richmond for recommendation
99
Walker, Bradford H., action on application deferred
g
Wetmore, Frank 0., application referred back to Law
9
Committee
Action deferred
be,,
v
t Young, H. Lane, action on application deferred
0 "
011ation L revised because of amendment to Clayton Act
To be published in April FRBulletin
4)0'
1F 14te,, Printing in separate pamphlet authorized
09 Iter
'
qational Acceptance Bank: (See Foreign banking
corporations)
0 14te,liational Acceptance Trust Co.: (See Foreign banking corporations)
49B Iti"Itional Trading Bank: (See Foreign banking corporations)
cotton stored in, request of Lee, Higginson and Co., to draw
0 t
bankers acceptances for financing
0 "PlY of FRBoard with ruling approved
40

6/13 484
3/2
3/2
1/9
3/6

193
192
21
217

5/18 393
6/12 463
1/21
65
2/27
1/9

174
21

6/26 505
3/5
203
1/16
3/22
6/12
3/22
3/22
3/28

46
258
465
251
257
273

2/18
3/20

168
247

oirt
t Stock Land Banks, suggested amendment to Clayton Act to
0 1.
exempt from provisions of
A ;
letter to Hon. Eugene Meyer on amendment
°14.4r expressing approval of Federal Farm Loan Board to
amendment

26
101

1Pr
ed I., request for revocation of ruling on reporting balances
held with foreign banks by member banks

3/5
205
3/22 258
4/9

303

6/12 478

ulan
resolution: (See Legislation, Senate Resolution 113)

191'111 Railroad Co. v FRBank of Atlanta, recent development in case
involving validity of Regulation J
21


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

6/7

460

64

pigs'

League of Nations:
Economic and Financial Section, Conference at Bank of France
to study monetary and bank statistics,
2/14 1°
Mr. Goldenweiser to attend
Letter to State Department on attitude toward proposed
2/27
representation
Invitation to conference on economic statistics, letters from
Department of State on
6/22 0
6/26
reply approved
of
draft
Revised
Leave of absence to employees of all FRBanks extended because of
5/28
sickness to be reported at end of each month
Lee, Higginson and Co., desire to draw bankers acceptances for
el
2/20 lot
financing storage of cotton in Italy
I
'
3/2°
Reply submitted by Counsel with ruling of Board approved
Legislation:
Clayton Act: (See Interlocking directorates)
Cuban bank law: (See Cuban bank law)
FRAct, amendments: (See also FRAct)
Proposed amendment to Sec 25 (a) on investment of funds by
5/18
foreign banking corporations
5/22
Reply of Mr. McGarrah to letter from Board on
6/12
Letter of Mr. McGarrah considered and noted
Law Committee to prepare reply to Chairman of corporation
6/12
opposing amendment
6/19
Reply submitted by Counsel and approved
Banks
Land
H. R. 6491, suggested amendment to exempt Joint Stock
from provisions of Clayton Act not to be
3/5
included in
3/5
of
FRBoard
Bill to be recommended in Annual Report
be
to
of
Treasury
Secretary
Passed by Senate and in hands of
3/9
transmitted to President
3/22
Enacted and signed, revision of Regulation L as result of
3/22
To be published in FRBulletin
3/28
Printing in separate pamphlet authorized
H. R. 10151, proposed amendment to Sec. 9 of FRAct to make
State bank members depositaries of public
4/27
moneys, etc.
Report of Governor of discussion of bill with Banking and
5/2 41;
Currency Committee of Senate
5/24
Amendment to be published in FRBulletin
12349, to increase maximum maturity on advances to member
R.
H.
banks, draft of letter to Committee on
4/9 0'
1
Banking and Currency of House
4/24
Letter approved and ordered transmitted
401
H. R. 13153, that transferor of negotiable instrument transferred
5/18
to national bank be preferred creditor
Reserve requirements, program for solution of problems in connection
5/01
with
Revised Statutes: (See Revised Statutes)
Senate Resolution 113, excessive use of Federal Reserve credit
in making of speculative loans, FRBoard to
3/0
be represented at hearing

http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

65
Pages
Leal
o saation:

(Continued)
Senate Resolution 113: (Continued)
Subject of resolution discussed and letter for signature
of Secretary of Treasury to be prepared
by Governor
Report of Governor on appearance before Bankingand Currency
Committee of Senate on
Seaaue
4
Resolution 142 authorizing construction of building for
Los Angeles Branch, approved
8ftiate Resolution 152 to investigate administration of affairs
of FRBank of Dallas
Investigation to be conducted by Senators Glass, Sackett
and Steiwer
Request of Senator Glass for copy of digest of proceedings
of hearing
Request of Senator Glass that Mr. E. B. Stroud visit him to
go over the record
S. 791
to incorporate Federal Reserve Retirement Fund, letter to
Banking and Currency Committee of Senate
81 1574, to amend Sec. 4 of FRAct on charters of FRBanks, letter
to Banking and Currency Committee of Senate
3. 1929, to amend Sec. 13 of FRAct, letter to Banking and
Currency Committee of Senate
Draft of letter to Banking and Currency Committee of House on
Letter approved for transmittal
Bill passed and statement to be published in FRBulletin on
change in Regulation A
S.Statement approved for publication in Bulletin
3024, to provide for establishment of Federal Cooperative Banks,
Etc., memo of Counsel on
S. :xq„
-uvo, to increase number of members of FRBoard, etc., memo
of Counsel on
r
-°11E Stabilization bill to stabilize purchasing power of dollars,
etc., revision of
R. R. 11806, advice of hearings on, and members of FRBoard
invited to attend
Discussion of bill, report of Dr. Goldenweiser on business
and credit conditions
Mr. Miller absent from Board meeting to attend hearing on
Other members of Board to be invited to appear before
Committee of Haase
Ibrea„, Mr. Miller again appearing before Committee
of Congress, letter asking reconsideration of request for
return of volumes loaned to library of
to11/4:
FRBoard
131‘c)Icer8•
Discussion of steady increase in amount of
Resolution of Mr. Cunningham on restricting credit to banks
making
Revised resolutions submitted, referred to Governor for
report


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

3/5

201

5/2

360

5/18 400
2/27 173
3/3

200

3/26 266
3/28

273

1/31

109

1/31

109

1/31 109
4/9
304
4/24 343
6/19 492
6/22 502
4/4

296

4/4

296

2/28

185

3/14 239
3/16
5/2

242
358

5/2
5/3

361
368

6/12 469

1/9

23

1/26

96

2/2

117

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http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

•

67
Pages
ex._
banks; (Continued)
Condition reports to show shortages: (Continued)
Referred to Comptroller of the Currency
List in Atlanta and Richmond districts showing impairments of
capital and surplus on examination report
(Sse also National bank; State member banks)
46,0,
ivIere 9 FRBoard; (See FRBoard)
er
Rh 4
A —4
3 in FRSystem:
lunerican State Bank, Frankenmuth. Mich., application referred to
Board without recommendation
Application for membership approved upon increase in capital
and surplus
4T1ications in cases of consolidation of member and nonmember
banks in Pennsylvania, circular on
11144c of Cheraw and Chesterfield County, Cheraw, S. C., application withdrawn
11"ks admitted after passage of McFadden Act, subject to conditions of membership under new Regulation H
irst State Bank, Wolfe City, Texas, application approved
Gliartulty State Bank, San Antonio, Texas, extension of time for
complying with conditions of membership
Lib
-er,q State Bank and Trust Co., Mt. Carmel, Pa., conditions
accepted by bank, no objection to purchase
of stock in National City Bank
erger of La Grange State Bank and La Grange Trust and Savings
94
Bank under new charter
iletional banks: (See National banks)
13"Ples Wayne County Bank, Detroit, Mich., application approved
p Filing of supplemental information waived
rovident Trust Co., of Philadelphia, Pa., consolidation of
member and nonmember bank, to file new
application for membership
e member banks: (See State member banks)
b selton Trust Co., Steelton, Pa., application approved
"
411441 Trust Co., Endicott, N. Y., conversion of Farmers National
Bank of Union
4oere
thr, of banks: (See Consolidations)
Ron. Eugene, request for views on amendment to Clayton Act
to exempt Joint Stock Land Banks from
of
provisions
hem
vtit,..4 expressing approval of Federal Farm Loan Board to amendment
01 'Market, discussion of conditions in
market and business situation, conditions discussed by
committee of directors of FRBank of New York
k°4111,
(8es also Committees, Open Market Investment)
nlarket during recent weeks, letters from Deputy Governor of
FRBank of New York on
k4t141 -lan banks, deposits of: (See Deposits)
t savings banks:
40
ePosits of: (See Deposits)


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

6/26 512
5/28 435

5/14 382
5/18 406
6/12 471
6/22 503
2/14 153
3/5
204
1/31

107

4/13 312
3/22 257
2/18 165
3/12 232

6/7

459

6/1

451

1/4

5

3/22 258
4/9
303
1/9
23
1/23 70
1/11

25

6/13 482

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Federal Reserve Bank of St. Louis

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69
Pages
atj0

banks (Continued)
Conqueror First National Bank, Joplin, Mo., taking over of
commercial business of Conqueror Trust Co.
Zdisto National Bank, Orangeburg, S. C., co-administrator of
estate involving cash in savings department
of bank
!/aminers: (See Examiners)
'
81'mere National Bank, Colfax, Wash., permission to act as
guardian of estates, other powers deferred
l'armere National Bank, Philipsburg, Kansas, failure to maintain
required reserves, advice of suspension
Parulere National Bank of Union, Endicott, N. Y., conversion into
Union Trust Co., and approval of application
for membership in FRSystem
armere National Bank, Yale, Okla., reserves deficient for six
months to be restored
„ary powers:
Banks granted general power have right to act in any
capacity enumerated
Pamphlet to be issued by FRBank of Boston on exercise of
(See also Fiduciary powers)
zirat National Bank, Ault, Colo., advice that required reserves
will be maintained hereafter
Pirst National Bank, Coleridge, Nebr., advice that required
reserves will be maintained hereafter
"at National Bank, Columbus, Ohio, merger with Citizens Trust
and Savings Bank under title of FirstCitizens Trust Co.
Pirst National Bank, Frostburg, Md., continuous borrowing on
notes secured by Government securities
Letter from FRAgent at Richmond on
at National Bank, Hartington, Nebr., advice that required
reserves will be maintained hereafter
IN Reserves deficient for six months to be restored
'
ret National Bank, Hemet, Cal., reduction in capital stock
approved
Pirst National Bank, Kingsbury, Texas, deficient reserves for
six consecutive months
!!.rat National Bank, Ladonia, Texas, reduction in capital stock
.4rat National Bank, Miami, Fla., revolving currency fund to be
reestablished for six months
Pirst National Bank, Mountain Home, Idaho, application for
reduction incapital stock approved
Pitst National Bank, Pocatello. Idaho, to be taken over by First
Security Bank
Iltat
National Bank, Ralston, Okla., advice that required
reserves will be maintained hereafter
4ret National Bank, Richland Center, Wis., report on unsatisfactory condition referred to Comptroller
of the Currency
Report of Comptroller of the Currency on condition of bank
and possible action
p,


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1/21

63

6/26

513

3/30

276

3/12 232,232

1/4

5

5/24 413

3/6
217
4/24 342

3/12 232
3/12 232,232

4/17 321
6/13 484
6/26 507
3/12 232
5/24 413
4/4

292

6/1
4/4

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292

3/13 236
3/6

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6/7

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3/12 232,233

5/28 435
6/1

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Federal Reserve Bank of St. Louis

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71
Pages

)4q1011120.

banks: (Continued)
liational Bank for Savings in Los Angeles, Calif., application
for FRBank stock approved
-onal Bank of Germantown, Philadelpnia, Pa., application for
reduction in reserve requirements
Rati-onal
City Bank, New York City:
Acceptance of drafts drawn by financial officers of foreign
countries for furnishing dollar exchange
Foreign branches:
Colombia, new application necessary to reopen branches
Cuba:
Havana, application to establish additional branch in
Application approved
Yaguajay, closing of
Otiable instrument transferred for collection, bill to make
transferor preferred creditor
° at National Bank, Neoga, Ill., suit brougat by depositors
against directors and against FRBank of
Chicago
Mr. Baker to be retained in case
folk National Bank, Norfolk, Nebr., reduction in capital stock
approved
Ort-ast
e
National Bank of Holmesburg, Philadelphia, Pa.,
application for reduction in reserve requirements
aen National Bank, Chicago. Ill., application to carry reduced
reserves not approved
ai
`4m. Atlantic National Bank, Palatka, Fla., application for
stock in FRBank of Atlanta approved
48,kL4
...ena National Bank, Pasadena, Calif., right to act as
registrar of stocks and bonds disapproved,
referred to Comptroller of Currency
13,11
1)1Y of Comptroller approving position of Board
'
413 National Bank and Trust Co., Philadelphia, Pa., application
for FRBank stock approved
"8:117enia National Bank, Pittsburgh, Pa., review of permission
to carry reduced reserves
Letter to FRAgent at Cleveland for recommendation
45 Present
reserve to be continued
Pies National Bank of Los Angeles, Calif., reduction in
capital approved
8t. b
'ma National Bank, St. Paul, Minn., reduction in reserve
requirements approved
Sett _
,ord-Atlantic National Bank, Sanford, Fla., application to
exercise fiduciary powers
sec APPlication approved
(34d National Bank of Allegheny, Pittsburgh, Pa., review of
permission to carry reduced reserves
Letter to FRAgent at Cleveland for recommendation
&tension of thirty days for consideration of
110 Change in present requirements


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

3/20 244
4/27

355

6/26

510

6/12 469
5/28 430
6/7
457
3/30 276
5/18 403

5/18
6/26

392
511

6/19

489

4/27

355

2/27 175
6/19

486

4/4
4/9

294
303

3/9

225

2/21 171
2/27 180
3/14 240
6/26

506

1/23

71

3/30
4/6

277
300

2/21
2/27
3/14
4/13

171
180
240
312

72

pages

National banks: (Continued)
Second National Bank, Philadelphia, Pa., application for reduction
4/27
in reserve requirements
Stapleton National Bank, Stapleton, control acquired by Corn
2/18
Exchange Bank and to be converted into branch
Steelton National Bank, Steelton, Pa., assets and liabilities
6/1
to be assumed by Steelton Trust Co.
Third National Bank and Trust Co., Camden, N. J., application for
5/2
fiduciary powers approved
United Capitol National Bank and Trust Co., New York, N. Y.,
advice of contemplated merger with Manufacturers
5/14
Trust Co.
Utica National Bank and Trust Co., Utica, N. Y., reduction in
3/9
capital stock approved
1/7
Violations of FRAct and Revised Statutes, method of reporting
Letter to FRAgent at San Francisco submitted by Mr. Hamlin
1/13
and referred to Governor
2/8
Circular letter to all FRAgents on reporting violations
Worcester County National Bank, Worcester, Mass., reduction in
2/21
capital stock approved
Commission,
Monetary
volumes accumulated by, and loaned to
National
library of FRBoard, request of Library of
Congress for return of
National Zinc Co., holding of stock by First Federal Foreign Invest20
ment Trust, memo of Counsel on
Negotiable instrument transferred to national bank for collection,
bill to make transferor preferred creditor
Association,
request for hearing on handling of items
Item
Non Cash
by FRBanks
Nonmember banks:
Banca Popolare Fugazi, San Francisco, Calif., to be taken over
6
by United Bank and Trust Co., and operated as
1/4
branch
Bank of Coney Island, absorption by Brooklyn Trust Co., and
operation as branch
44
Bank of Rogerson, Rogerson, Idaho, deposit liability assumed
by Twin Falls Bank and Trust Co.
Central Trust Co., of Essex County, East Orange, N. J., merger
with East Orange Bank
City Savings Bank, Toldeo, Ohio, assets purchased by Commercial
Savings Bank and Trust Co.
Commercial Exchange Bank, New York City, application for
fiduciary powers upon conversion into
3/24
national bank
Commonwealth Title Insurance and Trust Co., Philadelphia, Pa.,
banking and trust business to be taken over
4/11
by Provident Trust Co.
New application for membership because of consolidation
Farmers Banking Co., of Cache Junction, Utah, business taken over
2/2
by Cache Valley Banking Co. of Logan
Farmers State Bank, North Powder, Ore., deposits and assets to
be taken over by Bank of Haines


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

2/2
'

73
Pages
Ilmmber banks: (Continued)
First State Bank, Hugo, Minn., V. FRBank of Minneapolis:
(See Court cases)
Iroquois
Trust Co., Chicago, Ill., methods of advertising and
selling securities
Drafts of letters to Attorney General, Comptroller of the
Currency and FRAgent at Chicago
lacmoln Trust Co., Scranton, Pa., proposed consolidation with
Peoples Savings and Dime Bank and Trust Co.
Application for membership to be filed
A
Memo of Counsel on
illsens-Bellaire Bank, queens Village, New York City, to be
taken over by Bank of Manhattan Co.
Secarity Bank and Trust Co., Bakersfield, Calif., taking over
of United Bank and Trust Co., of San
Francisco
4carity Bank and Trust Co., San Francisco, cancellation of
FRBank stock held by former United Bank
and Trust Co.
erminal Trust Co., New York City, merger into International
Germanic Trust Co.

4/13 314
5/18 405
5/2
6/1
6/7

365
450
459

6/12 468

2/7

131

3/6

212

2/10

147

1109

411101
40

banks not to be granted power to act as Committee of estates
of lunatics
P(1/1
alerket investment account, letter from Deputy Governor of
FRBank of New York on transactions over
March 15 tax payments
)148tatement of Mr. James on liquidation of
z1Tarket situation and policy of FRSystem, discussion of
('801ssion continued
414!,e also Committees, Open Market Investment)
renewal of lease for space for quarters of FRBoard

1/4

' 3/22 256
359
5/2
2/8
142
2/8
143
2/29

187

Ntti

° National Agricultural Credit Corporation, Fresno, Calif.,
request that El Paso Branch be designated as agent for
Port of Governor on telegram to Deputy Governor at FRBank of
Dallas and discussion with Mr. Eugene Meyer
hm
:ank
tt
to act as agent for Federal Intermediate Credit Bank of
Berkeley and make charge for services
n7ania, new applications for membership in cases of consolidations of member and nonmember banks
O
Bill:
-larles of officers of FRBank and branches, request of Banking
and Currency Committee of House for
information in connection with
791 to incorporate Federal Reserve Retirement Fund, letter
to Banking and Currency Committee of
Senate on

http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

3/30 277
4/4

295

4/13 313
6/12 218

2/1

112

1/31 109

Pages

74
Percentages of participation by FRBanks in foreign accounts
Philadelphia Clearing House Association, hearing on application of
certain banks for reduction in reserve
requirements suggested
Hearing approved and date to be set by FRAgent
Press statements FRBoard:
Rediscount rate at FRBank of Chicago, advance in
Security loans and Federal Reserve bank policy, article to be
published in June Bulletin
Publications:
FRBank of Boston:
Pamphlet on exercise of fiduciary powers by national banks
FRBanks:
Director of Division of Research and Statistics given
authority to pass on routine manuscripts and
refer others to Board
FRBoard:
Approved Methods for Preparation of Balance Sheet Statements,
distribution to be discontinued
Charts on bank credit, money rates, etc., to be printed for
general distribution
Digest of Rulings, new edition authorized
FRBulletin: (See FRBulletin)
Text book to be published by Professor F. A. Bradford,
authority to reprint charts from pamphlet
of FRBoard

1/7

4/27

16

36
44

5/28
1/24

0
44

6/1

4/2A

2/1

3/5

20

1/7

5/4

si

quarters of FRBoard, renewal of lease for space in Otis Building
Quarters of FRBranch Banks: (See Buildings)

Ramsay, William H.: (See Department of Justice)
Rates:
Advances, resolution offered by Mr. Miller for establishment
of separate rate on
FRBank of Atlanta:
Rediscount:
Change to 4% formally ratified
Increase to 4i per cent approved
Reasons for increase
Schedule of discount and purchase


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

2/29

4/11

2/14
5/28
6/1
1/16
101
2/7
2/14

di
0
'0
0,
0

2/27
3/12 0
4/4 31
4/17

75
Pages

amea

%Continued)
nnank of Atlanta: (Continued)
Schedule of discount and purchase: (Continued)

nllemk of Boston:
Rediscount:
Advice of meeting of Executive Committee on Feb. 7 for
advancing to 4%
Advanced from 3i to 4 per cent
Raised to h*, per cent by directors of bank
Increase approved
Schedule of discount and purchase

'1111amk of Chicago:
Rediscount:
Recommendation for increase to 4%, action set for
Jan. 24
Advanced to 4%, effective Jan. 25
Increase to 4i per cent approved
Schedule of discount and purchase

6 11
j.

LI

5/14 377
5/24 411
5/28 427
6/12 466

2/3
2/7
4/17
4/18
1/5
1/21
2/2
2/7
2/8
2/8
2/18
3/2
3/20
3/30
4/4
4/13
4/17
4/27
4/27
5/14
5/24
6/22

126
128
323
326-328
11
61
121
128
141
142
158
191
244
275
290
309
317
350
351
376
411
500

1/21
1/24
4/19
1/7
1/31
2/7
2/27
3/24
3/31
4/13
5/2
5/18
6/1
6/12
6/19
6/26

67
75-78
329
15
105
129
174
261
282
310
362
396
444
466
486
505

2/20

167

IP114.4k of Cleveland:
Rediscount, now only bank maintaining 3i per cent rate


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

76
Rates: (Continued)
FRBank of Cleveland: (Continued)
Rediscount: (Continued)
Change referred to Executive Committee of bank but no
action taken
Executive Committee to hold meeting to consider change
Rate of 4 per cent approved
Increase to 4i per cent approved
Reasons for action of directors in voting to increase rate
Schedule of discount and purchase

2/27;
1
2/28
2/29
5/28 4r,
5/28
1/7
2/10
2/18
3/12
4/4 :1c:
4/9
4/17 0
5/7 411
5/24 ho
6/12
6/19

FRBank of Dallas:
Rediscount:
Advanced from 3 to 4 per cent
Increased from 4 to 4A- per cent
Telegram from FRAgent Walsh on reasons for increase,
further telegram from Governor
Young and reply of Mr. Walsh
Schedule of discount and purchase

FRBank of Kansas City:
Rediscount:
Disposition to raise rate to 4%
Advance to 4 per cent approved
Increase to 44 per cent approved
Reasons for increase
Schedule of discount and purchase


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

14;
2/9 0
5/7

5/18
1/15
2/9
3/9 ;$
4/4
4/9
4/17
5/14 41'
5/24
6/12

1/26
2/1°
6/7
6/1
1/0

1/26

2/10

2/27 fi

3/9
3/22 P
4/15
4/10
4/27
5/14

77
Pages
aitteR

r
keontinaed)
l'ilBazik of Kansas City: (Continued)
Schedule of discount and purchase: (Continued)

Lol

186

0

RBank of Minneapolis:
Rediscount:
Advanced from 3i to 4 per cent
Increase to 4i per cent approved
Schedule of discount and purchase

0

411
46!

141

111B
arik of New York:
Rediscount:
Advanced to 4%
Confirmation of advice
Discussed at meeting but no increase made
Increase to 41- per cent approved
Reasons for increasing rate
Schedule of discount and purchase

14,


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

5/24
5/28
6/7
6/7
6/12

411
426
455
456
466

2/7
4/27
1/18
2/7
2/7
3/31
4/4
4/17
5/18
5/24

128
350
53
128
130
283
291
317
397
410

2/2
2/3
4/11
5/17
5/28
1/7
1/13
1/21
1/31
2/3
2/10
2/18
2/27
3/2
3/9
3/20
3/24
3/30
4/6
4/13
4/24
4/27
5/4
5/14
5/18
5/28
6/1
6/12
6/19
6/22

118
124
307
389
432
15
34
61
105
124
145
158
174
191
226
244
261
275
299
309
337
351
371
376
396
426
444
466
486
500

page0

78
Rates: (Continued)
FRBank of Philadelphia:
Rediscount:
Change to 4 per cent approved
Increase to 4 per cent ratified
Reasons for increasing rate
Schedule of discount and purchase

2/18 168
389
5/17
482
5/28

1/5

1/21
2/2
3/9
3/22
4/6
4/24
5/2
6/7
6/22

FRBank of Richmond:
Rediscount, resolution on raising of
Recommendation of Board of Directors that rate be
advanced
Advanced to 0
Increase to 4* per cent approved
Schedule of discount and purchase

20

00

1/15

0
1/18 0
1/26
4/23 0
1/13 141
2/8
2/18
319 262
3/31
4/13
4/13
4/13

5/14
5/18
6/19
FRBank of St. Louis:
Rediscount:
Change to 4 per cent approved
Increase to 4* per cent establisned by directors
Increase approved
Schedule of discount and purchase


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

3,61
2/2°
4/2°
4/21
1/5
1/16
2/2
2/18
3/9
3/22
3/31
4/6
4/13
4/24
5/4
5/18
5/18
6/7
6/22

331
0
11
0
10
1,
01
01
01
30
31;
30
3ge,
0,

79
Pages

4441 (Continued)
4RBank of San Francisco:
Redi &count
Advanced to 4110
Increase to 4 per cent approved
Copy of memo to Board of directors recommending
increase
discount
and purchase
Schedule of

51

52

22

96

LO
169.
226,
51°
51
516,
596
48

3
3

161
222

296

51t.
511,
0
5
6!
4,

41terest, on bank balances in Boston, to be continued at 2 per
cent by agreement
Niscount:
Consideration contemplated, Governor to communicate with
Mr. James for expression of views
Discussion of, by members of Open Market Investment
Committee
Discussion of
Letter from Mr. James giving views on changes
quotation from letter
Consideration of, made special order for Jan. 24
Executive Committee authorized to act on change to 4 per
cent during two day period
Executive Committee given authority to approve rate if
established by FRBank of Cleveland
Executive Committee given authority to approve increases
while members of Board are absent
Authority to increase to 4- per cent
Executive Committee authorized to approve increases to five
per cent for thirty days
Raising to check speculation, topic for discussion by
Federal Advisory Council
Resolution of Mr. Cunningham on, and to restrict credit to
banks making loans to brokers
submitted, referred to Governor
resolutions
Revised
for report
Report of Governor on method of securing information
Item to be included in call report form beginning in
October


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

2/3
6/1

123
444

6/19
1/7
2/10
2/18
3/2
3/20
3/22
4/4
4/6
4/18
4/24
5/4
5/18
6/1
6/12
6/19
6/22

487
15
144
159
191
244
256
291
299
325
337
371
395
444
466
487
500

4/24 342

1/17

50

1/12
1/23
1/23
1/24
1/23

29
70
71
77
73

2/14

154

2/20 167
4/24 346
5/28 436
6/12 462
1/23

72

1/26

96

2/2
2/10

117
147

5/28 425

80
Rediscounts:
Acceptances, bankers, changes in standard form to eliminate
question of eligibility
Circular letter to FRAgents and Governors of FRBanks
Bill to increase maximum maturity on advances to member banks on
promissory notes, etc., draft of letter to
Banking and Currency Committee of House
Letter approved and ordered trEnsmitted
Great Falls Manufacturing Co., of Boston, eligibility of notes of
Paper held by FRBanks secured by collateral, etc., circular
letter requesting statement on
Sec. 13 of FRAct, bill to amend paragraph on discount of sight
drafts, letter to Banking and Currency
Committee of Senate
Draft of letter to Banking and Currency Committee of House on
Letter approved and ordered transmitted
Bill passed and statement to be published in FRBulletin on
change in Regulation A
Statement approved for publication in Bulletin
Regulations, FRBoard
Amendment to fix seven days as minimum limitation on advances to
member banks on promissory notes
Counsel to prepare amendment and to be submitted to directors
of FRBank of New York
A, change as result of amendment to Sec. 13 of FRAct to be
published in FRBulletin
Material for publication submitted by Counsel and approved
D. deficiencies of reserves under, interpretation of section on
Penalties for deficiencies in reserves, only basic rate
to be applied by FRBank of Dallas under
new regulation
"Calendar month", interpretation of term as used in
Requirements of Sec. /V on computing of deficiencies in
reserves
Administration of Sec. IV (b), notice to directors of banks
deficient in reserves
Deficiencies in reserves of member banks, semi-weekly dates
for reporting
for
Penalties
deficiencies in reserves, form of letter to
directors of banks stating their liability
J, Clearing and collection, amendment recommended by Conference
of Governors
Recent development in case of L. and V. Railroad Co. v.
FRBank of Atlanta involving validity of
L, Interlocking Bank Directorates under Clayton Act, revision of
To be published in April FRBulletin
Printing authorized
Reports of Condition: (See Condition reports)
Reserve cities:
Increasing number of, topic for discussion at Conference of
Governors


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

rsg

6/12 60
6/26
4/9 0
0

4/24
5/28

si/12

1/31 0
4/9
4/24

6/19

40

6/22

4/27
5/28
6/19
6/22
1/7

1/9

0

1/18
0
1/18
1/18
10
1/31
10
2/1
40
6/12
46
6/
20
3/22 0
3/22 0
3/28

3/28

Iteae„
4ve cities: (Continued)
Increasing number of: (Continued)
Recommendations to be secured from members of Federal
Advisory Council and from Governors and
Agents of FRBanks
14"i0n of Mr. Miller that Boston, Philadeluhia, Cleveland, St.
A
Louis, and San Francisco be designated
0
as central reserve cities
91
Made special order for May 31
Recommendations to be secured from members of Federal Advisory
0
Council, and from Governors and Agents of
FRBanks
aerve requirements:
444ison National Bank, Chicago, Ill., application to carry reduced,
not approved
Am erican Bank and Trust Co., Paris, Ark., hearing on forfeiture
of membership because of deficient
Drafts of letters to FRAgent and to bank and June 4 set as
date for hearing
Report of FRAgent on hearing and desire of bank to retain
membership, date of hearing before FRBoard
postponed
12,-,,ger State Bank, Milwaukee, Wis., reduction approved
42
granted authority to carry, reviews of those in outlying
49
sections of reserve and central reserve
cities in certain FRDistricts
Drafts of letters to FRAgents at Cleveland and Chicago on
certain banks, authority to other banks
not to be revoked
enks in outlying sections of Philadelphia, Clearing House
0
Association to be given hearing on applications for reduction
0 lenks in San Francisco District previously granted reductions in,
review in case of each bank
40ai Street National Bank, Philadelphia, Pa., application for
reduction in
4112met National Bank, Chicago, Ill., review of permission to
carry reduced
Letter to FRAgent at Chicago for recommendation
Recommendation of FRAgent to continue on 10 per cent basis,
approved
-Amers National Bank, Philipsburg, Kans., failure to maintain
4j
required, advice of suspension
klIners National Bank, Yale, Okla., deficient for six months, to
be restored
at National Bank, Ault, Colo., to be maintained at required
level hereafter
?I,
cut National Bank, Coleridge, Nebr., to be maintained at
required level hereafter
iret National Bank, Hartington, Nebr., to be maintained at
required level hereafter
Deficient for six months, to be restored

http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

81
Pages

5/31 438

4/27 356
5/28 426

5/31 438

2/27

175

4/24 341
5/2

365

6/1
446
4/24 341

2/21

171

2/27

181

5/28 434
1/9

21

4/27 355
2/21 172
2/27 180
3/13 236
3/12 232,233
5/24 413
3/12 232
3/12 232,233
3/12 232
5/24 413

82
Reserve requirements: (Continued)
First National Bank of Kingsbury, Texas, deficient for six
consecutive months
First National Bank, Ralston, Okla., to be maintained at required
level hereafter
Highland National Bank, Pittsburgh, Pa., review of permission
to carry reduced
Letter to FRAgent at Cleveland for recommendation
Present reserve to be continued
Member banks, letter from Mr. Case on
Member banks, proposals for revision of, suggestions for amendments to law to be requested from Federal
Advisory Council, and Governors and Agents
of FRBanks
Midland National Bank, Cnicago, Ill., application to carry reduced approved
National Bank of Germantown, Philadelphia, Pa., application for
reduction in
Ninth Bank and Trust Co., Philadelphia, Pa., application for
reduction in
Northeast National Bank of Holmesburg, Philadelphia, Pa.,
application for reduction in
and Trust Co., Philadelphia, Pa., applicaBank
Northeast-Tacony
tion for reduction in
Northwestern Trust and Savings Bank, Chicago, Ill., review of
permission to carry reduced
Letter to FRAgent at Chicago for recommendation
Recommendation of FRAgent to continue on 10 per cent basis,
approved
Bank,
Chicago, Ill., application to carry reNational
Ogden
duced, not approved
Oxford Bank and Trust Co., Philadelphia, Pa., application for
reduction in
Pennsylvania National Bank, Pittsburgn, Pa., review of permission
to carry reduced
Letter to FRAgent at Cleveland for recommendation
Present reserve to be continued
Program for revision to be submitted to Congress, topic for
Governors Conference
Recommendations of Federal Advisory Council on
Redford State Savings Bank, Detroit, Mich., reduction approved
St. Paul National Bank, St. Paul. Minn., reduction approved
Second National Bank of Allegheny, Pittsburgh, Pa., review of
permission to carry reduced
Letter to FRAgent at Cleveland for recommendation
Extension of thirty days for consideration of
No change in present requirements
Second National Bank, Philadelphia, Pa., application for reduction in
Statement of Mr. James on daily computation in FRBank and branch
cities
Made special order for May 24

http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Pages

6/1

441

3/12 2911
1i
2/21 ,7
2/27
3/14 125I
4/27

5/31 4
2/27
4/27
4/2/
4/27
4/27
2/21 0
2/27
3/13
11:
2/27
4!!
4/27
2/21
2/27
3/14

3/2' 0,
5/26 0
6/13
1/0 1
6
2/21 itA
2/27 0
3/14
/
415
4/21
6/2
6/7

83
Pages
e

0

111

71
g

g

0

Lti:

0

2
17
0
111
1
0

erve requirements: (Continued)
Statement
of Mr. James: (Continued)
Postponed to next regular meeting
Made special order for May 31
Plan
discussed and amendment to FRAct suggested
ea-exiles:

5/24 416
5/28 426
5/31 439

Balances

carried by member banks in American branches of foreign
banks, ruling on
Circular letter to be sent to all FRBanks
a Ruling to be published in FRBulletin
a4ke engaged in making small character loans, classification
of partial payments received by
Basic rate for deficiencies in reserves of member banks to be
applied by FRBank of Dallas
Caaasification of deposits for purpose of computing, amendment
to Sec. 19 of FRAct not to be recomlended
in Annual Report
Dai
lY computations in reserve and central reserve cities, topic
for discussion at Conference of Governors
Made special order for May 24
Postponed until next regular meeting
Made special order for May 31
Recommendations to be secured from members of Federal
Advisory Council, and Governors and Agents
of FRBanks
13e13(3cit5 of mutual savings banks, etc., in member banks,
classification of
Ruling to be prepared by Counsel
Ruling adopted and to be published in FRBulletin
Di_ Reply to FRAgent at Chicago commenting on ruling
Yidends declared but not paid, ruling of FRBoard that reserve
not required
kember banks:
Liability of directors in connection with loans made and
dividends paid by those deficient in
Reporting deficiencies in, memo of Counsel on provisions of
Regulation D
San Francisco District,eTansion in, making necessary an
increase in reserve stock of unissued FRnotes
44 erni-weekly dates for reporting deficiencies in
alties for deficiencies at member banks, inquiry of FRBank
of San Francisco on assessing
Pro
eressive penalty for continued deficiencies put in effect
at FRBank of San Francisco
Ilror,
'
receive penalty for deficient to be discontinued by FRBank
of Chicago
Re
ation D, administration of Sec. IV (b), notice to
directors of banks deficient
l'°rm of letter to directors stating their liability, prepared
for use of FRAgent at Chicago


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

2/7
2/8
2/21

136
142
169

6/19 494
1/9

20

3/5

206

3/28
5/7
5/24
5/28

269
373
416
426

5/31 438
4/6
300
4/24 343
5/2
366
5/28 434
2/21

169

3/28

269

1/7

16

13
1/5
1/31 110
1/18

54

1/13

35

2/27 177
1/18

56

2/1

113

84
Resolutions:
FRBank of Atlanta:
Amendment to bylaws to provide for election of officers and
fixing of salaries
Branches
be selected outside of personnel of
Managers of
directorates, rescinded
Revolving currency fund to be reestablished at First
National Bank, Miami, Fla., for six months
FRBank of Richmond:
Rate, rediscount, raising of
FRBank of San Francisco:
Building for Los Angeles Branch, presented to FRBoard and to
be submitted to Congress
Senate resolution authorizing building approved
Progressive penalties for continued deficiencies in reserves
under Regulation D
FRBanks:
Dividends, payment on June 30 authorized
FRBoard:
Assessment on FRBanks for expenses of FRBoard
Authority to be conferred on Executive Committee to transact
business of FRBoard, made special order for
June 7
Action postponed because of absence of Mr. Miller
Executive Committee granted authority for thirty days to
increase rediscount rates to 5 per cent
Farmers State Bank, Genoa, Nebr., forfeiture of membership
ordered
Farmers State Bank, St. Edward, Nebr., forfeiture of membership ordered
Policy of Open Market Investment Committee approved
Rate for advances, establishment of separate offered by
Dr. Miller
Rediscount rates and restriction of credit to banks making
loans to brokers, introduced by Mr.
Cunningham
Revised resolutions submitted in lieu of, referred to
Governor for report
Report of Governor on methods of securing information
Item to be included in call report form beginning in
October
United States Foreign Financing Corporation, disapproving
articles of association and organization
certificate
Substitute articles of association and organization
certificate not approved
First State Bank, Philipsburg, Mont., giving notice of intention
to withdraw from FRSystem
Revised Statutes:
Amendments to Sections 5208 and 5209 making violation a felony,
letter to Attorney General on
stamps
by employees of El Paso Branch not
postage
Theft of
violation of

http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Peso

44
44

5/3
5/18 40
1/13
6/26
6/12

4c
44',

5/31 45
6/7
6/12
3/21
3/7
3/26
4/11
1/26
2/2 14
2/10
5/28

04

1/16
2/7

11A1

45

85
Pages
aelq sed

Statutes: (Continued)
Violations of Secs. 5208 and 5209, reporting of by FRAgents
Letter to FRAgent at San Francisco submitted by Mr. Hamlin
and referred to Governor
Circular letter to all FRAgents on reporting violations
itevoi
1ring currency fund to be reestablished at First National Bank,
Miami, Fla., for six months
11111
inga, FRBoard:
Acceptances, bankers, changes in form to eliminate question
of eligibility
a
Circular to FRAgents and Governors of FRBanks on
4ccePtances based on importation and exportation of goods as
applied to cotton stored in Italy
Ulances carried by member banks in American branches of
foreign banks may be deducted in computing
reserves
Circular letter to be sent to all FRBanks
, Ruling to be published in FRBulletin
"Posits of mutual savings banks, Morris plan banks, etc.,
classification of
Ruling to be prepared by Counsel
Ruling adopted and to be published in FRBulletin
Reply to FRAgent at Chicago commenting on ruling
teste
of rulings, publication authorized
Statement on publication and price to be published in
FRBulletin
kieth
°- of reporting of balances held with foreign banks by
member banks, revocation requested by
Fred I. Kent
aellarves against dividends declared but not paid, not required

1/7

17

1/13
37
142
2/8
3/13

236

6/12 472
6/26 509
3/20 247

2/7
2/8
2/21

136
142
169

4/6
300
4/24 343
5/2
366
5/28 434
1/7
18
6/26 508

6/12 478
2/21 169

Usti

SeIelteeping services of FRBanks for Federal Land Banks, etc., making
charge for, to be discussed at Conference
of Governors
classification plan of FRBank of New York, circular on
adoption by FRSy stem as a whole
eqarip
wchvar-a, FRBanks: (See FRBanks)
8
2. RalFh J., fee for services in case of Pouson v. FRBank of
Atlanta
ecret r,
of Treasury:
H. H. Assistant Secretary, report on program for issuing
new size notes
Situa+.4
'on
, at Bureau of Engraving and Printing described in letter
from Secretary Mellon
,
Reply of FRBoard that orders for printing FRnotes would
be placed as requested
,.4s:Illate
41,11e,s -re
esolt
uions: (See
solutions:
accumulation of American silver dollars, etc., by Cuban
Treasury, plan for relieving of


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

4/13 314
4/6

301

1/31

106

6/26

514

5/14

381

5/24 415

1/3

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http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

. .·

87
Pages
Staff
Of

P

ogi!

31

FRBoard: (Continued)
uivision of Research and Statistics: (Continued)
JoY, Aryness, temporary appointment mane permanent
Kline, William A., appointed messenger
Maroney, Mary Monica, appointed clerk for three months
Millard, Mrs. Helen S., resignation as clerk to be
effective July 1
Resignation accepted
Moats, Mrs. Joyce W., appointed statistical clerk
Schneider, Jack L.. resignation as messenger
'
examiners:
Dougal, W. D., appointed Assistant
Hereon, J. F., Chief Examiner, to study and work out practical
plan for simultaneous examination of large
banks and branches
Wiltse R. B., resignation of
Rm°11(taY for one half day on Saturdays from June 2 to Sept. 29
"Bangers:
14Ployment of one for temporary period of six months
approved
Evans, George W., services terminated
'J4fice of Mr. Cunningham:
Beller, Leona, taken west by Mr. Cunningham during convalescence
,
ce of Governor:
handle correspondence while away,
Stenographic help to h
approved
see.
-retary's
Office:
Benner, Robert W., resignation as clerk in Currency Division
Resignation extended until May 9
Eddy, Walter L.:
To report on plan for reclassification of electoral groups
To visit Atlanta to discuss tax on exportation of
currency by 'Havana Agency and plan to
relieve Cuban Treasury of excess American
silver dollars
English, T. W., resignation as stenographer
all. Ott, T. Vernon, sick leave through July granted
Pervisor of Examinations:
Gilbert, Claude:
Letters and memoranda on condition of State member banks,
attitude of Governor Young to
Responsibility of FRBoard in connection with
examinations discussed
Supervisor to cooperate with FRAgents in conduct
of examinations
Tel
eeraPh Office:
Anderson, E. F., increase in salary as operator
!all, L. L., increase in salary as operator
f.lagg, M. P., increase in salary as operator
looney, J. J., increase in salary as Chief Operator
tharanen, E. L., increase in salary as Supervisor


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

6/22 500
302
4/9
6/19 487
445
6/1
6/19 487
1/13
34
4/4
291
1/21

59

3/13 238
3/2
191
5/24 412

362
5/2
4/13 310

6/12 463

6/12 463
3/28
4/17

270
318

2/27

178

1/3
2
5/2
362
6/26 507

4/9

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6/12 479
6/13 483
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l):nf'\• ot l•l tel'• to ftAcen\ anl '4t )uk, and Jwae 4 aet
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ertabl18bld 1.n °Lon40ll OD Dec. 16, 1926
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Federal Reserve Bank of St. Louis

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89
Pages
hat
0 member banks: (Continued)
C°111mbus Trust Co., Newark, N. J., subject to conditions of
2/14
membership under new Regulation H
Commercial Savings Bank and Trust Co., Toledo, Ohio, purchase
1/13
of assets of City Savings Bank
Condition reports:
Call as of Dec. 31, 1927
1/4
Cali3/9
as of Feb. 28, 1928
'441queror Trust Co., Joplin, Mo., application to surrender stock
1/21
in FRBank of Kansas City
Draft of revised letter to FRAgent an question of voluntary
3/2
withdrawal or forfeiture of membership
DePositaries of public moneys, proposed amendment to Sec. 9 of
4/27
FRAct
Report of Governor of discussion of bill with Banking and
5/2
Currency Committee of Senate
Di Amendment to be published in FRBulletin
5/24
me Bank Title and Trust Co., Wilkes-Barre, Pa., subject to
conditions of membership under new
2/14
Regulation H
.‘ar State Bank and Trust Co., Scranton, Pa., subject to
conditions of membership under new Regulation H 2/14
Zast prange Bank, East Orange, N. J., merger with Central Trust
3/13
Co., of Essex County
aminations of:
Letters and memoranda submitted by Mr. Gilbert, attitude of
4/9
Governor Young toward
6/12
Responsibility of FRBoard in connection with
Supervisor of examinations to cooperate with FRAgents
6/13
in conduct of examinations
Proposed amendment to Sec. 9 of FRAct to assess expenses
2/27
against banks examined
3/5
Amendment to be recommended in Annual Report
Simultaneous of banks with branches, Mr. Hereon to make
3/13
new study of question
PEttrriers State Bank, Clarendon, Texas, loan to customer for which
5/18
President of bank is holding stock of bank
President of bank to return stock or endorse note of customer
6/12
personally
---ulers State Bank, Genoa, Nebr., letter to FRAgent at Kansas
1/7
City on condition of
Letter approved by Committee on Examinations
1/9
Rearing on forfeiture of membership
2/7
!earing postponed until March 21
3/6
4ePort of FRAgent on deficient reserves
3/12
Porfeiture of membership ordered
3/21
ers State Bank, Lincolnton, Ga., taking over assets and
2/21
assuming liabilities of Bank of Lincolnton
'ere State Bank, St. Edward, Nebr., hearing an forfeiture of
2/7
membership
4dvice that bank will not appear before FRAgent or FRBoard
3/6
Porfeiture of membership ordered
3/7
RePort of FRAgent on deficient reserves
3/12

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Federal Reserve Bank of St. Louis

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36
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225
63
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90
State member banks: (Continued)
Federal Commercial and Savings Bank, Port Huron, Mich., memo
of Counsel on change of title to
Federal Bank and Trust Co.
Fidelity Bank and Trust Co., Memphis, Tenn., reduction in capital
stock approved
Fidelity Savings State Bank, Topeka, Kansas, subject to conditions
of membership under new Regulation H
Fidelity Trust Co., New York City, application to accept drafts
for furnishing dollar exchange approved
Fidelity Trust Co., Portland, Me., purchase of Westbrook Trust
Co., opinion of Attorney General to be asked
Opinion of Attorney General in similar case to be furnished
Governor Harding
First Security Bank, Pocatello, Idaho, to take over First National
Bank of Pocatello
First Security Bank, Rock Springs, Wyo., subject to conditions of
membership under new Regulation H
First State Bank, Philipsburg, Mont., to appear before FRAgent at
Minneapolis on forfeiture of membership
Date of hearing changed
Report of FRAgent on hearing, action suspended
Resolution giving notice of intention to withdraw and
applying for cancellation of stock
Fordson State Bank, Fordson, Mich., subject to conditions of
membership under new Regulation H
Foreign branches, amendment to FRAct to permit establishment to be
recomended in Annual Report
Revised paragraph for Annual Report approved
Forest Hill State Bank, Forest Hill, Md., memo of Counsel on
balance with nonmember bank in excess of 10
per cent of capital and surplus
Guaranty State Bank, San Antonio, Texas:
Extension of time to eliminate objectionable assets
Subject to conditions of membership under new Regulation H
Guardian Detroit Bank, Detroit, Mich., subject to conditions of
membership under new Regulation H
Hautzdale Trust Co., Houtzdale, Pa., subject to conditions of
membership under new Regulation H
Inland Empire Bank, Pendleton, Ore., application to exercise
fiduciary powers approved
Insurance Bank, St. Louis, Mo., permission to establish trust
department and change name to Guaranty Bank
and Trust Co.
International Germanic Trust Co., merger of Terminal Trust Co.,
into
Ladoga State Bank, Ladoga, Ind., subject to conditions of membership under new Regulation H
La Grange State Bank, La Grange, Ill., merger with La Grange
Trust and Savings Bank under new charter
Surrender and cancellation of FRBank stock approved


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Federal Reserve Bank of St. Louis

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6/1
1/9
2/14
1/16

441
22
10
4

2/2
3/2

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2/14

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91
Pages
hatS
member banks: (Continued)
La Grange
Trust and Savings Bank, La Grange, Ill., merger
with La Grange State Bank under new charter
, Cancellation of FRBank stock approved
44orrence County Bank, Walnut Ridge, Ark., hearing on forfeiture
of membership to be held
Rearing to be held on March 21, advice of
Rearing postponed until April 26
, Rearing continued because of improved condition of bank
1412ra
berfaans Bank and Trust Co., Hoquiam, Wash., application for
fiduciary powers upon conversion into
national bank
lisnufacturers Trust Co., New York, N. Y., contemplated merger
with United Capitol National Bank and Trust
Co.
kerchants
Trust Co., Newark, N. J., subject to conditions of
membership under New Regulation H
ers Deposit Bank and Trust Co., Lykens, Pa., subject to
conditions of membership under new
Regulation H
147er,Alca Trust Co., Myerstown, Pa., subject to conditions of
membership under new Regulation H
Risth Bank and Trust Co., Philadelphia, Pa., application for
reduction in reserve requirements
140rt
heast-Tacony Bank and Trust Co., Philadelphia, Pa., application for reduction in reserve requirements
llorth
-western Trust and Savings Bank, Chicago, Ill., review of
permission to carry reduced reserves
Letter to FRAgent at Chicago for recommendation
Recommendation of FRAgent to continue on 10 per cent basis,
approved
Oak
land State Bank, Oakland, Nebr., letter to FRAgent at
Kansas City on condition of
oxi Letter approved by Committee on Examinations
Ord. Bank and Trust Co., Philadelphia, Pa., application for
reduction in reserve requirements
"lc Coast Trust Co., New York, N. Y.:
APPlication to accept to 100 per cent approved
pal Subject to conditions of membership under new Regulation H
4metto Bank and Trust Co.. Florence, S. C., given sixty days
in which to restore capital
Rearing on forfeiture of membership on June 19
Resolution of directors of bank on voluntary withdrawal,
referred to directors of FRBank for
recommendation
Voluntary withdrawal recommended by FRBank of Richmond,
approved
"
4 -es Bank and Trust CO., Seattle, Wash., subject to conditions
of membership under new Regulation H
-144.es ,
Savin,;s and Dime Bank and Trust Co., Scranton, Pa.,
proposed consolidation with Lincoln Trust Co.


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Federal Reserve Bank of St. Louis

3/22 257
6/1
449
2/18
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3/12
4/24

163
170
231
342

5/2

361

5/14

379

2/14 153

2/14 153
2/14 153
4/27

356

4/27 355
2/21 172
2/27 180
3/13 236
1/7
1/9

19
20

4/27 355
5/14 379
2/14 153
2/7
5/18

137
405

6/19 493
6/22 501
2/14 153
5/2

365

92

rage'

State member banks: (Continued)
Peoples Savings and Dime Bank and Trust Co., Scranton, Pa. (Continued)
To file new application for membership because of consolidation 6/1
6/7
Memo of Counsel on
Peoples Savings and Trust Co., Nanticoke, Pa., subject to condi2/14
tions of membership under new Regulation H
Peoples State Bank, Shannon, Ill., subject to conditions of
2/14
membership under new Regulation H
Peoples Trust Co., Dunnellen, N. J., subject to conditions of
2/14
membership under new Regulation H
Pigeon State Bank, Pigeon, Mich., subject to conditions of
2/14
membership under new Regulation H
Provident Trust Co., Philadelphia, Pa., to take over Common4/17
wealthTitle Insurance and Trust Co.
6/7
To file new application for membership as result
Quakertown Trust Co., Quakertown, Pa., subject to conditions of
2/14
membership under new Regulation H
Redford State Savings Bank, Detroit, Mich., reduction in reserve
6/13
requirements approved
Southern Bank and Trust Co., Miami, Fla., application of
Comotroller of State of Florida for cancella4/27
tion of FRBank stock
Letter to FRAgent that bank must be expelled or make
5/24
voluntary withdrawal
6/12
Notice of intention to withdraw filed
State-Planters Bank and Trust Co., Richmond, Va., right to
purchase capital stock of new bank to be
organized at Hopewell, Va., opinion of
3/2
Attorney General
3/6
Publication of opinion by Attorney General not approved
Attorney General advised that there is now no objection to
6/19
publication
Temple State Bank, Temple, Pa., subject to conditions of member2/14
ship under new Regulation H
Tracy Loan and Trust Co., Salt Lake City, classification of
6/12
certain accounts of
Trust Company of Orange, Orange, N. J., subject to conditions of
2/14
membership tinder new Regulation H
Twin Falls Bank and Trust Co., Twin Falls, Idaho, assuming
6/1
deposit liability of Bank of Rogerson
Trust
Co.,
Los
Angeles, Calif., classification
Union Bank and
5/2
of trust funds as deposits requiring reserves
Trust
Co.,
San
and
Francisco, Calif.:
United Bank
Banca Popolare Fugazi with branch, to take over and operate as
1/4
branches
Stock acquired by Bancitaly Corporation without approval of
1/0
FRBoard, ordered filed
2/7
over
by
Security
Bank and Trust Co., Bakersfield
Taken
Phoenix,
Bank,
Ariz.,
telegram
from
FRAgent on simultaneous
Valley
3/0
examination of bank and branches
3/22
Simultaneous entry examination arranged
by
criminal
statutes
of
officers
and
Violations
employees,
2/29
procedure in reporting

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Federal Reserve Bank of St. Louis

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40

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40
10
40

St

0

93
Pages
Sta

4 member banks: (Continued)
Valkes-Barre Deposit and Savings Bank, Wilkes-Barre, Pa.,
subject to conditions of membership
under new Regulation H
right Banking Co., Bellevue, Ohio, subject to conditions of
membership under new Regulation H
hom.
'
41
capital:
National Bank, Devine, Texas, reduction approved
4wIlerican National Bank of Bradenton, Bradenton, Fla., reduction
approved
American State Bank, Frankenmuth, Mich., increase as condition of
membership
BAr0.
—,4n, to
be organized at Hopewell, Va., opinion of Attorney
General on right of State Planters Bank and
Trust Co., to purchase
Publication of opinion by Attorney General not approved
}2'
Attorney General advised that there is now no objection
to publication
B14
efield National Bank, Bluefield, W. Va., reduction approved
00,,Chnnge in condition of reduction
"lin County National Bank, McKinney, Texas, reduction approved

0

0

441

Farr,
--ere State Bank, Clarendon, Texas, loan for which
President of bank is holding stock of bank
President of bank to return stock or endorse note to
customer personally
Pic1.14,
:14y Bank and Trust Co., Memphis, Tenn., reduction approved
pi St Federal Foreign Investment Trust, increase approved
p:r8t National Bank, Hemet, Cal., reduction approved
14.ret National Bank, Ladonia, Texas, reduction approved
?Jet National Bank, Mountain Home, Idaho, reduction approved
?Jest National Bank, Robstown, Texas, reduction approved
?jet National Bank, Rotan, Texas, reduction approved
'
1st National Bank, Terre Haute, Ind., reduction approved
'
rrrPaired of member banks, form of letter to be used in future
cases
4ternational Acceptance Bank, Inc., plan to organize holding
company for stock not owned by member banks
Holding company not to be organized, stock of International
Acceptance Bank to be increased
Advice of increase in capital and surplus of International
Acceptance Trust Co.
1l. ;a/t1trose
0
National Bank, Montrose, Colo., reduction approved
"nal City Bank of New York, held by Liberty State Bank
and Trust Co., Mt. Carmel, Pa., no objection
by FRBoard
"nal Zinc Co., holding of, by First Federal Foreign Investment Trust
01k National Bank, Norfolk, Nebr., reduction approved
q4mett0 Bank and Trust Co., Florence, S. C., given sixty days
in which to restore impaired capital


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Federal Reserve Bank of St. Louis

2/14 153
2/14

153

2/29

188

2/3

124

5/18

406

3/2
3/6

195
218

6/19 494
5/14 378
6/7
460
4/24 340
6/26 512
5/18 402
6/12
1/9
6/1
4/4
4/4
3/6
2/18
4/4
1/23

469
22
443
292
292
212
164
293
71

2/7

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1/25

94

2/3

125

2/14 152
2/7
131

4/13 312
3/5
6/19

205
489

2/7

137

94
Stock, capital: (Continued)
Peoples National Bank, Los Angeles, Calif., reduction approved
United Bank and Trust Co., San Francisco, acquired by Bancitaly
Corporation without approval of FRBoard,
ordered filed
Utica National Bank and Trust Co., Utica, N. Y., reduction
approved
Worcester County National Bank, Worcester, Mass., reduction
approved
Stock, FRBank:
Cancellation and surrender of, propDsed amendment to Secs. 6 and
9 of FRAct
FRBank of Atlanta:
Moultrie National Bank, Moultrie, Ga., application approved
Palatka Atlantic National Bank, Palatka, Fla., application
approved
Southern Bank and Truat Co., Miami, Fla., application of
Comptroller of State of Florida for
cancellation of
Letter to FRAgent that bank must be expelled or make
voluntary withdrawal
Notice of intention to withdraw filed
FRBank of Chicago:
American State Bank, Frankenmuth, Mich., application approved
First State Bank, Magnolia, Ill., cancellation ordered
La Grange State Trust and Savings Bank, La Grange, Ill.,
application for cancellation ami surrender of
Peoples Wayne County Bank, Detroit, Mica., application approved
FRBank of Dallas:
First National Bank, Temple, Texas, application approved
First State Bank, Wolfe City, Texas, application approved
FRBank of Kansas City:
Conqueror Trust Co., Joplin, Mo., application for surrender
Draft of revised letter to FRAgent on voluntary withdrawal or forfeiture of membership
FRBank of Minneapolis:
Enderlin State Bank, Enderlin, N. D., cancellation approved
First State Bank, Philipsburg, Mont., application for
surrender of
FRBank of New York:
Industrial National Bank, New York, N. Y., application approved
Union Trust Co., Endicott, N. Y., application approved
FRBank of Philadelphia:
Pelham National Bank and Trust Co., Philadelphia, Pa.,
application approved
Steelton Trust Co., Steelton, Pa., application agproved
FRBank of Richmond:
Bank of Cheraw, Cheraw, S. C., to be cancelled because of
consolidation
FRBank of San Francisco:
National Bank for Savings in Los Angeles, Calif., application
approved


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Federal Reserve Bank of St. Louis

page'
6/26 5°6

354

4/27
40
5/24 411
5/12
444

5/18 10
2/7

444
6/1
2/18
5/14
3/5
1/21

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3/2

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2/21
1/31
5/18
1/4

3/9
6/1

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6°'
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3/20

95
Pages
Stoeir

B

rAmank: (Continued)
zRBank of San Francisco: (Continued)
United Bank and Trust Co., San Francisco, application for
surrender to be made by merged bank
Application for cancellation approved
krrender other than by voluntary withdrawal, Counsel to
formulate legal procedure for
that there is no other procedure
Report
Counsel
of
Stro
ne, Congressman James G., revision of bill to stabilize purchasing
power of dollar, etc.
Rearing to be held by Banking and Currency Committee of House,
members of PRBoard invited to attend
Discussion of bill, report of Dr. Goldenweiser on business
and credit conditions
14r. Miller in attendance at hearing
ther members of PRBoard to be invited to hearing
ki,44r. Miller again appearing before Committee
"s brought by or against FRBanks, proposed amendment to restore
jurisdiction to United States District
Courts

2

0

2/7
3/6

131
212

1/21
3/2

63
195

2/28

185

3/14

239

3/16
5/2
5/2
5/3

242
358
361
368

3/5

207

1/3

1

1/5

11

1/21

66

1/23

70

1/25
4/17

82
319

"T"

4Portation of currency by Havana Agency, Mr. Eddy and Mr.
Wyatt to visit Atlanta re
Cuban Secretary of Treasury to reverse decision and
Presidential decree to be issued
exempting Agency from tax
Rklana Agency, levied by Cuba on profits of, payment approved
if no treaty provides otherwise
0
Report of State Department that no such treaty exists, Mr.
Smead to check statement of profits
Ntor
19/
Y:
%:, leton
Branch, retransfer of Victoria County from San Antonio
16/
Branch
Amendment to by-laws re
101
Antonio Branch, amendment to by-laws of El Paso Branch
because of transfer of Brewster, Presidio,
and Terrell Counties to
4_
,c_hedu1e, change in, approved
l&k of Atlanta, changes approved
171/4nk of Kansas City, changes in
t4k °1-lisville to Cleveland, change from two days to one day
P
krer of United States, advice of no applications received from
national banks for sale of bonds during
fourth quarter
4
, ng first quarter
Department:
'
Ilference of Supervisors of Public Buildings, use of Board room
for
)
ds:
/111;11%,
*on Bank and Trust Co.. Los Angeles, Calif., classification
as deposits requiring reserves
441

4


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Federal Reserve Bank of St. Louis

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81
4/27 353
3/12 231
2/27 176
5/24 413

1/5
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FegeO

96
Trust powers: (See Fiduciary powers)
Tunnel between Baltimore branch bank building and postoffice building,
4/13 3°
request for permission to construct
Construction approved, and contract to be let to George A.
4/27 364
Fuller and Co.
HUN

Uniform Accounting, distribution of pamphlet to be discontinued
"United States", not to be used as part of title of foreign banking
corporations
United States Chamber of Commerce, letter from FRAgent Austin on
attendance at Conference of
Financing
Foreign
Corporation: (See Foreign banking
United States
corporations)

Violations of criminal statutes:
Circular letter to FRAgents on reporting
Condition reports of FRBanks and member banks to show shortages,
embezzlements, etc., suggestion of Assistant
Attorney General
Referred to Comptroller of the Currency
Officers and employees of State member banks, interview with
Department of Justice on procedure in reporting
Sec. 22 of FRAct, memo of Counsel on reporting of
Letter to FRAgent at San Francisco submitted and referred to
Governor
Circular letter to all FRAgents on reporting violations

Warburg, Paul M., plan to organize holding company for stock of
International Acceptance Bank, Inc., not
owned by member banks
Welfare and educational work:
FRBank of Atlanta, appropriation for Federal Reserve Clubs at
head office and branches
expenditures
for:
FRBanks,
December
January
February
March
April
May
Whiteside, H. H., Department of Agriculture, request for envelopes
addressed covering mailing list of FRBank
of Chicago for distribution of circulars
Wichita, Kansas, hearing on establishment of branch of FRBank of
Kansas City postponed
Hearing held on May 24, report of
Report of Board of Directors of FRBank refusing application

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Federal Reserve Bank of St. Louis

2/1

114

5/18 514
5/28 4°

2/8
4
6/7 01
6/26
2/29 1911
1/7
1/13 141
2/8

94

1125
1/21

2/21 of
3/9 04
4/4
6/7 40
6/28 40
6/19

3/14
5/14

1

5/28 40
6/19

97
Pages
711111arn

J. P., expenses of hearings to be paid by FRBanks of Dallas
ein Cheese Producers Federation, desire to have cheese
classified as agricultural instead of
Withdmanufactured product
rewals from FRSystem:
C°nqueror Trust Co., Joplin, Mo., application to surrender stock
in FRBank of Kansas City
Draft of revised letter to FRAgent on question of voluntary
withdrawal or forfeiture of membership
4derlin State Bank, Enderlin, N. D., cancellation of FRBank
stock approved
Pa
rmers State Bank, Genoa, Nebr., date for hearing on forfeiture
of membership
Hearing postponed to allow bank to appear before FRAgent
Report of FRAgent on deficient reserves
parmF
el!e
rfeiture of membership ordered
State Bank, St. Edward, Nebr., date for hearing on
forfeiture of membership
Advice that bank will not appear before FRAgent or FRBoard
Forfeiture of membership ordered
1., Report of FRAgent on deficient reserves
'
rat State Bank, Philipsburg, Mont., to appear before FRAgent
at Minneapolis on forfeiture of membership
Date of hearing changed
Report of FRAgent at Minneapolis on hearing, action
suspended
Resolution giving notice of intention to withdraw and
applying for cancellation of stock
taw
rence County Bank, Walnut Ridge, Ark., hearing on forfeiture
of membership to be held
Rearing to be held on March 21, advice of
Rearing postponed until April 26
,,,
Rearing
continued because of improved condition of bank
F
c".metto Bank and Trust Co., Florence, S. C., hearing on forfeiture of membership set for June 19
Resolution of board of directors that bank be allowed to
make voluntary withdrawal
Voluntary withdrawal recommended by FRBank of Richmond and
approved
8°11th-ern
Bank and Trust Co., Miami, Fla., application of
Comptroller of State of Florida for cancellation of FRBank Stock
Letter to FRAgent that bank must be expelled or make
voluntary withdrawal
Notice of intention to withdraw filed

2/7

136

3/6

218

1/21

63

3/2

194

2/21

169

2/7
133
3/6
213
3/12 233
3/21 249
2/7
3/6
3/7
3/12

133
214
220
233

1/4
1/16

7
43

1/25

82

1/31

106

2/18
2/21
3/12
4/24

163
170
231
342

5/18

405

6/19

493

6/22 501

4/27

354

5/24 414
6/12 471

firs
S.. Department of Agriculture, opinion on classifying cheese
as agricultural product


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Federal Reserve Bank of St. Louis

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