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KEY TO INDEX Branch Banks, Domestic, FRBanks, and Foreign, see Branch Banks Clayton Act Applications, see Interlocking Directorates Directors of FRBanks and Branches, see Directors National Banks are listed under heading National Banks State Banks are listed under State Member Banks and Nonmember 'Banks Stock of FRBanks and Member Banks, see Stock. INDEX JANUARY - JUNE, 1930 1 °An Pages Absorption of banks: (See Consolidations) Acceptance powers, request of First Federal Foreign Banking Corporation for permission to exercise Request approved with conditions stated Gold notes to be redeemed and powers then to be exercised Acceptances: Bankers: Rates for purchases, changes in: FRBank of Atlanta FRBank of Boston FRBank of Chicago FRBank of Cleveland 3/31 322 4/4 333 4/23 387 2/14 4/15 1/31 2/12 3/6 3/10 3/13 3/17 3/17 3/19 3/25 5/6 5/9 5/22 6/6 6/16 6/23 2/4 2/12 3/4 3/6 3/10 3/13 3/17 3/19 3/25 5/6 5/9 5/22 6/4 6/6 6/16 6/20 2/10 2/14 2/27 3/10 3/10 3/13 3/17 114 349 110 147 236 253 259 270 271 285 299 420 429 478 533 562 594 114 147 226 236 253 259 271 285 299 420 429 478 528 534 562 577 141 160 212 252 253 259 270 Pages 2 Acceptances: (Continued) Bankers: (Continued) Rates for purchases, changes in: (Continued) MBank of Cleveland: (Continued) MBank of Dallas FRBank of Kansas City MBank of Minneapolis MBank of New York 3/19 3/25 3/25 2/4 2/10 2/18 3/10 3/10 3/17 3/19 3/25 3/25 3/25 5/6 5/14 5/26 6/9 6/9 6/20 6/23 2/4 2/14 2/27 3/10 3/10 3/13 3/17 3/25 3/25 3/25 5/6 5/14 5/22 6/6 6/9 6/18 6/23 2/12 4/4 5/6 5/14 5/22 6/4 6/6 6/16 6/20 1/31 2/12 3/6 3/10 3/13 3/17 284 298 299 114 141 166 252 253 270 283 297 298 299 420 439 489 540 541 578 594 114 161 212 252 254 259 271 297 298 299 420 439 478 533 540 567 595 147 328 421 439 478 528 533 562 578 110 147 235 252 259 270 3 Pages Acceptances: (Continued) Bankers: (Continued) Rates for purchases, changes in: (Continued) FRBank of New York: (Continued) FRBank of Richmond FRBank of St. Louis FRBank of San Francisco 3/17 3/19 3/25 5/2 5/6 5/9 5/22 6/4 6/6 6/16 6/20 1/31 2/12 2/25 3/6 3/10 3/13 3/17 3/17 3/25 3/25 5/6 5/9 6/4 6/6 6/16 6/20 1/31 2/12 2/25 3/6 3/10 3/13 3/17 3/19 3/25 5/6 5/9 5/22 6/4 6/6 6/18 6/20 2/6 2/12 2/27 3/6 3/10 3/13 3/19 3/25 271 285 298 417 420 428 478 527 533 562 577 110 147 203 236 254 259 270 271 299 300 421 429 528 534 562 578 110 147 203 236 254 259 271 285 299 420 429 478 528 534 567 577 131 147 212 237 254 259 284 300 4 Acceptances: (Continued) Bankers: (Continued) Rates for purchases, changes in: (Continued) FRBank of San Francisco: (Continued) Pages 4/4 5/9 5/22 6/4 6/6 6/18 6/25 General Committee on, report of sub-committee on developments in acceptance credit business 3/13 Letter to Chairman of Committee and to Governors of all 3/19 FRBanks advising of disapproval of ruling 6/2 Sausage cases as basis for, secured by warehouse receipts Eligible for discount, cannot be used as collateral security in trust department of national banks to secure trust funds deposited in commercial department 6/18 Goods in transit and in storage, arrangement of First Federal Foreign Banking Corporation to handle for Bush 1/13 Terminal Co. of N.Y. to purpose discuss meeting Messrs. Lisman and Bush, present at 1/14 of proposed affiliations (See also Bush Terminal Co.) Staple goods in process of conversion as basis for secured 3/13 credits, proposed ruling disapproved of Governors to and Letters to Chairman of General Committee all FRBanks advising of disapproval of ruling 3/19 Acceptances to 100 per cent of capital and surplus: Public National Bank and Trust Co., NOW York, N. Y., application 5/6 approved Adams, J. S., payment of attorneys fees in connection with receivership of First National Bank, Dublin, 5/19 Ga. American on Governor to Harrison cablegram Charles, Addis, Sir directors of Bank for International 2/24 Settlements Advertisements: Commercial National Bank, Madison, Wis., objection to wording of 6/23 Agencies: Currency depots: (See Currency depots) Havana: Commission on exchange of old size $100 Friotes for new for sixty days to be waived because of circulation 2/18 of counterfeit notes in Cuba, 4/8 Commission to be waived for sixty days additional 328 429 478 528 534 567 600 264 287 515 571 25 32 264 287 422 457 200 596 168 343 5 Pages Agencies: (Continued) Havana: (Continued) Laws of Cuba, questions raised by Cuban Government on compliance with, especially re taxation of excess of exports of currency over imports Letter from Governor Black with copy of communication to Secretary of Treasury of Cuba on results of conference on questions raised Moratorium in Cuba rumored, Agency allowed to sell cable transfers or exchange notes for Cuban gold coin until further notice Staff: Frazer, H. C., salary as Assistant Manager approved Magruder, L. L., salary as Manager approved Savannah: Staff: Bowden, J. H., salary as Manager approved Goethe, James A., salary as Assistant Manager approved Agricultural paper: (See Rediscounts) Albemarle Investment Co.: (See FRBoard, Quarters) Allen, Senator of Kansas: (See Wichita) Amendments to FRAct: (See FRAct) American Institute of Banking, contribution by Denver Branch for expenses of convention of Annual Report of FRBoard: Amendments to FRAct to be recommended in, made special order for February 5 Amendments considered and acted on separately (See also FRAct) Draft of 1929 report distributed among members of Board and discussed, proposed Changes to be submitted in writing Consideration made special order for meeting of full Board on February 21 Amendments proposed by members of RBoard, draft suggested by Mr. Miller adopted Revised draft submitted and approved with some amendments Legislation to be recommended to Congress submitted by Counsel and approved for inclusion in report Action reconsidered and changes suggested by Mr. Miller adopted, to be sent to printer for page proofs Ready to be returned to printer for final copy, form of letter of transmittal to be signed by Governor, and date for presentation to Congress and release to press Figures on street loans on call dates to be published under loans and investments of member banks Argentina, deposit of gold in FRBank of New York against which currency will be issued in Argentina Arrangement completed and initial deposit of $1,000,000 made and another expected 5/26 492 6/6 536 1/16 55 1/16 1/16 45 45 1/16 1/16 45 45 3/10 247 1/31 2/6 113 119 2/12 157 2/20 179 2/21 185-193 3/17 268 3/17 269 4/7 336 4/16 361 3/17 275 1/17 57 1/23 78 Pages 6 Argentina gold: (Continued) Withdrawals of deposits completed and account now considered closed Assessment on FRBanks for expenses of FRBoard, resolution adopted Assistant FRAgents: (See FRAgents) Attachment or garnishment proceedings against FRBanks, proposed amendment to FRAct to exempt FRBanks from Drafts of letters to Committees on Banking and Currency of Senate and House recommending amendment Attorney General of United States: (See Department of Justice) Audit of activities of FRBoard, Governor to investigate and report on advisability of periodic Audit of Gold Settlement Fund, memo of Examiner in Charge on procedure to supplement independent audit Audit of reserve stocks of incomplete PRnotes at Bureau of Engraving and Printing, Mr. Good to represent FRBoard Automobile for use between Otis Building and Treasury discussed in connection with renewal of lease 6/20 580 6/18 569 2/6 121 2/14 163 5/29 508 5/14 414 6/20 582 6/9 539 5/29 6/3 506 526 "B" Baker, Newton D.: Advisory capacity, retention by FRBoard in, and to attend Conference of Counsel of FRBanks, referred to Governor To attend Conference on June 11 only, and fee approved Bill for services in case of Raichle v. FRBank of New York approved Bank and Public Relations, report of Committee to FRAgents Conference Bank failures, causes discussed Bork for International Settlements: Directors of, cablegram from Sir Charles Addis to Governor Harrison on appointment of, and reply of Mt. Harrison Letter to Acting Secretary of State quoting letter of Governor Harrison and requesting attitude of State Department Letter from Mr. Case with cable from Banca dlItalia on appointment of Messrs. McGarrah and Fraser as directors, reply of Mr. Case and advice that State Department has no objection to reply Letter from Acting Secretary of State approving letters of Mr. Harrison and Mt. Case Information in possession of FRBoard furnished to Secretary of Treasury in connection with H. Res.171 Operations on American market by, letter from Undersecretary of Treasury Letter discussed, and question whether FRBank of New York should function under article 20 of the statute and also responsibility of PRBoard Cablegram from Mt. McGarrah to Governor Harrison with certain questions 1/7 12 3/13 264 2/26 210 2/24 200 2/25 204 2/27 218 3/4 227 3/17 269 4/15 351 4/16 359 4/16 361 7 Pages Bank for International Settlements: (Continued) Account authorized by FRBevnir of New York, letter from Governor Harrison and reply of PRBoard Authority and responsibility of FRBoard under FRAct discussed, made special order for meeting on Monday Governor Harrison present at meeting to discuss action of directors of FRBank, in voting not to dissent on outlined procedure, and opening of account approved Letter from Mr. Harrison with proposed cable to Mk. McGarrah and reply of FRBoard Relations of iliBoard and FRBanks with, as topic for discussion by Federal Advisory Council Submitted as special topic in letter to Secretary of Council Reparations bond issue, request of Undersecretary of State on size of issue to be made in this country Secretary of Treasury to be requested to furnish any information he has on subject and on responsibility of FRBoard Letter to Secretary of Treasury not transmitted, ordered laid on table Letter not now considered necessary and ordered filed without action Statement of Mt. Harrison on probable procedure for issue Procedure discussed and motions offered by Mr. James and Mr. Hamlin but no action taken Proposed letter to FRBank of New York submitted by Mr. Miller stating attitude of PRBoard to bond issue Attitude of State Department and letter to Secretary of Treasury on position of Administration Proposed reply of FRBank to inquiry to be submitted to FRBoard Statement returned by Secretary of Treasury with notation that position of administration is correctly stated Reply of MBank of New York to cable presented and action deferred for tail meeting of FRBoard Reply of FRBank approved for transmittal Recommendation of Federal Advisory Council that FRBoaxd Approve plan submitted by FRBank of New York H. J. Res. 364 to prohibit purchase of bonds by FRBanks and member banks Relations with, discussion with Federal Advisory Council reported to Open Market Policy Conference Report of operations, etc., and reply of FRBank to inquiries on use of private banks for deposit of funds and on MBank opening account on books of B.I.S. Stock of, desire of Second National Bank of Boston to invest in stock of proposed foreign banking corporation in order to subscribe to 4/18 363 4/19 369 4/21 371 4/22 376-379 4/22 379 5/6 425 4/7 338 4/8 341 4/15 352 4/23 388 5/14 445 5/15 451 5/19 460 5/21 468-471 5/22 485 5/26 495 5/26 498 5/27 500 6/2 518 6/18 569 5/21 466 6/18 570 6/9 544 Pages 8 Bank for International Settlements: (Continued) Stock of: (Continued) Letter to Ropes, Gray, Boyden, and Perkins on minimum capitalization of such corporations Bank of England: (See Foreign banks) Bank of France: (See Foreign banks) Bank of Latvia: (See Foreign banks) Bankers directory, subscription for Office of Counsel for use in Clayton Act work Bankruptcy Act, proposed amendment that funds in custody of Federal courts be deposited in member banks of American Exchange Trust Co., and stockholder large B., A. Banks, possibility of excessive use of credit of bank Bogan, Eugene F., request for permission to examine permit issued to National City Bank to establish branch in Petrograd, Russia Bonds: Bank for International Settlements: (See Bank for International Settlements) Circulation, advice of no applications received from national banks: During fourth quarter During first quarter First Federal Foreign Banking Corporation, cancellation of gold notes of: (See Foreign Banking Corporations) of issue in this country, request of Foreign, flotation Undersecretary of State for opinion on effect on domestic situation Reparations: (See Bank for International Settlements) Surety: Bailey, L. H., as Acting Assistant FRAgent at St. Louis Case, J. Herbert, as FRAgent at New York DeCapp, George, as FRAgent at Cleveland Maguire, F. P., as Acting Assistant FRAgent at St. Louis McAdams, A. M., as Assistant FRAgent at Kansas City Newton, Isaac B., as FRAgent at San Francisco Wheeler, Oliver P., as Acting Assistant FRAgent at San Francisco Wood, John S., as FRAgent at St. Louis Young, Clifford S., as Assistant FRAgent at Chicago purchase for use in office of Counsel approved law, Books, House Association, resolution on interest on Clearing Boston deposits to be paid by clearing house banks Branch banking, digest of State laws prepared and to be published in FRBulletin and branch banking) group Chain, also (See banks, domestic: Branch American Bank and Trust Co., Richmond, Va., purchase of stock of West End Bank, conversion to branch suggested Word from President of bank that if it is not converted into branch stock will be disposed of Equitable Trust Co., New York, opinion on legality of office in Detroit not necessary because of merger 6/25 601 3/10 248 2/6 123 3/1 222 2/12 150 1/13 28 4/16 358 3/25 307 ao 1/10 3/4 227 1/21 61 4/16 354 1/10 21 3/10 247 3/10 247 6/6 536 1/7 8 1/27 89 4/24 392 3/13 262 2/12 154 2/24 200 4/23 386 9 Branch banks, domestic: (Continued) Plumas County Bank, Quincy, Calif.: Portola, Calif., to be retained in reorganization of bank Retained or established by national bank consolidated with State bank having branches, opinion of Attorney General Action on publication of opinion deferred Publication recommended by Comptroller of the Currency and approved Branch banks, FRSystem: Applications for establishment to be acted on only at meetings attended by full membership Assistant FRAgents at: (See FRAgents) Baltimore: Staff: Cupit, John R., salary as Assistant Cashier approved Appointed Cashier and salary approved Dudley, A. H., salary as Managing Director approved Hays, T. I., salary as Assistant Cashier approved Resignation of Johnston, John A., appointed Assistant Cashier and salary increased Reese, M. P., salary as Cashier approved Resignation of Wrightson, Frank IT., appointed Assistant Cashier and salary increased Birmingham: Staff: Knowlton, T. N., salary as Assistant Cashier approved Urelart, H. J., salary as Cashier approved Walker, A. E., salary as Managing Director approved Buffalo: Examination report as of Feb. 21 Personnel classification plan reviewed and approved Staff: Blakeslee, C. L., salary as Assistant Cashier approved O'Hara, Robert M., salary as Managing Director approved Snow, H. W., salary as Cashier approved Wilts°, R. B., salary as Assistant Manager approved Charlotte: Directors: (See Directors) Staff: Clements, W. T., salary as Cashier approved Leach, Thigh, salary as Managing Director approved Cincinnati: Staff: Acting Assistant FRAgent to be discontinued Kennelly, B., salary as Assistant Cashier approved Lazar, B. J., salary increased as Cashier McCombs, C. F., salary as Managing Director approved Ott, H. N., salary as Assistant Cashier approved Denver: Contribution for expenses of convention of American Institute of Banking Pages 3/27 314 1/21 1/23 66 73 1/27 89 2/21 185 1/16 44 3/17 273 1/16 44 1/16 44 3/17 273 3/17 273 1/16 44 3/17 273 3/17 273 1/16 1/16 1/16 45 45 45 5/6 424 4/30 408 1/16 1/16 1/16 1/16 41 41 41 41 1/16 1/16 44 44 1/24 1/16 1/16 1/16 1/16 85 43 43 43 43 3/10 247 10 Branch banIrs, FRSystem: (Continued) Denver: (Continued) Staff: Brown, S. A., salary as Cashier approved Cronan, Jno. A., salary as Assistant Cashier approved Olson, Jos. E., salary as Managing Director approved Detroit: Directors: (See Directors) Staff: Baskin, J. G., salary as Assistant Cashier approved Bowen, F. L., salary as Assistant Auditor approved Cation, W. R., salary as ManIging Director approved Chalfont, H. J., salary as Cashier approved Jarvis, G. T., salary as Assistant Cashier approved Levin, I., salary as Assistant Counsel approved El Paso: Staff: Hermann, J. L., salary as Managing Director approved Sayles, Allen, salary as Cashier approved Establishment and maintenance of, survey of whole question suggested resolution for consideration of FRBoard prepare to Governor presented and approved survey on Resolution Helena: Change in interdistrict time schedule to St. Louis and. Los Angeles Directors: (See Directors) Discontinuance as branch and conversion into currency depot suggested Salaries for 1930 approved Staff: Hoerr, H. A., salary as Assistant Cashier approved Towle, R. E., salary as Managing Director approved Weir, Taylor B., retainer as Counsel approved Zimmerman, H. L., salary as Cashier approved Houston: Directors: (See Directors) Staff: DeMoss, H. R., salary as Assistant Cashier approved Gentry, W. D., salary as Managing Director approved Mendel, C. B., salary as Cashier approved Reordan, Dwight P., resignation as Managing Director Jacksonville: FRnotes, arrangements for custody of unissued in vaults of Memo of counsel approving agreement Staff: Mahon, Mary E., salary as Assistant Cashier approved McLarin, W. S., Jr., salary as Managing Director approved Vardaman, Geo. S., Jr., salary as Cashier approved Little Rock: Gift of money distributed to employees not to be approved in future Staff: Bailey, A. F., salary as Managing Director approved Pages 1/16 1/16 1/16 49 49 49 1/16 1/16 1/16 1/16 1/16 1/16 47 47 47 47 47 47 1/16 1/16 50 50 2/21 184 2/26 211 2/2? 217 4/16 356 2 1/2 1/30 107 1/30 1/30 2/4 1/30 108 108 115 108 1/16 1/16 1/16 1/7 50 50 50 11 3/25 305 4/30 405 1/16 45 1/16 1/16 45 45 4/30 408 1/16 47 11 Pages Branch banks, FRaystem: (Continued) Little Rock: (Continued) Staff: (Continued) Long, H. H., salary as Cashier approved Wood, Clifford, salary as Assistant Cashier approved Los Angeles: Staff: Ambrose, W. N., salary as Managing Director approved Dumm, A. J., salary as Assistant Cashier approved MdRitchie, M., salary as Assistant Manager approved Meyer, L. C., salary as Assistant Cashier approved Shepherd, C. J., former Manager, possible violation of law in obtaining credit at commercial bank for Mr. L. A. Banks Advice of Department of Justice that action is barred by Statute of Timitations Louisville: Directors: (See Directors) Staff: Kincheloe, W. P., salary as Managing Director approved Moore, J. T., salary as Cashier approved Moore, L. A., salary as Assistant Auditor approved Muir, E. R., salary as Assistant Cashier approved Memphis: Directors: (See Directors) Staff: Belcher, S. K., salary as Cashier approved Glasgow, W. H., salary as Managing Director approved Martin, C. E., salary as Assistant Cashier approved Nashville: Staff: Fort, Joel B., Jr., salary as Managing Director approved Harrison, E. R., salary as Cashier approved Starr, Leo W., salary as Assistant Cashier approved New Orleans: Custodian of documents in connection with loan to Cotton Stabilization Corporation, desire of Federal Farm Board to have branch act as Directors: (See Directors) Meeting of Directors of FRBank of Atlanta to be held at Staff: Black, Wm. H., salary as Cashier approved Miller, Wm. E., salary as Assistant Auditor approved Schwarz, Ralph J., payment for services in connection with liquidation of First National Bank of Acadia Parish, Crowley, La., approved Vasterling, F. C., salary as Assistant Cashier approved Salary increased Walker, James A., salary as Assistant Manager approved Walker, Marcus, salary as Managing Director approved Oklahoma City Branch: Staff: Daniel, C. E., salary as Managing Director approved 1/16 1/16 47 47 1/16 1/16 1/16 1/16 51 51 51 51 3/19 288 4/23 385 1/16 1/16 1/16 1/16 47 47 47 47 1/16 1/16 1/16 47 47 47 1/16 1/16 1/16 45 45 45 6/20 579 3/17 274 1/16 1/16 45 45 6/23 596 1/16 45 2/18 167 1/16 45 1/16 45 1/16 48 Pages 12 Branch banks, FRSystem: (Continued) Oklahoma City Branch: (Continued) Staff: (Continued) Mathes, R. L., salary as Assistant Cashier approved Wunderlich, R. O., salary as Cashier approved Omaha: Directors: (See Directors) Staff: Cordill, O. P., salary as Assistant Cashier approved Earhart, L. H., salary as Managing Director approved Gregory, G. A., salary as Cashier approved Phillips, William, salary as Assistant Cashier approved Pittsburgh: Building, hearing to be granted Governor Fancher and Mr. Fleming on proposed to be presented to Congress submitted by Resolution • Messrs. rancher and Fleming and approved Bill signed by President to be published in FRBulletin Plans approved and bids to be approved by Executive Committee as submitted Directors) (See Directors: maintaining stock of unissued.temporarily for plan FRnotes, in vault after discontinuance of Acting Assistant FRAgent approved Plan Letter to FRAgent on execution of new agreement covering points set forth Staff: Brown, P. A,, salary as Assistant Cashier approved Cobun, F. E., salary as Assistant Cashier approved Griggs, T. C., salary as Cashier approved Nevin, J. C., salary as Managing Director approved Portland: Staff: Blanchard, J. P., salary as Assistant Cashier approved MacEachron, S. A.„ salary as Assistant Manager approved West, R. B., salary as Managing Director approved Salt Lake City: Directors: (See Directors) Staff: Craft, H. M., salary as Assistant Manager approved Partner, W. L., salary as Managing Director approved Smoot, W. M., salary as Assistant Cashier approved San Antonio: Directors: (See Directors) Staff: Crump, M., salary as Managing Director approved Eagle, W. E., salary as Cashier approved Parks, T. E., salary as Assistant Cashier approved Seattle: Staff: Reif, G. W., salary as Assistant Cashier approved Russell, B. A., salary as Assistant Manager approved Shaw, C. R., salary as Managing Director approved 1/16 1/16 48 48 1/16 1/16 1/16 1/16 48 48 48 48 1/7 13 22 1/10 4/23 387 6/23 585 85 1/24 1/30 105 2/20 177 1/16 1/16 1/16 1/16 43 43 43 43 1/16 1/16 1/16 51 51 51 1/16 1/16 1/16 51 51 51 1/16 1/16 1/16 50 50 50 1/16 1/16 1/16 51 51 51 13 Pages Branch banks, FRSystem: (Continued) Spokane: Staff: Berg, Evan, salary as Assistant Cashier approved Davis, D. L., salary as Managing Director approved Leisner, J. M., salary as Assistant Manager approved Wichita, extension of time to file answer to reply brief of FRBank of Kansas City Representatives of Wichita to meet with FRBoard on Jan. 20 to discuss transit times Letter from officers of FRBank on statement that 70 per cent of agricultural products of trade territory are financed in Wichita, referred to Wichita representatives Hearing of representatives of member and nonmember banks and of FRBank on mail schedules, grain drafts, and other questions Application discussed and action deferred Application discussed and Governor to arrange date to bring up as special order of business Consideration of application made special order for meeting on Feb. 21 Application disapproved and future applications to be acted on at full meeting of Board Representative of petitioning banks to be officially notified of disapproval of branch Memoranaum of joint committee representing banks in Colorado, Oklahoma, Texas and Kansas Letter from FRAgent on memo addressed to PRBoard by joint committee representing petitioning banks Branch banks, foreign: Branch of national bank and parent bank are but one legal entity, opinion rendered in 1917 to be furnished Shearman and Sterling Chase Bank: Mexico City, Calle Condesa No. 3, application approved with understanding as to allocation of capital Paris, France, application approved Chase National Bank of the City of New York: London, England, application approved when ratified by directors Permission to establish at Bush House, Aldwych, W. C. 2 Equitable Trust Co., New York: Paris, France, to organize a snail national bank or Edge Corporation after consolidation to avoid exhorbitant tax Application for reservation of title "Chase Bank" for corporation to be organized under Sec. 25(a) of FRAct National City Bank, New York: Argentina, Buenos Aires, new application should be made for branch recently reopened 1/16 1/16 1/16 51 51 51 1/7 6 1/8 16 1/10 22 1/20 1/27 59 91 2/10 144 2/20 179 2/21 184 2/26 210 4/4 334 4/16 355 1/23 75 5/26 489 5/26 489 5/26 488 6/25 600 4/23 389 5/2 415 6/23 596 Pages 14 Branch banks, foreign: (Continued) National City Bank, New York: (Continued) Brazil, Porto Alegre, permission to establish granted Philippine Islands, Manila and Cebu, letter to be addressed to Secretary of War before formal approval Letter from Secretary of War submitted and application approved Porto Rico: Ponce, Mayaguez, Areciboi and Santurce, application to establish approved San Juan, no new application necessary if only one branch is to be operated Russia, Petrograd, request of Eugene F. Bogan to examine permit to establish State member banks, proposed amendment to FRAct to allow establishment of Memo of Counsel and proposed letter to Committee on Banking and Currency of House cal Budgets of FRBanks for operation of statistical and analyti 1930 during ns functio Buildings: FRBank of Richmond: (See FRBank of Richmond) Pittsburgh Branch, hearing to be granted Governor Fancher and Mt. Fleming on proposed presented to Congress authorizing be Resolution to expenditure for building submitted ard approved Bill signed by President, to be published in PRBulletin Plans approved and bids to be approved by Executive Committee as submitted of Bureau of Engraving and Printing, audit of reserve stock made be to FRnotes incomplete t to cover time Bureau of Insular Affairs, letter on proposed contrac deposits of Philippine Government funds in member banks ) Robbery Burglary: (See Bush Service Corporation: (See Bush Terminal Co.) 'Push Terminal Co., arrangement with First Federal Foreign Banking Corporation to handle acceptances against goods in transit and in storage Messrs. Bush and Lisman present at meeting to discuss purpose of proposed affiliation Corporation to purchase stock of Service Bush have to Plan corporation and plan for handling import and export transactions Letter to President of Company approving plan to be referred to FRBank of New York nt of Company submitted and approved to Preside letter Revised lders against exchange of stock and certain stockho of Protest request that corporation be continued in operation or liquidated Second National Bank and Trust Co., from letter Reply to Saginaw, Mich., on rights of stockholders in liquidation of corporation 6/9 543 1/8 18 1/23 74 3/6 239 4/30 403 2/12 150 2/6 119 2/10 144 2/20 1/7 175 13 22 1/10 4/23 387 6/23 585 6/20 582 1/23 75 1/13 25 1/14 32 1/23 77 117 2/4 2/14 163 3/17 278 4/8 344 15 Pages Bush Terminal Co.: (Continued) Reply to letter from Revel Miller and Co., on plan for exchange of stock and possibility of forcing liquidation of company 6/18 572 Business and credit conditions: Over the end of the year, discussed with Mr. Goldenweiser and Mr. Smead. 1/3 4 Memo of Mr. Goldenweiser submitting figures on bank credit, free gold, etc., 1/13 30 General situation discussed by Mr. Goldenweiser 1/23 70 1/2? 90 1/28 93 Dr. Goldenweiser to make review of conditions at next meeting 3/4 229 Review of situation by Dr. Goldenweiser and action through securities market or discount rate discussed 3/5 232 Reviewed by Dr. Goldenweiser at meeting with Open Market Policy Conference 5/21 465 Mr. Harrison present at meeting to discuss depressed situation 5/14 445 Business Indexes prepared for President and Cabinet by Interdepartmental Statistical Committee, tabulation of 1/21 67 Bylaws: FRBank of Atlanta, amendment to article on membership of discount committee 5/14 443 FRBank of Chicago, letter to FRAgent on three proposed amendments to 4/16 358 FRBank of St. Louis, amendment to section on constitution of executive committee 2/10 142 "Cu Caldwell, Rogers, large holder of stock of American Exchange Trust Co., and possibility of excessive use of credit of bank California Reserve Co., use of word ureserve in title by Canadian currency, postponement of effective date of conversion recommended by Governors Conference, Mt. mead to submit revised letter and press statement Revised letter and press statement approved and plan to be effective April 15 Capital stock: (See Stock) Cash stores, information on whether they have offset installment credit transactions Central Marietta Street Association, expenditure for dues by FRBank of Atlanta not favored Chain, group and branch banking, letter from chairman of House Banking and Currency Committee on hearing to be held under H.R. 141 Proposed reply to Chairman of committee discussed but no action taken 3/1 5/9 222 434 3/13 264 3/31 322 1/23 78 3/27 313 2/24 199 2/25 205 Pages 16 Chain, group and branch banking: (Continued) Draft of proposed reply that FRBoard will not select representative to appear before committee 2/26 but will cooperate in making study on /26 2 Committee appointed to assemble and digest information 2/27 Letter to Chairman of committee approved Mr. Goldenweiser given authority to negotiate for employment of e3/4 secretary for committe • 3/13 Riddle, J. H., employed as secretary on monthly basis 3/4 of files FRBoard Memo prepared by Counsel from data in Chairman of committee to present inquiries any members of Board may wish when representatives of various 3/5 organizations appear before committee making for study committee from List of questions to be secured 3/6 FRBoard of members RBoard of opinions personal Informal discussion with on merits and possibilities of these forms of 3/13 bank organization by approved if FRBahk, to RBoard from changed be to Committee 4/23 FRBanks Change approved by FRBanks and Mr. J. H. Riddle to be paid by 4/30 FRBank of New York through, buying cash increased of credit upon effect stores, Chain complaint of Mr. James on information furnished by Division of Research and 2/6 Statistics require to law to amendment proposed banks, national new to Charters 2/6 approval by FRBoard Circulars: Canadian currency, revised letter on conversion approved and plan to be effective April 15 Decision of Comptroller General of United States that FRBanks handling matters for Federal Farm Board as fiscal agents must look to borrowers for reimbursement for expenses Letter to Federal Farm Board with copies of replies of four FR. Banks transmitting further letter from FRBanks Letter to all Federal Farm Board on Directors, election of Class A and B: (See Directors) Liability incurred by member bank in purchasing Federal Reserve exchange Member banks in each district to be reminded that permission of FRBoard is necessary to purchase stock in other banks Open market operations, revised procedure governing Purchase of stock:by State member banks in other banks: (See Stock, Capital) Stockholders Association of FRBank of Richmond, calling meeting to be held April 11 Violations of criminal provisions of banking laws, importance of prompt reports of Clayton Act applications; (See Interlocking directorates) 209 209 216 228 262 229 234 235 258 389 402 131 123 3/31 322 3/17 277 5/9 434 5/29 511 1/2 2 2/24 197 79 1/23 3/17 274 5/19 459 17 Pages Clearing and collection: Cash letter forms of member banks used by nonmember country corresnondents 2/12 151 Memo of Governor postponing reference to other FRBanks until further correspondence with FRBank of Kansas City 2/20 175 Checks to be sent direct to drawee banks in other districts, amendment to Regulation J to be studied by Standing Committee on Collections 3/13 265 Exchange National Bank, Ardmore, Okla., desire for plan whereby remittances of nonmember banks in St. Louis district can be credited to account of bank with FRBank of Kansas City 4/16 357 Interdistrict time schedule: FRBank of Atlanta and branches to other FRBanks and branches, changes approved 6/14 555 Helena to St. Louis and to Los Angeles, changes approved 4/16 356 Regulation J: (See Regulations) Committees: Banking and Currency of House and Senate: (See FRAct; Legislation) Chain, group and branch banking, Messrs. Smead, Goldenweiser, Rounds, Fleming, and Clerk to study 2/26 209 Mr. Goldenweiser given authority to negotiate for employment of secretary for Committee 3/4 228 Riddle, J. H., employed as executive secretary on monthly basis 3/13 262 To be changed from FRBoard to FRBank committee if approved by FRBanks 4/23 389 Change approved by all FRBanks and Mr. J. H. Riddle to be paid by FRBank of New York 4/30 402 FRAgents Conference: Bank and Public Relations, report of 3/13 264 FRBank of Atlanta: Discount, amendment to bylaws on membership of 5/14 443 FRBank of Boston: Applications of State banks and trust companies for membership, members of 1/7 10 FRBank of St. Louis: Executive, amendment to section of bylaws on constitution of 2/10 142 FRBank of San Francisco: Executive for 1930, members of 1/13 27 FRBoard: Executive: Cunningham, E. H., expiration of term as member 1/2 3 Hamlin, Chas. S., to serve as member for three months 1/2 3 Expiration of term as member 3/31 320 Miller, A. C., appointed member for three months 3/31 320 Special: Messrs. Hamlin and Miller to draw up suitable memorial resolutions on death of Governor Harding 4/7 336 Resolutions presented and adopted 4/8 340 Special to attend funeral of Governor Harding in Boston, consisting of Governor Young, Mr. Platt, and Mr. Hamlin 4/7 336 18 Pages Committees; (Continued) Governors Conference: 3/13 Collections, Standing Committee on, report of J on sending to Regulation amendment checks To recommend 3/13 direct to drawee banks in other districts of report Acceptances, Bankers General Committee on sub-committee on developments in acceptance 3/13 credit business to of and all of Governors Committee Chairman Letters to 3/19 FRBanks advising of disapproval of ruling /13 3 of Insurance, report /13 3 of report Leased wire, 3/13 of report Pension, Special committee to consider policy of FRBanks acting as custodians of securities pledged to secure 3/13 public deposits, report of Interdepartmental Statistical Committee, tabulation of business 1/21 indexes for President and Cabinet Open Open Market Operations; also (See Investment; Market Open Market Policy Conference) No longer buying Government securities and no desire to sell at present, opinion that meeting should be 1/2 postponed until after Jan. 7th Letter to Governors not represented on committee on conditions and prospects and recommending no 1/11 change in general policy Letter discussed and also organization of Open Market Committee, to be brought up again in few days 1/15 Plan submitted by Mr. Miller for revised procedure approved, request of Governor for reconsideration disapproved, and letter to FRBanks to be 1/16 prepared Telegram to FRBanks on revised procedure and meeting of new committee including all FRBanks called 1/21 for Jan. 28 submitted procedure on revised and FRBanks Letter to all 1/23 approved of be by to Chairman made banks, appointments member Reserves of Governors Conference after consultation with 1/29 Governor of FRBoard pending be not recommended to RAct to amendments Proposed submission to committee for study and 2/6 recommendation Messrs. Smead, Goldenweiser, Rounds, Fleming, and Clerk 2/12 appointed on committee Report of Governor Young on meeting with, also to act as 2/26 Committee on Chain and Branch Banking Report on amending regulations on calculating reserves as at opening of business, to be considered with 3/6 whole reserve problem 4/4 Riefler, W. W., selected as Secretary of Comptroller General of United States, decision that FRBanks handling matters for Federal Farm Board as fiscal agent must look to borrowers for reimbursement 3/17 for expenses 263 265 264 287 263 263 263 263 67 1 24 35 53 69 79 101 123 152 209 239 330 277 19 Pae,es Comptroller General of United States: (Continued) Letter to Federal Farm Board with copies of replies of four FRBanks to circular letter Letter to all FRBahks transmitting further letter from Federal Farm Board on subject Comptroller of the Currency: Conference of Counsel of FRBanks to confer with representatives of, on release of Federal Reserve balances of insolvent national banks to receivers Conference arranged for June 10 Examinations of affiliates of national banks, statement on Examinations of FRBanks and member banks to be placed under: (See Legislation, H.R.7966) Examinations of member banks, pugeested amendment to FRAct and Revised Statutes to place under Fiduciary powers of national banks, opinion that FRBoard should not be given authority to revoke Opinion that State statute regulating sale of securities by national banks is in conflict with Revised Statutes Condition reports: First Federal Foreign Banking Corporation, extension of time for filing Report shows holding of stock of domestic corporations in investment account, memo of Mr. Drinnen on disposal of Member banks: Distribution of eligible paper among individual member banks, statement to be furnished Governors and FRAgents and published in FRRulletin National banks: Call as of Dec. 31, 1929 Call as of Mar. 27 State member banks: Call as of Dec. 31, 1929 Call as of Mar. 27 Change in form, tenor of letter from FRAgent at Philadelphia objected to by Governor Weekly condition statement of FRBanks, revised form effective May 28 Conferences: Counsel of FR3anks, authority to hold in Washington to discuss Regulation J, collection circulars of FRBanks, and release of Federal Reserve balances of insolvent national banks to receivers Conference approved by Governor Conference to be held June 9 and to meet with representatives of Comptroller of the Currency on June 10 Baker, Newton D., attendance in advisory capacity, referred to Governor To attend on June 11 only, and fee approved Minutes of Conference sUbmitted 5/9 434 5/29 511 5/6 5/19 3/27 424 458 314 2/6 125 2/6 128 1/21 67 2/4 116 3/17 279 5/26 494 1/7 3/31 7 321 1/7 3/31 7 321 5/26 495 5/19 455 5/6 5/9 423 426 5/19 458 5/29 506 6/3 526 6/25 606 20 Pages Conferences: (Continued) Directors of FRBank of St. Louis and branches, members of 423 5/6 FRBoard invited to attend FRAgents: 3/13 264 Committee on Bank and Public Relations, report of more member banks, Eligibility of paper for rediscount by liberal requirements not desirable at present 3/13 266 Recommendations: Directors, election of Class A and B: (See Directors) Governors: FRBanks as custodians of securities pledged to secure public deposits, report of special committee on General Committee on Bankers Acceptances, report of Sub-committee on developments in acceptance credit business Letters to Chairman of Committee and to Governors of all FRBanks advising of disapproval of ruling Insurance, report of Committee on Leased wire committee, report of Meeting on May 6 and 7 to follow meeting of Open Market Policy Conference suggested by Governor Calkins Meeting discussed by Governor and possible topics suggested Opinion that usual Spring Conference is not necessary Pension committee, report of Recommendations: Brokers loan figures, publication should not be discontinued but should be more closely related to figures for bank loans and securities Canadian currency, postponement of effective date for conversion of, Mr. Smead to submit revised letters and press statement sent direct to drawee banks in other be Checks to districts, amendment to Regulation J on Maturity date on customers notes, that no action be taken on incorporation of specific date in notes Reserves of member banks, committee to be appointed for study of Committee to consist of Messrs. Smead, Goldenweiser, Rounds, Fleming and Clerk, letter from Governor Calkins advising of Report of Governor Young on meeting with, also to act as committee on chain and branch banking Standing Committee on Collections, report of Governors and FRAgents: Liability incurred by member banks in purchasing Federal Reserve exchange, ruling approved by (See Open Market Policy Conference) Policy: Market Open Consolidations: American Bank and Trust Co., Paris, Ark., with First National Bank of Paris pending 3/13 263 3/13 264 3/19 3/13 3/13 237 263 263 4/22 380 5/21 465 5/22 472 3/13 263 3/13 266 3/13 264 3/13 265 3/13 266 1/29 101 2/12 152 2/26 209 3/13 263 1/2 3/17 2 280 21 Pages Consolidations: (Continued) Central Depositors Bank and ?rust Co., Akron, Ohio, to purchase assets and liquidate Falls Banking Co., Cuyahoga Falls, Ohio Central Union Bank of South Carolina, assets of Columbia National Bank of Columbia and. National Union Bank of Rock Hill taken over Chase National Bank, New York, and Equitable Trust Co., merger of, opinion on legality of Detroit office of Equitable Trust Co. not now necessary Organization of small national bank or Edge corporation to avoid exhorbitant tax on Paris branch Consolidation of Interstate Trust Co. and Equitable Trust Co. into Chase National Bank Citizens Trust Co. of Utica, N. Y., merger of Utica National Bank and Trust Co. City 'National Bank and Trust Co., Dayton, Ohio, with other banks in Dayton, liquidation as result of Coluntus Bank and Trust Co., Columbus, Ga., to merge Third National Bank and increase capital Federal Trust Co., Newark, N. J.: Merger of Hayes Circle National Dank and Trust Co. Merger approved by board of directors of both banks To merge Vailsburg Trust Co. of Newark Merger abandoned First State Bank of La Crosse, Wash., terms under which Security State Bank of La Crosse will be merged into Franklin-American Trust Co., St. Louis, Mo., with Phoenix Trust Co. Globe Bank and Trust Co., Brooklyn, to merge Rugby National Bank of Brooklyn Advice of absorption of national bank as of May 1 Greenville Banking Co., Greenville, Ga., with Peoples Bank Integrity Trust Co., Philadelphia, Pa., with Market Street Title and Trust Co. Interlocking directorates, letter to RAgents on effect on permits already issued Lawrence Savings and Trust Co., New Castle, Pa., merger of Home Trust Co. Manufacturers Trust Co., New York, merger of Pacific Trust Co. into Montana Trust and Savings Bank, American National Bank and National Bank of Montana, all of Helena, purchase by First Bank Stock Corporation of Minneapolis and St. Paul and ultimately to be consolidated National banks with State banks having branches, opinion of Attorney General on number which may be retained or established Publication of opinion in FRBulletin, action deferred Publication recommended by Comptroller of the Currency and approved 2/27 215 3/27 316 4/23 386 4/23 389 6/4 529 6/4 529 3/27 313 4/23 384 1/21 64 2/12 149 1/23 72 2/12 149 2/27 214 4/8 345 3/6 6/4 1/8 238 529 17 3/27 316 6/25 605 3/25 303 6/25 604 1/2 2 1/21 1/23 66 73 1/27 89 Pages 22 Consolidations: (Continued) Pennsylvania Company for Insurances on Lives and Granting Annuities, Philadelphia, Pa., with Colonial Trust Co. Subject to conditions of membership of both banks, memo of Counsel Peoples Bank and Trust Co. of Passaic, N. J., merger of Hobart Trust Co. and City Trust CO. with Merger with City Trust Co. abandoned but that with Hobart Trust Co. to be effected Peoples Pittsburgh Trust Co., Pittsburgh, Pa., to merge East End Savings and Trust Co. Power City Bank of Niagara Palls, N. Y., proposed merger of Bank of La Salle Toledo, Ohio, to purchase assets and assume Toledo Trust Co., liabilities of Union Trust and Savings Bank of Toledo Utica National Bank and Trust Co., Utica, N. Y., proposed merger with Citizens Trust Co. Contract of indemnity: (See MBank of Atlanta) Contributions: Denver Branch for convention of American Institute of Banking FRBank of Minneapolis, subscription to fund being raised by Minneanolis Survey Commission will be approved Cotton Stabilization Corporation, arrangements made by Federal Farm Board with Federal Intermediate Credit Bank Managers, and desire to have New Orleans Branch act as custodian of documents Counsel, FRBanks, Conference of: (See Conferences) Counsel, General: Memoranda of: American National Bank, Grand Rapids, Mich., application for full fiduciary powers approved Badet, H. S., service on interlocking directorates approved Baker, Newton D.: Bill for services in case of Raichle V. MBank of New York approved Retention in advisory capacity recommended and to attend Conference of Counsel of RBanks To attend Conference on June 11 only, and fee approved Bankers Directory for use in Clayton Act work, subscription approved Bills recently signed by President to be published in FRBulletin Bogan, Eugene F., request to examine permit granted to National City Bank to establish branch in Petrograd, Russia Books, law, purchase for use in office approved Branch banking, digest of State laws prepared and to be published in FRBulletin Branches retained or established by national bank consolidated with State bank having branches, opinion of Attorney General 4/4 331 6/6 536 3/10 247 3/31 321 4/16 354 4/16 354 5/14 440 4/23 384 3/10 247 5/2 417 6/20 579 4/8 1/21 343 65 1/7 12 5/29 506 6/3 526 3/10 248 4/23 387 2/12 150 89 1/27 3/13 262 1/21 66 23 Pages Counsel, General: (Continued) Memoranda of: (Continued) Brokerage concern controlled by grain comany and in charge of elevators of conmany not considered independent warehouseman Cancellation of MBank stock when national banks cease business without receiver being appointed, letter to Banking and Currency Committee of House on H.R.6604 Cancellation of FRBank stock of liquidating national banks Central Union Bank of South Carolina, cannot become member of FRSystem while maintaining two places of business Chase Bank: Foreign branches in Paris and Mexico City approved Reservation as title of foreign banking corporation approved Organization certificate and articles of association approved Advice that $2,500,000 of capital stock is paid in and additional payment will be called as needed Chase National Bank, New York, application to establish branch in London approved when ratified by directors Purchase of stock of Equitable Eastern Banking Corporation Citizens National Bank and Trust Co., Piqua, Ohio, receipt of FRBank for certain securities eligible as collateral security for trust funds City National Bank and Trust Co., Dayton, Ohio, cancellation of FRBank stock as result of liquidation Commercial National Bank, Madison, Wis., objection to wording of advertisement of Commercial paper or acceptances cannot be used. as collateral security in trust department of national bank to secure trust funds deposited in commercial department Conference of Counsel of FRBanks: (See Conferences) Deposits of Philippine Government funds in member banks considered time deposits under proposed contract Digest of State laws on ownership of bank stocks by holding corporations, copy to Librarian of FRBank of Philadelphia Election of Class A and B directors, recommendations of Conference of FRAgents on (See also Directors) Equitable Trust Co., New York, opinion of Attorney General on legality of office in Detroit not now necessary FRAct: Amendments considered by and recommended to FRBoard 5/22 482 1/15 4/16 37 357 3/2? 316 5/26 489 5/2 415 5/9 433 6/18 571 5/26 488 5/26 487 1/21 66 3/27 313 6/23 596 6/18 571 1/23 75 2/18 169 2/12 152 4/23 386 2/6 119 Pages 24 Counsel, General: (Continued) Memoranda of: (Continued) FRAct: (Continued) Copies of three recent amendments to be transmitted to FRBanks RAct) also (See FRBulletin: Ruling on Federal funds to be published but opinion of Attorney General on branches of national 0 banks postponed Publication of opinion of Attorney General recommended by Comptroller of the Currency approved Recent amendments to Regulation H, I, K, and L, and recent ruling of Board to be published in lanotes, arrangements for custody of unissued at Jacksonville Branch Agreement in accordance with previous procedure Fidelity Trust Co., Detroit, Mich., application for membership in FRSystem, restricting certain powers granted in charter. Fiduciary powers of national banks, letters to five national banks on surrender of First Federal Foreign Banking Corporation, plan of Bush Service Corporation to purchase stock of Partial cancellation of gold notes of Reply to Stein Brothers and Boyce with information on Increase in capital referred to FRAgent at New York Letter from Revel, Miller and Co. of Los Angeles, on forcing liquidation of company First National Bank, Dublin, Ga., bill filed by depositors against FRBank of Atlanta and Receiver for return of certain real estate mortgages to Receiver First National Bank of Hillyard, Spokane, Wash., and First National Bank of Alturas, Calif., appointment of receivers for Foreign branch of national bank and parent bank are but one legal entity, opinion rendered in 1917 to be furnished Shearman and Sterling Form 61, application of national banks to exercise fiduciary powers, amendment approved Havana Agency, questions raised by Cuban Government, on compliance with laws of Cuba Higley, 0. W., to file application to serve interlocking directorates Hix, N. C., cashier of First State Bank of Abernathy, Texas, possible violation of law by Special examination of bank to be made by Commissioner of Banking of Texas H.R.7966, views of FRAgents and Governors summarized H.R.10211 to change distribution of earnings of FRBanks referred to Mr. Smead and to FRBanks for comment 5/6 424 1/23 73 1/27 89 6/20 584 3/25 4/30 305 405 2/24 198 3/10 250 77 1/23 3/6 242 3/25 305 4/16 357 6/18 572 2/20 178 5/22 482 1/23 75 6/2 515 5/26 492 6/4 531 5/2 418 5/29 3/6 511 241 6/23 597 25 Pages Counsel, General: (Continued) Memoranda of: (Continued) Indemnity, legality of contract of FRBank of Atlanta guaranteeing Citizens and Southern National Bank of Atlanta against loss in taking over Atlanta Trust Co. Independence State Bank, Chicago, Ill., Rnsi Madison and Kedzie State Bank, waiver of six months notice of intention to withdraw Interlocking directorates: Between Equitable Eastern Banking Corporation and Chase National Bank, applications approved Effect of consolidations on Clayton act permits Kasten, Walter, and others, on revocation of Clayton Act permits previously issued, action deferred Knabenshue, Paul, proposed establishment of new Edge corporation in the Near East Legislation recommended by FRBoard, status of Medlenka, Bruner, and Chambers of Crowley, La., payment of bill for legal services Letter to FRBank of Atlanta on action and on future policy Merrick, Schwarz, Guste, Barnett, and Redmann, New Orleans, payment of bill for legal services Letter to MBank of Atlanta on action and on future policy Mitchell, Charles E., opinion that directorates on certain banks come within exceptions to Clayton Act and Savings Bank, MUltnomah, Ore., Commercial Multnomah irregular practices to be reported to Attorney General National Bank of Commerce of Seattle, Viash., permits to directors to serve as officers or directors of certain other banks National City Bank, New York: Acquisition of American Colonial Bank of Porto Rico and consolidation of operations in San Juan Foreign Branches: Argentina, Buenos Aires, new application should be made for branch reopened in Brazil, Porto Alegre, .permission to establish Philippine Islands, application for branches in Manila and Cebu Porto Rico, permission to establish in Ponce, Mayaguez, Arecibo, and Santurce Stock of subsidiary corporation concentrated in International Banking Corporation Nevada National Bank of Nevada, Iowa, surplus not sufficient for permission to exercise fiduciary powers Notes of farmers given to dealers in purchase of farm implements, classification of Comptroller of the Currency and letter Memo of Acting to .1)eputy Governor of FRBank of Kansas City approved 1/23 76 5/22 483 5/26 6/25 487 605 6/20 582 6/9 5/29 543 510 1/23 76 1/24 85 1/23 75 1/24 85 6/25 605 3/27 315 6/25 605 4/30 403 6/23 6/9 596 543 1/8 18 3/6 239 4/30 403 2/18 170 6/4 531 6/9 546 26 Pages Counsel, General: (Continued) Memoranda of: (Continued) Opinion of Supreme Court of Tennessee in First National Bank of Chattanooga v. Chapman Co., to be published in FRBulletin 4/23 Peninsula Banking Co., Peninsula, Ohio, letter to FRAgent for reasons for request to waive six months notice of intention 5/15 Waiver of notice of intention approved and immediate cancellation of FRBank stock 5/29 Pennsylvania Company for Insurances on Lives and Granting Annuities, subject to conditions of membership of consolidated banks 6/6 Plumas County Bank, Quincy, Calif., new application for membership because of new charter to be approved and to retain branch 3/27 Protest of directors and stockholders against interlocking directorates between First National Bank and Trust Co. of Ann Arbor and Ann Arbor Savings Bank 4/16 Regulation A, amendments as result of amendments to FRAct and Revised Statutes, approved 6/2 Regulation H, proposed amendment to comply with recent act on voluntary withdrawal of State banks from membership 5/29 Amendment as adopted 6/9 Regulation I, amendments to section on subscription to FRBank stock and on appointment of receivers for banks ceasing operations 6/9 Regulation J, replies of FRBanks on scope of amendment to Paragraph 6 of Section 5 5/26 Regulation K, amendment to section on titles of foreign banking corporations referred back for revision 5/9 Amendment submitted by Counsel and adopted 5/29 Regulations of FRBoard to be printed as separate pamphlets and amendments to be prepared 5/6 Reparations bonds, H.J.Res. 364 introduced by :Ir. McFadden to prohibit purchase by FRBanks and member banks 6/13 Reserve, use of word in titles of California Reserve Co. and General Reserve Co. 5/9 Sausage cases may be treated as arising out of importation or domestic shipment of goods, reply to inquiry of Grace National Bank of New York City 6/2 S.R.71 authorizing survey of FRSystem and National Banking System, status of 4/30 Adopted by Senate, copies submitted 5/9 S. 3564, letter on bill to amend Sec. 7 of FRAct on distribution of earnings of FRBanks, referred to Law Committee 3/6 Letter revised and approved for transmittal 3/10 Second National Bank, Beloit, Wis., application for fiduciary powers approved 6/25 385 450 511 536 314 356 518 512 546 551 492 433 510 424 570 434 515 404 434 243 251 601 27 Pages Counsel, General: (Continued) Memoranda of: (Continued) Second National Bank and Trust Co., Saginaw, Mich., reply to letter on rights of stockholders of First Federal Foreign Banking Corporation Security Trust and Savings Bank, Los Angeles, Calif., delay in reporting embezzlements by employees to Department of Justice Shepherd, C. J., possible violation of law while Manager of Los Angeles Branch Advice of Department of Justice that action is barred by Statute of Limitations State-Planters Bank and Trust Co., Richmond, Va., cancellation of condition of membership on depositing security for funds with trust department not favored Statute of State of Iowa regulating sale of securities does not apply to national banks, opinion on Stock, digest of State laws relating to power of banks and trust companies to invest in stocks of other corporations Stone Mountain Memorial coins classed as subsidiary silver and cannot be used as reserve against deposits Swift County Bank, Benson, Minn., FRAgent to secure formal notice of intention to withdraw and request for waiver of six months notice Warner, Rawleigh, application to serve interlocking directorates, letter to FRAgent for new recommendation Advised he will be allowed to serve three banks if he severs connection with fourth Withdrawals from FRSystem, revised bill to permit FRBoard to waive six months notice of intention Worcester County National Bank, Worcester, Mass., not entitled to additional FRank stock Counterfeit FRnotes: (See FRnotes) Court cases: Depositors of First National Bank of Dublin, Ga., against FRBank of Atlanta and Receiver for return of real estate mortgages and bonds to Receiver First National Bank of Chattanooga v. Chapman Co., (minion of Supreme Court of Tennessee to be published in 'RBulletin Raichle v. FRBank of New York, bill for services of Newton D. Baker in case, approved for payment Credit and business conditions: (See Business and credit conditions) Credit investigations, definition suggested by Mr. Miller, referred to Law and Examinations Committees Definition adopted and to be taken up with Agent's Committee Committee to submit ruling to all FRAgents for opinions and then to be submitted to RBoard for final action Report of committee that FRAgents are satisfied with rulings and desire prompt action 4/3 344 5/19 459 3/19 288 4/23 385 4/4 330 1/21 67 6/9 545 2/4 116 6/18 572 4/30 404 5/15 449 1/13 29 1/15 37 2/20 178 4/23 385 1/7 12 3/25 304 4/30 381 4/30 406 6/18 573 Pages 28 Credit investigations: (Continued) Action deferred pending signing of bill by President making charges for examinations optional Credit policy of FRSystem during early part of 1929: (See Annual Report) Credit policy of FRSystem to date and comments on future policy, topic for discussion by Federal Advisory Council Credit situation, general discussion of, opinion that there should not be too much ease in money merbst Cuba: Counterfeit $100 Rnotes circulating in, to waive commission on exchange of old size for new for sixty days Commission to be waived for sixty days additional Moratorium rumored, Havana Agency allowed to sell cable transfers or exchange notes for Cuban gold coin until further notice Taxation of excess of exports of currency over imports, failure of Havana Agency to comply with laws of Republic Letter from Governor Black with copy of communication to Secretary of Treasury of Cuba on results of conference on questions raised Currency: trgentina, issue against gold deposited in central banks: (See Argentina) Canadian: (See Canadian currency) Cuba, taxation of excess of exports: (See Cuba) FRnotes: (See FRnotes) Gold certificates, special procedure for exchanging old for new and plan for credit in Gold Settlement Fund for redemptions and payment for new certificates through fund National bank notes, proposed amendment to FRAct on retirement of New size now available in all kinds and denominations, telegram to FRBanks to advise all commercial banks Stone Mountain Memorial coins to be classed as sUbsidiary silver and cannot be used as reserve against deposits Currency depots: First National Bank and Exchange National Bank, Tampa, Fla., extension of revolving fund for six months Custodians of securities pledged to secure public deposits, FRBanks as, report of special committee of Governors Conference on 6/25 603 5/6 425 3/19 285 2/18 4/8 168 343 1/16 55 5/26 492 6/6 536 3/10 2/6 248 124 2/18 169 2/4 116 2/12 157 3/13 263 111)11 Daily News Record, article on inaccuracy of figures on yardage of goods finished published by FRBoard Department of Justice: Bank for International Settlements, letter to be prepared on authority and responsibility of FRBoard under FRAct Draft of proposed letter presented by Counsel, no action taken Proposed letter again brought up and discussed but no action taken 2/6 130 4/19 369 4/22 378 5/15 451 29 Pages Department of Justice: (Continued) Branches retained or established by national banks which have consolidated with State banks having branches, opinion on Publication in FRBulletin, action deferred Publication recommended by Comptroller of the Currency and approved Equitable Trust Co., New York, opinion on legality of office in Detroit not now necessary Hix, N. C., possible violation of law while cashier of First State Bank of Abernathy, Texas Letter to Attorney General approved LaBold, Frank W., possible violation of Federal Statutes while Assistant Cashier at FRBank of Philadelphia Multnomah Commercial and Savings Bank, Multnomah, Ore., irregular practices to be reported to disclosed by examination of activities W., Reese, Edward Atlantic Corporation of Boston, referred to Counsel for opinion on reference to Attorney General Letter to Attorney General reporting facts approved Report of examination of Citizens Bank and Trust Co., Tampa, Fla., not to be furnished to, but references to pertinent cases No objection to furnishing face of quarterly reports but information in schedules not to be disclosed Reserve, use of word in titles of California Reserve Co., and General Reserve Co., reply to letter from Assistant Attorney General on Security Trust and Savings Bank, Los Angeles, Calif., delay in reporting embezzlements by employees to Shepherd, C. J., action on violation of Sec. 22 of FRAct barred by Statute of Limitations (See also Shepherd) Theft of payroll from FRBank of Boston, failure of officers of FRBank to cooperate in investigation of Deposits: Bank of Italy National Trust and Savings Association, classification of certain public deposits for reserve purposes Classification discussed and referred to Counsel Definition of demand, time, savings, etc., for use in computing reserves, suggested amendment to FRAct to clarify First National Bank of Idaho, Boise, Idaho, classification of certain deposits as savings or demand Interest to he paid by clearing house banks in Boston, resolution on Philippine Government funds in member banks considered as time deposits under proposed contract, letter from Bureau of Insular Affairs Public, FRBanks as custodian of securities pledged to secure, report of special committee of Governors Conference on 1/21 1/23 66 73 1/27 89 4/23 386 5/2 418 5/29 511 3/17 275 3/27 315 5/2 5/15 417 450 1/23 73 1/27 88 5/9 434 5/19 459 4/23 385 5/20 509 5/22 481 5/29 505 2/6 122 1/21 65 4/24 392 1/23 75 3/13 263 30 Pages Deposits: (Continued) Reserves against, Stone Mountain Memorial coins classed as 2/4 subsidiary silver and cannot be used as Digest of State laws: Ownership of bank stocks by holding corporations, copy to 2/18 library of RBank of Philadelphia Power of banks and trust companies to invest in stocks of other corporations, to be published, in FRBulletin 6/9 Directors: Bank for International Settlements: (See Bahl: for International Settlements) Directors, PRBanks: Class 13: Eligibility of persons engaged as insurance agents, commission men, etc., qualifications to be considered at meeting of full Board 2/12 Officers of mutual savings banks, proposed amendment to 2/6 FRAct to permit to serve as Letters to Committees on Bankinp. and Currency of Senate 2/18 and House recommending amendment Election of Class A and B, letter to FRAgents on recommendations 2/12 of Conference of FRAgents Uniform plan for designation of officers adopted by FRAgents, approved 4/23 Circular letter to FRBatks approving plan and form for use of member banks 4/30 Memo of Counsel with draft of letter to FRAgents on plan 5/19 6/4 Reply to inquiries of FRAgent at San Francisco on plan Electors voting, proposed amendment to FRAct to Clarify meaning 2/6 of Letter to FRAgents on proposed amendment 2/12 Drafts of letters to Committees on Banking and Currency of 2/12 Senate and House recommending amendment FRBank of Atlanta: Meeting to be held at New Orleans Branch on April 11 and 12 3/17 1/16 Newton, Oscar, salary approved FRBahk of Boston: Chamberlain, F. S., to serve 04 committee on applications of State banks and trust companies for membership 1/7 1/16 Curtiss, F. H., salary approved Ripley, A. L., to serve on committee on applications of State 1/7 banks and trust companies for membership FRBank of Chicago: Babb, M. W., elected Class B for unexpired term of A. H. 4/16 Vogel Class B, special election for successor to A. H. Vogel, tentative dates set for opening nominations 2/27 and opening and closing polls Agent, change at end of year will be approved Class C, and 5/20 if recommended by Committee Heath, W. A.: (See PRAgents) Simpson, James, telephone conversation on proposed increase 1/23 in salary of Governor McDougal 2/18 Vogel, A. H., advice of death of 116 169 545 146 121 170 152 387 405 459 531 124 152 153 274 44 10 39 10 354 214 463 81 167 31 Pages Directors, FRBanks: (Continued) FRBank of Cleveland: DeCamp, George: (See FRAgents) 'MBank of Kansas City: Brass, E. M., Class C, advice of death of, appointment of successor referred to Committee on District No. 10 Byrne, Thomas C., resignation as Class B and procedure for election of successor Class B to succeed T. C. Byrne, date for opening of polls in special election Hosford, Willard D., elected Class B for unexpired term Magee, Wayland W., appointed Class C for unexpired term of E. M. Brass McClure, M. L., salary as FRAgent approved Meeting not held because of lack of quorum FRBank of Minneapolis: Mitchell, John R., salary as FRAgent approved Washburn, W. 0., elected Class B for unexpired term of Paul N. Myers FRBank of New York: Case, J. H.: (See FRAgents) McGarrah, Gates W.: (See FRAgents) FRBank of Philadelphia: Austin, R. L.: (See FRAgents) FRBank of Richmond: Delano, Frederic A., present at meeting to present final plan for addition to building of FRBank of Richmond Hoxton, W. W., salary as FRAgent approved MBank of St. Louis: Annual conference with directors of branches, members of FRBoard invited to attend Class B, eligibility of nominee in special election engaged in real estate and insurance business Telegram to Assistant FRAgent approving eligibility of nominee Action discussed by Governor Sturdivant, Micajah P., elected Class B for unexpired term Wells, Rolla, resignation as Class C and FRAgent (See also FRAgents) Wood, John S., appointed Class C and FRAgent for unexpired term of Rolla Wells Appointment accepted (See also FRAgents) rRBank of San Francisco: Class A, successor to Mr. Varter not to be elected for unexpired term Fees and allowances for head office and branch directors Meeting not held because of lack of quorum Newton, Isaac B.: Bond of Salary for 1930 approved 5/6 421 2/4 116 2/14 161 4/4 330 5/14 439 48 1/16 83 1/24 5/9 428 1/30 108 1/21 62 3/31 318 1/30 108 5/6 423 2/10 138 2/10 2/12 3/4 5/9 140 146 226 426 427 5/9 5/15 449 4/23 384 1/15 36 1/ 119 45i 3/10 247 1/16 50 Pages 32 Directors, FRBanks: (Continued) FRBank of San Francisco: (Continued) Vawter, Vernon H., resignation as Class A Successor for unexpired portion of term not to be elected Directors, RBranch Banks: Charlotte Branch: Cobb, C. L., elected for unexpired term of W. J. Roddey Roddey, W. J., resignation of Detroit Branch: Haass, Julius, reappointed for three years Helena Branch: Marlow, T. A., reappointed for two years Houston Branch: Reordan, Dwight P., resignation as Managing Director Louisville Branch: Black, William, advice of death of Cole, Whitefoord R., appointed for unexpired term of William Black Appointment accepted Memphis Branch: Tarrant, J. M., elected in place of William White White, William, elected for three year term but failed to qualify Aew Orleans Branch: Bouden, John E., advice of death of O'Keefe, J. D., elected for unexpired term of J. E. Bouden Omaha Branch: Hildebrand, Daniel M., appointed for unexpired term of W. W. Magee Pittsburgh Branch: Rae, James, appointed for unexpired term of Joseph B. Shea Shea, Joseph B., advice of death of Salt Lake City Branch: Barton, Charles H., advice of death of San Antonio Branch: Napier, Walter P., appointed for unexpired term of Ernest Steves Steves, Ernest, advice of death of Dividends, FRBanks: Permission to Executive Committee to approve payment out of surplus for first six months if necessary Resolutions submitted and payment authorized Dollar exchange: Canal Bank and Trust Co., New Orleans, La., application to accept for furnishing, approved First National Bank, Detroit, Mich., permission to accept for furnishing Hibernia Bank and Trust Co., New Orleans, La., application to accept for furnishing, approved Peoples Wayne County Bank, Detroit, Mich., application to accept for creating, approved Public National Bank and Trust Co., New York, N. Y., application to accept for furnishing, approved Union Trust Co., Cleveland, Ohio, application to accept for creating, approved 3/2? 312 4/23 384 4/18 366 3/17 274 1/21 61 1/31 111 1/7 11 4/19 370 5/1 5/2 411 418 2/24 194 2/24 194 28 1/13 2/18 167 5/14 439 2/20 1/8 174 17 5/29 507 6/14 555 5/22 479 6/9 540 6/23 594 4/30 407 2/14 162 2/7 135 1/31 111 5/6 423 1/21 64 33 Pages Dunod, Paris, France, permission to publish translation of Verification of Financial Statements in appendix to book 5/29 509 11E 11 Earnings of FRBanks: Bill to provide for change in distribution of: (See Legislation, H.R.7966) Figures on gross and net and on distribution of net for 1929 submitted by Mr. Smead 1/7 H.R.10211 to change distribution of, referred to Mt. Smead and to FRBanks for comment 6/23 Proposed amendment to FRAct on distribution of 2/6 Letter for signature of Secretary of Treasury on S.3564, referred to Law Committee 3/6 Letter revised and approved 3/10 Educational and welfare work: (See Welfare work) Eligible paper, distribution among individual member banks, statement to be furnished Governors and FRAgents and published in FRBulletin 5/26 Electors voting, meaning of phrase: (See Directors) 2t4PloYees: FRBanks: (See FRBank of --) , r.Board: (See Staff of FRBoard) 4ateminations: Allegheny Trust Co., Pittsburgh, Pa., credit investigation to be made by FRBalik 5/22 Atlantic Corporation of Boston: Arrangements made to examine in early spring 1/23 Activities of Edward W. Reese disclosed by, referred to Counsel 5/2 Bank of Italy National Trust and Savings Association, report regarding Classification of certain public deposits for reserve purposes 5/22 Classification discussed and referred to Counsel 5/29 Bank of Sturgeon Bay, Wis., credit investigation to be made by MBank 5/9 Buffalo Branch, report as of Feb. 21 5/6 Central Trust Co., Cincinnati, Ohio, credit investigation to be made by FRBank 3/10 Chagrin Falls Banking Co., Chagrin Palls, Ohio, credit investigation to be made by FRBank 3/10 Charges for member bank, suggested as topic for Conference of Governors 5/21 Citizens Bank and Trust Co., Savannah, Ga., analysis of report showing own stock held to secure indebtedness 6/20 Citizens Bank and Trust Co., Tampa, Fla., report not to be furnished Department of Justice but references to pertinent cases to be supplied 1/23 NO objection to furnishing face of quarterly reports but information in schedules not to be disclosed 1/27 Citizens Bank of Shelby, Ohio, credit investigation to be made by FRBank 1/23 11 597 124 243 251 494 479 77 417 481 505 432 424 246 246 465 581 73 88 72 34 Pages Examinations: (Continued) Citizens Banking Co., Conneaut, Ohio, credit investigation to be made by FRBank 4/30 Bank and Savings Trust Co., Alliance, Ohio, credit City Investigation to be made by FRBank 1/21 Commercial Bank and Trust Co., Wooster, Ohio, credit investigation to be made by 1-MBank 2/10 Commonwealth Trust Co., Pittsburgh, Pa., credit investigation to be made by FRBank 5/14 Conneaut Mutual Loan and Trust Co., Conneaut, Ohio, credit 4/30 investigation to be made by FRBank Continental Bank and Trust Co., Shreveport, La., credit 4/8 Investigation to be made by MBank amendment to FRAct to member proposed against State banks, Costs make assessment discretionary 2/6 Amendment being considered by Committee on Banking and Currency of House today, Mr. Platt attending meeting 5/26 Committee to report bill without amendment 5/29 Costs assessed against member banks, committee to investigate lack of uniformity in practices of FRAgents 4/23 To be held in abeyance pending amendment to law to give FRBoard discretion in waiving assessment of costs 4/30 Report of committee that FRAgents committee is satisfied with ruling on examinations 6/18 Action deferred pending signing of bill by President, making assessment of charges optional 6/25 Crawford County Trust Co., Meadville, Pa., credit investigation to be made by FRBank 4/8 Credit investigations, definition suggested by Mr. Miller, referred to Law and Examinations Committees 3/25 Definition adopted and to be taken up with Agent's Committee 4/23 Committee to submit ruling to all FRAgents for opinions and then to be submitted to FRBoard for final action 4/30 Report of committee that FRAgents are satisfied with ruling and wish it promulgated as speedily as possible 6/18 Action deferred pending signing of bill by President making charges optional 6/25 and Trust Co., Youngstown, Ohio, credit Bank Savings Dollar investigation to be made by FRBank 5/29 Dollar Savings Bank Co., St. Clairsville, Ohio, credit investigation to be made by FRBahk 1/15 6/2 Erie County Banking Co., Vermilion, Ohio, credit investigation to be made by FRBank 6/18 Farmers Commercial and Savings Bank, Oakley, Idaho, showing unsatisfactory condition of assets and violations of conditions of membership 5/14 Farmers State Gaaranty Bank, Valliant, Okla., credit investigation to be made by FRBank 4/8 FRBank of Atlanta, report as of Nev. 23, 1929, submitted 1/31 FRBank of Boston, report as of Jan. 4, 1930, submitted. 1/31 FRBank of Chicago, report as of Oct. 26, 1929 1/7 402 62 142 440 402 342 120 486 510 381 406 573 603 342 304 381 406 573 603 508 37 515 568 442 343 113 113 12 35 Pages Examinations: (Continued) FRBank of Chicago: (Continued) Report ordered circulated with attention called to banking situation in Iowa 1/31 113 FRBank of New York: Payments to FRBanks of Boston, Philadelphia, Cleveland and Richmond for expenses of employees detailed 3/25 303 Report as of Feb. 21 5/6 424 FRBank of Philadelphia, report as of Jan. 18, 1930 3/6 243 FRBank of Richmond anii branches, report as of Feb. 5 3/10 250 FRBank of St. Louis and branches, report as of March 29 5/26 496 FRBanks, member banks, etc., H.R.7966 to place under Comptroller of the Currency 1/8 19 Recommendation of Federal Advisory Council opposing provisions of bill 2/18 171 Views of FRAgents and Governors summarized in MB= of Counsel 3/6 241 Firestone Park Trust and Savings Bank, Akron, Ohio, credit investigation to be made by FRBank 3/19 286 First Citizens Trust Co., Columbus, Ohio, credit investigation to be made by FRBank 4/30 402 First National Old Colony Corporation of Boston, agreement with FRBoard cancelled and examination not now advisable 3/27 314 Reply to President of First National Bank of Boston referred back to Governor for revision 4/1 326 Revised letter approved 4/8 344 First State Bank, Newton Falls, Ohio, credit investigation to be made by FRBank 5/14 440 Guaranty Trust Co., Butler, Pa., credit investigation to be made by FRBank 5/22 479 Hubbard Banking Co. Co., Hubbard, Ohio, credit investigation to be by FRBank 3/19 286 International Acceptance Bank, Inc., report as of June 15, 1929, submitted 1/31 112 Member banks, proposed amendment to FRAct and Revised Statutes placing under Comptroller of the Currency 2/6 125 Merchants Trust Co., Greensburg, Pa., credit investigation to be made by FRBank 17 1/8 Middlefield Banking Co., Middlefield, Ohio, credit investigation to be made by FRBank 6/30 581 Mimbres Valley Bank, Leming, New Mex., credit investigation to be made by FRBank 4/8 343 Minerva Savings and Trust Co., Minerva, Ohio, credit investigation to be made by FRBank 3/13 260 Napoleon State Bank, Napoleon, Ohio, credit investigation to be made by FRBank 6/2 515 Newark Trust Co., Newark, Ohio, credit investigation to be made by FRBank 4/18 366 Ohio Merchants Trust Co., Massillon, Ohio, credit investigation to be made by MBank 84 1/24 Orrville Savings Bank, Orrville, Ohio, credit investigation to be made by FRBank 2/10 142 Pearl Market Bank and Trust Co., Cincinnati, Ohio, credit investigation to be made by FRBank 3/10 246 36 Pages Examinations; (Continued) Peninsula Banking Co., Peninsula, Ohio, credit investigation to be made by ERBRialr 1/7 Peoples-Pittsburgh Trust Co., Pittsburgh, Pa., credit investigation to be made by FRBank 5/22 Potter Title and Trust Co., Pittsburgh, Pa., credit investigation to be made by FRBank 3/27 Provident Savings Bank and Trust Co., Cincinnati, Ohio, credit investigation to be made by FRBank 1/21 Reports of State member banks in irew York District showing stocks purchased in other banks 4/23 Security-Peoples Trust Co., Erie, Pa., credit investigation to be made by FRBank 4/8 Security Trust Co., Lexington, Ky., credit investigation to be made by FRBank 1/13 Shiloh Savings Bank Co., Shiloh, Ohio, credit investigation to be made by FRBank 1/23 State Bank and Trust Co., Richmond, Ky., credit investigation to be made by FRBank 1/13 State member banks: Chicago District listed, credit investigations to be made by FRBank 5/15 Committee on Examinations to investigate lack of uniformity in practices of 'RAgents in making examinations and credit investigations 3/25 Minneapolis District, credit investigation of three to be merle by FRBank 5/19 Report from all FRAgents on those not examined in 1929 and form of replies discussed 1/23 Revere, Minn., Buffalo, Camp Crook, Newell, and Belle Fourche, S. D., credit investigations to be made by FRBank 6/9 South St. Paul, Minn., credit investigation to be made by FRBank 6/6 Steubenville Bank and Trust Co., Steubenville, Ohio, credit investigation to be made by FRBank 1/24 Union Banking Co., Columbiana, Ohio, credit investigation to be made by FRBank 4/23 Union Savings Bank, Warren, Ohio, credit investigation to be made by FRBank 3/25 Union Savings Bank and Trust Co., Steubenville, Ohio, credit Investigation to be made by :MBank 2/24 Wakeman Bank Co., Wakeman, Ohio, credit investigation to be made by FRBank 6/18 Examiners: FRBank of Chicago: Martin, John H., designation approved 1/27 FRBank of New York; Cokelet, William V. W., designation approved 1/27 Fallon, Albert P., designation anproved 1/27 Glover, Lester W., designation approved 1/27 Wessel, Harold M., designation approved 1/27 FRBank of Philadelphia: Connor, J. J. Y., designated special assistant 5/9 Herman, Charles, designated special assistant 5/9 Spencer, Albert J., Jr., designated special assistant to examiners 2/27 10 479 313 62 384 342 29 72 29 449 303 457 77 541 535 84 382 303 195 568 88 88 88 88 88 432 432 213 37 Pages Examiners: (Continued) FRBank of San Francisco: Prahl, John F., resignation of FRBoard: FUrbershaw, James F., resignation as Assistant accepted National bank: Wood, John S., resignation as Chief Examiner to become Agent at St. Louis National bank, salaries: Bill to relieve FRBoard of duty of passing upon: (See Legislation, H.R.7966.) List of 104 increases approved Austin, James W., Baldridge, W. H., Cutler, W. A. Dawes, Carlos B. DeBaun, Claud Detlefson, Enevold 0. Dolan, Reed Douglas, Andrew M. Finney, R. G. Folger, W. P. French, H. S. Funsten, William P. Gentry, James H. Hopkins, R. L. Hunt, Floyd P. Laycock, Wendell C. Madland, L. L. McClain, Jefferson S. Neill, Robert 01Bleness, E. J. Reimers, D. H. Rial, B. P. Roberts, L. K. Roots, J. 0. Sandlin, W. A. Seabury, R. M. Spires, John D. Stewart, A. M. Waldron, W. J. Wilson, C. F. Wilson, Verne J. Wright, I. D. State bank: Proposed amendment to FRAct to prohibit from accepting loans and gratuities from State member banks examined by them Memo of Counsel with letters to Committees on Banking and Currency of House and Senate recommending enactment Proposed letter to Attorney General on application of provisions of FRAct to, ordered filed because of Bill pending in Congress 3/25 301 6/14 554 5/29 507 1/7 4/23 4/23 4/23 1/23 3/17 4/23 4/4 2/20 4/30 1/23 5/6 3/13 1/24 5/6 2/7 5/19 4/18 3/17 5/22 1/23 5/6 6/4 4/18 1/7 2/18 4/30 5/26 1/23 3/13 1/23 5/19 4/18 8 383 383 383 71 273 383 330 174 401 71 422 260 84 422 135 456 365 272 479 71 422 529 365 8 166 401 490 71 260 71 456 365 2/6 126 2/10 143 4/23 388 Pages 38 Exchange, Federal Reserve, liability incurred by member bank in purchasing Ruling to be published in FRBulletin False reports on solvency of national and State member banks, bill re circulation of Letter to Committee of Banking and Currency of House on amendment to Sec. 22 of FRAct Farm implements, notes for purchases of: (See Rediscounts) Federal Advisory Council: Allowances for expenses of members from FRBanks of Boston and Philadelphia, action deferred Butler, J. P., Jr., reelected by FRBank of Atlanta for 1930 Connell, W. E., reelected Alternate by FRBank of Dallas Creech, Harris, reelected by FRBank of Cleveland for 1930 Member of Executive Committee for 1930 FRBank of Boston, member to be ampointed at meeting of directors on Jan. 15 Hallett, Herbert K., elected by FRBank of Boston for 1930 Lichtenstein, Walter, appointed Secretary for 1930 Lipman, F. L., reelected by FRBank of San Francisco and allowance for attending meetings fixed Loeb, Howard A., appointed by FRBank of Philadelphia to succeed Mr. Rue McKinney, B. A., reelected by FRBank of Dallas for 1930 Reelected Vice President for 1930 McLucas, Walter S., elected by FRBank of Kansas City to succeed Mr. Goebel Meeting to be held Feb. 18, topics for discussion requested Meeting to be held May 20, topics for discussion requested Letter to Secretary of Council suggesting discussion of business and credit conditions, review of credit policy of RSystem, and relations with Bank for International Settlements Potter, William C., member of Executive Committee for 1930 Preliminary meeting now being held, to meet with FRBoard tomorrow morning Recommendations of: Bank for International Settlements, that FRBoard cooperate in carrying out veto clause of statutes of H.R.7966, opposed to provisions that Comptroller of the Currency examine FRBanks and State member banks, etc. Rue, L. L., reelected by FRBank of Philadelphia for 1930 Member of Executive Committee for 1930 Resignation of Smith, W. W., reelected by FRBank of St. Louis and allowance for expenses fixed Member of Executive Committee for 1930 Stevens, Eugene M., reelected Alternate by FRBank of Chicago Topics for discussion: Bank for International Settlements, relations with, and authority and responsibility of FRBoard and FRBanks in premises 1/2 1/23 3/5 2 73 233 3/27 315 63 1/21 27 1/13 36 1/15 1/13 26 2/18 170 1/7 10 1/21 63 2/18 170 1/13 27 4/4 330 36 1/15 2/18 170 1/13 27 1/10 21 4/22 379 5/6 425 2/18 170 5/19 460 6/2 518 2/18 1/7 2/18 4/4 171 9 170 330 1/7 9 2/18 170 1/13 27 4/22 379 39 Pages Federal Advisory Council: (Continued) Topics for discussion: (Continued) Bank for International Settlements: (Continued) 5/6 425 Letter to Secretary of Council submitting as topic Business and credit conditions in each district ana 5/6 425 generally Credit policy of FRSystem to date to be reviewed and 5/6 425 comments on future policy H.11.7966 on examinations of FRBanks and member banks, on 1/8 19 distribution of earnings of FRBanks, etc. Traylor, Melvin A,, reelected alternate by FRBank of Chicago 27 1/13 Wetmore, Frank O., reelected by FRBank of Chicago for 1930 1/13 27 2/18 170 Reelected President for 1930 Federal Farm Board: Arrangements made with Federal Intermediate Credit Bank Managers for a loan to Cotton Stabilization Corporation, desire to have New Orleans Branch act 6/20 579 as custodian of documents PRBanks handling matters for, must look to borrowers for reimbursement for expenses, decision of Comptroller General 3/17 277 Letter transmitting copies of replies from four FRBanks on 5/9 434 Letter to FRBanks transmitting further letter from Federal Farm Board 5/29 511 Federal Intermediate Credit Banks: Arrangements for loan to Cotton Stabilization Corporation 6/20 579 Proposed amendment to FRAct to make debentures eligible as collateral for fifteen day notes 2/20 176 Drafts of letters to Committees on Banking and Currency of House and Senate approved 3/6 241 FRAet: Amendments to be recommended in Annual Report made special order for meeting Feb. 5 1/31 113 Amendments considered by or recommended to FRBoard, presented by Counsel 2/6 119 Attachment or garnishment proceedings, proposed amendment to 2/6 exempt FRBanks from 121 Drafts of letters to Committees on Banking and Currency of Senate and House recommending amendment, approved 2/14 163 Charters to new national banks, proposed amendment to require approval by FRBoard 2/6 123 Examinations of State member banks, proposed amendment to make assessment of costs discretionary 2/6 120 Bill approved by Congress and now before President for 6/25 603 approval Fiduciary powers of national banks, proposed amendment to provide for voluntary surrender 2/6 127 Drafts of letters to Committees on Banking and Currency of Senate and House recommending amendment 2/14 162 Robbery or burglary of any member bank or FRBank to be made Federal offense, proposed amendment 12? 2/6 Memo of Counsel referred to Law Committee for incorporation in draft of Annual Report 2/7 136 40 pages Act: (Continued) Robbery: (Continued) Drafts of letters to Committees on Banking and Currency of Senate and House recommending amendment approved 2/12 Sec. 4, proposed amendment on meaning of "electors voting" in section on counting ballots in elections of FRBank directors 2/6 Letter to FRAgents on proposed amendment 2/12 Drafts of letters to Committees on Banking and Currency of Senate and House recommending proposed amendment approved 2/12 Sec. 4, proposed amendment to permit officer, etc., of mutual savings banks to serve as Class B or Class 0 directors of RBank, recommended as to Class B 2/6 Letters to Committees on Banking and Currency of Senate and House recommending amendment 2/18 9, proposed and amendment to permit cancellation of 6 Secs. FRBank stock held by member banks out of business without receiver being appointed 2/6 Sec. 7, proposed amendment on distribution of earnings of FRBanks 2/6 Letter for signature of Secretary of Treasury on S.3564, referred to Law Committee 3/6 Letter revised and approved 3/10 Sec. 9, proposed amendment placing examinations of member banks under Comptroller of the Currency 2/6 Sec. 9, proposed amendment to allow State member banks to establish foreign branches 2/6 Memo of Counsel with proposed letter to Committee on Banking and Currency of House 2/10 Sec. 9, proposed amendment to comnel State member banks to comply with provisions of State banking laws 2/6 Draft of letters to Committees on Banking and Currency of Senate and House recommending amendment, referred to Mr. Platt 2/12 Sec. 9, proposed amendment to waive six months notice of intention to withdraw from FRSystem 2/6 Sec. 13, proposed amendment to increase from fifteen to ninety days the maximum maturity of advances of FRBanks to member banks on promissory notes 2/6 Drafts of letters to Committees on Banking and Currency of Senate and House, also to include other amendments to section 2/20 Drafts of letters approved 3/6 Sec. 13, proposed amendment to include new Treasury bills as collateral for 15 day notes 2/20 Drafts of letters to Committees on Banking and Currency of House and Senate approved 3/6 Sec. 13, proposed amendment to make debentures of Intermediate Credit Banks eligible as collateral for 15 day notes 2/20 Drafts of letters to Committees on Banking and Currency of House and Senate approved 3/6 Sec. 13, proposed amendment to paragraph four to make limitations conform to Sec. 5200 of Revised Statutes 2/6 153 124 152 153 121 170 120 124 243 251 125 119 144 122 154 120 122 176 241 177 241 176 241 125 41 Pages FRAct: (Continued) Sec. 18, proposed amendment on retirement of national bank notes 2/6 124 Sec. 19, deducting "balances due from banks" in computing 2/6 123 reserves, committee to study Sec. 19, proposed amendment to define demand, time, and savings deposits, etc., for proper classification in 2/6 122 computing reserves Sec. 19, revision of entire section affecting reserve 2/6 123 requirements recommended Sec. 22(a), proposed amendment on loans and gratuities by member 2/6 126 banks to State bank examiners Memo of Counsel with letters to Committees on Banking and Currency of House and Senate recommending 2/10 143 enactment FRAgents: Appointment of outstanding business men not devoting entire time to bank, suggested by Governor Young but 1/30 104 opposed by majority of FRBoard Assistant: 1/10 20 Bailey, L. H., Acting at FRBank of St. Louis, bond of Burgess, W. Randolph, resignation as, and appointment as Deputy Governor 5/19 456 Cincinnati Branch, discontinuance of Acting at 1/24 85 Downs, H. S., leave for two weeks with pay in aAnition to regular vacation 6/6 535 Gregory, W. L., resignation as Acting at St. Louis 3/19 286 Maguire, Francis P., designated Acting at St. Louis 3/19 286 Bond of 4/16 354 McAdams, A. M., FRBank of Kansas City, bond of 1/10 21 Pittsburgh Branch, discontinuance of Acting at, and plan for maintaining stock of unissued FRnotes 1/24 85 Plan approved 1/30 105 Rhodes, H. H., appointed Acting at FRBank of Kansas City 6/25 605 Sargent, S. G., appointed Secretary to board of directors at San Francisco 2/24 196 Sproul, Allan: Appointed Secretary and Assistant Deputy Governor at FRBank of New York 2/10 139 Reappointed Secretary at FRBank of San Francisco 1/13 28 2/24 196 Resignation at FRBank of San Francisco Vie 51 Salary as Assistant FR.Agent at San Francisco Wheeler, Oliver P., appointed Acting at FRBank of San 2/24 196 Francisco 3/10 247 Bond of Young, Clifford S., authority to act as Assistant at FRBank of Chicago supersedes authority to sign as 28 1/13 Acting Assistant 8 1/7 Bond of Austin, R. L.: 1/27 88 Leave of absence for about ten days beginning Jan. 26 Salary approved for 1930 1/16 41 Case, J. H., appointed to succeed Gates W. McGarrah at FRBank of New York 2/27 220 Bond of 3/4 227 Acceptance of appointment 3/6 238 pages 42 Fagents: (Continued) Curtiss, F. H., salary approved DeCemp, George: Bond of Leave of absence for two weeks beginning about Feb. 1 Salary approved for 1930 FRBank of Chicago, change at end of year will be approved if recommended by committee Heath, W. A.: Leave of absence for month to make West Indian trip Salary =proved Hoxton, W. W., salary approved McClure, M. L., salary approved McGarrah, Gates W., pending resignation and possible appointments as successor Resignation to become Ataerican Director of Bank for International Settlements Letter from Mr. McGarrah formally tendering resignation and reply of acceptance Salary for 1930 approved Mitchell, John R., salary approved Newton, Isaac B.: Bond of Salary for 1930 approved Newton, Oscar, salary approved Walsh, C. C., salary approved Wells, Rolla: Leave for three and one-half months requested Leave granted but time in excess of thirty days to be without salary Resignation at FRBank of St. Louis acce-oted Salary for 1930 approved Wood, John S., appointed at FRBank of St. Louis for unexpired term of Rolla Wells Appointment accepted Resignation as Chief National Bank Examiner and to assume duties on June 1 Bond of FRBank of Atlanta: Adams, J. S., attorneys fees in connection with receivership of First National Bank of Dublin, Ga. Budget for operation of statistical and analytical functions Bylaws, amendment to article on membership of discount committee Contract of indemnity to guarantee Citizens and Southern National Bank against loss in taking over Atlanta Trust Co., legality of Draft of letter to FRAgent to be revised and resubmitted Letter to FRAgent that such matters should be presented to Board before commitments are made Directors: (See Directors) Educational and welfare work of FRBank and Branches, appropriation for Examination report as of Nov. 23, 1929, submitted 1/16 39 1/21 1/24 1/16 61 84 42 5/20 463 1/21 1/16 1/16 1/16 69 45 43 48 1/30 104 2/27 219 224 3/1 40 1/16 1/30 108 3/10 1/16 1/16 1/16 247 50 44 49 1/10 22 1/11 5/9 1/16 24 426 47 5/9 427 5/15 449 5/29 6/6 507 536 5/19 457 2/20 175 5/14 443 76 1/23 4/23 386 4/30 407 1/21 1/31 62 113 43 Pages 31.Bank of Atlanta: (Continued) Interdistrict time schedule to other FRBanks and branches, changes approved McKay, Withers, and Ramsey, attorneys of Tampa, Fla., fees of Medlenka, Bruner, and Chambers, payment of bill for legal services Letter to FRBank on action and on future policy in employing special attorneys Membership in Central Marietta Street Association, expenditure for dues not favored Merrick, Schwarz, Gusts, Barnett, and Redmann, of New Orleans, payment of bill for legal services Letter to FRBank on action and employment of special attorneys to be submitted to FRBoard in advance Open Market Policy Conference, acceptance of participation in plan recently adopted Rates: (See Rates) Salaries of officers for 1930 Letter to FRAgent on action taken on official salaries Staff: Albertson, Ward, salary as Assistant FRAgent approved Beavers, P. L. T., salary as Assistant Cashier approved Bell, M. W., salary as Cashier approved Black, E. R., salary as Governor recommended by directors disapproved Salary approved for 1930 Statement to Open Market Policy Conference favoring reduction in discount and bill rates Bowman, V. K., salary as Assistant Cashier approved Camp, C. R., salary as Assiitant Cashier approved Clark, L. M., salary as Assistant Cashier approved Conniff, H. F., salary as Assistant Cashier approved Employees granted extended sick leave during: December February March April May Fester, Hugh, salary as Deputy Governor approved Honour, J. Welsby, salary as Assistant Auditor approved Johns, W. S., salary as General Auditor approved Newton, Oscar, salary approved Parker, Robert S., salary as General Counsel approved Appointed attorney until Jan. 1 and salary fixed Personnel classification plan, changes approved Randolph, Hollins N., appointed attorney until Jan. 1, 1931, and salary fixed Randolph, Parker, and Fortson, retainer as Counsel and salary for clerk approved Firm to be dissolved Schuessler, S. P., salary as Assistant Cashier approved Sims, R. A., salary as Assistant Cashier approved Taylor, Creed, salary as Deputy Governor approved Vacation periods for officers and employees for 1930 fixed by directors 6/14 4/18 555 366 1/23 76 1/24 85 3/27 313 1/23 75 1/24 85 4/18 365 1/16 1/17 44 57 1/16 1/16 1/16 44 44 44 1/16 2/18 44 167 1/28 1/16 1/16 1/16 1/16 96 44 44 44 44 1/13 3/25 4/18 5/14 6/16 1/16 1/16 1/16 1/16 4/23 5/22 3/19 28 302 366 440 563 44 44 44 44 382 483 287 5/22 483 1/16 4/23 1/16 1/16 1/16 44 382 44 44 44 3/25 302 Pages 44 FRBank of Atlanta: (Continued) Stock: (See Stock) Stone Mountain Memorial coins to be classed as subsidiary silver and cannot be used as reserve against deposits FRBank of Boston: Allowance for member of Federal Advisory Council for attending meetings in 1930 Budget for operation of statistical and analytical functions Committee on applications of State banks and trust companies for membership, members of Directors: (See Directors) Earnings not sufficient to pay dividends, payment to be made out of surplus Examination report as of Jan. 4, 1930, submitted Expenses of employees detailed to assist in examination of FRBank of New York, payment of Open Market Policy Conference, participation in plan recently adopted, accented Rates) Rates: (See Salaries of officers for 1930 Staff: Carrick, K. K., salary as Secretary approved Currier, H. F., salary as Auditor approved Curtiss, F. H., salary approved Employees granted extended sick leave during: December February March April May Gettemy, C. F., salary as Assistant FRAgent approved Harding, W. P. G.: Death of, committees appointed to attend funeral and to draw up suitable resolutions Resolutions presented and adopted, and Board to adjourn until after funeral Salary as Governor approved Hult, E. G., salary as Assistant Cashier approved Leavitt, E. M., salary as Assistant Cashier approved Paddock, W. W.: Present at meting of FRBoard and opposed to further open market operations at present Salary as Deputy Governor approved Statement to Open Market Policy Conference on situation in district and possible reduction in bill rate Sweetser, L. W., salary as Assistant Cashier approved Weed. A. H., retainer as Counsel approved Willett, W., salary as Cashier approved Stock: (See Stock) Theft of pay roll funds reported Memo of Counsel on failure of officers of FRBank to cooperate with representatives of Department of Justice in investigating 2/4 116 1/21 2/20 63 175 1/7 10 6/23 594 1/31 113 3/25 303 4/16 355 1/16 39 1/16 40 40 39 1/16 1/16 10 1/7 3/17 273 331 4/4 5/6 422 535 6/6 39 1/16 4/7 336 4/8 340 40 1/16 1/16 40 1/16 40 6/23 592 40 1/16 1/28 1/16 1/16 1/16 95 40 40 40 4/16 356 5/29 509 45 Pages PRBank of Chicago: Budget for operation of statistical and analytical functions Bylaws, letter to FRAgent on three proposed amendments to Directors: (See Directors) Examination report as of Oct. 26, 1929, submitted Report ordered circulated with attention called to banking situation in Iowa Open Market Policy Conference, acceptance of participation in plan recently adanted Rates: (See Rates) Salaries of officers for 1930 Letter to FRent on action on Staff; Bachman, W. C., salary as Controller anoroved Bateman, F., salary as Manager approved Blair, J. H., salary as Deputy Governor approved Burgess, F. R., salary as Auditor approved Callahan, J. C., salary as Manager approved Childs, K. C., salary as Controller approved Coulter, R. E., salary as Manager annroved Dazey, A. W., salary as Manager approved Delaney, E. A.., salary as Manager approved Dillard, J. H., salary as Controller approved Employees granted extended sick leave during: Jan. 1 to Jan. 23 Jan. 24 to Feb. 27 Feb. 28 to Mar. 27 Mar. 28 to Apr. 24 Anril 25 to May 22 Fisbhe4 Irving, salary as Manager approved Hargreaves, R. J., salary as Manager approved Heath, W. A.: Leave of absence for month to make West Indian trip Salary as FRAgent approved Hopkins, W. A., salary as Assistant Auditor approved Jones, D. A.., salary as Controller approved Lindsten, F. X., salary as Manager aaproved Martin, John H., designated Examiner Transferred to Examination DePartment and salary increased McDougal, J. B., Governor: Salary increase disapproved Request of Director Simpson for reconsideration of increase, requested not to bring it up at present Action reconsidered and increase again disapproved Approved at $35,000 but Mr. Simpson and Mr. Wetmore to take up proposed increase with FRBoard Statement to Open Market Policy Conference on changes in discount and bill rates Telephone conversation with Governor Young and opinion that directors will not reduce discount rate at next meeting McKay, C. R., salary as Deputy Governor approved Meyer, L. G., salary as Manager approved 2/20 175 4/16 358 1/7 1/31 12 113 4/30 402 1/16 1/17 45 57 1/16 1/16 1/16 1/16 1/16 1/16 1/16 1/16 1/16 1/16 46 46 46 46 46 46 46, 46 46 46 1/31 111 238 3/6 4/4 331 417 5/2 5/29 507 46 1/16 46 1/15 1/21 1/16 1/16 1/16 1/16 1/27 69 45 46 46 46 88 6/4 529 1/16 46 1/23 2/21 81 183 3/6 237 1/28 94 3/20 1/16 1/16 289 46 46 46 Pages FRBank of Chicago: (Continued) Staff: (Continued) 1/16 Meyer, Carl, salary as Counsel approved 1/16 Netterstrom, O. J., salary increased as Controller 1/16 Olson, A. L., salary as Assistant Controller approved 1/16 Pavey, L. G., salary as Manager approved 1/16 Pett, Harris G., salary as Manager approved 1/16 Purrington, F. L., salary as Manager approved Roberts, J. G., salary as Manager approved 1/16 White, W. H., salary as Assistant FRAgent approved 1/16 Young, Clifford S., authority to act as Assistant FRAgent supersedes authority to sign as Acting Assistant FRAgent 1/13 Bond as Assistant FRAgent 1/7 Salary for 1930 approved 1/16 Stock: (See Stock) FRBank of Cleveland: Budget for operation of statistical and analytical functions 2/20 Expenses of employees detailed to assist in examination of FRBank of New York, payment of 3/25 Open Market Policy Conference, acceptance of participation in plan recently adopted 4/16 Rates: (See Rates) 1/16 Salarias of officers for 1930 1/17 Letter to FRAgent on action on Staff: 1/16 Anderson, J. B., salary as Assistant FRAgent approved 1/16 Arnold, C. W., salary as Assistant Cashier approved 1/16 Bickford, C. L., salary as Assistant Cashier approved 1/16 Clouser, D. B., salary increased as Assistant Cashier DeCamn, George: 1/21 Bond of 1/24 Leave of absence for two weeks 1/16 Salary approved for 1930 Employees granted extended sick leave during: December 1/10 February 3/13 March 4/15 Anril 5/14 May 6/9 Fancher, E. R.: Present at meeting of Board and discussion of need for further open market operations 6/23 Present at meeting of FRBoard on erection of building for Pittsburgh Branch 1/10 Salary as Governor not approved as recommended 1/16 Salary approved for 1930 2/10 Statement to Open Market Policy Conference on changes in discount and bill rates 1/28 Fleming, M. J.: Anpointed member of committee to study member bank reserves 2/12 Present at meeting of FRBoard on erection of building for Pittsburgh Branch 1/10 Salary as Deputy Governor approved 1/16 Fletcher, W. H., salary as Assistant FRAgent approved 1/16 46 46 46 46 46 46 46 45 28 8 45 175 303 355 42 57 42 42 42 42 61 84 42 21 260 350 440 542 589 22 42 142 95 152 22 42 42 47 Pages FaBank of Cleveland: (Continued) Staff: (Continued) Grayson, F. V., salary as Auditor approved Squire, Sanders & Dempsey, retainer as Counsel approved Strater, H. F., salary as Cashier approved Taylor, W. F., salary as Assistant Cashier approved Wagner, G. H., salary as Assistant Cashier approved Zurlinden, F. J., salary as Deputy Governor approved Stock: (See Stock) PRBank of Dallas: Budget for operation of statistical and analytical functions Indebtedness of Texas National Bank of Port Worth to, settled with receiver Open Market Policy Conference, acceptance of participation in plan recently adopted Personnel classification plan reviewed and approved Change in classification of position of Assistant Manager of Accounting Function Rates: (See Rates) Salaries of officers for 1930 Staff: Austin, E. 3., salary as Assistant Cashier approved Salary increased as Senior Assistant Cashier Clarke, T. P., salary as General Auditor approved Coleman, R. B., salary as Deputy Governor approved Evans, W. J., salary as Assistant FRAgent approved Employees granted extended sick leave during: December February March April May Ford, W. O., salary as Assistant Deputy Governor approved Gilbert, R. R., salary as Deputy Governor approved Hall, Chas. C., salary as Assistant FRAgent Harris, Fred, salary as Cashier approved Huff, Chas. C., retainer as General Counsel approved Retainer approved, memo of Counsel on new clause in contract Locke, Locke, Stroud. & Randolph, retainer as Counsel approved Pondrom, L. G., salary as Assistant Cashier approved Talley, Lynn P., salary as Governor not approved as recommended Salary approved for 1930 Statement to Open Market Policy Conference opposing reduction in discount and bill rates True, C. C., salary as Assistant Auditor approved Walsh, C. C., salary as FRAgent approved Webb, R. O., salary as Assistant Cashier approved Stock: (See Stock) 44biank of Kansas City: Budget for operation of statistical and analytical functions Directors: (See Directors) 1/16 1/16 1/16 1/16 1/16 1/16 43 43 42 42 42 42 2/20 175 5/22 480 4/16 4/30 355 408 5/19 457 1/16 49 1/16 2/10 1/16 1/16 1/16 49 143 50 49 49 1/7 3/10 4/8 5/6 6/9 1/16 1/16 1/16 1/16 1/16 10 247 342 422 542 49 49 49 49 50 1/23 78 1/16 1/16 50 49 1/16 2/10 49 143 1/28 1/16 1/16 1/16 95 50 49 49 2/20 175 Pages 48 FRBank of Kansas City: (Continued) Earnings not sufficient to pay dividends, payment out of surplus authorized Open Market Policy Conference, acceptance of participation in plan recently adonted Personnel classification plan reviewed and apnroved Rates: (See Rates) Salaries of officers for 1930 Staff: Bailey, W. J.: Leave with pay extended for sixty days Salary as Governor approved Barley, G. E., salary as Assistant Cashier approved Employees granted extended sick leave during: December January February March April May Hank, Harry L., reemployed as special agent in Tailed Banks Department Helm, J. W., salary as Deputy Governor and Cashier approved Leedy, H. G.: Present at Board meeting in connection with application for branch at Wichita Retainer as Counsel approved To retain office in bank building and. pay rent McAdams, A. M., Assistant FRAgent: Bond of Salary annroved McClure, M. L., salary as FRAgent approved Park, M. W. E., salary as Assistant Cashier approved Phillips, John, Jr., salary as Assistant Cashier approved Pipkin, G. H., salary as Assistant Cashier approved Oberwortmann, N. R., salary as Assistant Cashier approved Rhodes, H. H., appointed Acting Assistant FR.gent Tyner, E. P., salary as Assistant Cashier approved Wardell, S. A., salary as Auditor approved Woodward, Karl H., increase in salary of Worthington, C. A.: Present at 3oard meeting in connection with application for branch at Wichita Salary as Deputy Governor approved Stock: (See Stock) FRBank of Minneapolis: Budget for operation of statistical and analytical functions Directors: (See Directors) Open Market Policy Conference, acceptance of participation in Plan recently adopted Rates: (See Rates) Salaries for 1930 approved Staff: Bailey, F. Y., salary as Assistant FRAgent approved Core, H. C., salary as Assistant Cashier approved Dunlop, F. C., salary as Controller approved 6/23 594 4/16 355 4/30 408 1/16 48 2/18 1/16 1/16 167 48 48 1/27 2/12 3/13 4/15 5/14 6/9 87 149 260 350 440 542 1/15 1/16 36 48 1/20 1/16 1/23 59 49 70 21 1/10 48 1/16 1/16 48 48 1/16 48 1/16 48 1/16 48 1/16 6/25 605 48 1/16 48 1/16 11 1/7 1/20 1/16 59 48 2/20 175 4/16 355 1/30 107 1/30 108 1/30 108 1/30 108 49 FRBank of Minneapolis: (Continued) Staff: (Continued) Employees granted extended sick leave during: January February March April May Geery, W. B.: Salary as Governor approved Statement to Open Market Policy Conference on discount and bill rates Larson, A. R., salary as Assistant Cashier approved Mitchell, John R., salary as FRAgent approved Mosher, C. L., salary as Assistant FRAgent approved Rast, L. E., salary as Assistant Cashier approved Ueland, Andreas, retainer and allowance for office expenses as Counsel approved Warren, Gray, salary as Cashier aoproved Yaeger, Harry, salary as Deputy Governor approved Ziemer, Harry I., salary as Deputy Governor approved Stock: (See Stock) Subscription to fund being raised by Minneapolis Survey Commission will be approved 2R2ank of New York: Bank for International Settlements, relations with: (See Bank for International Settlements) Budget for operation of statistical and analytical functions Examination: Payments to FRBanks of Boston, Philadelphia, Cleveland, and Richmond for expenses of employees detailed to assist in Report as of Eeb. 21 Foreign accounts, funds held for: (See Foreign Accounts) Increase in Government security portfolio to $50,000,000 to ease business situation suggested by Governor Young Report of Governor on visit to New York and directors of FRBank in favor of purchases Open Market Policy Conference, acceptance of participation in plan recently adopted Accepted subject to interpretation of plan, Governor to prepare reply to letter Personnel classification plan reviewed and approved Abolition of position entitled Junior Clerk, 05, in Collection Department Rates: (See Rates) Salaries effective Jan. 1, 1930, Changes in personnel plan and salaries in excess of maximum of grade Salaries of officers for 1930 Letter to FRAgent on action on Pages 2/14 161 3/17 273 4/8 342 5/9 432 6/6 535 1/30 108 1/28 96 1/30 108 1/30 108 1/30 108 1/30 108 2/4 1/30 1/30 1/30 115 108 108 108 5/2 417 2/20 175 3/25 303 5/6 424 3/5 232 3/10 253 5/19 458 5/22 484 4/30 408 5/14 441 1/8 1/16 1/17 15 40 57 1/16 41 Staff: Barrows, D. H., salary as Manager approved Pages 50 FRBank of New York: (Continued) Staff: (Continued) Burgess. W. R.: Anpointed Deputy Governor Salary anProved Salary increased to $30,000 Resignation as Assistant FRAgent Salary as Assistant FRAgent approved Statement to Open Market Policy Conference on results of proposed changes in discount and bill rates Burt, W. W., salary as Manager approved Case, J. H.: Appointed Class C director and designated FRAgent to succeed Mr. McGarrah Bond of Acceptance of appointment Salary as Deputy Governor approved. Telephone conversation with Governor Young on present money situation and possible change in minimum buying rate Chanman, Frank P., salary increased above maximum of grade Coe, C. H., salary as Assistant Deputy Governor approved Cokelet, Alliam V. W., designated Examiner Crane, J. E., salary as Deputy Governor and Secretary approved Crawford, Dr. Mary M., increase in salary of Crisp, Theodore M., employed as Assistant Counsel, salary approved Crosby, M., promoted to position as Assistant Chief of Auditing Department Dillistin, W. H., salary as Assistant FRAgent approved Dodge, E. L., salary as Auditor approved Douglas, Edward 0., salary increased as Manager of Foreign Department Downs, H. S.: Leave for two weeks with pay in addition to regular vacation Salary as Assistant FRAgent approved Employees granted extended leave on account of sickness during: 1Tovember December February March April MAY Fallon, Albert P., designated Examiner Ferguson, George W., salary as Assistant General Auditor approved French, E. C., salary as Manager approved Galantiere, Louis, increase in salary of 4/30 5/19 6/3 5/19 1/16 398 457 525 456 40 1/28 1/16 94 41 2/27 3/4 3/6 1/16 220 227 238 41 3/20 1/8 1/16 1/27 289 16 41 88 1/16 41 1/8 15 6/23 595 6/23 1/16 1/16 595 40 41 6/3 525 6/6 1/16 535 40 10 1/7 71 1/23 3/13 260 4/15 350 432 5/9 6/14 554 88 1/27 6/23 1/16 1/8 595 41 15 Pages PRBank of New York: (Continued) Staff: (Continued) Gidney, R. M., appointment as member of Board of Education of Ridgewood, N. J., and standing for reelection, question of 5/22 481 No objection to accepting appointment for unexpired term 6/4 530 and standing for election at end of term Salary as Assistant Deputy Governor approved 1/16 41 Gilbart, A. W., salary as Deputy Governor approved 41 1/16 Glover, Lester W., designated Examiner 1/27 88 Harrison, G. L.: Bank for International Settlements, relations with: (See Bank for International Settlements) Present at meeting and presented letter addressed to FRBanks not members of Open Market Committee reviewing conditions and prospects 24 1/11 Present at meeting of FRBoard to discuss business situation, open marknt operations, and reparations bond issue 5/14 445 Present at meeting to discuss present credit situation and possible reduction in rediscount rate to 2L- per cent 6/16 558 Present at meeting of FRBoard and discussion of need for open market operations at present time 6/23 587 Report on trip abroad, especially business and financial conditions in European countries and prosoective international financing 4/15 351 Salary of $60,000 recommended and disapproved 1/16 40 Proposed salary increase made special order for meeting on Feb. 21 2/20 179 Letter from Deputy Chairman again recommending increase in salary, action reconsidered and increase again disapproved 2/21 181 Recommended at $50,000 per annum and approved 3/4 227 Statement to Open Market Policy Conference on future policy and report of committee presented 1/28 94 Statement on effect of a reduction in buying rate 1/28 97 Statement on attitude toward present trend in rates 1/29 100 Statement reported by Assistant Secretary as incomplete and restated 1/31 109 grade Hudson, Alfred, salary increased above maximum of 1/8 16 Jones, J. W., salary as Assistant Deputy Governor approved 41 1/16 Keepers, William, increase in salary of 1/8 15 1/16 Kenzel, E. R., salary as Deputy Governor approved 41 Linniman, H. V., promoted to position of Chief of Auditing Department 6/23 595 Logan, W. S., salary as Deputy Governor and General Counsel approved 1/16 41 Matteson, W. B., salary as Assistant Deputy Governor approved 1/16 41 McGarrah, Gates W.: Resignation to become American Director of Bank for International Settlements 2/27 219 Letter from Mr. r.cGarrah formally tendering resignation and reply of acceptance 3/1 224 approved Salary as FRAgent 1/16 40 52 Pages Bank of New York: (Continued) Staff: (Continued) 1/16 McMurray, R. F., salary as Manager approved Mitchell, J. A., salary as Manager approved 1/16 Morgan, Robert M., salary as Manager approved 1/16 Personnel classification plan, changes creating new positions approved 3/17 Changes in plan approved 3/19 Change in one grade approved 6/18 Phelan, Arthur, increase in salary of 1/8 Range, Harold, increase in salary as supervisor of Club Store 1/9 Rice, J. M., salary as Assistant Deauty Governor approved 1/16 Roelse, H. V., salary increased as Manager 1/16 Rounds, L. R.: Apoointed member of committee to study member bank reserves 2/12 Salary as Deputy Governor approved 1/16 Sailer, L. F., salary as Deputy Governor approved 1/16 Scott, W. A.., salary as Manager approved 1/16 Snyder, Carl, salary as Statistician not approved as recommended 1/16 Salary approved for 1930 2/12 Sproul, Allan, appointed Assistant Deguty Governor and Secretary and salary approved 2/10 Waters, I. W.: Leave for one week:with pay in addition to regular vacation 6/6 Salary as Manager approved 1/16 Wessel, Harold M., designated Examiner 1/27 Stock: (See Stock) FRBank of Philadelphia: Allowance for member of Federal Advisory Council for 1930, action deferred 1/21 Budget for operation of statistical and analytical functions 2/20 Examination report as of Jan. 19 3/6 Expenses of employees detailed to assist in examination of FRBank of New York, payment of 3/25 Purchase of property adjoining bank building, option on, Governor Norris to appear before FRBoard to discuss 5/20 Purchase for future expansion and to protect existing property approved 5/22 Rates: (See Rates) Salaries of officers for 1930 1/16 Staff: Austin, R. L.: Leave of absence for about ten days 1/27 Salary approved for 1930 1/16 Connor, J. J. Y., designated special assistant to examiners 5/9 Davis, W. J., salary as Assistant Cashier approved 1/16 Earl, S. R., salary as Assistant Cashier approved 1/16 Employees granted extended sick leave during: December 1/8 January 2/7 February 3/6 March 4/4 April 5/9 May 6/6 41 41 41 274 287 568 15 15 41 41 152 41 41 41 40 151 139 535 41 88 63 175 243 303 463 477 41 88 41 432 42 42 17 135 238 331 432 535 53 Pages FRBank of Philadelphia: (Continued) Staff: (Continued) 5/9 Herman, Charles, designated special assistant to examiners 432 Hill, E. C., salary as Assistant FRAgent approved 1/16 41 Hutt, W. H., salary as Deputy Governor approved 42 1/16 LaBold, F. ',;.: Circumstances under which services as Assistant Cashier 3/6 239 were terminated Counsel to prepare letter to FRAgent on possibility 3/10 248 of violation of FRAct in activities of Memo of Counsel with letter to Attorney General reporting possible violation of Federal 3/17 275 statutes 1/16 42 Salary as Assistant Cashier approved 1/16 42 McCreedy, W. G., salary as Comptroller approved 1/16 42 McIlhenny, C. A. salary as Cashier approved 1/16 42 Miller, R. M., Jr., salary as Assistant Cashier approved Norris, G. W. Designated to represent 'RBank at meetings of Open 4/4 329 Market Policy Conference Present at meeting of Board and discussion of need for 6/23 590 further open market operations Present at meeting of FRBoard to discuss purchase of 5/22 477 property adjoining FRBank building Salary as Governor approved 1/16 42 Statement to Open Market Policy Conference on reduction in discount and bill rates 1/28 94 Post, A. E., salary as Assistant FRAgent approved 1/16 41 Spencer, Albert J., Jr., designated special assistant to 2/27 213 examiners Toy, J. M., salary as Assistant Cashier approved 1/16 42 4illiams & Sinkler, retainer as Counsel approved 1/16 42 Stock: (See Stock) ' 4145a4k of Richmond: Budget for operation of statistical and analytical functions 2/20 175 Buildings, plans for enlargement of present building presented by Committee of Directors, firm recommendation of Board of Directors requested 1/7 5 Plan 110" recommended by Directors for approval, referred to Committee on District #5 1/13 25 Recommendations of committee after visit to Richmond, plan 52 1/16 "C" approved 3/31 318 Final plans presented to Mr. Delano FRBank to ask for bids and submit bid accepted to FRBoard for approval 4/1 326 6/14 556 Plans and specifications submitted and bids invited Directors: (See Directors) Earnings not sufficient to nay dividends, payment out of surplus authorized 6/23 594 Examination report as of Feb. 5 3/10 250 Expenses of employees detailed to assist in examination of FRBank of flew York, payment of 3/25 303 Open Market Policy Conference, acceptance of participation in plan recently adopted 4/16 355 Personnel classification plan reviewed and approved 4/30 408 Pages 54 FRBank of Richmond: (Continued) Rates: (See Rates) Salaries of officers for 1930 Staff: Broaddus, R. H., salary as Deputy Governor approved Dillard, W. Ti., salary as Assistant Cashier approved Employees granted extended sick leave during: December January February March April May Epes, T. F., salary as Auditor approved Faulhaber, Helen, extended leave on account of sickness, full salary to be paid to April 1 Extended to May 1 Payment of full salary through May 31, 1930 Fry, J. G., salary as Assistant FRAgent approved Garrett, J. T., salary as Manager approved Hoxton, W. W., salary as FRZgent approved Johnstone, A. S., salary as Manager approved Keesee, G. H., salary as Cashier approved Feple, C. A., salary as Deputy Governor approved Seay, George J.: Salary as Governor approved Statement to Open Market Policy Conference on action through acceptance rate of purchase of Government securities Walden, J. S., Jr., salary as Controller approved V;allace, M. G., salary as Counsel anproved Waller, E., Jr., salary as Assistant Cashier approved Stockholders Association of, circular letter calling meeting to be held April 11 FRBank of St. Louis: Budget for operation of statistical and analytical functions Bylaws, amendment to section on constitution of executive committee Directors: (See Directors) Examination report as of March 29 Open Market Policy Conference, acceptance of participation in plan recently adopted Pamphlet on Benefits of Federal Reserve System, publication of revision approved Personnel classification plan reviewed and approved Salaries of officers for 1930 Staff: Attebery, O. M., salary as Deputy Governor approved Bailey, L. H., Acting Assistant FRAgent, bond of Debrecht, A. E., salary as Assistant Auditor anproved Employees granted extended sick leave during: December January February March April May 1/16 43 1/16 1/16 43 43 1/13 2/7 3/17 4/15 5/14 6/16 1/16 28 135 273 350 440 563 43 3/17 273 4/15 351 5/14 440 43 1/16 43 1/16 43 1/16 43 1/16 43 1/16 43 1/16 1/16 43 1/28 1/16 1/16 1/16 96 43 43 43 3/17 274 2/a) 175 2/10 142 5/26 496 4/16 355 5/26 490 4/30 408 47 1/16 1/16 47 1/10 a) 1/16 47 1/7 2/7 3/6 4/4 5/6 6/9 10 135 238 331 422 542 55 PRBank of St. Louis: (Confirmed) Staff: (Continued) Gilmore, S. F., salary as Controller approved Gregory, W. L., resignation as Acting Assistant TRAgent Haill, A. H., salary as Controller approved Hall, F. 'J., salary as Controller approved Hollocher, G. O., salary as Controller approved Maguire, Francis P., designated Acting Assistant FRAgent Bond as Acting Assistant FRAgent Martin, Wm. McC.: Present at meeting of FRBoard to present application of American Exchange Bank of Little Rock for membership Salary for 1930 approved Statement to Open Market Policy Conference opposing reduction in discount and bill rates Statement exnlaining opposition to report adopted by Conference McConkey, J. G., salary as Secretary and Counsel approved Novy, E. J., salary as Auditor approved Schacht, C. A., salary as Controller approved Stewart, C. M., salary as Assistant Agent approved Wells, Rolla: Leave for three and one-half months requested Leave granted but time in excess of thirty days to be without salary Resignation as Class C Director and FRAgent accepted Salary for 1930 approved Wood, John S., appointed Class C Director and FRAgent for unexpired term of Rolla Wells Appointment accepted Resignation as Chief National Bank Examiner and to assume duties on June 1 Bond of Stock: (See Stock) l'alarik of San Francisco: Budget for operation of statistical and analytical functions Directors: (See Directors) Earnings not sufficient to pay dividends, payment out of surplus authorized Executive Committee for 1930, members of Fees and allowances for head office and branch directors ODen Market Policy Conference, acceptance of participation in plan recently adapted Personnel classification plan reviewed and approved Rates: (See Rates) Reasons for not participating in recent System purchase of Government securities Copies of letter from Governor Calkins distributed at meeting with Executive Committee of Open Market Policy Conference Salaries of officers for 1930 Staff: Agnew, A. C., retainer as Counsel approved Bold, Fred C., salary as Assistant Cashier approved Pages 1/16 47 3/19 286 1/16 47 47 1/16 1/16 47 3/19 286 4/16 354 3/1 1/16 221 47 1/28 95 1/29 1/16 1/16 1/16 1/16 100 47 47 47 47 1/10 22 1/11 5/9 1/16 24 426 47 5/9 427 5/15 449 5/29 6/6 507 536 2/20 175 6/23 1/13 1/15 594 27 36 4/23 383 4/30 408 6/20 579 6/23 1/16 588 50 1/16 1/16 51 51 56 Pages FRBank of San Francisco: (Continued) Staff: (Continued) Calkins, J. U.: Salary as Governor approved 1/16 Statement to ()pen Market Policy Conference that no change in present policy is needed at present 1/28 Clerk, Ira: Anpointed member of committee to study member bank reserves 2/12 Salary as Deputy Governor approved 1/16 Day, Wm. A., salary as Deputy Governor approved 1/16 Earhart, C. E., salary as Assistant Cashier approved 1/16 Employees granted extended sick leave during: December 115 2/ January February 3/19 March 4/15 April 5/14 May 6/14 Hale, W. M., salary as Cashier approved 1/16 Hardy, R. T., salary as Auditor approved 1/16 Holman, F. H., salary as General Anditor approved 1/16 Mailliard, E. C., salary as Assistant Cashier approved 1/16 Mange's, H. N., salary as Assistant Cashier approved 1/16 Newton, Isaac B.: Bond of 3/10 Salary as FRAgent approved 1/16 Osmer, J. M., salary as Assistant Cashier approved 1/16 Phillips, C. D., salary as Assistant Cashier approved 1/16 Prahl, John 2., resignation as Examiner 3/25 Sargent, S. G.: Appointed Secretary to board of directors 2/24 Salary as Assistant FRAgent approved 1/16 Bonne, H. A., leave extended to March 1 2/18 Sproul, Allan: Salary as Assistant FRAgent at San Francisco approved 1/16 Reappointed Secretary to Board of Directors and its committees for 1930 1/13 Appointed Assistant FRAgent at FRBank of New York 2/10 Resignation as Assistant FRAgent at San Francisco 2/24 Wheeler, Oliver P.: Appointed Acting Assistant FRAgent 2/24 Bond of 3/10 FRBanks: Assessment for expenses of FRBoard, resolution adapted 6/18 Budget for operation of statistical and analytical functions 2/20 Directors: (See Directors) Dividends, permission to Executive Committee to approve payment out of surplus for first six months if necessary 6/9 Resolutions submitted and payment authorized 6/23 Earnings: (See Earnings) Earnings of each FRBank, figures on gross and net and on distribution of net earnings for 1929 submitted by Mt. Smead. 1/7 50 97 152 50 50 51 4g 286 350 440 554 50 51 51 51 51 247 50 51 51 301 196 50 168 51 28 139 196 196 247 569 175 540 594 11 1 57 Pages FRBanks: (Continued) Educational and welfare work: (See Welfare work) Examinations: (See Examinations) Fiscal agents in handling matters for Federal Farm Board, decision of Comptroller General that FRBanks must look to borrowers for reimbursement for expenses incurred Letter to Federal Farm Board with copies of replies of four FRBanks to circular letter Letter to all FRBahks transmitting further letter from , Federal Farm Board on subject Foreign operations by, memo prepared by Governor Young and Dr. Goldenweiser Rates: (See Rates) Salaries for 1930, to be brought up at next meeting Official salaries submitted and discussed and made special order for Jan. 16, telegram to FRBanks to make payments on 1929 basis pending -action Salaries of officers of all banks and branches except Minneapolis approved Letters to FRBanks of New York, Cleveland, Atlanta, Chicago and Dallas on action Stock: (See Stock) Suits by and against, suggested amendment to Judicial Code restoring jurisdiction to United States District Courts 371Board: Adjournment until after funeral of Governor Harding as tribute to his memory Annual report: (See Annual report) Audit of activities of, Governor to report on advisability of periodic Bank for International Settlements, authority and responsibility under FRAct: (See Bank for International Settlements) Counsel's office: Bankers directory for use in Clayton Act work, subscription approved Law books to be purchased for use in office Division of Research and Statistics: Information furnished by, complaint of Mr. James on form of Employees: (See Staff of PRBoard) Expenses, assessment on FRBanks for Fiscal Agent, accounts and books examined by General Accounting Office, no report unless Comptroller General has recommendations to make Discussion of advisability of thorough audit of accounts Members: Cunningham, E. H.: Executive Committee, expiration of term as member Rediscount rate at MBank of New York, statement on vote on reduction in Statement on change in vote on approval of reduction of rediscount rate at FRBahk of New York Statement on flotation of reparations bond issue 3/17 277 5/9 434 5/29 511 2/24 198 1/13 25 1/14 33 1/16 39-51 1/17 57 2/6 121 4/8 340 5/29 508 3/10 1/27 248 89 2/6 131 6/18 569 3/27 312 5/29 508 1/2 3 3/13 263 2/6 4/8 129 341 58 Vat7;:es FRBoard: (Continued) Members: (Continued) Hamlin, C. S.: 2/21 Annual report, proposed revision of text of (See also Annual report) Executive Committee, to serve as member for three months 1/2 3/31 Eroiration of term as member Statement on vote to reduce New York rediscount rate and effect on gold stock in United States 5/1 Annual conference of directors of MBank of attend Invited to St. Louis and branches 5/6 James, George R.: Statement on inaccuracy of figures published by FRBoard and motion to discontinue nublication. of Bulletin 2/6 Me= of Mr. Goldenweiser that mimeographing and mailing of certain figures will be discontinued 2/12 Miller, A. C.: Annual report, proposed revision of text adopted 2/21 (See also Annual report) Appointed member of executive committee for three months 3/31 Open market investment procedure, revision of 1/16 Reparation bonds to be offered in American market, proposed letter to MBank of New York 5/19 Trip abroad arranged, from about June 7 to middle of August 4/19 Platt, Edmund: Statement explaining vote on change in rediscount rate at MBank of New York 2/6 Statement on vote for reduction in rediscount rate at MBank of New York 6/16 Young, Roy A.: Annual report, objections to revision proposed by Mr. Miller 2/21 (See also Annual report) Invited to meeting of directors of MBank of Boston 2/6 Telegram favoring reduction in rediscount rate at FRBank of New York 6/18 Vacation trip to Michigan, authority to employ stenographer for official correspondence 6/9 Quarters, memo to Undersecretary of Treasury on additional soace required for units now in Treasury Building and for removal of other divisions into Treasury 2/10 Report of Governor on discussion with Mr. Mills and that space in building probably cannot be secured for divisions in Otis Building, to try to secure space in Treasury Annex 2/12 Arrangements made for removal into Treasury Annex #1 and lease for Otis Building to be made on monthly basis 2/27 Report of Governor that it is impossible to get additional space in Treasury Building but effort is being made to obtain large conference room 2/27 Negotiations for six months lease on monthly rental basis to be terminated on thirty days notice 3/4 Terms agreed to by Mr. Wood and lease to be prepared and executed 3/13 Space allotted in Treasury Annex Building not sufficient, space in Washington Building suggested 5/19 186 3 320 412 423 130 149 139 320 53 460 370 130 562 192 119 567 551 143 146 215 215 228 261 454 59 Pages TRBoard: (Continued) Quarters: (Continued) Letter from Undersecretary of Treasury that additional space in Treasury Annex cannot be allotted to 5/26 495 FRBoard Report of Governor that additional space could not be secured, to consider soace in Otis Building, Washington Building, and erection of new 6/3 526 building at meeting in future Treasury to be notified that space in Treasury Annex will not be used by FRBoard, committee to negotiate 6/4 527 with owners of Otis Building for space Report of negotiations with owners of Otis Building, lease 6/9 539 referred to committee Lease submitted by Counsel and to be forwarded to owners of 6/20 583 Otis Building for execution Staff: (See Staff of FRBoard) PRBulletin: Amendments to Regulations H, I, K, and L, and recent ruling of 6/20 584 Board to be published in July issue Article on "Eligibility of Paper for Rediscount at FRBanks" for publication, letters of comment from FRAgents 3/13 265 and Governors Governor with referred to Revised article submitted and 520 6/2 power Bills recently signed by President to be published in 386 4/23 Branch banking, digest of State laws prepared and to be published 3/13 262 Branches which may be retained or established by national banks consolidating with State banks having 1/21 66 branches, opinion of Attorney General Action on publication deferred pending reply of Comptroller 73 1/23 of the Currency Comptroller and (minion recommended by Publication of 1/27 89 approved Digest of State laws relating to power of banks and trust companies to invest in stocks of other corporations to be published in 6/9 545 Discontinuance of publication, motion of Mr. James 2/6 130 Migible paper, statement on distribution among individual member banks to be published in 5/26 494 Liability incurred by member bank in purchasing Federal Reserve exchange, ruling to be published 1/23 73 Notes of farmers given to dealers for purchase of farm implements, ruling on maturity to be published 6/30 584 ()Pinion of Supreme Court of Tennessee in First National Bank of Chattanooga v. Chapman Co. to be published in 4/23 385 Reproduction of certain tables in monthly bulletin of New York Stock Exchange ariproved 2/25 204 Pederal Reserve Exchange: (See Exchange) Audit of reserve stock of incomplete notes at Bureau of Engraving 6/20 and Printing, Mr. Good to represent FRBoard 582 60 Pages FRnotes: (Continued) Counterfeit $100 notes circulating in Cuba, to waive commission on exchange of old size for new size for sixty days 2/18 168 Commission to be waived for sixty days additional 343 4/8 Custody of unissued at Jacksonville Branch, arrangements for 3/25 305 Memo of Counsel annroving agreement 4/30 405 Destruction of old size stocks held at Bureau up to and including $100 denominations, Mr. Good to represent 64 FRBoard on committee 1/21 Percentage of new size now outstanding and average daily redemptions of old size notes 3/25 301 Statement in weekly condition report of FRBanks, revised form of 5/19 455 Unissued at Pittsburgh Branch, plan for maintaining stock after discontinuance of Acting Assistant F.gent Plan approved 1%g: 30 l Letter to Agent at Cleveland that new agreement should be executed covering points set forth by Counsel 2/20 177 FRSystem: Membership in: (See Membership; National banks; State member banks) S.R.71 authorizing survey of, memo of Counsel on status of 4/30 404 Adopted by Senate, copies submitted 434 5/9 Fiduciary powers: American National Bank, Grand Rapids, Mich., anplication for full powers approved 4/8 343 American National Bank and Trust Co., Mobile, Ala., anplication approved upon conversion 7 1/7 Andqlusia National Bank, Andalusia, Ala., acceptance of administratorship while action on application for fiduciary powers pending 3/13 261 Bill to relieve 311Board of responsibility of granting trust powers to nations, banks: (See Legislation, H.R.7966) Citizens National Bank of Belle Plaine, Iowa, application approved 2/25 203 Citizens National Bank, Harlan, Ky., question of acting with permission of 11(2oard but without nermit from State of Kentucky 2/14 163 Citizens National Bank, Stevens Point, Wis., letter on surrender approved 3/10 250 City National Bank and Trust Co., Miami, Fla., letter on surrender of trust powers approved for transmittal 3/10 250 Citizens National Bank and Trust Co., Piqua, Ohio, receipt for certain securities eligible as collateral security for trust funds 66 1/21 Commercial paper or acceptances cannot be used as collateral security in trust department of national bank to secure trust funds deposited in commercial department 6/18 571 First National Dank of 2ortville, Ind., application referred to Vice Governor for more information 3/19 283 First National Bank, Greenwood, Ind., application approved 6/25 607 61 ?ages Fiduciary Powers: (Continued) First National Bank, Orland, Calif., letter on surrender of 3/10 250 trust powers approved for transmittal First National Bank of Lawrence County, New Castle, Pa., letter 3/10 250 on surrender approved for transmittal 2orm 61, application of national banks to exercise, amendment 6/2 515 approved Freeborn County National Bank and Trust Co., Albert Lea, Minn., application approved 1/31 111 Geneva Savings Bank Co., Geneva, Ohio, application approved 72 1/23 Hollywood "Zational Bank, Hollywood, Calif., form used in investing funds for customers, question of 4/30 405 trust relationship National Bank and Trust Co., Chariton, Iowa, application for, 4/18 367 granted for specific tracts only National Exchange Bank, Beckley, W. Va., application approved 6/20 576 Nevada National Bank of Nevada, Iowa, surplus not sufficient for 2/18 170 permission to exercise fiduciary -,powers Peoples National Bank, Zelienople, Pa., letter on surrender of 3/10 250 powers approved for transmittal Second National Bank, Beloit, Wis., application approved 6/25 601 State-Planters Bank and Trust Co., Richmond, Va., condition of 4/4 332 membership on deposit of trust funds Voluntary surrender by national banks, proposed amendment to law to provide for 2/6 127 Drafts of letters to Committees on Banking and Currency of 2/14 162 Senate and House recommending amendment Letter to Banking and Currency Committee of House on H.R.10036 to amend FRAct 3/10 249 Pore; J-gn accounts, monthly statement of short term funds held in New York for: As of Dec. 53 31 1/16 As of Jan. 31 2/20 175 As of Feb. 28 3/25 302 As of March 31 4/18 367 As of April 30 5/19 458 Az of May 31 6/20 580 zore4 4,11 banking corporations: Atlantic Corporation of Boston: Activities of Edward W. Reese disclosed by examination of, referred to Counsel 5/2 417 Letters to Attorney General and to Commissioner of Banks of Massachusetts reporting facts 5/15 450 Present ownership of stock still in name of Atlantic National Bank, examination to be made in spring 1/23 77 Chase Bank, application for reservation of title under Sec. 25(a) of F?Act to transact business of Paris Branch of Equitable Trust Co., approved 415 5/2 OrEanization certificate and articles of association approved 433 5/9 and preliminary permit to commence business Letter to Attorneys of corporation authorizing service as directors and officers by directors and officers of Chase National Bank and Equitable Trust Co., and investment in stock of Union 5/14 444 Provinciale Immobiliere 62 Pages Foreign banking cornorations: (Continued) Chase Bank: (Continued) Final permit to commence business issued 5/22 Officers chosen at organization meeting, advice of 5/26 Advice that $2,500,000 of capital stock is paid in and to call for additional payment as needed 6/18 Foreign branches: Mexico City, Calle Condesa #3, application approved with understanding as to allocation of capital 5/26 31 Avenue Georges V, application approved 5/26 France, Paris, Equitable Eastern Banking Corporation, purchase of stock by Chase National Bank approved 5/26 First Federal Foreign Banking Corporation: Aocentance powers, request for permission to exercise while having debentures outstanding VA1 Request approved with conditions stated Arrangement with Bush Terminal Co. of New York to handle acceptances against goods in transit and in storage 1/13 Messrs. Bush and Lisman present at meeting to discuss purpose of proposed affiliation 1/14 Plan to have Bush Service Corporation purchase stock of corporation and nlan for handling tmnort and export transactions 1/25 Letter to President of Bush Terminal Co. approving plan, to be referred to FRBank of New York 2/4 Revised letter submitted and approved 2/14 Reply to letter from Second National Bank and Trust Co., Saginaw, Mich., on rights of stockholders in liquidation of company 4/8 , Cancellation of gold notes of, memo of Counsel referred to Mr. Drinnen 3/6 Memo of Mr. Drinnen recommending approval of cancellation, approved 3/17 Draft of letter to corporation that criticized collateral be withdrawn first 3/25 No collateral to be withdrawn as result of cancellation 3/31 Condition report, extension of time for filing 2/4 Condition report showed holding of stocks of domestic corporations in investment account, memo of Mr. Drinnen on disposal of 3/17 Gold notes to be redeemed and then to exercise acceptance powers 4/23 Increase in capital referred to FRAgent at New York 4/16 Increase approved upon recommendation of FRAgent 4/30 Protest of minority stockholders against exchange of stock and request that corporation be continued in operation or liquidated 3/17 Reply to letter from Stein Brothers and Boyce with information on 3/25 Reply to letter from Revel, Miller and Co. of Los Angeles on forcing liquidation of company 6/18 First National Old Colony Corporation of Boston, agreement with FRBoard cancelled and question of examination referred to Governor 3/27 Reply to President of First National Bank of Boston referred back to Governor for revision 4/1 Revised letter approved 4/8 480 486 571 489 489 487 322 353 25 32 77 117 163 344 242 278 304 322 116 279 387 357 406 278 305 572 314 326 344 63 Pages Foreign banking cornorations: (Continued) International Acceptance Bank, Inc., examination report as of June 15, 1929, submitted 1/31 112 International Banking Corporation, stock of subsidiary corporation of rational City Bank concentrated in 4/30 403 Near East, letter to Paul Knabenshue on proposed establishment of new Edge corporation 6/9 543 Regulation K: (See Regulations) Second National Banic, Boston, Mass., desire to invest in stock of one to be organized in order to subscribe to stock of Bank for International Settlements 6/9 544 Letter from Rones, Gray, Boyden, and Perkins, on minimum capitalization of such corporations 6/25 601 Foreign banks: Banca d l Italia, Rome, cablegram on appointment of American directors to Bank for International Settlements 2/27 218 Bank of England: Rate reduced to 4?-1 per cent 128 2/6 Report on expected reduction 4/30 398 Reduced to 3 per cent 5/1 411 Bank of France, report of reduction in rate from 3 to 2N per cent 5/1 411 Bank of Latvia, account to be opened by FRBank of New York for 1/21 68 Letter from Bank of Latvia and reply of MBank of New York giving terms and conditions of agreement 1/24 84 Forel po, .gnbranches: (See Branch banks, foreign) gn operations of RBanks, =MD prepared by Governor Young and Dr. Goldenweiser 2/24 199 tOrnis: Cash letter of member banks being used by nonmember country correspondents Reference to other FRBanks postponed until farther correspondence with FRBank of Kansas City Rollywood rational Bank, Hollywood, Calif., used in connection with business of investing funds for customers officers voting in election of Class A and B directors, for use by member banks in designating 61, application of national banks to exercise fiduciary powers, amendment approved Pros.", Loon, no objection by FRBank to appointment as director of Bank for International Settlements 2/12 151 2/20 175 4/30 405 4/30 405 6/2 515 2/27 218 3/27 312 5/29 5/9 508 434 ncim ' 04 Accounting Office, examination of accounts and books of Fiscal Agent of FRBoard. Letter from Assistant Comptroller General of United States on nature of inspection Gerle, "81 Reserve Co., use of word "reserveu in title by Pages 64 Gift of money to emnloyees of Little Rock Branch not to be approved in future Gold certificates, special procedure for exchanging old for new and plan for credit in Gold Settlement Fund for redemptions, etc. Gold: Deposit with central banks against which currency will be issued in Argentina: (See Argentina) Situation discussed by Mr. Smead and Mr. Goldenweiser Stock in United States, statement of Mr. Hamlin on effect of rediscount rate on Gold Settlement Fund: Audit of, memo of Examiner in Charge on procedure to supplement Governors Conference: (See Conference of Governors) Gregory, T. E., inquiry if Dr. Goldenweiser could cone to London if invited to give evidence on FRSystem before Committee of Parliament 4/30 408 3/10 248 1/3 4 5/1 412 5/14 444 Hearings: American Bank and Trust Co., Paris, Ark., on forfeiture of membership, postponed to April 1 3/17 230 Hearing held and forfeiture of membershin favored but referred to Committee on District No. 8 for effective date 4/1 326 4/4 333 Held in abeyance and to be taken up before July 1 Banking and Currency Committee of House on chain and group banking: (See Chain, group and branch banking) Building for Pittsburgh Branch: (See Buildings) First State Bank of Bomarton, Texas, on forfeiture of membership in FRSystem, set for March 6 2/7 136 3/6 240 , Forfeiture of membership ordered Wichita, desire of representatives to present additional 6 information on transit times 1/7 16 Representatives of Wichita to meet with FRBoard on Jan. 20 1/8 Meeting with representatives of member and nonmember banks on 59 MBank mp_il schedules, grain drafts, etc. 1/20 (See also Wichita) Hix, N. C., cashier of First State Bank of Abernathy, Texas, possible 418 violations of law by 5/2 Commissioner of Banking of Texas to make special examination of bank, no action to be taken by FRAgent 5/29 511 Holding companies, digest of State laws on ownership of bank stocks by, copy to Library of FRBank of Philadelphia 2/18 169 'J u l Indexes, business, tabulation prepared for President and Cabinet by Interdepartmental Statistical Committee Installment credit transactions, study on whether advent of cash stores has offset Insurance, report of Committee of Governors Conference on Interest on deposits to be naid by clearing house banks in Boston, resolution on 1/21 67 1/23 3/13 78 265 4/24 392 65 Interlocking directorates : Applications approved: Abernathy, J. A. Aldrich, Wilthrop W. Alexander, James F. Allen, Frank G. Allen, Linton E. Altschul, Frank Ames, Hobart Ames, John S. Anderson, Robert Arkell, W. C. Armistead, Parkes Babb, F. G. Backus, E. W. Badet, H. S. Bailey, Frank Bailey, Prank Baird, C'narles Baker, James M. Baldwin, William D. Bancroft, Hugh Barr, J. M. Bass, F. M. Bayne, Howard Becker, Geo. H. Bedell, Walter E. Belden, Clarence E. Bellis, John W. Berry, C. J. Black, Frank W. Black, John W. Blair-Smith, Hugh Blauvelt, Albert D. Bond, Bernard Q. Boskey, Meyer Bowers, Henry S. Boyd, Joe S. Brewster, William J. Bright, J. G. Brisch, Michael Brokaw, C. W. Brown, Edward E. Brownlee, W. A. Brygger, Albert Bucklin, H. M. Burt, George W. Byrn, W. A. Cahill, Michael H. Campbell, Charles L. Campbell, F. J. Campbell, H. D. Campbell, John T. Capron, H. S. Carlisle, Floyd L. Pages 2/7 5/26 2/25 3/4 5/9 5/29 3/4 3/4 5/2 3/17 2/4 4/4 4/8 1/21 5/6 6/9 4/23 5/9 3/6 4/8 6/16 2/4 5/27 3/31 3/6 3/31 3/31 6/25 5/26 5/26 2/7 3/10 5/26 2/18 5/27 5/2 2/25 1/24 4/30 2/4 1/7 3/4 5/6 4/24 3/6 6/16 4/23 6/6 4/24 5/26 2/25 2/4 4/18 137 487 207 230 437 514 230 231 419 281 117 355 347 65 423 552 390 436 244 347 563 117 504 323 244 324 323 608 487 497 137 257 496 172 503 419 208 85 409 118 14 230 425 395 243 565 390 537 394 487 206 118 368 66 Interlocking directorates: (Continued) Applications approved: (Continued) Carlton, A. E. Carpenter, Walter S., Jr. Carry, Charles A. Cashman, P. J. Chandler, C. J. Ciralsky, Ira W. Clark, E. A. Clark, Harold Benjamin Cole, Howard E. Colt, Henry 'Colt, S. Sloan Colt, S. Sloan Cook, .,Istavus W. Cooke, Delos W. Cooper, Frank L. Cornish, Edward J. County, A. J. Cudahy, E. A. Cutler, Charles F. Darby, J. F. Davenport, Everett B. Delo, Roy B. Dew, Henry W. Dexter, Raymond C. Dialer, Franklin Drake, J. Harold Dreher, Geo. C. Ecker, Frederic W. Edlefsen, John N. Edmunds, John W. English, Thomas F. Theodore T. Fair, Harry C. Finkenstaedt, Harry S. Foster, H. V. Fowler, Wm. F. Friedman, Lee M. Funk, C. William Gallagher, James F. Giannini, A. P. Glenn, Thomas K. Gottlieb, Harry N. Graham, N. R. Gray, George H. Green, Edward H. R. Green, Joshua Greenebaum, Frederic J. Greening, J. N. Gribbel, John Griffin, Benjamin A. Griffin, J. A. Gupton, William Hale, F. 0. Hallowell, Howard T. Pages 4/24 5/27 5/9 2/18 1/23 1/24 3/6 6/4 5/26 3/17 2/20 5/27 2/14 3/6 6/4 5/27 . 6/16 - 3/31 4/8 2/24 5/2 4/24 1/24 4/4 5/27 1/21 5/9 2/27 4/18 394 503 436 173 82 86 244 532 487 281 180 502 164 243 532 504 564 324 346 201 419 395 86 335 505 69 436 200 368 n 5/9 2/18 2/4 2/4 4/8 1/15 5/29 6/20 2/25 3/4 2/24 4/30 5/27 5/6 3/6 3/31 3/17 5/9 5/2 6/16 6/6 4/15 Rverit, 3 2:i 4 436 172 118 118 346 38 514 584 207 230 201 409 502 425 244 325 281 437 419 566 537 352 67 Pages Interlocking directorates: (Continued) Applications aoproved: (Continued) Hamilton, Willard Harber, W. E. Hardies, Charles E. Hardison, Humphrey Hart, Ed Hatfield, Charles E. Hayden, Charles Head, Walter W. Hendrixson, Charles E. Hill, C. E. Hoffman, E. G. Hollander, Michael Honnold, W. L. Houston, Charles B., 2nd Hovey, Ford Edwin Howell, George B. Huggins, H. Hunter, Richard R. Inglis, William 7. Innes, Charles H. Irish, F. A. Ives, Ralph B. Jackson, Frederick E. Jacob, E. W. Jarnagin, William N. Kahn, Otto H. Kanter, Charles A. Keath, Charles K. Killinger, Clarence E. Kinkead, Eugene F. Kinney, C. A. Klein, Fred Kuppenheimer, L. B. Lambert, George L. Large, William J. Law, Robert Leisenring, Edward B. LIEngle, C. S. Lilly, R. C. Lloyd, Ralph B. Lovell, John S. Maclean, John G. McCaffrey, Wm. T. McCloud, Bentley G. Machold, H. E. McKee, D. Gregg Meherrin, Grant Maehie, Elmore I. Mann, Isaac T. Marlow, Walter H., Jr. Marston, Hunter S. Martin, H. V. 3/31 4/8 1/2 6/16 2/20 1/13 5/26 2/7 5/19 1/15 5/9 5/9 4/4 1/10 1/2 3/4 3/17 5/26 1/13 2/4 4/8 3/6 1/10 2/14 6/16 4/15 3/10 4/23 4/24 5/26 2/16 5/19 6/6 1/23 2/18 3/6 6/25 6/16 2/25 4/4 5/9 4/18 2/7 1/7 2/7 6/23 6/18 5/2? 6/20 5/9 3/25 5/9 323 346 3 566 180 31 497 137 462 38 436 436 335 23 3 230 281 487 31 118 346 244 23 165 564 353 257 390 394 496 173 462 537 82 172 245 608 565 207 334 435 368 137 14 137 597 575 504 576 435 310 436 68 Interlocking directorates: (Continued) Applications approved: (Continued) Martin, John C. Matchett, J. Frank Matthius, Geo. M. Maxwell, Howard W. Mays, A. P. Meeker, Arthur Milbank, Albert G. Miller, Bernard Miller, J. Clyde Mills, Charles F. Moriarty, Harris Morrissey, John T. Morse, Joe Mount, A. J. Murphey, Vtilliam Murray, Geo. Welwood Murrey, E. E. Newhall, Almer M. Niven, R. E. Nolan, E. J. Olvany, William J. 01 Mealia, Harry F. O'Neil, W. H. Pace, John H. Palmer, Potter Parisette, Frederick W. Park, William G. Parkin, F. Rogers Pearce, Charles S. Pearsall, Willard H. Perkins, James H. Perry, John O. Phillips, Frank Phillips, S. A. Plympton, Frank B. Pope, Lewis Potthoff, F. M. Potts, Wm. M. Power, R. E. Preston, C. M. Preston, T. R. Prince, George H. Prince, Nathan D. Proctor, D. Y. Raffensperger, John H. Raeland, C. B. Rausch, H. P. Raymond, C. B. Rehme, Joseph L. Reimers, F. W. Richardson, Frank L. Richmond, Clifford A. Riker, Irving Pages 6/6 5/26 6/25 6/9 6/16 6/4 5/27 5/15 2/20 3/17 5/14 3/17 6/16 6/00 2/25 5/27 2/14 5/14 5/9 3/10 5/14 6/20 4/24 3/25 3/6 3/10 5/26 5/27 2/7 4/23 3/13 5/2 4/8 6/16 3/17 6/16 5/14 6/6 6/16 6/14 6/9 2/25 6/18 6/16 5/26 6/16 1/24 1/23 2/25 6/25 6/18 3/31 4/4 537 496 608 552 565 532 503 452 180 281 446 282 565 584 207 503 165 446 436 257 446 584 395 306 244 257 496 5)3 137 390 267 419 347 564 283. 565 446 537 564 557 552 207 574 565 487 564 86 82 207 608 574 324 334 69 Pages Interlocking directorates: (Continued) Applications approved: (Continued) Ritt, A. L. Robertson, A, W. Robinson, James D. Rockwell, J. A. Roden, Percy Bodes, Boyle 0. Roman, J. E. Rose, George L. Rovensky, Joseph C. Rowley, p. A. Sawrie, Henry S. Schwoeffermann, B. J. Seguine, William M. Selden, Lynde Sexton, Isaac E. Shaffer, Van Vechten Skelly, James J. Smith, Julius B. Somers, Arthur S. Stake, Emil A. Stephens, Robert G. Stern, S. Straight, H. R. Straus, Frederick W. Strauss, Nathan Strickland, Robert, Jr. Stull, Gideon M. Sadekum, Tony Sweet, W. G. Templeton, Charles A. Thayer, John E., Jr., Thomas, F. W. Thompson, Elmo Traphagen, J. C. Tribble, George E. Tricksy, Ernest H. Trommer, George F. Van Horne, Edwin N. Van Winkle, Marshall, Jr. Wade, James M. Wainwright, J. Mayhew Wakefield, L. E. Walker, John T., Jr. Wallace, William P. Wallack, Louis R. Watson, George Weatherly, George W. Weil, J. B. Wells, Michael B. Weston, W. S. Whaley, J. H. Wickerham, G. V. L. 2/14 4/15 5/14 2/14 3/25 5/14 2/25 4/4 3/10 4/24 6/16 5/26 5/29 3/10 5/15 5/19 6/9 4/15 4/30 1/7 3/4 5/26 6/9 3/4 4/24 3/6 5/27 6/16 4/24 3/31 4/24 4/15 2/24 5/27 3/10 5/19 4/30 1/13 6/20 5/27 4/24 2/25 3/6 5/14 4/15 4/8 3/6 6/16 3/25 5/9 6/16 2/20 165 353 446 164 305 446 207 334 256 394 565 497 514 256 453 462 552 353 409 14 230 487 552 230 394 244 504 564 395 323 394 353 201 503 257 462 409 31 584 504 394 206 245 446 353 347 244 565 306 436 564 180 70 Pages Interlocking directorates: (Continued) Applications approved: (Continued) Williams, R. Clyde 3/4 Winston, B. M. 6/4 Witherspoon, A, W. 4/15 Wood, Edgar L. 5/9 Wynne, Charles W. 3/17 Miscellaneous: Chase Bank, service as officers and directors by certain officers and directors of Chase National Bank and Equitable Trust Co. approved 5/14 Consolidations of banks, letter to FR.gents on effect on permits 6/25 Ferguson, Frank C., service as director of Hibernia Trust Co., New York, will corm under prohibitions of Clayton Act because of increase in resources 6/9 First National Bank and Trust Co., Ann Arbor, Mich., and Ann Arbor Savings Bank, protest of directors and stockholders against those between 4/16 Fritz, M. J., application not yet filed, directors and stockholders to be given opportunity to present information 4/16 Higley, 0. W., to file application to serve banks with description of nature of deposits and loans of Chicago Trust Co. 6/4 Hiscock, Roy, application not yet filed, directors to be given opportunity to present information 4/16 Kasten, Walter, and other directors of First Wisconsin National Bank and Second Wisconsin National Bank, Milwmkee, revocation of permits Previously issued discussed 6/20 Mitchell, Charles E., letter to Mr. Dillistin on service as director or officer of certain institutions 5/26 Service on directorates of certain banks comes within exceptions of Clayton Act 6/25 National Bank of Commerce of Seattle, Wash., permits to officers and directors to serve certain other banks 6/25 O'Neill, A. S., permission not necessary until average resources of bank for year exceed $5,000,000 2/27 Regulation L, amendment to conform to act exempting joint stock land banks, etc., from provisions of Clayton Act 5/14 Amendment to be published in FRBulletin 6/20 Warner, Rayleigh, letter to FRAgent for new recommendation on application 4/30 Advised that he will be permitted to serve three banks if he severs connection with fourth 5/15 White, Weld and Company, considered private bankers under Clayton Act 5/29 Winthrop, Mitchell and Company, not considered private bankers under Clayton Act 5/29 International Settlements, Bank for: (See Bank for International Settlements) 230 532 352 436 281 444 605 545 356 356 531 356 582 493 605 605 216 443 584 404 449 508 508 71 Pages Iowa: Banking situation in, as reported in examination report of MBank of Chicago Statute of State regulating sales of securities does not apply to national banks, meao of Counsel on 1/31 113 1/21 67 Joint stock land banks, amendment to Regulation L on exemntion from 5/14 443 provisions of Clayton Act 6/20 584 Amendment to be published in FRBulletin IIK II Xnabenshue, Paul, proposed establishment of new Edge corporation in the Near East 6/9 543 3/13 263 5/6, 424 2/5 123 3/13 262 1114 11 Leased Wire, report of Committee of Governors Conference on Legislation: Amendments to FRAct recently passed, copies of three to be transmitted to FRBanks Bankruptcy Act, proposed amendment that funds in custody of Federal Courts be deposited in member banks Branch banking, digest of State laws prepared and to be published in FRBulletin Earnings of FRBanks, H.11.10211 to change distribution of, referred to Mr. Smead and to FRBanks for comment Enacted since Mar. 4, 1929, of interest or benefit to activities under FRBoard, reply to letter from Secretary to President Examinations of member banks, charges for, being considered by Banking and Currency Committee of House Committee to report bill without amendment PRAct: (See FRAct) H.R.141 on study of group, chain, and branch banking, committee to begin hearings and Governor of Board invited to appear Proposed reply to Chairman of Committee of House Banking and Currency discussed but action deferred Draft of proposed letter that FRBoard will not select representative to appear before committee but will cooperate in making study Letter to Chairman of committee approved Memo on chain, group and branch banking prepared by Counsel from data in Board's files Chairman of committee to present inquiries any members of Board may wish when representatives of various banking organizations appear before committee 6/23 597 6/20 582 5/26 5/29 486 510 2/24 199 2/25 205 2/26 2/27 209 216 3/4 229 3/5 234 72 Pageg Legislation: (Continued) H.R.141: (Continued) List of questions to be secured from committee making study for FRBoard 2/6 H.R.171, request for information in possession of FRBoard on 3/17 Bank for International Settlements H.J.R.364,to prohibit purchase of reparations bonds by FRBanks and member banks 6/18 H.R.2027, to permit FRBoard to waive six months notice of intention to withdraw from FRSystem, revised bill approved 1/13 H.R.6604, cancellation of MBank stock: when national banks cease business and. without receiver being appointed 1/15 Amendment to be recommended in Annual Report 2/6 4/23 To be published in FRBulletin when it becomes law H.R.7966, to place examinations of FRBanks, member banks and affiliated corporations under Comntroller of the Currency, Change distribution of earnings of FR3anks, etc. 1/8 Amecdment to Sec. 9 of FRAct discussed but no action taken 2/6 Recommendations of Federal Advisory Council opposing provisions of bill 2/18 Views of FRAgents and Governors summarized in memo of Counsel 3/6 H.R.8877, to waive notice by State banks of intention to withdraw from membership signed by President, to be published in FRBulletin 4/23 amend Sec. 13 on amount H.R.9046, bill to of FRAct of paper a member bank may rediscount for one borrower 3/17 Bill signed by President, to be published in FRBrulletin 4/23 H.R.9683, bill on circulation of false reports on solvency of a national or State member bank, views of FRBoard requested 3/5 H.R.10036, to amend FRAct to enable national banks to surrender trust powers, letter to Committee on Banking and Currency of House 3/10 H.R.10560, letter on bill to amend Sec. 22 of FRAct on circulation of false reports concerning National banks or State member banlai 3/27 Letter to FRAgent at Chicago on proposed bill 4/4 National Bank Act, proposed amendment limiting investment by national banks in building and fixtures 2/6 Pittsburgh Branch bank building, resolution to be presented to Congress for erection of 1/10 Bill signed by President, to be published in FRBulletin 4/23 Recommended by FRBoard, memo of Counsel on status in Congress 5/29 Sec. 22(a) of FRAct, proposed amendment to make monly to State Bank Examiners, letter to Attorney General not to be sent 4/23 S.R.71 authorizing survey of FRSystem and National Banking System, men of Counsel on status of Adopted by Senate, memo of Counsel on a ic ) S.3564, letter on amendment to Sec. 7 of FRAct on distribution of earnings of FRBanks, referred to Law Committee 3/6 Letter revised and approved for transmittal 3/10 235 269 569 29 37 120 387 19 125 171 241 387 276 386 233 249 315 332 124 22 387 510 388 o :3: 243 251 73 Legislation: (Continued) Statute of State of Iowa regulating sales of securities,opinion of Comptroller of the Currency that it does not apply to national banks Suits by and against FRBanks, proposed amendment to Judicial Code to restore jurisdiction to United States District Courts Liability incurred by member bank in purchasing Federal Reserve exchange Ruling to be published in FRBulletin Liaman, F. L.: (See Bush Terminal Co.) Loans: Brokers: Publication of figures should not be discontinued but should be related more closely to figures for bank loans and securities Weekly reporting member bank statement shows big increase, meeting of Open Market Policy Conference suggested by Mr. James Draft of letter to Governors of all rRBanks on proposed meeting DeWitt Dank and Trust Co., DeWitt, Ark., note carried beyond legal limit to be reduced before considering application for membership Foreign Governments, private bankers receive clearance from Department of State based on international policy State member banks to State examiners, proposed amendment to TRAct to prohibit Memo of Counsel with letters to Committees on Banking and Currency of House and Senate recommending enactment Street loans reported by member banks on call dates, figures to be published in Ann-nal Report Lon, -°6-* Ex-Senator C. I.: (See Wichita) Pages 1/21 2/6 67 121 1/2 1/23 2 73 3/13 266 4/18 364 4/19 370 3/17 279 4/16 360 2/6 126 2/10 143 3/17 275 1/10 21 1/27 90 3/13 266 2/6 122 Mail schedules in connection with application for branch of FRBank at Wichita: (See Wichita) 1141) of RDistricts, request of McMillan Co. of Canada for use in publication "An Introduction to the Money and Banking System of the United States" Mae 8achusetts National Bank Association, request for change in method of calculating reserves of member banks Ma•tlazity date on customers notes, recommendation of Governors Conference that no action be taken on proposed change 14atul ' itY of advances of FRBanks to member banks on promissory notes, pronosed amendment to FRAct to increase maximum from fifteen to ninety days 74 Maturity of advances: (Continued) Drafts of letters to Committees on Banking and Currency of Senate and House, also to include other amendments to section Drafts of letters approved McGarrah, Gates W., no objection by MBank to appointment as director of Bank for International Settlements (See also FR.gents) McKay, Withers, and Ramsey, attorneys of Tampa, Fla., employment by FRBank of Atlanta Medlenka, Bruner, and Chambers of Crawley, La., payment of bill for legal services Letter to MBank on action Member banks: (See National banks; State member banks) Membership in FRSystem: American Exchange Trust Co., Little Rock, Ark., application apProved with certain special conditions Bank of Athens Trust Co., New York City, application disauproved Reasons for disapproval requested by representative of bank Request for reasons discussed and draft of letter submitted by Counsel, action deferred Request discussed by Governor Young Request for reasons for refusal of application again discussed, application reconsidered and again disapproved Bremen Bank and Trust Co., St. Louis, Mo., application approved with special conditions New Bank, York, N. Y., application disapproved Bryant Park Request for reasons for disapproval made on behalf of bank Central Bank of the City of New York, N. Y., application approved Central Union Bank of South Carolina, cannot become member while maintaining two principal places of business Deaitt Bank and Trust Co., DeWitt, Ark., opinion that application should be deferred until certain loan is reduced to legal limit Fidelity Trust Co., Detroit, Mich., application being considered, exercise of certain powers granted in charter discussed Franklin-American Trust Co., St. Luuis, Mo., new application approved as result of consolidation Integrity Trust Co., Philadelphia, Pa., application approved Conditions accepted, investigation of investments in bank stocks by State member banks to be made Letter from Governor of RBank of Philadelphia on interpretation of regulation on purchase of stock in other banks National banks: (See National Banks) Pennsylvania Company for Insurances on Lives and Granting Annuities, Philadelphia, Pa., subject to conditions of each constituent institution as result of consolidation Plumas County Bank, Quincy, Calif., inadvertent expiration of charter and new application for membership necessary Regulation H: (See Regulations) Page0 2/20 3/6 176 241 2/27 216 4/18 366 1/23 1/24 76 85 3/1 1/7 1/23 221 12 81 1/27 1/30 91 105 2/12 155 4/30 399 1/13 30 1/30 105 5/19 459 3/27 316 3/17 279 2/24 198 4/8 3/27 345 316 4/4 331 4/8 345 6/6 536 3/27 314 75 Pmes Membership in PRSystem: (Centinued) State Bank of Collinsville, Ill., application to be held in abeyance for few months State member banks: (See State member banks) Union Trust Co. of Dayton, Ohio, application approved Merrick, Schwarz, Guste, Barnett, and Redmann, of New Orleans, payment of bill for legal services Letter to FRBank of Atlanta on action Minneapolis Survey Commission, subscription by RBank of Minneapolis will be approved if requested Muskegee, Okla., application for termination of designation as reserve city approved 1, tual savings banks, proposed amendment to FRAct to permit officers to serve as Class B directors of FRBanks Letters to Commi.ttees on Banking and Currency of House and Senate recommending amendment 1/31 112 3/10 246 1/23 1/24 75 85 5/2 417 3/10 249 2/6 121 2/18 170 National Bank Act, proposed amendment limiting investment by national banks in building and fixtures 2/6 (See also Legislation) to a). bank notes, proposed amendment to FRAct on retirement of 2/6 JAational Banking 3.11.71 authorizing Garvey of, memo of Counsel on status of Adopted by Senate, copies subnitted National ;: 1c American National Bank, Grand Rapids, Mich., application for full fiduciary powers approved American National Bank, Helena, Mont., purchased by First Bank Stock Corporation of Minneapolis and St. Paul American National Bank, Kewanna, Ind., in liquidation, application for cancellation of FRMank stock .to be requested American National Bank and Trust Co., Mobile, Ala., permission to exercise fiduciary powers upon conversion Andalusia National Bank, Andalusia, Ala., acceptance of administratorship while action on application for fiduciary powers is pending Bank of Italy :rational Trust and Savings Association, report of examination regarding classification of certain public deposits for reserve purposes Classification discussed and referred to Counsel circulation, advice of no applications for sale received: During fourth quarter During first quarter Branches retained or established resulting from consolidation with State banks having branches, opinion of Attorney General Publication of opinion in FRBulletin, action deferred Publication recommended by Comptroller of the Currency and approved Calcasieu National Bank of Southwest Louisiana, Lake Charles, La., reduction in capital stock and then to be increased 124 124 4/30 5/9 404 434 4/8 343 1/2 2 5/26 1/7 3/13 491 7 261 5/22 481 5/29 505 1/13 4/16 28 358 1/21 1/23 66 73 1/27 89 5/22 484 76 pages National banks: (Continued) Central National Bank of the City of New York, N. Y., surrender of FRBank stock approved 5/19 Central National Bank of Philadelphia, no objection to Provident 5/29 Trust Co. acquiring additional shares in Charters, proposed amendment to law to require approval by 2/6 FRBoard Chase National Bank of the City of New York: Consolidation of Interstate Trust Co. and Equitable Trust Co. into 6/4 Foreign branches: London, England, application anproved when ratified by 5/26 directors Permission to establish at Bush House, Aldwych, W.C.2 6/25 Proposed merger with Equitable Trust Co. 4/23 Organization of new national bank or Edge Act corporation to take over Faris branch to avoid exhorbitant tax 4/23 Purchase of stock of Equitable Eastern Banking Corporation approved 5/26 Citizens and Southern National Bank, Atlanta, Ga., legality of contract of indemnity against loss in taking over Atlanta Trust Co. 1/23 Draft of letter to FRAgent to be revised and resubmitted 4/23 Letter to FR.Agent that such matters should be presented to FRBoard before commitments are made 4/30 Citizens National Bank of Belle Plaine, Iowa, application for fiduciary powers approved 2/25 Citizens National Bank, Harlan, Ky., right to exercise fiduciary powers granted by FRBoard and having no permit from State of Kentucky 2/14 Citizens National Bank, Hendersonville, N. C., report of continuous reserve deficiencies 6/18 Citizens National Bank, Stevens Point, Wis., letter on surrender of trust powers approved for transmittal 3/10 Citizens National Bank and Trust Co., Jenkintown, Pa:, reserve deficiencies for six consecutive months reported 6/14 Letter from Comptroller of the Currency on bank, action to be held in abeyance for thirty days 6/20 Citizens National Bank and Trust Co., Piqua, Ohio, receipt of FRBank for certain securities eligible as collateral security for trust funds 1/21 City National Bank, Forney, Texas, reduction in capital stock approved 2/24 City National Bank, Greeley, Nebr., application for FRBank stock approved 4/30 City National Bank of Miami, Fla., reduction in capital approved 2/27 City National Bank and Trust Co., Dayton, Ohio, cancellation of FRBank stock: as result of liquidation 3/27 City National Bank and Trust Co., Miami, Fla., letter on surrender of trust powers approved for transmittal 3/10 Columbia National Bank of Columbia, S. C., assets taken over by Central Union Bank of South Carolina 3/27 Commercial National Bank in Jefferson, Texas, application for MBank stock approved 4/15 459 509 123 529 438 600 386 389 487 76 386 407 203 163 571 250 556 583 66 197 399 214 313 250 316 349 77 Pages liational banks: (Continued) Commercial National Bank, Madison, Wis., objection to wording of advertisement of 6/23 596 Condition report: Call as of Dec. 31, 1929 1/7 7 Call as of March 27 3/31 321 Exchange National Bank, Ardmore, Okla., request for arrangement whereby remittances from nonmember banks may be received by FRBank of St. Louis and credited to account of bank with FRBank of Kansas City 4/16 357 Exchange National Bank, Little Rock, Ark., surrender of FRBank stock approved 3/1 224 Exchange National Bank, Tampa, Fla., extension of revolving currency fund for six months 2/12 157 False reports on solvency of, H.R.9683 on circulation of 3/5 233 Letter to Banking and Currency Committee of House on H.R.10560 to amend Sec. 22 of FRAct 3/27 315 Letter to FRAgent at Chicago on proposed legislation 332 4/4 Farmers and Merchants National Bank, Henderson, Texas, notice of failure and indebtedness to FRBank 2/24 195 Farmers and Wabash National Bank, Wabash, Ind., circulation of rumors on condition of 332 4/4 Farmers National Bank, Princeton, Ill., in liquidation, application for cancellation of FRBank stock to be requested 5/26 491 Fiduciary powers: (See Fiduciary powers) First National Bank of Acadia Parish, Crowley, La., payment to Ralph J. Schwarz for services in connection with liquidation of 6/23 596 First National Bank, Alturas, Calif., appointment of receiver to be requested if not in liquidation by June 1 5/22 483 First National Bank, Boston, Mass., letter on examination of First National Old Colony Corporation by examiners of FRBoard 3/27 314 Reply to President of bank referred back to Governor for revision 4/1 326 Revised letter approved 4/8 344 First National Bank,Charleston, Ill., closed, letter to Comptroller of Currency on appointment of receiver 5/26 492 First National Bank of Chattanooga v. Chapman Co., opinion of Supreme Court of Tennessee to be published in FRBulletin 4/23 385 First National Bank, Detroit, Mich., permission to accept for furnishing dollar exchange 2/14 162 First National Bank, Dublin, Ga., bill filed by depositors against FRBank of Atlanta and Receiver for return of real estate mortgages and bonds to Receiver 2/20 178 Payment of attorneys fees to J. S. Adams in connection with receivership of 5/19 457 First National Bank of Fortville, Ind., aPplication for fiduciary powers referred to Vice Governor for more information 3/19 283 78 Pages National banks; (Continued) First National Bank of Graford, Texas, reduction in capital 4/23 approved First National Bank, Greenwood, Ind., application for fiduciary 6/25 powers anproved First National Bank, Guthrie Center, Iowa, letter to Comptroller 5/26 of Currency on appointment of receiver First National Bank in Harper, Kansas, reduction in canital stock approved 3/13 First National Bank of Hillyard, Spokane, Wash., appointment of receiver requested 5/22 First National Bank, Honey Grove, Texas, annlication for stock in FOank of Dallas approved 1/10 First National Bank of Idaho, Boise, Idaho, classification of certain deposits as savings or demand deposits 1/21 First National Bank of Jewell City, Kansas, reduction in capital approved 2/18 First National Bank, Lometa, Texas, reserve deficiencies reported, no action to be taken 5/14 First rational Bank in LicKinney, McKinney, Texas, application for stock in RBank of Dallas approved 2/14 First National Bank of Lawrence County, New Castle, Pa., letter on surrender of trust powers approved for transmittal 3/10 First National Bank, New York, selection to exercise voting rights for stock of Bank for International Settlements placed in America 4/16 First National Bank, Orland, Calif., letter on surrender of trust powers approved for transmittal 3/10 First National Bank of Paris, Ark., negotiations pending for consolidation with American Bank and Trust Co. 3/17 First National Bank of Parlier, Calif., reduction in capital stock approved 1/7 First National Bank, Pikeville, Tenn., reduction in capital stock Approved 5/9 First National Bank of Portage, Pa., reserves deficient for six consecutive months 1/27 First National Bank of Shellman, Ga., reduction in capital stock approved 1/27 First National Bank, Tampa, Fla., extension of revolving currency fund for six months 2/12 First National Bank, Wilkinsburg, Pa., purchase of stock by Peoples-Pittsburgh Trust Co. giving control, violation of condition of membership 6/9 Freeborn County National Bank and Trust Co., Albert Lea, Minn., application for fiduciary powers approved 1/31 Grace National Bank of New York City, reply to inquiry on sausage cases as basis for bankers acceptances secured by warehouse receipts 6/2 Halsted Exchange National Dank of Chicago, Ill., reduction in reserve requirements approved 2/27 Hayes Circle National Bank and Trust Co., Newark, N. J., merger into Federal Trust Co. Merger approved by boards of directors of both banks 2/12 Hollywood National Bank, Hollywood, Calif., form used in investing funds for customers, question of trust relationship 4/30 383 607 492 261 482 20 65 168 442 161 250 360 250 280 11 430 88 89 157 541 111. 515 213 64 148 405 79 Pages National banks: (Continued) Insolvent, release of Federal Reserve balances to receivers, Counsel of FRBanks to take up with representatives of Comptroller of the Currency 5/6 424 Conference arranged for June 10 5/19 458 Liquidating, cancellation of FRBank stock of 4/16 357 Liquidating without receiver being appointed, amendment to Regulation I on recommending appointment of receiver 6/9 549 Amendment to be published in FRBulletin 6/ap 584 Mercantile National Bank, Savannah, Ga., indebtedness to Citizens Bank and Trust Co. for which it is holding its own stock as security 6/20 581 Merchants National Bank, Burlington, Iowa, in liquidation, application for cancellation of FRBank stock to be requested 5/26 491 National Bank and Trust Co., Chariton, Iowa, application for fiduciary powers, granted for specific trusts only 4/18 367 National Bank of Montana, Helena, Mont., purchased by First Bank Stock Corporation of Minneapolis and St. Paul 1/2 2 National City Bank, New York: Acquisition of American Colonial Bank of Porto Rico and branches and consolidation of operations in San Juan 4/30 403 Foreign branches: Argentina, Buenos Aires, new application should be made for branch recently reopened 6/23 596 Brazil, Porto Alegre, permission to establish 6/9 543 Philippine Islands, Manila and Cebu, letter to be addressed to Secretary of War before formal approval 1/8 18 Letter of Secretary of War submitted and application approved 74 1/23 Por to Rico, Ponce, Mayaguez, Arecibo, and Santurce, permission to establish 3/6 239 Russia, Petrograd, request of Mr. Bogan to examine permit for establishment of 2/12 150 Request for certified copies of opinion of Counsel that foreign branch of national bank and parent bank are one legal entity 1/23 75 Stock of subsidiary corporation concentrated in International Banking Corporation 4/30 403 National Exchange Bank, Beckley, W. Va., application for 6/20 576 fiduciary powers approved National Union Bank of Rock Hill, S. C., assets taken over by 3/27 316 Central Union Bank of South Carolina Nebraska National Bank of Grand Island, Nebr., application for 2/10 141 stock in FRBank of Kansas City approved Nevada National Bank of Nevada, Iowa, advised that surplus is not sufficient for permission to exercise fiduciary powers 2/18 170 Niagara National Bank, Buffalo, N. Y., application for FRBank stock approved 3/25 297 Pages 80 National banks: (Continued) Peoples National Bank, Zelienople, Pa., letter on surrender of trust powers approved for transmittal National Bank and Trust Co., New York, N. Y.: Public Application to accept to 100 per cent approved Application to accept for furnishing dollar exchange approved Red River National Bank in Clarksville, Texas, application for FRBank stock approved Rugby National Bank of Brooklyn, N. Y., to merge into Globe Bank and Trust Co. of Brooklyn Advice of voluntary liquidation and absorption St. Paul National Bank, St. Paul, Nebr., application for FRBank stock approved Sales of securities by, opinion of •Comptroller of Currency that law of Iowa does not qpply to Second National Bank, Beloit, Wis., application to exercise fiduciary powers approved Second National Bank, Boston, Mass., desire to invest in stock of foreign banking corporation in order to subscribe to stock of Bank for International Settlements Letter from Ropes, Gray, Boyden, and Perkins on minimum capitalization of such corporations Second National Bank, Freeport, Ill., closed, letter to Comptroller of Currency on appointment of receiver Second National Bank and Trust Co., Saginaw, Mich., reply to letter on rights of stockholders of First Federal Foreign Banking Corporation Security National Bank, Huron, S. Dak., application for FRBank stock approved State National Bank, Wayne, Nebr., application for stock in FRBank of Kansas City approved Texas National Dank, Fort Worth, Texas, cancellation of FRBank stock approved Indebtedness to FRBank of Dallas settled with receiver Third National Bank of Columbus, Ga., to be merged by Columbus Bank and Trust Co. Union National Bank and Trust Co., Minot, N. Dak., application for FRBank stock approved Utica National Bank and Trust Co., Utica, N. Y., proposed merger with Citizens Trust Co. Advice of voluntary liquidation and merger Vandeventer National Bank, St. Louis, Mo., reduction in reserve requirements approved Worcester County National Bank, Worcester, Mass., not entitled to additional FRBank stook New York Stock Exchange, reproduction in monthly bulletin of data from FRBulletin 7onmember banks: Bank of La Salle, Niagara Falls, N. Y., proposed merger by Power City Bank Cash letter forms of member banks being used by country correspondents Reference to other FRBanks postponed until further correspondence with FRBank of Kansas City 3/10 250 5/6 5/6 422 423 2/18 166 3/6 6/4 238 529 4/30 399 1/21 67 6/25 601 6/9 544 6/25 601 5/26 492 4/8 344 5/14 438 1/7 7 328 4/4 480 5/22 4/23 385 4/15 349 4/23 6/4 384 529 2/12 149 1/15 37 2/25 204 4/16 354 2/12 151 2/20 175 81 Pages NonmeMber banks: (Continued) City Trust Co., Passaic, N. J., merger with Peoples Bank and Trust Co. Merger abandoned East End Savings and Trust Co., Pittsburgh, Pa., to be merged by Peoples Pittsburgh Trust Co. Falls Banking Co., Cuyahoga Falls, Ohio, assets to be purchased and to be liquidated by Central Depositors Bank and Trust Co. of Akron, Ohio Hobart Trust Co., Passaic, N. J., merger with Peoples Bank and Trust Co. To be effected at early date Home Trust Co., New Castle, Pa., merger with Lawrence Savings and Trust Co. Market Street Title and Trust Co., Philadelphia, Pa., consolidation with Integrity Trust Co. Phoenix Trust Co., St. Louis, Mo., consolidation with FranklinAmerican Trust Co. Union Trust and. Savings Bank, Toledo, Ohio, assets purchased and liabilities assumed by Toledo Trust Co. Vailsburg Trust Co. of Newark, N. J., to be merged by Federal Trust Co. Merger abandoned West End Bank, Richmond, Va., stock purchased by American Bank and Trust Co. without permission of FRBoard To be into branch or stock disposed of converted . tes, incorporation of specific maturity date in, no action by Conference of Governors on recommendation for 3/10 3/31 247 321 4/16 354 2/27 215 3/10 3/31 247 321 3/25 303 3/27 316 4/8 345 5/14 440 1/23 72 2/12 149 2/12 154 2/24 200 3/13 266 11011 ODen market operations: Discussed by Mr. Goldenweiser and Mr. Smead Effect of policy to keep discounts of member banks down to $500,000,000, menu of Mr. Goldenweiser on request of Mr. Miller for statement on Purchases of Government securities by FRBank of New York to help business situation suggested Report of Governor on visit to New York:and directors of FRBank in favor of purchases Report of operations for week and of conditions in bill and Government securities markets: Report for week ending Jan. 2 Report for week ending Jan. 8 Report for week ending Jan. 15 Report for week ending Jan. 22 Report for week ending Jan. 29 Report for week ending Feb. 5 Report for week ending Feb. 12 Report for week ending Feb. 19 Report for week ending Feb. 26 Report for week ending March 5 Report for week ending March 12 Report for week ending March 19 Report for week ending March 26 1/3 4 1/13 30 3/5 232 3/10 253 1/8 1/13 1/21 1/2? 1/31 2/7 2/18 2/24 3/4 3/10 3/17 3/25 3/31 18 29 68 90 112 134 172 196 228 251 276 302 320 82 Page0 Open market operations: (Continued) Report of operations for week: (Continued) 4/4 Report for week ending Apr. 2 4/16 Report for week ending Apr. 9 4/23 Report for week ending Apr. 16 4/30 Report for week ending Apr. 23 5/6 Report for week ending Apr. 30 Report for week ending May 7 5/14 Report for week ending May 14 5/19 Renort for week ending May 22 Report for week ending May 28 M6 Report for week ending June 4 6/6 Report for week ending June 13 6/19 Report for week ending June 19 6/20 Open Market Policy Conference: Meeting with FRBoard and discussion of bill rates and rediscount rates with statements by all Governors present 1/28 Report of Conference presented and, discussed 1/29 Minutes of meetings read, discussed, and approved 1/31 Minutes of meeting of Jan. 28 and 29 presented 2/20 Meeting with FRBoard, review of operations discussion of business and credit conditions and rates, and committee to present revision of proposed procedure 3/24 Revised procedure presented and adopted with some changes 3/25 Revised procedure adopted and to be submitted to RBanks 3/26 Letter to FRAgents on revised plan of nrocedure 3/31 Renort of conference, no action because of absence of Dr. Miller 3/31 Minutes of meeting 4/4 MBank of Philadelphia to participate in revised plan and Governor Norris designated representative 4/4 Report considered and approved except on reduction in minim= buying rate 4/7 Draft of letter to Acting Chairman of Conference on action of FRBoard 4/8 Meeting at early date suggested by Mr. James, for disposal of Government securities 4/18 Letter to Governors of all FRBanks on proposed meeting, and date suggested 4/19 Unable to complete arrangements for meeting on May 5, definite date to be fixed later 4/30 Meeting unnecessary because of reduction in New York rediscount rate 5/1 Meeting suggested by Mr. Harrison to review conditions and discuss operations in Government securities 5/14 Meeting discussed and to be called for May 21 5/15 Report of Governor that nine or ten FRBanks will be represented at meeting 5/19 Meeting with FRBoard, suggestions to be considered in senarate session and to be taken up later with FRBoard 5/21 Meeting with FRBoard and discussion of matters considered 5/22 Minutes of meeting held until Mr. Miller and Governor Harrison review statements credited to them 5/26 Meeting of Executive Committee to be held in Washington on June 23 6/18 Letter of FRBank of San Francisco with reasons for not participating in recent purchase of securities to be presented to committee 6/30 329 358 385 402 424 443 458 :0 536 569 579 93 98-1( 109 175 290' 296,, 308" 318 321 329 329 338 344 364 370 399 412 445 448 458 465 475 486 574 579 83 °pert Market Policy Conference: (Continued) Meeting: (Continued) Meeting with FRBoard, recommendation that no operations should be made at this time Report of Governor Harrison of probable purchase of Government securities, on bill holdings of FRSystem, and request for reduction in minimum buying rate on acceptances Purchase of Government securities at rate of $25,000,000 a week discussed by Mr. Harrison, and taken up with all FRBanks Telegram from Governor Harrison with recommendation, purchase approved for two weeks Reasons of FRBank of San Francisco for not participating in purchase Organization of, election of Chairman, Secretary, and Executive Committee Participation in plan recently adopted accepted by: FRBank of Atlanta TaBanks of Boston, Cleveland, Richmond, St. Louis, Minneapolis, Kansas City, and Dallas :MBank of Chicago FRBank of Dew York Accepted subject to interpretation of plan, Governor to prepare reply to letter FRDank of San Francisco Otis Building: (See FRBoard, (uarters) Pages 6/23 587 5/29 513 6/2 516 6/3 521-525 6/20 579 5/22 472 4/18 365 4/16 4/30 5/19 355 402 458 5/22 484 4/23 383 fr.P" Paint9re, temmorary employment of two to paint rooms occupied by PaneFRBoard in Treasury Building r eligible for rediscount at FRBanks, article for publication, letters of comment from FRAgents and Governors 1, Revised article submitted and referred to Governor with power alaiament, Committee on Industry and Finance, inquiry if Dr. Goldenweiser could visit London to give ien5jevidence on FRSystem before ph,Q4-0/1 Committee of Governors Conference, report of ' 14 ) Pine Government funds deposited in member banks, considered time denosits under proposed contract Pr eee statements: oanadian currency, Mr. Smead to revise statement on conversion of Revised statement submitted and plan to be effective April 15 !,iarding, W. P. G., death of eekly condition statement of FRBanks, revised form effective May 28 Thljcatjon 5/19 456 3/13 6/2 265 520 1/8 3/13 18 263 1/23 75 3/13 264 3/31 4/7 322 336 5/19 455 "An Introduction to the Money and Banking System of the United States", permission to McMillan Co. of Canada to use mop of FRDistricts in . 1/10 21 Page° 84 Publications: (Continued) Benefits of Federal Reserve System, publication of revision by FRBank of St. Louis approved article on inaccuracy of figures on yardage of Record, News Daily goods finished published by FRBoard Bulletin: (See nalulletin) Monthly statistical bulletin to be published by New York Stock Exchange, reproduction of certain data from FR3ulletin approved the of Accounts, permission to Dunod Verification of Technique publishing house to print translation of Board's pamphlet in 5/26 490 2/6 13° 2/25 204 5/29 509 Quarters of FRBoard: (See FRBoard) filo Rates: Bank of England: Reduced to 4i per cent Reduction expected, report on Reduction to 3 per cent reported Bank of France: Reduction from 3 to 21- per cent reported Bill, changes discussed by Open Market Policy Conference Present procedure in establishment of bill rates discussed and formal report to be vorked out Report of Conference presented and discussed Bill dealers in New York, reduction in bid and offer rates of oneeighth per cent Increased one-eighth per cent on maturities um to ninety days because of high portfolios Reduction reported Reduction again reported Reduction of 1/8% reported Reduction reported Reduction of 1/8% reported Reduction of 1/8% reported Reduction of 1/8% reported Reduction reported Increase retorted Further increase reported Again increased Reduction renorted Further reduction reported Reduction reported Reduction in Reduction in Reduction of 1/8,40 reported Further reduction reported FRBank of Atlanta: Rediscount, established at 4 per cent and approved 128 2/6 4/30 398 41,1 5/1 411 5/1 93 1/28 1/28 1/29 1/7 97 98 9 1/13 2/4 2/7 3/6 3/10 3/17 3/17 3/19 3/25 3/26 4/4 4/16 5/2 5/6 5/9 5/22 6/6 6/20 6/25 26 114 134, 251; 252 2/0 271 284 298 308 328 358 416 42° 427 477 535 571 604 4/15 348 85 Rates: (Continued) 3RBank of Atlanta: (Continued) Schedule of discount and purchase PaBank of Boston: Rediscount, sentiment in favor of reduction to 4 per cent Letter from Governor Harding that directors will establish rate of 4 per cant at meeting on Wednesday Rate of 4 per cant approved Letter confirming advice of 4 per cent rate and giving reasons for change Reduction to 3i per cent approved Report of Mr. Paddock that directors voted against reduction at last meeting Schedule of discount and purchase l'allazik of Chicago: Rediscount, feeling for adjustment expressed by Governor McDougal Established at 4 per cent Opinion of Governor McDougal that directors will not take action to reduce rate at meeting next day Established at 3 per cent, approved Pages 1/13 2/4 2/14 3/17 4/15 5/14 6/14 26 114 160 272 349 438 554 2/6 119 2/10 140 2/12 148 2/14 161 5/9 427 6/23 1/7 1/21 1/31 1/31 2/12 2/24 2/27 3/6 3/10 3/13 3/13 3/17 3/17 3/19 3/25 3/27 4/15 4/24 5/6 5/9 5/22 6/6 6/6 6/16 6/20 6/23 591 8 61 110 111 147 194 212 236 253 258 260 270 271 285 299 312 349 392 420 429 478 533 535 562 578 594 2/6 128 2/10 141 3/20 289 6/20 576 pageo 86 Rates: (Continued) FRBank of Chicago: (Continued) Schedule of discount and purchase MBank of Cleveland: ; per cent approved Minimum buying, reduction to 2?' Rediscount, redaction to 41-; per cent approved Reduction to 4 per cent approved Established at 3A- per cent Schedule of discount and purchase FRBank of Dallas: Rediscount, established at 4:iy per cent Established at 4 per cent and approved Schedule of discount and purchase 6/ao 28 67 114 147 226 236 253 259 271 285 299 320 400 420 429 438 478 490 528 534 541 562 577 5/14 2/7 3/17 6/6 1/7 2/10 2/14 2/27 3/10 3/10 3/10 3/13 3/17 3/19 3/25 3/25 4/15 5/14 438 133 269 533 9 141 160 212 252 253 255 259 270 284 298 299 349 438 2/10 4/8 1/8 2/4 2/10 2/18 3/10 3/10 3/17 3/19 141 342 16 114 141 166 252 253 270 283 1/13 1/27 2/4 2/12 3/4 3/6 3/10 3/13 3/17 3/19 /25 31 4/30 5/6 5/9 5/14 5/22 5/26 6/4 6/6 6/9 6/16 87 Rates: (Continued) ERBank of Dallas: (Continued) Schedule of discount and purchase: (Continued) PRBank of Kansas City: Rediscount, reduction to 4 per cent approved Schedule of discount and purchase ank of Minneapolis: Buying, advice of no changes in schedule of Rediscount, reduction to 4-1- per cent approved Established at 4 per cent and approved Schedule of discount and purchase Pages 3/25 3/25 3/25 5/6 5/9 5/14 5/26 6/9 6/9 6/20 6/23 297 298 299 420 428 439 489 540 541 578 594 2/14 1/10 2/4 2/14 2/27 3/4 3/10 3/10 3/13 3/17 3/17 3/25 3/25 3/25 3/31 4/15 4/30 5/6 5/9 5/14 5/22 5/22 6/6 6/9 6/14 6/18 6/23 159 ao 114 161 212 226 252 254 259 271 272 297 298 299 320 349 400 420 428 439 478 479 533 540 554 567 594 4/16 2/7 4/15 1/31 2/12 4/4 4/16 5/6 5/14 5/22 6/4 6/6 644 6/16 6/20 355 133 348 111 147 328 355 421 439 478 528 533 554 562 578 88 Pages Rates: (Continued) FRBank of New York: 4/30 Effective buying, reduction in Minimum buying rate, request for reduction to 3?-1 per cent, 1/24 action deferred Reduction to 34 per cent requested 1/28 Rate of 3- per cent taken under review and minimum rate 1/30 fixed at 3 3/4 per cent Effective buying rate of 3 7/8 per cent on bills up to 45 days 1/30 New schedule of rates noted 1/fl 2 71 Reduction to 3,;5 per cent requested, action deferred Approved at 3111 per cent 2/12 Effective rate of n per cent extended to apply to bills up to ninety day maturity 2/24 Minimum rate of 3 ner cent for purchase of bankers acceptances 10 Opinion of Mr. Case that lowering may be necessary because approved3/ of reduction in dealers rates 3/20 Reduction to 2.1 per cent requested, action deferred 3/25 Action again deferred 3/26 No action on reduction 3/31 Continued under review 4/7 Reduction to 21.; per cent to be requested by directors 4/24 Reduction voted by directors, action deferred 4/24 Reduction again discussed and fixed at 21; per cent 4/30 x per cent approved Reduction to 22 5/1 Letter confirming advice of reduction 5/2 Reduction to 2 per cent requested, action deferred 5/9 Letter from MBank calling attention to fact that no action has been taken on request 5/19 Reduction discussed but action not considered necessary at present 5/27 Reduction not approved, to be considered at special meeting on Monday 5/29 Reduction to 2 per cent approved 6/2 Reduction to li per cent requested, action deferred 6/20 Reduction to li per cent approved 6/25 Rediscount, reduction to 4 per cent discussed by Governor but directors to take no action today 1/23 Reduction under consideration 1/28 Rate of 4 per cent established by directors but disapproved by FRBoard 1/30 Action by directors exnected and meeting to be continued in afternoon to consider action 2/6 Recommendation for 4 per cent rate first lost on tie vote and then approved. 2/6 Letter confirming action of directors fixing rate 2/7 Rate of 4 per cent approved 3/13 Reduction to 3 per cent discussed by directors and action at meeting likely 4/24 Reduction voted by directors and reasons given by Governor Harrison, disapproved 4/24 Letter from Governor Harrison on factors considered in voting to reduce rate 4/30 Advice from Governor Harrison that directors will vote to reduce rate 5/1 398 83 93 102 106 1 04 148 194 253 289 299 308 321 338 391 392 396 413 416 428 455 502 513 517 577 599 70 93 108 119 128 133 263 391 392 397 411 89 Rates; (Continued) 3R3ank of New York: (Continued) Redisdountt (Continued) Reduction to 3 per cent voted by directors and approved Letter confirming advice of reduction to 3 per cent Reduction to 2i per cent discussed by Governor Harrison and to be anproved if recommended Telegram from Governor Young favoring reduction if requested . Established at 2i per cent, approved Schedule of discount and purchase VRBank of Philadelphia: Minimum buying rate of 41 per cent approved Rediscount, request for prompt action if directors vote to establish rate of 41 per cent tomorrow Rate established at 41. per cent and approved Pages 5/1 5/2 412 416 6/16 558 6/18 567 6/20 577 8 1/7 20 1/10 61 1/21 1/24 83 1/31 110 2/4 114 2/7 133 2/12 147 2/14 160 2/24 194 3/4 226 3/6 235 3/6 236 3/10 252 3/13 258 3/17 270 3/17 271 3/19 284 3/19 285 3/25 298 3/26 308 4/4 328 4/4 329 4/15 349 4/18 364 4/30 '396 5/2 417 5/6 420 5/9 427 428 5/9 5/19 455 5/22 478 5/26 489 6/2 517 6/4 527 6/6 533 6/6 535 6/14 554 6/16 562 6/20 577 5/9 1/14 1/15 430 32 35 Page 90 Rates: (Continued) FRBank- of Philadelphia: (Continued) Rediscount: (Continued) Letter from FRAgent on reduction in rate Reduction to 4 per cent approved Reasons for reduction Schedule of discount and purchase MBank of Richmond: Rediscount, reduction to 4; per cent approved Established at 4 per cent and approved Schedule of discount and purchase 1/17 3/19 3/25 1/7 2/7 2/30 3/6 4/4 4/16 5/9 6/4 6/20 57 283 303 9 133 174 237 329 359 428 529 579 2/6 4/15 1/10 1/31 2/12 2/25 3/6 3/10 3/13 3/13 3/17 3/17 3/25 3/25 5/6 5/9 5/9 6/4 6/6 6/14 6/16 6/20 124 348 2° 110 147 203 236 254 259 260 270 271 299 300 421 428 429 528 534 1 554 562 578 PRBank of St. Louis: Minimum buying for purchase of bankers acceptances reduced to 2,-11 per cent 5/6 Rediscount, reduction to 4 per cent approved 2/10 Established at 4 per cent and approved 4/15 Schedule of discount and purchase 1/7 1/21 1/31 2/7 2/12 2/20 2/25 3/6 3/10 3/13 3/17 3/19 3/25 3/25 421 138 348 9 61 110 133 147 174 203 238 254 259 271 285 299 300 91 Pages Rates: (Continued) FRBank of St. Louis: (Continued) Schedule of discount and purchase: (Continued) 4/4 4/18 5/6 5/9 5/9 5/22 5/29 6/4 6/6 6/18 6/20 6/20 329 364 420 428 429 478 506 523 534 567 577 579 PR3ank of San Francisco: Minimum buying rate of 3N :per cent taken under review 2/6 Rate of 3i per cent taken under review 3/6 Approved at 3i per cent 3/10 Approved at 3 per cent 3/19 Reduction to 2 3/4 per cent requested, action deferred 3/25 Action again deferred 3/26 No action on reduction 3/31 Contiaued under review 4/7 Anproved at ail per cent 4/30 Approved at 2- per cent 5/9 Approved at 2i per cent 6/4 Approved at 2 per cent 6/18 Approved at lt per cent 6/25 Rediscount, established at 4 per cent and approved 3/25 Schedule of discount and purchase 1/7 1/10 1/21 1/24 2/6 2/12 2/24 2/27 3/6 3/10 3/13 3/19 3/25 4/4 4/4 4/18 5/2 5/9 5/19 5/22 5/26 6/4 6/6 6/18 6/20 6/25 131 237 254 284 300 308 321 338 398 430 528 567 599 300 9 20 61 83 131 147 194 212 237 254 259 284 300 328 329 364 417 429 456 478 490 528 534 567 579 600 92 Pageg Rates: (Continued) Interest on deposits to be paid by Clearing house banks in Boston, resolution on 4/24 Minimum buying, executive officer authorized to anprove for any FRBnnk if not below rate at FRBank of New York 3/10 Opinion that it should not be reduced under 3 per cent //19 Request for reduction from 3 to 2?1- per cent Rediscount: Changes discussed by Open Market Policy Conference 1/28 Executive officer of Board granted authority to approve rate of 4 per cent for any FRBank 3 Reduction to ease business situation discussed / /t5 Authority to Executive Officer to approve reduction to 3? per cent if established by any FRBanks 5/1 Rediscounts: Amendment to Sec. 13 of FRAct on amount of paper a member bank may rediscount for one borrower, recommended by FRBoard and Treasury Department 3/17 Bill signed by President and to be published in FRBulletin 4/23 Article on eligibility prepared for publication in RBulletin, comments of Governors and FRAgents on 3/13 Revised article adbmitted and publication referred to Governor with power 6/2 Commercial paper or acceptances cannot be used as collateral security in trust department of national bank to secure trust funds deposited in commercial department 6/18 Maximum maturity of advances of FRBanks to member banks on promissory notes, proposed amendment to RAct to increase from fifteen to ninety days 2/6 Drafts of letters to Committees on Banking and Currency of Senate and House, also to include other amendments to section 2/20 Drafts of letters approved 3/6 Notes of farmers given to dealers in purchase of farm implements, classification of, letter to Comptroller of the Currency 6/4 Memo of Acting Comptroller of the Currency and letter to Deputy Goveraor of FRBank of Kansas City approved 6/9 Ruling to be published in next issue of FRBulletin 6/20 Requirements of eligibility of paper, recommendation of FR.Agents that more liberal provisions of FRAct are not desirable at present 3/13 Reese, Edward W., activities while employed by Atlantic Corporation of Boston, referred to Counsel 5/2 Letters prepared by Counsel to Attorney General and to Commissioner of Banks of Massachusetts, approved 5/15 Regulations, FRBoard.: A, amendments as result of amendments to FRAct and Revised Statutes approved, and effective date referred to Governor 6/2 flIndependentu warehouseman under provisions of, letter to Mr. H. S. Yohe 5/22 392 254 285 93 g2 413 276 336 265 520 571 122 176 241 531 546 534 266 417 450 518 482 93 Regulations, FRBoard: (Continued) H: Proposed amendment regarding waiver of six months notice in voluntary withdraual of State member banks Amendment as adopted Amendment to be published in next issue of RBulletin Amendment to condition of membership on purchase by member banks of stock in other banks discussed Surveys of FRAgents considered and Counsel to prepare amendment to Section 4 Amendment presented by Counsel and to be presented to FRBanks for comment Condition of membership for State banks requiring permission of FRBoard to purchase stock in other banks, letter from FRBank of Philadelphia on Revision of section suggested as topic for Conference of Governors amendments to sections on subscriptions to FRBank stock and on appointment of receivers for banks ceasing operations Amendment to be published in next issue of FOulletin Amendment recommended by Conference of Governors on sending checks direct to drawee banks in other districts Replies of FRBanks on scope of amendment to Paragraph 6 of Section 5 Conference of Counsel to consider legal question on collection of checks under (See also Conferences, Counsel) Revision as possible topic for Conference of Governors x, amendment to Section 4 on titles of Edge Act Corporations Amendment referred to Counsel for revision Amendment submitted by Counsel and adopted Amendment to be published in next issue of FRBulletin L, amended to include exemption of Joint Stock Land Banks from provisions of Clayton Act, ordered printed Amendment to be published in next issue of FRBulletin Reserves of member banks, amendment that calculation be made at close of business on previous day, suggested Replies of FRBanks reviewed by Committee on Reserves, no action until whole reserve problem has been considered To be printed as separate pamphlets and amendments to be prepared for submission %orations bond issue, cables from Governor Harrison in response to inquiry of Undersecretary of State on size of any issue in this country Secretary of Treasury to be requested to give any information he has on matter and on responsibility of FRBoard Letter to Secretary of Treasury not transmitted, ordered laid on table Letter not now considered necessary and ordered filed without action Pages 5/29 6/9 6/20 512 546 534 5/22 485 5/29 512 6/25 602 4/8 345 5/21 465 6/9 6/20 549 584 3/13 265 5/26 492 5/6 423 5/21 465 416 5/2 5/9 433 5/29 510 6/20 584 5/14 443 6/20 584 1/29 101 3/6 239 5/6 424 4/7 338 4/8 341 4/15 352 4/23 388 94 Pages Reparations bond issue: (Continued) Procedure in connection with issue outlined by Governor Harrison 5/14 Procedure discussed and motions offered by Mr. James and Mr. Hamlin, but no action taken 5/15 Proposed letter to FRBank of New York on attitude of FRBoard submitted by Mr. Miller 5/19 Attitude of State Department and letter to Secretary of Treasury on position of Administration 5/21 Proposed reply of FRBank of New York to inquiry to be submitted to FRBoard before transmittal 5/22 Reply of Secretary of Treasury that position of Administration is correctly stated 5/26 5/26 Reply of FRBank to cable presented and action deferred Reply of FRBank approved for transmittal 5/27 H.J.Res. 364 to prohibit purchase by FRBanks and member banks 6/18 Reports of condition: (See Condition reports) Reserve cities: Muskogee, Okla., application for termination of designation as, 3/10 approved Reserves: Calculation as at close of business on previous day, Governors to furnish views on proposed amendment to regulations 1/29 Replies of FRBanks reviewed by commitee on reserves, no action until whole reserve problem has been 3/6 considered Citizens National Bank, Hendersonville, U. C., report of continuous deficiencies in 6/18 Citizens National Bank and Trust Co., Jenkintown, Pa., deficiencies for six consecutive months reported 6/14 Letter from Comptroller of the Currency on bank, action to be held in abeyance for thirty days 6/20 Classification of certain public deposits and trust funds, report of examination of Bank of Italy National Trust and Savings Association 5422 Classification discussed and referred to Counsel Committee for thorough study of, member bank, personnel to be appointed by Chairman of Governors Conference after consultation with Governor of FRBoard 1/29 Messrs. Smead, Goldenweiser, Rounds, Fleming, and Clerk appointed on committee 2/12 Report of Governor Young on meeting with committee 2/26 Riefler, W. W., selected as Secretary of committee 4/4 Deficiencies of member banks for first quarter of 1930, list submitted by Mr. Smead 6/25 FRBank of Atlanta, Stone Mountain Memorial coins classed as subsidiary silver and cannot be used as reserve against deposits 2/4 First National Bank, Lometa, Texas, deficiencies reported, no action to be taken 5/14 First National Bank of Portage, Pa., deficient for six consecutive months 1/27 Guaranty Bank and Trust Co., St. Louis, Mo., application for reduction denied 5/15 445 451 460 458 486 496 498 500 569 249 101 239 571 556 583 481 506 101 152 209 330 606 116 442 89 451 95 Pages Reserves: (Continued) Halsted Exchange National Bank of Chicago, Ill., reduction approved 2/27 213 Member banks, request of Massachusetts National Bank Association 1/27 for change in method of calculating 90 Proposed amendments to FRAct, no action pending study and report 2/6 of special committee 123 Reviews of outlying banks in reserve and central reserve cities granted reduced reserves, no change in present 3/17 277 requirements Vandeventer National Bank, St. Louis, Mo., reduction aoproved 2/12 149 Resolutions: Boston Clearing House Association, on interest on deposits to be 4/24 392 paid by clearing house banks FRBanks: Dividends, payment of semi-annual authorized 6/23 594 FRBoard: Assessment on FRBanks for expenses of FRBoard 6/18 569 Branches of FRBanks, survey and study of establishment and maintenance of 2/27 217 First State Bank of Bomarton, Texas, forfeiture of membership ordered 3/6 240 Harding, W. P. G., Messrs. Hamlin and Miller appointed special committee to prepare resolution on death of 336 4/7 Presented and adopted 340 4/8 Pittsburgh branch building, plans approved and bids to be approved by Executive Committee as submitted. 6/23 586 Revel, Miller and Angeles, reply to letter on forcing Los Co., liquidation of First Federal Foreign Banking Corporation 6/8 572 Re.visea Statutes: See. 5200, proposed amendment to Sec. 13 of FRAct to make limitations comply with provisions of 2/6 125 le,J. H., employed as Secretary of Committee on Group, Chain, 3/13 262 and Branch Banking Removed from rolls of FRBoard and salary to be paid by FRBank of New York 4/30 403 Robb p -rY of member banks and RBanks, proposed amendment to law to make Federal offense 2/6 127 14%lao of Counsel referred to Law Committee for incorporation in draft of Annual Report 136 2/7 Drafts of letters to Committees on Banking and Currency of Senate 2/12 153 and House recommending amendment ROne0 Gray, Boyden, and Perkins: (See National banks, Second National Bank, Boston) 1E13, FRBoard.: Credit investigations, definition of: (See Credit investigations) litSToility of nominee as Class M director at FRBank of St. 2/10 140 Louis Statement on ruling by Govern(); need for consideration of Tillifications of Class B directors by fall Board 2/12 146 Foreign branch of national bank and parent bank are one legal entity, certified copies of opinion rendered in 1917 to be furnished ghearman and Sterling 1/23 75 96 Pages Rulings, FRBoard: (Continued) Liability incurred by member banks in purchasing Federal Reserve exchange Publication in FRBulletin approved Notes of farmers given to dealers for purchase of farm implements, maximum maturity for rediscount purposes Staple goods in process of conversion as basis for secured credits, proposed ruling disapproved General Committee on Bankers Acceptances and to Letters to Governors of FRBanks advising of disapproval of ruling Rushmore, Bisbee and Stern: (See Foreign banking corporations, Chase Bank) Russia, request of Mr. Bogen for permission to examine permit to National City Bank to establish branch in Petrograd 1/2 1/23 2 73 6/20 584 3/13 264 3/19 287 2/12 150 sll Salaries of FRBanks for 1930, to be brought up for consideration at meeting tomorrow 1/13 Official salaries submitted and discussed and made special order for Jan. 16, telegram to FRBanks to maim salary payments on 1929 basis pending action of FRBoard 1/14 Salaries of officers of all FRBanks and branches except Minneapolis as approved 1/16 Letters to FRBanks of New York, Cleveland, Atlanta, Chicago, and Dallas, allas, on action on official salaries 1/17 also FRBank of —)) Sausage cases may be treated as arising out of importation or domestic shipment of goods, reply to inquiry of Grace National Bank of New York City 6/2 Schwarz, Ralph J., payment by New Orleans Branch for services in connection with liquidation of national bank 6/23 Secretary of War, letter to be addressed re law of Philippine Islands on use of word national by banks establishing 1/8 branches there Reply of Secretary of War that he knows no reason why application of National City Bank should not be approved 1/23 ghearman and Sterling: (See National banks, National City Bank of New York) Shepherd, C. J., possible violation of law while Manager of Los Angeles Branch in accepting commission for obtaining credit for Mr. L. A. Banks 3/19 Advice of Department of Justice that action is barred by Statute of Limitations 4/23 Staff of FRBoard: Committee on Branch, Chain, and Group Banking: Secretary for committee, Dr. Goldenweiser to negotiate for employment of 3/4 Riddle, J. H., employed as executive secretary on monthly basis 3/13 25 33 39-.5 57 515 596 13 74 288 385 228 262 , 97 ..ages Staff of RBoard: (Continued) Committee on Branch, Chain, and Group Banking: (Continued) Riddle, J. H.: (Continued) Removed from rolls of FRBoard and salary to be paid by 4/30 403 FRBank of New York Division of Bank Operations: Foster, Meredith F., resignation as clerk accepted and permission to employ successor 3/25 301 Kennedy, David M., anpointment as clerk 4/15 350 Myrick, L. S., to be continued on detail to examining force 2/14 160 and salary increased &lead, E. L.: Apnointed member of committee to study member bank 2/12 152 reserves 67 Member of Interdepartmental Statistical Committee 1/21 Present at Board meeting to discuss credit and business conditions, gold situation, and open market 1/3 4 operations Division of Issue and Redemotion: Andrews, Mrs. Daisy M., services as temporary Money Counter 3/25 301 discontinued Brinker, Mrs. Henrietta, reappointed clerk-counter on 4/30 401 permanent rolls Money Counter temporary Connor, Mrs. Irene L., services as 3/25 301 discontinued Gilliland, Mrs. Coletta A., services as temporary Money 3/25 301 Counter discontinued Helm, Mrs. Lydia M., services as temporary Money Counter 3/25 an discontinued 2/24 195 Howard, Mrs. Frances Frisbee, resignation as Clerk-Counter Knoop, Mrs. Helen H., services as temporary Money Counter 3/25 301 discontinued McFarland, Mrs. Mary A., services as temporary Money Counter discontinued 3/25 301 Matthews, Mrs. Amanda, services as temporary Money Counter discontinued 3/25 301 Money Counters emnloyed for temporary work to be released as redemptions decrease 3/25 302 Termination of services of 13 temnorary 4/30 401 Moore, Mrs. E. N., services as temporary Money Counter discontinued 3/25 301 Pearce, Mrs. Sophia, services as temporary Money Counter discontinued 3/25 301 Rigdon, Mrs. Catherine, services as temporary Money Counter discontinued 3/25 301 Schaeffer, Miss Hilda V., services as temporary Money Counter discontinued 3/25 301 Smith, Mrs. Mary M., services as temporary Money Counter discontinued 3/25 301 Snyder, Mrs. Mary L., services as temporary Money Counter 3/25 301 discontinued Walsh, Miss Margaret, services as temporary Money Counter 3/25 301 discontinued 98 Pages Staff of FRBoard: (Continued) Division of Research and Statistics: Barker, Miss Edith, probationary appointment as Statistical clerk made permanent 3/17 1/27 Bulla, Beatrice, appointed Research Assistant 6/9 Fricke, Dorothy, anpointment as Statistical clerk 6/16 Garfield, Frank R., appointment made permanent Goldenweiser, E. A.: Appointed member of committee to study member bank 2/12 reserves of paper for rediscount at Article on TRBanksu for publication, letters of comment from FRAgents and Governors 3/13 Revised article submitted and referred to Governor with power 6/2 Installment credit transactions, whether advent of cash stores has offset 1/23 Member of Interdepartmental Statistical Committee 1/21 Official trip abroad between June 12 and Sept. 4, approved Inquiry of Mr. T. E. Gregory if he could come to London 4/15 if invited to give evidence on FRSystem before Committee of Parliament on Industry and Tinance 1/8 Present at meeting to discuss credit and business conditions, gold situation and open market operations 1/3 Memo of Mr. Goldenweiser submitting figures on bank credit, free gold, etc. 1/13 Present at meeting to discuss business and credit 1/23 conditions 1/27 1/28 3/5 5/21 1/23 Hermann, Carl F., resignation as translator 3/17 Moss, Mrs. Joyce W., appointed Statistical clerk O'Hare, Mrs. Florence C., temporary appointment as stenodrapher 6/25 Riefler, W. W., granted leave for six months to serve as Secretary to Committee on Bank Reserves 4/4 Sutton, Mrs. Blanche, leave of absence without pay from May 1 to Dec. 31 anproved 1/10 Terborgh, George W., appointed for one year 5/14 6/9 Thomas, Woodlief, appointed for three months Williams, Ella V., probationary appointment as Assistant Draftsman 1/23 Appointment made permanent 3/19 Wilson, Mrs. Gladys, leave without pay for two weeks 6/18 Examiners: Furbershaw, James F., resignation as Assistant Examiner 6/14 Governor's office: Stenographer for official correspondence while on vacation trip to Michigan, approved 6/9 Member Bank Section: Miles, Mrs. M. D., leave without pay for one month granted 4/30 272 87 542 563 152 265 520 78 67 348 18 30 70 90 93 232 465 71 272 604 330 20 439 542 71 286 568 554 551 400 99 Pages Staff of FRBoard: (Continued) . . Painters, temporary employment of two to paint rooms occupied by FRBoard in Treasury Building 5/19 456 Secretary's office: Fddy, Walter L., leave with pay extended to end of year 5/27 501 Good, George E., to represent RBoard on committee to witness destruction of old size FRnotes 64 1/21 To represent FRBoard in audit of reserve stock of incomplete FRnotes at Bureau of Engraving and Printing . 6/20 582 Rice, Mts. Margaret A.., granted thirty days leave without pay in addition to annual leave 2/12 158 Stenographer, employment of additional for probationary period authorized 4/4 334 Thompson, Robert K., appointment as stenographer 5/29 507 Telegraph Office: Vacation relief operator during July and August authorized 4/30 400 Stallo,--Ralph W., protest for minority stockholders against exchange of stock of First Federal Foreign Banking Corporation for stock in Bush Service Corporation 3/17 277 , State banking b laws, proposed amendment to FRA,ct to require State member banks to damply with 2/6 123 Draft of letters to Committees oA Banking and. Currency of Senate and House recommending amendment, referred to 2/12 154 Mt. Platt State tment: (See Bank for International Settlements) Department: State laws on ownership of bank stocks by holding corporations, copy of digest to be sent to Librarian. of FRBank of Philadelphia 2/18 169 State member banks: , Allegheny Trust Co., Pittsburgh, Pa., credit investigation to be . 5/22 479 made by FRBank American Bank and Trust Co., Paris, Ark., hearing on forfeiture of membership postponed pending possible consolidation 3/17 280 Hearing held and forfeiture of membership favored, but referred to Committee 4/1 325 Held in abeyance and to be taken up. before July 1 . 4/4 333 American Bank and Trust Co., Richmond, Va., purchase of controlling interest in West End Bank without permission of FRBoard 2/12 154 Word from President of bank that if bank is not converted into branch, the, stock will, be disposed of 2/24 200 American Southern Trust Co., Little Rock, Ark., application for surrender of FRBank stock considered notice of intention to withdraw 3/1 224 'Anderson Brothers Bank, Idaho Falls, Idaho,. letter on withdrawal from membership 4/30 401 Atlanta Trust Co., Atlanta, Ga.:,(See.FRBank of Atlanta) Darik of Auburn, Auburn, Pa., application to hold stock of National City Bank acquired without approval, forfeiture of membership suggested 2/20 178 Bank to dispose of stock in reasonable length of time 3/19 287 Bank of Sturgeon Bay, Wis., credit investigation to be made 5/9 432 Bremen BRYIlc, St. Louis, Mo., surrender of FRBank stock approved 4/30 400 100 Page° I State member banks: (Continued) Caleb Heathcote Trust Co., Scarsdale, N. Y.: Purchase of stock in Bank of Manhattan Co., Equitable Trust Co., and 1.11anufacturers Trust Co., without 2/24 permission of FRBoard Letter from bank that no further purchases of stock will be made without approval of FRBoard 3/6 Permission to purchase stock of Chase National Bank 3/26 3/31 Permission to purchase stock of Bankers Trust Co. Permission to purchase stock of Corn Exchange Bank Trust Co. 4/15 Canal Bank and Trust Co., New Orleans, La., application to accept for furnishing dollar exchange, approved 4/30 Depositors Akron, Ohio, Bank and Trust Co. of to purchase Central assets and liquidate Pails Banking Co., Cuyahoga Falls, Ohio 2/27 Central Trust Co., Cincinnati, Ohio, credit investigation to be made by FRBank 3/10 Chagrin Falls Banking Co., Chagrin Falls, Ohio, credit investigation to be made by FRBank 3/10 Citizens Bank of Shelby, Ohio, credit investigation to be made by FRBank 1/23 Citizens Bank and Trust Co., Savannah, Ga., to be advised to dispose of its own stock held to secure indebtedness of national bank 6/20 Citizens Bank and Trust Co., Tampa, Fla., report of examination not to be furnished Department of Justice but references to pertinent cases to be supplied 1/23 No objection to furnishing face of quarterly reports but information in schedules not to be disclosed 1/2? Citizens Banking Co., Conneaut, Ohio, credit investigation to be made by FRDank 4/30 Citizens Trust Co., Utica, N. Y., proposed merger with Utica National Bank and Trust Co. as Citizens Trust Co. of Utica 4/23 Advice of completion of merger 6/4 City Savings Bank and Trust Co., Alliance, Ohio, credit investigation to be made by MBank 1/21 Colonial Trust Co., Newark, N. J., permission to retain stocks in other banks 4/30 Colonial Trust Co., Philadelphia, Pa., consolidation with Pennsylvania Com2any for Insurances on Lives and Granting Annuities 4/4 Consolidated bank subject to conditions of membership of both banks 6/6 Columbus Bank and Trust Co., Columbus, Ga., to merge Third National Bank and increase capital 4/23 Columbus Trust Co., Newark, N. 3., retention of stocks in other banks approved 4/23 Commercial Bank and Trust Co., Wooster, Ohio, credit investigation to be made by MBank 2/10 Commonwealth Trust Co., Pittsburgh, Pa., credit investigation to be made by FRBank 5/14 Compliance with State banking laws, proposed amendment to RAct to require 2/6 196 241 310 321 350 407 215 246 246 72 581 75 88 402 384 529 62 401 331 536 384 394 142 440 123 101 Pages State member banks: (Continued) Compliance with State banking laws: (Continued) Draft of letters to Committees on Banking and Currency of Senate and House recommending amendment, referred to Mr. Platt 2/12 154 Condition reports: Call as of Dec. 31, 1929 1/7 7 Call as of March 27 3/31 321 Change in form of, letter from FRAgent at Philadelphia on 5/26 495 Conneaut Mutual Loan and Trust Co., Conneaut, Ohio, credit investigation to be made by FRBank 4/30 402 Continental Bank and Trust Co., Shreveport, La., credit investigation to be made by FRBank 342 4/8 Crawford County Trust Co., Meadville, Pa., credit investigation to be made by FRBank 4/8 342 D°11ar Savings Bank and Trust Co., Youngstown, Ohio, credit investigation to be made by MBank 5/29 508 Dollar Savings Bank Co., St. Clairsville, Ohio, credit investigation to be mzyle by FRBank 37 1/15 Credit investigation to be made by FRBank 6/2 515 Equitable Trust Co., Dew York, to merge with Chase National Bank, opinion on legality of office in Detroit not now necessary 4/23 386 Organization of new national bank or Edge Act corporation to take over Paris branch to avoid exhorbitant tax 4/23 389 Application for reservation of title "Chase Bank" for corporation to be organized under Sec. 25(a) of FRAct 5/2 415 Advice of completion of consolidation into Chase National Bank 529 6/4 rie County Banking Co., Vermilion, Ohio, credit investigation to be made by FRBank 6/18 568 bcaminations of, report of all F.gents on those not examined in 1929 78 1/23 !ixaminations: (See Examinations) 4a1se reports on solvency of, views of FRBoard requested on bill re circulation of 3/5 233 Letter to Banking and Currency Committees of House on bill to amend Sec. 22 of FRAct 3/27 315 Parmers Commercial and Savings Bank, Oakley, Idaho, report of unsatisfactory assets and violation of membership conditions 5/14 442 Parmers State Bank, Ellsworth, Iowa, cancellation of membership approved 5/14 441 Parmers State Guaranty Bank, Valliant, Okla., credit investigation to be made by FRBank 4/8 343 Pederal Trust Co. of Newark, N. J.: Merger of Hayes Circle National Bank and Trust Co. 1/21 64 Merger approved by boards of directors of both banks 2/12 148 To merge Vailsburg Trust Co. of Newark 72 1/23 Merger abandoned 2/12 149 Firestone Park Trust and Savings Bank, Akron, Ohio, credit investigation to be made by FRBank 3/19 286 102 page0 State member banks: (Continued) First Citizens Trust Co., Columbus, Ohio, credit investigation 4/30 to be made by FRBank First State Bank of Abernathy, Texas, possible violations of law by N. C. Hix, Cashier 5/2 Snecial examination to be made by Commissioner of Banking of Texas, letters to FRAgent and to Attorney General approved 5/29 minimum reduced below Bomarton, capital Texas, Bank, State First 2/4 required and membership to be forfeited 2/7 Hearing on forfeiture set for March 6 3/6 Forfeiture of membership ordered First State Bank of La Crosse, Wash., terms under which Security State Bank of La Crosse will be merged into 2/27 credit Ohio, investigation to be Newton Falls, Bank, State First 5/14 made by FRBank Foreign branches, proposed amendment to RAct to allow establishment of 2/6 Memo of Counsel and proposed letter to Committee on Banking 2/10 and Currency of House Franklin-American Trust Co., St. Louis, Mo., consolidation with 4/8 Phoenix Trust Co. under name of former Franklin-American Trust Co., St. Louis., (old) surrender of FRBank stock 4/8 Geneva Savings Bank Co., Geneva, Ohio, application for fiduciary powers approved 1/23 Glenside Bank and Trust Co., Glenside, Pa., permission to carry stock of Keswick National Bank in assets for reasonable time 4/8 Globe Bank and Trust Co. of Brooklyn, N. Y., to merge Rugby 3/6 National Bank of Brooklyn 6/4 Absorption of Rugby National Bank of Brooklyn in New York Greenville Banking Co., Greenville, Ga., consolidation with 1/8 Peoples Bank Guaranty Bank and Trust Co., St. Louis, Mo., application for reduction in reserve requirements disapproved 5/15 Gnaranty Trust Co., Butler, Pa., credit investigation to be ninfle by FRBank 5/22 Hibernia Bank and Trust Co., New Orleans, La., application to accept for furnishing dollar exchange approved 2/7 Hubbard Banking Co., Hubbard, Ohio, credit investigation to be made by FRBank 3/19 5/14 Ihlen State Bank, Ihlen, Minn., immediate withdrawal approved immediate Chicago, Ill., Bank, withdrawal Independence State approved 5/22 consolidation Pa., Philadelphia, with Market Co., Integrity Trust Street Title and Trust Co., and new application for membership 3/27 (See also Membership) Interstate Trust Co., New York, consolidation into Chase National 6/4 Bank of the City of New York Lansdale Title and Trust Co., Lansdale, Pa., permission to hold 4/15 stock of National City Bank of New York mercer of Home Lawrence Savings and Trust Co., Jew Castle, Pa., 3/25 Trust Co. 402 418 511 115 135 240 214 440 119 144 345 348 72 344 238 529 17 451 479 136 286 442 485 316 529 350 305 103 Pages State member banks: (Continued) Liberty State Bank and Trust Co., Mt. Carmel, Pa., permission 4/16 365 to hold certain bank stocks Madison & Kedzie State Bank, Chicago, Ill., immediate withdrawal 5/22 483 approved Manhattan Co. of New York, 7. Y., notice of intention to withdraw filed but cancellation of membership discussed because of increase in capital and surplus 3/10 256 Bank to subscribe to additional RBank stock until effective date of voluntary withdrawal 3/13 258 Surrender and cancellation of FRBank stock approved 5/9 431 Manufacturers Trust Co., New York, merger of Pacific Trust Co. into 6/25 604 Membership in FRSystem: (See Membership) Merchants Trust Co., Greensburg, Pa., credit investigation to be made by FRBank 1/8 17 Middlefield Banking Co., Middlefield, Ohio, credit investigation 6/20 581 to be mate by FRBank Mimbres Valley Bank, Deming, New Mex., credit investigation to 4/8 343 be maAe by FRBank Miners Deposit Bank and Trust Co., Lykens, Pa., permission to hold stock of 7ational City Bank of New York 4/15 350 Minerva Savings and Trust Co., Minerva, Ohio, credit investigation to be made by FRBank 3/13 260 Montana Trust and Savings Bank, Helena, Mont., notice of intention to withdraw filed 2 1/2 Multnomah Commercial and Savings Bank, Multnomah, Ore., irregular practices to be reported to Attorney General 3/27 315 4Yerstown Trust Co., Myerstown, Pa., permission to hold certain bank stocks 4/18 365 Napoleon State Bank, Napoleon, Ohio, credit Investigation to be made by FRBank 6/2 515 Newark Trust Co., Newark, Ohio, credit investigation to be made by FRBank 4/18 366 Ohio Merchants Trust Co., Massillon, Ohio, credit investigation to be made by FRBank 84 1/24 ( Irrville Savings Bank, Orrville, Ohio, credit investigation to be made by 'MBank 2/10 142 Pacific State Bank, South Bend, Wash., reduction in capital approved 3/27 313 Pacific Trust Co., New York, merger into Manufacturers Trust Co. 6/25 604 earl Market Bank and Trust Co., Cincinnati, Ohio, credit investigation to be made by RBank 3/10 246 Peninvula Banking Co., Peninsula, Ohio, credit investigation to be made by FRBank 1/7 10 Pennsylvania Company for Insurances on Lives and Granting Annuities, Philadelphia, Pa., consolidation with Colonial Trust Co. 4/4 331 Subject to conditions of membership of both banks, memo of Counsel 6/6 536 104 pages State member banks: (Continued) Peoples Bank, Greenville, Ga., consolidation with Greenville Banking Co. 1/8 Peoples Bank and Trust Co. of Passaic, H. J., merger of Hobart Trust Co. and City Trust Co. with 3/10 Merger with City Trust Co. abandoned but that with Hobart 3/31 Trust Co. to be effected Peoples Pittsburgh Trust Co., Pittsburgh, Pa., to merge East End 4/16 Savings and Trust Co. 5/22 Credit investigation to be made by FRBank of stock in First Bank of Purchase National Wilkinsburg, Pa., giving control, violation of condition of membership 6/9 County Bank, Detroit, Mich., application to ;;ayne accent Peoples for creating dollar exchange approved 1/31 Plumas County Bank, Quincy, Calif., inadvertent expiration of charter, to make new application for membership and branch to be retained 3/27 Potter Title and Trust Co., Pittsburgh, Pa., credit investigation 3/27 to be made by FRBank Power City Bank of Niagara Falls, N. Y., proposed merger of Bank of La Salle 4/16 Provident Savings Bank and Trust Co., Cincinnati, Ohio, credit investigation to be made by FRBank 1/21 Provident Trust Co., Philadelphia, Pa., no objection to acquiring additional shares of stock in Central National Bank of Philadelphia 5/29 Security-Peoples Trust Co., Erie, Pa.; Credit investigation to be made by FRBank 4/8 Stock of Erie Trust Co. disposed of 2/14 Security State Bank of La Crosse, '.;ash., terms under which it will merge into First State Bank of La Crosse 2/27 Security Trust and Savings Bank, Los Angeles, Calif., delay in reporting embezzlements by eaployees of, to Department of Justice 5/19 Lexington, Ky., credit Security Trust Co., investigation to be made by FRBank 1/13 Shiloh Savings Bank Co., Shiloh, Ohio, credit investigation to be made by FRBank 1/23 Stock purchases by: (See Stock, capital) Swift County Bank, Benson, Mich., FRAgent to secure formal notice of intention to withdraw 6/18 State Bank and Trust Co., Richmond, Ky., credit investigation to be made by FRBank 1/13 State-Planters Bank and Trust Co., Richmond, Va., cancellation of condition of membership on deposit of security for funds with trust department not favored 4/4 Steubenville Bank and Trust Co., Steubenville, Ohio, credit investigation to be made by FRBank 1/24 Thatcher Bros. Co., Logan, Utah, letter on withdrawal from membership 4/30 Toledo Trust Co., Toledo, Ohio, to purchase assets and assume liabilities of Union Trust and Savings Bank of Toledo 5/14 17 247 321 354 479 541 111 314 313 354 62 509 342 162 214 459 29 72 572 29 332 84 401 440 105 Pages State member banks: (Continued) Union Banking Co., Columbiana, Ohio, credit investigation to be 4/23 382 maae by RBank Union Savings Bank, Warren, Ohio, credit investigation to be 3/25 303 made by FRBank Union Savings Bank and Trust Co., Steubenville, Ohio, credit 2/24 195 investigation to be made by FRBank Union Trust Co., Cleveland, Ohio, application to accept for 64 1/21 creating dollar exchange approved Wakeman Bank Co., Wakeman, Ohio, credit investigation to be made 6/18 568 by FRBank Wildwood Title and Trust Co., Wildwood, N. J., permission to hold 4/18 365 certain bank stocks Withdrawals from FRSystem, bill to permit FRBoard to waive six 29 1/13 months notice of intention Proposed amendment to FRAct again to be recommended in Annual 2/6 Report 120 Steia (See also Withdrawals) Brothers and Boyce, request for information on First Federal 3/25 305 Foreign Banking Corporation Stock, capital: American Bank and Trust Co., Richmond, Va., purchase of 2012 shares of West End Bank without "permission of FRBoard 2/12 154 Word from President of bank that if bank is not converted 2/24 200 into branch, stock will be disposed of American Exchange Trust Co., Little Rock, Ark., mostly concentrated in hands of Messrs. Banks and 3/1 Caldwell 221 Atlantic Corporation of Boston, present ownership still in name 77 1/23 of Atlantic National Bank B84k 0f Auburn, Pa., application to hold stock of National City Bank acquired. without approval of FRBoard, 2/20 178 forfeiture of membership suggested Bank to dispose of stock in reasonable time and no action on 3/19 287 forfeiture of membership Calcasieu National Bank of Southwest Louisiana, Lake Charles, La., reduction approved and then to be 5/22 484 increased aleb Reathcote Trust Co., Scarsdale,•N. Y.: Purchase of stock in three banks without permission of 2/24 196 FRBoard. Letter from bank that no more purchases of stock will be 3/6 made without approval of FRBoard 241 3/31 321 Permission to purchase stock of Bankers Trust Co. Permission to purchase 50 shares of stock of Chase National Bank 3/26 310 Permission to purchase 40 shares in Corn Exchange Bank Trust 4/15 350 Co. Clase Bank, advice that $2,500,000 has been paid in and remainder 6/18 571 to be called as needed Citizens Bank and Trust Co., Savannah, Ga., to be advised to dispose of own stock held to secure 6/20 581 indebtedness of national bank 106 Pagell Stock, capital: (Continued) City National Bank, Forney, Texas, reduction approved 2/24 2/27 City National Bank of Miami, Fla., reduction approved . Colonial Trust Co., Newark, IL J., permission to retain stocks in other banks 4/30 Columbus Bank and Trust Co., Columbus, Ga., to merge Third National Bank and increase capital 4/23 Columbus Trust Co., Newark, 7. J., retention of stocks in other banks approved 4/23 Digest of State laws on ownership of bank stocks by holding companies, copy to Library of FRBank of Philadelphia 2/18 Digest of State laws relating to power of banks and trust companies to invest in stocks of other corporations 6/9 Equitable Eastern Banking Corporation, purchase by Chase National Bank approved 5/26 First Federal Foreign Banking Corporation, increase referred to FRAgent at New York 4/16 Increase approved upon recommendation of RAgent 4/30 First National Bank of Graford, Texas, reduction approved 4/23 First National Bank in Harper, Kansas, reduction approved 3/13 First National Bank of Jewell City, Kansas, reduction approved 2/18 First National Bank of Parlier, Calif., reduction approved 1/7 First National Bank, Pikeville, Tenn., reduction approved 5/9 First National Bank, Shellman, Ga., reduction approved 1/27 First National Bank of Bomnrton, Texas, reduction below minimum required for membership 2/4 Glenside Bank and Trust Co., Glenside, Pa., permission to carry stock of Keswick National Bank in assets for reasonable time 4/8 Integrity Trust Co., Philadelphia, Pa., old, violation of condition of membership by purchasing stock in other banks without permission 3/27 Lansdale Title and Trust Co., Lansdale, Pa., permission to hold stock of National City Bank of New York 4/15 Liberty State Bank and Trust Co., Mt. Carmel, Pa., permission to hold certain bank stocks 4/18 Miners Deposit Bank and Trust Co., Lykens, Fa., permission to hold stock of National City Bank of New York 4/15 1;yerstown Trust Co., Myerstown, Pa., permission to hold certain bank stocks 4/18 Pacific State Bank, South Bend, Wash., reduction =proved 3/27 Peoples-Pittsburgh Trust Co., Pittsburgh, Pa., purchase of controlling interest in First National Bank of Wilkinsburg in violation of condition of membership 6/9 Provident Trust Co. of Philadelphia, no objection to acquiring additional shares in Central National Bank 5/29 Purchases by State member banks in other banks in violation of condition of membership, FRAgents to study examination reports for 3/2? Letter to RAgents approved 3/31 Letter from Assistant FRAgent at New York that survey of examination reports shows four banks holding stocks purchased without permission 4/23 197 214 401 385 384 169 545 487 357 406 385 261 168 11 430 89 316 350 365 350 365 313 541 509 317 325 384 i 107 Pages Stock, capital: (Continued) Purchases by State member banks: (Continued) Replies of FRAgents presented and amendment to Regulation H 5/22 484 . discussed. Surveys of FRAgents considered and Counsel to prepare 5/29 512 amendment to Sec. 4 of Regulation H Amendment to condition of membership presented and to be 6/25 602 submitted to FRBanks for comment Second National Bank, Boston, Mass., desire to invest in stock of foreign banking corporation to subscribe to 544 6/9 stock of Bank for International Settlements Letter to Ropes, Gray, Boyden, and Perkins on minimum 6/25 601 capitalization of such corporations Security-Peoples Trust Co., Erie, Pa., disposal of 5200 shares of 2/14 162 stock in Erie Trust Co. held on option Union Provincia3.e Immobiliere, investment by Chase Bank in, 5/14 , approved Wildwood Title and Trust Co., Wildwood, N. J., permission to hold 4/18 365 certain bank stocks Stodk, FRBank: Cancellation of that of liquidating national banks, memo of 4/16 357 Counsel on Cancellation when national bank ceases business and. without 37 1/15 receiver being appointed, H.R.6604 on 4/23 387 To be published in FRBulletin when it becomes law PRBank of Atlanta: • Pittard Banking Co., Winterville, Ga., immediate cancellation 431 5/9 approved PRBank of Boston: Worcester County National Bank, Worcester, Mass., not entitled to additional stock because of 37 1/15 increase in capital MBank of Chicago: . American National Bank, Kewanda, Ind., in liquidation, application for cancellation to be requested 5/26 491 Farmers National Bank, Princeton, Ill., in liquidation, application for cancellation to be requested 5/26 491 First National Bank, Charleston, Ill., closed, memo of 5/26 492 Counsel on cancellation of of memo closed, Center, Iowa, Guthrie Bank, First National 5/26 492 Counsel on cancellation of Iowa State Savings Bank, Cedar Rapids, Iowa, immediate 5/9 , 431 cancellation approved_ Merchants National Bank, Burlington, Iowa, in liquidation, . application for cancellation to be requested 5/26 491 Second National Bank, Freeport, Ill., closed, memo of Counsel 5/26 492 on cancellation of Frank of Cleveland: City National Bank and Trust Co., Dayton, Ohio, cancellation 3/27 313 as result of liquidation Peninsula Banking Co., Peninsula, Ohio, immediate 5/29 511 cancellation approved 3/10 246 Union Trust Co. of Dayton, Ohio, application approved FRBank of Dallas: Commercial National Bank of Jefferson, Texas, application 4/15 349 approved 103 pages Stock, FRBank: (Continued) FRBank of Dallas: (Continued) First National Bank in Honey Grove, Texas, application 1/10 approved First National Bank in McKinney, Texas, application approved 2/14 First State Bank of Bomarton, Texas, surrender ordered in 3/6 connection with forfeiture of membership Red River National Bank in Clarksville, Texas, application 2/18 approved Texas National Bank, Fort Worth, Texas, cancellation approved 4/4 MBank of Kansas City: City National Bank, Greeley, Nebr., application approved 4/30 Nebraska National Bank of Grand Island, Nebr., application approved 2/10 St. Paul National Dank, St. Paul, Nebr., application approved 4/30 State National Bank, Wayne, Nebr., application approved 1/7 FRBank of Minneapolis: Security National Bank, Huron, S. Dak.. application approved 5/14 Union National Bank and Trust Co. in Minot, N. Dak., application approved 4/15 FRBank of New York; Bank of Athens Trust Co., New York City, application disapproved 1/7 Bryant Park Bank, New York, N. Y., application disapproved 1/13 Central Bank of the. City of New York, N. Y., application approved 5/19 Central National Bank of the City of New York, :surrender annroved 5/19 Manhattan Co. of New York, N. Y., necessary to subscribe for additional because of increase in capital 3/10 Bank willing to subscribe for additional stock until effective date of voluntary withdrawal 3/13 Surrender and cancellation of FRBank stock approved 5/9 Niagara National Bank, Buffalo, N. Y. application approved 3/25 FRBank of Philadelphia: Integrity Trust Co., Philadelphia, Pa., application approved 3/2? FRBank of St. Louis: American Exchange Trust Co., Little Rock, Ark., application approved 3/1 American Southern Trust Co., Little Rock, Ark., application for surrender considered notice of intention to withdraw 3/1 Immediate cancellation approved 5/9 Bremen Bank, St. Louis, no., surrender approved 4/30 Bremen Bank and Trust Co., St. Louis, Mo., application approved 4/30 Exchange National Bank, Little Rock, Ark., surrender approved upon liquidation 3/1 Franklin-American Trust Co., St. Louis, Mo., (old) surrender approved 4/8 Franklin-American Trust Co., St. Louis, Mo.,., (new) application approved 4/8 Member banks out of business without receiver having been appointed, proposed amendment to FRAct to permit cancellation of 2/6 Subscriptions to, amendment to Regulation I approved 6/9 Amendments to be published in FRBulletin 6/20 20 161 240 166 328 399 141 399 7 438 349 12 30 459 459 256 258 431 297 316 224 431 400 399 224 346 345 120 549 584 109 Pages St ockholders Association of FRBank of Richmond, meeting to be held on April U. 3/17 274 Stone Mountain Memorial coins classed as subsidiary silver and cannot be used as reserve against denosits 2/4 116 Suit2 1, wY and against FRBanks, suggested amendment to Judicial Code to restore jurisdiction to United States District 2/6 Courts 121 Taxation by Cuba of excess of exports of currency by Havana Agency: Tan(See Cuba) or and Fisher, architects, blue prints and specifications of addition to building of FRBank of Richmond submitted 6/14 556 Time schedule, interdistrict: PRBank of Atlanta and branches to other FRBanks and branches, changes approved 6/14 555 Titileiena to St. Louis and Helena to Los Angeles, changes approved 4/16 356 Mdge Act Corporations, amendment to Regulation K: (See Regulations) Us e of Word preserve's by California Reserve Co. and General 5/9 Reserve Co. Trea " 47 bills, proposed amendment to F.Act to include as collateral 2/20 for fifteen day notes Drafts of letters to Committees on Banking and Currency of House 3/6 and Senate Trea aprovedsuY for use of FRBoard: (See FRBoard, building, additional space quarters) Trust funds: Deposited in commercial department of national bank, commercial paper or acceptances cannot be used as collateral security deposited in trust department to secure 6/18 Receipt of FRBank for certain securities eligible as collateral security for, inquiry of Citizens National 1/21 )t Co., Piqua, Ohio powers: (See Fiduttyal = U4ited States Federal Reserve Bank, objection to wording of advertisement of Commercial National Bank of Madison, Wis. 6/23 434 177 241 571 66 596 ipf Va0r,44 periods for officers and employees of MBank of Atlanta for 1930 fixed by directors 3/25 302 Viol,„ l'",lons of statutes: (See Department of Justice) Patgeo 110 "Wu Warehouseman, brokerage concern controlled by grain comnany and. in charge of elevators of company, not independent under regulations 5/22 Welfare and educational work: FRBank of Atlanta and Branches, anpropriation to FRBank clubs for 1/21 Expenditures approved for: November 1/7 December 1/21 January 2/27 3 /17 February 4/23 March April 5/14 May 6/25 White, Weld and Company, considered private bankers under Clayton Act 5/29 Wichita, extension of time for filing answer to reply brief of FRBank of Kansas City on establishing branch 'MBank at 1/7 Representatives of Wichita to meet with FRBoard on Jan. 20 to discuss transit times 1/8 Letter from officers of MBank on financing of agricultural products of trade territory 1/10 Hearing of representatives of member and nonmember banks and 'MBank on mail schedules, grain drafts, etc. 1/20 Application for branch discussed and action deferred 1/27 Anplication discussed and Governor to arrange date to bring up as special order of business 2/10 Application made special order for meeting on Feb. 21 2/20 Application disapproved and future applications to be acted on at full meetings of Board 2/21 Representativesof petitioning banks to be officially notified of disapproval of branch 2/26 Memorandum of joint committee representing banks in Colorado, Oklahoma, Texas, and Kansas 4/4 Letter from FRAgent on memo 4/16 Winthrop, Mitchell and Companyl not considered private bankers under Clayton Act 5/29 Withdrawals from FRSystem: American Bank and Trust Co., Paris, Ark., hearing on forfeiture of membership postponed to April 1 3/17 Hearing held and forfeiture of membership favored but referred to Committee on District No. 8 4/1 Held in abeyance and to be taken up before July 1 4/4 American Southern Trust Co., Little Rock, Ark., application for surrender of MBank stock considered notice cf intention to withdraw 3/1 Lmmediate cancellation of FRBank stock approved 5/9 Anderson Brothers Bank, Idaho Falls, Idaho, letter from FRAgent on 4/30 Bill to permit FRBoard to waive six months notice of intention, revised bill approved 1/13 Proposed amendment to FRAct again to be recommended• in Annual Report 2/6 Bill signed by President and to be published in FRBulletin 4/23 482 62 11 64 213 274 382 440 604 508 6 16 22 59 91 144 179 184 210 334 356 508 280 325 335 224 431 401 29 120 387 111 Pages W ithdrawals from FRSYstem: (Continued) Cochise County State Bank, Tombstone, Ariz., notice of intention 5/26 490 waived and immediate withdrawal approved Farmers State Bank, Ellsworth, Iowa, six months notice of intention waived and cancellation of 5/14 441 membership approved First State Bank of Bomarton, Texas, proceedings for forfeiture of membership for violation of provisions of 115 2/4 FRAct Rearing on forfeiture to be held March 6 2/7 135 Forfeiture of membership ordered 3/6 240 'hien State Bank, Ihlen, Minn., six months notice waived and 5/14 442 Immediate withdrawal approved Independence State Bank, Chicago, Ill., waiver of six months 5/22 483 notice of intention to withdraw Iowa State Savings Bank, Cedar Rapids, Iowa, immediate 5/9 431 cancellation of MBank stock approved Madison and Kedzie State Bank, Chicago, Ill., waiver of six 5/22 483 months notice of intention to withdraw Manhattan Co. of New York, N. Y., notice of intention filed but 3/10 256 cancellation of membership now considered Bank does not wish membership cancelled and will subscribe to additional stock until effective date of 3/13 258 voluntary withdrawal Surrender and cancellation of MBank stock approved 5/9 431 Montana Trust and Savings Bank, Helena, Mont., notice of 2 1/2 intention to withdraw filed Peninsula RAgent for Ohio, letter to Co., Peninsula, Banking reasons for request to waive six months notice 5/15 450 of intention Waiver of notice of intention approved and immediate 5/29 511 cancellation of MBank stock Pittard BanlLing Co., Winterville, Ga., immediate cancellation of 5/9 431 FRBank stock ReCulationH, proposed amendment on waiver of six months notice of voluntary withdrawal 5/29 512 Amendment as adopted 6/9 546 ndment to be loubliehed in FRBulletin 6/20 584 Banking Co., Roanoke, Ala., six months notice waived and immediate withdrawal approved 5/9 431 Thatcher Brothers Co., Logan, Utah, letter from FRAgent on 4/30 401 Swtft County Bank, Benson, Mich., RAgent to secure formal notice of intention with request for waiver of six months notice 6/18 572 abtt Of goods finished, inaccuracy of figures published, memo of 2/6 Mr. James on 130 Memo of Mr. Goldenweiser that rAmAographing and mailing of Toile „, figures will be discontinued 2/12 150 'a. S., letter re "independent" warehouseman under Regulation A. 5/22 482 -4 ' 61
@FedFRASER