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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 Medber Banks, Nonmember Banks, and Membership Stock of FRBanks and Member Banks, see Stock. INDEX JANUARY - MARCH, 1933 1 A" Pages " Abrasion on gold coin deposited with FRBanks, no objection to FRBanks absorbing during present emergency Absorptions of banks: (See Consolidations) Acceptances, bankers: Cargill Elevator Company of Minneapolis, eligibility for purchase by FRBanks of those drawn by, and based on warehouse receipts Lawrence Warehouse Co., ruling on eligibility for rediscount of warehouse receipts proposed to be issued by, to be published in FRBulletin Rates: Bill dealers in New York City, increase in bid and asked Changes in: FRBank of Atlanta FRBank of Chicago FRBank of Dallas FRBank of Kansas City FRBank of Minneapolis FRBank of New York 3/9 370 3/29 592 2/16 200 3/1 274 2/25 A/1 A/3 A/7 A/16 A/20 A/24 3/1 3 /2 A/7 A/13 A/17 A/20 02 3/16 A/31 2/25 A/1 A/7 A/7 A/16 A/22 3/24 3/2 A/3 A/14 3/18 A/22 A/24 2/18 246 273 306 347 452 485 541 274 294 347 406 465 485 519 453 616 246 273 346 347 453 518 541 293 306 418 475 518 541 205 g/27 255 A/1 273 0 294 3/3 306 A/13 406 A/17 464 A/20 484 A/22 519 Pages 2 Acceptances, bankers: (Continu Rates: (Continued) Changes in: (Continued FRBank of Richmond FRBank of St. Louis FRBank of San Francisco 274 A/1 A/2 294 A/3 307 A/15 443 A/17 465 A/22 518 274 A/1 A/7 347 A/I5 443 3/21 497 A/22 619 3/3 306 A/16 453 Addresses: Impromptu talks on administrative activities by members of staff of FRBank of Richmond, detailed reports not 02 necessary Post, Arthur E., extemporaneous talks made in October, letter to 07 FRAgent on what should be reported Adjusted service certificates, request of First National Bank of St. Paul that FRBank of Minneapolis take over overdue notes secured by 3/2 Advisory Council: (See Federal Advisory Council) Affiliated companies of member banks: Baltimore Commercial Co., Baltimore, Md., proposed liquidation by Baltimore Commercial Bank 2/9 Chemical Securities Corporation, New York, N. Y., request for information on absorption by Chemical Bank & 2,/1 Trust Co. Citizens Securities Co., Sheboygan, Nis., holding of stock of nonmember banks 2/1 First Bank Stock Corporation, Butte, Mont., awns practically all 2/16 of stock of Metals Bank and Trust Co. Freehold Bank of Pittsburgh, Pa., stock held by Colonial Trust Co. 2/9 Hamburg Finance Corporation, Hamburg, N. Y., owned by directors 3/22 of Peoples Bank of Hamburg Lexington Realty Corporation, subsidiary of Peoples Bank and Trust Co., Seattle, Nash. 14/19 Marine Midland Corporation, ownership of stock by Power City Trust Co., Niagara Falls, N. Y. 3/25 Monroe County Insurance Co., Brinkley, Ark., owned and operated 08 by Monroe County Bank Montana Company, operated to assist Security Trust and Savings Bank, Billings, Mont., in carrying bank stock and real estate tracts 2 /9 Northwestern Securities Co., St. Louis, Mo., entire capital stock held by Northwestern Trust Co. 2/18 Nutley Mortgage and Title Co., Nutley, N. J., request for informa3/21 tion on relationship of Bank of Nutley with Oak Park Securities Co., Oak Park, Ill., additional information requested on affiliation with Oak Park Trust and Savings Bank 2/23 46 61 289 174 126 127 197 174 522 68 553 212 175 213 505 228 3 Pages Affiliated companies of member banks: (Continued) Peoples Corporation, owns stock of Peoples Bank and Trust Co., Seattle, ":lash. Shenandoah Valley Co., relationship with Peoples Trust Co., Martinsburg, W. Va. Princeton Securities Co., request for information on absorption by Princeton Bank and Trust Co., Princeton, N. J. Provident-Cincinnati Co., practice of Provident Savings and Trust Co., Cincinnati, Ohio, selling mortgage bonds through United Corporation, organized by United Bank and Trust Company of St. Louis, Mo., for carrying on mortgage loan business Agencies, FRBank: Havana: Staff: Alston, A. H., salary as Assistant Manager approved Frazer, H. C., salary as Manager approved McCravey, J. R., Jr., temporary appointment and salary as Acting Assistant FRAgent Bond of Transfer of funds by wire for account of First National Bank of Boston for payment through, inquiry of FRBank of Boston on Savannah: Staff: Bowden, J. H., salary as Manager approved Goethe, Janes A., salary as Assistant Manager approved Amendments to FRAct: (See Legislation) Annual report of FRBoard, to contain reference to opinion of Counsel on constitutionality of legislation providing for unified commercial banking system Assessment on FRBanks for expenses of FRBoard, resolution approved Assistant FRAgents: (See FRAgents) Attorney General of United States: Banking holiday discussed with and not willing to advise proclamation of national without consent and approval of incoming administration Audits, general, of FRBank, letter to FRAgents on nature and extent of reports of auditing departments that should be submitted to FRBoard Augustyn, G. V•"., letter inquiring if aisconsin authorities had ever questioned right of Marine National Exchange Bank, Milwaukee, Wis., to exercise trust powers without depositing securities with State Treasurer 1/19 68 2/28 269 2/25 251 2/9 173 1/19 67 1/25 1/25 100 100 3/7 3/11 351 392 3/15 444 1/25 1/25 101 101 g/27 3/6 262 27 3/2 301 3/30 602 2/6 Bacon, Clarence E., memoranda on use of clearing house scrip prepared by, letter transmitting to FRAgents now being prepared 2/28 Report of discussion at meeting of Mr. Bacon with Messrs. Strater, Walden and Sinclair and members of staff of FRBoard, and letter to FRAgents approved 3/1 146 265 279 Pages 4 Baltimore Commercial Co., Baltimore, Md., proposed liquidation of, by Baltimore Commercial Bank for week ending March 8 not to be issued but statement debits, Bank figures to be wired to FRBoard No statement for mei( ending March 15 to be issued but figures collected to be sent to FRBoard Bank for International Settlements: Deposit of FRBank of New York with, present status of account and future policy with regard to Terms, conditions and purposes of deposit discussed and letter to Governor Harrison approved Gold earmarked prior to March 6 with FRBank of New York, exportation to be permitted under license of the Secretary of the Treasury Reichsbank, notice of renewal of credit to, by all participants Banking conditions, report of Governor Meyer on telephone conversations with Governors of FRBanks Banking crisis: Proposals for coping with developments, report of Governor Meyer on discussions with representatives of Treasury, Reconstruction Finance Corporation, etc. Clearing house certificates, affirmative action urged in promoting use of (See also Clearing house certificates) Cleveland, situation quieter with reserve position of FRBank of Cleveland stronger than expected Margin of FRBanks increased to offset extraordinarily large currency payments Meeting held in New York by Secretary of the Treasury, Governor Meyer, Mr. Woodin, Mr. Davison, Governor Harrison and Deputy Governors Burgess and Logan to consider All phases of situation canvassed and immediate action by President and Congress considered necessary Situation in different FRDistricts, currency and gold payments, and reserve positions of FRBanks reviewed Difficult position of sourA banks due to banking holidays of various states and drainage of currency, proposals for dealing with situation All aspects of situation discussed, as reflected by latest information Situation discussed with President and Secretary Mills by Governor Meyer and Mr. Miller over telephone Developments in situation to be communicated to FRBanks, with advice to consider their position in light of closing of FRBanks of Chicago and New York Banking holiday, national: Proclamation of, letter from President of the United States regarding Authority of President of the United States to issue in emergency, under Sec. 5 of Trading with the Enemy Act, opinion of Attorney General on Held by FRBoard to be necessity in banking crisis Consensus of FRBoard that national banking holiday should be proclaimed, report of Governor Meyer on discussion with President 2/9 175 4/9 369 4/16 459 09 69 4/20 491 4/7 3/22 346 520 2/28 263 3/1 282 3/1 284 4/2 289 3/2 290 4/2 292 3/2 301 3/3 305 4/3 318 4/3 321 /3 3 326 4/4 337 4/2 299 4/2 4/2 301 302 4/3 319 5 Pages Banking holiday, national: (Continued) President disposed to issue proclamation if President-elect agrees Draft of executive order declaring, presented and discussed Sent to President of the United States for his consideration Draft of Joint Resolution ratifying and confirming executive order if declared Not sent to President of the United States Immediate declaration by President considered necessary Resolution from FRBank of New York urging immediate Presidential declaration of Proposed letter to President of the United States from FRBoard urging immediate declaration of national banking holiday discussed Draft of letter presented and postscript added referring to resolution of FRBank of Chicago Letter amended, and approved for transmittal with form of executive order Discussion of banking situation with President and Secretary Mills by Governor Meyer and Mr. Miller over telephone and declaring of banking holiday advised Resolution of FRBank of Chicago urging immediate Presidential declaration Statement of Secretary of Treasury on authority for declaration of Discussion of question of recommending to the President the advisability of issuing declaration of Reply to request of FRBoard for proclamation by President Proclamation issued by President Roosevelt on March 5, copy of Program for opening sound banks, outline of plan for FRBanks to submit lists of solvent State member banks and plan for opening of banks discussed Draft of statement on plan for reopening banks presented by Secretary of the Treasury Regulations of Secretary of Treasury on: (See Regulations) Telegraphic messages over leased wires addressed to Treasury officials, etc., in connection with emergency banking situation chargeable to Treasury Department, all telegrams to FRBoard to be counted and reported as bank business Banking holidays, State: Atlanta District, procedure of FRBank in handling for collection checks on banks under holiday and restricted withdrawals Delaware, legislation restricting withdrawal of deposits and allowing trust deposits adopted Difficult position of sound banks due to increasing number of States adopting Georgia, proclaimed by Governor of Illinois, under consideration by Governor, but declaration unlikely Report by Mr. Mills and Mr. Stevens that Governor will probably sign declaration Legal holiday proclaimed, FRBank of Chicago to close Iowa, telephone conversation by Governor Meyer with Governor Herring on declaration of State banking holiday 4/3 4/3 3/4 319 321 332 4/3 4/4 4/3 322 331 324 4/3 325 4/3 325 4/4 326 4/4 331 4/3 326 4/3 4/4 327 329 4/4 4/4 4/5 4/8 329 338 339 364 4/9 374 4/10 376 4/28 577 4/2 291 4/2 290 4/3 4/3 318 318 4/3 326 4/4 4/4 335 336 4/4 335 Pages 6 Banking holidays, State: (Continued) Maryland, possible effects of closing of banks under proclamation issued by Governor of State Michigan, effect of banking holiday on Fourth and Seventh FRDistricts Extension under modified terms Consideration of conditions in Detroit New Jersey, legislation restricting withdrawals of deposits and allowing trust deposits adopted New York, declaration under consideration by Governor but unlikely Report of Mr. Mills that Governor of State will probably declare State banking holiday Legal holiday declared Ohio, declaration of moratorium not favored by Governor of State Telephone conversation between Governor Meyer and Governor White on declaration of State banking holiday Pennsylvania, legislation restricting withdrawals of deposits and allowing trust deposits Efforts to contact Governor Pinchot with regard to declaration of Bauman, Edgar: (See Rediscounts, Finance company) Bond depreciation: Dallas Joint Stock Land Bank, method of determining amount to be charged off prior to admission of a bank to membership Joint stock land banks, elimination by State banks applying for membership in FRSystem, replies to Senators Sheppard and Connally with regard to Policy of FRBoard in connection with applications of State banks and trust companies for membership in FRSystem, change in (See also Charge offs) Bonds: Liberty loan, held by FRBank of Chicago as collateral for Reconstruction Finance Corporation Surety: Allen, G. M., as Acting Assistant FRAgent at El Paso Bowron, Thomas W., as Acting Assistant FRAgent at Birmingham Broadus, T. h., as Acting Assistant. FRAgent at New Orleans Clark, J. C., Jr., as Acting Assistant FRAgent at Oklahoma City Davis, Maclin P., as Acting Assistant FRAgent at Nashville DeCamp, George, new bond as FRAgent at Cleveland not necessary Evans, Howard, as Assistant FRAgent at Cleveland Goldschmid, J. P., as Acting Assistant FRAgent at Little Rock Gowland, G. P., as Acting Assistant FRAgent at San Antonio Jones, Judd W., as Acting Assistant FRAgent at Denver Lawhon, D. S., as Acting Assistant FRAgent at Houston Martin, John H., as Acting Assistant FRAgent at Detroit McCravey, J. R., as Acting Assistant FRAgent at Havana Agency McRae, William D., as Assistant FRAgent at Boston Moore, Lee A., as Acting Assistant FRAgent at Louisville Newton, Oscar, as FRAgent at Atlanta Parker, Frank S., as Acting Assistant FRAgent at St. Louis Roelse, H. V., as Acting Assistant FRAgent at New Sanders, T. Gordon, as Acting Assistant FRAgent at Omaha 2/25 243 2/16 2/23 2/25 201 231 243 4/2 3 /3 290 326 4/4 4/4 2/23 335 336 233 4/4 335 3/2 290 4/4 335 4/14 419 4/24 546 2/1 129 3/3 314 1/25 3 /9 2/9 76 368 159 4/13 34/23 2/1 4/18 4/13 1/25 4/13 1/25 2/16 3/11 4/23 4/13 1/12 3/18 3/23 4/13 408 532 131 476 408 76 408 76 181 392 532 408 30 476 532 408 7 Pages Bonds, surety: (Continued) Saussy, Fulton, as Acting Assistant FRAgent at Jacksonville Snow, G. A., as Acting Assistant FRAgent at Portland Swengel, H. D., as Acting Assistant FRAgent at Los Angeles Walker, L. T., as Acting Assistant FRAgent at Memphis Williams, L. B., as FRAgent at Cleveland Branch banks, domestic: Valley Bank and Trust Co., Phoenix, Ariz: Closing of, opinion that branch cannot be reopened but existence may be preserved by being open for business on certain days each week Prescott, Ariz., request for permission to take over assets and liabilities of First National Bank in Prescott and merge with branch Branch banks, FRSystem: Acting Assistant FRAgents at, plans for appointment of (See also FRAgents) Baltimore: Directors: (See Directors) Personnel classification plan changes approved Staff: Cupit, John R., salary as Cashier approved Johnston, John A., salary as Assistant Cashier approved Leach, Hugh, salary as Managing Director approved Wrightson, Frank IL, salary as Assistant Cashier approved Birmingham: Directors: (See Directors) Staff: Bowron, Thomas, temporary appointment as Acting Assistant FRAgent Bond of Frye, J. H., salary as Managing Director approved Knowlton, T. N., salary as Assistant Cashier approved Urquhart, H. J., salary as Cashier approved Buffalo: Directors: (See Directors) Share-the-mork plan involving reduction in salaries and employment of temporary employees approved Staff: Blakeslee, C. L., salary as Assistant Cashier approved O'Hara, R. M., salary as Managing Director approved Snow, H. W., Jr., salary as Cashier approved Alltse, R. B., salary as Assistant Manager approved Charlotte: Directors: (See Directors) Personnel classification plan, changes approved Staff: Cherry, R. L., salary as Cashier approved Clements, W. T., salary as Managing Director approved Cincinnati: Directors: (See Directors) Staff: Kennelly, Bruce, salary as Assistant Cashier approved Lazar, B. J., salary as Cashier approved McCombs, C. F., salary as Managing Director approved Ott, Henry, salary as Assistant Cashier approve d 0 368 3/13 408 3/13 408 3/13 408 3/18 476 2/9 167 2/23 228 2/23 221 2/9 158 //25 //25 1/25 05 99 99 99 99 3/7 3/25 3125 348 368 100 100 100 1/6 25 1/25 1/25 3/25 05 95 95 95 95 2/9 158 1/25 1/25 99 99 1/25 1/25 1/25 05 98 98 97 98 Pages 8 Branch banks, FRSystem: (Continued) Denver: Directors: (See Directors) Staff: Brown, S. A., salary as Cashier approved Cronan, John A., salary as Assistant Cashier approved Jones, Judd "d., temporary appoinLment as Acting Assistant FRAgent Bond of Olson, J. E., salary as Managing Director approved Detroit: Directors: (See Directors) Irregularities in certain departments disclosed by recent report of examination Personnel classification plan, changes approved Salaries of officers and employees to be reduced five per cent with certain adjustments Staff: Acting Assistant FRAgent, plans in effect as to appointment of Baskin, J. G., salary as Assistant Cashier approved Bowen, F. L., salary as Assistant Auditor approved Cation, 1V. R., salary as Managing Director approved Chalfont, H. J., salary as Cashier approved Diercks, IT. R., appointment as Acting Assistant FRAgent Appointment impracticable Jarvis, George T., Assistant Cashier, cashing of personal checks at branch which were returned because of insufficient funds, FRBoard does not favor reappointment Reappointment as Assistant Cashier with understanding that resignation will be forthcoming not later than April 1, 1933 Salary approved with understanding that resignation will become effective later Report of letter received from wife of Hr. Jarvis that Board reconsider action, reconsideration disapproved and reply to be prepared Reply to Mrs. Jarvis approved Levin, I., salary as Assistant Counsel approved Martin, John H., appointment, salary and expenses as Acting Assistant FRAgent Bond of El Paso: Directors: (See Directors) Personnel classification plan, change to provide for position of "acting assistant Federal reserve agent" Staff: Allen, G. M., appointed Acting Assistant FRAgent and to resign as branch auditor Bond approved Hermann, J. L., salary as Managing Director approved Sayles, Allen, salary as Cashier approved FRBank of Cleveland: Plans in effect for appointment of Acting Assistant FRAgents 1/25 1/25 105 105 3/2 3/13 1/25 292 408 105 86 1/25 31 02 137 2/6 02 46 2/23 1125 1/25 1,725 1/25 2/1 2/16 222 102 102 102 102 118 180 114 12 1/12 32 1125 102 08 586 3/31 617 1/25 102 2/16 2/16 180 181 3/2 293 1/4 1/25 1/25 1/25 5 76 107 107 2/23 222 9 Pages Branch banks, FRSystem: (Continued) FRBank of Dallas: Plans in effect for appointment of Acting Assistant FRAgents FRBank of Kansas City: Gold coin and gold certificates held in custody at, no objection to arrangement but appointment of Acting Assistant FRAgents suggested Functions of Assistant FRAgents at, study to be made by Mr. Paulger Helena: Directors: (See Directors) Staff: Hoerr, Albert A., salary as Cashier approved Larson, Clinton J., salary as Assistant Cashier approved Towle, Robert E., salary as Managing Director approved Weir, Taylor B., retainer as Counsel approved Houston: Directors: (See Directors) Personnel classification plan: Acting Assistant FRAgent, change to provide for position Reconstruction Finance Corporation Department, change to provide for new position of custodian in Staffs DeMoss, H. R., salary as Cashier approved Gentry, W. D., salary as Managing Director approved Lawhon, D. S., appointed Acting Assistant FRAgent and to resign as branch auditor Bond approved Mendel, C. B., former Cashier, salary as special representative in insolvent banks department at head office Jacksonville: Directors: (See Directors) Staff: Foster, Hugh, salary as Managing Director approved Mahon, Mary E., salary as Assistant Cashier approved Managing Director, salary increased and then reduced by ten per cent for 1933 Saussy, Fulton, temporary appointment as Acting Assistant FRAgent Bond of Vardeman, Geo. S., Jr., salary as Cashier approved Little Rook: Bylaws, temporary elimination of residence requirement for appointment of F. K. Darragh as director Directors: (See Directors) Staff: Bailey, A. F., salary as Managing Director approved Goldschmid, J. P., temporary appointment as Acting Assistant FRAgent Bond of Long, M. H., salary as Cashier approved Wood, C., salary as Assistant Cashier approved Los Angeles: Directors: (See Directors) 2/23 222 2/16 200 1/4 6 1/25 1/25 1/25 1/25 104 104 104 104 4/2 293 2/1 119 1/25 1/25 107 107 1/4 1/25 5 76 1/25 76 1/25 1/25 100 100 02 33 4/7 4/9 1/25 348 368 100 2/16 182 1/25 104 4/7 4/13 1/25 1/25 349 408 104 104 Pages 10 Branch banks, FRSystem: (Continued) Los Angeles: (Continued) Staff: Ambrose, W. N., salary as Managing Director approved Bold, Fred C., salary as Assistant Cashier approved MeRitchie, M., salary as Assistant Manager approved Meyer, L. C., salary as Assistant Cashier approved Newton, Burkett D., temporary appointment as Acting Assistant FRAgent disapproved because of relationship to FRAgent at San Francisco Swengel, Henry D., temporary appointment as Acting Assistant FRAgent Bond of Louisville: Directors: (See Directors) Staff: Jenks, S. B., salary as Assistant Cashier approved Moore, John T., salary as Managing Director approved Moore, Lee A., salary as Assistant Auditor approved Temporary appointment as Acting Assistant FRAgent and to resign present position Bond of Schacht, C. A., salary as Cashier approved Memphis: Directors: (See Directors) Personnel classification plan; Collateral and Custody and Fiscal Agency Depal ment, change to provide new position of "chief clerk" Credit and Discount Department, change to provide for new position of "clerk" Staff: Belcher, S. A., salary as Cashier approved Glasgow, VI. H., salary as Managing Director approved Martin, C. H., salary as Assistant Cashier approved Walker, L. T., temporary appointment as Acting Assistant FRAgent and to resign from present position Bond of Nashville: Directors: (See Directors) Staff: Davis, Maclin P., temporary appointment as Acting Assistant FRAgent Bond of 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: Directors: (See Directors) Personnel classification plan, changes approved Staff: Acting Assistant FRAgent, letter to Mr. Newton on appointconnected with bank ment of someone Black, W. H., salary as Cashier approved Broadus, T. H., temporary appointment as Acting Assistant FRAgent and salary Bond of 1/25 1/25 1/25 1/25 108 108 108 108 3/7 350 3/7 3/13 351 408 1/25 1/25 1/25 103 103 103 3/7 3/13 1/25 349 408 103 2/18 206 3/26 54-1 1/25 1/25 1/25 103 103 103 3/7 3/13 349 408 3/7 3/23 1/25 1/25 1,/25 348 532 100 100 100 3/1 276 2/23 3/25 222 100 2/9 2/9 159 159 11 Pages Branch banks, FRSystem: (Continued) New Orleans: (Continued) Staff: (Continued) Broadus, T. H.: (Continued) Letter to Mr. Newton on appointment of someone connected with bank Miller, Wm. E., salary as Assistant Auditor approved Vasterling, F. C., salary as Assistant Cashier approved Walker, James A., salary as Assistant Manager approved Walker, Marcus, salary as Managing Director approved Oklahoma City: Directors: (See Directors) Staff: Clark, J. C., Jr., temporary appointment as Acting Assistant FRAgent Bond of Daniel, C. E., salary as Managing Director approved Mathes, R. L., salary as Assistant Cashier approved Wunderlich, R. 0., salary as Cashier approved Omaha: Directors: (See Directors) Personnel classification plan, change to provide for new position of bookkeeper in the Loans, Rediscounts and Acceptances Department Staff: Cordill, 0. P., salary as Assistant Cashier approved Earhart, L. H., salary as Managing Director approved Gregory, G. A., salary as Cashier approved Phillips, Wm., salary as Assistant Cashier approved Sanders, T. Gordon, temporary appointment as Acting Assistant FRAgent Bond of Pittsburgh: Directors: (See Directors) 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: Directors: (See Directors) Staff: Blanchard, J. P., salary as Assistant Cashier approved MacEachron, S. A., salary as Assistant Manager approved Snow., G. A., temporary appointment as Acting Assistant FRAgent approved Bond of West, R. B., salary as Managing Director approved Salt Lake City: Directors: (See Directors) Staff: Craft, H. L., salary as Assistant Manager approved Partner, W. L., salary as Managing Director approved Smoot, d. M., salary as Assistant Cashier approved 2/23 1/25 1/25 1/25 222 100 100 100 100 3/2 3/13 1,/25 1)/25 1/25 292 408 106 106 106 2/1 119 1/25 1/25 1/25 1/25 105 105 105 105 3/2 3/13 292 408 1/25 1/25 1/25 1/25 98 98 98 98 1/25 1/25 108 108 3/7 350 3/13 408 1/25 108 1/25 1/25 1/25 108 108 108 Pages 12 Branch banks, FRSystem: (Continued) San Antonio: Directors: (See Directors) Personnel classification plan, change to provide for new position of "acting assistant Federal reserve agent" Staff: Crump, M., salary as Managing Director approved Eagle, W. E., salary as Cashier approved FRAgent Gowland, C. P., appointment as Acting As auditor branch and to resign as Bond approved Seattle: Directors: (See Directors) 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 Snow, G. A., authority to act in capacity of Acting Assistant FRAgent Spokane: Directors: (See Directors) Staff: Davis, D. L., salary as Managing Director approved Dumm, A. J., salary as Assistant Cashier approved salary as Assistant Manager approved Leisner, J. Snow, G. A., authority to act as Acting Assistant FRAgent Branch banks, foreign: Chase Bank: Mexico City and Paris branches, copies of reports of examination forwarded to head office National City Bank of New York: Switzerland, Geneva, request for extension for ninety days of time for establishing branch Request for a further ninety days extension of time for establishing branch approved Budget of FRBoard covering salaries and expenses for 1933 approved Building and loan associations, lettor from Congresanan Dobbins, requestion that FRBanks accept notes as eligible for rediscount Buildings: FRBank of Philadelphia: (See FRBank of Philadelphia) Bundy, H. H., special counsel to Secretary of Treasury, present at meeting of FRBoard Bylaws: Little Rock Branch, temporary elimination of residence requirement for appointment of F. K. Darragh as director 3/2 293 1/25 1/25 107 107 1/4 1/25 5 76 1/25 1/25 1/25 108 108 108 3/7 350 1,125 1/25 1/25 3/7 109 109 109 350 1/12 43 1/17 60 2/6 I/6 148 27 3/30 604 3/20 484 2/16 182 "C" Capital stock: (See Stock, capital) Cargill Elevator Co., warehouse receipts, inquiry as to eligibility of 3/29 acceptances based on, for purchase by FRBanks Charge offs: Dallas Joint Stock Land Bank, bonds of, request from FRBank of Dallas whether charge offs of depreciation should be made by banks prior to admission to FRSystem 3/14 592 419 13 Pages Charge offs: (Continued) Sears Conmunity State Bank, Chicago, Ill., change authorized in amount of depreciation charge off in connection with application for membership Washington Irving Trust Co., Tarrytown, N. Y., feeling that charge off of bond depreciation as condition of membership seems unfair West Side Trust Co., Newark, N. J., condition of membership on charge off of depreciation in securities should not be modified Circulars: FRBank of New York: Foreign exchange transactions, change in draft of proposed suggested and copies to be sent to all FRBanks FRBoard: Clearing house certificate procedure, memoranda on prepared by Mr. Bacon and copy of one prepared by Messrs. Strater, Walden and Sinclair Conditions for admittance of State banks and trust companies to membership in FRSystem, letter to FRAgents advising of additional Daily transcript and accompanying checks and warrants, procedure to be adopted by FRBanks in sending Depreciation in investment accounts of State banks and trust companies applying for membership in FRSystem, change in FRBoard's policy regarding Discounts for individuals, partnerships and corporations, authority to FRBanks extended for six months Form B-5, revised semi-annual summary report of deficiencies in reserves of member banks instead of quarterly and FRAgents to match reserve records of member banks closely Form B-15, "Computation of Reserve to be Carried with the Rederal Reserve Bank by Member Banks," to replace St. 6059 General audits, of FRBanks, advice to FRAgents on nature and extent of reports made by auditing departments to be submitted to FRBoard Clayton Act applications: (See Interlocking directorates) Clearing house certificates: Use in districts where bank moratoria and restrictions on payments of deposits are in offoot suggested by Mr. Mier and copies of memoranda prepared by Mr. Bacon and by Messrs. Strater, 7ialden and Sinclair to be sent to FRBanks Letter to FRAgents with copies of memoranda approved for transmittal Memorandum of the President regarding use of, in connection with releasing deposits of banks having restricted withdrawals presented by Mr. Mills Meeting for consideration of use of, attended by group of Washington bankers Use urged by Mr. Miller as far as possible in banking situation Difficulties of adopting an general scale reviewed by ;jr. Mills Use to remedy banking crisis discussed 3/18 478 3/30 603 3/20 486 3/12 399 3/1 279 2/9 170 2/9 176 2/1 129 05 90 2/6 149 2/23 229 3/30 602 2/28 265 3,/1 279 3/1 282 3/1 3/1 283 283 284 318 3/1 3/3 14 Pages Clearing and collection: Checks and drafts chargeable to reserve accounts of unlicensed member banks, inquiry from FRBanks if they are un3/22 der duty to ascertain limitations applicable to Checks collected for account of Federal Hone Loan Banks by nonpar banks, practices of Federal Land Banks 1/6 should be followed Checks drawn on par banks in other districts to be forwarded by some FRBanks to other FRBanks Checks on banks under holiday and restricted withdrawal, procedure 3/2 of FRBank of Atlanta in handling for collection procedure uniform banks, and nonmember member unlicensed on Checks 3/23 for handling suggested by Governor Calkins to had agreed FRBanks that Calkins Governor from Telegram plan suggested and FRBanks to forward uniform 3/31 letter to member and nonmember clearing banks Clearing house certificates: (See Clearing house certificates) Conference on procedure in sending daily transcripts, checks and 2/9 warrants by FRBanks Federal Reserve exchange and transfer draft, withdrawal of privilege suggested by FRBank of San Francisco Interdistrict time schedule, desire of FRBank of Cleveland to suspend, favorable consideration promised if 2/28 suggested alternative is not feasible Protest items, etc., Governor Calkins suggests possible procedure and request to Standing Committee on 3/23 Collections to consider matter of handling Transfer of funds by wire for account of First National Bank of Boston to FRBank of Atlanta for payment through 3/15 Havana Agency, inquiry of FRBank on transaction Treasurer's daily transcript and accompanying checks and warrants, 3/24 letter to Governor Calkins on method of shipment Code words: "Redemption fund-F.R. Bank notes" and "P.R. bank notes in actual circulation", words to be used to designate items 3/16 in Cond wire "Special deposits-member bank" and "Special deposits-nonmember bank", words to be used to designate items in 3/16 Cond wires Committees: FRBoard: Executive: 1/4 Hamlin, Charles S., to serve during first quarter 1/4 Miller, A. C., to serve during first quarter President's Research Committee on Social Trends, reply to letter from Mr. Wooddy on material on FRBoard to be 1/12 incorporated in report being prepared for Standing Committee on Collections, Governor Calkins to take up procedure of handling checks on unlicensed member 3/23 and nonmember banks Comptroller of Currency: Applications of member banks for reopening, draft of proposed telegram from Secretary of Treasury to FRBanks quoting President's letter, presented by Mr. Await 3/11 3/11 Suggested additions to telegram and final form 522 26 424 291 532 622 176 297 264 532 444 545 459 459 4 4 45 532 393 395 15 Pages Comptroller of Currency: (Continued) Clearing house certificates, representatives of office at meeting to consider use of District of Columbia banking situation, proposed joint resolution giving temporary powers concerning Examiners, national bank: (See Examiners) Emergency powers, proposed joint resolution giving National banks: (See National banks) Reopening of national banks, procedure and instructions to Chief National bank examiners discussed by Mr. Await Condition reports: FRBanks, consolidated press statement: "Redemption fund-F.R. Bank notes" and "F.R. bank notes in actual circulation", items to be included in and code words to be used to designate "Special deposits-member bank" and "Special deposits-nonmember bank", items to be included in and code words to be used to designate National banks, call as of Dec. 31 Reporting member banks in Neu York City and Chicago as of March 8 not to be issued State member banks, call as of Dec. 31 Statement of weekly reporting member banks: Advisability of publishing, question raised by Mr. Smead, to be published with explanatory note Kansas City District, reply to FRAgent that figures should not be released currently for the present Statement not to be issued for week ending March 15, but figures to be collected and furnished to Board Weekly statement of FRBanks to be issued as usual and manner of showing item, "bills discounted" Conferences: Banking situation, developments in, on March 4 and 5, methods of coping with, discussed by members of FRBoard and Secretary Woodin Federal Advisory Council, list of topics requested for meeting to be held on Feb. 21 Governors: Pension plan for officers and employees submitted by FRBanks of New York and Richmond, to be held in abeyance until considered by Pension plans for FRSystem, FRBoard's recommendations Topics for discussion: Exchange and transfer draft, withdrawal of privilege President Roosevelt, Secretary Woodin, Attorney General and others, resulting in proclamation of national banking holiday on March 5 Representatives of Treasury with FRBoard on procedure to be followed in sending daily transcripts, checks and warrants by FRBanks C,ongress, extra session called by President Roosevelt (311gressional service of Corporation Trust Co., renewal of subscription approved Connally, Senator Tom, reply to inquiry on treatment of depreciation on bonds of joint stock land banks by banks applying for membership 3/1 282 2/27 256 2/16 202 3/11 393 4/16 459 4/16 1/4 459 4 4/9 1/4 369 4 03 534 4/27 574 4/16 459 4/9 369 3/4 338 1/19 69 4/3 75 315 3/2 297 3/5 339 2/9 3/5 176 341 4/16 461 4/24 546 Pages 16 Conservators of closed banks: FRBanks to refrain from use of leased mires regarding appointment of, when mail or commercial wires will serve Special deposit accounts in possession of, for member banks, letter from Secretary of Treasury as to handling by FRBanks, reply deferred (See also Regulations, Secretary of the Treasury) Consolidations: Advance to new bank assuming assets and liabilities of national bank, legal questions concerning Badger State Bank, Milwaukee, Wis., proposed with First Wisconsin National Bank of Milwaukee, status requested Chemical Bank and Trust Co., New York, N. Y., absorption of its affiliate, Chemical Securities Corporation, request for additional information Citizens Trust Co., Adams, N. Y., merged with Farmers National Bank, no action affecting continued membership of trust company Easton Trust Co., Easton, Pa., absorption of Easton Dollar Savings and Trust Company for liquidation, FRAgent to arrange for participation in next examination First City Trust and Savings Bank of Akron, Ohio, assets purchased and liabilities assumed of Central-Depositors Bank and Trust Company of Akron, and then assets purchased and liabilities assumed of First-City Savings Bank of Barberton, Ohio Princeton Bank and Trust Co., Princeton, N. J., absorption of its affiliate, Princeton Securities Co., information on mortgage participations requested Security Trust Company of Lynn, Lass., absorption of Sagamore Trust Company of Lynn, no action on continuance of membership Sundance State Bank, Sundance, lyo., absorption of American St9.te Bank, Moorcroft, Wyo., action deferred Valley Bank and Trust Company of Phoenix, Ariz., request for permission to take over assets and liabilities of First National Bank and Trust Company in Prescott, Ariz., and merge with Prescott Branch, final consideration deferred Webster Groves Trust Co., Webster Groves, Mo., purchase of assets and assumption of liabilities of Old Orchard State Bank of Webster Graves Continental Turpentine and osin Corporation, Laurel, Miss., renewal of note under third paragraph of Sec. 13 of FRAct to be decided by FRBank Conversion of banks: National into State banks in Iowa to take advantage of State law, procedure for handling applications for membership Corporation Trust Co., renewal of subscription to Congressional service of Counsel, General: Memoranda of: Acceptances secured by warehouse receipts proposed to be issued by Lawrence Warehouse Company, eligibility for rediscount to be published in FRBulletin 3/22 521 3/28 580 2/18 215 2/18 211 2/1 126 2/1 125 1/12 42 2/1 126 2/25 251 2/6 143 2/6 144 2/23 228 /29 3 590 1/25 89 2/6 141 3/16 461 2/16 201 17 Pages Counsel, General: (Continued) Memoranda of: (Continued) Conditions of membership for State banks and trust companies: Acquisition of bank stocks, revision of 2/9 Additional conditions prescribed 2/9 Congressional service furnished by Corporation Trust Co., renewal of subscription approved 3,/16 Loan under Michigan banking holiday, discussion of legal questions involved in 2/18 Savings and other noncommercial banks, question of policy in connection with admittance to FRSystem, raised by application of Lynchburg Trust and Savings Bank 3/25 (See also Membership in FRSystem) S. 320, changes incorporating suggestions of President in regard to 3/14 Drafts of proposed substitute bills 4/11 Draft of proposed provision requiring nonmember banks to comply with FRAct and FRBoard regulations 3/14 (See also Legislation) Thorne, Landon K., application to serve interlocking directorates approved 1,/17 Trust funds of national banks, collective investment of, to be published in FRBulletin Unified commercial banking system, opinion on constitutionality of legislation to be sent to Federal Advisory Council, referred to in annual report, published in FRBulletin and furnished to public 2/27 Reprint from FRBulletin to be arranged 3/17 Credits to foreign banks: (See Foreign banks) Crisis in banking: (See Banking crisis) Currency: Demands for, heavy, resulting in rapid dropping of reserve ratios 3/3 FRbank notes: (See FRbank notes) FRnotes: (See FRnotes) Gold coin and gold certificates: (See Gold) Payments by FRBanks extraordinarily large during past week, resulting in increase of margin 3/2 Payments at FRBanks reviewed 3/5 Position of FRBanks and domestic withdrawals discussed 2/27 Redemption of unfit, telegram to FRBanks on lowering standard of fitness until further advised Shipments of $1, $2, and $5 denominations, insurance fees on 2/28 Currency depots: Sacramento, Calif., established by FRBank of San Francisco at Capital National Bank 1/25 168 169 461 215 558 429 433 434 60 250 261 472 318 290 305 256 520 270 88 1 ) ,a7i8, Polk, Wardwell, Gardiner and Reed: (See FRBank of New York) "avison, George VI., present at meeting held in New York to discuss banking situation lle, -Lawure, legislation restricting withdrawal of deposits adopted ! ) ,ePartment of Interior: (See Indian Funds) uePartment of State: Gold held under earmark for foreign banks, proposed decisions and regulations to be discussed with representatives 3/2 3/2 292 290 3/20 490 Pages 18 Deposits: Accounts to be maintained separately for State officials in charge of State banks, policy and procedure outlined in response to inquiries from FRBanks Submitted informally to Messrs. Walden, Strater, Sinclair, Parker, and Dunn and approved Bank for International Settlements, by FRBank of New York, present status of deposit and future policy with regard to Terms, conditions and purposes of deposit discussed and letter to Governor Harrison approved Demand: Certificates of deposit payable within 30 daye, Form B-15, "Computation of Reserve to be Carried with the Federal Reserve Bank", to replace St. 6059 of Sec. 19 of FRAct, reply to FRAgent at requirements Reserve Minneapolis that they are subject to Special trust funds may be withdrawn free of restriction even though conservator has been appointed for national bank subsequent to deposit of, letter from President Hoover for views of guarantee Federal FRBoard on establishment of form of Reply to President Hoover that FRBoard is not prepared to recommend any form of guaranty of deposits President of the United States inclosing the Letter from draft of method for consideration of FRBoard Proposals discussed and Mr. Miller opposed to plan First State Bank, irkland, Texas, interest rate on guarantee deposits apparently restored Freezing of 85 per cent under direction of Commissioner of Banking and payment of 15 per cent contemplated by State member bank, reply to Governor of FRBank of Boston on Guaranty of time-deposit funds, opposed in proposed letter to Committee on Banking and Currency of Senate Indian funds secured by United States bonds should not be exempt from reserve requirements, views on bill proposed by Senator Gore Draft of letter to 1,1r. Ickes for signature of Secretary of Treasury reiterating opinion expressed by FRBoard payment of, sponsored in Pennsylvania by restrict to Legislation Governor Norris and Mr. :Jayne of FRBank of Philadelphia Governor Norris quoting resolution of from Telegram Pennsylvania Legislature Reserves against, rate of tax on deficiencies in Segregated funds, important that FRBanks cooperate with member banks by opening separate accounts to provide for deposit of Special accounts of funds in possession of conservators of member banks, letter from Secretary of Treasury as to handling by FRBanks "Special deposits-member bank" and "Special deposits-nonmember bank" to be included in consolidated press statement of condition of FRBanklo 3/28 578 3/28 579 1/19 69 3/20 491 2/23 229 3/12 404 3/16 458 3/1 282 3/2 287 3/2 3/3 299 319 2/6 145 /21 3 501 1/25 91 3/16 460 3/25 553 2/27 263. 2/28 3/7 264 344 3/3 305 3/28 580 3/16 459 19 Pages Deposits: (Continued) Trust: Delaware, established by legislation in FRBank of Philadelphia, to be held for both member and nonmember banks as balances Legislation being passed in various States to establish Michigan banks, under terms of extended holiday, may take new deposits as, without interest and trust deposit department to be opened New Jersey, established by legislation in Pennsylvania, established by legislation in Directors, FRBanks: FRBank of Atlanta: Newton, Oscar, salary as FRAgent Bond of Simon, Leon C., reelected Class B for three year term Ware, G. G., reelected Class A for three year term FRBank of Boston: Allen, Philip R., reelected Class B for three year term Curtiss, F. H., salary as FRAgent Frost, Edward J., elected Class B for unexpired term Ripley, Alfred L., reelected Class A for three year term FRBank of Chicago: Election of successor to Er. Reynolds, opening of polls set for March 6, 1933 Leavell, James R., elected as Class A for unexpired term of George M. Reynolds Noyes, Nicholas H., elected Class B for three year term Reynolds, George E., Class A, resignation accepted Schaller, George J., reelected Class A for three year term Stevens, E. M., salary as FRAgent FRBank of Cleveland: Burke, E. S., Jr., appointed Class C for unexpired term of Mr. Williams Announcement, time and method left to discretion of Mr. Williams Advice of oath of office and designation as deputy chairman Advice that announcement of appointment will be released to press today Crabbs, George D., reelected Class B for three year term DeCamp, George: (See FRAgents) Wardrop, Robert, reelected Class A for three year term Williams, L. B.: (See FRAgents) FRBank of Dallas: Middleton, John D., elected Class B for three year term Morris, Alf, elected Class A for three year term Walsh, C. C., salary as FRAgent FRBank of Kansas City: McClure, M. L., salary as FRAgent Mullaney, E. E., reelected Class A for three year term Phillips, L. E., reelected Class B for three year term FRBank of Minneapolis: Chapman, Joseph, proposed to succeed Mr. Mitchell Holmberg, Geo. C., proposed to succeed Mr. Mitchell and appointment tendered 3/2 290 3/2 3/3 290 304 2/23 231 3/2 290 3/2 290 1/25 101 1/12 30 02 34 1/12 34 1/12 1/25 02 02 34 94 34 33 2/6 136 3/21 1/12 2/6 1/12 1/25 498 34 136 34 103 3/11 416 3/14 416 3/15 442 07 466 1/12 34 02 33 1/12 1/12 1/25 34 34 107 1/25 106 02 34 34 1/12 2/18 213 2/18 213 20 Directors, FRBank: (Continued) FRBank of Minneapolis: (Continued) Kibbee, H. R., reelected Class A for three year term Proposed as successor to Mr. Mitchell McKennan, Samuel, proposed to succeed Mr. Mitchell Mitchell, John R., salary as FRAgent Advice of death of O'Connell, J. E., reelected Class B for three year term Report of Governor Meyer on meeting with Mr. O'Connell and his recommendation of Mr. Samuel McKennan to succeed Mr. Mitchell Peyton, John N., proposed to succeed Mr. Mitchell FRBank of New York: Case, J. H., salary as FRAgent Davison, George W., nominated to succeed Mr. WIggin as Class A Election to fill vacancies of Mr. Woodin and Mr. Wiggin to be held promptly Mills, Edward K., elected Class A for three year term Teagle, Walter C., elected Class B for three year term Watson, Thomas J., nominated to succeed Mr. Woodin as Class B Wiggin, Albert H., resignation as Class A accepted Woodin, W. H., election to be held to fill vacancy caused by resignation FRBank of Phildelphia: Austin, R. L., salary as FRAgent Sewall, Arthur Vi., reelected Class B for three year term Wayne, Joseph, Jr., reelected Class A for three year term Sponsor of bill in Pennsylvania to restrict payment of deposits FRBrInk of Richmond: Coker, David R., reelected Class B for three year term Hoxton, 1. W., salary as FRAgent Johnson, L. E., reelected Class A for three year term Reed, Charles C., elected Class B for unexpired term To resign as Chairman of the Board of Supervisors of Chesterfield County, Va., and continue as director, no objection FRBank of St. Louis: Lonsdale, John G., reelected Class A for three year term Sturdivant, M. P., reelected Class B for three year term Wood, John S., salary as FRAgent FRBank of San Francisco: Dohrmann, A. B. C., reelected Class B for three year term Fees and allowances for 1933 approved McNaghten, Malcolm, report of illness of Moore, Walton N., report of illness of Newton, Isaac B., salary as FRAgent Report of illness of Ramsey, Thomas H., reelected Class A for three yoar term Sproule, Viii., resignation as Class C accepted Welch, Andrew P., appointment as Class C for unexpired term of Mr. Sproule Directors, FRBranch banks: Baltimore: Leach, Hugh, salary as Managing Director Zimmerman, L. S., reappointed for three year term Pages 1/12 2/18 2/18 1/25 2/1 1/12 34 213 213 105 117 34 4/18 4/18 213 213 96 05 4/21 498 4/18 477 02 33 34 02 4/21 498 4/18 477 4/18 477 05 02 02 96 34 33 4/27 261 V12 3725 02 02 34 99 34 34 4/23 221 02 34 34 02 104 W25 1/12 1,/25 4/11 4/11 05 4/11 02 4/11 34 76 391 391 109 391 34 391 4/11 391 1/25 4/16 99 184 21 Pages Directors, FRBranch banks: (Continued) Birmingham: Crawford, W. W., reappointed for three year term Frye, J. h., salary as Managing Director Buffalo: Harriman, Lewis G., reappointed for three year term O'Hara, R. M., salary as Managing Director Charlotte: Clements, W. T., salary as Managing Director Cobb, C. L., reappointed for three year term Cincinnati: Davis, Thomas J., reappointed for three year term Manning, C. N., appointed for unexpired term McCombs, C. F., salary as Managing Director Denver: Olson, J. E., salary as Managing Director Swan, Henry, reappointed for three year term Detroit: Ballantyne, John, reappointed for three year term Cation, W. R., salary as Managing Director approved Mills, Wilson i., appointed for unexpired term El Paso: Bassett, C. N., appointed for unexpired term of E. M. Hurd Hermann, J. L., salary as Managing Director Jones, Arthur F., reappointed for three year term Helena: McKennan, Samuel, reappointed for two year term Towle, Robert E., salary as Managing Director Houston: Gentry, W. D., salary as Managing Director Meador, N. E., reappointed for three year term Jacksonville: Foster, Hugh, salary as Managing Director Lane, E. W., reappointed for three year term Little Rock: Bailey, A. F., salary as Managing Director Darragh, F. K., appointment approved for unexpired term of Mr. Murphy Murphy, Charles H., resignation accepted Wilson, Stuart, reappointed for three year term Los Angeles: Ambrose, W. N., salary as Managing Director Cruickshank, A. J., reappointed for two year term Louisville: Cobb, Wm. R., appointed for three year term Moore, John T., salary as Managing Director Memphis: Glasgow, W. H., salary as Managing Director Pope, Willis, appointed for throe year term Nashville: Bailey, C. 4., reappointed for three year term Fort, Joel B., Jr., salary as Managing Director New Orleans: Foote, F. W., reappointed for three year term Walker, Marcus, salary as Managing Director 2/16 1/25 184 100 2/16 1/25 184 95 1/25 2/16 99 184 2/16 2/16 1/25 184 184 97 1/23 2/16 105 185 2/16 1/25 2/16 184 102 184 3/28 1/25 2/16 576 107 185 2/16 1/25 185 104 1/25 2/16 107 135 1/25 2/16 100 184 1/25 104 2/16 2/16 2/16 182 182 184 1/25 2/16 108 135 2/16 1/25 184 103 1/25 2/16 103 185 2/16 1/25 184 100 2/16 1/25 184 100 22 Pages Directors, FRBranch banks: (Continued) Oklahoma City: 1/25 Daniel, C. E., salary as Managing Director 2/16 term year three for Ogden, H. h., reappointed Omaha: 2/16 Davis, T. L., reappointed for three year term 1/25 Director Earhart, L. H., salary as Managing Pittsburgh: 2/16 Coulter, Richard, appointed for three year term 1725 Nevin, J. C., salary as Managing Director Portland: 2/16 Smith, Richard S., reappointed for two year term 05 West, R. B., salary as Managing Director Salt Lake City: 2/16 Howard, E. O., reappointed for two year term 1/25 Director Partner, W. L., salary as Managing San Antonio: 1/25 Crump, M., salary as Managing Director 0.6 term year three for Groos, Franz C., reappointed Seattle: 2/16 Backus, M. F., reappointed for two year term 3125 Director Managing as salary Shaw, C. R., Spokane: 1/25 Davis, D. L., salary as Managing Director 2,/16 term year two Hardy, R. _.i., reappointed for Discount rates: (See Rates) District of Columbia: Banking situation in, proposed joint resolution giving Comptroller 2/27 of Currency temporary powers over banks Dividends: Bank of Montclair, N. J., FRAgent to discuss justification of further payments with State Commissioner of 1/6 Banking and Insurance 2/9 reduction recommended further Colonial Trust Co., Pittsburgh, Pa., to disY., FRAgent N. Utica, First Citizens Bank and Trust Co., cuss further payments with State Superintendent of 1,/6 Banks Y., advisaN. Aochester, Lincoln-Alliance Bank and Trust Co., bility of further reductions to be discussed with 3/21 Superintendent of Banks questioned payments further Maryland Trust Co., Baltimore, Md., 1/12 because of unsatisfactory condition analTexas, Dallas, Texas, of Company Mercantile Bank and Trust ysis of examination report, and question of continuing payment of dividends Northern New York Trust Co., Watertown, N. Y., question of reduc2/9 ing or eliminating dividends of of report analysis Mo., Louis, St. Northwestern Trust Co., examination, question of elimination of dividends 2/18 to conserve earnings of further reductions advisability N. Y., Peoples Bank of Hamburg, 3/22 to be discussed with Superintendent of Banks to open because payment question Me., Union Trust Co., Ellsworth, 1,/12 of unsatisfactory condition from telegram inclosing FRBoard to letter C., D. Dobbins, Congressman Mr. Weilepp urging that FRBanks make paper of building and loan associations eligible for rediscount 00 106 185 185 105 184 98 185 108 185 108 107 185 185 108 109 185 256 22 174 21 505 42 86 172 212 522 41 604 23 Pages Edinburgh Review: Reprint of article by Lord Macauley from issue of January, 1830, by FRAgent at Richmond not favored by FRBoard 2/1 liliergency Banking Act: (See Legislation) Emergency powers over national banks, proposed joint resolution giving to Comptroller of Currency Employees: FRBanks: (See FRBank of FRBoard: (See Staff of FRBoard) Europe, proposed trip by Governor Harrison not considered advisable by FRBoard 1/19 Reply of Governor Harrison that no definite decision on trip had been made by directors of FRBank 06 Examinations: American Trust and Savings Bank, Middletown, Ohio, analysis of report and question of obtaining financial 08 assistance from directors Atwater Savings Bank, Atwater, Ohio, unsatisfactory condition disclosed by report, action deferred 2/25 Badger State Bank, Milwaukee, Wis., credit investigation reveals features of condition subject to criticism 2/18 Bank of Baraboo, Wis., analysis of report showing need of financial aid and proposed method of obtaining 1/17 Bank of Commerce and Trust Co., Memphis, Tenn., letter to FRAgent on correcting criticized matters 1/17 Bank of Montclair, N. J., matters criticized in analysis of report 1/6 Bank of Nutley, N. J., report reveals stock of First National Bank and Franklin National Bank held, and stock of Nutley Mortgage and Title Co., also held by 3/21 Central Trust Co., Harrisburg, Pa., report discloses practice of selling mortgage certificates, to be requested to discontinue 3/19 Chase Bank, New York City, copies of reports of Mexico City and Paris branches forwarded to head office 1/12 Report of examination of, additional steps to be taken in connection with certain matters, to be brought 3/9 to attention of board of directors Citizens Bank and Trust Co., Middletown, Pa., contingent liability on mortgage participations revealed in report, advice requested 2/28 Colonial Trust Co., Pittsburgh, Pa., analysis of report discloses matters subject to criticism, question of further reduction in dividends and borrowings of directors, officers and employees 2/9 Continental Bank and Trust Co., New York, N. Y., analysis of report shows holding of own stock in investment 02 account Daly Bank and Trust Co., Anaconda, Mont., analysis of report shows need for additional contribution by stockholders 07 Drovers Trust and Savings Bank, Chicago, Ill., to be arranged in connection with application for membership 3/18 F1),Bank of Chicago, report showing waiver of substantial penalties for deficiencies in reserves, also irregularities at head office and Detroit Branch 1126 131 202 71 115 210 251 211 57 57 22 505 66 43 369 269 174 41 58 478 86 24 Pages Examinations: (Continued) FRBank of Philadelphia, letter to FRAgent on what action has been taken on recommendations of examiners 1/12 2/6 Action to meet recommendations of FRExaminers in report FRBank of St. Louis, special attention given to procedure in issue 2/24 and exchange of Government securities FRBanks: Compensation to be allowed employees of other FRBanks assisting examiners of FRBoard 2/23 Issue, redemption and exchange of Government securities, special report regarding 2/24 First Citizens Bank and Trust Co., Utica, N. Y., analysis of report, matters to be taken up with State Superintendent of Banks 31 /6 First Federal Foreign Banking Corporation, New York City, cost of 2/16 First State Bank, Kirkland, Texas, analysis of report discloses apparent restoration of interest rate on deposits 2/6 by directors as guarantee against losses Greenville Banking Co., Greenville, Ga., continued unsatisfactory 2/28 condition revealed in report Guardian Trust Co., Cleveland, Ohio, analysis of report showing badly extended condition 07 Holland City State Bank, Holland, Mich., estimated losses and other unsatisfactory features of condition, advice roquested 2/18 Jasper County Savings Bank, Newton, Iowa, unsatisfactory condition disclosed by 2/6 Lincoln-Alliance Bank and Trust Co., Rochester, N. Y., analysis of report, advisability of further reduction in dividends and request for information on criticized matters 3/21 Marine Midland Trust Co., New York City, analysis of report reveals mortgage participations sold and possible violation of membership condition 3/21 Marine Trust Co., Buffalo, N. Y., comment reserved regarding analysis of report until completion of new examination 2/1 Maryland Trust Co., Baltimore, Md., analysis of report showing unsatisfactory condition and question of further dividend payments to be discussed 1/12 Merchants and Newark Trust Co., Newark, N. J., syndicate arrangement revealed, involving stock of Firemens Insurance Co. and borrowings by J.S. Rippel and Co.,Inc.3/3 Metals Bank and Trust Co., Butte, Mont., unsatisfactory condition disclosed by analysis of report 06 Monroe County Bank, Brinkley, Ark., unsatisfactory condition revealed by analysis of report, advice requested 2/18 M & T Trust Co., Buffalo, N. Y., comment reserved regarding analysis of report until completion of new examination 2/1 Northern New York Trust Co., 'Watertown, N. Y., unsatisfactory features disclosed by analysis of report 2/9 Northwestern Trust Co., St. Louis, Mo., analysis of report, question of elimination of dividends to conserve earnings 08 44 150 236 222 236 21 198 145 270 56 211 143 505 504 125 42 312 197 212 125 172 212 25 Pages Examinations: (Continued) Oak Park Trust and Savings Bank, Oak Park, Ill., analysis of report discloses selling of real estate mortgages 2/23 Peoples Bank of Hamburg, N. Y., analysis of report, advisability of further reduction in dividends and request for information concerning Hamburg Finance Corp., etc. 3/22 Peoples Trust Co., Martinsburg, Vt.'. Va., criticized features of, additional Information requested 2/28 Petersburg Savings and American Trust Co., Petersburg, Va., analysis of report, additional information requested on criticized matters 1/12 Power City Trust Co., Niagara Falls, N. Y., analyses of latest reports meal that bank is engaged in sale of mortgage participations and holds own stock as security for loans through affiliated company 3/25 Provident Savings Bank and Trust Co., Cincinnati, Ohio, analysis of report reveals selling and issuing of mortgage bonds 2/9 Security State Bank and Trust Company of Ralls, Texas, analysis of report reveals desire to reduce capital, FRAgent instructed to oppose action 3/24 Security Trust and Savings Bank, Billings, Mont., affiliated Montana Co. assisting in carrying of bank stocks and real estate tracts and other unsatisfactory features considered 2/9 Somerville Trust Co., Somerville, Mass., criticism on depositsof savings department with FRBank and with a national bank 2/16 State Bank of Hoiles and sons, Greenville, Ill., analysis of report, request for advice on reduction in excess loans and other matters 3117 Sundance State Bank, Sundance, Wyo., analysis of report discloses unsatisfactory condition, action deferred 2/6 Syracuse Trust Co., Syracuse, N. Y., analysis of report, request for advice on criticized matters 1/17 Union Bank and Savings Co., Bellevue, Ohio, report showing unsatisfactory condition 1/6 tXaminers: FRBank: Compensation to be allowed in assisting examiners of FRBoard in examinations of other FRBanks 2/23 FRBank of Atlanta: Albertson, Ward, designated special examiner for 1933 1/12 Bowman, V. K., designated special examiner for 1933 1/12 Conniff, H. F., designated specie.] examiner for 1933 1/12 Harrison, H. N., designated special examiner for 1933 1/12 Honour, J. W., designated special examiner for 1933 1/12 Johns, W. S., designated special examiner for 1933 1/12 McCravey, J. R., Jr., designated assistant examiner for 1933 1/12 Paris, E. P., designated special examiner for 1933 1/12 Radford, R. A., designated examiner for 1933 1/12 Saarinen, A. a., temporary appointment approved 3/12 Walker, J. A., designated special examiner for 1933 1/12 FRBank of Boston: Brown, H. E., appointment for one month and salary 3/16 228 522 269 43 553 173 544 175 193 57 144 55 23 222 31 31 31 31 31 31 31 31 31 400 31 455 26 Examiners: (Continued) FRBank of Boston: (Continued) Hamel, P. B., appointment for one month and salary Hopkins, M. L., appointment for one month and salary Lamprey, H. S., appointment for one month and salary Marx', R. -J., appointment for one month and salary Noble, A. P., appoinLment for one month and salary Shatswell, A. I., appointment for one month and salary Shute, F. H., appointment for one month and salary FRBank of Chicago: Brain, D. E., appointed assistant examiner on temporary basis Brown, Boyd, temporary appointment and salary range Joseph, E. M., temporary appointment approved. Notice of appointment and salary Mauss, E. R., temporary appointment approved Notice of appointment and salary Patterson, B. K., temporary appointment approved Notice of appointment and salary Mason, A. L., temporary appointment arproved FRBank of Cleveland: Additional examiners needed, request of Mr. Williams to ecraplw and notify FRBoard by wire, approved FRBank of Dallas: Hamilton, E. E., temporary appointmcnt as assistant Jones, Will C., Jr., temporary appointment as assistant FRBank of Kansas City: Craven, Cornelius, temporary appointment as assistant Fann, R. P., temporary appointment as assistant McCarthy, J. I., temporary appointment as assistant Mills, L. F., appointment and salary Sandy, Charles E., temporary appointment as assistant FRBank of Richmond: Eubank, P. H., temporary appointment and salary Increase in salary Macon, J. Madison, temporary appointment and salary Malcolm, i. H., Jr., temporary appointment and salary as assistant Register, Charles E., temporary appointment and salary Short, R. T., temporary appointment and salary Smart, R. h., authorized to assist in examinations of State banks St. Louis: FRBank of Chapman, Wm. A., appointment and salary Hombs, Walter A., appointment and salary Norris, John B., appointment and salary Willard, Ferne E., appointment and salary FRBank of San Francisco: McBride, E. B., temporary appointment and salary Snow, G. A., temporary appointment as Acting Assistant FRAgent at Portland S. L., temporary appointment and salary Stewart, Weigand, Charles P., temporary appointment and salary FRBoard: Cagle, Clifford E., appointment as FRExaminer and salary Chamberlin, R. B., designated FRExaminer, no increase in salary Pages 3/16 3/16 3/16 3/16 3/16 3/16 3/16 455 455 455 455 455 455 455 3/23 531 3/16 456 3/16 456 3/23 531 3/16 456 3/23 531 3/16 456 3/23 531 3/16 456 3/20 482 3/11 3/11 392 393 3/11 3/11 3/11 3/16 3/11 392 392 392 456 392 3/14 419 3/29 589 3/14 419 3/15 3/14 3/29 444 419 589 3/14 419 3/20 486 3/14 418 3/11 392 3/20 486 3/22 519 3/7 3/23 3/23 350 531 531 1/25 74 3/14 418 1 27 Pages Examiners: (Continued) FRBoard: (Continued) Drinnen, F. J., additional leave of absence approved King, Herman C., appointment and salary as Assistant FRExaminer Koppang, H. O., designated FRExaminer, no increase in salary Leonard R. F., salary fixed in consideration of additional duties Nelson, Fred A., appointment and salary as FRExaminer Paulger, Leo H.: Functions of Assistant FRAgents at branches, to make study of Investigation of irregularities in Fiscal Agency Department of FRBank of Chicago to be made by Wurfel, Eric, appointment and salary as FRExaminer Resignation accepted National bank: Instructions regarding procedure in reopening of national banks, discussed by Mr. Await Interpretation of rulings regarding collective investment of trust funds by national banks Salaries: Betz, Paul T. Fitzgerald, George J. French, H. S. Hoover, Paul E. Hopkins, Raby L. Poole, Clifton A. Sedlacek, L. H. Williams, Thomas M. Executive order, declaring national banking holiday, draft prepared in office of General Counsel considered Form in which it was sent to President of United States for his consideration Proclamation declaring nation-wide banking holiday from Ylarch 6 to 9, copy of ElzPense reports: FRBank of New York, item apparently for gifts, advise discontinuance of practice 2/6 136 3/7 348 3/14 418 3/26 3/7 1/4 115 347 6 3126 1/6 2/1 113 19 119 3/11 393 2/1 132 05 2/28 2/16 3/25 3/28 3/16 2/18 2/6 77 266 185 552 577 455 206 137 3/3 323. 3/4 332 3/5 339 3/3 313 4/16 4/16 183 183 1/19 2/16 64 183 1/25 4/16 4/16 1/19 109 183 183 183 69 2/27 261 ”Fte Federal Advisory Council: Bruce, Howard, reappointed by FRBank of Richmond Davison, George r4., appointed by FRBank of New York Frost, J. H., reappointed by FRBank of Dallas and allowance for each meeting attended approved Advice of reappoinLment received Loeb, Howard A., compensation as member representing FRBank of Philadelphia Advice of reappoinUftent received McEldowney, H. C., appointed by FRBank of Cleveland McLucas, Walter S., reappointed by FRBank of Kansas City Meeting to be held on Feb. 21, list of topics requested Opinion of Counsel on constitutionality of legislation for unified connercial banking system to be sent to 2/16 Pages 28 Federal Advisory Council: (Continued) Ottley, John K., reappointed by FRBank of Atlanta Recommendation to file Reconstruction Finance Corporation loans with President and appropriate congressional committees and not publish names of borrowing institutions Rieman, Charles E., reappointed alternate by FRBank of Richmond Robinson, Henry M., reappointed by FRBank of San Francisco and compensation fixed Advice of reappointment received Smith, Solomon A., appointed alternate by FRBank of Chicago Smith, Walter 14., compensation as member, representing FiBank of St. Louis Advice of reappointment received Steele, Thomas M., reappointed by FRBank of Boston Traylor, Melvin A., reappointed by FRBank of Chicago Wold, Theodore, reappointed by FRBank of idinneapolis Woodson, W. ;4., appointed alternate by FRBank of Dallas Advice of appointment received Federal home Loan Banks, collection of checks by non-par banks for account of, practices of Federal Land Banks should be followed FRAgents: Assistant: Acting Assistant FRAgents at branch banks, letter to FRAgents calling attention to plans for appointing, referring to recent appointment of T. H. Broadus at New Orleans Albertson, Ward, salary at FRBank of Atlanta Allen, G. Id., appointed Acting at El Paso Branch and to resign as branch auditor Bond approved Anderson, J. B., salary at FRBank of Cleveland Bailey, F. Id., salary at FRBank of Minneapolis Bomron, Thomas, temporary appointment and salary as Acting at Birmingham Branch Bond of Branches of FRBank of Dallas, change in personnel classification plans to provide for Acting Broadus, T. H., temporary appointment, and salary as Acting at New Orleans Branch Bond of Letter to Mr. Newton on appointment of someone connected with bank Clark, J. C., Jr., temporary appointment as Acting at Oklahoma City approved Bond of Davis, Maclin P., temporary appointment and salary as Acting at Nashville Branch Bond of Diercks, W. R., appointment at Detroit Branch subject to conditions Appointment impracticable Dillistin, w. R., salary at FRBank of New York Downs, H. S., salary at FRBank of New York Evans, Howard, appointment and salary at FRBank of Cleveland Bond of 4/16 183 2/23 2/16 220 183 1/25 4/16 2/16 76 184 183 1/25 4/16 2/16 4/16 4/16 1/19 /16 109 183 183 183 183 64 183 316 26 4/23 1/25 221 101 1/4 1725 1/25 3/25 5 76 98 105 4/7 4/9 348 368 4/2 293 19 2/ 449 159 159 4/23 222 4/2 4/13 292 408 4/7 4/23 348 532 4/1 4/16 1/25 05 4/13 4/18 118 180 96 96 408 476 29 Pages FRAgents: (Continued) Assistant: (Continued) Evans, W. J., salary at FRBank of Dallas 1/25 Fletcher, W. if., salary at FRBank of Cleveland 1/25 Fry, J. G., salary at FRBank of Richmond 1/25 Functions at branches, especially in connection with issuance and retirement of FRnotes, etc., study to be made by Mr. Paulger 1/4 Gettamy, C. F., salary at FRBank of Boston 1/25 Goldschmid, J. P., temporary appointment and salary as Acting at Little Rock Branch 3/7 Bond of 03 Gowland, C. P., appointed Acting at San Antonio Branch and to resign as branch auditor 1/4 Bond approved 1/25 Hall, C. C., salary at FRBank of Dallas 1/25 Hill, E. C., salary at FRBank of Philadelphia 1/25 Jones, Judd 1)1%, temporary appointment as Acting at Denver approved conditionally 3/2 Bond of 3/13 Lawhon, D. S., appointed Acting at Houston Branch and to resign as branch auditor 3/4 Bond approved 1/25 Maguire, F. P., absent from head office of FRBank of St. Louis in connection with examination of State banks applying for membership 02 Martin, John H., appointment, salary and expenses as Acting 2/16 at Detroit 2/16 Bond of McAdams, A. M., salary at FRBank of Kansas City 1/25 McCravey, J. R., Jr., temporary appointment as Acting at Havana Agency and salary 3/7 01 Bond of McRae, William D., appointment and salary at FRBank of Boston 3/13 Bond of 3 /23 Moore, L. A.., temporary appointment and salary as Acting at Louisville Branch approved 3/7 Bond of 03 Mosher, C. L., salary at FRBank of Minneapolis 1/25 Newton, Burkett D., temporary appointment as Acting at Los Angeles Branch disapproved because of relation0 ship to FRAgent at San Francisco Parker, Frank S., temporary appointment as Acting at FRBank of St. Louis, approved conditionally 3/12 Bond of 08 Plans for appointment at branch banks 03 Post, Arthur E.: Extemporaneous talks made in October, reply to FRAgent on what should be reported 07 Salary at FRBank of Philadelphia 1/25 Prugh, G. A., salary at FRBank of Chicago 1/25 Roelse, Harold V., appointment as Acting at FRBank of New York at no increase in salary 3/18 Bond of 3/23 107 98 99 6 94 349 408 5 76 107 97 292 408 5 76 401 180 181 106 351 392 408 532 349 408 105 350 401 476 221 61 97 103 475 532 30 Pages FRAgents: (Continued) Assistant: (Continued) Sanders, T. Gordon, temporary appointment as Acting at Omaha 292 approved conditionally 3/2 3/13 408 Bond of 1/25 109 Sargent, S. G., salary at FRBank of San Francisco at and Acting as salary appointment Saussy, Fulton, temporary 348 3/7 Jacksonville Branch 368 3/9 Bond of Snow, G. A., temporary appointment as Acting at Portland Branch with authority to act in same capacity 350 3/7 at Seattle and Spokane Branches 3/13 408 Bond of 1/25 104 Stewart, C. M., salary at FRBank of St. Louis and as appointment salary Swengel, Henry D., temporary 351 3/7 Acting at Los Angeles Branch 408 3/13 Bond of Walker, L. T., temporary appointment and salary as Acting at 349 3/7 Memphis Branch approved 408 3/13 Bond of 1/25 109 Wheeler, O. P., salary at FRBank of San Francisco 1/25 103 Young, C. S., salary at FRBank of Chicago 97 1/25 Austin, R. L., salary at FRBank of Philadelphia 96 New at of 25 / York 1 salary FRBank H., J. Case, Chapman, Joseph, proposed to succeed Mr. Mitchell at FRBank of 2/18 213 Minneapolis Cooperation with supervising authorities in reorganization of national banks, telegram advising that FRBoard 3/16 454 feels it desirable Boston 94 of /25 1 FRBank at salary Curtiss, F. H., Cleveland 98 3125 of FRBank at DeCamp, George, salary 131 2/1 New bond not necessary 244 2/25 successor discussed Appointment of Advisability of accepting resignation at present and appointment of Mr. Williams, continuation of services to 3/13 406 be discussed with latter Resignation accepted, no objection to employment as Assistant 3/14 416 to Chairman from March 15 to May 31 Holmberg, Geo. C., proposed to succeed Mr. Mitchell at FRBank of 2/18 213 Minneapolis, appointment tendered 1/25 99 Hoxton, W. -4., salary at FRBank of Richmond Kibbee, H. R., proposed to succeed Mr. Mitchell at FRBank of 08 213 Minneapolis 1/25 106 McClure, M. L., salary at FRBank of Kansas City McKennan, Samuel, proposed to succeed Mr. Mitchell at FRBank of 2/18 213 Minneapolis 1/25 105 Mitchell, John R., salary at FRBank of Minneapolis 117 2/1 of Advice of death Newton, Isaac B., salary at FRBank of San Francisco 3/25 109 3/11 391 Report of illness of Newton, Oscar, FRBank of Atlanta: 1/12 30 Bond of 33 Salary, letter on reduction in 1/12 1/25 101 Salary approved Peyton, John N., proposed to succeed Mr. Mitchell at FRBank of 2/18 213 Minneapolis 31 Pages FRAgents: (Continued) Stevens, E. M., salary at FRBank of Chicago Walsh, C. C., salary at FRBank of Dallas Williams, L. B.: AppoinLment tendered at FRBank of Cleveland to succeed Mr. DeCamp Appointment to succeed Mr. DeCamp and continuation of services of 1.1r. DeCamp after resignation to be discussed with Appointment and salary and recommendation of E. S. Burke, Jr., for unexpired term as director Announcement, time and method left to discretion of Advice of oath of office and recommendation that Mr. Burke be designated deputy chairman Advice that announcement of appointment will be released to press today Expression of appreciation at appointment Bond of Review of recent banking developments in Cleveland and proposed moratorium plan for State Wood, John S., salary at FRBank of St. Louis FRbank notes: Collateral for, difficulty at MBank of New York holding other than Government obligations for FRBank of Dallas, question of change in power of attorney, held unnecessary Custody of, Mr. W. J. Rowan designated vault clerk in connection with and in addition to other duties Issue, redemption, retirement, etc., proposed confidential regulation to be issued by Secretary of Treasury approved Letter from Mr. Ballantine transmitting copy of confidential regulations governing Legislation proposed to meet Treasury deficit by issuing long term, low interest bonds against which FRBanks could issue, opposed attorney to FRBank of New York in pledging Government Power of securities against Printing orders, FRAgents advised to review in light of return of currency and to notify FRBoard of any revision desired Printing program, suggestion of ijr. Smead, outline of number printed and need for, request for letter to FRBanks expressing opinion that notes are to be treated as temporary currency Review by Mr. Smead of situation on completion of work now in process and suggestion that such work be completed and printing of additional for FRBank of Atlanta approved "Redemption fund-F.R. Bank Notes" and "F.R. Bank notes in actual circulation" items to be inserted in consolidated statement of condition of FRBanks and code words to designate in Cond mires Security, paper acquired under S. 320, no provision as securityfo4 amendment to be prepared incorporating provision 3125 1/25 103 107 2/25 244 3/13 406 4/14 W14 416 416 4/15 442 4/17 4/21 4/18 466 497 476 2/23 1/25 232 104 3/21 502 4/11 390 W11 387 34/12 405 3/1 280 4/13 411 4/18 479 4/21 495 3/30 612 3/16 459 4/14 428 32 Pages FRbank notes: (Continued) Security: (Continued) Substitute plan proposed involving eligibility of Reconstruction Finance Corporation obligations for purchase 4/14 by FRBanks or as security for Acting Assistant FRAgents unissued to Assistant and Shipment of at branches not deemed necessary and to be 4/17 shipped as issued notes if needed FRBank of Atlanta: Directors: (See Directors) FRbank notes, approval of printing of additional for probable 4/30 needs in making 10(b) loans Knoxville, Tenn., limited banking facilities in, and plan mhereby some of larger notes pledged as security for advances by FRBank to East Tennessee National Bank at Knoxville may be converted into direct loans, 4/30 report of Ar. James on Rates: (See Rates) Salaries of officers and employees, previous action rescinded by directors and new plan of reductions submitted and 02 approved Salaries of officers and employees approved subject to 1/25 reduction Staff: 1/12 Albertson, Ward, designated special examiner for 1933 1/12 Salary as Assistant FRAgent, proposed reduction in 1/25 Salary approved 7125 Beavers, P. L. T., salary as Assistant Cashier approved 05 Bell, M. L, salary as Cashier approved 1/25 Black, E. R., salary as Governor approved Present at meeting in Washington to consider use of clearing house certificates 0 02 Boman, V. K., designated special examiner for 1933 Assistant Cashier approved 3/25 as Salary 1/25 Camp, C. R., salary as Assistant Cashier approved 1/25 Clark, L. M., salary as Assistant Cashier approved 1/12 Conniff, H. F., designated special examiner for 1933 3125 Salary as Deputy Governor approved 1/12 Harrison, H. N., designated special examiner for 1933 02 Honour, J. Welsby, designated special examiner for 1933 1/25 Salary as Assistant Auditor approved 02 Johns, W. S., designated special examiner for 1933 05 Salary as Deputy Governor approved 1/12 McCravey, J. R., Jr., designated assistant examiner for 1933 1/25 McLarin, W. S., Jr., salary as Assistant Deputy Governor Newton, Oscar, FRAgent: 02 Bond of 1/12 Salary, letter from Dr. Newton on reduction in 3125 Salary approved 02 Paris, E. P., designated special examiner for 1933 1/25 Salary as General Auditor approved Parker, Robert S., retainer as Counsel and allowance for 1/25 stenographer approved 02 Radford, R. A., designated examiner for 1933 4/12 Saariren, A. ;I., temporary appointment as examiner approved 1/25 Schuessler, S. P., salary as Assistant Cashier approved 432 471 612 613 33 99 31 33 101 100 100 100 282 31 100 100 100 31 100 31 31 100 31 100 31 100 30 33 101 31 100 100 31 400 100 33 Pages FRBank of Atlanta: (Continued) Staff: (Continued) Sims, R. A., salary as Assistant Cashier approved 1/25 Walker, J. A., designated special examiner for 1933 1/12 Stock: (See Stock) FRBank of Boston: Conservator, appointment by State authorities under proposed law for member bank not licensed to reopen, operation under Ant of March 9 and retention of membership 3/21 Directors: (See Directors) Freezing of 65 per cent of deposits and payment of 15 per cent by State member bank, questions to be considered by FRBanks in relations with 3/21 Purchase of bankers acceptances under Board's order, consideration of, reported by Governor Meyer 3/8 Rates: (See Rates) Salarios of officers and employees approved subject to reduction 1/25 Staff: Brown, h. E., appointed examiner for one month and salary 3/16 Carrick, Krickel K., salary as Secretary approved 1/25 Currier, H. F., salary as Auditor approved 1/25 Curtiss, F. H., salary as FRAgent approved 1/25 Employees assisting in examinations at other banks, schedule of compensation and billing procedure 2/23 Gettemy, C. F., salary as Assistant FRAgent approved 1/25 Hamel, P. B., appointed examiner for one month and salary 3/16 Hopkins, M. L., appointed examiner for one month and salary 3/16 Eult, Ellis G., salary as Assistant Cashier approved 1125 Ketchum, Phillips, retainer as Counsel approved 3125 Lamprey, H. S., appointed examiner for one month and salary 3/16 Leavitt, Ernest M., salary as Assistant Cashier approved 1/25 Marr, R. W., appointed examiner for one month and salary 3/16 McRae, William D., appointment and salary as Assistant FRAgent 3/13 Bond of 03 Noble, A. P., appointed examiner for one month and salary 3/16 Paddock, William W., salary as Deputy Governor approved 1/25 Pitman, Carl B., salary as Assistant Cashier approved 1/25 Shafxwell, A. I., appointed examiner for one month and salary 3/16 Shute, F. H., appointed examiner for one month and salary 3/16 Sweetser, L. VT., salary as Assistant Cashier approved 1/25 Willett, William, salary as Cashier approved 1/25 Young, R. A., salary as Governor approved 1/25 Stock: (See Stock) Transfer of funds by wire for account of First ilational Bank of Boston to FRBank of Atlanta for payment through Havana Agency, question of compliance of transaction with regulations 3/15 FRBank of Chicago: Assistance to FRBank of New York to meet withdrawal of funds by taking over of holdings of Government securities advocated 3/1 Collateral held for Reconstruction Finance Corporation, discrepancy in 3/3 100 31 500 501 366 93 455 94 94 94 222 91 455 455 94 94 455 94 455 408 532 455 94 94 455 455 94 94 94 444 281 314 Pages 34 FRBank of Chicago: (Continued) Conditions in district and opinion of Governor McDougal it has done all it can in assisting FRBank of New York and other FRBanks Directors: (See Directors) Exarination report, waiver of substantial penalties for deficiencies in reserves, and reported irregularities at head office and Detroit Branch Gold demands being made by banks in Chicago Statement of Mr. Stevens on demands already made and those anticipated Statement of Mr. McKay on demands and on redeeming FRnotes Illinois banking holiday, FRBank to close during Irregularities in fiscal agency department in connection with issue, exchange and redemption of Government securities: Participation in profits through manipulation of Government securities by D. A. Jones, Assistant Deputy Governor, with a junior officer of the ContinentalIllinois National Bank and Trust Company of Chicago, resignation requested Results of investigation discussed by Mr. Mills Summary of detailed report of investigation in connection with, motion of Yr. Hamlin that natter he referred to Department of Justice, action deferred Summary of report discussed and motion of Mr. Hamlin to refer to counsel for recommendation approved Mr. McDougal or Mr. McKay and perhaps Mr. James Simpson to be requested to meet with FRBoard Advice that Governor LicDougal will be unable to attend meeting and that Mr. McKay will attend Meeting with Deputy Governor McKay to be reported by stenographer Testimony of Mr. McKay Mr. McKay to remain in Washington to review his statement and correct any errors Margin in pledging Government securities against FRnotes exceeded, no immediate readjustment to be made Michigan banking holiday, effect of Legal questions concerning conditions of loans to national banks under Michigan banking holiday Purchase of Government securities from member banks where helpful under Michigan banking holiday 1/12 31, Personnel classification plan, changes approved Rates: (See Rates) Rediscount for FRBank of New York, amount apportioned to Report of Governor Meyer an decision of FRBank Resolution urging presidential declaration of national banking holiday Safekeeping of securities for corporations and individuals not warranted Salaries of officers and employees reduced five per cent and previous action on share-the--work plan rescinded, January 15 payments to be made on this basis and action to be taken later Salaries approved subject to reduction 3/3 305 1/25 3,/3 87 327 4/4 3/4 3/4 334 335 336 1/25 2/24 113 236 3/27 567 3/26 580 3/23 562 3/26 583 3/29 3/30 596 599 3/30 599 2/18 2/16 214 201 08 215 q/b 231 137 3/7 3/8 342 366 3,/3 327 3,/3 313 1/12 1/25 46 101 2/23 35 Pages FRBank of Chicago: (Continued) Share-the-mrk plan, previous action rescirded and salaries to be reduced five per cent Letter from FRAgent on rescinded action Staff: Bachman, 14. C., salary as Assistant Deputy Governor Bateman, F., salary as Manager Securities Department approved Brann, D. B., appointed assistant examiner on temporary basis Brown, Boyd, temporary appoinLment and salary as examiner Burgess, F. R., salary as General Auditor approved Callahan, J. C., salary as Manager Member Bank Accounts Dept. Coulter, R. E., salary as Manager Cash Custody Dept., approved Dazey, A. W., salary as Manager Investment Dept., approved Delaney, E. A., salary as Assistant Deputy Governor approved Dillard, J. H., salary as Deputy Governor approved Fischer, I., salary as Manager Check Dept.. approved Hargreaves, R. J., salary as Manager Personnel Dept., approved Hopkins, W. A., salary as Assistant Auditor approved Jones, D. A., salary as Assistant Deputy Governor approved Resignation requested (See supra Irregularities) Joseph, E. M., temporary appointment and salary as examiner Notice of appointment and salary Lindsten, F. A., salary as Manager of Disbursing Dept. Lauss, E. R., temporary appointment and salary as examiner Notice of appointment and salary McDougal, J. B., salary as Governor approved McKay, C. R.: Advance to new bank taking over assets and liabilities of national bank, discussion with General Counsel of FRBoard Meeting with FRBoard on March 3 in connection with irregularities at FRBank arranged Present at meeting and stenographic transcript made of statements Salary as Deputy Governor approved Meyer, Carl: Advance to new bank taking over assets and liabilities of national bank, discussion with General Counsel of FRBoard Salary as Counsel a pproved Meyer, L. G., salary as Manager Service Dept., approved Netterstrom, 0. J., salary as Assistant Deputy Governor Olson, A. L., salary as Manager Loans and Assistant Secretary Patterson, B. K., temporary appointment and salary range as examiner Notice of appointment and salary Pavey, L. G., salary as Manager Collection Dept., approved Pett, h. G., salary as Manager, Division Ltesearch and Statistics Preston, Howard P., appointment and salary as Deputy Governor approved by executive committee of bank, FRBoard will approve on recommendation of board of directors Notice of election as Deputy Governor and salary 1/12 1125 46 102 1/25 1/25 3/23 3/16 1/25 1/25 1125 3/25 1,/25 1,725 05 05 1125 1/25 1,/26 101 101 531 456 102 101 101 102 101 101 102 102 102 101 113 3/16 456 3,/23 531 1/25 102 3/16 456 3/23 533 05 101 2/18 215 34/28 583 3/30 1/25 599 101 08 215 1/25 102 1/25 102 1125 101 1/25 102 3/16 3/23 1/25 456 531 102 1/25 103 34/18 3/27 471 572 Pages 36 FRBank of Chicago: (Continued) Staff: (Continued) Prugh, G. A., salary as Assistant FRAgent approved Purrington, F. L., salary as Manager Discount Dept., approved Roberts, J. G., salary as Manager Cash Dept., approved Stevens, E. M., salary as FRAgent approved Turner, W. W., salary as Manager Loans approved Young, C. S., salary as Assistant FRAgent Wilson, A. L., temporary appointment and salary range as examiner Stock: (See Stock) _ Tax anticipation notes: City of Chicago and County of Cook, subscription in amount to be applied to bank's real estate tax, request for permission to purchase Detroit, held by First -Jayne National Bank, Detroit, Mich., request for assistance from FRBank FRBank of Cleveland: Banking situation in Cleveland reported quiet and reserve position of FRBank reported stronger than expected Directors: (See Directors) Interdistrict time schedule, desire to suspend Michigan banking holiday, effect of Purchase of bankers acceptances under FRBoard order, consideration reported by Governor Meyer Rates: (See Rates) Salaries of officers and employees approved subject to reduction according to share-the-work plan Staff: Anderson, J. B., salary as Assistant FRAgent approved Arnold, C. I4., salary as Assistant Cashier approved Bickford, C. L., salary as Assistant Cashier approved Carter, E. A., appointment and salary as Assistant Cashier Clouser, D. B., salary as Assistant Cashier approved DeCamp, George, salary as FRAgent approved New bond not necessary Appointment of successor discussed Advisability of accepting resignation at once and appointing :dlr. Williams as FRAgent, to be discussed with latter Resignation, no objection to employment as Assistant to Chairman from March 15 to May 31 and salary fixed Employees assisting in examinations at other banks, schedule of compensation Evans, Howard, appointment and salary as Assistant FRAgent Bond of Examiners, advice from Mr. Williams of need for, with request for authority to employ additional and notify FRBoard by wire, approved Fancher, E. R., salary as Governor approved Fleming, M. J., salary as Deputy Governor approved Fletcher, W. H., salary as Assistant FRAgent approved Grayson, F. V., salary as Auditor approved Squire, Sanders & Dempsey, retainer as Counsel approved Strater, H. i., salary as Cashier-Secretary approved Called to Washington to consider procedure to use in proposed issue of clearing house certificates 1/25 1/25 1/25 1/25 1/25 1/25 103 102 102 103 102 103 3/16 456 3/7 355 2/18 216 3/2 289 2/26 2/16 264 201 3/8 366 1/25 97 1/25 1/25 1/25 3,/,16 1,725 3/25 2/1 2/25 98 97 97 454 97 98 131 244 3/13 406 04 416 2/23 3/13 3,(18 222 408 476 3/20 1/25 1/25 1/25 1/25 1/25 1/25 482 97 97 98 97 98 97 2/28 265 37 Pages FRBank of Cleveland: (Continued) Staff: (Continued) Strater: (Continued) Clearing house certificate procedure: (Continued) Letter to FRAgents inclosing memoranda on use of certificates Taylor, W. 2., salary as Assistant Cashier approved Wagner, George H., salary as Assistant Cashier approved Williams, L. B., appointment as FRAgent tendered to succeed Mr. DeCamp Proposed appointment as FRAgent and continuation of services of Mr. DeCamp to be discussed with Appointment and salary and recommendation that E. S. Burke, Jr., be appointed for unexpired term as director Announcement of appointment, time and method left to discretion of Advice of oath of office and recommendation of designation of Mr. Burke as deputy chairman Advice that announcement of appointment will be released to press today Bond of Expression of appreciation at appointment Zurlinden, F. J., salary as Deputy Governor approved Stock: (See Stock) FRBank of Dallas: Collateral for FRbank notes, difficulty at FRBank of New York of holding other than Government obligations as, change in power of attorney not necessary Directors: (See Directors) Earmarking of gold for member bank not justified Examination of, special attention to transactions in Government securities Personnel classification plan: Change to provide salary range for special representatives in insolvent banks department suggested Changes to provide salary ranges for five positions and discontinuance of one Protest by Board of Directors against enactment of S. 320, telegram to FRBoard requesting advice on such action Reply of FRBoard that proposed action is not advisable Rates: (See Rates) Salaries of officers and employees approved subject to reduction according to the share-the-work plan Staff: Austin, E. B., salary as Assistant Cashier approved Clarke, d. P., salary as General Auditor approved Coleman, R. B., salary as Deputy Governor approved Evans, W. J., salary as Assistant FRAgent approved Ford, d. 0., salary as Assistant Deputy Governor approved Gilbert, R. R., salary as Deputy Governor approved Hall, C. C., salary as assistant FRAgent approved Hamilton, E. E., temporary appointment as assistant examiner Harris, Fred, salary as Cashier approved Huff, Chas. C., retainer as Counsel approved 3/1 279 97 1/25 05 97 2/25 214 3/13 406 3/14 416 3,/14 416 3/15 442 07 466 08 476 3/21 497 97 3/25 3/21 502 2,/13 216 4/21 236 2/9 160 3,/18 477 3/16 446 448 3/25 106 1,/25 3/25 3125 05 1/25 3725 1/25 3/11 1/25 3/25 107 107 106 107 106 106 107 392 106 107 38 Pages FRBank of Dallas: (Continued) Staff: (Continued) Jones, All C., Jr., temporary appointment as assistant 3/11 examiner 1/25 Locke, Locke, Stroud and Randolph, retainer as Counsel /25 1 approved Governor as salary A., B. McKinney, in representative special as approved C. salary B., ljendel, 7/25 insolvent banks department 1/25 approved Cashier Assistant as salary G., L. Pondrom, Richardson, G. K., salary as special representative in 2/9 insolvent brnks department 1/25 approved Auditor Assistant as salary C., C. True, 1/25 Walsh, C. C., salary as FRAgent approved 3/25 approved Cashier Assistant as salary 0., Webb, R. Stock: (See Stock) Vault space, lease by State Treasurer of Texas for limited 3/17 period, no objection FRBank of Kansas City: Advances to individuals, etc., under Sec. 13 of FRAct as amended, margin on loans under, not necessary to be 04 equivalent to par value of obligations Capital requirement for membership in FRSystem, FRAgent should submit opinion with application as to increase to amount required for organization of national bank 3/17 Directors: (See Directors) Gold coin and gold certificates held in custody at branches, no 2/16 objection to arrangement Government securities purchased under repurchase agreement to be 3/3 used as collateral for FRnotes by new for position provide to change plan, classification Personnel of "clerk-typist" in failed banks-rediscount 3/2 department Rates: (See Rates) Runs on banks in Kansas City resulted in currency, discount and accounting departments of FRBank being unable to 3/7 keep pace with demands 1/25 Salaries of officers and employees approved subject to reduction Staff: 1/25 Barley, G. E., salary as Assistant Cashier approved Craven, Cornelius, temporary appointment as assistant examiner 3/11 3/11 Fann, R. P., temporary appointment as assistant examiner I/25 Hamilton, Geo. H., salary as Governor approved 05 Helm, J. 1W., salary as Deputy Governor and Cashier approved 1/25 Leedy, H. G., salary as Counsel approved 1/25 McAdams, A. M., salary as Assistant FRAgent approved 1/25 McClure, M. L., salary as FRAgent approved McCarthy, J. L., designated to assist in credit investigation 1,/25 of member bank 3/11 Temporary appointment as assistant examiner 3/16 Mills, L. F., appointment and salary as examiner Oberwortmann, 1\1. R., salary as Assistant Cashier and Examiner 1/25 1/25 Park, M.W.E., salary as Assistant Cashier approved 1/25 Phillips, John, Jr., salary as Assistant Cashier approved 1/25 Pipkin, Geo. H., salary as Assistant Cashier approved Sandy, Charles E., temporary appointment as assistant examiner 3/11 3/25 Tyner, E. P., salary as Assistant Cashier approved 393 107 106 75 107 159 107 107 107 468 420 470 199 311 293 353 105 105 392 392 105 105 105 106 106 75 392 456 105 105 105 105 392 105 39 Pages MBank of Kansas City: (Continued) Staff: (Continued) lUrdell,S. A., salary as Auditor approved Worthington, C. A.., salary as Deputy Governor approved Stock: (See Stock) Statement of weekly reporting member banks of district, request for permission to release to press not approved but FRAgent may use figures in monthly review Traders Gate City National Bank of Kansas City, advance under Sec. 10(b) of FRAct approved, but attention called to fact that FRBoard is prepared to give prompt consideration to applications for loans 'RBank of Minneapolis: Cargill Elevator Co., eligibility of acceptances based on warehouse receipts of, advice to secure ruling of awn counsel and if necessary transmit all facts to FRBoard for ruling Directors: (See Directors) fiotes secured by veterans' adjusted service certificates, request by First National Bank of St. Paul, Minn., that FRBank take over overdue Payroll accounts, question of continuance of payment by banks not licensed to reopen Rates: (See Rates) Salaries of officers and employees approved Staff: Bailey, F. M., salary as Assistant FRAgent approved Chapman, Joseph, proposed to succeed Mr. Mitchell as FRAgent Core, Harold C., salary as Assistant Cashier approved Dunlop, Frank C., salary as Controller approved Geery, William B., salary as Governor approved Holmberg, Geo. C., appointment tendered as FRAgent to succeed Mr. Mitchell Kibbee, H. R., proposed to succeed Mr. Mitchell as FRAgent Larson, Arthur R., salary as Assistant Cashier approved McKennan, Samuel, proposed to succeed Mr. Mitchell as FRAgent Mitchell, John R., salary as FRAgent approved Death reported Mosher, C. L., salary as Assistant FRAgent approved Peterson, Wm. E., salary as Assistant Cashier approved Peyton, John N., proposed to succeed Mr. Mitchell as FRAgent Preston, Otis R., salary as Assistant Cashier approved Rest, Leonard E., salary as Assistant Cashier approved Ueland, Andreas, retainer as Counsel and office expense Yaeger, Harry, salary as Deputy Governor approved Ziemer, Harry 1,, salary as Deputy Governor and Cashier Stock: (See Stock) PRBank of New York: Austrian National Bank, renewal of participation in credit to Bank of England, agreement with cancelled, will continue to serve under terms of letter to Governor of Bank of England pending execution of formal agreement, no objection Banking holiday in State of New York, FRBank to close Custodian for fund bequeathed by former Governor Strong for benefit of employees, report of Mr. Paulger on 1/25 1/25 105 105 3/27 574 3/7 353 3/29 592 3/2 289 3/21 501 3/25 104 1125 2/18 1/25 3/25 1/25 105 213 104 104 104 2/18 2/18 1/25 2/18 3/25 2/1 05 1/25 Os 1/25 3125 3125 05 3/25 213 213 104 213 105 117 105 104 213 104 104 104 104 104 1/17 54 3/1 3/4 278 336 07 61 40 Pages FRBank of New York: (Continued) Davis, Polk, Wardwell, Gardiner and Reed, arrangement with to have senior clerk available for consultation with privilege of conferring with partner in firm, attention 3/17 to previous instructions as to such an employee Deposit with Bank for International Settlements, present status of 09 account and future policy with regard to Terms, conditions and purposes of deposit discussed, and let3/20 ter to Governor Harrison approved Directors: (See Directors) 3/1 Foreign central banks, revision of agreements with undertaken Foreign exchange, progress being made to set up organization to 3/9 handle transactions throughout country Circular on transactions, draft of proposed, approved with 3/12 changes and to be checked by Mr. Wyatt Control of transactions in Second FRDistrict, copy of telegram 3/16 sent to all FRBanks Rates, increase in, and foreign and domestic money rates 2/27 should be recognized by Foreign Exchange Division, necessity for formation with temporary staff, directed by Fred I. Kent and assisted by 3/21 R. B. Haymond and H. ;4. Schrader 3/3 Gifts to policemen, etc., advice to cease practice of giving 1/17 National Bank of Hungary, renewal of participation in credit to National banking holiday, resolution urging presidential 3/3 proclamation of Pension plan for officers and employees favored by FRBank, to be 05 held in abeyance Personnel classification plan, changes creating new positions in Foreign Department and Reconstruction Finance 1/4 Corporation Section Power of attorney in pledging Government securities against 3/13 FRbank notes Rates: (See Rates) Rediscount of note of the Buffalo Savings Bank for Marine Trust 3/3 Company of Buffalo, fl. Y., permission granted Rediscount by FRBanks of Boston, Cleveland, Richmond, Chicago 3/7 and St. Louis for Report of Governer Meyer on action being taken by FRBanks 3/8 mentioned Reichsbank, renewal of credit at reduced interest for further period, no objection provided other participants do likewise 2/23 Renewal of participation in credit at four per cent interest, change in clause five of agreement 3/22 Reserve ratio law because of heavy drain of funds from New York to the interior 3/1 Salaries of officers and employees, no general adjustments to be made at this time but economies in operation to be made when possible 1/4 Salary payments to be made on January 15 at rates in effect on December 31, 1932,with adjustments incident to 07 share-the-work plan Salaries of officers for 1933, list submitted 1/25 Salaries of officers and employees approved subject to reduction according to share-the-work plan 1/25 469 69 491 278 373 399 454 256 498 313 55 525 75 5 411 311 342 366 229 520 280 11 54 74 94 41 Pages FRBank of New York: Staff: Barrows, D. Burgess, W. Present (Continued) H., salary as Manager approved R.: at meeting held in New York to consider banking crisis Present at meeting of FRBoard and discussion of changes in proposed gold order Salary as Deputy Governor approved Burt, W. N., salary as Manager approved Cameron, Donald J., appointed Manager of Foreign Department and salary increased Case, J. H., salary as t.RAgent approved Coe, C. h., salary as Assistant Deputy Governor approved Crane, J. E., salary as Deputy Governor approved Dillistin, W. R., salary as Assistant FRAgent approved Dodge, E. L., salary as General Auditor approved Douglas, Edward 0., appointment Manager Collection Department Salary as Manager approved Downs, H. S., salary as Assistant FRAgent Ferguson, G. W., salary as Assistant General Auditor approved French, E. C., salary as Manager approved Gidney, R. M., salary as Assistant Deputy Governor approved Gilbart, A. 1., salary as Deputy Governor approved Harrison, George L.: Loan policy for reopened banks, request of FRBoard for draft of telegram to FRBanks embodying his ideas Present at meeting held in New York to consider banking crisis Salary as Governor approved Trip to Europe considered desirable by directors of FRBank but advisability questioned by FaBoard, request reasons that would make trip desirable now Reply of Governor Harrison that no definite decision on trip had been made by directors Jones, J. W., salary as Assistant Deputy Governor approved Kent, Fred I., temporary employment as head of Foreign Exchange Division and salary Plan for supervision of foreign exchange transactions requested of, by Secretary of Treasury and to be discussed with FRBoard Kenzel, E. R., salary as Deputy Governor approved Kimball, H. H., salary as Assistant Counsel approved Knoke, L. W., salary as Assistant Deputy Governor approved Kuggas, Miss E. M., continuance of temporary employment as junior statistical draftswoman in foreign department approved Logan, 1U. S., present at meeting held in New York to consider banking crisis Salary as Deputy Governor and General Counsel approved Matteson, W. B., salary as Assistant Deputy Governor approved McMurray, R. F., appointed to take charge of Reconstruction Finance Corporation Unit Salary as lianager approved Mitchell, J. A., salary as Manager approved 1/25 95 3/2 292 3/21 1/25 1/25 550 95 95 3112 3/25 05 1125 1/25 1/25 1,112 1/25 1/25 1/25 1/25 1/25 1/25 30 96 95 95 96 95 30 95 96 95 95 95 95 3/10 378 3/2 1/25 292 95 09 71 1/26 1/25 115 95 3/21 499 3/23 1/25 1125 1/25 535 95 95 95 3/18 476 3/2 1/25 1/25 292 95 95 02 3125 1/25 30 95 95 42 Pages iiRBank of New York: (Continued) Staff: (Continued) 1/25 Morgan, R. M., salary as Manager approved 05 Phelan, A., salary as Manager approved Raymond, Robert B., loaned by New York State Banking Depart3/21 ment for Foreign Exchange Division work V25 approved Governor Rice, J. M., salary as Assistant Deputy Department, Roelse, H. V., salary as Manager of Reports 05 action deferred 2/1 Action again deferred Appointment as Acting Assistant FRAgent with no increase 3/18 in salary 3/23 Bond of Rounds, L. R.: Present at meeting in Washington to consider use of 3/1 clearing house certificates ].,/25 Salary as Deputy Governer approved V25 Sailer, L. F., salary as Deputy Governor approved Schrader, henry W., loaned by New York State Banking Depart3/21 ment for Foreign Exchange Division work 1,/25 Scott, W. A., salary as Manager approved 1/25 Snyder, Carl, salary as General Statistician approved Sproul, A., salary as Assistant Deputy Governor and Secretary V25 3,/17 Tiebout, Todd G., salary as Assistant Counsel approved Letter from Mr. Logan on salary and FRBoard willing to approve without reduction under share-the-work 3/28 plan Turnbull, Barton P., appointment and salary in FRAgent's 0.6 Office as special adviser Turner, S.G.H., appointment and salary in FRAgent's Office 3/16 as special adviser V25 Waters, I. 'ff., salary as Manager approved Stock: (See Stock) Supply and demand for bills, report on activities of dealers and 02 alignment of rates with market 2/27 Telegraph wire, tanporary duplexing of FRBank of Philadelphia: Bank building program, building committee desirous of meeting with FRBoard, date set and request for questions to be 3/21 considered Letters from Governor Norris and 1:.r. Austin regarding proposed changes to be made in bank's building program V25 Messrs. Sewall, Hutt, Cret and Livingston present at meeting of FRBoard, and letter from Governor Norris presented and enlarged building program and increased 3/27 vault space discussed Directors: (See Directors) Examination of, letter to FRAgent on what action has been taken 02 on recommendations of examiners Reply of FRAgent on action taken on comments and re commend2/6 ations Personnel classification plan, changes to provide for new position of "chief clerk" in credit department and for in3/9 creases in salary ranges of that department Rates: (See Rates) 95 95 499 95 96 118 475 532 282 95 95 499 95 96 95 469 575 455 455 95 518 255 496 560 567 44 150 368 43 Pages FRBank of Philadelphia: (Continued) Salaries of officers and employees approved subject to reduction according to share-the-work plan Staff: Austin R. L., salary as FRAgent approved Davis, W. J., salary as Assistant Cashier approved Earl, S. R., salary as Assistant Cashier approved Employees assisting examinations at other banks, schedule of compensation and billing procedure Hill, E. C., salary as Assistant FRAgent approved Hutt, Wm. H., salary as Deputy Governor approved McCreedy, Wm. G., salary as Comptroller approved McIlhenny, C. A., salary as Cashier and Secretary approved Miller, R. M., Jr., salary as Assistant Cashier approved Norris, Geo. W.: Salary as Governor approved Sponsor of legislation in Pennsylvania to restrict payment of deposits Telegram quoting resolutiaa as adopted Post, Arthur E.: Extemporaneous talks made in October, reply to FRAgent and 'what should be reported to FRBoard Salary as Assistant FRAgent approved Sinclair, John S., called to Washington to consider procedure for proposed use of clearing house certificates Toy, Jas. M., salary as Assistant Cashier approved Williams, Brittain and Sinclair, retainer as Counsel approved Stock: (See Stock) Trust deposits to be held as balances from member and nonmember banks FaBank of Richmond: Directors: (See Directors) Impromptu talks on administrative activities of bank, not necessary to make detailed reports on Lee, Wilson if., fee and expenses for services rendered in case of Lucas v. FRBank Pension plan for officers and employees submitted, action deferred for further consideration Personnel classification plan, changes approved Purchase of bankers acceptances under Board's order under consideration, reported by Governor Meyer Rates: (See Rates) Reprint of article by Lord Macaulay, from Edinburgh Review of January, 1830, not favored by FRBoard Salaries of officers for 1933, list submitted Salaries of officers and employees approved subject to reduction Staff: Broaddus, R. H., salary as Deputy Governor approved Dillard, W. W., salary as Assistant Cashier approved Employees assisting in examinations at other banks, schedule of compensation and billing procedure Epos, Travis F., salary as Auditor approved Eubank, P. H., temporary appointment and salary as examiner Increase in salary Fry, J. G., salary as Assistant FRAgent approved 1/25 96 1/25 1/25 1/25 97 96 96 4/23 1/25 1/25 1/25 1/25 1/25 222 97 96 96 96 96 1/25 96 4/27 4/28 261 264 1/17 1/25 61 97 3/1 1/25 1/25 279 96 96 3/2 290 142 46 1/25 77 1/25 4/9 75 158 3/8 366 4/1 1/25 1/25 131 75 98 1/25 1/25 99 99 4/23 222 99 1/25 3/14 419 3/29 589 1/25 99 Pages 44 FRBank of Richmond: (Continued) Staff: (Continued) Garrett, John T., salary as Manager approved Hoxton, W. J., salary as FRAgent approved Johnstone, Albert S., salary as Manager approved Keesee, George H., salary as Cashier approved Macon, J. Madison, temporary appointment and salary as examiner Malcolm, W. h., Jr., temporary appointment and salary as assistant examiner Peple, Charles A., salary as iieputy Governor approved Register, Charles E., temporary appointment and salary as examiner Seay, George J.: Maryland banking holiday, report of quiet condition in connection with 6. 320, disapproval expressed in telegram to FRBoard (See also Legislatien) Salary as Governor approved Short, R. T., temporary appointment and salary as examiner Smart, R. H., authorized to assist in examinations of State banks Walden, J. S., caned to Washington to consider procedure for use in proposed issue of cleating house certificates Salary as Controller approved Wallace, M. G., salary as Counsel approved Waller, Edward, Jr., salary as Assistant Cashier approved Stock: (See Stock) FRBank of St. Louis: Directors: (See Directors) Examination of, special attention given to procedure in issue and exchange of Government securities Purchase of bankers acceptances under order of FRBoard, no conclusion, reported by Governor Meyer Rates: (See Rates) Salaries of officers and employees approved Staff: Attebery, 0. LI., salary as Deputy Governor approved Chapman, Wm. A., appointment and salary as examiner Debrecht, A. E., salary as Assistant Auditor approved Gilmore, S. F., salary as Controller approved Haill, A. H., salary as Controller approved Hall, P. N., salary as Controller approved Holloeher, G. 0., salary as Controller approved Hombs, Walter A., appointment and salary as examiner Maguire, F. P., absent from office in connection with examination of State banks applying for membership Martin, Wm. McC., salary as Governor approved McConkey, J. G., salary as Deputy Governor and Counsel Norris, John B., appointment and salary as examiner Novy, E. J., salary as Auditor approved Parker, Frank S., temporary appointment as Acting Assistant FRAgent, approved conditionally Bond of Phillips, 0. C., salary as Controller approved 1/25 1/25 1/25 1/25 99 99 99 99 3/14 419 3/15 1/25 444 99 3/14 419 2/25 3/15 243 440 1/25 3/29 99 589 3/14 410 3/1 1/25 1/25 1/25 279 99 99 99 2/24 236 3/8 366 1/25 103 1/25 3/20 1/25 1/25 1/25 1/25 1/25 3/14 103 486 103 103 103 103 103 418 3/12 1/25 1/25 3/11 1/25 401 103 103 392 103 3/12 3/18 1/25 401 476 103 45 Pages FRBank of St. Louis: (Continued) Staff: (Continued) Stewart, C. M., salary as Assistant FRAgent approved Willard, Ferns E., appointment and salary as examiner Wood, John S., salary as FRAgent approved Stock: (See Stock) FRBank of San Francisco: Advance under Sec. 10(b) to large member banks because of transfer of funds to other FRDistricts, issue of FRbank notes or rediscount of 10(b) notes with other FRBanks may be necessary Policy discussed and report of Mr. amead on shipment of FRbank notes and opinion of Mr. Wyatt that FRBanks can discount such notes for each other Directors: (See Directors) Federal Reserve exchange and transfer draft, no objection to withdrawal of privilege in particular cases Fees and allowances for directors for 1933 approved Rates: (See Rates) Salaries of officers and employees approved subject to reduction according to the share-the-work plan Staff: Agnew, A. C., retainer as Counsel approved Calkins, J. U., salary as Governor approved Clerk, Ira, salary as Deputy Governor approved Day, Wm. A., salary as Deputy Governor approved Earhart, C. E., salary as Assistant Cashier approved Hale, W. M., salary as Cashier approved Hardy, R. T., salary as Auditor approved Holman, F. H., salary as General Auditor approved Eailliard, E. C., salary as Assistant Cashier approved Mangels, H. N., salary as Assistant Cashier approved McBride, E. B., temporary appointment and salary as examiner Newton, Isaac B., salary as FRAgent approved Report of illness of Oamer, J. M., salary as Assistant Cashier approved Phillips, C. D., salary as Assistant Cashier approved Sargent, S. G., salary as Assistant FRAgent approved Slade, Harold F., appointment as Assistant Cashier and salary increased Stewart, S. L., temporary appointment and salary as examiner Weigand, Charles P., temporary appointment and salary as examiner Wheeler, O. P., salary as Assistant FRAgent approved Stock: (See Stock) Advances under Sec. 10(b) of FRAct, opinion of Counsel that FRBanks can and may be required to rediscount notes representing for another FRBank Advances under Sec. 13 of FRAct, as amended, should be made by FRBank of district in which principal place of business of individual, etc., is located Applications of member banks for reopening, draft of proposed telegram from Secretary of the Treasury quoting President's letter, presented by Mr. Await Suggested additions to telegram and final form 1/25 104 3/20 486 1/25 104 3/30 612 3/31 626 3/2 3/25 297 76 05 108 3125 1/25 05 3/25 3125 05 3125 3/25 05 1/25 3/22 1/25 3/11 3/25 1/25 05 109 108 108 108 108 108 108 108 108 108 519 109 391 108 108 109 3/28 577 3/23 531 3/23 3125 531 109 3/31 626 4/16 456 4/11 3/11 393 395 Pages 46 FRBanks: (Continued) Assessment for expenses of FRBoard, resolution approved Audit, reports of, copies of general to be transmitted to FRBoard and statement setting forth manner in which auditing departments are conducted Checks and drafts on unlicensed member and nonmember banks, agreement on suggested plan of Governor Calkins for handling and tc send uniform letter to their member and nonmember clearing banks Checks drawn on par banks in other districts to be forwarded by some FRBanks to other FRBanks and some FRBanks have temporarily discontinued direct sending privileges Closing of FRBanks of Chicago and New York, others advised to consider their position in light of Deposit accounts to be maintained separately for State officials in charge of State banks, policy and procedure outlined in response to inquiries Submitted informally to Messrs. Walden, Strater, Sinclair, Parker and Dunn and approved Deposit of segregated funds, important that FRBanks cooperate with member banks by establishing separate accounts to provide for Directors: (See Directors) , Staff) Employees: (See FRBank of Examinations of, compensation to be allowed employees of other FRBanks in assisting examiners of FRBoard in Gold reserves against note circulation, telegram to Governors on amendment to Regulation 0 establishing graduated tax on deficiencies in Gold withdrawals from, increase in Request for list of names and addresses of persons who had withdrawn gold from FRBanks and member banks and not redeposited it Telegram to FRBanks approved Information also to include nonmember banks and withdrawals prior to February 1 Time extended to March 17 Further extension of date considered Time extended to Larch 27 Government securities, issue, exchange and redemption of, special report in connection with examination regarding Leased wire service, to refrain from using for communications regarding appointment of conservators when mail or commercial mire will serve (See also Telegraph service) Legislation to meet Treasury deficit through issuance of low interest, long term bonds to, opposed Member banks, solvent, list with capital position and total deposits.segregated by States, requested by Secretary of Treasury in telegram to chairmen of all FRBanks Lists submitted unsatisfactory, request for lists based on formula used by Comptroller of Currency in connection with national banks , Staff) Officers: (See FRBank of 1/6 27 3/30 602 3/31 622 3/14 423 3/4 337 3/28 578 3/28 579 3/3 305 2/23 222 3/7 2/25 343 243 3/7 3/8 346 366 3/9 3/12 3/18 3/20 370 400 474 483 2/24 236 3/22 521 3/1 280 3/8 365 3/9 373 47 Pages FRBanks: (Continued) Personnel, opinion that FRBanks should take advantage of opportunities to strengthen through reorganization or in filling vacancies 1/5 Printing orders for FRnotes and FRbank notes, advice to FRAgents to review in light of return of currency and to notify of any desired revision 3,/18 Rates: (See Rates) Rediscount of eligible paper acquired from nonmember banks authorized when advisable and not in conflict with President's proclamation 3/11 Rediscounts with, by member banks which have not been licensed to reopen, regulation prepared by Treasury Department covering renewal of 3/21 Reimbursement for expenses incurred under activities resulting from t} provisions of Act of March 9, 1933, proclamations, executive orders and regulations issued, to be discussed with 3/21 Reserve and currency position 24/27 Reserve ratios, heavy demands for currency resulting in rapid drop 3/3 Reserve requirements suspended 3/3 Reserves, penalties for deficient, advice that they should not be assessed against member banks for period of banking holiday and conditions under which reserves should be maintained 3/30 (See also Reserves) Salaries of officers and employees, uniform policy discussed in connection with recommendations of each FRBank 1/25 Stock: (See Stock) Telegraphic messages over leased wires addressed to Treasury officials in connection with banking holiday, President's proclamation, etc., chargeable to Treasury Department, all telegrams to FRBoard to be counted and reported as bank business 3/28 Transfers of credits and funds between, telegram to Governors with Secretary of Treasury's authorization for 34/7 Valuation of assets of member banks, proposed letter to Secretary of the Treasury for signature of the President of the United States on fair and equitable basis rather than on forced liquidation valuation 3,/11 FRBoard: Banking situation, reply to letter from President of the United States in connection with 2/25 Letter from President of United States requesting advice as possible action 3/1 Banking holiday, letter from _resident of the United States regarding proclamation of national, and requesting consideration of inclosed method for Federal guarantee of deposits 3/2 Opinion that situation demands holiday with understanding that Congress be called for swift legislation 34/2 Proposed letter to President of the United States urging declaration of national banking holiday 34/3 Postscript added referring to resolution of FRBank of Chicago 3,4 Letter amended and final form in which sent to President 3,4 17 479 387 513 499 256 318 318 601 93 577 343 381 245 281 299 302 324 328 330 48 Pages FRBoard: (Continued) 1/6 Budget covering salaries and expenses for 1933 approved information available for request Clearing house certificates, from Chairman of Board of New York Clearing 3/1 House on procedure for proposed issue of 3/1 Meeting to consider use of that Mr. Miller of Methods of adoption of use of, opinion plans should be devised by FRBoard or Secretary 3/1 of Treasury Use to remedy banking crisis discussed 3/3 Closing of i:JBanks, especially Chicago, if banking holiday is 3/4 declared, discussion of Employees: (See Staff of FRBoard) 1/6 Expenses, assessment on FRBanks for, resolution approved Foreign exchange, discussion of advisability of employing expert 3/9 in connection with control of Gold and foreign exchange, advice requested by President of United States as to continuation of control during any 3/9 extension of banking holiday Draft of letter urging continuation of control through Secretary of Treasury or FRBoard, offer of appropriate 3/9 order for purpose Gold withdrawals, request for list of names and addresses of persons having withdrawn gold from FRBanks and 3/7 member banks and not having redeposited it (See also Gold) Guaranteed deposits, reply to letter from President of the United 3/2 States opposing Margin. for FRBanks duo to extraordinarily large currency payments, memorandum showing need for increased 3/2 Members: Hamlin, C. S.: Member of Executive Committee, to serve during first 1/4 quarter 1/25 Salaries at FRBanks, opposed to reductions for employees toward 1/6 attitude FRBanks, Share-the-work plans at member, letter as appointive expiration of term Magee, 1/25 to Senator Glass calling attention to vacancy Meyer, Eugene: Banking situation, discussion with President of the United States with regard to declaration of 3/3 national banking holiday on Currency and Banking on Committee Hearing before House 2/23 S. J. R. 256, requested to attend notes of make finance to RAct Hearing on bill to amend companies eligible for rediscount, requested to 1/17 attend cash government securities, Holdings in this country of balances and earmarked gold by Bank of England, 2/1 review of Information to FRBoard on memoranda of Secretary of Treasury on program to give country adequate banking facilities and adequate currency and to 3/3 restore confidence to opposed, market steady Purchase of Government securities New York market should protect itself by higher 2/27 rates 27 279 282 284 318 336 27 372 371 372 345 287 289 4 93 26 91 325 234 49 117 364 258 49 Pages FRBoard: (Continued) Members: (Continued) Meyer, Eugene: (Continued) Report of action of FRBanks of Chicago, Boston, St. Louis, Cleveland and Richmond under Board's order permitting purchase of bankers acceptances 3/8 Report of meeting in New York to consider banking situation 3/2 S. 320, to accompany Mr. Woodin to express to President undesirability of enactment of, and report of conference 3/14 Miller, A. C.: Banking situation, definite policy urged in, also use of clearing house certificates as far as possible 3/1 Call on President-elect Roosevelt and copies of proposed executive order and proposed joint resolution declaring national banking holiday left at hotel 3/3 Clearing house certificates, opinion that Secretary of the Treasury or the Board should devise methods for 3/1 adoption of plans for use of Deposit account in Bank for International Settlements by FRBank of New York, opinion on proposed form of continuance of 4/20 Executive Comndttee, to serve as member during first quarter 314 S. 320, to accompany Mr. Vioodin to express to President undesirability of enactment of 3/14 Basic thought of proposed letter to Senator Glass expressed by 3,/14 Requested to remain available on March 11 and 12 to act promptly upon matters presented by banks 3/11 Pension plan for FRSystem, recommendations for Quorum over weekend during change in administration, Governor or chairman of Executive Committee authorized to approve increase in rediscount rate for any FRBank except New York and Chicago 3/3 Regulations: (See Regulations) Rulings: (See Rulings) Staff: (See Staff of FRBoard) Stenographer, authority to arrange for services of trustworthy, to report meeting of Deputy Governor McKay with FRBoard in connection with irregularities at FRBank of Chicago 3/29 ulletin: Acceptances secured by warehouse receipts proposed to be issued by Lawrence Warehouse Co., opinion on eligibility for rediscount to be published in 2/16 Collective investment of trust funds of national banks, memorandum to be published 05 Discounts for individuals, partnerships and corporations, authority to FRBanks extended for six months by FRBoard 05 Rediscount of notes in payment for premiums for insurance by persons, firms, or corporations, statement of eligibility to be published in 2/6 366 292 427 283 325 284 491 4 427 431 385 315 304 596 200 250 90 151 50 Pages FRBulletin: (Continued) Unified commercial banking system, opinion of Counsel on constitu2/27 tionality of legislation for, to be published in 3/17 Authority to reprint copies of opinion Federal reserve exchange and transfer draft, no objection to withdraw.. 3/2 al of privilege at FRBank of San Francisco FRnotes: FRBank of Chicago, margin exceeded in pledging Government secur2/18 ities, no immediate readjustment to be made FRBank of Kansas City, to use Government securities purchased under repurchase agreement as collateral for, no objection 0 Graduated tax on deficiencies in gold reserve against, amendment 3/7 of Regulation 0 Amount equal to tax shall be added to rates of interest and 3/7 discount, attention called to Counsel's opinion Issue and retirement at branches of FRBanks, Mr. Paulger to make study of assistant FRAgents in connection with 34/4 Margin at FRBanks increased because of extraordinarily large 3/2 currency payments Printing orders, FRAgents advised to review in light of return of currency and to notify FRBoard of any revision 3/18 desired Obligations of United States as collateral security for, provisions of Glass-Steagall Bill extended 2/6 3/14 Security for, paper acquired under S. 320 not eligible as Unissued on hand, situation reviewed by Mr. Smead and outline of future printing program, letter to FRBanks to be 3/21 prepared Fiduciary powers: Application of national bank organized to take over business of a State institution or national bank exercising trust powers, instructions for FRAgents to 3/17 expedite matter and procedure Barnstable County National Bank, Hyannis, Mass., application not favored, action deferred until after next 3/7 examination Carthage National Exchange Bank, Carthage, N. Y., qualified to act 2/24 if appointed to succeed Carthage National Bank Collective investment of trust funds by national banks, rulings on 2/1 2,/25 Publication of memorandum in FRBulletin authorized Deposit of trust funds in institutions closely affiliated through common stock ownership, improper for national banks 2/6 Deposit of uninvested trust funds of trust department of national banks, application of Regulation F in connection 2/6 with 3/24 Durant National Bank in Durant, Okla., application approved First National Bank of Lapeer, Mich., request for letter showing powers granted to secure return of securities 2,/6 deposited with Treasurer of State of Michigan First National Bank of Rockville Centre, N. Y., certificate of 3/7 surrender granted Marine National Exchange Bank, Milwaukee, Ms., information requested as to whether State authorities had ever questioned right to exercise trust powers without depositing securities with Treasurer of State 2 /6 261 472 297 214 311 343 344 6 289 1 I i 479 i 1 151 428 i 495 466 357 241 132 250 147 146 542 145 357 146 51 Pages Fiduciary powers: (Continued) National Manufacturers Bank, Neenah, Nis., application for additional powers, action deferred New Harmony National Bank, New Harmony, Ind., unwilling to approve application, but will consider new application when unsatisfactory condition is corrected Peoples National Bank, Parkersburg, W. Va., to continue to withhold permission for full powers until further examination shows improved condition Stewart National Bank and Trust Co., Livonia, N. Y., reduction in capital approved upon surrender of right to exercise trust powers Union National Bank, Donora, Pa., application for full powers, action deferred pending results of examination Union National Bank, Westminster, Md., application refused Finance companies: Eligibility for rediscount of paper of, reply prepared to letters from Mr. Edgar Bauman for signature of Secretary of Treasury Hearings to be held by Senate Conmittee on Banking and Currency on proposed amendment to Sec. 13 of FRAct to make eligible for discount Firftens Insurance Co., stock involved in syndicate arrangement between Merchants and Newark Trust Co., Newark, N. J., and J. S. Rippel and Co., Inc. Foreign banking corporations: Chase Bank: Branches of: Mexico City and Paris branches, copies of reports of examination forwarded to head office Report of, additional steps to be taken in connection with certain matters, to be considered by board of directors, and FRBoard to be advised of action First Federal Foreign Banking Corporation, Nem York City: Examination, cost of Reopening of, reply that if license is granted, steps should be taken to restore capital and provide reserve for losses PcIreign banks: Agreements of FRBank of New York with foreign central banks, revision undertaken, to be in substantially same form Austrian National Bank, renewal of participation by FRBank of New York in credit to Bank of England: Agreement with FRBank of New York cancelled and latter will continue to serve in accordance with terms of letter to Governor of, pending execution of formal agreement Holdings in this country of government securities, cash balances, and earmarked gold reviewed by Governor Meyer Gold earmarked prior to March 6, exportation under license of Secretary of Treasury to be permitted 2/25 82 3/18 479 2/1 130 2/16 192 2/25 2/1 250 130 3/30 605 07 49 3/3 312 1/12 43 3/9 369 4/16 198 06 460 3,/1 277 1,/17 54 3/1 278 2,/1 117 3t7 346 Pages 52 Foreign banks: (Continued) National Bank of Hungary, renewal by FRBank of New York of 55 1,/17 participation in credit to Reichdbank, renewal of credit by FRBank of New York for further period at reduced interest, no objection provided 2/23 229 other participants in credit do likewise Renewal of credit by all participants, FRBank of New York advising of renewal at four per cent and change 3/22 520 in clause five of agreement foreign) banks, Branch (See branches: Foreign Foreign exchange: Control during extension of banking holiday and machinery that should be provided therefor, advice requested by 371 3/9 President draft and be should continued that control Reply to President 372 3/9 of executive order will be submitted if desired Control referred to by Governor Meyer as requiring careful consideration, discussion of procedure and 3,/15 442 organization Control of transactions in Second FRDistrict, copy of tele3/16 454 gram sent to all FRBanks by FRBank of New York Division with temporary staff established by FRBank of New 3/21 499 York Rates, increase in United States and abroad and stiffening of market rates should be recognized by FRBank of 2/27 256 New York Regulation of Secretary of Treasury on transactions in, draft tentatively approved and request for opportunity 3/12 398 to review any changes Statement to be issued by New York City clearing house bnnks 08 263 proposed to stop speculation in Secretary I. by Fred Kent Mr. of requested plan of, Supervision of Treasury and to be discussed by FRBoard 3/23 535 Forms: B-5, revised semi-annual summary report of deficiencies in 2/6 149 reserves of member banks B-15, "Computation of Reserve to be Carried with the Federal Reserve Bank by Member Banks," to replace St. /23 229 6059 2/23 229 St. 6059, to be replaced by Form B-15 X-794 and X-794a discontinued, not to be restored but copies of reports of general audits of FRBanks to be 3/30 602 submitted ttGt1 Georgia, proclamation of banking holiday by Governor Gifts to policemen, etc., shown in expense report of FRBank of New York, advice to discontinue practice Glass, Senator Carter: FRBoard, letter calling attention to vacancy on Indemnity clause in amendment to Sec. 10(b) of FRAct, opposed to including, but believes Treasury should indemnify FRBanks for losses S. 320, invited to attend meeting of FRBoard for consideration of, unable to attend 3/3 318 3/3 31.3 1/25 3/9 373 04 428 53 Pages Glass, Senator Carter: (Continued) S. 320: (Continued) Urges rapid determination of Board's attitude toward bill lest it pass in present form, would be glad of letter from FRBoard and draft of modified bill Copy of letter sent to Mr. Glass Glass-Steagall Act, letters to Committees on Banking and Currency of House and Senate on extending provisions of Desire to urge Congress to expedite action on renewal of provisions, Governor Meyer to take up matter with Speaker of the House Provisions of Sections 2 and 3 extended Abrasion on gold coin deposited with FRBanks during emergency to be absorbed and charges on gold coin and certificates shipped by nonmember banks to be assumed Coin and certificates held in custody at branches of FRBank of Kansas City Delivery of coin, certificates, bullion received on or after March 28 to Treasurer of United States or FRBank not later than three days after receipt, proposed order to be issued by Secretary of Treasury Demands on FRBank of Chicago, anticipated Additional statement of demands on FRBank and probable reasons for Question of redeeming FRnotes in gold coin or certificates Domestic withdrawals discussed Earmarked holdings of Bank of England in this country, reviewed by Governor Meyer Earmarking by FRBank of Dallas for member bank not justified, but will ship to member bank Exportation of, earmarked before March 6, to Bank for International Settlements and foreign central banks and foreign governments, private assurance by FRBank of New York, under license of Secretary of Treasury Held under earmark by foreign banks of various kinds, request of State Department to be informed in advance of decisions and regulations on treatment of Payments at FRBanks reviewed Reserves, against note circulation, amendment to Regulation 0, graduated tax on deficiencies in Amount equal to tax shall be added to rates of interest and discount, attention called to Counsel's opinion Return order, draft of proposed regulation to be issued by Secretary of the Treasury ordering return of gold Issuance of proposed order discussed General discussion of policy involved in dealing with situation Decisions affecting relations with foreign governments to be discussed with State Department Immediate necessity and scope of order discussed by Mr. Vibodin Policy involved in order discussed and memorandum of Mr. Hamlin on procedure submitted Order should be issued by President instead of Secretary of Treasury, Mr. Wyatt to prepare draft of executive order 3/14 431 3/15 439 1/12 44 1/17 2/6 49 151 3/9 370 2/16 199 3/17 3/3 472 327 3/4 3/4 2/27 334 335 256 2/1 117 2/18 216 4/7 346 4/20 4/3 490 305 3/7 343 4/7 344 4/12 400 4/20 483 4/20 484 4/20 490 4/21 494 4/21 510 4/21 512 54 Pages Gold: (Continued) Return order: (Continued) Draft of proposed executive order presented by hr. Wyatt and proposed statement submitted by Dr. Goldenweiser, 3/21 516 both to be revised and resubmitted with reviewed statement press and order of copies Revised 02 523 Er. Wbodin and further discussed Stark and present Goldenweiser Burgess, Ballantine, Messrs. at meeting to discuss proposed order, definite date for hoarding to be omitted and order to 3/23 535 include gold bullion discussion with accordance Proposed order to be amended in 3/23 538 and presented for further consideration and changes presented statement press and Revised order suggested by Dr. Burgess for officers of FRBank 3/24 547 of New York on proposed suggestions with Governor Harrison from Letter 05 555 order Changes outlined by Mr. Morrill and adopted and revised form to be submitted to Secretary of Treasury by Mr. 3/25 555 Ballantine Press statement to be redrafted by Dr. Goldenweiser to cover 3/25 558 suggestions made Regulation to cover issuing of licenses under order discussed 3/25 558 by Mr. Ballantine Revised press statement submitted and discussed and approved for submission to Secretary of Treasury by Mr. 3/25 561 Ballantine with order President of discussion on Wbodin Mr. of Report Rnd opposition of President to paragraph (e) of 3/27 563 section 2, to be discussed with Attorney General press proposed in Er. by Ballantine suggested Change 3/27 567 statement, no action Mr. by order recommended of 2(e) paragraph Retention of 3/28 582 Ballantine Er. by paragraph presented on General Solicitor Opinion of Ballantine and letter from Governor Harrison on revised order also presented, opinion of Board 3/28 583 that no change should be made in order (e) and (d) (c), paragraphs for substituted be Paragraph to of section 2 suggested by Attorney General and 3/29 596, presented by Mr. Ballantine 3/30 606 Changes to be considered at afternoon meeting Elimination of paragraph 2(e) again discussed and issuing 3/30 607 of licenses under revised order discussed Dr. of Burgess with discussion on Goldenweiser Dr. of Report 00 610 issuing licenses for export of gold Revised sections 2 and 3 presented and report of Dr. Goldenweiser on conference with Er. Ballantine, 3/31 617 Attorney General and Solicitor General Mr. by presented Ballantine statement press of Revised draft 3/31 619 and further changes suggested no discussed but action revised as order executive Copy of 3/31 622 taken 3/31 625 Copy of press statement as revised 2/25 243 Withdrawals from FRBanks, increase in 55 Pages Gold: (Continued) Withdrawals: (Continued) Request for list of names and addresses of all persons having withdrawn gold since Feb. 1, 1933, from FRBanks and member banks and not redeposited it 3/7 346 Telegram to FRBanks presented and approved 3/8 366 Telegram to FRBanks that information may be obtained from nonmember banks and also may be obtained for period prior to Feb. 1 3/9 370 Time for submitting lists extended to March 17 3/12 399 Further extension of time considered 3,/18 474 Time extended to March 27 483 3/20 G oldsborough, Senator P. L., letter on hearing to be held on bill to make notes of finance and credit companies subject to discount 1,/17 49 Gore, Senator: (See Indian funds) Government securities: Holdings in this country by Bank of England reviewed by Governor Meyer 2/1 117 Irregularity in connection with issue, exchange and redemption of, at FRBank of Chicago 2/24 236 (See also FRBank of Chicago, Irregularities) Transactions at FRBanks and branches, special inquiry to determine procedure and safeguards in connection with 2/24 236 (See also Open market operations) Governors conference: (See Conferences, Governors) Guaranty of deposits: (See Deposits) H earings: Banking and Currency Committee of House on Senate Resolution 256, Governor Meyer to attend 2/23 Banking and Currency Committee of Senate on proposed amendment to Sec. 13 of FRAct to make notes of finance conc.7 panies subject to discount 1/17 !!oarding of gold: (See Gold) 'olidays, banking: (See Banking holidays) 234 49 tIrt IIlckes, Harold: (See Secretary of Interior) linois, banking holiday under consideration by Governor, but declaration unlikely Report by Mr. Mills and Mr. Stevens that Governor will probably sign declaration , Legal holiday declared by Governor clian funds secured by United States bonds should not be exempt from reserve requirements when deposited in member banks, reply to Secretary of Interior on bill proposed by Senator Gore Draft of letter for signature of Secretary of Treasury reiterating opinion expressed by FRBoard Iteurance: Deposits: (See Deposits) 3/3 326 3/4 3/4 335 336 3,/16 460 05 553 Pages 56 Insurance: (Continued) Fees on shipments of coin and currency of 31, 32, and :i5 denominations Notes in payment for premiums by persons, firms or corporations, statement of eligibility for rediscount to be published in FRBulletin Interlocking directorates: Applications approved: Bass, F. ..".. Beach, George R. Bell, O. G. Connell. G. W. Counie, John H. Dexter, Philip Dumaine, Frederic C. Edwards, B. M. Fondren, W. W. Gest, William P. Giannini, A. P. Henning, William C. Hunter, S. D. Jordan, Homer Kean, Robert Winthrop Lee, F. D. Lemon, Hal Y. Loeb, Howard A. Macdonald, A. E. McIntosh, Harry R. Liurrell, Val H. Murrey, E. E. North, VT. H. Novak, Frank O'Brien, Kenneth Randolph, Evan Robinson, E. T. Rowley, J. Bennett Shumaker, E. E. Stevens, Abbot Swift, E. Kent Telyea, N. A. Thorne, Landon K. Turnbull, Barton P. Wiener, Sam, Jr. Wiggin, Parry C. Miscellaneous: Allen, Frederic if., to be allowed to submit additional information Bodine, William 1é., action deferred pending consideration of additional information Application not approved, but additional information may be submitted Carlisle, F. L., request for additional information Davis, Pat L., additional information requested Dorrance, Arthur C., action deferred pending consideration of additional information Application not approved but additional information may be submitted 2/28 270 2/6 151 2/25 1/25 2/28 2/9 3/4 2/25 2/25 2A 2/28 3/7 1/12 2/1 2/28 2/28 1/215 2/28 2/23 3/7 2/6 2/6 2/28 2/25 2/28 1/4 1/12 3/7 08 1/4 0.2 2/16 2/1 2/18 1/17 1/26 2/28 3/25 252 111 272 178 14 253 252 157 272 363 48 134 271 271 111 272 235 363 157 157 271 252 271 14 48 363 272 14 48 204 134 218 60 116 272 111 3/1 277 2/6 155 3/21 2/9 2/6 507 172 154 2/6 155 3/21 507 57 Pages Interlocking directorates: (Continued) Miscellaneous: (Continued) Dutton, John S., request for additional information 2/6 Frost, E. A., necessary to secure new permit 2/16 Gest, William P., application approved conditionally and temporarily 2/6 Application approved 3/7 Huthsteiner, W. F., application to be reviewed by FRAgent 2/27 Ingersoll, C. J., action deferred pending consideration of additional information 2/6 Application not approved but additional information may be submitted 01 Jordan, J. Hamer, FRAgent to review situation and report with comments and recommendations on application 1/25 Lambert, Wilton J., request for information concerning unauthorized activities 06 Loeb, Howard, application approved conditionally and temporarily 2/6 Machold, H. Edmund, approval of application not favored but to be allowed to submit additional facts before final action is taken 1/6 Request for additional information 2/9 Murray, F. VI., Jr., action deferred pending FRAgent's comments 04 North, W. H., FRAgent to review situation and submit comments and recommendation on application 1/25 Omwake, John, additional information on application requested .1/25 Patterson, George Stuart, opportunity to submit additional information 2/6 Phillips, Frank, application to be reviewed by FRAgents, action deferred 2/9 Randolph, Evan, application approved conditionally and temporarily 2/6 San Francisco Bank of San Francisco, Calif., does not come under exception to Clayton Act and applications of directors serving other banks must be submitted 1/6 Senger, Herbert, action deferred pending FRAgent's comments 2/24 Interpretations of regulations issued by Secretary of Treasury under proclamations of March 6 and 9 01 Iowa: Banking holiday, telephone conversation between Governor Meyer and Governor Herring on declaration of State 5/4 Conversion of national banks into State banks contemplated to take advantage of recent State law 2/6 155 198 152 363 254 155 507 88 199 152 24 172 241 88 87 165 175 152 25 242 508 335 141 Jarvis, Mrs. George T.: (See Branch banks, FRSystem, Detroit, Staff) Joint stock land banks, elimination of bond depreciation by &bate banks applying for membership in FRSystem, reply to Senators Connally and Sheppard 3/24 546 "K" Knoxville, Tenn., limited banking facilities and plan of Governor Black of Atlanta to assist, referred to Mr. Paulger for consideration 00 613 Pages 58 Kohlmeyer, Charles, letter to FRBank of Atlanta on extension of loan to Continental Turpentine and Rosin Corp., under Sec. 13 of FRAct as amended 1/25 89 3/21 507 2/16 200 ttLtt Lambeth, Congressman Walter, reply opposing suggestion that legislation be enacted for FRBanks to absorb two cent tax on checks Lawrence Warehouse Company, eligibility for rediscount of acceptances secured ywarehouse receipts proposed to be issued by, to be published in FRBulletin Leased mire service: FRBanks to refrain from using in messages on appointments of conservators for closed banks when mail or commercial mire will serve (See also Telegraph service) Lee, Nilson H., fee and expenses for services rendered in case of Lucas v. FRBank of Richmond Legislation: Banking situation demands banking holiday with calling of Congress for swift legislation Useless to attempt to secure legislation on March 4, statement of Mr. Mills Draft of joint resolution ratifying and confirming national banking holiday, if declared Not to be sent to President of the United States Draft of joint resolution declaring national banking holiday Delaware restricts withdrawals and allows trust deposits District of Columbia banking situation, proposed joint resolution giving Comptroller of the Currency temporary powers concerning Emergency Banking Act, draft of proposed bill presented to and discussed by FRBoard Amendment to Sec. 13 of FRAct on loans to individuals, etc., on promissory notes secured by Government obligations, telegram to FRBanks on Amendment to Sec. 10(b) of FRAct, telegram to FRBanks on Amendment proposed to permit conservators to borrow from FRBanks, deemed unnecessary Emergency powers to Comptroller of the Currency, proposed joint resolution giving Glass Steagall Act, letters to Committees on Banking and Currency of House and Senate on extending provisions of Desire to urge Congress to expedite action on renewal of provisions, Governor Meyer to take up matter with Speaker of House Provisions of Sections 2 and 3 extended H. R. 3757, advice to FRBanks that bill as passed by House is same as proposed revision of S. 320 with one exception (See also S. 320) Indian funds deposited in member banks, exemption from reserve requirements under, reply to Secretary of Interior on bill proposed by Senator Gore, opposing Draft of letter for signature of Secretary of Treasury reiterating opinion expressed by FRBoard 3/22 521 1/25 77 3/2 302 4/4 334 3 /3 3/4 3/3 3/2 322 331 323 290 g/27 256 3/9 371 4/10 377 3/10 377 4/14 417 2/16 202 1/12 44 1,/17 2/6 49 151 4/21 506 3/16 460 3/25 554 59 Pages Legislation: (Continued) Loans to nonmember banks: (See infra S. 320) New Jersey restricts withdrawals and allows trust deposits 3/2 Pennsylvania: Deposit payment restriction bill sponsored by Governor Norris and Mr. Wayne of FRBank of Philadelphia, circumstances requested 2/27 Copy of resolution adopted by Legislature transmitted to FRBoard 2/28 Restricts withdrawals and allows trust deposits 3/2 Reimbursement to FRBanks for any losses sustained in reopening of banks, proposed letter to Secretary of Treasury for signature of President 3/11 Restriction of withdrawals and establishment of trust deposits, being passed in various States 3/3 Sec. 10(b) of FRAct, discussion of amendment to, Senator Glass believes Treasury should indemnify FRBanks for losses but opposed to including it in bill 3/9 Instructions to FRBanks covering provisions as amended by Act of March 9 3/10 Sec. 13 of FRAct, as amended, "any individual, partnership or corporation" includes banking institutions regardless of whether they are members of FRSystem 3/11 S. J. 256, passed by Senate, Governor Meyer to attend hearing by Committee on Banking and Currency of House 2/23 S. 320, providing direct loans by FRBanks to nonmember State banks and trust companies, introduced without knowledge of FRBoard or Treasury DeparLment and considered undesirable 3/14 Secretary Woodin, Governor Meyer and Mr. Miller to confer with President on undesirability of enactment of bill 3/14 Report of Governor Meyer on conference with President and on suggested changes in bill 3/14 Report that bill had passed Senate but transmission to House was withheld pending motion to reconsider 3/11 Proposed amendment to bill to incorporate suggestions of President and to provide for eligibility of notes as security for FRbank notes 3/14 Telegram to Governors and FRAgents quoting bill 3/14 Report of Mr. Morrill on conversation with Senator Glass and letter to Mr. Glass to be prepared 3/14 Alternative substitute bills presented by Mr. Wyatt 3/14 Letter to Senator Glass drafted and approved 3/14 Report of Governor Meyer on letter and on memoranda he had presented to Senator Glass 3/14 Telegram from Governor Seay opposing bill 3/15 Telegram to FRAgents quoting letter to Senator Glass 3/15 Protest against enactment by Board of Directors of FRBank of Dallas, telegram to FRBoard requesting advice on such action and reply of FRBoard 3/16 Reply of FRBoard that proposed action is not advisable 3/16 Report of Mr. Morrill on discussion of bill with Secretary Wbodin and Mr. Steagall with reference to 10(b) loans, and additional paragraph the President desires added to bill 3/16 290 261 264 290 382 304 373 377 386 234 425 427 428 428 429 431 432 433 435 438 440 442 446 448 448-450 Pages 60 Legislation: (Continued) S. 320: (Continued) Draft of proposed amendment drawn by Mr. Morrill and Mr. ViYatt at request of Secretary Woodin, Board members and Senator Glass furnished with copies presented by Secretary Vilbodin and telegram to bill Revised FRBanks quoting bill and stating Board is prepared to approve it as passed by house same as, with one exception, 3757, H. R. advice to FRBanks Alternative drafts of telegrams to FRBanks on interpretation and procedure under act as passed . Telegram to FRBanks on procedure in handling applications for loans S. 4550, to amend Sec. 13 of FRAct to make notes of finance and credit companies subject to discount, hearing to be held by Senate Committee on Banking and Currency time-deposit insurance fund, proposed letter to create S. 5291, to the Committee on Banking and Currency of the Senate opposing S. 5561, "To provide funds for meeting the existing and the increasing deficit of the Federal Treasury and for other purposes," opposed Tax on checks, reply opposing suggestion of Congressman Lambeth that FRBanks absorb Unified commercial banking system, opinion of Counsel on constitutionality of, to be printed in FRBulletin Reprint of article from FRBulletin approved Licenses: Reopening of banks under, information to be printed and mailed by FRBanks instead of telegraphed, lists to be supplemented as changes occur and instructions for lists Advised to have information printed in three sections and further instructions (See also Reopening of banks) Loans: Advances to conservators by FRBanks, proposed amendment to Emergency Banking Bill, deemed unnecessary Advances under Sec. 10(b) of FRAct: American Bank and Trust Co., Hew Orleans, La., continuance of advance in reduced amount Further continuance of advance in reduced amount and additional advance approved American Bank and Trust Co., Richmond, Va., application approved Atlanta National Bank, Atlanta, -_,. Y., renewal of two advances approved Renewal approved Renewal approved Renewal approved Y., advance Baldwin National Bank and Trust Co., Baldwin, approved Bank of Commerce and Trust Co., Memphis, Tenn., application approved 3/16 450- 3/17 462 3/21 506 3/29 592 3/29 594 1/17 49 1/25 91 3/1 280 3/21 507 2/27 3/17 261. 472 3/14 423 3/16 458 3/14 417 2/9 163 2/25 248 3/3 309 1/12 2/1 2/23 2/25 34 121. 226 247 2/16 187 1/12 35 61 Pages Loans: (Continued) Advances under Sec. 10(b) of FRAct: (Continued) Bank of Commerce and Trust Co.: (Continued) Authorizations expired or unused, further authority necessary for advances 44 Bankers Trust Co., Little Rock, Ark., advance approved 4/18 Broad Street National Bank, Red Bank, N. J., application approved 4/9 Capital National Bank, Sacramento, Calif., application approved and additional application to be made 06 Citizens National Bank, Freeport, N. Y., application approved 4/18 Citizens National Bank, New Brunswick, N. J., renewal of advance approved 4/16 Further advance approved 4/16 Clinton Trust Co., Newark, N. J., application approved 4/28 Additional advance approved 3/2 Commercial National Bank, Philadelphia, Pa., renewal in reduced amount approved 3/1 Cornwall National Bank, Cornwall, N. Y., renewal in reduced amount approved Wa Renewal of advance in reduced amount approved 4/18 Crestwood National Bank, Tuckahoe, N. Y., application approved 2/24 East Side National Bank, Buffalo, N. Y., application approved 3/7 Farmers National Bank, Theresa, N. Y., renewal approved 4/18 FRBanks may rediscount notes representing, for each other and upon affirmative vote of five members, may require FRBanks to rediscount 3/31 Federal Trust Co., Newark, N. J., application approved 3/3 Application for additional advance approved 0 Fidelity National Bank and Trust Co., Kansas City, Mo., advances approved 4/16 Renewal in reduced amount approved 4/25 First National Bank, Altamont, N. Y., application for additional advance approved 07 Application for renewal in reduced amount approved 4/18 First National Bank in Avon-by-the-Sea, N. J., application for additional advance approved 1/4 Renewal in reduced amount approved 4/18 Renewal approved 4/26 First National Bank, Bellerose, N. Y., application approved 3/1 First National Bank, Bolivar, N. Y., renewal approved 4/25 First National Bank, Carteret, N. J., advance approved 4/16 First National Bank, East Rutherford, N. J., application approved 3/3 First National Bank, Harrisville, N. Y., application for advance approved 2/6 First National Bank, Highland Park, N. J., advance approved 4/16 First National Bank, Lindenhurst, N. Y., renewal of advance approved 4/16 First National Bank, Linton, Ind., application approved 3/7 First National Bank in Mamaroneck, N. Y., application for 1/4 additiornl advance approved Further advance approved 07 Funds not advanced because of closing of bank and authority cancelled 07 165 210 160 113 207 187 188 267 295 276 20 209 237 352 209 626 307 352 189 249 52 208 8 209 247 275 247 188 307 139 188 187 353 8 52 52 Pages 62 Loans: (Continued) Advances under Sec. 10(b) of FRAct: (Continued) First National Bank, Ogden, Utah, authority unused and no advance to be made without further authority First National Bank, Salt Lake City, Utah, authorizations expired or unused, further authority necessary First National Bank, Secaucus, N. J., application approved First National Bank, South Plainfield, N. J., advance approved First National Bank of The Thousand Islands, Alexandria Bay, N. Y., application approved First National Bank and Trust Company in Orlando, Fla., further renewal approved First National Bank and Trust Co., Port Chester, N. Y., application approved Additional advance approved First National Bank and Trust Co., Yonkers, N. Y., advance approved Application for additional advance approved Fletcher American National Bank, Indianapolis, Ind., advance approved Franklin-Washington Trust Co., Newark, D. J., renewal approved Fulton National Bank, Atlanta, Ga., application approved Georgia Savings Bank and Trust Co., Atlanta, Ga., application for additional advance approved Continuance of advances without demand for payment and application for further advance approved Additional advance approved Haledon National Bank, Haledon, N. J., renewal in reduced amount approved Integrity Trust Co., Philadelphia, Pa., application approved Irvington National Bank & Trust Co., Irvington, N. Y., application approved Jefferson County National Bank, Watertown, N. Y., application approved Jefferson Trust Co., Hoboken, N. J., renewal of advance in reduced amount and additional advance approved Renewal of advance approved Further advance approved Labor National Bank, Paterson, N. J., renewal of loan in reduced amount approved Renewal of advance approved Renewal in reduced amount approved Larchmont National Bank and Trust Co., Larchmont, N. Y., application approved Application for additional advance approved Application for additional advance approved Application for additional advance approved Renewal in reduced amount approved Lincoln National Bank, Newark, N. J., renewal of advance approved Renewal approved Lycaming Trust Co., Williamsport, Pa., application approved Manville National Bank, Manville, N. J., application approved Mercantile Bank and Trust Co., and Branches, New York City, application approved Merchants and Newark Trust Co., Newark, N. J., application approved 2/9 166 2/9 3/2 2/16 165 294 188 1/17 51 2/24 239 1/17 53 2/1 120 2/16 2/23 188 225 2/23 2/16 3/3 227 186 309 1/4 9 g/9 5/2 165 296 2/23 3/2 225 295 3/7 352 3/1 274 2/6 2/16 2/16 138 187 188 2/1 g/23 2/28 122 226 267 1/4 1/17 2/1 7 53 122 138 209 g/6 2/18 2/16 186 2/25 247 2/24 239 2/23 224 3/7 352 3/3 308 63 Pages Loans: (Continued) Advances under Sec. 10(b) of FRAct: (Continued) Merchants National Bank of Mobile, Ala., continuance of advance in reduced amount without demand for payment Metuchen National Bank, Metuchen, N. J., application approved National Bank of Newport, N. Y., application approved Renewal of advance approved National Chautauqua County Bank, Jamestown, N. Y., application approved National City Bank, New Rochelle, N. Y., advance approved Application for advance approved Further advance approved National Newark and Essex Banking Co., Newark, N. J., application approved Nonmember banks, authority to FRBanks to permit advances to member banks secured by ineligible paper acquired from Old National Bank and Union Trust Co., Spokane, Wash., advance approved Orange National Bank, Orange, N. J., advance approved Application for additional advance approved Pelham National Bank, Pelham, N. Y., renewal of advance in reduced amount and additional advance approved Application for additional advance approved Application for additional advance approved Additional advance approved, including unused balance of previous loan Application for additional advance approved Advance approved Renewal in reduced amount approved Peoples Bank and Trust Co., Passaic, N. J., further renewal in reduced amount approved Additional advance approved Additional advance approved Renewal in reduced amount approved Application approved Peoples National Bank, Newark, N. J., application approved Peoples National Bank, Southbridge, Mass., expiration of two unused authorizations, further authority necessary for advances Continuance of advance and consideration promised for possible new advance krth Amboy Trust Co., Perth Amboy, N. J., advance approved Quincy Trust Co., Quincy, Mass., application approved Raritan Trust Co., Perth Amboy, N. J., application approved Rate, reduction at two FRBanks reported to Governors of FRBanks and similar action to be taken on applications of other FRBanks Restrictions on, under Regulation No. 20 of Secretary of the Treasury, advice to FRBanks Salt Springs National Bank, Syracuse, N. Y., additional advance approved Renewal approved Savings Investment and Trust Co., East Orange, N. J., application approved 2/9 2/23 1/4 2/16 164 226 7 187 3/3 308 137 4/6 4/18 208 4/24 237 3/3 307 3/13 412 4/16 4/18 4/28 189 207 268 1/25 1/25 1/26 79 80 112 g/i 121 162 188 210 21/ , 9 4116 4/18 4/24 3/7 3/7 35 80 162 238 352 352 4/9 165 2/23 2/25 223 248 78 251 1/12 1/25 2/9 1/25 4/27 1/5 17 3/13 409 1,/19 4/25 65 247 3/7 352 Pages 64 Loans: (Continued) Advances under Sec. 10(b) of FRIct: (Continued) Second National Bank, Philadelphia, Pa., application approved Simmons National Bank, Pine Bluff, Ark., application approved South Side National Bank & Trust Co., Newark, N. J., application approved Sunrise National Bank and Trust Co., Baldwin, N. Y., application approved Application approved Further advance approved Traders Gate City National Bank, Kansas City, Mo., advance by executive committee of FRBank of Kansas City in unusual circumstances approved Trust Company of Georgia, Atlanta, Ga., application approved Union National Bank in Newark, N. J., application approved Union Trust Co., Little Rock, Ark., application for advance approved Worcester Bank and Trust Co., Worcester, Mass., application approved Yonkers National Bank and Trust Co., Yonkers, N. Y., application approved Application approved Advances tf) individuals, partnerships and corporations: Authority to FRBanks extended for six months Advances under FRAct as amended by Act of March 9 approved at five pEr cent pending further action FRBanks to be advised that FrtBoard will approve rate of four and one-half per cent if and when established Conditions of, with reference to Regulation 20 of Secretary of Treasury, advice to FRBanks Continental Turpentine and Rosin Corporation, renewal of note to be decided by FRBank FRBank of district in which principal place of business of applicant is located should make advance, advice to FRBanks Interpretation that last paragraph of Sec. 13, as amended, includes all banks whether members of FRSystem or nonmembers Margin on, no objection to FRBank of Kansas City obtaining, matter for determination by FRBank Reports on applications not granted to cover calendar month instead of weekly periods Reply to FRAgent at Cleveland on discontinuing weekly Colonial Trust Co., Pittsburgh, Pa., reduction in borrowings of officers and directors to be sought Committees and principal executive officers of FRBanksrequested to be available on March 11 and 12 for prompt attention to Legislation proposed to meet Treasury deficit by issuing law interest, long term bonds against which FRBanks could issue FRbank notes, enactment opposed Lember banks permitted to reopen, Governor Harrison to prepare telegram to all FRBanks on policy in making advances National banks in Michigan during banking holiday, discussion of conditions under which loan may be made 3/7 3/1 352 276 3/7 352 7125 2/9 2,/16 78 161 186 3/7 3/3 3/7 354 310 352 2/6 140 2/28 266 2/9 3/7 161 352 1/25 90 3/10 377 3,/13 407 3/13 409 1/25 89 3/16 456 3/11 386 3,/14 420 1/12 1/25 40 90 2/9 174 3/11 385 3/1 280 3,/10 378 2/18 215 65 Pages Loans: (Continued) Nonmember banks, direct loans to by FRBanks, legislation, S. 320, introduced providing (See also Legislation, S. 320) Terms and conditions Should be same as for member bank and banks should be required to comply with FRAct and FRBoard regulations Alternative drafts of telegrams to FRBanks on interpretation and procedure under law as passed Telegram to FRBanks on procedure in handling applications for loans approved Nonmember banks and other banking institutions, suggestion of Governor Meyer that they be considered to relieve demand for currency Reconstruction Finance Corporation, policy of referring member bank applicants to FRBanks and attempt to shift advances already made to FRBanks Attention of Secretary of Treasury called to, has already taken matter up with Corporation, and agencies to be advised not to follow policy Copy of telegram revoking instructions sent to FRBoard by Er. G. R. Cooksey State Bank of Hoiles and Sons, Greenville, Ill., reduction in excess loans requested LOng, Senator Huey, membership in FRSystem of all State banks urged by, information received from Senator Glass Maelltiley, Lord, reprint of article from Edinburgh Review by FRAgent at Richmond not favored by FRBoard Ilanipulation of Government securities by D. A. Jones, Assistant Deputy Governor of FRBank of Chicago, with junior officer of Continental-Illinois National Bank and Trust Company of Chicago le (See also FRBank of Chicago, Irregularities) kargin of FRBank in pledging Government securities for FRnotes increased because of extraordinarily large currency payments Liarine Midland Corporation, advice to eliminate stock of from investment accounts of Northern New York Trust Co., Watertown, N. Y. ! 1-EtrYland, effects of banking holiday in t:cintyre, Marvin H., Secretary to President, request as to whether nonmember State banks could be construed as coming under "corporations" under amendment to FRAct 1Leuibars1lip in FRSystem: Admissions and withdrawals, telegram to FRBanks on prompt advice to State banking authorities and information to be submitted to FRBoard in cases of voluntary withdrawal Amalgamated Trust and Savings Bank, Chicago, Ill., application approved Explanation by FRAgent and Mr. Dunn of subordination of deposit by Amalgamated Clothing Workers of America and FRBank to proceed with admission to membership 3/14 425 3/14 434 3/29 592 3/29 592 3/12 398 3/21 514 3/22 524 3/25 554 1/17 57 3/14 431 2/1 231 1/26 113 3/2 289 2/9 2/25 172 243 3/15 438 3 /20 488 3/14 422 3/22 528 66 Pages Membership in FRSystem: (Continued) American Trust and Banking Company of Chattanooga, Tenn., application for membership being considered by bank, effect of business of selling mortgage loans or participations therein on application 1/4 Application approved 3,/15 Applications for, by State banks and trust companies: Policy of FRBoard regarding bond depreciation, change in 2/1 Additional conditions for admittance of State banks and trust companies 2/9 Inquiries from several FRAgents as to treatment to be accorded formal and informal applications for, reply that adequate information be based upon recent examination and FRAgents should communicate with Yr. 3/11 Paulger Request that appropriate committees and executive officers of FRBanks be available for prompt attention to on March 11 and 12 3/11 Conditions to be prescribed hereafter, draft of letter to all FRAgents approved 3/11 Condition No. 12, forbidding banks to engage in mortgage business amended 3/12 Instructions to FRBanks for submitting applications telegraphically 3/12 Compliance with requirements, requests that some State banks be admitted without, especially in connection with capitalization and charge offs of losses and depreciation, standards must not be lowered 3/20 FRBoard should be informed as to whether applicant has been licensed to reopen and of any restrictions 3/20 Duplications of amounts in items L and N 3/21 Policy in answering inquiries concerning, instructions to FRAgents as to giving information and special conditions prescribed and that usual standards should not be relaxed 3/24 Instructions to FRAgents regarding information to be furnished FRBoard by telegram 01 Ashland Bank and Savings Co., Ashland, Ohio, application approved 3/24 Atoka State Bank, Atoka, Okla., application approved 3/29 Boulevard Bridge Bank, Chicago, Ill., application approved 3,/16 California Bank, Los Angeles, Calif., application approved 3/14 Capital requirement: Opinion of FRBank of Kansas City that bank desiring tn aater System having 60 per cent of capital necessary to become national bank and funds available for 100 per cent should adjust capital to full requirement 3,/17 Unimpaired preferred stock may be included in capital of State bank in determining whether it has sufficient for admission to, FRBoard to consider other items also 3/16 Charge offs, request from FRBank of Dallas for determining depreciation on bonds of Dallas Joint Stock Land Bank by banks before admission 3/14 Citizens Bank, Bancroft, Nebr., application approved 3/17 Citizens State Bank, Arlington, S. Dak., application approved 2/16 Citizens State Bank, Santa Paula, Calif., application approved 3/12 10 445 129 169 384 385 385 403 403 482 487 503 544 622 542 589 457 422 470 457 419 468 194 402 67 Pages Membership in FRSystem: (Continued) City Bank and Trust Co., Kansas City, Mo., FRBoard willing to approve application with special conditions Membership declined because of inability to comply with condition No. 12, FRBoard cannot waive requirement and matter considered closed Commerce Guardian Bank, Toledo, Ohio, application approved Condition No. 12 amended (See supra Applications) Conversion from national bank to State institution, application should be handled in accordance with procedure followed in case of any other State institution County Trust Co., New York City, inquiry as to whether Board has relaxed requirements as to charge offs of losses and depreciation on securities C. P. Burnett & Sons, Bankers, Eldorado, Ill., application approved Depreciation on bonds of joint stock land banks, reply to Senators Connally and Sheppard with regard to elimination by State banks applying for, practices of FRBoard outlined Dothan Bank and Trust Co., Dothan, Ala., application approved Drovers Trust and Savings Bank, Chicago, Ill., application not to be considered until examination is made and other information furnished Elliott State Bank, Jacksonville, Ill., application approved Farmers State Bark, Worland, Wyo., application approved Hamilton State Bank, Chicago, Ill., application approved Huntsville Bank and Trust Co., huntsville, Texas, application approved Impairment of capital caused by depreciation in securities, question of requiring applicant banks to remove such impairment before admission Lake Shore Trust and Savings Bank, Chicago, Ill., application approved Lake View Trust and Savings Bank, Chicago, Ill., application approved Liberty Bank of Chicago, Ill., application approved Lynchburg Trust and Savings Bank, Lynchburg, Va., question of policy as to admission of savings and non-comercia1 banks Discussion of policy involved in application with Senator Glass deferred Report of Governor Meyer that Senator Glass had no suggestions to offer Application discussed but no decision made Merchandise Bank and Trust Co., Chicago, Ill., application approved Metropolitan State Bank, Chicago, Ill., application approved Mountain Trust Co., Roanoke, Va,, reply to letter referred to FRBoard that bank would have to relinquish branch at Vintan, Va., before admission National banks: (See National banks) Peoples Bank, Pratt, Kansas, application approved 3/13 413 3/24 3/14 3/12 543 422 403 2/6 142 3/22 526 3/20 486 3/24 3/29 546 589 3/18 3/13 3/15 3/24 478 413 445 542 3/17 468 3/22 527 3/17 468 3/13 3/12 413 402 3/25 558 3/28 563 3/29 3/31 588 627 3/12 3/13 402 413 3/29 591 2 /9 167 Pages 68 Membership in FRSystem: (Continued) Personal Loan and Savings Bank, Chicago, I1)., question of policy involved in application 4/25 Discussion of application with Senator Glass deferred 4/28 Report of Governor Meyer that Senator Glass had no suggestions to offer 4/29 3/31 Application discussed but no decision made Pilgrim Trust Company of Boston, Masc., advice of intention to 1/4 make application for Policy of FRBoard in admitting newly organized State banks, reply 314 to FRAgent at Boston on and conservators attorneys of banks, plan of Reorganization of two Michigan barks and question of future policy as to whether they will be permitted to continue as members, Mr. Paulger to confer with representatives if they came to Washington 4/30 Representatives of Traverse City State Bank of Traverse City, Mich., and Alpena Trust and Savings Bank of Alpena, Mich., call on Mr. Morril] and are sent to Mr. 4/31 Douglas in connection with licenses to reopen Letter from FRAgent at Chicago on proposed plan for 4/31 reorganizing Michigan banks 2/9 Revision of condition of, regarding acquisition of bank stocks Letter to FRAgents advising of conditions to be prescribed hereafter 4/11 Robinson State Bank and Trust Company of Palestine, Texas, not eligible for membership because of insufficient capital 4/20 Return of papers submitted in connection with application refused because part of permanent record and no further action in case to be taken 4/28 Rock River Community Bank, Byron, Ill., application approved 4/13 Roscoe State Bank, Roscoe, Texas, application approved 4/20 Savings and other non-commercial banks, question of policy as to admission in connection with application of Lynchburg Trust and Savings Bank, Lynchburg, Va. 4/25 Senator Glass confined by illness and discussion to be 3/23 deferred, reported by Governor Meyer Report of Governor Meyer that Senator Glass had no suggestions to offer 4/29 Application discussed but no decision made 4/31 Sears-Community State Bank of Chicago, Ill., application approved 4/16 Depreciation charge off, authority to FRAgent at Chicago to change in connection with application 3/83 State Bank of Chicago, Ill., application approved /Skal Somerville Trust Co., Lynn, :dass., extension of period to comply with requirements 06 State Bsnk of Clearing, Chicago, Ill., insufficient capital for 4/14 State Bank of Steeleville, Ill., application approved 4/24 State banks and trust companies: (See State member banks) Summit Trust Co., Summit, N. J., application approved 4/14 Upper Avenue Bank, Chicago, Ill., application approved 3/13 Uptown State Bank, Chicago, Ill., application approved 4/13 Washington Irving Trust Co., Tarrytown, N. Y., application approved 4/20 3:1 559 583 588 627 9 9 611 620 620 166 385 487 578 413 436 558 583 588 627 457 476 413 193 422 542 422 413 413 486 69 Pages Membership in FRSystem: (Continued) Washington Irving Trust Co.: (Continued) Letter from Mr. Balassi that charge off of bond depreciation as condition of membership seems unfair, explanation of policy and advice to FRAgent at New York to explain more fully Washington Loan and Trust Co., Washington, D. C., application approved '4stern State Bank, Cicero, Ill., information submitted in connection with application not sufficient and request for reasons of FRBank of Chicago for feeling that applicant would be a desirable member West Side Trust Co., Newark, c. J., early examination to be arranged in connection with application and feeling that condition on charge off of depreciation of securities should not be modified Michigan: Banking holiday, effect on Fourth and Seventh FRDistricts Legal questions involved in making loan to national bank in Michigan during holiday Extension of holiday under modified terms Deposits with State for exercise of fiduciary powers, request of First National Bank of Lapeer, Mich., regarding necessity of, action deferred Reorganization of two banks, plan of conservators and attorneys with Superintendent of Banks and question of future policy as to whether banks will be permitted to continue as members of FRSystem, representatives considering coning to Washington Representatives of Traverse City State Bank of Traverse City, Lach., and Alpena Trust and Savings Bank, Alpena, Mich., call on Mr. Morrill and are sent to Mr. Douglas in connection with licenses to reopen Letter from FRAgent at Chicago on proposed plan for reorganizing Michigan banks Llitchell, Charles E., testimony before Senate Committee on Banking and Currency llonree County Insurance Co., Brinkley, Ark.: (See Affiliated companies) /do ratoria: (See Banking holidays) 14°1tgage business: American Trust and Banking Co., Chattanooga, Tenn., effect of business on application for membership Bank of Commerce and Trust Co., Memphis, Tenn., liability for guaranteeing payment of bonds and mortgages Central Trust Co., Harrisburg, Pa., to be requested to terminate practice of selling guaranteed mortgage certificates Citizens Bank and Trust Co., Middletuun, Pa., contingent liability on mortgage participations revealed in examination report Citizens State Bank, Sheboygan, Wis., sale of mortgage loans to public not favored by FRBoard Condition of membership forbidding banks to engage in such business except with permission of FRBoard 3/30 603 3/29 589 3/24 542 3/20 486 2/16 201 2/23 215 231 145 3/30 611 3/31 620 3/31 620 2/25 243 3/4 10 3117 58 3/19 66 2/28 269 2/1 127 3/12 403 70 Pages Mortgage business: (Continued) Marine Midland Trust Co., New York City, information requested on mortgage participations sold by National banks, instructions to national bank examiners to discourage from issuing participation certificates in mortgage loans and selling them to their customers Northern New York Trust Co., Watertown, N. Y.. request for additional information concerning participations Oak Park Trust and Savings Co., Oak Park, Ill., selling mortgages without permission of FRBoard Power City Trust Co., Niagara Falls, N. Y., engaged in business of selling mortgages contrary to condition of membership Princeton Bank and Trust Co., Princeton, N. J., participations sold by, information requested on Provident Savings Bank and Trust Co., Cincinnati, Ohio, selling and issuing of bonds Sale to public by State member banks not favored by FRBoard United Bank and Trust Co., St. Louis, Mo., affiliated corporation organized for business of guaranteeing payment of loans secured by 3/21 504 2/1 133 2/9 172 2/23 228 3/25 553 2125 251 2/9 2/1 173 127 1/19 67 -Br National banks: Advance to new bank assuming liabilities of, question of 08 215 American-First National Bank, Ut. Carmel, Ill., report of continued deficiency in reserves 142 2/6 Atlanta National Bank, Atlanta, N. Y., renewal of two advances under Sec. 10(b) of FRAct approved 34 02 Renewal of advance approved 121 2/1 Renewal of advance approved 2/23 226 Renewal of advance approved 2,/25 247 Baldwin National Bank and irust Co., Baldwin, N. Y., advance under Sec. 10(b) of FRAct approved 2/16 187 Ballard First National Bank, Seattle, Wash., application for reduction in reserves approved 2/1 122 Barnstable County National Bank, Hyannis, Mass., application for fiduciary powers not favored, final action deferred 357 3 /7 Berlin National Bank, Berlin, N. H., authority to FRBank to rediscount paper acquired from nonmember bank for 2/24 240 Black River National Bank, Lowville, N. Y., reduction in capital stock approved and then to be increased 05 82 Broad Street National Bank, Red Bank, N. J., advance under Sec. 10(b) of FRAct approved 2/9 160 Capital National Bank, Sacramento, Calif.: Advance under Sec. 10(b) of FRAct approved, additional application to be made later 3126 113 Currency depot established at 88 1/25 Capitol National Bank and Trust Co., Hartford, Conn., reduction in stock approved 140 2 /6 Carthage National Exchange Bank, Carthage, N. Y., qualified to act as trustee if appointed to succeed Carthage National Bank 2/24 241 71 Pages National banks: (Continued) Central National Bank, Lynn, Mass., to increase capital stock and then decrease it Citizens National Bank, Freeport, N. Y., advance under Sec. 10(b) of FRAct approved Citizens National Bank, Hooversville, Pa., report of continued deficiency in reserves Citizens National Bank of Lancaster, N. Y., reduction in capital stock approved and then to be increased Citizens National Bank of Long Branch, N. J., action on cancellation of FRBank stock deferred Citizens National Bank, New Brunswick, N. J., renewal of advance under Sec. 10(b) of FRAct approved Further advance approved City National Bank and Trust Co., Hackensack, N. J., purchase of tax notes of City of Hackensack by FRBank of New York from Citizens National Bank and Trust Company of Hornell, N. Y., cancellation of FRBank stock, proceeds can be held as cash collateral and not applied to indebtedness of bank City National Bank of Lansing, Mich., FRBank stock outstanding in name of, delay in recommending appointment of receiver Permission to FRAgent to wait 60 days before recommending appointment of receiver as bank was absorbed by Capital National Bank, now in hands of conservator Cliffside Park National Bank, Cliffside Park, N. J., tax warrants of Borough of Cliffside Park purchased from, FRBank of New York to continue to hold Collective investment of trust funds of national banks, memoranda regarding To be published in FRBulletin Commercial National Bank, Philadelphia, Pa., renewal of advance in reduced amount under Sec. 10(b) of FRAct approved Condition reports, call as of December 31 Continental-Illinois National Bank and Trust Co., Chicago, Ill.: (See FRBank of Chicago, Irregularities) Cornwall National Bank, Cornwall, N. Y., renewal of advance under Sec. 10(b) of FRAct in reduced amount approved Renewal of advance in reduced amount approved Crestwood National Bank, Tuckahoe, N. Y., advance under Sec. 10(b) of FRAct approved Crocker National Bank, Turners Falls, Mass., reduction in stock approved, then to be increased Deposits in special trust funds may be withdrawn free of restriction even though conservator has been appointed subsequent to deposit Deposit of trust funds in institutions closely affiliated through conuRon stock ownership improper Durant National Bank in Durant, Okla., permission to act in fiduciary capacity East Side National Bank, Buffalo, N. Y., advance under Sec. 10(b) of FRAct approved 2/16 193 2/18 207 1/6 21 07 55 3 /21 503 2/16 2/16 187 188 4/7 355 2,/16 195 0.7 59 4/30 600 1/25 81 2/1 2/25 132 250 3,/1 1/4 276 4 1/6 2/18 20 209 2/24 237 2/6 140 4/16 458 2/6 148 /24 4/7 542 352 72 National banks: (Continued) East Tennessee National Bank, Knoxville, Tenn., closed,conversion of notes pledged as security with FRBank into direct loans considered Elk National Bank, Fayetteville, Tenn., report of continued deficiency in reserves Elkins National Bank, Elkins, J. Va., report of continued deficiency in reserves Farmers and Merchants National Bank, Matawan, N. J., reduction in capital stock approved, then to be increased Farmers National Bank, Adams, N. Y., consolidation with Citizens Trust Co. Farmers National Bank of Hendricks, Minn., report of continued deficiency in reserves Farmers National Bank, Theresa, N. Y., renewal of advance under Sec. 10(b) of FRAct approved Fidelity National Bank and Trust Co., Kansas City, Mo., advances under Sec. 10(b) of FRAct approved Renewal of advance in reduced amount approved Fiduciary powers: Application of Regulation F in connection with deposit of uninvested funds of trust department Applications for exercise by newly organized banks or proposed banks to take over business of State bank or another national bank, instructions for FRAgents to expedite matters and procedure (See also Fiduciary powers) First National Bank, Aberdeen, Liss., report of continued deficiency in reserves First National Bank, Altamont, N. Y., additional advance under Sec. 10(b) of FRAct approved Renewal of advance in reduced amount approved First National Bank in Avon-by-the-Sea, N. J.: Advance under Sec. 10(b) of FRAct approved Renewal of advance in reduced amount approved Renewal of advance approved Purchase of tax notes of Borough of Avon-by-the-Sea by FRBank of New York from First National Bank, Bellerose, N. Y., advance under Sec. 10(b) of FRAct approved First National Bank, Bolivar, N. Y., renewal of advance under Sec. 10(b) of FRAct approved First National Bank of Boston, transfer of funds by mire for account of, to F2Bank of Atlanta for payment through Havana Agency, inquiry of FRBank of Boston as to transaction First National Bank, Brillion, Vhs., report of continued deficiency in reserves First National Bank of Canton, S. Dak., report of continued deficiency in reserves First National Bank, Carteret, N. J., advance under Sec. 10(b) of FRAct approved First National Bank, Cecil, Pa., report of continued deficiency in reserves First National Bank, Clear Lake, Iowa, report of continued deficiency in reserves Pages 3/30 613 4/7 356 1/6 21 1/6 20 2/1 125 3/1 277 2/16 209 2/16 2/25 189 249 2/6 147 3/17 466 2/1 123 1/17 2/18 52 208 8 1/4 08 209 2/25 247 2/24 240 3/1 275 2/25 247 3/15 444 2/1 123 2/28 268 2/16 188 2/1 123 2/1 124 73 Pages National banks: (Continued) First National Bank of Conrad, Mont., report of continued deficiency in reserves 1/6 First National Bank, East Rutherford, N. J., advance under Sec. 10(b) of FRAct approved 3/3 First National Bank, Elmsford, N. Y., purchase of tax notes of Village of Elmsford by FRBank of New York from 3/7 Purchase of additional tax notes approved 3/30 First National Bank of Gibson, Gibson City, Ill., reduction of stock approved and then to be increased 2/6 Reduction again approved with change in conditions 3/3 First National Bank, Glendale, Calif., report of continued deficiency in reserves 2/9 First National Bank, Harrisville, E. Y., advance under Sec. 10(b) of FRAct approved 2/6 First National Bank of Havre de Grace, ijd., reduction in stock approved 3/31 First National Bank in Hemphill, Texas, report of continued deficiency in reserves 1/19 First National Bank, Highland Park, N. J., advance under Sec. 10(b) of FRAct approved 2/16 First National Bank, Huntingburg, Ind., report of continued deficiency in reserves 2/1 First National Bank of Johnstown, Pa., report of continued deficiency in reserves 2/9 First National Bank, Lansdale, Pa., business of Lansdale Title Trust Company transferred to 3/27 First National Bank of Lapeer, Mich., to request return of securities deposited with Treasurer of State of Michigan in connection with operation of trust department 2/6 First National Bank, Lindenhurst, N. Y., renewal of advance under Sec. 10(b) of FRAct approved 2/16 First National Bank, Linton, Ind., advance under Sec. 10(b) of FRAct approved 3/7 First National Bank in Mamaroneck, N. Y., additional advance under Sec. 10(b) of FRAct approved 1/4 Further advance approved 1/17 Funds not advanced because of closing of bank and authority cancelled 1/17 First National Bank of Montesano, Wash., report of continued deficiency in reserves 3/29 First National Bank, Morgan, Utah, report of continued deficiency in reserves 2/23 First National Bank, Mountain Grove, Mo., report of continued deficiency in reserves 2/6 First National Bank of Nelson County, Lovingston, Va., report of continued deficiency in reserves 2/1 First National Bank, Nutley, N. J., stock held by Bank of Nutley 3/21 First National Bank, Ogden, Utah, advance under Sec. 10(b) of FRAct unused, not to be made without further authority 2/9 First National Bank of Patton, Pa., report of continued deficiency in reserves 2/9 First National Bank of Paula Valley, Okla., reduction in capital stock approved 1/12 21 307 354 606 141 312 171 139 616 66 186 124 171 573 145 187 353 8 52 52 590 227 142 123 505 166 171 40 Pages 74 National banks: (Continued) First National Bank, Perth Amboy, N. J., purchase of tax notes of Perth Amboy by FRBank of New York from Purchase of additional tax notes approved First National Bank in Prescott, Ariz., proposed merger with Prescott branch of Valley Bank and Trust Company of Phoenix, Ariz., final consideration deferred First National Bank of Rockville Centre, N. Y., certificate of surrender of fiduciary powers issued to First National Bank, Russellville, Ala., report of continued deficiency in reserves First National Bank, St. Paris, Ohio, report of continued deficiency in reserves First National Bank of St. Paul, Minn., request that FRBank of Minneapolis take over overdue notes secured by veterans' adjusted service certificates First National Bank, Salt Lake City, Utah, authorizations for advances under Sec. 10(b) of FRAct expired or unused, further authority necessary First National Bank, Secaucus, N. J., advance under Sec. 10(b) of FRAct approved First National Bank, South Plainfield, N. J., advance under Sec. 10(b) of FRAct approved First National Bank, Spring Lake, N. J.: Purchase of tax notes of Borough of Seagirt, N. J. by FRBank of Now York from Purchase of tax notes of Borough of Spring Lake by FRBank of New York from Purchase of additional notes of Borough of Spring Lake First National Bank of the Thousand Islands, Alexandria Bay, N.Y., advance under Sec. 10(b) of FRAct approved First National Bank of Williston, N. Dak., report of continued deficiency in reserves First National Bank, Uymore, Nebr., report of continued deficiency in reserves First National Bank and Trust Company in Orlando, Fla., further renewal of advance under Sec. 10(b) of FRAct approved First National Bank and Trust Co., Port Chester, N. Y., advance under Sec. 10(b) of FRAct approved Additional advance under Sec. 10(b) of FRAct approved First National Bank and Trust Co., Ridgewood, N. J., purchase of tax notes of Village of Ridgewood by FRBank of New York from First National Bank and Trust Co., Yonkers, N. Y., advance under Sec. 10(b) of FRAct approved Additional advance under Sec. 10(b) of FRAct approved First Wayne National Bank, Detroit, Mich., assistance asked on tax anticipation warrants of Detroit, referred to FRBank of Chicago for determination First Wisconsin National Bank of Milwaukee, Wis., status of proposed consolidation of Badger State Bank with Fletcher American National Bank, Indianapolis, Ind., advance under Sec. 10(b) of FRAct approved Franklin National Bank, Nutley, N. J., stock held by Bank of Nutley 2/16 3/3 191 310 2/23 228 3/7 357 2/28 268 1/6 21 3/2 289 2/9 165 3 /2 294 2/16 188 3/2 296 1/12 2/16 38 190 1/17 51 1/12 40 1/6 21 4/24 259 1/17 2/1 53 120 1/12 38 2/16 2/23 188 225 2/18 216 2/18 211 g/23 227 3/21 505 75 Pages National banks: (Continued) Fulton National Bank, Atlanta, Ga., advance under Sec. 10(b) of FRAct approved Bank, Greensburg, Ind., report of continued National Greensburg deficiency in reserves for further six mouths period Haledon National Bank, Haledon, N. J., renewal of advance under Sec. 10(b) of FRAct in reduced amount approved Hewlitt-Woodmere National Bank, Woodmere, N. Y., purchase of tax notes of Town of Hempstead by FRBank of New York from Iowa, conversion into State institutions to take advantage of recent State law, eligibility of converted banks for membership Irvington National Bank & Trust Co., Irvington, N. Y., advance under Sec. 10(b) of FRAct approved Jefferson County National Bank, Brookville, Pa., report of continued deficiency in reserves Jefferson County National Bank, Watertown, N. Y., advance under Sec. 10(b) of FRAct approved Labor National Bank, Paterson, N. J., renewal of loan under Sec. 10(b) of FRAct, in reduced amount approved Renewal of advance approved Renewal of advance in reduced amount approved Larchmont National Bank and Trust Co., Larchmont, N. Y., advance under Sec. 10(b) of FRAct approved Application for additional advance approved Further advance under Sec. 10(b) of FRAct approved Application for additional advance approved Renewal of advance in reduced amount approved Lincoln National Bank, Newark, N. J., renewal of advances under Sec. 10(b) of FRAct approved Renewal of advance approved Loan conditions under Michigan banking holiday, legal questions concerning Louisa National Bank, Louisa, Ky., report of continued deficiency in reserves Manville National Bank, Manville, N. J., advance under Sec. 10(b) of FRAct approved Marine National Exchange Bank, Milwaukee, Wis., information requested on right to exercise trust powers without depositing securities with State Treasurer Merchants National Bank of Mobile, Ala., continuance of advance in reduced amount under Sec. 10(b) of FRAct Metuchen National Bsnk, Metuchen N. J., advance under Sec. 10(b) of FRAct approved National Bank of L;ovington, Ind., report of continued deficiency in reserves National Bank of Herndon, Va., report of continued deficiency in reserves National Bank of John A. Black, Barbourville, Ky., report of continued deficiency in reserves National Bank of Newport, E. Y., advance under Sec. 10(b) of FRAct approved Renewal of advance approved 3/3 309 1125 83 4/23 225 1/25 81 4/6 141 3/7 352 1/6 20 3/1 274 2/1 4/23 4/28 122 226 267 1/,4 V17 4/1 4/6 4/18 7 53 122 138 209 4/16 2/25 186 247 2/18 215 4/1 124 2/23 224 2/6 146 4/9 164 4/23 226 1/25 83 1/6 21 4/6 142 0 4/16 7 187 76 Pages National banks: (Continued) National Bank of Union City, Pa., report of continued deficiency in reserves 1/25 National Chautauqua County Bank, Jamestown, N. Y., advance under Sec. 10(b) of FRAct approved 4/3 National City Bank, New Rochelle, N. Y., advance under Sec. 10(b) of FRAct approved 2/6 Further advance approved 2/13 Further advance approved 2/24 National City Bank of New York: Foreign branches: Switzerland, Geneva, request for extension of ninety days in time for establishing of 3/17 Extension of time for opening branch for further ninety day period 2 /6 National Manufacturers Bank, Neenah, Wis., application for additional fiduciary powers, action deferred 1/25 National Newark and Essex Banking Co., Newark, N. J., advance under Sec. 10(b) of FRAct approved 4/3 New Harmony National Bank, New Harmony, Ind., Board unwilling to approve application for full fiduciary powers, to make new application when condition improves 4/18 Orange National Bank, Orange, N. J.: Advance under Sec. 10(b) of FRAct approved 08 Additional advance under Sec. 10(b) of FRAct approved 2/28 Purchase of tax anticipation bond of City of Orange by FRBank of New York from 4/2 Ocean Side National Bank, Ocean Side, N. Y., purchase of tax notes of Town of Hempstead by FRBank of New York from 1,/19 Old National Bank and Union Trust Co., Spokane, Wash., advance under Sec. 10(b) of FRAct approved 2,/16 Pelham National Bank, Pelham, N. Y., renewal of advance under Sec. 10(b) of FRAct in reduced amount and additional advance approved 3/25 Application for further advance approved 3125 Additional advance approved 3126 Additional advance approved, including unused balance of preceding loan 2/1 Application for further advance approved 2/9 Further advance approved 06 Renewal of advance in reduced amount approved 08 Peoples National Bank, Newark, N. J., advance under Sec. 10(b) of FRAct approved 4/7 Peoples National Bank, Parkersburg, W. Va., to continue to withhold permission for full fiduciary powers until condition improves 2/1 Peoples National Bank, Southbridge, Mass., expiration of two unused authorizations for advances under Sec. 10(b) of FRAct, further authority necessary 2,/9 Continuance of loan approved and possible new advance 2/23 Preferred stock issued under Emergency Banking Act should be included in capital in computing required FRBank stock 4/12 Reopening, procedure discussed by Mr. Await 4/11 (See also Reopening of banks) 83 308 137 208 237 60 148 82 307 479 207 268 297 65 189 79 80 112 121 162 188 210 352 130 165 225 404 393 77 Pages National banks: (Continued) Reorganization of, telegram to all FRAgents advising FRBoard feels it desirable that they cooperate with supervising authorities 3/16 Salt Springs National Bank, Syracuse, N. Y., additional advance 1/19 under Sec. 10(b) of FRAct approved 2/25 approved Renewal of advance Second National Bank, Philadelphia, Pa., advance under Sec. 10(b) 3,/7 of FRAct approved Security National Bank, Sioux Ci4ly, Iowa, application to redis2/16 count nonmember paper, approved conditionally Simmons National Bank, Pine Bluff, Ark., advance under Sec. 10(b) 3,/1 of FRAct approved South Carolina National Bank, Charleston, S. C., extension of time for rediscount of South Carolina State Bank 2/16 paper, approved conditionally South Side National Bank & Trust Co., Newark, N. J., advance 3/7 under Sec. 10(b) of FRAct approved Stewart National Bank and Trust Co., Livonia, N. Y., application to reduce stock and then increase it approved when right to exercise trust powers is surrendered 2,/16 Sunrise National Bank and Trust Co., Baldwin, N. Y., advance under 1125 Sec. 10(b) of FRAct approved Additional advance approved 0 0.6 Further advance approved Traders Gate City National Bank, Kansas City, Mo.: Advance under Sec. 10(b) of FRAct approved by executive 3/7 committee of FRBank Rediscount of paper of nonmember banks for, permission to 3/7 FRBank of Kansas City Union National Bank, Donora, Pa., application to exercise full fiduciary powers, action deferred 2/25 Union National Bank in Newark, N. J., advance under Sec. 10(b) 3,/7 of FRAct approved 2,/1 Union National Bank, Westminster, Md., application refused Yonkers National Bank and Trust Co., Yonkers, N. Y., advance 2/9 under Sec. 10(b) of FRAct approved 3/7 Additional advance approved 3/2 New Jersey, legislation adopted, restricting withdrawal of deposits New York, declaration of banking holiday considered by Governor, but unlikely 3/3 Report of Mr. Mills that Governor of State will probably declare 3/4 banking holiday 3/4 Legal holiday declared Nonmember banks: City Bank and Trust Company of Kansas City, Mo., declined to accept membership in FRSystem because of inability to comply with condition No. 12, matter considered 3/24 closed "Corporations", as used in third paragraph of Sec. 13 of FRAct, request from Mr. McIntyre as to whether they may 3,/15 be classified as Drovers Trust and Savings Bank, Chicago, Ill., application for membership in FRSystem, last examination not sufficiently current and early examination to be 3/18 arranged 454 65 247 352 191 276 191 352 192 78 161 186 353 356 250 352 130 161 352 290 326 335 336 543 438 478 78 Pages Nonmember banks: (Continued) Easton Dollar Savings and Trust Co., Easton, Pa., absorption by Easton Trust Co. for liquidation 1/12 Buffalo Savings Bank, Buffalo, N. Y., permission to FRBank to rediscount note acquired by Marine Trust Co. from 3/3 Fidelity Savings Bank, Berlin, N. H., authority to FRBank to rediscount paper acquired by Berlin National Bank from 2/24 Freehold Bank of Pittsburgh, Pa., request for additional information on 2/9 Licensed to reopen in full by State authorities, FRBank of Chicago doubtful of continuance and advice that Auditor of Public Accounts of Illinois has recommended that they apply for membership 3/21 Loans to, suggestion that matter be considered to relieve demand for currency 3/12 (See also Legislation, S. 320) Lynchburg Trust and Savings Bank, Lynchburg, Va., questions of policy raised by application for membership 3/24 (See also Membership in FRSystem) Main Line Trust Co., Ardmore, Pa., capital stock purchased by Pennsylvania Company for Insurances on Lives and Granting Annuities 1/25 Old Orchard State Bank of Webster Groves, Mo., purchase of assets and assumption of liabilities by Webster Groves Trust Co. 3/29 Personal Loan and Savings Bank, Chicago, Ill., question of policy raised by application for membership 3/25 (See also Membership in FRSystem) Rediscount by FRBanks of eligible paper acquired by member banks from 3/11 Reply to telegram from Governor of Virginia on authority granted to FRBanks 3/14 Sagamore Trust Company of Lynn, Mass., absorbed by Security Trust Company of Lynn 2/6 State Bank of Clearing, Chicago, Ill., insufficient capital for membership in FRSystem 3/14 Savings and other noncommercial banks, question of policy as to admission to membership in FRSystem 3/25 (See also Membership in FRSystem) South Carolina State Bank, Charleston, S. C., extension of time for rediscount of paper acquired by South Carolina National Bank 2/16 Trust deposits of, to be held as balances by FRBank of Philadelphia 3/2 7rest Side Trust Co., Newark, N. J., application for membership, last examination not sufficiently current and early examination to be arranged 3/20 Western State Bank, Cicero, Ill., information submitted in connection with application for membership inadequate and request for reasons of FRBank for feeling that bank would be desirable member 3/24 Northwestern Securities Co., St. Louis, Mo., request for additional advice in connection with ownership by Northwestern Trust Co. 2/18 42 311 240 174 515 398 558 84 590 559 387 421 143 422 558 191 290 486 542 212 79 Pages "Ott Oak Park Securities Co., Oak Park, Ill., request for additional information concerning affiliation with Oak Park Trust and Savings Bank Ohio, Governor opposed to banking moratorium, but is considering modified form Telephone conversation between Governor Meyer and Governor laute on declaration of State banking holiday Open market operations: Purchase of Government securities up to 0.00,000,000 by FRBanks recommended by iae. Mills to relieve pressure on depositary banks Plan opposed by Governor bleyer and suggestion that New York market protect itself through increased rates Report of Governor Meyer on discussion of situation with Governor Harrison and no action to be taken at present Report of Governor Harrison on maturing bills and purchase of new bills OPen Market Policy Conference: Executive Committee, suggestion that additional authority to meet an emergency situation be given to Meeting with FRBoard, discussion of business and credit conditions budget and financing operations of Treasury and advisability of change in present open market policy Resolution on maintenance of excess member bank reserves and adjustments in security holdings in accordance with this policy approved Press statement on policy presented and approved Tentative draft of minutes of meeting of January 4 and 5 submitted, changes suggested Minutes approved 2/23 228 2/23 933 34/4 335 2/27 257 2/27 258 2/27 260 2/23 263 2/27 260 1/4 1 1/5 1/5 15 16 2/1 2/6 132 135 3/22 521 3/4 335 3/21 494 2/27 261 2/23 264 3/2 290 1/25 75 flptt list, April supplement not to be issued Pennsylvania: Banking holiday, efforts to contact Governor Pinchot with regard to declaration of Banking legislation, preparation of, request of Governor that Ili. Riefler be permitted to assist in, no objection Legislation to restrict payments of deposits being sponsored by Governor Norris and Director Wayne of FRBank of Philadelphia Telegram from Governor Norris quoting resolution as passed by Legislature and signed by Governor Report of Kr. Sinclair on regulations prescribed by Superintendent of Banking and FRBanks to hold new deposits in form of balances with FRBank for nonmember as well as member banks Pension plan for officers and employees suggested by FRBanks of New York and Richmond, to be held in abeyance until considered by Conference of Governors ?ftr 80 Pages Pension plan: (Continued) Plans suggested by Pension Committee of Governors Conference, FRBoard favors retirement annuities procured from insurance company or companies 3/3 Post Office Department, insurance fees on shipments of currency of $1,$2, and $5 denominations, issuing of amended order on 2,48 Power of attorney to FRBank of New York in pledging Government securities against FRbank notes 3/13 President of the United States: Congress, extra session called by 3/5 Danger of existing situation, letter to FRBoard on measures that should be taken 2/23 Reply of FRBoard that situation is being given most careful consideration 2/25 Letter requesting advice as to possible action in banking situation, action deferred pending further consideration 3/1 Executive orders: (See Executive orders) Guarantee of bank deposits, letter suggesting establiShment of sone form of Federal 3/1 Reply of FRBoard that it is not prepared to recommend any plan at this time 3/2 Letter from President outlining plan Gold and foreign exchange transactions, advice requested for continuance of control during any extension of banking holiday and machinery that should be provided therefor 3/9 Draft of letter from FRBoard urging continuation of control through Secretary of Treasury or FRBoard and offer of appropriate order 3/9 National banking holiday, letter on proclamation of and on method of Federal guarantee of deposits 3/2 Opinion of Attorney General on authority of President to issue proclamation 3/2 Disposed to issue proclamation if President-elect approves, report of Governor Meyer on visit 3/3 Report of Governor Meyer on telephone conversation with President and letter to be prepared on necessity of immediate action 3/3 Telephone conversation by Governor Meyer and Mr. Miller with President and Secretary Mills and action on letter delayed until Mr. Mills and Mr. James could join meeting 3/3 Letter to President urging proclamation approved with amendments 3/4 Letter signed by Governor and sent to White House by Mr. Fahy 3/4 Report of Mr. Fahy on delivery of letter to President 3/4 Reply of President to letter 3/4 Proclamation issued by President Roosevelt, copy of 3/5 (See also Banking holiday, national) S. 320, conference on with Secretary :Toodin, Governor Meyer, Mr. Miller and Senator Glass, suggestions regarding safeguards which might be introduced into bill 3/14 Sound institutions only to be aided, statement of Mr. Woodin that President's letter will show intent of bill 3/17 315 270 411 341 232 245 281 281 287 299 371 372 299 301 319 324 326 328 331 334 338 339 428 464 81 Pages President of the United States: (Continued) S. 320: (Continued) (See also Legislation, S. 320) Valuation of assets of member banks on fair and equitable basis and not forced liquidation appraisal, proposed letter to Secretary of Treasury for signature of Letter received from President by Secretary of Treasury and contents mired to all FRBanks President-elect of the United States: Documents and explanation relating to proposed declaration of national banking holiday given to Press statements: Bank debits: (See Bank debits) Condition of reporting member banks in New York City and Chicago on March 8, not to be issued Gold return order: (See Gold) Open Market Policy Conference on maintenance of excess member bank reserves and adjustments in security holdings in accordance with plan Weekly statement of condition of FRBanks to be issued as usual, how item of bills discounted shall be shown Williams, L. B., appointment as FRAgent at Cleve]and and appointment of Mr. Burke as Class C director and designation as deputy chairman Proclanations of President: (See Executive orders) Publications: FRBulletin: (See FRBulletin) Par list, April supplement not to be issued 3/11 381 3/11 ')83 3/3 325 3/9 369 1/5 16 3/9 369 3/17 466 3/22 521 3/10 377 3/13 407 1/5 1/12 3/1 17 37 274 3/13 407 3/20 1/12 2/16 2/25 3/1 3/3 3/7 3/11 465 30 180 246 273 305 347 390 tIRtf Rates: Advances to individuals, partnerships, and corporations under Sec. 13 of YRAct, approved at five per cent pending further action FRBanks to be advised that FRBoard will approve rate of four and one-half per cent if and when established Advances under Sec. 10(b) of FRAct, reduction at two FRBanks to five per cent reported by Governor Meyer and willingness of FRBoard to take similar action on applications from other FRBanks Telegram to Governors of FRBanks on reduction in rate Bill dealers in New York City, increase in bid and asked rates FRBank of Atlanta: Advances to individuals, etc., under Sec. 13 of FIVot, as amended approved at four and one-half per cent Advances under Sec. 10(b) of FrAct as amended, established at five per cent Schedule of discount and purchase Pages 82 Rates: (Continued) FRBank of Atlanta: (Continued) Schedule of discount and purchase: (Continued) FRBank of Boston: Advances to individuals, etc., under Sec. 13 of FRAct as amended, advice that Board of directors voted to establish rate of 5 per cent before telegram of FRBoard was received and rate of 41' per cent will be established Established at 41 per cent Advances under Sec. 10(b) of FRAct made after January 1, reduction to 5 per cent Advances under Sec. 10(b) of FRAct as amended, established at 5 per cent Minimum buying rate reduced Schedule of discount and purchase FRBank of Chicago: Advances to individuals, etc., under Sec. 13 of FRAct as amended, rate of 41 per cent approved Advances to nonmember barks, etc., established at 5 per cent Advances under Sec. 10(b) of FRAct, reduction to 5 per cent voted by executive committee of bank Advances under Sec. 10(b), as amended, established at 5 per cent Minimum buying rate reduced Rediscount rate established at 3* per cent and approved Schedule of discount and purchase FRBank of Cleveland: Advances to individuals, etc., under Sec. 13 of FRAct as amended, rate of 41 per cent approved Schedule of discount and purchase FRBank of Dallas: Advances to individuals, etc., under Sec. 13 of FRAct as amended, approved at 41 per cent Schedule of discount and purchase 3/16 3/20 3/24 452 485 541 3/17 3/23 465 530 02 37 3/17 2/23 1/12 3126 2/9 2/23 3/23 465 220 38 112 158 220 530 3114 3/31 418 627 1/17 51 3/31 627 2/18 206 304 3/3 117 2/1 g/25 246 274 3/1 294 3/2 347 3/7 3/13 406 3,/17 465 3/20 485 3/22 519 3/24 540 2/16 3/7 418 19 180 346 06 1/17 2/9 3,/16 3/31 453 50 158 455 616 3/14 83 Pages Rates: (Continued) FRBank of Kansas City: Advances to individuals, etc., under Sec. 13 of FRAct as amended, established at 5 per cent and approved and consideration to be given to rate of 4?)::. per cent established by other FRBanks Established at e.5- per cent and approved Advances under Sec. 10(b) of FRAct, as amended, established at 5 per cent Minimum rate for purchases of bankers' acceptances Schedule of discount and purchase FRBank of Minneapolis: Schedule of discount and purchase 4/23 3/23 530 538 4/23 530 4/23 221 2/12 30 1/26 112 158 4/9 4/24 237 2/25 246 4/1 273 346 4/7 4/7 347 368 4/9 4/16 452 4/22 518 4/23 530 3/24 541 07 4/16 4/2 4/3 4/14 4/18 4/21 4/22 4/24 50 180 293 306 418 475 497 518 541 FRBank of New York: Advances to individuals, partnerships, etc., under Sec. 13 of FRAct, as amended, rate of 4i per cent approved 4/13 407 Advances to nonmember State banks and trust companies, 4/28 575 established at 5 per cent Advances under Sec. 10(b) of FRAct, made after January 1, 02 36 reduction to 5 per cent Advances under Sec. 10(b), as amended, established at 4/24 540 5 per cent 4/16 179 Minimum buying rate, reduction to -1:- per cent approved 4/16 202 Advice to FRBank of approval 2/18 205 Action of officers of bank ratified by directors 4/3 304 Established at 2.-?3- per cent and approved 4/21 497 Established at 17-- per cent and approved Rediscount, Governor authorized to approve increase to 3j)287 4/2 per cent if made by directors Advice of establishment of rate and approval by Governor 4/3 Meyer 303 Advice that increase is under consideration, Governor authorized to approve if not over 5 per cent 371 4/9 372 Advice that no action was taken to increase rate 4/9 Pages 84 Rates: (Continued) FRBank of New York: (Continued) Schedule of discount and purchase Trade bills, rate established FRBank of Philadelphia: Advances to individuals, etc., under Sec. 15 of FRAct, as amended, approved at 4i per cent Schedule of discount and purchase FRBank of Richmond: Advances to indviduals, etc., under Sec. 13 of FRAct as amended, approved at le per cent Advances under Sec. 10(b) of FRAct, as amended, established at 5 per cent, approved Schedule of discount and purchase FRBank of St. Louis: Advances to individuals, etc., under Sec. 13 of FRAct, as amended, rate of 41 per cent approved Advances to nonmember banks under Sec. 404 of Act of March 9, 1935, as amended, established at 5 per cent Schedule of discount and purchase 1/6 1/17 1/25 2/1 2/6 2,/16 2/18 2/24 2/27 3,/1 3/2 3/3 3/11 W13 V17 3/20 3/22 3/24 3 /51 3/17 19 50 74 117 155 179 205 257 256 273 294 306 390 406 464 484 519 540 616 464 3/13 407 5 1/4 64 V19 118 2,/1 180 06 273 3/1 3,/16 453 3/16 02 06 3/1 3/2 3/5 3/9 3,/15 3/17 3/22 453 30 180 274 294 307 568 443 465 518 3,/15 443 3/29 597 5 1 . /4 64 1/19 118 2/1 2/16 180 3/1 274 347 3/7 3/15 443 3/21 497 W22 519 85 Pages Rates: (Continued) FRBank of San Francisco: Advances to individuals, etc., under Sec. 13 of FRAct, as amended, approved at 4 per cent Advances under Sec. 10(b) of FRAct, as amended, established at 5 per cent Schedule of discount and purchase First State Bank, Kirkland, Texas, interest rate on funds deposited by officers and directors as guarantee against losses should again be reduced Interest and discount of FRBanks, amount equal to tax on deficiencies in reserves against note circulation shall be added to Money, domestic and foreign, increase should be recognized by FRBank of New York New York market, readjustment held inevitable Reconstruction Finance Corporation, reduction to five per cent in rate on loans to banks Rediscount, Governor or Chairman of Executive ColAmittee authorized to approve increase in rediscount rates for any FRBank except New York and Chicago in event of no quorum of FRBoard over weekend Real estate mortgages: (See Mortgages) Re construction Finance Corporation: Activities of, in connection with banking situation in Ohio Collateral held by FRBank of Chicago for, discrepancy in bonds held as Filing of loans with President and with appropriate congressional committees, and not publishing them recommended by Federal Advisory Council Funds needed by Treasury for use of, purchase of Government securities by FRBanks suggested by Mr. Mills Loans to nonmember banks to relieve pressure of demand for currency, Secretary of Treasury to take matter up with Policy of referring applications for loans to member banks and tranfer of loans already made, to FRBanks, FRBoard opposed to Secretary of Treasury has already taken up matter with, and agencies will be notified not to follow policy Copy of telegram revoking instructions sent to FRBoard by Mr. Cooksey Publicity for loans by, discussion of desirability for amendment to Act eliminating as requirement, has caused serious embarrassment to applicants for advances Rate on loans to banks established at 5 per cent Representatives of, meeting to consider use of clearing house certificates Staff: Smart, R. i., authorization to assist FRBank of Richmond in examination of State banks 3/16 453 3/17 1/6 1/25 2/6 2/18 3/3 3/16 465 19 74 135 205 306 453 2/6 145 3/7 344 2/27 2/27 256 259 1/5 17 3/3 304 2/23 233 3/3 314 2/23 220 2/27 260 3/12 398 3/21 514 3/22 524 3/25 554 3/14 1/5 432 17 3/1 282 3/14 419 Pages 86 Redemption of FRbank notes, confidential letter from Mr. Ballantine transmitting confidential regulations governing issuance, redemption, etc. Rediscounts: Advances under Sec. 10(b) of FRAct, notes may be rediscounted by FRBanks for each other, and on affirmative vote of five members of Board, FRBanks may be required to discount (See also Loans) Authorization to FRBanks to rediscount eligible paper acquired from nonmember banks when advisable and not conflicting with President's proclamation and regulations issued thereunder Reply to Governor of Virginia on authority granted to FRBanks Berlin National 3ank, Berlin, N. H., authority to FRBank to rediscount paper acquired from the Fidelity Savings Bank of Berlin Building and loan associations, reply for signature of Secretary of Treasury to letter from Congressman Dobbins urging that notes be made eligible for rediscount Turpentine and Rosin Corporation, Laurel, Lass., Continental renewal of note under third paragraph of Sec. 13 of FRAct to be decided by FRBank Discounts for individuals, partnerships and corporations, authority to FRBanks extended for six months (See also Loans) FRBanks of Boston, Cleveland, Richmond, Chicago and St. Louis for FRBank of New York in amounts stated Report of Governor Meyer on action being taken by FRBanks mentioned Finance company, letters from Mr. Bauman, referring to eligibility of paper of, reply prepared for signature of Secretary of Treasury outlining reasons Finance and credit companies, hearing to be held on bill to amend FRAct to make notes eligible for Lawrence Warehouse Co., eligibility of acceptances secured by warehouse receipts proposed to be issued by, to be published in FRBulletin Loans under Sec. 10(b) and Sec. 13 of FRAct: (See Loans) Marine Trust Company of Buffalo, N. Y., permission to FRBank to rediscount note of Buffalo Savings Bank Premiums for insurance, statement of eligibility of notes in payment for by persons, firms or corporations, to be published in FRBulletin Renewal with FRBanks by member banks which have not been licensed to reopen, procedure followed by FRBank of Atlanta during banking holiday and regulation prepared by Treasury Department covering Request that appropriate committees and principal executive officers of FRBanks be available for prompt attention to, on March 11 and 12 Security National Bank, Sioux City, Iowa, application to rediscount paper of nonmember banks, approved conditionally South Carolina National Bank, Charleston, S. C., extension of time for rediscounting paper of South Carolina State Bank, approved conditionally 3/12 405 3/31 626 3/11 3,/14 387 /121 2/24 240 3/30 604 05 89 3125 90 3/7 342 3/8 366 3/30 605 07 49 2/16 200 3/3 311 2/6 151 3/21 513 3/11 385 2/16 191 2/16 191 87 Pages Rediscounts: (Continued) Traders Gate City National Bank, Kansas City, Mo., permission to FRBank to rediscount paper of nonmember banks for Regulations: FRBoard: F, application in connection with deposit of uninvested funds of trust department of national banks : Conditions of membership under: (See Membership in FRSystem, applications for) Distribution to banks applying for or making inquiry as to membership, general information concerning requirements F, Segregation of securities and investments in each trust by national banks 0, graduated tax on deficiencies in gold reserves against note circulation, amendment to Amount equal to tax shall be added to rates of interest and discount, attention called to Counsel's opinion Changes affecting FRnotes and rate of assessment of penalty for deficiency in reserves of member banks Foreign exchange, control of: (See Foreign exchange) Issuance, redemption, etc., of FRbank notes proposed to be issued by Secretary of the Treasury in connection with Confidential letter from Er. Ballantine transmitting copy of regulations governing Secretary of the Treasury: A, Instructions to Treasurer of the United States on payments in gold and on payment of checks B, Adjustments of Treasurer's accounts through Gold Settlement Fund C, Purchase of gold or gold certificates by FRBanks D, Interpretation of term "food or feed products" in Regulation 6 E, Interpretation of term "banking institutions" F, FRBanks authorized to receive cash from collectors of public funds G, FRBanks may extend discounts and make coin or currency available to member banks for restricted operations H, FRBanks authorized to handle checks and collection items arising out of restricted banking operations I, Settlements between FRBanks through Gold Settlement Fund J, Authority to FRBanls to handle collateral securing deposit of public moneys K, Authority to FRBanks to make transfers of credit between foreign accounts L, Deposits described in Regulations 7 and 15 not subject to provisions of Regulation 23 1, Making of change by FRBanks and all other banking institutions 2, Safety deposit boxes, customers allowed free access to 3, Cash, checks, etc., delivered after last closing of business hours to be returned upon request 3/7 356 2/6 147 3/24 544 2/1 133 3/7 343 3/7 344 3/13 410 3/11 387 3,/12 405 3/7 361 3/7 3/7 361 362 3/7 3/7 362 362 3/7 362 3/7 345 3/7 3/7 362 362 3/7 362 3/8 367 3/18 480 3/7 3/7 358 359 3/7 359 88 Pages Regulations: (Continued) Secretary of the Treasury: (Continued) 4, Banking institutions may accept payments in cash or other 359 acceptable form in settlement of obligations 3/7 359 5, Acceptance of payments on obligations payable at banks 3/7 6, Transactions necessary for shipment of food or feed 359 products 3/7 359 3/7 7, Special trust accounts for receipt of new deposits 3/7 360 8, Settlement of checks charged on or before March 4, 1933 ,, a, Delivery of documents and securities held for safekeeping 360 W7 360 10, Banking transactions to meet community needs 3/7 3/10 379 Amended 11, Advances to foreign branches of banks 360 3/7 361 3/7 12, Issuance of clearing house certificates 13, Banks acting in fiduciary capacity to continue to transact 361 such business 3/7 lt.:, FRBanks to conduct usual operations as fiscal agents of 361 United States 3/7 15, Deposits received under authority providing for segre3/8 367 gation and repayment without restriction 16, Payments on subscriptions for Treasury bills 3/10 379 17, Payment of checks issued prior to March 6 3/10 379 18, Banks authorized to subscribe and pay for United States 01 396 Government obligations 19, Substitution of collateral 3,/11 396 3/11 396 20, FRBanks and branches to reopen for business on March 13 3/11 396 21, Opening of non-supervised banking institutions 22, Opening of Federal land banks, Federal intermediate credit banks, etc. 3/11 397 Amendment to 3/13 415 23, Withdrawals of currency for hoarding not to be permitted 3/12 405 24, Drafts dram. on Secretary of State for salaries and expenses may be cashed 3,/12 405 25, Gold for use in profession, trade or art 3/13 414 26, Drafts issued for patents and trademarks 3/13 415 27, State banking institutions not licensed to reopen may permit withdrawals not exceeding 5 per cent 3/20 492 28, Rescinding Regulations 6 and 10 after March 18 3/20 493 29, Member banks not licensed to reopen may rediscount renewals of notes 3/21 508 30, Banks in hands of conservators may exercise limited banking functions 3/29 598 31, Exercise of fiduciary powers by banks not licensed to reopen 3/30 614 32, State member banks not licensed to reopen may permit withdrawal of deposits secured by collateral 3/30 614 Foreign exchange transactions, draft tentatively approved, request for opportunity to review any changes 3/12 398 Gold earmarked prior to March 6, licenses to be issued permitting exportation to foreign central banks,etc. 3/7 346 Gold return order, draft of proposed to be submitted to Treasury officials and desire of more time for consideration before its adoption 3/12 400 (See also Gold, Return order) Issuance, redemption, etc., of FRbank notes proposed to be issued by 3,/11 387 89 Pages Regulations: (Continued) Secretary of Treasury: (Continued) Issuance, redemption, etc., of FRbank notes: (Continued) Confidential letter from Mr. Ballantine, transmitting copy 3/12 of regulations governing Interpretations of, issued under proclamations of March 6 and 3/21 9, presented for record Reichert, Rudolph E., letter to, on deposit of securities with State Treasurer by national banks exercising fiduciary 2/6 powers Reopening of banks, plan of procedure for, statement under consider00 ation by Secretary of Treasury 3/11 General or staggered reopening discussed by Mr. Woodin Application of member banks for, draft of proposed telegram from Secretary of Treasury to FRBanks for 3/11 recommendations on 01 Suggested additions to telegram and final form 3/11 Procedure for, discussed by Mr. Await Sources of information for, discussed and basis of recommendation 3/11 suggested by xdr. Await 3/12 Telegram from FRAgent at Cleveland to Secretary of Treasury on Information received from senior officers of FRBanks on conditions 3,/14 incident to, reported by Governor Meyer Licensing, information to be printed by FRBanks and mailed of all banks opening, instead of being telegraphed, lists to be supplemented as changes occur and 3/14 instructions for lists Advice that FRBoard feels it desirable to have information 06 printed in three sections, further instructions 405 508 145 376 382 393 395 393 394 398 417 423 458 Reports: Condition: (See Condition reports) Gold withdrawals, extension of time for preparation suggested by Mr. Burgess of FRBank of New York, adopted and all FRBanks notified (See also Gold, Withdrawals) Lists of banks licensed to reopen: (See Licenses) Loans to individuals, partnerships and corporations, to be made monthly instead of weekly by FRAgent at Cleveland RePurchase agreements, FRBank of Kansas City to purchase Government securities and use as collateral for FRnotes, no objection Reswve position at FRBanks discussed 3/12 399 1/25 90 3/3 3/3 311 305 2/6 142 2/1 1/17 122 59 Reserves: American-First National Bank, Mt. Carmel, Ill., report of continued deficiency in Ballard First National Bank, Seattle, Wash., application for reduction approved Bank of Eastman, Ga., report of continued deficiency in Citizens National Bank, hooversville, Pa., report of continued deficiency in Deficiencies, FRAgent to keep close watch over reserves of mainbar banks and to furnish full information Demand deposits, reply to FRAgent at Minneapolis that they are subject to reserve requirements 1/6 21 2/6 149 3/12 404 90 Pages Reserves: (Continued) Elk National Bank, Fayetville, Tenn., report of continued deficiency in 356 3/7 Elkins National Bank, Elkins W. Va., report of continued 1/6 21 deficiency in Excess of member banks, FRBanks to give close attention to 17 1/5 stimulating use of Farmers National Bank of Hendricks, Minn., report of continued 277 deficiency in 3/1 FRBank of Chicago, ratio denoting ability to aid FRBank of New 3/1 280 York to meet heavy drainage of funds 3/2 289 FRBank of Cleveland, position reported stronger than expected First National Bank, Aberdeen, Miss., report of continued 2/1 123 deficiency in First National Bank, Brillion, Wis., report of continued 123 deficiency in 2/1 First National Bank of Canton, S. Dak., report of continued deficiency in 4/28 268 123 First National Bsnk, Cecil, Pa., report of continued deficiency in )3/1 First National Bank, Clear Lake, Iowa, report of continued deficiency in 2/1 124 First National Bank of Conrad, idont., report of continued deficiency in 21 1/6 First National Bank, Glendale, Calif., report of continued deficiency in 4/9 171 First National Bank in Hemphill, Texas, report of continued deficiency in 66 1/19 First National Bank, Huntingburg, Ind., report of continued deficiency in 2/1 124 First National Bank of Johnstoun, Pa., report of continued deficiency in 171 4/9 First National Bank of Montesano, Wash., report of continued deficiency in 3/29 590 First National Bank, Morgan, Utah, report of continued deficiency in 4/23 227 First National Bank, Mountain Grove, Mo., report of continued deficiency in 142 4/6 First National Bank of Nelson County, Lovingston, Va., report of continued deficiency in 4/1 123 First National Bank of Patton, Fa., report of continued deficiency in 171 4/9 First National Bank, Russellville, Ala., report of continued deficiency in 4/23 268 First National Bank, St. Paris, Ohio, report of continued deficiency in 21 1/6 First National Bank of Williston, I. Dak., report of continued deficiency in 40 1/12 First National Bank, Wymore, Nebr., report of continued deficiency in 21 1/6 Form B-15, "Computation of Reserve to be Carried with the Federal Reserve Bank by Member Banks", to replace St. 6059 2/23 229 Frozen deposits of State member banks under direction of Commissioner of Banking, treatment of 3/21. 501 Greensburg National Bank, Greensburg, Ind., report of continued deficiency for further six months period 83 1/25 91 Pages Reserves: (Continued) Indian funds secured by United States bonds should not be exempt from, reply to Mr. Ickes on bill proposed by Senator Gore Letter for signature of Secretary of Treasury reiterating opinion expressed by FRBoard Jefferson County National Bank, Brookville, Pa., report of continued deficiency in Louisa National Bank, Louisa, Ey., report of continued deficiency in National Bank of Covington, Ind., report of continued deficiency in National Bank of Herndon, Va., report of continued deficiency in National Bank of John A. slack, Barbourville, Ey., report of continued deficiency in National Bank of Union City, Pa.,report of continued deficiency in Penalties for deficient, waiver of substantial, disclosed by report of examination of FRBank of Chicago Progressive penalties discontinued, lists need not be prepared Regulation 0, par. 10, changes concerning FRnotes and rate of Advice in response to inquiries from FRBanks that they should not be assessed against member banks for period beginning March 6 and next day preceding date such bank night first have opened and conditions under which reserves should be maintained Position of FRBanks Review of Ratios dropping rapidly due to heavy demands for currency Regulation 0, graduated tax on deficiencies against note circulation, amendment to Amount equal to tax shall be added to rates of interest and discount, attention called to Counsel's opinion Changes in paragraph 10 as amended, telegram to FRBanks on Requirements for FRBanks suspended State Bank of Revere, Minn., report of continued deficiency in Sundance State Bank, Sundance, Wyo., unsatisfactory reserve record Tax on deficiencies in, provision for increase when they fall below 30 per cent, and to replace tax prescribed in letter of April 3, 1920 Resolutions: Buffalo Branch: Share-the-work plan involving reduction in salaries and hiring of temporary employees approved FRBank of Chicago: National banking holiday, urging the President to declare FRBank of New York: National banking holiday, urging Presidential declaration of Salaries of officers and employees, no general adjustments to be made but economies in operation to be made when possible FRBoard: Assessment on FRBanks for expenses of FRBoard FRBanks of Boston, Cleveland, Richmond, Chicago, and St. Louis required to rediscount for FRBank of New York to equalize reserve ratio 4/16 460 4/25 553 1./6 20 2/1 124 1125 ],/6 83 21 2 / 16 1/25 142 83 1/25 2/6 4/13 86 149 410 4/30 2/27 3/3 3/3 601 256 305 318 4/7 343 4/7 4/13 3/3 2/1 2/6 344 410 318 124 144 4/7 344 1/6 25 4/3 327 3/3 325 1/4 11 1/6 27 4/7 342 92 Pages Resolutions: (Continued) FRBoard: (Continued) National City Bank, granted additional ninety day extension of time in which to establish branch in Geneva, Switzerland Open Market Policy Conference: Maintenance of excess member bank reserves and adjustments in security holdings Rippel, J. S., and Co., involved in syndicate arrangement with Merchants and Newark Trust Co., Newark, N. J. Robert Morris Associates, letter to Mr. Alexander Wall explaining cessation of Board's subscription to Robinson Bill: (See Legislation, S. 320) Robinson, Henry M., present at meeting in Washington for purpose of discussing use of clearing house certificates Rulings, FRBoard: Acceptances secured by warehouse receipts proposed to be issued by Lawrence Warehouse Co., eligibility for rediscount to be published in FRBulletin Capital requirement for membership in FRSystem, unimpaired preferred stock of State bank may be included in determining amount of stock sufficient to admit to FRSystem Certificates of deposit payable within 30 days are demand deposits Form B-15, "Computation of Reserve to be Carried with the Federal Reserve Bank by Member Banks", to replace St. 6059 Collective investment of trust funds by national banks, interpretation of ruling for use by national bank examiners Publication in FRBulletin approved "Corporation" as used in third paragraph of Sec. 13 of FRAct, inquiry of Mr. McIntyre as to whether nonmember State banks may be construed under, previous ruling that they cannot, reversal not justified Requests for, instructions that they be made by telegraph rather than telephone and advice that replies of general interest will be wired to all FRBanks tl 148 1/5 15 3/3 312 3/23 533 3/1 282 2/16 200 3/16 457 2/23 229 2/1 2/25 132 250 3/I5 438 3/13 412 1,/25 87 Sit Safekeeping: FRBank of Chicago, reason for holding securities for corporations and individuals Reply to FRAgent that FRBank should make arrangements to terminate such custodies Scrip: (See Clearing house certificates) Secretary of Interior: Indian funds secured by United States bonds should not be exempt from reserve requirements, reply to Mr. Ickes on bill proposed by Senator Gore Draft of letter for signature of Secretary of Treasury reiterating opinion expressed by FRBoard Secretary of State: Gold held in this country by foreign banks, request for advice of treatment to be accorded, reply that matter will be discussed before action is taken 2/6 3/3 313 3/16 460 3/25 554 3/20 490 93 Pages Secretary of the Treasury: Applications of member banks for reopening, draft of proposed telegram to all FRBanks quoting letter from President, presented by Mr. Await 3,/11 Suggested additions to telegram and final form 01 Banking holiday: (See Banking holiday) Banking situation reviewed and liability of increasing tenseness due to Treasury withdrawals of balances for Reconstruction Finance Corporation advances, advocates FaSystem purchase Government securities to steady market 2/27 Budget and financing operations of Treasury discussed by Mr. Mills at meeting with Open Market Policy Conference 1/4 Clearing house certificates, difficulties of adoption on general scale reviewed by 3/1 Deposit accounts, special, of funds in possession of conservators of member banks, letter with regard to handling by FRBanks 3/28 Gold earmarked prior to March 6, authorization to FRBank of New York to privately assure Bank for International Settlements, foreign central banks and foreign governments of exportation under license Legislation on banking crisis on March 4, statement that it would be useless to try to secure 3/4 Losses sustained by FRBanks in reopening of banks, request for reaction of FRBoard to proposed letter from President to secure legislation for reimbursement of FRBanks for 3/11 Pinchot, Governor, efforts to contact with reference to declaration of banking holiday in Pennsylvania 3/4 Present at meeting held in New York to consider banking situation 3/2 Program to give country adequate banking facilities and adequate currency and to restore confidence, memoranda on, discussed by Governor Meyer 3/8 Purchase of Government securities by FRSystem urged because of additional tenseness that might be caused by necessary repayment of Government deposits 2/27 Regulations of: (See Regulations) Reopening of banks, draft of statement under consideration an plan of procedure for, no action requested 3/10 (See also Reopening of banks) S. 320, to be accompanied by Governor Meyer and Mr. Miller in conferring with President on undesirability of enactment of 3/14 (See also Legislation, S. 320) Solvent member banks, telegram to Chairmen of FRBanks requesting lists with capital position and total deposits, segregated by States 3/8 Texas State banking institutions, attention should be called to penalties provided in Act of March 9, President's proclamation, etc. 3/22 hare-the-work plans: Buffalo Branch, plan involving reduction in salaries and additional temporary employees approved 1/6 FiMank of Chicago, previous action rescinded and salaries to be reduced five per cent 1/12 393 395 257 2 284 580 346 334 382 335 292 364 260 376 427 365 525 25 46 Pages 94 Share-the-work plans: (Continued) FRBank of Chicago: (Continued) Plan rescinded FRBank of Cleveland, salaries of officers and employees approved subject to reduction aecording to FRBank of Dallas, salaries of officers and employees approved subject to reduction according to FRBank of New York, salary payments to be made on January 15 at rates in effect on December 31, 1932, with adjustments incident to Salaries of officers and employees approved subject to reduction according to FRBank of Philadelphia, salaries of officers and employees approved subject to reductions according to FRBank of San Francisco, salaries of officers and employees approved subject to reductions according to Shenandoah Valley Co., relations with Peoples Trust Co., Martinsburg, W. Va., additional information requested Sheppard, Senator Morris, reply in connection with depreciation an joint stock land bank bonds, practices of FRBoard in cases of applicants for membership in FRSystem Staff of FRBoard: Counsel's Office: Angell, Montgomery B., authorization to employ temporarily as special counsel Freeman, Edgar W.., authorization to employ temporarily as special counsel Division of Bank Operations: Brooks, Miss Edith, appointment and salary as statistical clerk Kullberg, Gladys L., appointment and salary as file clerk and stenographer Division of Examinations: (See Examiners) Division of Issue and Redemption: Everett, Miss Mary E., clerk-counter, advice of death of Division of Research and Statistics: Corder, Mrs. Mildred, temporary employment continued and salary Elder, Nora V., additional leave of absence approved Extension of leave on account of illness for not over two months without pay Hamill, Miss Caroline, appointment and salary as stenographer Jones, Mrs. Ruth, temporary appointment and salary as stenographer Perry, Miss Katharyne W., appointment as statistical clerk made permanent Riefler, Winfield, request from Governor of Pennsylvania that he assist for a day or two in connection with preparation af banking legislation, no objection Examiners: Cagle, Clifford E., appointment as FRExaminer and salary approved Chamberlin, R. P., Assistant, designated FRExaminer, no increase in salary Drinnen, F. J., additional leave of absence approved King, Herman C., appointment and salary as Assistant FRExaminer 1/25 102 1/25 97 1/25 106 1/17 54 1/25 94 1/25 96 1/25 108 2/28 269 3/24 546 3/9 375 3/9 375 3/28 575 2/6 136 3/29 588 3/20 2/6 485 135 3/18 3 /20 475 485 3/29 588 3/11 391 3/21 494 1/25 74 3/14 2/6 418 136 3/7 348 95 Pages Staff of FRBoard: (Continued) Examiners: (Continued) Koppang, H. O., Assistant, designated FRExaminer, no increase in salary Leonard, R. F., salary fixed in consideration of additional duties Nelson, Fred A., appointment and salary as FRExaminer Paulger, Leo H.: Functions of Assistant FRAgents at branches, to make study of Investigation of irregularities in Fiscal Agency Department of FRBank of Chicago to be made by Wurfel, Eric, appointment and salary as FRExaminer Resignation accepted Secretary's Office: Noell, J. C., salary fixed in consideration of additional duties Telegraph Office: Heher, J. H., appointed temporary telegraph operator McCarthy, E. F., temporary employment and compensation as operator approved Ridgdill, F. S., appointment and salary as temporary relief operator Discontinuance of services Roberts, S. B., temporary employment and compensation as operator approved Temporary appointment and salary in place of F.S.Ridgdill Vault custodian: Rowan, William J., designation of additional duties as vault clerk for custody of FRbank notes without additional compensation State member banks: (See also Membership in FRSystem) Allegheny Trust Co., Pittsburgh, Pa., own stock held as side collateral to loans, letter to FRAgent on disposal of and on reorganization of affairs of bank American Bank and Trust Co., i\iew Orleans, La., further continuance of advance in reduced amount under Sec. 10(b) of FRAct Continuance of advance and additional advance approved American Bank and Trust Co., Richmond, Va., advance under Sec. 10(b) of FRAct approved American Trust and Savings Bank, Middletown, Ohio, request for advice concerning estimated losses at time of examination and possible financial assistance to Applications for membership: (See Membership in FRSystam) Applications for reopening, draft of proposed telegram to all FRBanks quoting President's letter, presented by Mr. Await Suggested additions to telegram ard final form (See also Reopening of banks) Atwater Savings Bank, Atwater, Ohio, unsatisfactory condition disclosed by examination report Badger State Bank, Milwaukee, Wis., status of proposed consolidation with First National Bank of Milwaukee Baltimore Commercial Bank, Baltimore, Md., unsatisfactory condition of, plans to provide for losses 3/14 418 1/26 3/7 115 347 1/4 6 1/26 1/6 2/1 113 19 119 1/26 115 2/27 255 3/14 424 3/11 3/27 391 571 3/14 3/27 424 571 3/11 390 1/6 22 2/9 2/25 163 248 3/3 309 2/18 210 3/11 3/11 393 395 2/25 251 2/18 211 2/9 174 96 Pages State member banks: (Continued) Bank of Baraboo, Wis., analysis of examination report, FRAgent to consider obtaining financial aid for bank from Wisconsin Bankshares Corporation 1,/17 Application for immediate withdrawal from FRSystem, more information requested 3/20 Six months notice waived and immediate withdrawal approved 3/22 Bank of Commerce and Trust Co., Memphis, Tenn.: Advance under Sec. 10(b) of FRAct approved 1112 Authorizations for advances under Sec. 10(b) of FRAct expired or unused, further authority necessary for 2/9 Report of credit investigation, letter to FRAgent on progress being made in correcting criticized matters 1/17 Bank of Depew, N. Y.: Purchase of tax note of Village of Depew by FRBank of New York from 1/12 Purchase of warrant of Town of Cheektowaga, N. Y., by FRBank of New York from 1/25 Bank of Eastman, Ga., report of continued deficiency in reserves 1717 Bank of Montclair, N. J., analysis of examination report, FRAgent to discuss criticized matters with State Commissioner of Banking and Insurance 1/6 Bank of Nutley, N. J., report of examination reveals stock of First National Bank and Franklin National Bank held 3/21 Bankers Trust Co., Little Rock, Ark., advance under Sec. 10(b) of FRAct approved 2/18 Belgrade State Bank, Belgrade, Mont., request for permission to withdraw from FRSystem immediately, further information requested 3/14 Waiver of six months notice and FRBank of Minneapolis authorized to cancel FRBank stock 3/16 Superintendent of Banks of Montana to be notified when effected 3/20 Central Trust Co., Harrisburg, Pa., to be requested to terminate practice of selling guaranteed mortgage certificates 1/19 Chemical Bank and Trust Co., New York, N. Y., absorption of its affiliate, Chemical Securities Corporation, request for additional information 2/1 Chester-Cambridge Bank and Trust Company of Chester, Pa., possible violation of Statutes by officer and employee and weakness in policies of bank 2/16 Citizens Bank and Trust Co., Middletown, Pa., possible violation of membership conditions revealed in examination report 2/28 Citizens Bank and Trust Co., Savannah, Ga., reduction in capital stock, no objection 1112 Citizens State Bank, Frost, Texas, waiver of six months notice and permission to withdraw from FRSystem immediately 3/22 Citizens State Bank, Sheboygan, Vas., sale of mortgage loans to public not favored by FRBoard 2/1 Citizens Trust Co., Adams, N. Y., consolidation of Farmers National Bank with 2/1 Clinton Trust Co., Newark, N. J., advance under Sec. 10(b) of FRAct approved 2/28 57 488 520 35 165 57 39 81 59 22 505 210 423 456 489 66 126 194 269 39 520 127 125 267 97 Pages State member banks: (Continued) Clinton Trust Co.: (Continued) Additional advance under Sec. 10(b) of FRAct approved Colonial Trust Co., Pittsburgh, Pa., analysis of examination report, matters subject to criticism Columbus Exchange Trust Co., Providence, R. I., waiver of six months notice and permission to withdraw ivanediately Condition reports, call as of December 31 Conservator, question of appointment under proposed law for member banks not licensed to reopen raised by FRBank of Boston, and retention of membership Continental Bank and Trust Co., New York City, analysis of examination report shows holding of own stock in investment account, to be disposed of at earliest opportunity Cranford Trust Co., Cranford, N. J., purchase of tax notes of Town of Cranford by FRBank of New York from Purchase of additional tax notes approved Dallas Bank and Trust Co., Dallas, Texas, holding of own stock through a subsidiary as collateral to loans contrary to provisions of Sec. 9 of FRAct Daly Bank and Trust Co., Anaconda, Mont., analysis of examination report, letter to FRAgent on contribution by stockholders Deposit accounts, special, in possession of conservators, letter from Secretary of Treasury as to handling by FRBanks, matter under study and reply deferred Deposits frozen under direction of Commissioner of Banking, treatment of Earmarking of gold for, by FRBank, not justified Easton Trust Co., Easton, Pa., absorption of Easton Dollar Savings and Trust Co. for liquidation Farmers State Bank, hallsville, Texas, waiver of six months notice and permission to withdraw irmediately Farmers State Guaranty Bank, Valliant, Okla., waiver of six months notice and permission to withdraw from FRSystem immediately Federal Trust Co., Newark, N. J., advance under Sec. 10(b) of FRAct approved Additional advance approved First Central Trust Co., Akron, Ohio, effect of consolidations on membership First Citizens Bank and Trust Co., Utica, N. Y., analysis of examination report showing unsatisfactory condition First State Bank, Jacksonville, Texas, six months period waived and immediate withdrawal from FRSystem approved Assumption that State Bank Commissioner is aware of withdrawal and if not, to be advised First State Bank, Kirkland, Texas, interest rate on guarantee deposits apparently restored First State Bank, Taft, Texas, waiver of six months notice and permission to withdraw from FRSystem inmediately Assumption that notice of intention complied with Sec. VIII of Regulation H, Texas authoritiHs to be notified 4/2 295 2/9 174 4/27 714 572 4 4/21 500 02 41 4/14 4/28 419 586 09 68 07 58 4/28 580 4/21 501 08 216 1/12 42 4/27 574 4/25 552 4/3 4/7 307 352 2/1 126 1/6 21 4/12 402 4/20 490 2/6 145 4/18 477 4/24 543 98 Pages State member banks: (Continued) Form 13-15, "Computation of Reserve to be Carried with the Federal Reserve Bank by Member Banks", to replace St. 6059 2/23 Franklin-Washington Trust Co., Newark, N. J., renewal of advances under Sec. 10(b) of FRAct approved 2/16 Georgia Savings Bank and Trust Co., Atlanta, Ga., additional advance under Sec. 10(b) of FRAct approved 1/4 Continuance of advances under Sec. 10(b) of FRAct without demand for payment and further advance approved 2/9 Additional advance under Sec. 10(b) approved 3/2 Greenville Banking Co., Greenville, Ga., continued unsatisfactory condition revealed by examination report 2/28 Waiver of six months notice and permission to withdraw from FRSystem immediately 3/29 Guardian Trust Co., Cleveland, Ohio, letter to Assistant FRAcent on unsatisfactory condition of trust department and extended condition of bank 1/17 Holland City State Bank, Holland, Mich., estimated losses and other features of unsatisfactory condition 2/18 Integrity Trust Co., Philadelphia, Pa.: Advance under Sec. 10(b) of FRAct approved 3/2 Aid extended by local banks and suggestion that leading bankers be placed on Board of Directors 2/6 Iron Exchange Bank, Burley, Wis., six months notice waived and permission to withdraw from FRSystem immediately 3/21 Jasper County Savings Bank, Newton, Iowa, unsatisfactory condition disclosed by examination 2/6 Jefferson Trust Co., Hoboken, N. J., application for renewal of loan under Sec. 10(b) of FRAct in reduced amount approved and further advance approved 2/6 Renewal of advance under Sec. 10(b) of FRAct approved 2/16 Further advance approved 2/16 Lansdale Title and Trust Co., Lansdale, Pa., waiver of six months notice and permission to withdraw from FRSystem immediately 3/27 Lincoln-Alliance Bank and Trust Co., Rochester, N. Y., analysis of examination report, request for information on criticized matters 3/21 Loans by Reconstruction Finance Corporation, policy of referring applicaticns and efforts to transfer advances already made to FRBanks, FRBoard opposed to 3/21 Secretary of Treasury has already taken matter up with Corporation and agencies to be advised not to follow policy 3/22 Copy of telegram revoking instructions, sent to FRBoard by Mr. Cooksey 3/25 Lycoming Trust Co., Williamsport, Pa., advance under Sec. 10(b) of FRAct approved 2/24 M & T Trust Co., Buffalo, N. Y., analysis of examination submitted, action deferred until after next examination 2/1 Marine Midland Trust Co., New York City, analysis of examinaticn report reveals mortgage participations sold, possible violation of membership conditions, further information requested and possible action 3/21 Marine Trust Co., Buffalo, N. Y.: Analysis of examination report submitted, action deferred until after next examination 2/1 229 186 9 165 296 270 589 56 211 295 152 504 143 138 187 188 573 505 514 524 554 239 125 504 125 99 Pages State member banks: (Continued) Marine Trust Co.: (Continued) Rediscount of note of Buffalo Savings Bank at FRBank of New York, permission to Maryland Trust Co., Baltimore, Md., analysis of examination report showing unsatisfactory condition, further dividend payments questioned Mercantile Bank and Trust Co., New York City: Advance under Sec. 10(b) of FRAct approved Waiver of six months notice and permission to withdraw from FRSystem immediately Mercantile Bank and Trust Company of Texas, Dallas, Texas, analysis of examination report showing stock held by subsidiary company and other matters Merchants and Newark Trust Co., Newark, N. J.: Advance under Sec. 10(b) of FRAct approved Syndicate arrangement revealed by examination, involving stock of the Firemens Insurance Co. and borrowings by J. S. Rippel and Co., Inc. Metals Bank and Trust Co., Butte, Mont., unsatisfactory condition revealed by analysis of examination report Michigan, proposed plan for reorganization and continuing member ship Miners Savings Bank and Trust Co., Butte, Mont., six months notice waived and immediate withdrawal from FRSystem Superintendent of Banks of Montana to be notified when withdrawal is effected Monroe County Bank, Brinkley, Ark., unsatisfactory condition revealed in analysis of examination report and advice on affiliated company requested Northern New York Trust Co., Watertown, N. Y., unsatisfactory features disclosed by analysis of examination report Northwestern Trust Co., St. Louis, Mo., analysis of examination report submitted shoving unsatisfactory condition and affiliated company Oak Park Trust and Savings Co., Oak Park, Ill., analysis of report of examination reveals selling of real estate mortgages Payroll accounts, continuance of payment by banks not licensed to reopen, question raised by FRBank of Minneapolis Pennsylvania Company for Insurances on Lives and Granting Annuities, Philadelphia, Pa., purchase of stock of Main Line Trust Co., in violation of conditions of membership Peoples Bank of Hamburg, N. Y., analysis of examination report submitted and information on criticized matters requested Peoples Bank and Trust Co., Passaic, N. J., further renewal of advance under Sec. 10(b) of FRAct in reduced amount approved Additional advance approved Additional advance approved Renewal of advance in reduced amount approved Additional advance approved 3/3 1/12 311 42 3/7 352 3/27 572 1/25 86 3/3 308 3/3 312 2/16 197 3/31 620 3/16 456 3/20 489 2/18 212 2/9 172 2/18 212 2/23 228 3/21 501 1/25 84 3/22 522 1/12 35 80 1/25 2/9 162 2/24 238 352 3/7 Pages 100 State member banks: (Continued) Peoples Bank and Trust Co., Seattle Wash., improvement effected in features criticized in last examination report and more information on affiliated corporation requested Peoples Trust Co., Martinsburg, W. Va., unsatisfactory features revealed by examination report, information requested Perth Amboy Trust Co., Perth Amboy, N. J.: Advance under Sec. 10(b) of FRAct approved Purchase of Perth Amboy, N. J.,tax notes by FRBank of New York from Petersburg Savings and American Trust Co., Petersburg, Va., analysis of examination report showing unsatisfactory condition Power City Trust Co., Niagara Falls, N. Y., analyses of reports of examinations reveal certain criticized matters Princeton Bank and Trust Co., Princeton, N. J., information regarding absorption of its affiliate, Princeton Securities Co. and also regarding mortgage participation business Provident Savings Bank and Trust Co., Cincinnati, Ohio, analysis of examination report reveals selling and issuing of mortgage bonds Quincy Trust Co., Quincy, Mass., advance under Sec. 10(b) of FRAct approved Raritan Trust Co., Perth Amboy, N. J., advance under Sec. 10(b) of FRAct approved Ravalli County Bank, Hamilton, Mont., request for permission for immediate withdrawal from membership in FRSystem Waiver of six months notice and FRBank of Minneapolis authorized to cancel FRBank stock Superintendent of Banks of Montana to be notified when effected Renewal of rediscounts with FRBanks by, not licensed to reopen, regulations prepared by Treasury Department covering Sagamore Trust Co., Lynn, Mass., absorption by Security Trust Company of Lynn St. Joseph Loan and Trust Co., South Bend, Ind., waiver of six months notice and permission to withdraw immediately Saline County Bank, aestern, Nebr., waiver of six months notice and permission to withdraw from FRSystem immediately FRAgent should obtain advice as to compliance with requirements of Section VIII of Regulation H before cancellation of FRBank stock Savings Investment and Trust Co., East Orange, N. J., advance under Sec. 10(b) of FRAct approved Security State Bank and Trust Company of Rails, Texas, analysis of examination report reveals desire to reduce capital, FRAgent instructed to discourage action Security Trust and Savings Bank, Billings, Mont., examination report shows affiliated company carrying bank stocks and real estate tracts and other criticized matters 1/9 68 2/28 269 2/25 248 2/9 166 1/12 43 3/25 553 2/25 251 2/9 173 1/25 78 2/27 254 3/14 423 3/16 456 3/20 489 3/21 513 2/6 143 3/30 600 3/17 469 3/20 489 3/7 352 3/24 544 2/9 175 101 Pages State member banks: (Continued) Security Trust Company of Lynn, Mass., absorption of Sagamore Trust Company of Lynn, no action regarding continuation of membership 2/6 Solvent, request of Secretary of Treasury for list of, with capital condition and deposits, segregated by States, in telegram to all FRBanks Lists submitted unsatisfactory, request for lists based on formula used by Comptroller of Currency in connection with national banks 3/9 Somerville Trust Co., Somerville, Mass., extension of period to comply with membership conditions 0.6 State Bank of Hoiles and Sons, Greenville, Ill., analysis of examination report, request for advice on reduction in excess loans and other matters 1/17 State Bank of Plymouth, Wis., application for immediate withdrawal, more information requested 3/20 Waiver of six months notice and permission to withdraw immediately 3/22 State Bank of Revere, Minn.: Absorption by bank in Walnut Grove proposed, FRAgent at Minneapolis to keep FRBoard advised 2/1 Reserves, report of continued deficiency 2/1 Sundance State Bank, Sundance, Wyo., highly unsatisfactory condition continued, due to absorption of Hulett State Bank, Hulett, yo., action regarding membership deferred 2/6 Syracuse Trust Co., Syracuse, N. Y., analysis of examination report, request for advice on criticized matters 07 Texas, licensed to reopen by State authorities after refusal by Secretary of Treasury, matter under consideration by Treasury Department 3/21 Texas Bank and Trust Co., Sweetwater, Texas, reopened under authority from Conanissioner of Banking and not licensed by Secretary of Treasury, request for waiver of six months notice and permission for immediate withdrawal from FRSystem because of 3/22 Application discussed and immediate withdrawal approved 3/23 Trust Company of Georgia, Atlanta, Ga., advance under Sec. 10(b) of FRAct approved 3/3 Trust deposits of, to be held as balances by FRBank of Philadelphia Union Bank and Savings Co., Bellevue, Ohio, letter to FRAgent on unsatisfactory coDdition revealed by examination report 1/6 Union Trust Co., Ellsworth, Me., condition unsatisfactory and payment of dividends open to question 1/12 Union Trust Co., Little Rock, Ark., application for advance under Sec. 10(b) of FRAct approved 2/6 United Bank and Trust Company of St. Louis, Mo., organization of affiliated corporation for engaging in business of guaranteeing payment of loans secured by mortgages on real estate 09 United States Bank and Trust Co., Rochester, Ind., waiver of six months notice and permission to withdraw from FRSystemiFrmediately 3/23 143 365 364 193 57 488 520 124 124 144 55 515 525 534 310 290 23 41 140 67 533 102 State member banks: (Continued) Valley Bank and Trust Co., Phoenix, Ariz., consideration of closing or limiting days of business of branch Permission to merge with its branch in Prescott, Ariz., the First National Bank in Prescott, final consideration deferred Webster Groves Trust Co., Webster Groves, Llo., purchase of assets and assumption of liabilities of Old Orchard State Bank of Webster Groves Withdrawals of, licensed to reopen by State authority but not by Secretary of Treasury, policy of FRBoard should take into consideration policy of Secretary of Treasury Question of change in general policy, Secretary of Treasury advocates immediate withdrawal for such banks (See also Withdrawals) Worcester Bank and Trust Co., Worcester, Mass., advance under Sec. 10(b) of FRAct approved Stock, capital: Allegheny Trust Co., Pittsburgh, Pa., holding of own stock as side collateral to loans, letter on disposal of Bank of Commerce and Trust Co., Memphis, Tenn., shares of awn stock held as collateral to loans Bank of Eastman, Ga., carried as non-book asset, advice on disposal requested Black River National Bank, Lowville, N. Y., reduction approved and then to be increased Capitol National Bank and Trust Co., Hartford, Conn., app lieation for reduction approved Central National Bank, Lynn, Mass., to increase capital stock and then decrease it Citizens Bank and Trust Co., Savannah, Ga., reduction in Citizens National Bank of Lancaster, N. Y., reduction approved and then to be increased Citizens State Bank, Sheboygan, Wis., holding of stock of two non-member banks through affiliated company Colonial Trust Co., Pittsburgh, Pa., shares of own stock held as collateral to loan Continental Bank and Trust Co., Lew York City, analysis of examination report shows holding of own stock in investment account, to be disposed of at earliest opportunity Crocker National Bank, Turners Falls, Mass., reduction approved, then to be increased Dallas Bank and Trust Co., Dallas, Texas, holding of awn stook through a subsidiary, as collateral to loans, must be eliminated Daly Bank and Trust Co., Anaconda, Mont., stock mostly owned by Northwest Bancorporation Farmers and Merchants National Bank of Matawan, N. J., reduction approved and then to be increased First Citizens Bank and Trust Co., Utica, N. Y., own stock held as security for loans First National Bank of Gibson, Gibson City, Ill., application for reduction approved, and then to be increased Reduction approved and then to be increased Pages 2/9 167 2/23 228 3/29 590 3/22 526 3 /23 534 2/28 266 1/6 22 1/17 58 1/17 59 1/25 82 2/6 140 2/16 1/12 193 39 1/17 55 2/1 128 2/9 174 1/12 41 2/6 140 1/19 68 1/17 58 1/6 20 1/6 21 2/6 3/3 141 312 103 Pages Stock, capital: (Continued) First National Bank of Havre de Grace, Md., reduction approved First National Bank, Nutley, N. J., partly owned by Bank of Nutley First National Bank of Pauls Valley, Okla., reduction approved Impaired, caused by depreciation in securities, applicant banks should remove such impairment before admission to FRSystem Lincoln-Alliance Bank and Trust Co., Rochester, N. Y., own stock held as collateral to loans Main Line Trust Co., Ardmore, Pa., purchased by Pennsylvania Company for Insurances on Lives and Granting Annuities Mercantile Bank and Trust Company of Texas, Dallas, Texas, analysis of report of examination showing own stock held by subsidiary company National banks issuing preferred stock under Emergency Banking Act should include it in capital in computing required FRBank stock Northern New York Trust Co., Watertown, N. Y., advice to eliminate stock of Marine Midland Corporation and request for information on holding of stock of two State banking institutions Peoples Bank of Hamburg, N. Y., own stock held as collateral to loans Power City Trust Co., Niagara Falls, N. Y., stock owned by Marine Midland Corporation and stock of Corporation held as collateral to loans by trust company Preferred: Issued by national banks under Emergency Banking Act, should be included in capital in computing required FRBank stock Unimpaired of a State bank lawfully issued and outstanding may be included in, in determining whether it has sufficient capital to admit to membership Petersburg Savings and American Trust Co., Petersburg, Va., analysis of examination report showing shares of own stock held in assets Requirement, FRBank of Kansas City's opinion that bank desiring to enter FRSystem having 60 per cent of capital necessary to became national bank and funds available for 100 per cent should adjust capital to full requirement, practice of FRBoard Security State Bank and Trust Co., Rails, Texas, reduction in capital to be discouraged Co., Somerville, Mass., extension of period to Trust Somerville increase capital and surplus Stewart National Bank and Trust Co., Livonia, N. Y., application to reduce stock and then increase it approved when right to exercise trust powers is surrendered Syracuse Trust Co., Syracuse, U. Y., shares of own stock held in assets Stock, FRBank: FRBank of Atlanta: American Trust and Banking Co., uhattanooga, Tenn., application approved 3/31 616 3/21 1/12 505 40 3/22 527 3/21 505 1/25 84 1/25 86 3/12 4-04 2/9 172 3/22 522 3/25 553 3/12 404 3/16 457 1/12 43 3/17 470 3/24 544 2,/16 193 2/16 192 1/17 55 3/15 445 104 Pages Stock, FRBank: (Continued) FRBank of Atlanta: (Continued) Andalusia National Bank, Andalusia, Ala., surrender approved Bank of Statesboro, Ga., surrender approved Chattanooga National Bank, Chattanooga, Tenn., application Dothan Bank and Trust Co., Dothan Ala., application approved East Tennessee National Bank, Knoxville, Tenn., surrender Farmers National Bank, Monticello, Ga., surrender approved First National Bank, Columbus, Ga., surrender approved First National Bank, Elton, La., surrender approved First National Bank, Fort Gaines, Ga., surrender approved First National Bank, Longville, La., surrender approved First National Bank, Lumberton, Miss., surrender approved 2/23 07 3/4 3/29 3/1 3/30 3/14 3/14 3/19 3/14 3112 3/1 First National Bank, Maryville, Tenn., surrender approved 2/23 First National Bank, Morristown, Tenn., surrender approved 2/23 First National Bank, Oberlin, La., surrender approved 3/14 First National Bank, Opp, Ala., surrender approved 3/14 First National Bank and Trust Co., Vicksburg, Miss., surrender 3/14 Hamilton National Bank, Chattanooga, Tenn., surrender approved 0.9 Hibernia Bank and Trust Co., New Orleans, La., surrender 3/14 Liberty National Bank and Trust Co, Savannah, Ga.,application 06 Louisiana National Bank, Baton Rouge, La., surrender approved 3/14 Maury National Bank, Columbia, Tenn., surrender approved 3/30 Monroe County Bank, Monroeville, Ala., surrender approved 07 Putnam National Bank, Palatka, Fla., surrender approved 2/18 Winder National Bank, Winder, Ga., surrender approved 2/9 FRBank of Boston: Citizens National Bank, Tilton, N. H., surrender approved 3/14 Day Trust Co., Boston, Mass., application approved 2/9 First National Bank, Brunswick, Me., application approved 3/14 First National Bank, New Bedford, Mass., surrender approved 3/1 Franklin National Bank, Franklin, Mass., surrender approved 3/1 Kezar Falls National Bank, Kezar Falls, Me., surrender 3/1 Merchants National Bank, New Bedford, Mass., surrender 3/14 Merrimack National Bank, Haverhill, Mass., surrender approved 2/6 Millers River National Bank, Athol, Mass., surrender approved 3/1 National City Bank, Chelsea, Mass., surrender approved 2/6 National City Bank, Lynn, Mass., surrender approved 3/1 State National Bank, Windsor, Vt., surrender approved 3/14 Worcester Bank and Trust Co., "orcester, Mass., surrender 3/11 FRBank of Chicago: Amalgamated Trust and Savings Bank, Chicago, Ill., application 3/14 Boulevard Bridge Bank, Chicago, Ill., application approved 3/16 Center Line State Savings Bank, Center Line, Mich., surrender 2/23 Citizens National Bank, Winchester, Ind., surrender approved 3/14 Citizens Savings Bank, Mt. Clemens, Mich., surrender approved 1/17 City National Bank, Lansing, Mich., shares outstanding in name of, delay in recommending appointment of reciever 1,/17 City National Bank, Oshkosh, Wis., surrender approved 3/1 Continental Illinois National Bank and Trust Co., surrender 3/18 First National Bank, Algona°, Mich., surrender approved 2/23 First National Bank, buffalo Center, Iowa, surrender approved 2/16 First National Bank, Bushnell, Ill., surrender approved 1,/17 First National Bank, Canton, Ill., surrender approved 2/16 234 63 13 589 285 615 436 436 72 436 47 285 234 234 436 436 436 72 436 203 436 615 63 218 177 436 177 436 285 285 285 436 156 285 156 285 436 436 422 457 234 437 62 59 285 480 234 203 62 203 105 Pages Stock, FRBank: (Continued) FRBank of Chicago: (Continued) First National Bank in Casey, Ill., application approved First National Bank, Center Line, Mich., surrender approved First National Bank, Geneva, Ill., surrender approved First National Bank, Iowa Falls, Iowa, surrender approved First National Bank, Kirkwood, Ill., surrender approved First National Bank, Lake Geneva, Wis., surrender approved First National Bank, Marshfield, Wis., surrender approved First National Bank, Mazon, Ill., surrender approved First National Bank, Monrovia, Ind., surrender approved First National Bank., Russiaville, Ind., surrender approved First National Bank, Secor, Ill., surrender approved First National Bank, Stockton, Ill., application approved First National Bank, Webster City, Iowa, surrender approved First National Bank, Wheaton, Ill., surrender approved First National Bank, Yale, Mich., surrender approved Greensburg National Bank, Greensburg, Ind., surrender approved Hamilton State Bank, Chicago, Ill., application approved Lake Shore Trust and Savings Bank, Chicago, Ill., application Lake View Trust and Savings Bank, Chicago, Ill., application Liberty Bank of Chicago, Ill., application approved Liberty National Bank, Marine City, Mich., surrender approved Lincoln National Bank and Trust Co., Fort Wayne, Ind., surrender approved Lincoln Park National Bank, Lincoln Park, Mich., surrender Merchandise Bank and Trust Co., Chicago, Ill., application Metropolitan State Bank, Chicago, Ill., application approved Mills County National Bank, Glenwood, Iowa, surrender Moline National Bank, Moline, Ill., application approved National Bank of Detroit, Mich., application approved National Bank of Rising Sun, Rising Sun, Ind., surrender National Boulevard Bank of Chicago, Ill., application National Exchange Bank, Waukesha, Wis., surrender approved Northwestern National Bank, Milwaukee, Wis., surrender Ridgely-Farmers State Bank, Springfield, Ill., surrender Rock River Community Bank, Byron, Ill., application approved Roseland National Bank, Chicago, Ill., surrender approved Sears-Community State Bank of Chicago, Ill., application Skala State Bank of Chicago, Ill., application approved Stockyards National Bank, Chicago, Ill., surrender approved Terminal National Bank, Chicago, Ill., surrender approved Terminus National Bank, Chicago, Ill., application approved Upper Avenue Bank, Chicago, Ill., application approved Uptown State Bank, Chicago, Ill., application approved FRBank of Cleveland: Ashland Bank and Savings Co., Ashland, Ohio, application Carnegie National Bank, Carnegie, Pa., surrender approved Citizens National Bank, Bentleyville, Pa., application Citizens National Bank, -4ashington, Pa., surrender approved Commerce Guardian Bank, Toledo, Ohio, application approved Farmers Bank and Savings Co., Pomeroy, Ohio, application First National Bank, Chester, Va., surrender approved First National Bank, Dayton, Pa., surrender approved First National Bank, Donora, Pa., surrender approved 3/28 1/19 2/6 1/19 1/12 3/30 2/16 1/25 3/24 1/25 3/24 3/14 1/12 3 /24 2/6 3/18 3/24 3/17 3/13 3/12 2/23 587 72 156 72 47 615 203 110 550 110 550 436 48 550 156 480 542 468 413 402 234 1/19 72 2/23 234 3/12 402 3/13 413 1/12 47 2/16 203 3/21 517 2/16 203 3/28 587 2/23 234 3/1 285 3/14 437 3/13 413 3/18 480 3/16 457 3/13 413 2/16 203 3/18 480 1/25 110 3/13 413 3/13 413 3/24 1/19 2/9 2/9 3/14 3/14 2/6 1/26 1/12 542 72 177 177 422 436 156 116 47 106 Pages Stock, FRBank: (Continued) FRBank of Cleveland: (Continued) 09 First National Bank, Ellwood City, Pa., surrender approved First National Bank in Ligonier, Pa., application approved 1/12 First National Bank, Natrona, Pa., surrender approved 3/14 First National Bank, Portsmouth, Ohio, surrender approved 3/1 Guardian Trust Co., Cleveland, Ohio, surrender approved 2/18 3/14 Lynch National Bank, Lynch, Ky., surrender approved Paulding National Bank, Paulding, Ohio, surrender approved 1/6 Peoples National Bank, New Lexington, Ohio, application 3/14 Peoples National Bank, Steubenville, Ohio, surrender approved 09 Peoples-Pittsburgh Trust Co., Pittsburgh, Pa., surrender 1/26 Union Trust Co., Pittsburgh, Pa., application approved 1/12 FRBank of Dallas: Atoka State Bank, Atoka, Okla., application approved 3/29 Citizens National Bank in Ennis, Texas, application approved 3/16 Citizens National Bank, Navasota, Texas, surrender approved 1/6 City National Bank in Wichita Falls, Texas, application 3/16 Commercial National Bank, Shreveport, La., surrender approved 2/16 First National Bank, Albany, Texas, surrender approved 0 First National Bank in Burkburnett, Texas, application 08 First National Bank, Jacksboro, Texas, surrender approved 1/6 First National Bank of Kerens, Texas, application approved 1/4 First National Bank, Kerens, Texas, surrender approved 2/1 First National Bank in Midlothian, Texas, application approved 3/17 3/16 First National Bank in Mt. Calm, Texas, application approved First National Bank in Orange, Texas, application approved 2/16 First National Bank, Pickton, Texas, surrender approved 2/1 First National Bank, Pleasanton, Texas, surrender approved 2/23 First National Bank, Post, Texas, surrender approved 3/14 First National Bank, Rocksprirgs, Texas, surrender approved 2/6 First National Bank in Sulphur Springs, Texas, surrender 2/9 First National Bank, Thorndale, Texas, surrender approved 3/14 First National Bank, Whitney, Texas, surrender approved 1/25 First State Bank, Copperas Cove, Texas, surrender approved 2/23 First State Bank, McGregor, Texas, surrender approved 1/12 Huntsville Bank and Trust Co., Huntsville, Texas, application 3/17 Kerens National Bank, Kerens, Texas, surrender approved 3/14 Ouachita National Bank in Monroe, La., application approved 1/4 Ouachita National Bank, Monroe, La., surrender approved 2/6 Public National Bank & Trust Co., Houston, Texas, surrender 2/1 Roscoe State Bank, Roscoe, Texas, application approved 3/20 Texas Bank & Trust Co., Brownsville, Texas, surrender approved 1/26 FRBank of Kansas City: Citizens Bank, Bancroft, Nebr., application approved 3/17 Citizens NatioLal Bank, Glenwood Springs, Colo., surrender 7125 Commercial National Bank, Columbus, Nebr., surrender approved 3/1 Farmers State Bank, 6or1and, Wyo., application approved First National Bank, Allen, Okla., surrender approved 3 1Z First National Bank, Anthony, Kans., application approved 3/2 First National Bank, Comanche, Okla., surrender approved 1/12 First National Bank, Craig, Nebr., surrender approved 3/14 First National Bank, Decatur, Nebr., surrender approved 3/25 First National Bank, Englewood, Kans., surrender approved 2/18 First National Bank, Fowler, Kans., surrender approved 2/6 First National Bank, Great Bend, Kans., surrender approved 2/9 72 47 436 285 218 436 29 436 72 116 47 589 461 29 461 204 317 480 29 13 134 473 461 203 134 235 437 156 178 437 110 235 48 468 437 13 156 134 486 116 468 110 285 4:58 296 48 437 562 218 156 178 107 Pages Stock, FRBank: (Continued) FRBank of Kansas City: (Continued) • First National Bank, Grave, Okla., surrender approved First National Bank, Hartington, Nebr., surrender approved First National Bank, Kemmerer, Wyo., surrender approved First National Bank, Leigh, Nebr., surrender approved First National Bank, Littleton, Colo., surrender approved First National Bank, Madison, Nebr., surrender approved First National Bank, McLoud, Okla., surrender approved First National Bank, Newkirk, Okla., surrender approved First National Bank, Oamond, Nebr., application approved First National Bank, Paden, Okla., surrender approved First National Bank, Pauls Valley, Okla., surrender approved First National Bank, St. Marys, Kans., surrender approved Ft. Collins National Bank, Ft. Collins, Colo., surrender Hartshorne National Bank, Hartshorne, Okla., surrender Hominy National Bank, Hominy, Okla., surrender approved Peoples Bank, Pratt, Kans., application approved Shawnee National Bank, Shawnee, Okla., surrender approved State National Bank, Shawnee, Okla., application approved Tecumseh National Bank, Tecumseh, Okla., surrender approved Union National Bank, Fremont, Nebr., surrender approved PRBank of Minneapolis: Ada National Bank, Ada, Minn., application approved Ashland National Bank, Ashland, Wis., surrender approved Citizens National Bank and Trust Co., Watertown, S. Dak., surrender approved Citizens and Security National Bank, St. James, Minn., surrender approved Citizens Security National Bank, Sisseton, S. Dak., surrender Citizens State Bank, Arlington, S. Dak., application approved Drovers State Bank, South St. Paul, Minn., surrender approved First National Bank, Foley, Minn., surrender approved First National Bank, Medford, Ms., surrender approved First National Bank, Milton, N. Dak., surrender approved First National Bank, Ortonville, Minn., surrender approved First National Bank, Steele, N. Dak., surrender approved First National Bank, Tyndall, S. Dak., surrender approved First State Bank, Buffalo, S. Dak., application approved Jackson National Bank in Jackson, Minn., surrender approved National Bank in Wahpeton, N. Dak., application approved New First National Bank in Dell Rapids, S. Dak., application FRBank of New York: Alpha National Bank, Alpha, N. J., surrender approved Bank of Depew, N. Y., surrender approved Chemical Bank & Trust Co., New York, N. Y., surrender approved Citizens National Bank, Long Branch, N. J., surrender deferred Action on surrender deferred and FRAgent to submit further report within three months Citizens National Bank and Trust Co., Hornell, N. Y., surrender approved Proceeds of cancellation of stock held as collateral and not applied to indebtedness of bank Evans National Bank, Angola, N. Y., surrender approved First National Bank, Cairo, E. Y., application approved 3/24 g/18 A/25 3/14 3/1 3/14 1/12 2/23 g/18 1/19 3/18 g/18 3/30 1/4 3/30 2/9 1/6 g/18 1/6 3/25 551 218 562 437 285 437 48 235 217 72 480 218 615 13 615 167 29 217 29 562 29 1/6 3/30 615 1/17 62 34/14 437 218 24/18 194 72 1/19 2/25 252 0.8 204 g/23 235 156 24/6 1/17 62 1/17 62 29 1/6 2/16 204 1/6 29 29 1/6 g/18 177 2/9 298 3/2 156 2/6 24/16 197 A/21 503 1/25 110 2/16 2/6 2/9 195 156 177 108 Pages Stock, FRBank: (Continued) FRBank of New York: Continued) 177 First National Bank, Edmeston, i,. Y., aPplication approved 2/9 Y., 177 application approved First National Bank, Hermon, N. 2/9 2/18 217 First National Bank in Mamaroneck, N. Y., surrender approved First National Bank, Painted Post, N. Y., application approved 2/25 252 First Trust & Deposit Co., Syracuse, N. Y., surrender approved 2/25 252 62 Germantown National Bank, Germantown, N. Y., surrender 1/17 Midwood Trust Co., Brooklyn, N. Y., surrender deferred 2/16 197 New Jersey National Bank and Trust Co., Newark, N. J., 2/16 203 surrender approved Peoples National Bank, Stamford, Conn., surrender approved 3/18 480 Perth Amboy Trust Co., Perth Amboy, N. J., surrender approved 08 217 62 0.7 Pulaski National Bank, Pulaski, N. Y., surrender approved 47 Ramapo Trust Co., Spring Valley, N. Y., surrender approved 1/12 2/18 217 Raritan Trust Co., Perth Amboy, N. J., surrender approved Summit Trust Co., Summit, N. J., application approved 3/14 422 Washington Irving Trust Co., Tarrytown, N. Y., application 3/20 486 FRBank of Philadelphia: 72 1/19 Allenwood National Bank, Allenwood, Pa., surrender approved 2/18 218 Atlantic City National Bank, Atlantic City, N. J., surrender Chelsea-Second National Bank and Trust Co., Atlantic City, N. J., surrender approved 2/16 203 29 Farmers National Bank, Canton, Pa., surrender approved 116 47 1/12 First National Bank, Ocean City, N. J., surrender approved 177 First National Bank, Woodstawn, N. J., application approved 2/9 62 07 Fulton National Bank, Lancaster, Pa., application approved 285 Integrity Trust Co., Philadelphia, Pa., surrender approved 3/1 2/18 218 Pleasantville National Bank, Pleasantville, N. J., surrender Union Banking and Trust Co., Du Bois, Pa., surrender approved 2/9 177 177 2/9 West Shore National Bank, Lemoyne, Pa., application approved FRBank of Richmond: American Bank & Trust Co., Richmond, Va., surrender approved 08 218 Baltimore National Bank, Baltimore, Md., application approved 3/14 436 156 Citizens National Bank, Gastonia, N. C., surrender approved 2/6 Edisto National Bank, Orangeburg, S. C., surrender approved 2/18 213 First National Bank, Bassett, Va., application approved 3,/30 615 First National Bank, Hampstead, Md., surrender approved 2/18 218 Request from Assistant FRAgent as to procedure in cancellation, instructions 3,/30 601 First National Bank, Ronceverte, W. Va., surrender approved 2/25 252 Matoaka National Bank, Matoaka, 4. Va., surrender approved 1/12 47 National Bank of Commerce, Charleston, W. Va., application 2/18 217 Washington Loan and Trust Co., Washington, D. C., application 3/29 589 FRBank of St. Louis: Chouteau Trust Co., St. Louis, Mo., surrender approved 3/24 551 C. P. Burnett & Sons, Bankers, Eldorado, Ill., Elliott State Bank, Jacksonville, Ill., application 8 L11 1: approved application,1 /2 ' Farmers State Bank, New Athens, Ill., surrender approved 2/18 218 First National Bank, Anna, Ill., surrender approved 156 2/6 First National Bank, Greenfield, Ill., surrender approved 156 2/6 First National Bank, Herrin, Ill., surrender approved 156 2/6 First National Bank, Oran, Mo., surrender approved 3/14 437 First National Bank, Ridgway, Ill., surrender approved 08 218 First National Bank, Rockport, Ind., surrender approved 3/24 551 First National Bank, Roodhouse, Ill., surrender approved 2/23 235 109 Pages Stock, FRBank: (Continued) FRBank of St. Louis: (Continued) First National Bank, Steelville, Mo., surrender approved National Bank, Witt, Ill., surrender approved Natural Bridge Trust Co., St. Louis, lo., surrender approved Sarah-Olive Bank, St. Louis, Mo., surrender approved Savings Trust Co., St. Louis, 'Jo., surrender approved Scruggs, Vandervoort & Barney Bank, St. Louis, Mo., surrender St. Louis National Bank, St. Louis, Mo., surrender approved State Bank of Steeleville, Ill., application approved State Savings Loan and Trust Co., Quincy, Ill., surrender Third National Bank, Mt. Vernon, Ill., surrender approved Twelfth Street National Bank, St. Louis, Mo., surrender Union Trust Co.. East St. Louis, Ill., surrender approved West St. Louis Trust Co., St. Louis, Mo., surrender approved FRBank of San Francisco: Arlington National Bank, Arlington, Ore., surrender approved Bank of Eagle, Idaho, surrender approved Buena State Bank, Buena, Wash., surrender approved California Bank, Los Angeles, Calif., application approved California National Bank, Sacramento, Calif., surrender Central National Bank, Oakland, Calif., surrender approved Central Point State Bank, Central Point, Ore., surrender Citizens State Bank, Santa Paula, Calif., application approved Farmers & Stockgrowers National Bank, Heppner, Ore., surrender First American National Bank, Port Townsend, Wash., surrender First National Bank, Carlsbad, Calif., surrender approved First National Bank, Ephrata, Wash., surrender approved First National Bank, lieppner, Ore., surrender approved First National Bank, Hermosa Beach, Calif., surrender First National Bank, Oceanside, Calif., surrender approved First National Bank, Orland, Calif., surrender approved First National Bank, Sonora, Calif., surrender approved First National Bank, Springfield, Ore., surrender approved First National Bank, Winnemucca, Nev., surrender approved Northern California National Bank, Redding, Calif., application approved Washington National Bank, Olympia, Wash., application Yakima Valley Bank & Trust Co., Yakima, Wash., surrender Preferred stock of national banks, should be included in computing required FRBank stock Tax notes: Avon-by-the-Sea, N. J., Borough of, purchase by FRBank of New York from First National Bank, Avon-by-the-Sea Cheektowaga, N. Y., Town of, Union Free School District No. 7, purchase by FRBank of New York from Bank of Depew Chicago, City of, and County of Cook, Ill., purchase of ineligible tax anticipation warrants to be applied against real estate tax of FRBank of Chicago Cliffside Park, N. J., Borough of, purchase by FRBank of New York from Cliffside Park National Bank, FRBank to continue to hold 2/18 2/6 3/24 3/24 3/24 3/24 2/16 3/24 3/1 2/16 3/1 1/25 3/24 218 156 551 551 551 551 203 542 285 203 285 110 551 2/6 1/17 1/25 3/14 3,/14 2/9 2/16 3,/12 2/23 04 3/24 1/6 2/23 1/12 3/14 2/23 2/6 1/6 1/19 157 62 110 422 437 178 204 402 235 437 551 29 235 48 437 235 157 29 73 3/14 2/16 2/16 436 203 204 3/12 404 2/24 240 1/25 81 3,77 355 1/25 81 110 Pages Tax notes: (Continued) Cranford, N. J., Town of, purchase by FRBank of New York from Cranford Trust Co. 3/14 Purchase of additional tax notes approved 3/28 Depew, N. Y., Village of, purchase by FRBank of New York from Bank of Depew 02 Detroit, Mich., held by First Wayne National Bank, assistance of FRBank of Chicago sought 2/18 Elmsford, N. Y., Village of, purchase by FRBank of New York from First National Bank, Elmsford, N. Y. 3/7 Purchase of additional tax notes 3/30 Hackensack, N. J., City of, purchase by FRBank of New York from City National Bank and Trust Co. 3/7 Hempstead, N. Y., Town of: Union Free School District No. 11, purchase by FRBank of New York from Ocean Side National Bank 1/19 Union Free School District No. 14, purchase by FRBank of New York from Hewlitt-Vioodmere National Bank 3/25 Orange, N. J., City of, purchase by FRBank of New York from Orange National Bank 3/2 Perth Amboy, N. J., purchase of additional notes by FRBank of New York from Perth Amboy Trust Co. 2/9 Purchase by FRBank of New York from First National Bank, Perth Amboy, N. J. 2/16 Purchase of additional notes by FRBank of New York from First National Bank, Perth Amboy, N. J. 3/3 Ridgewood, N. J., Village of, purchase by FRBank of New York from First National Bank and Trust Co. 3/12 Seagirt, N. J., Borough of, purchase by FRBank of New York from First National Bank, Spring Lake, N. J. 3/2 Spring Lake, N. J., Borough of, purchase by FRBank of New York from First National Bank of Spring Lake 3112 Purchase of additional notes approved 2/16 Taxes: Checks, reply to Congressman Lambeth opposing suggestion that legislation be enacted for absorption by FRBanks 3/21 Graduated, under suspension of reserve requirement, action deferred 3/3 Telegram to FRBanks with amendment to Regulation 0 establishing graduated tax 3/7 Telegraph service: FRBanks to refrain from using for communications regarding appointment of conservators when mail or comEiercial wire will serve 3/22 Messages over leased wires addressed to Treasury officials in connection with banking holidays, chargeable to Treasury Department, all addressed to FRBoard to be counted as bank business 3/28 Operators: (See Staff of FRBoard) Temporary duplexing of mire to New York 2/27 Texas, vault space to be leased to State Treasurer by FRBank of Dallas 07 Time schedules, interdistrict: FRBank of Atlanta, to give credit for transit items when payment received rather than in accordance with 3/2 FRBank of Cleveland, desire to suspend, alternative suggested, favorable consideration promised 2/28 419 586 39 216 354 606 355 65 81 297 166 191 310 38 296 38 190 507 318 343 521 577 255 468 291 264 111 Pages Treasury of the United States: Legislation proposed to meet deficit by issuing low interest, long term bonds, against which FRBanks might issue FRbank notes opposed by Procedure of sending daily transcripts, checks and warrants to by FRBanks suggested Representatives of, meeting to consider use of clearing house certificates Telegraphic messages addressed to Treasury officials in connection with banking holidays chargeable to, advice to FRBanks (See also Secretary of Treasury) Trust powers: (See Fiduciary powers) Unified banking system, opinion of Counsel on constitutionality of, to be printed in FRBulletin Authority to reprint copies of opinion Unlicensed banks: Checks on, uniform procedure for handling suggested by Governor Calkins Telegram from Governor Calkins that other FRBanks had agreed to plan and FRBanks to forward uniform letter to member and nonmember clearing banks Payments for payroll accounts, inquiry of FRBank of Minneapolis Renewal of rediscounts by member banks not permitted to reopen, procedure for Veterans' adjusted service certificates, request of First National Bank of St. Paul, Minn., that FRBank of Minneapolis take over overdue notes secured by Violations of Statutes: Chester-Cambridge Bank and Trust Co., Chester, Pa., possible violation by an officer and an employee FRBank of Chicago: Discrepancy in Reconstruction Finance Corporation collateral, vigorous investigation urged Irregularities in Fiscal Agency operations: (See FRBank of Chicago) Virginia, Governor of, request that loan and rediscount facilities for nonmember banks be granted, advice of steps taken by FRBoard Wall, Alexander: (See Robert Morris Associates) Warehouse receipts: Cargill Elevator Co., eligibility for purchase by FRBanks of bankers acceptances drawn by, and based on warehouse receipts Lawrence Warehouse Co., eligibility for rediscount of acceptances secured by, ruling to be published in FRBulletin 4/1 280 2/9 176 4/1 282 4/28 577 2/27 3/17 261 472 3/'23 532 3/31 4/21 622 501 W21 513 4/2 289 2/16 194 4/3 314 3/14 420 4/29 592 2/16 200 112 Pages Warrants of municipalities: (See Tax notes) Weilepp, Carl N.: (See Rediscounts, Building and loan associations) Wisconsin Bankshares Corporation, information on condition and on 1/17 present stockholdings in other banks requested Withdrawals from FRSystem Bank of Baraboo, Wis., application for immediate withdrawal, more 3/20 information requested Waiver of six months notice and immediate withdrawal approved 3/22 Belgrade State Bank, Belgrade, Mont., request for immediate, 04 further information requested Waiver of six months notice and FRBank of Minneapolis author3/16 ized to cancel FRBank stock Superintendent of Banks of Montana to be notified when /20 3 effected Citizens State Bank, Frost, Texas, waiver of six months notice 3/22 and permission for immediate Columbus Exchange Trust Co., Providence, R. I., waiver of six 3/27 months notice and permission for immediate Farmers State Bank, Hallsville, Texas, waiver of six months notice and permission for immediate 3/27 Farmers State Guaranty Bank, Valliant, Okla., waiver of six 3/25 months notice and permission for immediate First State Bank, Jacksonville, Texas, waiver of six months 3/12 notice and permission for immediate Assumptior that State Bank Commissioner is aware of with3/20 drawal and if not, to be advised First State Bank, Taft, Texas, waiver of six months notice and 3/18 permission for immediate Assumption that notice of intention complied with Section VIII of Regulation H, Texas authorities to be notified 3/24 Greenville Banking Co., Greenville, Ga., waiver of six months 09 notice and permission for immediate Iron Exchange Bank, Hurley, Wis., six months notice waived and 3/21 permission for immediate Lansdale Title and Trust Co., Lansdale, Pa., waiver of six months notice and permission for immediate Mercantile Bank and Trust Co., New York City, waiver of six months 34/27 V27 notice and permission for immediate Miners Savings Bank and Trust Co., Butte, Mont., six months 3/16 notice waived and permission for in-mediate Superintendent of Banks of Montana to be notified when 3/20 effected un Ravalli County Bank, Hamilton, Mont., request permission for 3/14 immediate, further information asked Waiver of six months notice and FRBank of Minneapolis 3/16 authorized to cancel FRBank stock Superintendent of Banks of Montana to be notified when effeot, ed 3/20 St. Joseph Loan and Trust Co., South Bend, Ind., waiver of six 3/30 months notice and permission for immediate Saline County Bank, Western, Nebr., waiver of six months notice and permission to withdraw immediately 3/17 Before cancellation, advice should be obtained from FRBank's counsel as to compliance with requirements of Sec. VIII of Regulation H 3,/20 57 488 520 423 456 489 520 572 574 552 402 490 477 543 589 504 573 572 456 489 423 456 489 600 469 489 113 Pages Withdrawals from FRSystem: (Continued) State bank authorities should be promptly notified of, and reasons given if desired, instructions to FRAgents on, and information to be submitted with application State Bank of Plymouth, Nis., application for immediate withdrawal, more information requested Waiver of six months notice and permission for immediate Texas Bank and Trust Co., Sweetwater, Texas, reopened under authority from Commissioner of Banking and not licensed by Secretary of Treasury, request for waiver of six months notice and permission for immediate Application discussed and immediate withdrawal approved United States Bank and Trust Co., Rochester, Ind., waiver of six months notice and permission for immediate Voluntary, of those licensed to reopen by State authorities and not by Secretary of Treasury, policy for dealing with Question of general policy, whether there should be a change as to, Secretary of Treasury advocates immediate withdrawal for such banks Viboddy, Carroll H., reply to letter on material on FRBoard to be incorporated in report being prepared for President's Research Committee on Social Trends Abodin, William H.: Present at meeting of FRBoard to consider banking situation Present at meeting held in New York to consider banking situation (See also Secretary of Treasury) 3/20 488 3/20 488 3/22 520 3/22 525 3/23 534 3/23 533 3/22 526 3/23 534 1,/12 45 g/27 256 292 3 /2
@FedFRASER