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1 INDEX July - December 1 9 22 Page Accept up to 100, power to, disapproved 11/ 7 East River National Bank of New York Accept up to 100A, power to, granted Bank of New York if, and when, same shall become member of 8/ 7 Federal Reserve System 7 /11 Central National Bank of Richmond, Va. /7 8 Enid National Bank, Enid, Oklahoma it and when, if, Life Insurance & Trust Co. of New York 8 /11 Shall become member of RSystem 7/5 Texas Republic National Bank, Dallas, Acceptance Credits: Tobacco Growers' Cooperative Marketing Association; letter from Gov. Seay expressing doubt whether bankers' acceptances should be based upon tobacco, except re-handled or dried 7 /11 tobacco stored in warehouses Acceptances: Bankers': No objection by Board to purchase of, by Dallas, from certain cooperative association upon fifteen day repurchase 10/ 3 agreement minimum establishes City Kansas of; Open market purchases 8 /11 rate of 3% on, establishes Philadelphia of; Open market purchases 7/6 minimum rate of 2,V on, minimum estaulishes Richmond of; purchases Open market 9 /26 on, rate of establishes Francisco San of; purchases Open market 7 /11 minimum rate of 2k; on, Trade: and Bankers' Discount or purchase of renewals of; correspondence from Federal Trade Commission and Governor of FRBank of 8 /29 Atlanta re instructions issued by Atlanta in 1920 re, of Bank Merchants of president by iRBanks Criticism of checks" Passaic, New Jersey, for not accepting "out of to 10/ 3 credit for immediate Trade: Open market purchases of; San Francisco establishes 7 /11 minimum rate of 3,11-% on, Advisory Council: See "Federal Advisory Council" 522 394 347 394 404 336 348 474 403 340 464 348 425 475 348 11 page Agricultural Districts: Discount rates of RBanks in; letter from Governor Harding to Representative Clay Stone Briggs of Texas re, 7 /19 Discount rates of FRBanks in; letter from Governor Harding to Senator Ransdell of Louisiana re, 7 /18 Matter of granting FRBanks authority to establish preferential discount rates on paper secured by warehouse receipts for staple agricultural products 8/1 Confidential letter from Board to FRBanks re, submitting proposed regulation, and asking for comments and criticisms a/1 American Acceptance Council: Fee for sustaining memberships in, to be increased from 4100 to 0500 for period of year; Board has no objection to FRBanks continuing to maintain sustaining memberships for year at increased fee 11./ 9 American Bankers' Association: Committee of, after annual meeting in New York City, to be invited to meet with Board to discuss matters of policy of EaSystem concerning member banks 9/ 7 Exhibit illustrative of entire RSystem to be presented at meeting of, in New York, October 2nd. to 6th.; all ERBanks authorized to pay pro rata share of expense 8 /17 Statement by 11r. Miller re, disapproving moving picture feature 8 /31 Par clearance committee of; suggestion from, that FRSystem adopt a system of voluntary pax remittance applicable to nun-member state banks 10/18 American Economic & American Statistical Associations: Statistician or Associate statistician authorized to attend meetings of, in Chicago, December 27th. to 30th., 1922 12/12 American Foreign Banking Corporation: Advice from, re completion of arrangements to close branch at Buenos Aires, Argentine Republic, the liquidation to be handled through First National Bank of Boston 7 /26 American National Bank, Portsmouth, Virginia: Authority granted, to act as trustee for bond issues, but permission withheld to exercise other trust pacers enumerated in application until bank builds up surplus equal to 20;1, of paid-in capital 11/ 1 American National Bank, Rogers, Arkansas: permission granted, to reduce capital stock from 460,000 to 450,000 12/20 American State Bank, Athens, Georgia: permission granted, to establish branch office in Athens 10/24 American Trust Co., Charlotte, N. O. Letter from Board to, re eligibility for discount at ERBanks of paper of Hunter Manufacturing & Commission Co. 8 /30 364 360 383 386' 527' 440 415 430 498 580 376 515 596 503 427 111 Page 0 3 Annual Budgets, F. R. Banks: 12/13 Circular letter to all FRAgents re annual budgets Annual Report, F. R. Board: Modification in, re incorporation of reports of FRAgents, 10/ 3 suggested by Mr. Smead; referred to Mr. Miller Annual Reports, F. R. Agents: Circular letter to all FRAgents except at New York and 12/ 2 Chicago re preparation of, re ns instructio giving Letter to Chairmen of ERBanks 11/ 8 preparation of, for 1922 : Statements Sheet Balance of n Preparatio Approved Methods for Three hundred copies of pamphlet entitled, to be furnished 10/ 3 United States Veterans' Bureau, upon request six first for FRBoard of Expenses for Assessment of FRBanks 12/28 months of 1923, approved Agents: Assistant F. R. See "F. R. Agents - - Assistant" Associate Statistician: Authorized to proceed to Boston, New Haven and New York City on official business in connection with study of feign 9 /19 exchange and changes in discount rates Attorney General: Opinion of, dated August 21, 1922, concerning proposed resolution of FRBoard re construction of Section 8 of Act of 8 /24 October 15, 1914 (Clayton Act) of tion administra re 1922, 21, August Opinion of, dated Clayton Act; memo. of General Counsel of Board expressing 10/10 views re, 585 474 554 525 474 613 458 421 488 He Bank of Central & South America: Letter from, requesting that it be placed under supervision of RBoard in accordance with terms of Section 25 of 11/ 9 FRAct; referred to Counsel in provided Placed under supervision of FRBoard to extent Section 25 of FRAct, FRBoard to make regular examinations of New York office and, if possible, offices of all affiliates, General Counsel to draw up and have executed necessary 12/11 papers Reply of Board to request from, that Board authorize national banks to purchase its stock under terms of Section 25 of 14/13 FRAct, approved Bank of Duahesene, Utah: Correspondence re certain transactions between FRBank of 9 /12 San Francisco and customers of, 527 575 584 442 Iv Bank of Italy, Jan Francisco; Authority granted, to establish branch in Oakland, Cal. 9 /12 Authority granted, to establish branch in San Diego, Cal. 12/13 Authority granted, to establish branch in Jan Francisco, at northeast corner of Fillmore & Post Streets 12/26 Authority granted, to establish branch in San Francisco, on corner of Green Street and Columbus Avenue 10/24 Authority granted, to establish branch in San Francisco, on Mission Street 9 /26 Authority granted, to take over Butte County National Bank, Chico, California, and establish branch on premises 9 /27 Authority granted, to take over First National Bank,Woodland, California, and establish branch on premises 7 /25 Authority granted, to take over Home Savings Bank, doodland, California, with branch at Knight's Landing, and establish branches on premises 7 /25 Authority granted, to take over The Broadway Bank, Oakland, California, and establish branch on premises 7 /25 Authority granted, to take over The Old Bank, Hanford, Cal., and establish branch on premises 7 /25 Authority granted, to take over Union National Bank of san Luis Obispo, Cal., and establish branch on premises 7 /25 Copies of certain correspondence between IAgent perrin and Superintendent of Banks of California re application of, for permission to establish branch in Santa Maria 12/ 2 Examination of, being made by .ERBank of san Francisco, with assistance of state examiners; advice from San Francisco re, 10/ 5 Examination of; statement by Jan Francisco re procedure in, asking appointment as Assistant FRExaminers of fourteen examiners of State Banking Department of California to assist ERBank in matter of, 10/10 Resolution re examination of member banks by RBanks and proper procedure in assessing expenses for same, made special order of business, October 11, 1922 10/10 Discussion re, 10/11 Joint examination of, by ER Bank of San Era ncisco and State Banking Dept. of California, at close of business Sept. 30th.; advice from ElAgent at San Franc isco re, 10/ 3 Telegram from Board to ERAgent re, 10/ 3 Letter to, from Superintendent of Banks in California; comments from ERAgent Perrin re, 7 /20 Permission withheld, to establish branch de novo at yuba City, California 12/26 Stockholders' Auxiliary Corporation; action of, in entering into agreements to purchase stock of petaluma-Swiss American Bank, Petaluma, Cal., and Bank of Vacaville, Vacaville, Cal., for conversion into branches of Bank of Italy, approved 10/24 pag 444 586 611 503' 466 469 372 372 372 372 37,S 555 482 486' 487 492 473 477 366 606' 504 V page Bank of Lunenburg, Kenbridge, Virginia: Application of, for permission to exercise fiduciary 9 /12 powers, approved & York New of Bank to Bank of New York: (Name changed later Trust Co.) of paid-in and 100i; Permission granted, to accept up to shall become it unimpaired capital and surplus, When 8/7 member of FRSystem Bank of New York & Trust Co. Authority granted, to accept for purpose of creating dollar 9 /26 exchange under Section 13 of FRAct House: Banking & Currency Committee of Senate & Proposed letter to Chairmen of, suggesting legislation designed to prevent use of "Federal" or "Reserve" in title 8 /16 of private corporationsor firms Czechoslovakia: Prague, Finanai, Bankovni Urad Ministerstva Limited relations between, and MBank of New York, suggested; memo. of Associate Statistician prepared as result of 12/28 inquiry from New York whether Board would approve information for from, request to Reply of FRBank of New York 11/ 2 re opening of an account with a FRBank Oklahoma: Barnsdall National Bank, Barnsdall, Reduction in capital stock of, from $50,000 to $25,000, 11/ 1 authorized Bills of Exchange: Resume by General Counsel of ruling heretofore made by Board re, drawn in good faith against actual existing values within meaning of Section 13 of FRAct; ordered printed in 11/ 2 forthcoming issue of FRBulletin Board Room, F. R. Board: Secretary directed to have carpet removed from, and stored a /8 during summer committee for Budget the of Use of, granted Dire tor 8/7 meeting Bonds: F. R. Agents and Assistant F. R. Agents: 7 /27 Blanket bond to cover; suggestion of Mr. Mitchell for, Branch, Baltimore at FRAgent Duley, Charles N., Assistant 7 /25 bond approved in sum of 450,000 bond approved FRAgent,Rianmond, Fry, John G., Assistant 12/ 2 for, in sum of .150,000 bond Orleans, at New FRAgent Johns, William S., Assistant 7/5 approved for, in amount of 4100,000 at RAgent Miller, William Earl, Alternate to Assistant New Orleans Branch, bond approved for, in amount of 7/5 $100,000 bond Mosher, Curtis L., Assistant PRAgent at Minneapolis; 11/8 approved for, in amount of $100,000 443 394 466-7 411 610 519 515 518 400 396 380 372 555 337 337 525 V pag Bonds; (continued) F. R. Agents and Assistant F. R. Agents: Rich, John H., FRAgent at Minneapolis, bond approved for, in amount of •4100,000 11/ 8 White, William H., Assistant RAgent at Chicago, bond approved for, In amount of 450,000 11/21 No applications received for sale of, under provisions of Section 18 of FRAct, for quarter ending Dec. 31, 1922; advice from Treasurer of U. S. re, 12/26 Boston: Consolidation of certain banks in, at early date; statement by Mr. Hamlin re, asking Board's prompt action upon receipt of application of merged institution for admission to FIRSystem 10/ 3 plan to hold meeting of, in Boston, Sept. 29th., 1922 9 /12 Mr. Hamlin to attend above meeting 9 /20 Branch Banks, Domestic; American State Bank of Athens, Ga., granted permission to establish branch office in Athens 10/24 Bank of Italy, San Francisco: Copies of certain correspondence between FRAgent Perrin and Superintendent of Banks of California re application of, for permission to establish branch in Santa Maria 12/ 2 permission granted, to establish branch in Oakland, Cal. 9 /12 permission granted, to establish branch in San Diego,Cal. 12/13 permission granted, to establish branch in San Francisco, at northeast corner of Fillmore and post Streets 12/28 Permission granted, to establish branch in San Francisco, on corner of Green Street and Columbus Avenue 10/24 Permission granted, to establish branch in San Francisco, on Mission Street 9 /26 permission granted, to take over Butte County National Bank, Chico, Cal., and establish branch an premises 9 /27 Permission granted, to take over First National Bank, Woodland, Cal., and establish branch on premises 7 /25 permission granted, to take over Home Savings Bank, Woodland, Cal., with branch at Knight's Landing, and establish branch on premises 7 /25 permission granted, to take over The Broadway Bank, Oakland, Cal., and establish branch an premises 7 /25 Permission granted, to take over The Old Bank, Hanford, Cal., and establish branch on premises 7 /25 Permission granted, to take over Union National Bank of San Luis Obispo, Cal., and establish branch on premises7 /25 permission withheld, for establishing branch de novo at Yuba City, Cal. 12/26 S 525 534 607 475 444 460 503 555 444 586 611 466 469 372 372 372 37.2 372 606' ).5 4 )7 r5 i0 4 VII page Branch Banks, Domestic: (continued) Bank of Italy, San Francisco: (continued) Stockholders' Auxiliary Corporation, action of, in entering into agreements to purchase stock of petaluma-Swiss American Bank, petaluna, Cal., and Bank of Vacaville, Vacaville, Cal., for conversion into branches of 10/24 Bank of Italy; Board approves from letter of; de novo branchlas California state banks, 12/26 FRAgent perrin re, g against protestin r Orissinge Mr. by statement California; extension of branch banks in, holding same constitutes fraud upon people of California owing to lack of facilities 12/ 2 for proper examinations Carolina Banking & Trust Co. of Elizabeth City, N. C., 8 /29 authorized to establish branch at Hertford Carolina Savings Bank, Charleston, S. C., authorized to 9 /12 establish branch on King Street, Charleston Citizens & Southern Bank, Savannah, Ga., authorized to 9 /27 operate its main office and certain branches in Atlanta branches three establish to d authorize Co. Trust Cleveland 11/16 in Cleveland three establish n to permissio granted Co. Trust Cleveland 12/21 branches in Cleveland d authorize 0., S. Florence, of Bank Savings & l Commercia 8 /29 to establish branch at Timmonsville, S. C. ment establish S. O., lelorence, of Bank Savings l & Commercia of branch by, at Lake City, S. C., recommended by RBank of Richmond; action withheld, pending further information10/24. 10/28 Establishment of branch approved French American Bank of San Francisco granted permission to 12/13 establish branch in Ban Francisco French American Bank of San Francisco granted permission to establish branch in San Francisco at northwest corner of 12/28 Third street & Palou Avenue absorb Imperial Valley Bank of Brawley, Cal., authorized to First National Bank of Brawley and First National Bank of Oalipatria, with view to operating Calipatria Bank as 9 /16 branch of Imperial Valley Bank permisJefferson Trust & Savings Bank, Gretna, La., granted 10/10 sion to establish branch at West Wego, Louisiana Los Angeles Trust & Savings Bank: Permission granted,.to establish office or agency on 7 /11 West Washington Street, Los Angeles permission granted, to take over Community Bank of Whittier 9 /26 and establish branch on premises Mercantile Trust Co. of San Francisco, application of, for Board's tentative approval to establishment of from sixteen to thirty local agencies in San Francisco, Berkeley, and San Jose; no objection by Board to agencies in San Francisco 504 606 556-7 424 443 470 532 603 425 503 513 586 611 455 486 347 466 VIII pae Branch Banks, Domestic: (continued) Mercantile Trust Co. of San Francisco (continued) 10/5 and Berkeley, but disapproves agencies in San Jose Mercantile Trust Co. of San Francisco; application of, to establish up to a given number of agencies, referred to 10/3 Messrs. Miller and Mitchell Mercantile Trust Co. of San Francisco authorized to establish additional branch in San Francisco, to be called presidio 10/25 Avenue office Mercantile Trust Co. of San Francisco authorized to establish 10/19 branch in Albany, Cal. Mercantile Trust Co. of San Francisco authorized to establish branch in Richmond, Cal. 10/10 Mercantile Trust Co. of San Francisco authorized to establish branch in San Franlisco,on Polk Street 12/12 Mercantile Trust Co. of San Francisco authorized to establish branch in San Francisco, to be called "Third-palou Officeq0/24 Mercantile Trust Co. of San Francisco authorized to establish branch in San Francisco, to be known as "Fillmore-O'Farrell" office 10/26 Mercantile Trust Co. of San Francisco authorized to establish branches in Jan Francisco, an Market & Haight Streets 11/29 Mercantile Trust Co. of San Francisco authorized to establish certain branch agencies in San Francisco 10/17 Mercantile Trust Co. of San Francisco authorized to establish five agencies in San Francisco 10/ 5 Mercantile Trust Co. of San Francisco authorized to establish local agency in San Francisco 10/10 Mercantile Trust Co. of San Francisco authorized to establish service station branch in San Francisco 10/19 Mercantile Trust Co. of San Francisco authorized to establish 11/ 1 three branches in San Francisco Mercantile Trust Co. of San Francisco authorized to establish three branches in San Francisco, on Cole, Twenty-Second, 11/ 7 and Hyde Streets Mercantile Trust Co. of San Francisco authorized to establish three branches in San Francisco, on Div isadero, Powell, & 11/16 Mission Streets Mercantile Trust Co. of San Francisco authorized to establish two branches in San Francisco, one to be called "Third-Townsend" office, and the other "Hyde-pacific" 10/26 office Mercantile Trust Co. of San Francisco authorized to purchase Bank of Napa, Napa, California, and establish branch in 10/ 3 Napa Mercantile Trust Co. of San Francisco authorized to purchase First National Bank of Emeryville and First savings Bank of Emeryville and establish branch on premises formerly 8 /24 occupied by these two banks 482 472 501 500 486 579 502 510 549 494 481 486 500 514 520 531 53,0 472 419 IX Page a a 0 6 9 ,0 31 )6 )0 L4 33 1.0 Branch Banks, Domestic: (continued) Mercantile Trust Co. of San Francisco authorized to purchase Garden City Bank & Trust Co. of San Jose and its four 9 /26 branches, and establish branches on premises Mercantile Trust Co. of San Francisco authorized to purchase three banks and establish two branches in Richmond, Cal. 8 /7 Mercantile Trust Co. of San Francisco authorized to purchase West Berkeley Bank of West Berkeley, Cal., and establish 8 /.31. branch on premises Mercantile Trust Co. of San Francisco authorized to take over City Bank of Stockton, Stockton, Cal., and convert 11/28 same into branch take to authorized Francisco Mercantile Trust Co. of San over petaluma National Bank and California Savings Bank of 12/ 2 petaluma and convert into one branch take to authorized Francisco San of Co. Trust Mercantile over Portugese-American Bank of San Francisco and establish four branches, one at head office of portugese-American Bank, one in Oakland, one in Newnan, and one in Los Banos, 10/ 3 California Pacific Southwest Trust & Savings Bank of Los Angeles; application of, for permission to establish five branches in 10/10 Long Beach, Cal. 10/17 Approved pacific southwest Trust & Savings Bank of Los Angeles, application of, to establish certain additional branches; 11/22 docketed for Nov. 2.3rd. Authority granted bank to establish branch offices at San Luis Obispo, pomona, San Fernando, Ocean Park, 11/23 Venice, anri Santa Monica Pacific Southwest Trust & Savings Bank of Los Angeles; application of, to establish various branches between now and first of year ii pomona, Santa Ana, Anaheim, Fullerton, Ocean park, Santa Monica, Venice, San Fernando, Burbank, Van Nuys, Riverside and San Bernardino, Cal., referred to Messrs. 10/ 3 Miller and Mitchell pacific Southwest Trust & Savings Bank of Los Angeles granted permission to establish agency branch in 10/ 5 Los Angeles, Cal. granted pacific Southwest Trust & Savings Sank of Los Angeles 10/17 permission to establish branch in Altadena, Cal. granted pacific Southwest Trust & Savings Bank of Los Angeles 10/ 3 permission to establish branch in Lemoore, Cal. pacific Southwest Trust & Savings Bank Jf Los Angeles granted permission to establish branches at Santa Ana, Anaheim, Fullerton, Burbank, Van Nuys, Riverside, and San 11/28 ' Bernardino, Cal. 19 466 395 429 545 557 472 486 495 540 542 471-2 482 495 471 546 X Pa6 Branch Banks, Domestic: (continued) pacific Southwest Trust & Savings Bank of Los Angeles granted permission to establish certain branch agency in Los Angeles 494 10/17 pacific Southwest Trust & Qavings Bank of Los Angeles granted permission to establish three additional branches in Los Angeles, to be used as paying and receiving stations 531 11/21 pacific Southwest Trust & Savings Bank of Los Angeles granted permission to establish two branches, one at Wilmington (Los Angeles), and one at Normandie Avenue & Hollywood Boulevard alrg 10/ 3 pacific Southwest Trust & Savings Bank of Los Angeles granted permission to take over and operate as branches the Jommeraial Bank of San Luis Obispo, with branches at Atascadero and Paso Robles 606 12/26 pacific Southwest Trust & Savings Bank of Los Angeles granted permission to take over First National Bank of Pomona and Savings Bank of Pomona, and operate the two as one branch 606 12/26 Pacific Southwest Trust & Savings Bank' ofLos Angeles granted permission to take over Ocean park Bank, with branches at Venice and Santa Monica, and operate as branches 606 12/26 pacific Southwest Trust & Savings Bank of Los Angeles granted permission to take over San Fernando National Bank and operate as branch 606 12/26 San Fernando valley Savings Bank; application of, to establish branch at Newhall, Cal., disapproved, upon recommendation of ERAgent at San Francisco 7 /13 351. Board allows bank to maintain branch upon understanding certain conditions criticized by examiners will be rectified within reasonable time 380 8/1 Inquiry from ERAgent Perrin whether Board intends to require bank to increase its capital to $150,000 8/16 411 No increase in capital of bank contemplated by FRBoard8/17 410 San Francisco Savings & Loan Society granted permission to establish branch in West Portal park, San Francisco 471 10/ 3 Security Bank & Trust Co. of San Francisco granted permission to establish branch at 618 Mission Street, San Francisco 529 11/14 Security Bank & Trust Co. of San Francisco; withdrawal of application by, for establishment of branch office on Mission Street in San Francisco 566 12/ 2 Security Trust (c.c. Savings Bank, Los Angeles, Oal.,authorized to purchase Santa Monica savings Bank, Santa Monica, 461 Cal., and establish branch on premises 9 /19 9 /2646 Statement by Mr. Crissinger disapproving, XI page Branch Banks, Domestic: Security Trust & Savings Bank, Los Angeles, Cal., granted permission to take over First National Bank of Burbank and Burbank Savings Bank, also First National Bank of Montebello and Montebello Savings Bank, and establish 12/ 2 branch in both Burbank and Montebello State & City Bank and Trust Co. of Richmond, Va., authorized 7/6 to establish branch at 2916 North Avenue, Richmond Valley Bank, Fresno, California, authorized to purchase First National Bank of Biola, California, and operate 9 /19 latter as branch when present been he Statement by Mr. Crissinger that had vote was taken on above, he would have voted against 9 /26 same purchase to Valley Bank, Fresno, California, authorized 9 /26 First National Bank of Coalinga and operate as branch First purchase to Valley Bank, Fresno, Cal., authorized 9 /26 National Bank of Kerman, and operate branch on premises Branch Banks, FRS: Baltimore: Bonds: Duley, Charles N., Assistant RAgent, bond approved 7 /25 for, in sum of 450,000 "Directors") (See under heading Directors: Birmdngham: 11/21 By-laws; amendment to Section 3, Article 2 of, "Directors") Directors: (See under heading Shortage in cash at branch discovered as result of examination by General Auditor of MBank of Atlanta; amount 11/14 made good Buffalo: (See under heading "Directors") Directors: Cincinnati: Directors: (See under heading "Directors") Denver: Directors: (See under heading "Directors") Killing of guard by robbers; reward offered by ERBank of 12/19 Kansas City for apprehension of persons responsible Detroit: By-laws; amendment to, for increasing number of directors 12/26 of branch, disapproved of, designed 11 Article By-laws; amendment to Section 1, to eliminate, manager of branch as director, and fill 11/28 vacancy by appointment of new director, approved "Directors") Directors: (See under heading El Paso: Resolution of Board of Directors in re death of judge 12/20 William 2. Ramsey /8 8 in, Salaries; certain increases 556 341 457 463 465-6 466 372 535 529 592 608 546 595-6 400 Pag Branch Banks, FRS: (continued) Fiscal agency operations; letter from Secretary of Treasury re, with special reference to redemption of Victory and 8/ 7 U. S. Treasury notes Helena: Directors; (See under heading "Directors") Houston: Director; appointment of Floyd Ikard as, suggested by 7 /27 &Agent Ramsey of Dallas 8/ 7 Appointment approved by &Board 7 /18 Director; resignation of J. J. Davis as, salaries: certain increases in, 8/8 Jacksonville: Directors: (See under heading "Directors") Quart ers: Acceptance of bids for two story building and vaults, authorized by Board, upon understanding approval covers total expenditure for both building and real estate not in excess of $250,000 12/16 Plans for proposed building; Board interposes no objection to preparation of, 8/1 Proposed building project far branch; letter from Board to FRAgent at Atlanta re, 12/ 8 Proposed new building; letter from Gov. Wellborn of Atlanta enclosing copy of letter to Representative Sears of Florida estimating cost of, and requesting authority to let lontracts; Board disapproves cost exceeding 4250,000 12/ 6 Reply of Atlanta to telegram from Board advising of disapproval of erection of building for branch in 12/20 excess of .250,000, including real estate Salaries: UcLarin, W. ., Jr., Cashier, salary increased 9 /13 Little Rock: Directors: ( See under heading "Directors") Los Angeles Branch: Directors: (See under heading "Directors") First National Bank of South Pasadena; cancellation by FRBank of San Francisco of stock of, and amount placed to its credit with branch 11/16 Louisville: Directors: (See under heading "Directors.") Memphis: Directors: (See under heading "Directors") Nashville: Directors: (See under heading "Directors") 394 380 39 36 400 50 38 51 566 596 451 531 XIII Page Branch Banks, FRS: (continued) New Orleans: Assistant Cashier; appointment of P. J. Prosser as, at 12/26 ,32,700 per annum Bonds: Johns, ailliam S., Assistant RAgent, bond approved for, 7/5 in amount of 4100,000 Miller, William Earl, Alternate to Assistant MAgent, 7/ 5 bond approved for, in amount of 4100,000 Chairman of Board of Directors; P. H. Saunders reappointed 12/28 as, for 1923, by FRBoard Deputy Chairman of Board of Directors; A. P. Bush re11/28 appointed as, for 1923, by RRBoard Directors: (See under heading "Directors") Quarters: Construction of vault door for branch; letter from Board 7 /18 to ERBank of Atlanta re, Salaries: Prosser, p. J., Assistant Cashier, salary approved at 12/26 42,700 per annum Oklahoma City Branch: Directors: (See under heading "Directors") Omaha: Directors: (See under heading "Directors") Quarters: Senate Joint Resolutian 235; letter from Governor Harding to Senator McLean re, making provision for necessary expenditure for quarters for Omaha Branch 8 / 8 Pittsburgh: (See under heading "Directors") Directors: Portland: (See under heading "Directors") Directors: ruarters: Acquisition of permanent, suggested by San Francisco; Board unwilling to approve, until convinced continued 8 /29 maintenance of northwestern branches is desirable 9 /12 Further correspondence re, 9 /13 of, Building for branch, recommendation for purchase owing to expiration of lease Jan. 31st.; Board 12/ 2 unfavorable Lease of new, at approximately 422,000 per annum,approved, 12/28 but further details requested Salt Lake City: Directors: (See under heading "Directors") Seattle: Directors: (See under heading."Directors") 605 337 337 612 612 361 605 400 423 442 448 553 611-12 XIV Pa; Branch Banks, FRS: (continued) Spokane: Directors: (See under heading "Directors") Branch Banks, Foreign: American Foreign Banking Corporation advises of completion of arrangements to close branch at Buenos Aires, Argentine Republic 7/26 Briggs, Clay Stone, Representative from TeYAs: Letter from Gov. Harding to, re discount rates of RBanks in argicultural districts 7 /19 Budget, F. R. Board: preparation of, annually, authorized, Budget Committee to be set up by Vice Governor 12/ 6 Budgets, i. R. Banks: Budget of expenses required to be submitted by FRAgents at beginning of each year for ensuing year, beginning 1923 12/ 6 Circular letter to all FRAgents re annual budgets 12/13 Buell, 7. E., Chief of Division of Issue & Redemption: Services dispensed with, as Chief of Division 8/1 Letter from Mr. Buell re above, ordered filed 8/1 Bulletin: See "Federal Reserve Bulletin" Bureau of Business Research of New York University: Questionivire sent out by, to ERBank of Richmond, re reserve ratios; Board views discussion for publication re, by ERBanks, inadvisable 12/ 6 Letter from Board to FRBarks re above 12/ 8 Business Condition Reports: See "Lionthly Reports of 3usiness Conditions" 31 364 56 0 58 38 384 566 511 tti:r California: Branch bank situation in; suggestion of :dr. Mitchell that Board adopt view that Bank of Italy has reached limit of branch expansion and other California banks be allowed to go same limit, but not beyond 12/ a Branch banks in; statement by Mr. Crissinger protesting against extension of, holding same constitutes fraud upon people of California, owing to lack of facilities for proper examinations 12/ 2 Establishment of branches and agencies in; statement by Mr. Crissinger that had he been present at meeting on October 3, 1922, be would have voted against, 10/ 5 566 48/ XV page California: (continued) Experience of banks in, in matter of special savings accounts as compared with ordinary savings accounts; letter from Agent Perrin re, 10/ 3 10/ 5 Board to make no change in present regulation defining savings deposits, but, in future, to regard "special" savings deposits in certain California banks as 10/10 demand deposits 10th.,aarried, Movement to reconsider action of October 12/ 4 and matter ordered docketed far meeting Dec. 6th. 10, 1922 12/ 6 October No change in resolution adopted advised of to be above Angeles Mr. Elliott of Los action of Board, also FRAgent perrin, and latter 12/ 6 notified ruling must be strictly enforced Letter to Bank of Italy from Superintendent of Banks in; 7 /20 comments from RAgent perrin re, of bank member FRBank in, by Recent report of examination of San Francisco; conference between Board and National Bank Examiners Borden and Brown, Chief FRExaminer Herson, and 12/ 5 General Counsel, re sufficiency of, requireViews of Messrs. Borden, Brown and Herson re ments governing efficient and adequate examinations 12/ 5 of banks with branches Special savings accounts in, regardin„; of, as demand deposits for purpose of computing reserves; Messrs. perrin & Calkins of MBank of San Francisco request permission 12/26 to meet with Board to discuss recent ruling re, 12/28 Tabled, pending report from General Counsel State banks, branches de novo of; letter from FRAgent 12/26 perrin re, California Bankers' Association: Conclusion reached by Board in conference with Legislative Committee of; information re, requested by FRAgent perrin, 12/13 and reply to be drafted by Board Francisco giving Letter from Board to RBank of San 12/14 informal opinion re, representing,12/9 Conference between Board and Mr. Edward Elliott ERBoard to meet Legislative Committee of, upon request, to discuss charges of RBanks against member banks to cover 11/28 cost of examining said member banks Capital Stock: See under "Stock" Capper Rural Credit Bill: Conference between Director Meyer of War Finance Corporation 12/ 5 and FRBoard re provisions of, 474 483 485 560 566 567 366 564 565 605 613 606 584 588 573 544 564 XVI Pa Carolina Banking & Trust Co., Elizabeth City, N. C. Authority granted, to establish branch at Hertford, N.C. 8 /29 Carolina Savings Bank, Charleston, S. O. Authority granted, to establish branch on King Street, Charleston 9/12 Central Reserve & Reserve Cities: Chattanooga, Tenn.; termination by Board of designation of, as reserve City, upon request of three banks in Chattanooga 7 /21 Charge Offs: F. R. Banks: Requests of, for permission to make charges against current earnings for depreciation and special reserves at closing of books Dec. 31, 1922; memo. from Chief of Division of Bank Operations consolidating, 12/13 Report of Committee re above, adopted (See files) 12/21 Letter to FRBanks advising of procedure necessary in making charges to super—surplus for depreciation, etc. 8/1 Chattanooga, Tenn. Termination of designation of, as reserve city, upon request of three banks in Chattanooga, effective August 1, 1922 7 /21 Chicago, Milwaukee, & St. Paul Railway Co. Form of loan for $10,000,000 to, 12/28 Cincinnati: Views of Board re certain interlocking directors in banks at,7/18 Circular Letters, F. R. Board: All, excepting those of strictly confidential nature, issued by Board during 1921 and period of 1922 during which Dr. Willis was director of Div. of Analysis & Research, to be issued to Dr. Willis 12/ 2 Letter to FRBamits re filing with Board dividend resolutions of Boards of Directors, together with requests for authority to close books on Dec. 31st., and to make certain , charges against current net earnings an account of depreciation, etc. 11/ 2 Letter to aBanks re manner of submitting annual reports re salaries and personnel 10/ 3 Letter to FRBanks re uniform practice in assessing penalties for deficient reserves of member banks 12/ a Proposed letter to FRBanks, re matter of reporting to FR Board personnel at head offices and branches 7 /11 Proposed letter to FRBanks, submitted by Committee an Economy & Efficiency 7 /27 Replies of several FRAgents to Board's circular letter X-3553, Nov. 3, 1922, re "Government securities awned by reporting member banks" 11/22 Proposed circular to FRBanks requesting itemized informa— tian from reporting member banks, detailing ownership of U. S. securities 11/22 11/23 424 44! 369 361 556 518 411 514" 459 319 540 540 5'0 XVII Page Cisco & Northeastern Railway Co. Form of loan for 4111,450 to, in four parts, carrier taking 7 /26 over third part, in amount of $27,863 Form of loan for $111,450 to, in four parts, carrier taking 9 /27 over fourth part in amount of $27,862 Citizens & Southern Bank, Savannah, Ga. Authority granted, to operate main office and certain 9 /27 branches in Atlanta, Ga. Ga. Washington, Bank, Citizens National Permission granted, to reduce capital stock from $100,000 12/ 4 to 475,000 Citizens State Bank, Sawtelle, Cal. Authority granted, to reduce reserve requirements to 7,;.; 8 /29 against aggregate amount of demand deposits City National Bank of Commerce, Wichita Falls, Texas: Authority granted, to reduce capital stock from $1,500,000 11/29 to 41,000,000 Clayton Act: (See also "Interlocking Directorates") Board's administration of; matter ordered docketed for 12/ 8 Dec. 12th. ordered of, administration re FRAgents letter of to Draft 12/13 carried forward ',Ir. of Platt resolution proposed of copy to; Amendment Kern designed to define term "substantial competition" as used in, authorized forwarded Secretary of Treasury with request 7/6 that he secure Attorney General's opinion re, Board's of phases certain of discussion to; Amendment Kern 10/11 administration of, Kern Amendment to; letter from Vice-Governor to Edward E. 8 /11 Clark of Boston re provisions of, Kern Amendment to; MX. Wyatt directed to furnish Board with compilation of cases arising under terms of, held in suspense pending passage by Congress of proposed amendment to Act, with view to determining if same can be granted 8 /24 under opinion of Attorney General of August 21, 1922 Kern Amendment to; reconsideration of resolution adopted 12/12 by Board Nov. 29th. re, Kern Amendment to, resolution re administration of; letter to be forwarded all ERAgents embodying Board's attitude 12/12 as contained in, Opinion of Attorney General of August 21, 1922, re proposed resolution of ERBoard re construction of Section 8 of 8 /24 Act of Oct. 15, 1914 (Clayton Act) Opinion of Attorney General requested by Secretary of Treasury re Board's interpretation of term "substantial 7 /19 competition" in Kern Amendment to, 376 469 470 561 425 549 573 584 342 491,492 404 421 578 578-9 421 364 XVIII Psi Clayton Act: (continued) Views of General Counsel upon opinion of Attorney General re administration of, under date of August 21, 1922 10/10 Clearing & Collection: Collection: Deduction of exchange by member bank far remittance to cover check sent for collection to RBank of St. Louis by MBank of Dallas; letter to Deputy Gov. at St. Louis re, 12/ 4 Legal right of a member bank to deduct, when remitting to a MBank in payment of its certificates of deposit sent it by FRBank for collection 11/29 Criticism of &Banks by president of merchants Bank of ,out of town checks" Passaic, New Jersey, for not accepting' for immediate credit 10/ 3 practice of some banks in deducting exchange as compensation for handling non-cash collection items sent them by FRBanks 8 /24 Cleveland Trust Co. Authority granted, to establish three branches in Cleveland 11/16 Permission granted, to establish three branches in Cleveland 12/21 Columbia University, New York: Letter from Board to, expressing appreciation for facilities and courtesies extended in past to Division of Analysis & Research 8.1 8 Commercial & Savings Bank, Florence, S. O. Authority granted, to establish branch at Timmonsville,S.C. 8 /29 Establishment of branch by, at Lake city, S. C., recommended by FRBank of Richmond; action withheld, pending further inforration 10/24 Establishment of branch approved 10/28 Commercial Banking: Trust Company of Georgia, Atlanta, Ga., authorized to engage in commercial banking 8/ Commission Merchants Circumstances under which notes of, are eligible for rediscount by YRBanks; opinion of Counsel re, 8 /22 Committees, F. R. Board: Budget: Mr. Mitchell and Mr. Miller appointed as Budget Committee 12/ 6 Vice Governor authorized to sat up Budget Committee for preparation of budget annually for FRBoard 12/ 6 Economy & Efficiency: Mr. Miller to meet with Auxiliary Committee of, in Philadelphia, July 26th. 7 /11 48( 56; 55( 411 421 53:'; 399 51 411 589 569 350 XIX Page Committees, F. R. Board: (continued) Economy & Efficiency: (continued) Proposed circular letter submitted by Committee on, for 7 /27 transmission to fRBanks Statement by Mr. Miller outlining certain results obtained by, and plans for future, all FRAgents to be required to submit to Board at beginning of each year budget of 12/ 6 expenses for ensuing year Executive: Hamlin, Charles S., elected member of Executive Committee 7 /25 for term ending October 1, 1922 Hamlin, Charles S., expiration of term of office as member 10/ 3 of Executive Committee October 1, 1922 Miller, Adolph C., designated member of Executive Committee 10/ 3 for term ending Dec. 31, 1922 Mitchell, John R., designated member of, in place of 8/ 7 Gov. Harding, to serve until further action by Board Mitchell, John R., expiration of term as member of Executive 7 /25 Committee Law: Report of, upon letter of Gov. Seay of Richmond, re un7 /13 dried or green tobacco as a readily marketable paper. Salaries & Charge Offs: 7 /11 Eddy, Walter L., assigned as Secretary of Committee an, Condition Reports: Inclusion in, by Chief Examiner, of report re nature and character of examinations made by FRBanks of manber banks, 11/29 adequacy of same, and efficiency of examiners One additional call for, from state and trust members of 8 /24 FRSystem, to be made by FRBoard in December Conference of Banks of Issue in London in October: Attendance at, by Gov. Strong of New York, approved. by FRBoard, matter having been previously submitted to 8/1 Secretaries of State and Treasury by Gm. Strong Conferences: FRBoard and Director of Wax Finance Corporation; conference 12/4 between, to be held Dec. 5th. FRBoard and Director of War Finance Corporation, re provisions of Senate Bill 4063, known as Capper Rural Credit 12/ 5 Bill Governors and F. R. Agents: 8 /22 Joint conference called for October 10th. Joint conference; program for, to be in hands of 9/7 Governors and &Agents by sept. 15th. 379 569 372 473 473 393 372 356 349 551 419-20 387-8 562 564 418 440 XX pag Conferences: National Bank Examiners Borden & Brawn, chief FRBank Examiner Herson, and General Counsel, with Board, in connection with examination of certain member bank and branches in California by FRBank of San Francisco 12/ 5 Views of Messrs. Borden, Brown & Herson re requirements governing efficient and adequate examinations of banks with branches 12/ 5 Congressional Record: Expenditure of 44.50 for subscription to, for use in Counsel's office, authorized 11/21 Consolidations: First National Bank of San Francisco and other banks; letter from FRAgent Perrin giving certain information re, 32/12 Home Bank, St. Matthews, S. C., granted permission to consolidate with Farmers Bank & Trust Co. of St. Matthews, provided final arrangements are satisfactory to MBank of Richmond 11/ 7 International Trust Co. of Boston granted permission to take over Market Trust Co. of Boston and operate two branches of latter as its branches 7 /12 Statement by Mr. Hamlin of proposed consolidation of certain banks in Boston at early date, asking Board's prompt action upon receipt of application of merged institution for admission to System 10/ 3 Consols, 3/ 10 U. S. of 1920: See "U. 5. Consols of 1930" Consulting Architect, F. R. Board: Request from, that Board furnish him with official letterheads having printed thereon his name, designation, and offi,:e address; referred to Mr. Mitchell with poser 8/9 Conversions: Farmers Bank & Trust Co., of Winston-Salem, N. C., conversion of, into national bank with fiduciary posers previously exercised by it as state institution, approved 11/16 Cooperative Marketing Associations: Notes of, given for funds to be advanced by growers who have actually delivered their products to the associations, declared eligible for rediscount as agricultural paper with maturity not in excess of six months 12/13 Discussion re above resolution; matter to be taken up for reconsideration in near future 12/14 Copeland, L. Grant, Chief of Div. of Issue & Redemption: Appoihtment and salary 8 /16 Corporation to be organized under Section 25(a) of FRAct: Reservation of title of, for thirty days, under name of "Federal pacific Banking Corporation", home office to be located in San Francisco 8/1 564 566 53* 519 523 361 4/6 401 53 566 569 ' 409 389 XXI page Corporation Trust Company's Congressional 3ervi3e: Renewal of subscription of Counsel's office to, at cost o 11/21 T15.00, authorized Corporation Organized under Edge Act: See under "Edge Act" See under names of different corporations Counsel (General): Digest of rulings of FRBoard; publication of, in book form, authorized, copies to be offered for sale to 12/ 4 member, banks and general public -Memorandums of, re Examination of state member banks by RRBanks, submitting 12/ 8 proposed resolutions re; action postponed of under date Opinion of Attorney General of U. S., Aug. 21, 1922, re administration of Clayton Act 10/10 Par clearance controversy, rezcomending that Board request all FRBanks to place John W. Davis in supreme charge of all litigation growing out of, 11/ 7 Opinion of, re notes of commission merchants, circumstances 8 /22 under which same are eligible for rediscount by RBanks Opinion of, requested by Board, re legal powers of Board and FRBanks re making examinations and investigations of member banks other than special examinations provided for in Act 12/ 2 Opinion of, sought re legality of purchases of ZRBanks with agreements to repurchase, particularly where purchase price is based on discount rate of FRBank making purchase 12/ 6 Resum4 by, of ruling of Board re bills of exchange drawn in good faith against actual existing values within meaning of Section 13 of FRAct, ordered printed in forthcoming 11/ 2 issue of RBulletin Crissinger, D. R., Comptroller of the Curren y: Not in favor of action taken by Executive Committee at meetings, Nov. 14th., 16th., and 21st., re establishment 11/22 of branch offices by certain state member banks Statement by, protesting against extension of branch banking in California, holding same constitutes fraud upon people Of California owing to lack of facilities for proper 12/ 2 examinations Statement by, that had he been present at meeting October 3rd., he would have voted against authorizing establish10/ 5 ment of branches and agencies in California Statement by, that he is not in favor of action taken at Board meetings of October 17th., 18th., and 19th., in approving establishment of branch offices by state member 10/24 named in minutes Cuba: Informal report by W. P. G. Harding of recent trip to, submitting draft of proposed banking law for creating a -Reserve 12/19 Bank of Cuba 534 561 572 488 521 417 558 567 518 539 556-7 481 502 593 Currency Committee of Treasury Department: Board to assist, in checking up tests applied by FRBanks and Treasury Department to determine fitness of currency 7 /27 Czechoslovakia Republic: Banking office of Minister of Finance of; memo. of Associate Statistician prepared as result of inquiry from New York whether Board would approve establishment of limited relations between ERBank of New York and Bankovni Urad Ministerstva Financi, prague, Czechoslovakia; memo. ordered forwarded RBank of New York 12/28 Davis, John W. placing of, by all ERBanks, in. supreme charge of all litigation growing out of par clearance controversy, recommended by General Counsel of Board Daylight Saving Plan: Abandonment of, on September 4th., by President Nederlandsche Bank of Amsterdam: De amended agreement between, and FRBank of New York, Copy of approved 10/17 Denver, Colorado: Robbery recently committed in; reward offered by RBank of Kansas City for apprehension of persons responsible 12/19 Deputy Fiscal Agent, F. R. Board: Eddy, W. L., Assistant Secretary, salary increased •p25 for month of October, for payment of premium upon bond as Deputy Fiscal Agent 9/ 7 Digest of Rulings, F. R. Board: publication of, in book form, authorized, c - opies to be offered for sale to member banks and general public 12/ 4 Director of the Budget: permission granted, to use Board Room for committee meeting, of date 8/7 Directors: Baltimore Bran: Ingle, william, appointed for 1923 12/20 Newcomer, Waldo, appointed for 1923 12/20 Osburn, C. G., re-elected as director for 1923 11/21 Re-appointment of Messrs. Waldo Newcomer and William Ingle as, for 1923, suggested 11/21 Wilcox, H. B., re-elected as director for 1923 11/21 Birmingham Branch: 12/20 Kettig, W. H., appointed for 1923 12/20 Wells, Oscar, appointed for 1923 page Directors: (continued) Branch Banks: Matter of branch directors appointed by RBoard, ordered 12/ 6 docketed for Dec. 8th. Names of individuals selected by banks to serve as,during 11/2 1923; letter to all RBanks requesting, Buffalo Branch; 12/20 Barcalo, S'. J., appointed for 1923 12/20 Joe, Fred J., appointed for 1923 12/20 appointed for 1923 John A., Kloepfer, Jincinnati Branch: 12/20 Harmon, Judson, appointed for 1923 12/20 Hinsch, Charles A., appointed for 1923 Denver Branch: 12/20 Adams, Alva B., appointed for 1923 12/20 Evans, John, appointed for 1923 Detroit Branch: 12/20 Ballantyne, John, appointed for 1923 12/20 Hodges, Jharles H., appointed for 1923 Proposed amendment to by-laws of branch for increasing 12/26 number of, from five to seven; disapproved as Locke Olark, Messrs. Haass Re-appointnant of & 12/14 directors for 1923 El Paso Branch: 12/20 Coles, A. p., appointed for 1923 12/20 for 1923 Turney, W. W., appointed Helena Branch: 12/20 Ford, L. Li., appointed for 1923 12/20 Uarlow, Thomas, appointed for 1923 Recommendation for appointment of Messrs. T. A. Marlow OX' Helena and Lee U. Ford of Great Falls for another term, in accordance with Board's circular letter X-3556 of 11/28 Nov. 7, 1922 Re-election of Uessrs. Rowley, Kaufman & Kelly to serve 11/28 as, for 1923 Houston Branch: 12/20 Andrews, Frank, appointed for 1923 7 /18 Davis, J. J., resignation 12/20 Farrar, R. U., appointed for 1923 Ikard, Floyd, appointment as director, suggested by 7 /27 ARAgent Ramsey 8/7 Appointment approved by RBoard Jacksonville Branch: 12/20 Cooper, John J., appointed for 1923 12/20 Saussy, Fulton, appointed for 1923 570 518 599 599 599 599 599 600 600 600 600 608 589 601 601 600 600 545 545 601 362 601 380 392 600 600 Directors: (continued) Little Rock Branch: McCain, C. S., appointed for 1923 Wright, 1doorhead, appointed for 1923 Los Angeles Branch: Newton, I. B., appointed for 1923 Robinson, Henry M., appointed for 1923 Louisville Branch: Sackett, F. LI., appointed for 1923 Swearingen, Embry L., appointed for 1923 Memphis Branch: Ragland, S. E., appointed for 1923 Riddiak, T. K., appointed for 1923 Nashville Branch: Davis, Paul a., appointed for 1923 Hartford, W. H., appointed for 1923 New Orleans Branch: Bush, A. P., appointed for 1923 Bush, A. P., re-appointed by FRBoard as Deputy Chairman of Board of Directors for 1923 Foote, F. W., appointed for 1923 Saunders, P. H., appointed for 1923 Saunders, P. H., re-appointed by FRBoard as Chairman of Board of Directors for 1923 Oklahoma City Branch: Mee, 3illiam, appointed for 1923 Thurmond, E. K., appointed for 1923 Omaha Branch: Hall, P. L., appointed for 1923 Marnell, R. O., appointed for 1923 pittsburgh Branch: Canary, James D.,appointed for 1923 -mcOune, John R., appointed for 1923 portland Branch: Strauss, Nathan, appointed for 1923 Teal, Joseph N., appointed for 1923 Salt Lake City Branch: Hanzhett, Lafayette, appointed for 1923 Wright, G. G., appointed for 1923 Seattle Branch: Clarke, Charles H., appointed for 1923 Peabody, Charles E., appointed for 1923 Spokane Branch: McGregor, peter, appointed for 1923 Toevs, G. I., appointed for 1923 12/20 12/20 66 66 12/20 12/20 66 66 12/20 12/20 60( 66 12/20 12/20 66 66 12/20 12/20 66 66 12/20 66 12/28 12/20 12/20 , 61' 66 66 12/28 61; 12/20 12/20 60; 60i 12/20 12/20 601 0 12/20 12/20 59 59 1V20 12/20 66 0 12/20 12/20 0 0 12/20 12/20 0 60) 12/20 12/20 0 0 Page Directors, Class "A": F. R. Bank of Boston: Chamberlain, Frederick S., re-election as Class "A" 12/ 2 director F. R. Bank of Dallas: 12/ 2 Patrick, W. H., election as Class !IA'S director F. R. Bank of philadelphia: Cosgrove, John C., of Johnstown, pa., elected as 12/ 6 Class "A" director for term of three years Directors, Class "B": F. R. Bank of Boston: 12/ 2 Morse, EdmondR., re-election as Class “B" director F. R. Bank of Dallas: 12/ a Sansom, Marion, election as Class "B" director F. R. Bank of Philadelphia: Johnson, Alba B., re-elected as Class "B" director for 12/ 6 term of three years Directors, Class "C": Appointment of, whose terms expire at end' of year; matter 12/ 6 docketed for Dec. 8th. as Board appoints Messrs. platt, Mitchell, and Crissinger 11/ 8 nominating committee for, F. R. Bank of Atlanta: Rettig, W. H., Birmingham, Alabama, appointed for term 12/ 8 ending Dec. al, 1925 P. R. Bank of Boston: Metcalf, Jesse H., providence, R. I., appointed for term 12/ 8 expiring Dec. 31, 1925 12/11 Notification of appointment F. R. Bank of Chicago: Ball, F. C., Muncie, Indiana, appointed for term ending 12/ 8 Dec. 31, 1925 12/11 Notification of appointment F. R. Bank of Cleveland: Williams, L. B., Cleveland, Ohio, appointed for term ending 12/ 8 Dec. 31, 1925 12/11 Notification of appointment F. R. Bank of Dallas: Appointment of director to succeed H. 0. Wooten of Abilene, 12/ 8 Texas, whose term expires Dec. 31, 1922, deferred unfill to appointed Texas, Linz, Clarence E., Dallas, expired term of late William F. Ramsey, ending Dec. 31, 12/ 8 1923 12/11 Notification of appointment F. R. Bank of Kansas City: Roof, Fred 0., Denver, Colorado, appointed for term ending 12/ 8 Dec. 31, 1925 12/11 Notification of appointment 554 554 567 554 554 567 570 525 572 571 576 572 576 572 576 571 573. 576 572 576 Directors, Class "C": (continued) F. R. Bank of Minneapolis: McCormick, George W., Menominee, Michigan, appointed for term ending Dec. 31, 1925 12/ 8 Notification of appointment 12/11 F. R. Bank of New York: Jay, Pierre, New York City, appointed for term ending Dec. 31, 1925 12/ 8 Notification of appointment 12/11 F. R. Bank of Philadelphia: Thompson, Henry B., appointed for term ending Dec. 31, 1925 12/ 8 Notification of appointment 12/11 Thompson, Henry B.; letter from, accepting appointment as Class "O" director, and requesting four months, furlough for trip to Philippine Islands; furlough approved 12/20 F. R. Bank of Richmond: Lassiter, Robert, Charlotte, N. O., appointed for term ending Dec. 31, 1925 12/ 8 Notification of appointment 12/11 F. R. Bank of $t. Louis: Mooney, O. P. J., Memphis, Tenn., appointed for term end— ing Dec. 31, 1925 12/ a Notification of appointment 12/11 F. R. Bank of San Francisco: Sproule, William, 3an Francisco, Cal., appointed for term ending Dec. 31, 1925 12/ 8 Notification of appointment 12/11 Discount Rates: Agricultural districts; letter from Gov. Harding to Representative Clay Stone Briggs of Texas re discount rates of FRBanks in, 7 /19 Board authorizes publication in RBulletin of rates charged customers by member banks on paper rediscounted with FRBanks 8/8 F. R. Bank of Boston: Rate charged by, in matter of purchase of U. J. securities under repurchase agreements 12/ 6 F. R. Bank of Chicago: FRBoard suggests reduction in, to 41;; 8/ 2 Reply of Bank to Board re, 8 /15 F. R. Bank of Dallas: proposed establishment of preferential rate of 3 on commodity paper; action deferred 8 /17 Rate of 11; V approved upon paper of all classes 7 /11 F. R. Bank of Kansas City: Open market purchases of bankers' acceptances; minimum established on, rate of 8 /11 51 5T 51: 59! 57 364 39 39 ' 401 414 341 40 ./J1V - II page Pa! Discount Rates: (continued) F. R. Bank of KansasCity: Rate on rediscounts and member bank notes reduced s /11 from 5-; 1 to 4N' 51: 8/1 Reduction in, to 411L, approved F. R. Bank of Minneapolis: Rate of 4. ,; approved on all classes of paper of all maturities, excepting bankers' acceptances, if approved 51: 8 /15 by secretary of Treasury 51i F. R. Bank of philadelphia: 7 established on Bankers' acceptances; minimum rate of .21;,, 7/6 :• open market purchases of, 51 '• F. R. Bank of Richmond: 51 Bankers' acceptances; minimum rate of 3,72- established on 9 /26 open market purchases of, F, B. Bank of San Francisco: 59! Bankers' acceptances; minimum rate of 2!,4 established on 7 /11 open market purchases of, 7 /11 Rate of approved on paper of all maturities F. R. Bank of San Francisco: Trade acceptances; minimum rate of 3V established on 7 /11 open market purchases of, 0/Letter from Gov. Harding to Senator Ransdell of Louisiana 0 re discount rates of FRBanks located in agricultural 7 /18 districts Matter of granting FRBanks authority to establish preferential, Vil on paper secured by warehouse receipts for staple ,/, a/1 agricultural products Confidential letter from Board to ARBanks re, submitting proposed regulation, and asking for comments and 8 /1 criticisms ;64 Proposed letter to FRBanks formerly having progressive, submitted by vice-Governor; voted to hold matter in 8 /16 abeyance 8 /17 ;9! Letter transmitted FRBanks Di scounting: Hunter Manufacturing & Commission Co., eligibility of paper ,61 of, for discount at FRBanks; letter from Board to American a /30 Trust Co. of Charlotte, N. C. re, ,O Rotes of commission merchants; opinion of Counsel re DI circumstances under which same are eligible for rediscount 8 /22 by FRBanks for 2obacco Cooperative Marketing Association, eligibility 14 discount of paper created by; opinion of Counsel of 7/6 41 FRBank of Richmond re, Memo. of General Counsel of Board re, and reply to 7 /12 Richmond 0 4f,4 403 384 406 340 464 348 347 318 360 383 386-7 411 414-15 427 417 341 351 Discounting: (continued) Volume of bills discounted for member banks each month; no objection by FRBoard to ERBank of Chicago giving out figures re, as soon as available 7/12 Dividends: F. R. Bank of Atlanta: Dividend for six months'period ending Dec. 31, 1922, at rate of 66 per annum F. R. Bank of Boston: Dividend for six months' period ending Dec. 31, 1922 12/ 2 F. R. Bank of Chicago: Dividend for six months' period ending Dec. 31, 1922 12/ 2 F. R. Bank of Cleveland: Dividend for six months' period ending Dec. 31, 1922, at rate of 6,4 per annum 11/21 F. R. Bank of Dallas: Dividend for six months' period ending Dec. 31, 1922 12/ 2 F. R. Bank of Kansas City: Dividend at 6i; for six months' period ending Dec. 31,1922 12/11 F. R. Bank of Llinneapolis: Dividend for six months' period ending Dec. 31, 1922 12/ 2 F. R. Bank of New York: Dividend for six months' period ending Dec. 31, 1922, at rate of 6.;,, per annum 12/ 5 F. R. Bank of Philadelphia: Dividend for six months' period ending Dec. 31, 1922, at rate of 6); per annum 11/21 F. R. Bank of Richmond: Dividend for six months' period ending Dec. 31, 1922, at rate of ef,, ,; per annum 11/21 F. R. Bank of St. Louis: Dividend for six months' period ending Dec. 31, 1922, at rate of 6;; per annum 11/22 F. R. Bank of San Francisco: Dividend for six months' period ending Dec. 31, 1922, at rate of Cc; per annum 12/12 Suggested waiving by San Francisco of claim for participation in, to be paid by Receiver of United States National Bank at Vale, Oregon; draft of proposed letter to Senator mcNary of Oregon re, 8/30 Letter from RAgent i-errin stating position of San Francisco re above suggestion, transmitted Senator MoNary 9 /14 Division of Analysis & Research: Acting Director: Steiner, :i. H., termination of connection with ERBoard to include usual thirty days leave of absence 7 /25 Page Division of Analysis & Research: (continued) Contemplated visit on vacation to Europe of one of employees of; FRBulletin authorized sent to certain persons in 7 /6 Austria and Germany in connection with, Director: 7/6 Report by Mx. Miller of efforts to secure new Director Sprague, 0. M. W., declined to accept position as 7 /11 Director Statement by Governor Harding re matter of appointment of,7 /25 7 /25 Stewart, W. W., appointment and salary Willis, Dr. H. parker; letter from, severing connection With FRBoard on Sept. 15, 1922 8/7 Willis, Dr. H. Parker, termination of connection with ERBoard to include thirty days leave of absence 7 /25 Edwards, (Dr.) George W., return from trip abroad, and resuming of work with division an part time basis 9 /20 Facilities and courtesies extended in past to; letter from Board to Columbia University, New York, expressing 8/a appreciation for, Transfer of, from New York to Washington; report from Dr. Willis re completion of, 7/5 Division of Examination: Statement by Mr. Miller advocating expansion of scope of, to include periodical reports upon methods of internal management of RBanks and efficiency of examining forces 7 /27 Dollar Exchange: Bank of New York & Trust Co. authorized to accept for purpose Of creating, under section 13 of ERAct 9 /26 Rhode Island Hospital Trust Co. of providence, R. I., granted permission to accept for purpose of creating dollar exchange in Argentina and other countries heretofore 10/10 approved by RBoard State Street Trust Co. of Boston, mass., granted permission to accept for purpose of creating, in certain foreign 10/17 countries 340 343 349 372-3 372-3 395 373 459 399 338 379-80 466-7 489 494 ”Eft laeton-Taylor Trust Co., St. Louis: Application of, for reduction in reserve requirements to 11/ 7 77; on demand, and 3;; an time, deposits Reduction in reserve requirements of, to 741 on demand, and 11/28 3;1 on time, deposits ?414.7, Walter L., Assistant Secretary, F. R. Board: Assigned as Secretary of Committee on Salaries and Charge 7 /11 Offs of RaBoard Report of, re visit to.iRBanics of Boston, New York, and Philadelphia to investigate assorting practiced to determine 8 fitness and unfitness of F. R. notes for circulation 521 544 349 403-4 XXX Eddy, Walter L., Assistant Secretary, F. 11. Board: Salary increased 1$25 for month of October, for payment of premium upon bond as Deputy Fiscal Agent Edge Act: Federal Pa3ific Banking Corporation of San Francisco organized under Section 25(a) of RAct; approval of preliminary permit to, to begin business Formation of corporation under; letter from Board to Charles James Fox of Washington, D. C. re, Electoral Groups: Modified classification of member banks by; memo. from Chief of Division of Bank Operations recommending, Emergency Fleet Corporation: See "U. S. Shipping Board Emsrgency Fleet Corporation" Ethridge, McCormick & Bromberg, Attorneys: Contract covering fee for legal services made by FRBank of Dallas with, approved by FRBoard Examinations: Bank of Italy, San Francisco, examination of; statement by San Francisco re procedure, requesting appointmsnt as Assistant FRExaminers of fourteen examiners of State Banking Department of California to assist FRBank in matter of, Resolution re examination of member banks by FRBanks and proper procedure in assessing expenses of same, made special order of business, October 11, 1922 9/ 7 8 /24 8/1 36 9 /26 46 8 /1 10/10 4f 10/10 10/11 49' Bank of Italy, San Francisco; joint examination of, by FRBank of San Francisco and State Banking Dept. of California, at close of business Sept. 30th.; advice from San Francisco re, 10/ 3 Charges of FRBanks against member banks to cover cost of examining said member banks; FRBoard to wet Legislative Committee of California Bankers' Association to discuss, 11/28 Conference between Board and Mr. Edward Elliott representing California Bankers' Association 12/ 9 Conclusion reached by Board in conference with California Bankers' Association; information re, requested by FRAgent Perrin 12/13 Letter from Board to San Francisco giving informal opinion re, 12/14 Conference between Board and National Bank Examiners Borden and Brown, Chief MBank Examiner Herson, and General Counsel Wyatt re size of. force and time required for proper examinations of banks and branches, in connection with recent report of examination made of member bank in California by MBank of San Francisco 12/ 5 Views of Messrs. Borden, Brown and Herson re requirements governing efficient and adequate examinations 12/ 5 of banks with branches 54" 66. 56t 56 l'. 36 16' 49: 41 61' 681 50 Page Examinations: (continued) Cost of assessing, against member state banks examined, With special reference to recent examinations of Bank of Italy and pacific Southwest Trust & Savings Bank of Los Angeles; letter from FRAgent perrin re, 11/28 a/12 Division of Examination, F. R. Board: Statement by Mr. Miller advocating expansion of scope of, to include periodical reports upon methods of internal management of RBanks and efficiency of examining 7 /27 forces Extent and manner of cooperation of PRBanks with state banking departments in examinations of state member banks; all 12/12 iRAgents to be asked to report on, 12/14 Letter to all FRAgents re above, approved F. R. Bank of Atlanta: Report of examination,as at close of business Nov. 7,1922 11/29 F. R. Bank of Boston: Report of examination,as at close of business Sept. 9, 11/ 9 1922 F. B. Bank of Cleveland: 10/ 3 Report of examination , as of May 20th., 1922 F. R. Bank of Dallas: Report of examination, as at close of business April 15, 1922, together with memo. from Chief of Division of a /1 Examination P. R. Bans of Minneapolis: 10/ 3 Report of examination, as of July 15, 1922 F. R. Bank of Philadelphia: 11/ 7 Report of, as at close of business, Sept. 23, 1922 P. R. Bank of Richmond: 11/21 Report of examination, as of October 28, 1922 F. B. Bank of St. Louis: Report of examination, as at close of business May 6,1922, together with memo. from Chief of Division of 8 i 1 Examination F. R. Bank of San Francisco: 10/ 3 Report of examination, as of June 17th., 1922 by Chief FRBanks Inclusion in reports of condition of Examiner, of report re nature and character of examinations made by FRBanks of member banks, adequacy of same, and 11/29 efficiency of examiners State assist FRBanks to Loan of examining forces of authorities in examinations of state member banks, discus12/ 2 sion re; opinion of General Counsel requested by discussed Tentative proposals and program to be 12/ 2 Board in connection with above, Dea. 4th. 12/ 4 Discussion re, 545 580-1 379-80 581 589 550 527 477 385 477 523 537 385 477 551 558 558-9 562 Examinations: (continued) Member banks, by RIBanks; resolution of FRBoard re proper procedure in assessing expenses for; made special order of business October 11, 1922 10/10 Discussion re, 10/11 State member banks by FRBanks; memo. of General Counsel submitting proposed resolutions re; action postponed 12/ 8 Examiners: Federal Reserve: Alvey, J. C., RBank examiner at Dallas; resignation reported 8 /22 Bobb, J. A., appointment as Assistant RExaminer at 43,600 per annum 10/17 Claxton, F. R., appointment as Assistant Examiner at FRBank of San Francisco 9/ 7 Craft, H. M., appointment as Assistant Examiner at MBank of San Francisco 9/ 7 Farrell, E. A., transfer from office work in Division of Examination to road work 8/ 7 Fleming, R. M., appointment as Assistant Examiner at San Francisco 8 /15 Freer, A. P., appointment on examining staff of ERBoard 8/7 Geiger, J. L., appointment and salary as Assistant Examiner at FRBank of St. Louis 7 /11 Goetze, C. G., appointment as Assistant ExaMiner at MBank of San Francisco a /15 Hetzler, H. I.I., appointment as Assistant Examiner at ilRBank of San Francisco a /is Hoffman, E. M., appointment as Examiner at FRBank of Chicago at 43,300 per annum 7/5 Jones, Will C., Jr., appointment as MBank Examiner at Dallas 8 /22 McClerkin, G. l'I., comnission as Examiner for MBank of San Francisco extended until Dec. 31, 1922 9/5 Morton, Claude, Assistant FRExaminer, resignation 12/28 Sanderson, 7. H., appointment as Assistant Examiner at San Francisco a /15 Jan Francisco; appointment of certain employees as Assistant Examiners, recommended; referred to Executive Committee 10/ 3 Approved 10/ 3 6an Francisco; proposed appointment of number of employees of ARBank as Assistint Examiners to assist State Banking Department of California in examination of Los Angeles Trust & Savings Bank and branches; Board desires further information re, 9/1 Approved 9/2 Telegrams between Board and San Francisco re certain matters in connection with proposed examination of Los Angeles Trust & Savings Bank 9 /5 g g 51 41 49 44 44 39; 40' 39' 34 40: 40i 411 /01 614 40 41 41' sO 4Y 401 page Examiners: (continued) Federal Reserve: 11/ 7 Schopp, Arthur J., resignation of staff examining on appointment Siems, L. A. A., 8/7 FRBoard Snyder, Howard F., appointment as examiner at FRBank of 11/23 Cleveland without change in salary for Examiner Assistant Trost, J. W., appointment as 11/22 Kansas City without change in salary 9 /1 RExaminer appointment as Tutwiler, J. B., termination of National Bank: 7 /11 Changes in force during month of June, 1922 8 /2 reported July, of Changes in force during month 9/1 Changes in force furing month of August, reported 11/ 2 Changes in force during month of October, 1922 to assignment and appointment 3rd., Maloney, W. W., 10/10 District No. 2 Salaries of National Bank: 12/12 Allen, Edgar F., appointment at 42,500 per annum 8/16 Allsup, Archie S., salary approved at 42,700 per annum 8 22 Alvey, John C., appointment at 45,000 per annum Armstrong, George E., salary increased from 45,000 to 10/ 3 45,500 per annum Barrett, John W., salary increased to 44,500 per annum 9 /12 (See file) Bartee, James S., salary increased from 43,000 to 10/ 5 43,300 per annum Basham, Albert A., salary increased from 43,000 to 9/ 7 43,600 per annum Birckhead, Oliver W., salary increased to 46,500 per 8 /16 annum (see correspondence In files) 45,000 Black, Harold W., salary increased from 44,500 to 12/26 per annum 7 /13 annum per BlY, J. Garver, salary approved at 42,700 43,000 to $2,700 Boldin, Bernard E., salary increased from 12/26 per annum annum per $16,500 Borden, Daniel C., salary increased to 8 /16 (See correspondence in files) 43,300 Boysen, Alfred, salary increased from 43,000 to 10/ 5 per annum Brewer, H. i., Jr., salary increased from 44,200 to 10/ 5 ' , 5,000 per annum Brock, Roland F., salary increased from 43,000 to 43,300 10/ 3 per annum Brooks, Roger E., salary increased to 44,200 per annum 9 /12 (See file) ,p1,800 to Byers, R. U., salary increased from 44,500 12/12 per annum 524 396 543 539 434 348 390 434 517 489 582 409 418 478 445 483 441 409-10 608 358 608 409-10 483 483 478 445 582 KaIV Examiners: (continued) Salaries of National Bank: (continued) Carolan, William B., salary increased from 43,000 to 43,600 per annum 12/26 Carson, Thomas D., salary increased to 43,600 per annum (See file) 9 /12 Chapman, Edward L., salary approved at 0,000 per annum 7 /13 Chapman, Edward L., salary approved at 43,600, in lieu of 43,000, formerly approved 7 /18 Chapman, Edward L., salary increased from 43,600 to 44,000 per annum 10/ 3 Chenault, John B., salary increased from 44,500 to 44,800 per annum 10/ 3 Chorpening, Ira I., salary increased from 43,600 to 45,000 per annum 9 /26 Clement, Frank H., salary approved at 43,600 per annum 7 /13 Cooney, Dan H., salary increased from 42,400 to $4,500 per annum 12/11 Cooper, Thomas A., salary increased from 43,900 to 44,200 per annum lo/ 5 Craig, Claude 0., salary increased from 43,300 to $3,900 per annum 10/ 3 Crawley, William C., salary increased from $2,750 to 43,000 per annum 12/20 Crossen, Gail W., salary approved at 43,000 per annum 11/21 Culver, William A., salary increased from 43,000 to 43,300 per annum 12/11 Cutts, Leo U., salary increased from 43,600 to 43,900 per annum 10/ 3 Dalton, John W., salary increased from 43,900 to 44,200 per annum 12/26 Davenport, Henry B., salary increased from 41,000 to 44,500 per annum 12/28 De Baun, Claud, salary increased to 44,200 per annum Wee correspondence in files) 8 /16 Derr, Ralph H., salary approved at $2,400 per annum 7 /13 Dunaway, Warren W., salary increased from 43,000 to 43,600 per annum 10/ 3 Dye, Samuel W., salary increased to $3,600 per annum 8 /31 Embry, Jacob, salary increased from $3,600 to 44,000 per annum 10/ 5 Evans, Clyde J., salary increased from 43,300 to 43,600 per annum 10/ 5 Faris, A. Burton, salary increased from 43,600 to 43,900 per annum 10/ 3 Folger, Wm. p., salary increased to 44,200 per annum (See file) 9 /12 Folger, William p., salary increased to 44,800 per annum 12/26 41 4' 46' 36 57'1 46': 41' 0 0 50 4t 0 611 40'', 0 40, 4 40 46': 40 44! 60' Page 0 4 0 61 101 50 Examiners: (continued) Salaries of National Bank: (continued) 10/ 3 Fredlund, John O., salary approved at $2,700 per annum Funsten, James B., Jr., salary increased to $4,500 per 8 /16 annum (see correspondence in files) Funsten; James B., Jr., salary increased to $5,000 per 12/12 annum Funsten, William p., salary increased from 43,600 to 12/11 43,900 per annum Furbee, E. U., salary increased from $3,000 to $3,300 10/ 3 per annum Gilmore, Winfield C., salary approved at $3,000 per 7 /25 annum Gilmore, Winfield C., salary increased from $3,000 to 12/11 $3,300 per annum Goodhart, Hichari W., salary increased to 45,500 per 8 /16 annum (See correspondence in files) Greenfield, J- B., salary increased from $4,500 to 45,100 10/ 3 per annum Griswold, William C., salary increased from 44,000 to 10/ 3 $4,500 per annum Hamilton, William B., salary increased from $4,000 to 10/ 5 $4,500 per annum ,500 to $5,000 Hans, Henry B., salary increased from 10/ 3 per annum Harris, Thomas E., salary increased from 44,800 to $5,500 10/5 per annum Hartman, Charles H., salary increased from $3,300 to 10/ 5 $3,600 per annum Hedrick, Gilbar 0., salary increased from 42,700 to 10/ 5 $3,000 per annum annum per 43,600 to increased salary B., Waiter •Hilliard, 8 /16 (See correspondence in files) 43,600 to from 43,300 increased salary N., Horner, Harry 10/ 3 per annum Hutt, William E., salary increased from 44,500 to $5,000 11/9 per annum 11/21 annum $3,600 per at approved salary Idleman, perry L., 10/ 3 Jorres, Gustave W., salary approved at 42,700 per annum 43,600 43,300 to from increased Joseph, E. M., salary 12/11 per annum annum per $4,200 increased to Kane, Thomas F., salary 9 /12 (See file) $3,600 3300 to $, from Kelly, Burdett, salary increased 12/12 per annum $2,700 to $3,000 Kennedy, Leon G., salary increased from 10/ 3 per annum 7 /13 annum $2,700 per RAIght, marvin J., salary approved at 478 409-10 582 577 479 374 577 409-10 479 479 483 479 483 483 483 409-10 478 528 538 477 577 445 582 478 358 ps Examiners: (continued) Salaries of National Bank: (continued) Lahman, Howard S., salary increased from 43,000 to 43,300 per annum 10/ 3 Lamb, Ernest, salary increased from 43,900 to 41,500 per annum 10/ 5 Lamm, R. Foster, salary approved at 42,700 per annum 10/ 3 MaCans, A. B., salary approved at 44,800 per annum 10/24 McGrath, John C., salary increased from $4,500 to 44,800 , per annum 12/11 McLean, Charles H., salary approved at 42,700 per annum 10/ 3 McMullan, J. R., salary increased to $3,300 per annum (See file) 9 /12 McMullan, John R., salary increased to 43,600 per annum 12/26 machen, Harry L., salary increased to 410,000 per annum 11/ 7 Maguire, Edward J., salary increased from 42,700 to $3,300 per annum 12/12 Maloney, William W., 3rd., salary approved at $3,000 per annum 9/5 Mann, Stuart H., salary increased from $3,600 to $4,000 per annum 10/ 5 Mansfield, Fred S., salary increased from 43,900 to 44,200 per annum 10/ 5 Maxey, Charles T., salary increased from 43,600 to 43,900 per annum 10/ 5 Miles, A. F., salary approved at 42,700 per annum 12/ 4 Moon, Earl W., salary increased from 43,600 to 44,200 per annum 12/11 Moore, George m., salary increased to 43,300 per annum (See file) 9 /la Moore, George M., salary increased to 43,600 per annum 12/26 Moore, Samuel A., salary approved at 43,600 per annum 11/ 1 Norris, Frank L., salary increased to $7,500 per annum (See correspondence in files) 8 /16 Northcutt, V. H., salary increased to 44,200 per annum 8/7 Otto, Charles C., salary approved at 44,500 per annum 10/25 partridge, paul, salary increased to 46,000 per annum (See correspondence in files) 8 /16 pattarson, B. K., salary increased from 44,800 to 45,400 per annum 10/ 3 Pearson, Herbert, salary approved at 43,300 per annum 7 /19 penix, Jesse L., salary increased from 44,500 to „5,000 per annum 10/ 5 peterson, F. Raymond, salary approved at 42,700 per annum 10/ 3 Potter, Fulton F., salary increased from $3,300 to $3,600 per annum 12/11 Power, Robert E., salary increased from 43,000 to 43,300 per annum 12/11 0 10 0 50i 511 411 40 0 0 58; 4J 0 , JO JO 561 511 4lg 60 0 4 39i 0 10 40, 00 dO 40 611 511 page Examiners: (continued) Salaries of National Bank: (continued) 7 /18 Proctor, John L., salary approved at 45,000 per annum 8 /11 Ramsdell, paul C., salary approved at 43,000 per annum Robb, Ellis D., salary increased to 46,000 per annum 8/16 (See correspondence in files) Roberts, Luther K., salary increased to •410,000 per annum 11/ 7 Robinson, E. Robert, salary increased from 43,900 to 12/11 44,200 per annum Roots, J. Oscar, salary increased from 44,000 to 45,000 10/ 3 per annum Rorebeak, Edwin F., salary increased to 45,500 per annum 9 /12 (See file) Ryan, Frank J., salary increased from 43,000 to 43,600 per annum , 12/26 Sawyer, John T., Jr., salary increased from 44,800 to 12/11 5,000 per annum Spheohter, William J., salary increased from 48,000 to 10/ 5 $8,500 per annum Shively, E. F., salary increased from 43,000 to 43,600 per annum 12/20 Sims, Howard M., salary increased from 48,000 to 48,500 per annum 10/ 5 Smith, Roy E., salary increased from 43,300 to $3,600 per annum 10/ 3 Smith, W. A., appointmsnt in Eighth District at $2,700 per annum 12/11 Stearns, E. Willey, salary increased to 47,500 per annum (See correspondence in files) 8 /16 Sullenberger, Sam F., salary increased from 44,200 to 10/ 3 44,500 per annum Thomas, Thomas G., salary increased from 48,000 to $8,500 per annum 10/ 5 Thompson, A. D., salary increased from 44,500 to 44,800 per annum 10/ 5 Thompson,Kenneth W., salary increased to 43,600 per annum 9 /12 Tucker, Grattan H., salary increased from 43,000 to 43,300 12/26 per annum 7 /la Vann, John R., salary approved at 42,400 per annum Vann, John R., salary increased from 42,400 to 42,700 per annum 12/26 Walker, H. W., salary increased from 43,900 to 44,500 10/ 3 per annum Watson, Ernest H., salary increased to 45,000 per annum 7 /25 Watson, Ernest H., salary increased to 45,500 rer annum 12/12 363 404 409-10 523 577 479 445 608 577 483 602 483 479 576 409-10 479 483 483 445 609 363 608 479 374 582 Examiners: (continued) Salaries of National Bank: (continued) Nilson, Edward B., salary increased from $4,200 to 44,500 per annum 12/11 Wood, D. R., salary increased from 43,900 to 44,200 per annum 12/26 Wright, Irwin D., salary increased to 44,000 per annum 8/ 7 Wylie, Robert W., salary increased from 43,000 to 43,300 per annum 10/ 5 Younger, Cole J., salary increased from 43,000 to 43,600 per annum 12/12 Exchange Charges: Deduction of, by member bank for remittance to cover check sent for collection to FRBank of St. Louis by MBank of Dallas; letter from Board to St. Louis re, . 12/ 4 Legal right of a member bank to deduct, when remitting to a FRBank in payment of its certificates of deposit sent it for collection by the RBank; letter to San Francisco re, 11/29 practice of some banks of deducting, as compensation for handling non-cash collection items sent them by FRBanks 8 /24 Exchange Rates: See "Foreign Exchange Rates" Exhibit Illustrative of Y. R. System: Presentation of, At meeting of American Bankers' Association in New York in October, authorized, all FRBanks to pay pro rata share of expense 8 /17 Statement by Mr. Miller re, disapproving moving picture feature 6 /31 Expenses, F. R. Board: Detailed statement of, by Divisions, incurred during month of July, 1922; similar statement to be furnished each member of Board quarterly 'I /14 Equipment for offices of new member of Board; Assistant Secretary, authorized to expend 41,000 for, 7/5 "F" Famous players Lasky Corporation: Eligibility for, discount of notes of; letter from Vice Governor of Board to Deputy Governor Harrison of New York re 9/14 Farmers Bank & Trust Co., Winston-Salem, N. U. Conversion of, into national bank, with fiduciary powers previously exercised by it as state institutian,approved Farmers National Bank of Louisburg, N. O. Authority granted, to reduce capital stock from 450,000 to $25,000, provided reduction is applied to Allen stock 40 40 :a:UK page 0 S9i k5! i61 4i Y 31 0 3S ' Farmers National Bank of Louisburg, N. J. (aontinued) and proaeeds used to remove losses and doubtful assets 10/17 Federal Advisory Counail: 9 /12. ember from Seaond Distriat; aompensation for, Miller, john 11., Jr., appointed as member of Federal Advisory 12/20 Counail to represent Fifth gRDistriat for year 1923 from seventh as member re-election Litahell, John J., 12/28 ,Distriat for 1923; adviae from iiRBank of Chiaago re, Next statutory meeting of, to be held Sept. 18th., 1922 a /22 Next statutory meeting of, to be held Sept. 25th.,instead 8 /29 of Sept. 18th. , Next statutory meeting of, to be held Nov. 20th., 1922 10/19 "Federal?? or "Reserve": Proposed letter to Chairman of Banking & Currency Committee of both Senate & House suggesting legislation designed . to prevent use of, in title of private aorporations or 8 /16 firms Federal Pacific, Banking Corporation: Appliaation for reservation of title, for thirty days, for aorporation to be organized under Section 25(a) of gRAat, a /1 approved, home office to be in an Franaisao Federal paaifia Banking Corporation: Preliminary permit to begin business to be issued by FRBoard to, 8 /24 Federal Reserve Act: Amendment to paragraph 10, Section 9; inquiry from Cleveland as to whether Board is preparing interpretation of, re 7 /18 limitation on loans FRBanks may make state member banks proposed of, with all amendments, edition Printing of new by ::ir. Hamlin; referred to Law Committee 10/ 3 Federal 7Eeserve Agents: 12/13 Annual budgets; airaular letter to all ERAgents re, Annual reports; airaular letter to all FRAgents, except at 12/ 2 New York and Chiaago, re preparation of, Assistant: Duley, Charles N., Baltimore Branah, bond approved for, 7 t.Z in sum of ,$50,000 Fry, John G., Richmond, bond approved for, in sum of 12/ 2 $50,000 Grossaup, laater E., appointed Assistant FRAgent and Chief of Department of Bank Examination at F?Bank of 7 /12 Philadelphia, in i,larah, 1922 approved for, Orleans ;;illiam J., Branch, Johns, Nev bond 7 /5 in sum of $100,000 Miller, ':Iilliam Earl, Alternate to Assistant FRAgent at New Orleans Branah,bond approved for,in sum of $100,000 7 / 5 495 445 596 611 417 426 500 411 388 420 360 475 585 554 372 555 353 337 337 Federal Reserve Agens: (continued) Assistant: (continued) Mosher, Curtis L., Assistant FRAgent at Minneapolis, bond approved for, in amount of A00,000 11/ Post, A. E., appointed Assistant FRAgent at Philadelphia in March, 1922 7./12 Rehfuss, Frank G., appointed Acting Assistant FRAgent in March, 1922, at bRBank of philadelphia 7 /12 Bonds: Blanket bond to coverall FRAgents and Assistant FRLgents, suggested by Mr. Mitchell 7 /27 Newsome, William B., FRAgent at Dallas, bond approved for, in amount of 4100,000 11/21 Budget of expenses to be sibmitted by, at beginning of each year for ensuing year 12/ 6 Conference between, and Governors, FRBanks: See under "Conferences" Draft of letter to, re administration of Clayton Act, ordered carried forward 12/13 Re-designation of all, for 1923, previously serving in 1922, Board postponing appointment of FRAgent at Dallas 12/11 Rich, John la., Minneapolis; bond approved for,in amount of $100,000 11/ 8 Federal Reserve Bank of Atlanta: Bankers' and trade acceptances; correspondence from Federal Trade Commission and from FRBank re instructions issued by ARBank in 1920 re discount or purchase of renewals of, 8 /29 Bonus: payment of, to employees, disapproved 12/20 Deputy Chairman; appointment of W. H. Kettig as, for 1923 12/20 Directors: See under heading "Directors" Dividend for six months' period ending Dec. 31, 1922, at rate of 61; per annum 11/21 Examination; report of, as at close of business Nov. 7, 1922 11/29 Federal Reserve Loan Co. of Gainesville, Florida, use of words "Federal Reserve" in title of; letter from Atlanta re, and Board's reply 9 /12 Governor Wellborn granted sixty-day vacation with pay 12/20 Par clearance case; progress made in, in United States Circuit Court of Appeals 10/11 Reserves, penalties for deficient, of member banks; letter from &Bank to Board re, 10/25 15! 15! 0 ii 0 Al 0 , -9, ). 0 -9i 2, 59 0 0 XLI Page F. R. Bank of Atlanta: (continued) Reserves; rebate of penalties for deficient., down to 10; 12/20 by FRBank, approved Salaries: Campbell, J. 0., appointment as Auditor and Examiner at 12/20 „T)3,000 per annum Payment of extra compensation to employees as Christmas 12/20 gift, disapproved Staff: 12/20 Campbell, J. C., appointment as Auditor and Examiner Roper, J. B., temporarily placed in charge of Discount and 9 /13 Credit Department 10/25 resignation Auditing Dept., in Starnell, C. B., examiner /13 resignation 9 Cashier, Assistant Tutwiler, J. B., RIExaminer, as appointment termination of Tutwiler, J. B., 9/1 In view of resigmation of position in RBank F. B. Bank of Boston: Assorting practiced by, to determine fitness and unfitness of YRNotes for circulation; report by Mr. Eddy re visit 8 /11 paid ARBank to investigate nature of, Consolidation of certain banks in Boston at early date; statement of Mr. Hamlin re, asking Board's prompt action upon receipt of application of merged institution for 10/ 3 admission to vRSystem 12/20 far Nollis as, 1923 Deputy Chairman; appointment of Allen Directors: ' See under heading "Directors, 12/ 2 Dividend for six months' period ending Dec. 31, 1922 Examination, report of, as at close of business Sept. 9, 11/ 9 1922 Protest fees received by; correspondence between FRBoard 8 /16 and RBank re matter of crediting, to the FRBank U. S. securities, purchase of, under repurchase agreements; 12/ 6 letter from Board to Ban& re rate charged in matter of, F. R. Bank of Chicago: Cafeteria; employment of las. Mary Hill to take charge of, 8 /24 at 4,000 per annum, authorized Deputy Chairman; appointment of James Simpson as, for 1923 12/20 Directors: See under heading ”Directors" Discount Rates: ' See under heading "Discount Rates, Dividend for six months' period ending Dec. 31, 1922 Federal Advisory Council; John J. Mitchell re-elected as member of, for 1923, from Seventh FRDistrict Leased Wire Sub-Jommittee: Assistant Secretary Edd of FRBoard authorized to visit Ethank to assist in settlement of certain unfinished business growing out of recommendations of, 598-9 597 598 597 451 507 451 434 403-4 475 599 557 527 410 567 419 599 12/ 2 557 12/28 611 8 /15 407 a II F. R. 3ank of Chicago: (continued) Staff: . Bank examiners, classifying of, as bank officers, requested by FRAgent; FRBoard holds examiners as • employees of ElAgent's Dept. 10/24 Camp, Forest W., appointment as Building superintendent 7/5 Hill, (Mrs.) Mary, employment of, •to take charge of cafeteria at .4,000 per annum, authorized a /24 Hoffman, E. Y., appointment and salary as ERExaminer 7/5 LeRoy, A. R., appointed Manager of Loans for Iowa, at present salary 8 /29 Washburne, Clarke, to be relieved of duties as Manager of Loans for Iowa in order to devote entire time to duties a Controller of Investments 8 /29 :;hit, Edmund, appointment as Chief Engineer 7/5 Volume of bills discounted for member banks each month; no objection by ERBoard to Bank giving out figures re, as soon as available 7 /12 F. R. Bank of Cleveland: Deputy Chairman; appointuent of Lewis Blair Viilliams as, for 1923 12/20 Directors: See under heading "Directors" Dividend for six months period ending Dec. 31, 1922, at rate of 6;; per annum 11/21 Examination; report of, as of May 20th., 1922 10/ 3 Inquiry from, whether Board is preparing interpretation of amendment to paragraph 10, Section 9 of RAct, re limitation on loans RBanks may make State member banks 7 /18 Salaries: Adjustments in, of certain employees receiving less than $3,000 per annum, recommended 7./i1 Increases in, of employees receiving less than $3,000 per annum 7 /12 Suggestion from ERBoard for abandoning monthly adjustments in, and substituting, therefor, yearly adjustments 7 /12 Staff: Snyder, Howard F., appointment as examiner at ERBank without change in salary 11/23 Subscription of $2,000 toward providing quarters for 145th. Infantry in Cleveland, disapproved 8 /16 F. R. Bank of Dallas: Action taken by, at last meeting of Board of Directors, requiring approval of FRBoard; letter from Dallas re, 7 /18 Appropriation of $2,000 by, for educational and welfare purposes for first six months of 1923, approved 12/13 50d 336 09 424 4"Y 336 ,1 595 536 411 360 346 35 30" 41° 30 510 page P.R. Bank of Dallas: (continued) Bankers' acceptances; no objection by Board to purchase of, by FRBank, from certain cooperative association upon fifteen 10/ 3 day repurchase agreement by, with made services legal for Contract covering fee ahridge, McCormick and Bromberg, Attorneys, approved 8/1 by FRBoard unsatisfactory Correspondence between FRAgent and Board, re condition existing in certain portions of eleventh 9 /16 district Directors: See under heading "Directors" Discount Rates: See under heading "Discount Rates" 12/ 2 Dividend for six months' period ending Dec. 31, 1922 1922; aphalf of for latter Educational and welfare work 8 /17 propriation of •$2,000 for, authorized April of business 15, close of, as at Examination; report 1922, together with memo. from Chief of Div. of 8/1 Examination continuduty post of remain at 1.1RAgent advised by Board to ously until necessary for him to attend Joint Conference 9 /16 of Governors and Chairmen in Washington, October 10th. remainder as, for Newsome ZRAgent; appointment of W. B. 11/ 7 of calendar year renewing ERAgent and Chairman; letter from John T. Orr his recommendation for appointment of Lynn P. Talley as, 12/28 Financial statements of borrowers; reply of RBoard to letter from Judge Ramsey re proper 3onstruction of part of 8 /24 Regulation "A" re; referred to Counsel for amendment Report from Cashier covering matters mentioned in Board's letter St. 2809 of June 1, 1922, on subject of WILlarterly 8/ 7 Bank Premises Report" Reserves, penalties for deficient;* Bank amends regulation re, by adoption of provision that penalty shall not exceed 8 /17 10;; Salaries: 8/ 7 Adjustmants in, of certain employees, recommended Certain increases in, at head office and Houston and El Paso 6/8 branches 8/ 7 Dickson, L. F., salary increased rson, Hendricks, M. J., Secretary to Deputy Governor 9 /13 salary increased Newsome, W. B., appointment as FRAgent and Chairman of FRBank, at ,$12,000 per annum, for remainder of calendar II/ 7 year 8 / 7 increased salary E., Parks, T. 474 387 455 557 414 385 456 522 612-13 420 394 414 393 400 393 449 522 393 F. E. Bank of Dallas: (continued) Security National Bank of Dallas, in liquidation, predecessor of South-West National Bank of Dallas; Board advises FRBank in matter of penalties for reserve deficiencies assessed against, 7 /27 Shippers of livestock at Midland, Texas, and adjacent points; letter from First National Bank of Midland to FRBank of Dallas re inability of, to obtain sufficient cars for transporting livestock to feeder points 10/26 Sight drafts with bills of lading attached covering shipments of readily marketable staples; request from RBank for authority to take from member banks for immediate credit, disapproved 9 /13 Staff: 8 /22 Alvey, J. C., MBank examiner, resignation Jones, Will C., Jr., appointment and salary as FRBank examiner 8 /22 F. h. Bank of Kansas City: Deputy Chairman; appointment of Heber Hord as, for year 1923 12/20 Directors: See under heading "Directors" Discount Rates: See under heading "Discount Rates" Dividend at 6.; ; for six months' period ending Dec. 61,1922 12/11 Liberty bonds; permission granted FRBank by FRBoard to purchase 4'1,500,000 worth of, under repurchase agreement, from Federal Land Bank of Omaha, bonds to be carried as bonds awned, upon FRBank's records and reports 12/ 5 Reserve deficiencies of member banks; letter from Board to FRBank approving maximum penalty rate of 12;L on, 8/1 Robbery recently committed in Denver, resulting in killing of guard of Denver Branch; reward offered by FRBank for apprehension of persons responsible 12/19 Salaries: Goodrich, James E., Counsel, salary fixed by Bank at 45,000 per annum, subject to approval of FRBoard; ref. 8 /31 9 /14 natter to be taken up with Governor and Chairman of MBank of Kansas City at forthcoming Joint Conference of 3overnors and FRAgents 9 /26 Salary fixed at $5,000 per annum 10/10 Junior officers; adjustments in salaries 7 /20 Miller, J. Z., Jr., payment of :!ertLin sum of money to, for three months subsequent to resignation as Governor, dis— approved by ME/Board 7 /18 7 /19 Letter from DAgent Ramsay re above, and proposed regulation to fix time Governor or other officer of a a/Bank may draw salary while absent from duty 7/ 26 19 r6.1 XLV page F.R. Bank of Kansas City: (continued) Salaries: Miller, 3. Z., Jr.; understanding of Board that Directors of Bank will see that reimbursement is made of amount 8/1 paid; letter to FRAgent stating, Staff: Trost, O. W., appointment as Assistant Examiner without 11/22 change in salary War Finance Corporation; request made of, by FRBank, for reimbursement for certain items not regarded as reimbursable by other FRBanks; PRBoard disapproves Charge 10/ 3 F. R. Bank of Minneapolis: Deputy Chairman; appointment of Homer P. Clark as, for 12/20 1923 Directors: See under heading "Directors" Discount Rates: See under heading "Discount Rates" 12/ 2 Dividend for six months' period ending Dec. 31, 1922 10/ 3 Examination, report of, as of July 15th., 1922 Protest of dishonored checks in Montana by; correspondence between Mr. Miller and Senator Walsh re, referred to General Counsel for opinion re necessity far protesting 12/21 item drawn upon an insolvent bank Salaries: Smith, B. M., special representative in Closed Banks Dept 9 12/26 salary approved at :41250 per month and expenses F. R. Bank of New York: Assistant General Counsel; appointment and salary of Jesse Holladay philbin as, and resignation of Thomas W. Boxers 11/ 7 Assorting practiced by, to determine fitness and unfitness of F. R. notes for circulation; report by Mr. Eddy of 8 /II visit paid MBank to investigate, Bankovni Urad Ministerstva Financi, Prague, Czechoslovakia; reply of FRBank to request from, for information re 11/ 2 Opening of an account with a FRBank Bonus: Payment of additional compensation to employees receiving less than .5,000 per annum, disapproved 12/20 De Nederlandsche Bank of Amsterdam; copy of amended agree— ment between, and MBank, submitted by latter and 10/17 approved Deputy chairman; appointment of William L.Saunders as, for 12/20 1923 Directors: See under heading "Directors" Dividend for six months period ending Dec. 31, 1922, at rate 12/ 5 of 62i; per annum 364 539 475 599 557 477 603 606 520 403-4 519 598 496 599 563 XLVI F. h. Bank of New York: (continued) Exhibit illustrative of entire RSystem to be presented at meeting of American Bankers, Association in New York City in October, all FRBanks to pay pro rata share of expense 8 /17 Statement by Ur. Miller re, disapproving moving picture feature 8 /31 Famous players Lasky Corporation, eligibility for discount of notes of; letter from Vice Goverrimr of Board to Deputy Governor Harrison of FRBank re, 9 /14 Federal Advisory Council; compensation for member of, from Second District 9 /12 Gold payments; sugRestion of Under Secretary of Treasury that other FRBanks c - onform to practice of MBank of New York in matter of making, 8 /16 Govermor Benjamin Strong; no objection by RBoard to attendance by, at proposed conference of banks of issue in London in October, matter having been previously submitted to Secretaries of State and Treasury by Governor Strong 8/1 Interlocking directorates in district; schedules submitted by MBank as result of review re, 7 /27 paper currency for Porto Rico; ERBank advised by FRBoard to make investigation re issuance of, 9/ 7 payment of FRBanks of Boston, Philadelphia, Cleveland and Richmond on account of clerical assistance rendered in connection with balance sheet examination of A[U3ank of New York, aathorized 10/26 Revision of some of agreements between, and certain foreign banks, approved by FRBoard 9 /26 Salaries: Certain adjustments in, and employment of new members on staff; letter from &Agent Jay re, 7 /11 Detailed list of officers and employees, with salaries, as of July 1, 1922 7 /20 Increases in, of certain employees, approved 7 /12 Modification of rules re automatic increases in, of probationary or inexperienced employees 8/1 payment of additional compensation to employees receiving less than 45,000 per annum, disapproved 12/20 Staff: Bowers, Thomas W., Assistant General Counsel, resignation 11/ 7 Detailed list of officers and employees at Bank, as of July 1, 1922, with salaries 7 /20 philbin, Jesse Holladay, appointment and salary as Assistant General Counsel 11/ 7 F. R. Bank of Philadelphia: Assorting practiced by, to determine fitness and unfitness of F. R. notes for circulation; report by mr. Eddy of visit paid FRBank to investigate nature of, 8 /11 41! 43Q 469 ' 4'0 381 ' 319 499 611 g61' 30' 401 page P. R. Bank of Philadelphia: (continued) Deputy Chairman; appointment of H. B. Thompson as, for 1923 Directors: See umder heading "Directors" Dividend for six months' period ending Dec. 31, 1922, at rate of 6% per annum Examination; report of, as at close of business Sept. 23, 1922 Salaries: Officers, salaries of, for 1922, submitted in letter to Board under date of march 2, 1922 Staff: Grosscup, Walter E., appointed Assistant FRAgent and Chief of Department of Bank Examination, in march, 1922 Post, A. E., appointed Assistant FRAgent in March, 1922 Rehfuss, Frank G., appointed Acting Assistant RAgent in March, 1922 P. R. Bank of Richmond: Bonds: Fry, John G., Assistant FRAgent, bond approved for, in sum of 450,000 Bonus: Payment of additional compensation to employees receiving less than 47,500 per annum, disapproved Request for reconsideration by FRBoard of action disapproving payment of additional compensation to employees; Board unwilling to re-open matter 12/20 599 11/21 536 11/ 7 523 7 /12 353 7 /12 7 /12 353 353 7 /12 353 12/ 2 555 12/20 598 12/26 605 Deputy Chairman; appointment of F. A. Delano as, for 1923 12/20 Directors: See under heading "Directors" Discount Rates: See under heading "Discount Rates" Dividend for six months period ending Dec. 31, 1922, at rate 11/21 of 6% per annum 11/21 Examination of, as of Oatouer 28, 1922; report re, Federal Advisory Council; John M. Miller, Jr., appointed 12/20 as member of, for 1923,from Fifth District National State & City Bank of Richmond granted permission 11/ 1 to surrender its stock in FRBank Salaries: Payment of additional compensation to employees receiving 12/20 less than 47,500, disapproved Request for reconsideration by FRBoard of action disapproving payment of additional compensation to employees 12/26 of Bank; Board unwilling to re-open matter 599 537 537 596 515 598 605 XLVIII F. R. Bank of Richmond: (continued) Tobacco Cooperative Marketing Association; opinion of Bank's Counsel re eligibility for discount of paper created by, transmitted Board; referred to Board's Counsel 7/6 Memo. of General Counsel of Board re, submitted, with reply to Richmond 7 /12 Tobacco Growers' Cooperative Association, acceptance credits of; letter from Gov. Seay expressing doubt whether bankers' acceptances should be based upon tobacco, except re-handled or dried tobacco stored in warehouses 7 /11 F. R. Bank of St. Louis: Collection; letter from Board to FRBank re deduction of exchange by member bank for remittance to cover .theak sent for, by Dallas to St. Louis 12/ 4 Deputy Chairman; appointment of John W. Boehne as, for 192312/20 Directors: ,Directors', See under heading' Dividend for six months' period ending Dec. 31, 1922, at 11/22 rate of 6;4 per annum Examination; report of, as at close of business May 6, 1922, together with memo. from Chief of Division of 8/1 Examination Salaries: Certain adjustments in, authorized• 7 /18 Staff: Geiger, J. L., employment and salary as Assistant Examiner 7/11' U. S. securities held by RBanks, depreciation in value of; letter from RBoard to Deputy Gov. Attebery. of St. Louis re, 8 /11 F. R. Bank of San Francisco: Bank of Duahesene, Utah, certain transactions between customers of, and ORBank of San Francisco; correspondence re, 9 /12 Bonus: payment of, to employees, disapproved 12/20 Branches de novo of California state banks; letter from FRAgent perrin re, 12/26 California banks, experience of, in matter of special savings accounts as compared with ordinary savings accounts; letter from FRAgent Perrin to Board re, 10/ 3 10/ 5 Board votes to make no change in present regulation defining savings deposits, and states, in future, "special" savings deposits in certain California banks are to be regarded as demand deposits 10/10 Movement to reconsider action of October 10th., carried, and matter ordered docketed for meeting Dec. 6th. 12/ 4 12/ 6 No change in resolution adopted October 10th., /922 Mr. Elliott of Los Angeles to be advised of above 12/ 6 action of Board, also 21iAgent perrin 0 361 698 60° 414 410 660 501 661 LLIX Page F.R. Bank of San Francisco: (continued) Deputy Chairman; appointment of Walton N. Moore as,for 1923 Directors: See under heading "Directors', Discount Rates: See under heading “Discount Rate a" Dividend for six months, period ending Dec. 31, 1922, at rate of 6;4 per annum Examination, report of, as of June 17th., 1922 FRAgent perrin granted permission to take vacation First National Bank of Oolusa, Oalifornia; advice from FRAgent Perrin re closing of, giving amount due MBank and collateral held by FRBank against loss First National Bank of South pasadena; cancellation by FRBank of stock of, and amount plaaedwith.Los Angeles Branch to,aredit of liquidating bank Group meeting of FRBanks of San Francisco, New York,Ohicago & St. Louis; tentative program to be submitted to, forwarded RRBoard by Mr. perrin Payette National sank, Payette, Idaho; failure of,reported, also amount owed by failed bank to FRBank and collateral held by FRBank to liquidate indebtedness Perrin, John, FRAgent; permission granted, to take vacation Policy of, toward its branches; report of mr. miller re, Ouarters:, Building for portland Branch, recommendation for purchase 'of, owing to expiration of lease Jan. 31st.; Board unfayorable Portland Branch, permanent quarters for, suggested. by MBank; Board unwilling to approve, until convinced continued maintenance of northwestern branches is desirable St. Anthony Bank & Trust Co., St. Anthony, Idaho; failure of, Nov. 20th., reported, with amount awed MBank and amount held by RRBank to cover same Salaries: Bank to be advised that no upward revision in payroll will be considered by FRBoard more than once during year Certain adjustments in, recommended Approved Payment of bonus to employees, disapproved Staff Appointment of certain employees as Assistant FRBank Examiners, recommended; referred to Executive Committee Appointment or certain employees for stated periods as Assistant Auditors at each of branches 12/20 599 12/12 10/ 3 8 1.1 580 477 384 8 /22 418 11/16 531 12/12 580 11/21 8/1 11/28 535 384 547 12/ 2 553 8 /29 423 11/22. 540 7 /11 7/6 7 /11 12/20 349 341-2 349 598 10/ 3 477 8 /29 424 F. R. Bank of San Francisco: (continued) Staff: Assistant Examiners, proposed appointment of number of employees as, to assist State Banking Dept. of California in examination of Los Angeles Trust & Savings Bank and 9/1 branches; Board desires further information re, FRBank authorized to assist in examination of above bank and to appoint certain employees as Assistant 9 /2 Examiners in connection with same Telegxams between Board and Jan Francisco re certain natters in connection with proposed examination of 9 /5 Los Angeles Trust & Savings Bank 9/ 7 Claxton, F. R., appointment as Assistant Exandner 9/7 Craft, H. Li., appointment as Assistant Examiner 12/28 FRAgent's Dept.; certain appointments in, 8 /15 Fleming, R. M., appointment as Assistant Examiner a /15 Goetze, J. G., appointment as Assistant Examiner 8 /15 Hetzler, H. I., appointment as Assistant Examiner MeJlerkin, G. M., commission as Examiner for FRBank 9/5 extended to Dec. 31, 1922 8 /15 Sanderson, E. H., appointment as Assistant Examiner State banks in twelfth district applying for membership in FRSystem; clause in condition required by rIRBank for, 9 /13 cancelled U. S. National Bank at Vale, Oregon; draft of proposed letter from Board to Senator IcNary of Oregon re suggested waiving by San Francisco of claim for participation in a /30 dividend to be paid by Receiver of, Letter from FRAgent Perrin stating position of san Francisco re above suggestion, transmitted Senator 9 /14 licNary F. R. Banks: Annual reports of FRAgents for 1922; instructions to FRBanks 11/ a re preparation of, for expenses of IBoard for first six months Assessment of, 12/28 of 1923, approved circular X.-3553, Nov. letter 3, Board's 1922, re "Goverment securities owned by reporting member banks"; replies of several RAgents to, 11/2a proposed circular to FRBanks requesting itemized information from reporting member banks, detailing ownership 11/22 of U. 6. securities 11/23 Charge Offs: Requests of FRBanks for permission to make charges against current earnings for depreciation and special reserves at closin; of books Dec. 31, 1922; memo. from Chief of 12/13 Division of Bank Operations consolidating, 12/21 Report of Committee re above, adopted (See files) LI page F.R. Banks: (continued) Circular letter from ERBoard to, re filing with Board dividend resolutions J.nd requests for authority to close books on Dec. 31st., also re making certain changes against 11/ 2 current net earnings on account of depreciation, etc. Circumstances under which notes of commission merchants 8 /22 are eligible for rediscount by; opinion of Counsel re, Depreciation in value of U. S. securities held by; letter s /11 from FRBoard to Deputy Gov. Attebery of St.• Louis re, ERBoard to request VRAgents to report re extent and manner of their cooperation with state banking departments in 12/12 examinations of state member banks 12/14 Letter to all FRAgents re above, approved Fee of, for sustaining memberships in American Acceptance Council, increased from p00 to 4500 for period of year; Board nas no objection to RBanks continuing to maintain 11/ 9 memberships for year at increased rate Franchise tax payments; Board of opinion RBanks should pay into Treasury in immediate future amounts due on account of adjustments in, made at close of previous 10/25 years Under Secretary of Treasury consulted re above, and 10/26 suggests RhBanks make adjustments at close of year Franchise tax payments due Government for calendar year 1922; Treasury Department requests FRBanks to make credits in Treasurer's account at close of business Dec. 30, 12/26 1922, for, Inspector of Currency to visit, and brinches, from time to time, to determine standard of fitness employed by banks in sorting out notes fit for further circulation; recom11/ 2 mendation of Treasurer of Ti. S. for appointment of, Legality of purchases of, with agreements to repurchase; opinion of Counsel to be secured re, particularly where purchase price is based on discount rate of RRBank making 12/ 6 purchase Letter from Board to, re questionnaire sent out by Bureau of Business Research of New York University re reserve ratios, stating it views discussion for publication re, 12/ 6 by FRBanks as inadvisable 12/ a Letter from Board to president of Senate to be used as letter of transmittal with replies of gRBanks to Senate Resolution 7/ 7 308 Letter to, advising of procedure necessary in making charges 8/1 to super-surplus for depreciation, etc. Letter to, requesting names of individuals selected by various banks to serve as directors for branch banks during 11/ 2 1923 518 417 403 581 589 à27- 508 511-12 607 517 567 568-9 572 344-5 382 518 LII F. R. Banks: (zontinued) parer held by, for aecount of "far Finance Corporation, whieh is eligible for rediscount by FRBanks; War Finance Corporation requested for figures showing amount of, 9 /21 Practice of some banks of deducting exchange as compensation for handling non-cash collection items sent by, 8 /24 Proposed circular letter submitted by Committee on Economy 7 /27 & Efficiency for transmission to, Proposed letter to, formerly having progressive discount rates, submitted by Vice-Governor; matter ordered held in abeyance 8 /16 Letter ordered transmitted FRBanks 8 /17 (Tharters: Senate Joint Resolution 222 authorizing letting of contracts for buildings at ZIBank of St. Louis and its Little Rock Branch, and for Salt Lake City Branch of San 2raneiseo; views of Board requested re, 7 /13 Redesignation by Board of all Chairmen and RAgents for 1923 previously serving in 1922, Board postponing appointment of Chairman and FRAgent at Dallas 12/11 Salaries: Draft of proposed letter to FRBanks re requirements covering requests for approval by FRBoard of salary adjustments in various FRBanks 7 /27 Draft of tentative ruling designed to regulate salaries of officers and employees while absent from post of duty, submitted to Board by Mr. Miller 7 /27 8/7 Substitute resolution submitted by Mr. Platt, tabled, pending return to city of Mr. Miller 8/ Substitute resolution amended, making it necessary when officers of FRBanks are granted leave of absence in excess of thirty days that their salaries be submitted to FRBoard for approval 8 /31 Requirements of FRBoard re matter of reporting salary adjustments; letter to FRBanks re, 8/a salaries and personnel, annual reports re, to FRBoard; circular letter to FRBanks re manner of submitting, 10/ 3 Staff: Reports to FRBoard re personnel at head offices and branches; proposed circular letter to FRBanks advising of wishes of Board in matter of, 7 /11 Subsidiary silver held by, not to be counted by FRBanks in computing reserves; date for beginning same to be set by Executive Committee 10/ 3 Determination of date deferred by Executive Committee 10/10 467. 421 319 411 366 593 401 40' 400 40 416 4e6 LII1 page 80 93 0() F. R. Banks: (continued) Subsidiary silver held in vaults of; memo. from ;1•Ii.ef of 9/7 Division of Bank Operations re counting of, as reserve P. R. Board: Annual Report: Modification in, re incorporation of reports of FRAgents, 10/ 3 suggested by Mr. Smead; referred to 1.Ir. Miller Assessment of FRBanks for expenses of, for first six months 12/28 of 1923, approved Board Room: Director of Budget granted permission to use, for committee 8/ 7 meeting Expenses: Authority granted Assistant searetary to expend A,000 for 7/5 equipping offices of new member of RBoard Detailed statement of, by Divisions, incurred during month of July, 1922; similar statement to be furnished each 0/14 member of Board quarterly employees; regulation governing,10/3 Leave of absence an part of Letterheads; printing on, of matter to effect that all communications shaould be addressed to Federal Reserve Board, with letter to Governors and FRAgents calling attention to 11/22 same, and explaining action until held on Tuesday, of, further action, to be Meetings 9 /12 :ednesday and Thursday of each week Quarters: Board room; Secretary to have carpet from, stored during a /8 summer expenditure new member of Board; for offices of Equipment 7/5 of $1,000 authorized for, 1922 7 /12 July 12th., :called for Special meeting of, 7 /21 Special meeting of, called for July 21st., 1922 8/7 Special meeting of, called for August 7, 1922 9/1 Special meeting of, called for Sept. 1, 1922 12/ 2 Special meeting of, called, for Dec. 2, 1922 12/11 Special meeting of, called for Dec. 11, 1922 Bulletin: '. R. L;opies of, authorized sent certain persons in Austria and 7/6 Germany, upon request of Dr. Willis of ' ccunsel of resum4 by General" i authorized, Printing in, ruling heretofore made by Board re bills of exchange drawn in good faith against actual existing values within meaning 11/ 2 of Section 13 of FRAct of rates tables showing Publication in, authorized, of discount charged customers by member banks an paper re8/8 discounted with FRBanks Thirty copies of, requested by Director General of Pan-American 12/26 union; request approved 440 474 613 396 337 452 473 541 442 400 337 354 368 391 432 552 574 340 518 399 607 Federal Reserve Issue (s., Redemption Division: See "Division of Issue ec Redemption" Federal Reserve Loan Co. of Gainesville, Florida: Use of words "Federal Reserve" in title of; letter from 9 /la Atlanta re, and Board's reply Federal Reserve Notes: Assorting practiced to determine fitness and unfitness of, for circulation; report by ur. Eddy of visit to FRBanks of 8 /11 Boston, New York and philadelphia to investigate, of appointment Recommendation of Treasurer of U. 3. for Inspector of currency to visit FRBanks and branches from time to time to determine standard of fitness employed by 11/ 2 banks in sorting out notes fit for further circulation Federal Reserve System: History and operations of, from 1919 to 1921, inclusive; former Governor W. P. G. Harding of Board to be requested 10/ 6 to prepare memo. giving views re, Federal Trade Commdssion: Correspondence from, and from Gov. Wellborn of Atlanta, re instructions issued by Atlanta in 1920 re discount or 8 /29 purchase of renewals of bankers' and trade acceptances Powers: Fiduciary American National Bank of Portsmouth, Ca., granted permission to act as trustee for bond issues, but permission withheld to exercise other trust powers enumerated in application of paid-in until bank builds up surplus equal to 11/ 1 capital permission Virginia, granted Bank of Lunenburg, Kenbridge, 9 /12 to exercise fiduciary powers of, application Alabama, First National Bank of Montgomery, for fiduciary powers; Board advises Atlanta re character 8/1 of report acceptable in matter of, Financial Statements of Borrowers: proper construction of part of Regulation "A" re; Board's reply to letter from RAgent Ramsey, referred to Counsel 8 /24 for amendment First National Bank of Boston, Mass. To handle liquidation in connection with closing of branch by American Foreign Banking Corporation at Buenos Aires, 7 /26 Argentine Republic First National Bank of Clio, 3. J. permission granted, to reduce capital stock from T.50,000 12/11 to .25,000 First National Bank of Colusa, California: closing of; advice from FRAgent Perrin re, giving amount due FRBank of San Francisco and collateral held by the RBank 8 /22 against loss 40A 517 40 4'0 384 376 676 LV page First National Bank of Durant, Oklahoma: Loan limitation of, in view of alleged impairment in capital; certain correspondence re, between Governor 7/6 Harding and FRAgent Ramsey of Dallas First National Bank of Fremont, Nebraska: Permission granted, to reduce capital stock from 4150,000 12/11 to ,400,000 First National Bank of Lewistown, Montana: 7 /20 Authority granted, to reduce capital stock Texas: Midland, of Bank National First Letters from, to FRBar4 of Dallas, re inability of shippers of livestock at Midland and adjacent points to obtain 10/26 sufficient ears to transport livestock to feeder points Alabama: Montgomery, of Bank National First Application of, for fiduciary powers; Board advises Atlanta 8/1 re character of report acceptable in matter of, First National Bank of San Francisco: Consolidation of, and other banks; letter from FRAgent 12/12 Perrin giving certain information re, First National Bank of Shellman, Ga. Authority granted, to reduce capital stock from .50,000 to 11/28 ;$25,000 First National Bank of South pasadena: Cancellation by FRBank of San Francisco of stock of, and amount placed with Los Angeles Branch to credit of bankidating11/16 liqu First National Bank of White Sulphur Springs, Montana: Permission granted, to reduce capital stock from 43100,000 8/2 to $50,000 First National Bank of Willits, California: Application of, for permission to reduce capital stock from 12/20 .50,003to .$25,000, disapproved First State Bank of Salina, Utah: Application of, to take over assets and assume liabilities 8 /29 of First State Bank of Wayne, Loa, Utah Banks: Fiscal Agency Operations at Branches, F. R. Letter from secretary of Treasury re, with special reference 8/ 7 to redemption of Victory and U. S. Treasury notes Fiscal Agent, F. L. Board: Imlay, W. M., increase in salary for month of July, 1922, 7 /11 by ,28.15, as per usual custom Foreign Banks: Revision of certain agreements between, and AiBank of New 9 /26 York, approved by ERBoard Foreign Exchange Rates: 7 /19 Changes in daily statement of, Form 34: Revised form of F. R. Banks' Balance Sheet for use during 11/ 2 1923, approved 341 576 366 511 384 579 546 531 389 596 424 394 346 465 364 518 LVI Form 38: Certain modifications in, for 1923, covering reports of FRBanks in matter of classification of discounted and purchased bills 11/21 Fort Dearborn National Bank: Application of, to surrender stock in FRBank of Chicago; Board to request further information re, 10/26 Fox, Charles James, of 71ashington, D. C Letter from Board to, re formation of corporation under Edge Act 8/1 Franchise Tax payments: Board of opinion FRBanks should pay into Treasury in immediate future amounts due on account of adjustments in, made at close of previous years 10/25 Under Secretary of Treasury consulted re above, and suggests RBanks make adjustments at close of year 10/26 Request made by Treasury Department of FRBanks that credits be made in Treasurer's account at close of ousiness Dec. 30, 1922, for, due Government for calendar year 1922 12/26 French American Bank of San Francisco: Permission granted, to establish branch in San Francisco 12/13 permission granted, to establish branch in Jan Francisco, on northwest corner of Third Street and palou Avenue 12/28 Fruit Growers' Cooperative Associations: 6tatement by Ir. Laller that he hoped Board would reconsider action taken at meeting of October 6th., whereby it was voted paper of, should be classed as commercial, instead of agricultural 12/12 534 51a 383 508 511'' 1,12 7 11 Gauze Bandages: Views of Board re, as "readily marketable staples"; letter to Acting Comptroller of Jurrency stating, 11/16 General Counsel: See under "Counsel" Gold Coin : payment of, for holiday purposes; views of Under Secretary of Treasury re, 11/29 Gold Payments: Suggestion of Under Secretary of Treasury that other PRBanks conform to practice of FRBank of New York in matter of making, 8 /16 Goldenweiser, E. A., Associate Statistician: Authorized to proceed to Boston, New Haven and New York City on official business in connection with study of foreign exchange and changes in discount rates 9 /19 00 41° 466 LVII page Government Securities Owned by Reporting Member Banks: Board's circular letter X-3553 of Nov. 3, 1922 re; replies of several FRAgents to, Proposed circular to FRBanks requesting itemized information from reporting member banks, detailing ownership of U. S. securities 11/22 540 11/22 11/23 540 542 'Greeley National Bank, Greeley, Colorado: Reduction in capital stock of, from $150,000 to ,)100,000, 10/24 authorized Group Conferences: Suggestion from San Francisco that same grouping be continued 11/28 for, in 1923, as in use during 1922 Group Meetings: Boston, Philadelphia, Richmond & Atlanta Group to hold 9 /12 meeting in Boston, Sept. 29th., 1922 9 /20 meeting above attend Mr. Hamlin to group meeting; Louis St. & Chicago San Francisco, New York, tentative program to be submitted to proposed, forwarded 12/12 . Board• by FRAgent perrin Habersham Bank, Clarkesville, Ga. 11/7 , Application of, for withdrawal from FRSystem Hamlin, Charles s., member, F. R. Board: Elected member of Executive Committee of FRBoard for term 7 /25 ending October 1, 1922 Expiration of term of office as member of Executive Committee, 10/ 3 October 1, 1922 Harding, W. P. G. Committee appointed to prepare resolutions expressing sentiments of Board at prospect of losing services of, 8/9 through expiration of term as Governor of F. B. Board draft submitting Cuba, to trip Informal report by, re recent of proposed banking law for creating a Reserve Bank of 12/19 Cuba memo. prepare he that ERBoard, made of, by be Request to giving views upon history and operations of FRSystem during 10/ 3 years 1919 to 1921, inclusive stenographer, Building, also Otis in for, provided be to Space in connection with preparation of history and operations 10/ 3 of FRSystem during years 1919 to 1921, inclusive Statement by, re matter of appointment of Director for 7 /25 Division of Analysis & Research 502 516 444 460 580 521 372 473 402 593 476 476 372-3 LVIII page Hearings, P. R. Board: Conclusion reached by Board in conference with California Bankers' Association; information requested by RAgent perrin re, and reply to be drafted by Board 12/13 Letter from Board to Jan Francisco giving informal opinion re, 12/14 Conference between Board and Mr. Edward Elliott representing Legislative Committee of California Bankers' Association 12/ 9 Granted Messrs. J. P. Hoskins, O. M. Preston, and W. A. Sadd, of Chattanooga, Tenn., re termination of Chattanooga as reserve city 7 /21 Legislative Committee of California Bankers* Association to be granted hearing to discuss charges of FRBanks against member banks to cover cost of examining said member banks 11/28 Messrs. Perrin & Calkins of San Francisco request permission to meet with Board to discuss recent ruling that special savings accounts in California shall be regarded as demand deposits for purpose of computing reserves 12/26 Tabled, pending report from General Counsel 12/28 Home Bank, St. Matthews, S. C. permission granted, to consolidate with Farmers Bank & Trust Co. of St. Matthews, S. C., provided final arrangements are satisfactory to RBank of Richmond 11/ 7 House Bill 11763: Letter from Board to Secretary of Treasury re, re proposed credits for agricultural and livestock purposes 7 /12 Hunter Manufacturing & Commission CO. Eligibility of paper of, for discount at FRBanks; letter from Board to American Trust Co. of Charlotte, N. C. re, 8 /30 Imlay, W. Fiscal Agent, F. R. Board: Salary increased for month of July, 1922, by.$28.15, as pir usual custom 7 /11 Imperial Valley Bank of Brawley, Cal. Authority granted, to absorb First National Bank of Brawley and First National Bank of Calipatria, with view to operating Calipatria Bank as branch of Imperial Valley Bank 9 /16 Inspector of Currency: Board's views requested re recommendation of Treasurer Of U. S. for appointment of, to visit MRBanks and branches from time to time to determine standard of fitness employed by banks in sorting out notes fit for further circulation 11/ 2 Interest Rates: Charged by member banks to their customers in all Fnistricts 7 /18 except second; tables giving detailed information re, 564 588 501 369 544 605 35 40 346 456 36?) LIX Page Interest Rates:(continued) , in, on temporary Treasury certificates of Reduction to 2,,T indebtedness issued to cover overdrafts of Treasury Dept. at FRBanks, suggested by Under e3retary of Treasury; Board thinks 21F, proper rate Interlock in,:; Directors: Applications for, approved Allen, Reece S. Beekman, Bernard C. Caldwell, George A. Cummings, 'Iilliam C. Dorrance, John T. Duer, Henry Lay Duff, Edwin A. Earle, G. Harold Eklund, J. J. Eldredge, James A. Fox, Louis Frederickson, 0. 6. Goll, "Malter S. Harper, Andrew V. Held, E. R.. Henderson, J. Hilr:ins, :1. J. Hoffman, Arthur G. Hollis, Gordon Jarboe, H. L. Jones, Edmund S. Kemper, James Kunze, William F. Lindeke, R. W. Loucks, Charles 0. „J Lyder, J. V. McLeod, Lurray McKenzie, McNary, Jaws G. Manuel, Ralph V. Mercer, Fred N. Miles, W. 0. Mills, Edward K. Morris ,Windsor Niezer, Charles '.I. Oakes, Guy O'Connell, William L. Reuss, John B. Robertson, Alexander Simonson, William A., Vice President of National City Bank of New York, as director also of International Banking Corporation 8/2 389 12/11 7 /26 11/21 10/10 10/ 3 7 /26 8 /24 11/28 8 /17 7 /13 9 /20 8/ 7 9 /20 12/ 2 12/19 12/19 6/ 7 7 /20 10/ 5 8 /11 8/ 7 8 /30 8/ 7 9 /26 10/28 8 /17 10/28 8/ 7 8 /15 8/ 7 10/10 12/19 7 /5 7/5 7/6 8/ 7 12/ 2 9/20 10/11 577 377 538 490 480 377 422 548 416 359 461 397 461 559 594 593 397 367 464 405 397 428 398 467 513 416 513 397 407 398 490 593 338 338 343 397 559 461 492 8 /24 420 LX Interlocking Directorates: (continued) Applications for, approved Skillman, W. F. 8 /30 Smyser, W. D. 10/28 Somers, Byron H. 7/6 Sullivan, Francis W. 8 /17 swift, G. F. 10/25 Veeder, Henry 10/10 Walsh, John J. 10/28 N. Isaac Walter, 7/5 Warner, Rawleigh 10/10 Washburn, Leroy F. 10/28 Watson, Oliver L. 10/28 Applications for, held Sage, John D., as director of First National Bank of Cincinnati and Central Trust Co. of Cincinnati, held for further investigation and recommendation 7/6 Applications for, refused Sage, John D. 7 /18 Cincinnati: Letter from Board to RAgent Wills of Cleveland stating views re certain interlocking directors in bnnks in, 7 /18 Clark, Edward E., of Boston; letter from vice Governor to, re provisions of Kern Amendment to Clayton Act 8 /11 proposed letter to FRAgents re review of all existing permits for, asking that recommendations be made to Board in all cases where facts disclose existing permits should be 11/29 withdrawn Resolution of Board re, 11/29 Sage, John D., of Cincinnati; letter from, re service upon certain interlocking directorates 8/ Second District; schedules by FEBank of New York as result of review re, 7 /27 International Banking Corporation: Letter to Vice president of, from Board, approving service of William A. Simonson as director of Corporation 8/ 24 International Trust Co. of Boston: permission granted, to take over market Trust Co. of Boston and operate its two branches as branches of International Trust Co. 7 /12 Jefferson Trusth Savings Bank, Gretna, La. Permission granted, to establish branch at West Wego, La. Joint Conference of Governors and F. R. Agents: See under "Conferences" 10/10 429 519 349 416 509 490 513 339 489 50 519 381 381 404 58°A1 55°- 319 42° 381 486 LXI up, page Kern Amendment to Jlayton Act: Board's administration of; matter ordered docketed for 12/ 8 Dec. 12th. of Opinion of Attorney General requested by Secretary Treasury re Board's interpretation of term "substantial 7 /19 competition" in, permits Proposed letter to BRAgents re review of all existing for interlocking directorates, asking that recommendations be made to Board in all cases where facts disclose existing 11/29 permits should be withdrawn . Reconsideration of resolution adopted by Board Nov. 29th. 12/12 re Board's administration of, be to Resolution of Board re administration of; letter forwarded all FRAgents embodying Board's attitude as 12/12 contained in, La Rose National Bank, La Rose, Illinois: Application of, to sell 2;; U. J. consols of 1930, in amount 9 of 46,500, to RBank of Applicant's district to time present at FRBanks require Board will not purchase U. S. consols under terns of Section 18 of 9 ERAct Leased wire Manual: 9 Printing and distribution of revised, authorized System: Leased Wire Leased Wire Sub-ommittee: Assistant Secretary of FRBoard authorized to visit RBank of Chicago and assist in settlement of certain unfinished 8 business growing out of recommendations of, 364 550-1 578 578-9 /26 464 /27 470 /26 465 /is 407 Telegraph Operators: 7 /5 Bogart, Walter L., resignation Legislative Committee of Ualifornia Bankers' Association: Conclusion reached by Board in conference with; information re, requested by FRAgent perrin, and reply to be drafted 12/13 by Board informal Letter from Board to Jan Francisco giving 12/14 opinion re, g,12/9 representin Conference between Board and Mr. Edward Elliott FRBoard to meet, upon request, to discuss charges of RBanks against member banks to cover cost of examining said 11/28 member banks Letterheads, F. R. Board: Printing on, authorized, of matter to effect that all communications should be addressed to Federal Reserve Board, with letter to Governors and ERAgents calling attention 11/22 to same 573 337 584 588 544 541 LYII Liberty Bonds: Kansas City authorized to purchase ,4,500,000 worth of, under repurchase agreement, from Federal Land Bank of Omaha, bonds to be carried as bonds awned, upon MBank's records and reports 12/ 5 Life Insurance Trust Co. of New York: Authority granted, to accept up to 100i,; of paid-in and unimpaired capital ani surplus if, and when, it shall become member of FRSystem 8 /11 Loans: First National Bank of Durant, Oklahoma, loan limitation of. in vies of alleged impairment in capital; certain correspondence re, between Governor Harding and FRAgent Ramsey of Dallas 7/6 Los Angeles Trust & Savings Bank: Authorized to take over Community Bank of Whittier and 9 /26 establish branch an premises establish office or agency at 540 permission granted, to 7 /11 West Washington Street, Los Angeles Proposed appointment oy San Francisco of number of employees as assistant examiners to assist State Banking Dept. of California in examination of, and branches; Board desires 9/1 further information re, FRBank authorized to assist in examination of above bank and appoint certain employees as assistant examiners 9/2 in connection with same certain Francisco and San re Board between Telegrams matters in connection with proposed examination of 9 /5 Los Angeles Trust & Savings Bank 563 404 341 466 ' 341 433 435 ' 6 431 “M” McLean, (Senator) George P. Letter from, submitting copies of senate Bills 4103 and 12/ 8 4063, for comment 12/20 Board's reply to Senator McLean, to be redrafted 1.:cNary, Charles L., Senator from Oregon: Draft of proposed letter from Board to, re suggested waiving by San Francisco of claim for participation in dividend to be paid by Receiver of U. S. National Bank at Vale, Oregon 8 /30 Letter from FRAgent perrin stating position of San Francisco re above suggestion, transmitted Senator 9 /14 McNary Market Trust Co., Boston, Mass. International Trust Co. of Boston granted permission to take over, and operate its two branches as branches of 7 /12 International Trust Co. 573 591 40 page Meetings, F. R. Board: See under "F. R. Board" Member Banks: Interest rates Charged by, to their customers in all FRDistricts except second; tables giving detailed infor7 /18 mation re, compiled by Mr. Smead Legal right of a member bank to deduct exchange charges when remitting to a RBank in payment of certificates of deposit 11/29 sent it by the FRBank for collection Modified classification of, by glectoral groups; memo. from 9 /26 Chief of Division of Bank Operations recommending, Replies of several FRAgents to Board's circular letter X-3553, Nov. 3, 1922, re "Government securities awned by 11/22 reporting member banks" Proposed circular to FRBanks requesting itemized information from reporting member banks, detailing ownership 11/22 of U. S. securities 11/23 State: Loan of examining forces of FRBanks to assist State authorities in examinations of, discussion re; opinion 12/ 2 of General Counsel requested Tentative proposals and program to be discussed by 12/ 2 Board in connection with above, Dec. 4th. 12/ 4 Discussion re, Proposed resolutions re examination of, by FRBanks; 12/ 8 action postponed Volume of bills discounted for, each month; no objection by FRBoard to FRBank of Chicago giving out figures re, 7 /12 as soon as available Eeribership in FRS: Banks in Boston; proposed consolidation of certain, at early date; statement by M. Hamlin re, asking Board's prompt action upon receipt of application of merged institution 10/ 3 for admission to System banks state for Francisco San by required Clause in condition 9 /13 applying for, in twelfth district, cancelled for of, application Ga., Clarkesville, Bank, Habersham 11/ 7 withdrawal from FRSystem Alabama; modification Roanoke, of Bank Farmers Merchants & 11/21 in one of conditions of membership of, approved intention of notice Mass., Boston, Co., Trust Metropolitan 11/ 7 to withdraw from FRSystem and approval reconsideration Ga.; planters Bank of Carlton, 7 /13 of application of, for admission to FRSystem by, made request Florida; Lakeland, Polk County Trust Co., to be relieved of condition of membership requiring building up of surplus of ,V.5,000 before paying dividend; papers also filed by, declaring intention of withdrawing 10/24 from FRSystem 362-3 550 464 540 540 542 556 558-9 562 572 355 475 447 521 537-8 521 358 504-5 LX.IV vage Membership in FRS: State banks applying for; suggestion from Division of Examination that certain form of condition approved by Board for, in twelfth district, be imposed on all state banks seeking admission to FRSystem 9 /13 Matter considered; no action 9 /14 Memo. of Secretary of Board re matter of; to be brought up at forthcoming conference of FRAgents, Oct. 10th. 9 /26 Union Trust Co. of providence, R. I., modification of one 12/13 of conditions of membership Memphis Terminal Corporation: Complaint from Vice president of, that warehouse receipts for cotton issued by corporation have been frequently altered; Board to advise Secretary of Agriculture re, and 10/18 request FRBank of St. Louis for information Letter from FRAgent at St. Louis re above, the information contained therein to be forwarded Secretary of Agriculture 10/24 Mercantile Trust Co., San Francisco: Application of, for Board's tentative approval to establishment of from sixteen to thirty local agencies in San Francisco, Berkeley, and San Jose; no objection by Board to agencies in Jan Francisco and Berkeley, but does not approve agencies in San Jose 10/ 5 Application of, to establish up to a given number of agencies, 10/ 3 referred to Messrs. Miller and Mitchell Authority granted, to establish additional branch in San 10/25 Francisco, to be called presidio Avenue office Authority granted, to establish branch in Albany, Cal. 10/19 Authority granted, to establish branch inilichmond, Cal. 10/10 Authority granted, to establish branch in San Francisco, on 12/la Polk Street Authority granted, to establish branch in San Francisco, to be called "Third-palou Office" 10/24 Authority granted, to establish branch in San Francisco to be known as "Fillmore-O'Farrell" office 10/26 Authority granted, to establish branch offices on Market and Haight Streets 11/29 Authority granted, to establish certain branch agencies in San Francisco 10/17 Authority granted, to establish five agencies in San Francisco 10/ 5 Authority granted, to establish local agency in San 10/10 Franc ism Authority granted, to establish service station branch in San Francisco 10/19 441 452 464 566 498-9 50S 482 501 50° 466 579 boa 51° 549 494 461 466 50° LXV page Mercantile Trust Co., San Francisco: (continued) Authority granted, to establish three additional branches 11/16 in San Francisco Authority granted, to establish three branch offices in 11/ 7 san Francisco Authority granted, to establish three branches in San 11/ 1 Francisco Authority granted, to establish two branches in San Francisco, one to be called "Third-Townsend" office, and the other 10/26 "Hyde-pacific"office Authority granted, to purchase Bank of Napa, Napa, California, 10/ 3 and establish branch in Napa Authority granted, to purchase First National Bank of Emeryville and First Savings Bank of Emeryville and establish 8 /24 branch on premises formerly occupied by these two banks Richmond, of Authority granted, to purchase First National Bank Richmond savings Bank, and Bank of Richmond, and establish 8/7 two branches in Richmond, Cal. Trust Co., & Authority granted, to purchase Garden City Bank San Jose, and its four branches, and establish branches 9 /26 on premises West of Bank Berkeley Authority granted, to purchase West 8 /31 Berkeley, Cal., and establish branch on premises Stockton, of Bank over City Authority granted, to take • 11/28 Stockton, Cal., and convert same into branch and Bank National Authority granted, to take over petaluma California Savings Bank of Petaluma and convert same into 12/ 2 one branch of Bank iaan Authority granted, to take over portugese-Amer • san Francisco and establish branches, one at head office of Portugese-American Bank, one in Oakland, one in 10/ 3 Newman, and one in Los Banos, California Alabama: Roanoke, of Bank and Farmers Merchants Modification in one of conditions of membership imposed 11/21 upon, approved Jersey: New Passaic, of Bank Merchants Criticism of ERBanks by president of, for not accepting 10/ 3 "-out of town checks" for immediate credit Mergers: See also "Consolidations" Metropolitan Trust Co., Boston, Mass. 11/ 7 Notice from, of intention to withdraw from ERSystem Meyer, Eugene, Managing Director, War Finance Corporation: 12/ 4 Conference between, and Board, to be held Dec. 5th. Conference between, and FRBoard, re provisions of senate Bill 4063, known as Capper Rural Credit Bill, calling attention to provisions re financing of livestock and cooperative 12/ 5 marketing operations 531 520 514 510 472 419 395 466 429 545 557 472 537-8 475 521 562 564-5 LXVI Miller, Adolph C., Member, F. R. Board: Designated as member of Executive Committee for term ending Dec. 31, 1922. lo/ 3 Draft of tentative ruling submitted by, designed to regulate salaries of officers and employees of RRBanks while absent from post of duty 7 /27 8/ 7 Substitute resolution submitted by Mr. Platt, tabled, pending return to city of Mr. Miller 8/9 Substitute resolution amended and carried 8 /31 proposed conference between, and FRAgents of Boston, New York, and philadelphia July 24th., re matter of form for monthly business reports 7 /11 proposed regulation to be submitted by, fixing time a Governor or other officer of a ERBank may draw salary while absent from post of duty 7 /26 Report by, re expected visit to Cornell University 7 /11 Report from, of recent trip to west and middle west, also outlining policy of FRBank of San Francisco toward its branches 11/28 Statement by, advocating expansion of scope of Division of Examination to include periodical reports upon methods of internal management of RBanks and efficiency of examining forces 7/27 Miller, J. Z., Jr. Payment of certain sum of money to, for three months subsequent to resignation as Governor. of FRBank of Kansas City, disapproved by ERBoard 7/16 7 /19 Mitchell, John R., Member, F. R. Board: Desimated as member of Executive Committee, to serve until further action by Board 8/7 Expiration of term on Executive Committee of RRBoard 7 /25 suggestion of, that Board adopt view than Bank of Italy has reached limit of branch expansion and other California banks be allowed to go sane limit 12/ Z Montana: protest of dishonored Checks In, by RBank of Minneapolis; correspondence between Mx. Miller and Senator Walsh re, referred to General Counsel far opinion re necessity for protesting item drawn upon an insolvent bank 12/21 Monthly Reports of Business Conditions: proposed conference between MX. Miller and FRAgents of Boston, New York, & Philadelphia, re matter of form for, 7 /11 Moore National Bank, Moore, Texas: permission granted, to reduce capital stock from 450,000 12/28 to 425,000 473 360 393 42.9 349 376 350 641 . ) 1 37 36z 366 393 312 669 603 349 61z LXVII Page National Bank of Comnerce, Frederick, Oklahoma: Permission granted, to reduce capital stock from 075,000 12/28 to $50,000 Vermont: Middlebury, of Bank National Permission granted, to reduce capital stock from 0200,000 12/21 to 4100,000 York: New Vernon, of Bank National Application of, to reduce capital stock in sum of 150,000; 9 /26 referred to Mr. Mitchell 9 /27 Reduction in capital stock, aPproved National Banks: Reports of condition of; Comptroller to issue call for, 7/5 July 3rd. Reports of condition of; Comptroller to issue call for, 9 /16 Sept. 18th., 1922 National State & City Bank of Richmond, Va. Application of, to surrender its stock in gRBank of Richmond, 11/ 1 approved University: York New Bureau of Business Research of, questionnaire sent out by, to MBank of Richmond re reserve ratios; Board views dis12/ 6 cussion for publication re, by aBanks, as inadvisable 12/ 8 Letter from Board to all ERBanks re above 612 603 467 469 338 455 515 568-9 572 "Ow Orr, John T. Letter from, renewing his recommendation for appointment of Lynn p. Talley as FRAgent & Chairman of FRBank of Dallas; referred to Committee 12/28 613 11/22 540 11/23 542 10/10 10/17 486 495 tiro Pacific Southwest Trust & Savings Bank, Los Angeles, Cal. Application of, to establish certain additional branches, ordered docketed for Nov. 23rd. Authority granted bank to establish branch offices at San Luis Obispo, Pomona, San Fernando, Ocean park, Venice and Santa Monica Application of, to establish five branches in Long Beach, California Approved LXVIII rag° pacific Southwest Trust & Savings Bank, Los Angeles, Cal. (con.) Application of, to establish various branches between now and first of year in pomona, Santa Ana, Anaheim, Fullerton, Ocean Park, Santa Monica, Venice, San Fernando, Burbank, Van Nuys, Riverside & San Bernardino, Cal., referred to 10/ 3 Messrs. Miller & Mitchell permission granted, to establish agency branch in Los 10/ 5 Angeles, Cal. 10/17 permission granted, to establish branch in Altadena, Cal. 10/ 3 Permission granted, to establish branch in Lemoore, Cal. Permission granted, to establish branches at Santa Ana, Anaheim, Fullerton, Burbank, Van Nuys, Riverside, and 11/26 San Bernardino, Cal. permission granted, to establish certain branch agency in 10/17 Los Angeles Permission. granted, to establish three additional branches in Los Angeles, to be used as paying and receiving stations 11/21 Permission granted, to establish two branches, one at Wilmington (Los Angeles), and one at Normandie Avenue and 10/ 3 Hollywood Boulevard Permission granted, to take over and operate as branches the Commercial Bank of San Luis Obispo, with branches at 12/26 Atascadero and paso Robles permission granted, to take over First National nank.of Pomona and Savings Bank of Pomona and operate as one 12/26 branch Permission granted, to take over Ocean park Bank, with its branches at Venice and .Santa Monica, and operate same as 12/26 branches Permission granted, to take over San Fernando National Bank 12/2.6 and operate same as branch Pan American Union: Request from Director General of, for thirty copies of 12/26 ERBulletin; request approved Payer: Tobacco Cooperative Marketing Association, eligibility for discount of paper created by; opinion of Counsel of ARBank of Richmond re, transmitted ERBoard; matter 7/6 referred to Board's Counsel with of Counsel submitted, Board re, Memo. of General 7 /12 reply to Richmond Paper Currency for Porto Rico: Certain correspondence re issuance of; ERBank of New "fork 9/7 advised by Board to make investigation re, Par Clearance Case, Atlanta District: Progress made in, in U. 6% Circuit Court of Appeals; advice 10/11 from Atlanta re, 411-2 482. 496 413 546 494 53/ 41g 606 606 606 606 601 343 439 493 LXIX Page Par Clearance Committee of American Bankers' Association: Suggestion from, that ERSystem adopt a system of voluntary 10/18 par remittance applicable to non-member state banks Par Clearance Controversy: Recommendation of General Counsel that Board request FRBanks to place John W. Davis in supreme charge of all litigation 11/ 7 growing out of, approved Payette National Bank, Payette, Idaho: Failure of, reported, also amount &wed by failed bank to ERBank of San Francisco and collateral held by ERBank to 11/21 liquidate indebtedness Peoples National Bank of Hot Springs, South Dakota: Request from, for reconsideration of application to reduce 12/21 capital stock; disapproved Perrin, John, F. R. Agent at San Francisco: 8/1 permission granted, to take vacation Planters Bank of Carlton, Ga. Reconsideration and approval of application of, for admis7 /13 sion to RSystem Platt, Edmund, Vice Governor, F. R. Board: Copy of proposed resolution of, designed to define term "substantial competition" as used in Kern Amenkrent to Clayton Act, authorized forwarded Secretary of Treasury 7/6 with request that he secure Attorney General's opinion Florida: Polk County Trust Go., Lakeland, Request made of, to be relieved of condition of membership requiring building up of sarplus of 415,000 before paying dividend; also papers filed by, declaring intention of 10/24 withdrawing from ERSystem Porto Rico: Issuance of paper currency for, certain correspondence re; FRBank of New York advised by Board to make investigation 9/7 re• in Montana: Checks Dishonored Protest of Correspondence between Mr. Miller and Senator Walsh of Montana re, by FRBank of Minneapolis, referred to General Counsel for opinion re neessity for protesting item 12/21 drawn upon an insolvent bank 498 521 535 603 384 358 342 504-5 439 603 rinil Quarters, F. R. Banks: Jacksonville Branch: Acceptance of bids for two story building and vaults, authorized by Board, upon understanding approval covers total expenditure for both building and real estate 12/16 not in excess of $250,000 Plans for proposed building; Board interposes no objection 8/1 . to preparation of, 591 382 LXX Quarters, F. R. Banks: (continued) Jacksonville Branch: Proposed building project for branch; letter from Board to RAgent at Atlanta re, proposed new building; letter from Governor Wellborn of Atlanta enclosing copy of letter to Representative sears of Florida estimating cost of, and requesting authority to let contracts; Board disapproves cost exceeding 4250,000 Reply of Atlanta to telegram from Board advising of dis— approval of erection of building for branch in excess of 4250,000, including real estate New Orleans Branch: Construction of vault door; letter from Board to ERBank of Atlanta re, portland Branch: Acquisition of permanent quarters for, suggested by San Francisco; Board unwilling to approve, until convinced continued maintenance of northwestern branches is desirable Further correspondence re, 12/ 8 12/ 6 12/20 7 /18 8 /29 9 /12 9 /13 Branch building; recommendation for purchase of, awing to expiration of lease Jan. 31st.; Board unfavorable 12/ 2 Lease of new quarters, at approximately 422,000 per annum,approved,but further details to be requested 12/28 Senate Joint Resolution 222 authorizing letting of contracts for buildings at RBank of St. Louis and its Little Rock Branch, and for Salt Lake City Branch of FRBank of San Francisco; views of Board requested re, 7 /13 nuarters, F. R. Board: See under "F. R. Board" ttrtt, Railway Loan Advisory Committee: Loans: Chicago, Milwaukee & St. Paul Railway Co., form of loan for 410,000,000 to, Cisco & Northeastern Railway Co., form of loan for 4111,450 to, in four parts, carrier taking over third part in amount of 427,863 OiSa0 & Northeastern Railway Co., ANNM of loan for 4111,450 to, in four parts, carrier taking over fourth part in amount of $27,862 12/28 7/26 9/27 page Railway Loan Advisory Committee: (continued} Loans: Seaboard Bay Line Co., farm of loan for $4,400,000 to, In four parts, carrier taking over third part in 9 /19 amount of $1,100,000 Seaboard Bay Line Co., farm of loan for $4,400,000 to, in four parts, carrier taking over fourth part in 10/17 amount of .$1,100,000 Tennessee Central Railway Co., form of loan for $563,000 7 /25 to, Tennessee Central Railway Co., form of loan for $937,000 10/ 3 to Wheeling & Lake Erie Railway Co., farm of loan for $500,000 to, in two parts, carrier taking over first 12/13 part in amount of $400,000 Staff: 9 /26 Holcombe, (Mrs.) L. L., Stenographer, resignation Dallas: Ramsey, (Judge) William F., F. R. Agent at Resolution of Board of Directors of El paso Branch in re 12/20 death of, Louisiana: Ransdell, (Senator) Joseph E., of Letter from Gov. Harding to, re discount rates of FRBanks 7 /18 located in agricultural districts Readily Marketable Staples: Sight drafts with bills of lading attached covering shipments of; Dallas requests authority to take from member 9/13 banks, for immediate credit; Board disapproves be should bandages gauze not or whether Views of Board as to considered as; letter to Acting Comptroller of Currency 11/16 stating, Notes: Treasury Redemption of Victory & U. S. Letter from Secretary of Treasury re, at branches of RBanks 8/ 7 Rediscounts: Notes of commission merchants; opinion of Counsel re circumstances under which sane are eligible for rediscount by 8J22 FIRBanks Regulation "A", Series of 1920: Proper construction of part of, having reference to financial statements of borrowers; letter from Board to RAgent 8 /24 Ramsey re, referred to Counsel for amendment Regulation "B", F. R. Board: Amendment to, to follow at end of part 11 of Regulation, forming new paragraph, and superseding Regulation "B" of 1921 12/12. 12/14 Circular letter to all FRBanks advising of amendment to, 12/20 Letter of transmittal designed to accompany, Reports: Discontinuance or modification of certain; memo. of Mr. Smead re, and letter from Board to all FRBanks 9 /12 457 495 371 474 587 467 595-6 360 450-1 532 394 417 420 581 589 595 443 rage Reports of Business Conditions: (Monthly) Proposed conference between Mr. Miller and FRAgents of FRBanks of New York, Boston, and Philadelphia, July 24th., re matter of form for, 7 /11 Reports of Condition: Renewal of previous request by Under Secretary of Treasury that Board obtain from reporting member banks weekly amounts of several issues of Government bonds and securities owned by banks; • Board to communicate with FRAgents re, 11/ 7Ieekly, of FRBoard; certain changes advocated in, by Under Secretary of the Treasury; Board unwilling to change, at present time 10/24 Reports of Condition of F. R. Banks: Inclusion in, by Chief F;xaminer, of report re nature and character of examinations made by FRBanks of member banks, adequacy of same, and efficiency of examiners 11/29 Reports of Condition of National Banks: Comptroller to issue call for, July 3rd. 7/5 Comptroller to issue call for, Sept. 16th., 1922 9 /16 Reports of Condition of 3tate Member Banks: IJRBoard to make but one more call for, in December 8 /24 Republic of Cuba: See under "Cuba" Reserve Bank of Cuba: proposed banking law for creating, draft of, submitted. to Board by W. P. G. Harding, reporting informally upon recent trip to Cuba 12/19 provision in proposed banking law for creating, whereby FilBoard may be requested to make nominations to assist Cuban directors in selecting Executive Manager for proposed bank 12/19 Reserve Ratios: Questionnaire sent out by Bureau of Business Research of New York University to ARBank of Richmond re; Board views discussion for publication re, by FRBanks, inadvisable 12/ 6 Letter from Board to all FRBanks re above 12/ 8 Reserves: Chattanooga, Tenn.; termination by Board of designation of, as reserve city, upon request of three banks in Chattanooga 7 /21 Citizens State Bank, Sawtelle, cal., authorized to reduce reserve requirements to 7i; against aggregate amount of demand deposits 8 /29 Easton-Taylor Trust Co. of St. Louis, application of, for reduction in reserve requirements from 10 on demand, and on time, deposits, to 7;,; on demand, and 3;; on time, deposits 11/ 7 349 611 505 651 338 455 90 419 ' ° 693 593 568'9 512 369 425 521 page Reserves: (continued) 1,aston-Tay1or Trust Jo. of Jt. Louis authorized to reduce reserve requirements to 7,; on demand, and 3, on time, deposits Experience of Jalifornia banks in matter of special, as compared with ordinary, savings deposits for purpose of computing reserves; letter from RAgent perrin re, 11/28 544 10/ 3 10/5 474 483 Board to make no change in present regulation defining savings deposits, but, in future, to regard "special" savings deposits in certain ,jalifornia banks as demand 10/10 deposits 1922, 10, October of action reconsider to Movement carried, and matter ordered docketed for meeting 12/ 4 Dec. 6th. 6 12/ 1922 10, October adopted resolution in change No :..Ir. 'Elliott of Los Angeles to be advised of above action of Board, also ERAgent perrin, and latter 12/ 6 notified ruling must be strictly enforced F. R. Banks: 7/5 Report re reserve positions of the several, 7/6 7 /11 7 /12 7 /13 7 /18 7 /19 7 /20 7 /25 7 /27 8/1 8/2 8/ 7 8/8 8/9 8 /11 8 /15 8 /16 8 /17 8 /22 8/24 8 /29 a /30 8 /31 9/1 9 / 7 9 /12 9 /13 9 /16 9/19 485 560 566 567 336 340 346 351 356 360 364 366 371 378 382 389 392 399 401 403 406 409 413 417 419 423 427 429 433 439 442 447 455 457 L xxiv Page Reserves; (continued) F. R. Banks: Report re reserve positions of the several, 9 /26 9 /27 10/ 3 lo/ 5 10/10 10/11 10/17 10/19 10/24 10/25 10/26 11/ 1 11/ 2 11/ 7 11/ a 614 611 52° 52,1 539 531 534 539 11/23 11/28 11/29 12/ 2 544 549 b63 la/20 12/23. 12/26 12/28 501 510 11/ 9 11/14 11/16 11/21 11/22 12/ 4 12/ 5 12/ 6 12/ 8 12/11 12A2 12,43 12/19 Maximum penalty rate of 12 an deficient, of member banks; letter from Board to Kansas City approving, Penalties for deficient, assessed against Security National Bank of Dallas, in liquidation, the predecessor of South-West National Bank of Dallas; MBank authorized by RBoard to adjust, penalties for deficient, of member banks; adoption by Dallas of provision that same shall not amount to more than 1(4 463 469 411 461 465 491 494 500 8/1 560 666 511 678 664 593 695 603 606 610! 381 7 Al 379 8/17 414 page Reserves: (continued) Penalties for deficient, of member banks; circular letter 12/ a to FRBanks re uniform practice in assessing, from letter banks; Penalties for deficient, of member 10/25 ERBank of Atlanta re, outlining memo. banks; Penalties for deficient, of member suggested method for accomplishing uniformity at several FRBanks in matter of, to be brought up at next Conference 8 /29 of Governors and ERAgents FRBank , 3 7 10; by to down Penalties for deficient; rebate of, 12/20 of Atlanta, approved in accounts Recent ruling of Board that special savings California shall be regarded as demand deposits for purpose of computing; Messrs. Perrin and Calkins of San Francisco 12/26 request permission to meet with Board to discuss, 12/28 Counsel General Tabled, pending report from in. counted be to not FRBanks Subsidiary silver held by computing, by FRBanks; date for beginning same to be set 10/ 3 by Executive Committee 10/10 Committee Executive by deferred of date n Determinatio Subsidiary silver held in vaults of ERBanks, counting of, as reserve; memo. from Chief of Division of Bank 9/7 Operations re, authorized California, Sawtelle, Bank, National United States to reduce reserve requirements to 71, against aggregate 8 /29 amount of demand deposits Board: Resolutions, F. R. Examinations of member banks by FRBanks; resolution re proper procedure in assessing expenses for, made special 10/10 order of business October 11, 1922 10/11 re, Discussion Providence R. I. Co., Trust Hospital Rhode Island Permission granted, to accept for purpose of creating dollar exchange in Argentina and other countries heretofore 10/10 approved by ERBoard Rulings &Regulations, F. IL Board: Amendment to Regulation “B" to'follow at end of Part II, forming new paragraph, and superseding Regulation 'fir 12/12 of 1921 Digest of rulings; General Counsel authorized to publish, in book form, copies to be offered for sale to member 12/ 4 banks and general public Draft of tentative ruling, submitted by Mr. Miller, designed to regulate salaries of officers and employees of RBanks 7 /27 while absent from post of duty 8/7 Substitute resolution submitted by Mr. Platt, tabled, 8/9 pending return to city of Mr. Miller 572 508 426 598-9 605 613 475 488 440 425 487 492 489 581 561 380 393 401 Page Rulings & Regulations, F. R. Board: Proposed regulation, to fix time Governor or other officer of a RBank may draw salary while absent from post of duty 7 /26 8/ 7 Substitute resolution aubmitted by Yx. Platt, tabled, pending return to city of Mr. Miller 8/9 substitute resolution amended, making it necessary when officers of alBanks are granted leave of absence in excess of thirty days that their salaries be submitted to RBoard for approval 8 /31 Regulation "B" ; circular letter to all RBanks advising of amendment to, 12/14 Regulation "B", series of 1922, as.amendad; letter of transmittal designed to accompany, 12/20 Resolution of Board re administration of Kern Amendment to Jlayton Act; letter to be forwardea all RAgents emmodying Board's attitude as contained in, 12/12 Resolution re eligibility for rediscount as agricultural paper of notes of cooperative marketing associations given for funds to be advanced by growers who have actually delivered their products to the associations 12/13 Discussion re above resolution; matter to be taken up for reconsideration in near future 12/14 376 401 429-j 569 595 575 9 585 569-go tip 31. St. Anthony Bank & Trust co., jt. Anthony, Idaho: Failure of, Nov. 20th., reported, with amount owed RBank of San Francisco and amount held by RBank to cover same 11/22 jalaries, F. R. Banks: See under "F. R. Banks - - Salaries" San Fernando Valley Savings Bank: Application of, to establish branch at Newhall, ,;a1., disapproved, upon recommendation of FRAgent at San Francisco 7 /13 Board allows bank to maintain branch upon understanding certain conditions criticized by examiners will be rectified within reasonable time 8/1 Inquiry from FRAgent perrin whether Board intends to require bank to increase its capital to 0150,000 8 /16 No increase in capital of bank contemplated by FRBoard 8 /17 san Francisco Savings & Loan Society: permission granted, to establish branch in West portal park, San Francisco 10/ 3 540 351 411-V 413 411 page Savings Deposits: Experience of California banks in matter of special, as compared with ordinary savings accounts; letter from FRAgent Perrin re, Board votes to make no change in present regulation defining savings deposits and states, in. future, "special" savings deposits in certain California banks are to be regarded as demand deposits Movenent to reconsider action of October10th.,carried, and matter ordered docketed for meeting Dec. 6th. No change in resolution adopted October 10, 1922 Mr. Elliott of Los Angeles to be advised of above action, also FBent perrin, and latter notified ruling must be strictly enforced Recent ruling of Board that special, in California, shall be regarded as demand deposits for purpose of computing reserves; Messrs. perrin & Calkins of San Francisco request permission to meet with Board to discuss, Tabled, pending report from General Counsel Seaboard Bay Line Co. Form of loan for 44,400,000 to, in four parts, carrier taking over third part in amount of 41,100,000 Form of loan for 44,400,000 to, in four parts,aarrier taking over fourth part in amount of 41,100,000 Secretary of the Treasury: Letter from Board to, giving opinion re House Bill 11763 re proposed credits for agricultural and livestock purposes Security Bank & Trust Co., San Francisco: Authority granted, to establish branch on Mission Street, San Francisco, as paying and receiving station . Withdrawal of application by, for establishment of branch office on Mission Street in san Francisco Security Trust & Savings Bank, Los Angeles, Cal. Authorized to purchase Santa Monica Savings Bank, Santa Moni California, and establish branch on premises Statement by Mr. Crissinger that had he been present when vote was taken an above, he would have voted against sane Permission granted, to take over First National Bank of Burbank and Burbank Savings Bank, also First National Bank of Montebello and Montebello Savings Bank, and establish branch in both Burbank and Montebello Senate Bill 4063: Conference between Director of War Finance Corporation and &Board re provisions of, known as Capper Rural Credit Bill 10/ 3 10/ 5 474 483 10/10 485 ig/ 4 12/ 6 560 566 12/ 6 567 12/26 12/28 605 613 9 /19 457 10/17 495 7 /12 355 11/14 529 12/ 2 556 a, 9 /19 457 9 /26 463 12/ 2 556 12/ 5 564-5 Senate Bills 4103 and 4063: (4287 and 4280) Copies of, introduced, respectively, by Senators Lenroot and Capper, submitted to Board for comment by Senator McLean 12/ 8 Reply to Senator McLean in re above, to be re-drafted 12/20 Letter re-drafted and transmitted Senator McLean 12/21 Senate Joint Resolution 222: Views of Board re, requested by Senator MoLean,authorizing letting of contracts for buildings at FRBank of St. Louis and its Little Rock Branch, and for Salt Lake City Branch of San Francisco 7 /13 Senate Joint Resolution 229: Reply of Board to request from Senator McLean for views re, providing authority for construction of Detroit Branch of MBank of Chicago 7 /27 Senate Joint Resolution 235: Letter from Governor Harding to Senator McLean re, making provision for necessary expenditure for quarters for 8 /8 Omaha Branch of MBank of Kansas City Senate Resolution 308: Letter from Board to President of Senate to be used as letter of transmittal with replies of 711Banks to, 7/ 7 Senate Resolution 351: Letter from Secretary of U. S. Senate transmitting, under date of Dec. 12, 1922, requesting Board obtain from FRBanks names and addresses of citizens to whom speech of Senator Glass was sent 12/13 Draft of circular letter to FRAgents re above resolution 12119 Letter to be submitted to Senator McLean before being transmitted to FRBanks 12/20 Shippers of Live Stock: Inability of, at Midland, Texas, and adjacent points, to obtain sufficient cars for transporting livestock to feeder points; letter from First National Bank of Midland to FRBank of Dallas re, 10/26 Sight drafts with bills of lading attacked covering shipments of -readily marketable staples; Dallas requests authority to take, from member banks, for immediate credit; Board disapproves 9 /13 Silver: Subsidiary, held in vaults of ERBanks; memo. from Chief of Division of Bank Operations re counting of,as reserve 9/7 Smead, E. L., Chief of Division of Bank Operations: Memo. from, consolidating all requests of FRBanks for charges against current earnings for depreciation and special reserves at closing of books Dec. 31,1922; referred to Committee 12/13 Report of Committee re above, adopted (See files) 12/21 Memo. of, re discontinuance or modification of certain reports, and letter from FRBoard to all FRBanks re, 9 /12 51 01 604 5156 3/8 400 0 693 597 511 40'1 44° 586 604 40 LXXIK page South7;est National Bank of Dallas, Texas: Controversy between, and MBank of Dallas, re penalties for reserve deficiencies assessed against Security National Bank 7 /27 of Dallas, its predecessor, now in liquidation Special Meetings, F. R. Board: See under "F. R. Board" Special savings Deposits: See under "Savings Deposits" Staff of F. R. Board: Assistant Secretary: 8 /16 Authority granted, to employ additional stenographer Consulting Economist: Willis, Dr. H. parer, resignation, effective October 4, 9 /13 1922 Counsel's Office: Freeman, E. W., Assistant Counsel, recommended increase 9 /13 in salary to 45,500 per annum, referred 9 /20 Approved 48,000 at approved for, General Counsel; maximum salary 9 /13 per annum submitted be to resignation Clerk, Law Hurley, Joseph L., 10/19 within thirty days 11/ 2 Resignation submitted /13 9 increased Hurley, Joseph L., Law Clerk, salary 10/19 employ, to Law Clerk; General Counsel authorized 9 /13 Logan, W. S., resignation as General Counsel at 47,000 Counsel General Wyatt, W. W., motion for making 9 /13 per annum, referred to Committee /20 9 Approved Deputy Fiscal Agent: Eddy, Walter L., salary increased 425 for month of October, for payment of premium upon bond as Deputy Fiscal Agent 9 / 7 Div. of. Analysis & Research: 10/17 Brown, Dorothy, appointment and salary 10/24 resignation Stenographer, Dickson, Jean, 1, Oct. effective resignation, W., Edwards, (Dr.) George 10/ 5 1922 Edwards, (Dr.) George W., return from trip abroad, and 9 /20 resuming of work on part time basis Employment of stenographer for temporary service, 7/6 authorized 9 /14 Gell, Leon, resignation Hamelin, ,Grace C., appointment and salary as Stenographer 11/ 1 Hodson, (Mrs.) Viola A., appointment as Statistical Clerk 9 /20 9 /20 Kane, (Mrs.) Edith p., appointment made permanent Paterson, (Miss) Ruth E. h., failure to report for duty Sept. 1st.; granted extension of leave without pay 9 /1 by Board Peterson, 1Miss) Ruth E. H., granted forty-two days leave 7 /5 without pay 379 412 448-9 450 459 450 501 518 450 501 449 450 459 439 496 504 482 459 341 453 515 460 460 434 337 Staff of F. R. Board: (continued) Div. of Analysis & :Research: (continued) peterson, (Miss) Ruth E. K., resignation Schick, Dorothy M., resignation Schreiner, (Miss) Franc H., appointment made permanent Smith, Jessie L, resignation Starr, (Mrs.) Helen J., resignation Steiner, W. H., Acting Chief, resignation Steiner, W. H., salary fixed at 44,800 per annum, effective July 1, 1922 Stenographer; employment of, authorized, to fill place left vacant by resignation of mrs. Starr Stenographer; employment of, in New York, authorized, to assist Dr. Edwards in making report on European trip Stenographer; vacancy existing in position of, ordered filled Weirsmith, Olga E., appointed for probationary period, salary to be increased at expiration of period in work proves satisfactory Youngman, Anna, granted two months' sick leave without pay, beginning Jan. 1, 1923 Div. of Bank Operations: Briscoe, Edna M., Comptometer Operator, dropped from rolls October 20, 1922 Comptometer Operator; authority granted to employ, in place of Miss Stewart, resigned Lansdale, Gilbert R., temporary employee, resignation Maley, Inez I., appointment and salary Resignation Miller, Esther S., appointment and salary as Card punch Operator Stewart, F. Betty, resignation Wrightson, Miriam, resignation Div. of Examination: Babb, J. A., appointment as Assistant FRExaminer at 43,600 per annum Farrell, E. A., transfer from office work to road work Freer, A. P., appointment and salary McClelland, E. M., salary increased, and transferred from Governor's office Morton, Claude, Assistant RExaminer, resignation Siems, L. A. A., appointment and salary Div. of Issue & Redemption: Buell, W. E., services dispensed with, as Chief of • Division Letter from Mr. Buell re above, ordered filed Copeland, L. Grant, appointment as Chief of Division at •43,500 per annum 10/17 7/26 9 /20 9 /20 8 /11 9 /12 496 311 460 460 404 440 7 /13 351 /11 404 9 /20 450° 7 /26 311 9 /20 460 12/11 511 11/ 7 625 10/17 12/ 2 10/ 3 11/ 7 496 551 411 51̀05 11/ 7 10/17 lo/ 3 623 496 411 10/17 8/7 8/ 7 496 396 396 8/7 12/28 8/7 1 396 ' 614 396 8/1 8/1 365 365 I 8 /16 409 Page Staff of F. R. Board: (continued) Div. of Issue & Redemption: Eleven employees; thirty days leave with pay granted, 8/7 when dropped from rolls August 5th. 7 /25 Clerk-Counter as resignation Jenkins, Elizabeth C., Div. of mails & Piles: Miles, (Mrs.) Maria D., appointment and salary as 12/ 5 Assistant File Clerk,effective Jan. 2, 1923 . General Counsel: 9 /13 Logan, W. S., resignation as General Counsel /13 9 annum per Maximum salary for, approved at $8,000 $7,000 at Counsel qyatt, W. W., motion for making General 9 /13 per annum, referred to Committee /20 9 Approved Gold settlement Division: Clerk to fill vacancy caused by resignation of part time 12/14 employee; employment of, authorized pherson, Wm. R., part time employee, resignation, 12/14 effective Dec. 15th. Settlement Gold of employee time part F., Toulotte, B. 12/20 Division, resignation Governor's Office: McClelland, E. M., Secretary, salary increased, and transfer authorized to Division of Elmmination at 8/ 7 discretion of Governor or Vice-Governor 10/ 3 Leave of absence an part of, regulation governing, Library: 7./26 Employment of additional Junior Clerk in, authorized Messengers: Skinner, Carl ti., placed an permanent roll at increase in 7 /13 salary Mr. Hamlin's Office: 7 /13 Moore, J. P., salary increased Mr. miller's Office: 9 /12 Elliott, D. C., Secretary, salary Increased Railway Loan Advisory Committee: 9 /26 Holcombe, (Mrs.) L. L., Stenographer, resignation Secretaries to Members of F. R. Board: Elliott, D. C., Secretary to Mr. miller, salary increased 9 /12. McClelland, E. LI., Secretary to Governor, salary increased, and transfer to Division of Examination authorized, at 8/7 discretion of Governor or vice-Governor 7 /13 Moore, J. P., Secretary to Mr. Hamlin, salary increased Secretary's Office: 12/12 Griffin, Helen, resignation, effective Dec. 23, 1922 Griffin, Helen, to succeed to place left vacant by Miss 8 /16 Martin's promotion, at increase in salary 395 374 564 449 450 450 459 590 590 602 396-7 473 377 357 358 442. 467 442 396-7 358 582 412 Staff of F. R. Board: (continued) Secretary's Office: Martin, Ruth, appointed Secretary to Mr. Hoxton 8 /16 8 /16 Turner, Mary H., Secretary to Mr. Hoxton, resignation Telegraph Operators: Bogart, Walter E., resignation 7/5 State & City Bank & Trust Co., Richmond, Va. Authority granted, to establish branch at 2916 North Avenue, Richmond, Va. 7/6 State Banks: California; letter from FRAgent Perrin re branches de novo of, 12/26 Cost of assessing examinations against member state banks examined, with special reference to recent examinations of Bank of Italy and Pacific Southwest Trust & Savings Bank of Los Angeles; letter from AaAgent Perrin re, 11/28 12/12 Extent and manner of cooperation of FRBanks with state banking departments in examinations of member banks, all 12/12 FRAgents to be asked to report re, Letter to all FRAgents re above, approved 12/11 Limitation on loans FRBanks may make state member banks; tnviry from Cleveland whether Board is preparing interpretation of amendment to paragraph 10, Section 9 of 7 /18 FRAct re, Loan of examining forces of ARBanks to assist State authorities in examinations of state member banks, discussion re; opinion of General Counsel requested 12/ 2 Tentative proposals and program to be discussed by Board in connection with above, Dec. 4th. 12/ 2 Discussion re, 12/ 4 Memo. of General Counsel submitting proposed resolutions re examinations of state member banks by RBanks; action postponed 12/ 8 Suggestion from Division of Examination that certain form of condition approved by Board for, applying for admission in twelfth district, be imposed in future an all state banks seeking admission to FRSystem 9 /13 Matter considered; no action 9 /14 Memo. of Secretary of Board re matter of; to be brought up at forthcoming conference of FRAgents, October 9 /26 10th. Twelfth district; clause in condition required by San Francisco for applications of state bpnkst in, for admission to System, cancelled 9 /13 State Street Trust Co., Boston, Mass. Permission granted, to accept for purpose of creating dollar 10/17 exchange in certain foreign countries Page Statistician, F. R. Board: Authority granted,or Associate Statistician, to attend meetings of American Economic & American Statistical 12/12 Associations In Chicago Dec. 27th. to 30th., 1922 : Research & Analysis Steiner, W. H., Acting Director, Division of usual Termination of connection with FRBoard to include 7 /25 thirty days leave of absence h: &Researc Stewart, W. W., Director of Division of Analysis 7 /25 Appointment and salary as Director Stock: Capital: American National Bank of Rogers, Arkansas, granted permission to reduce capital stock from 460,000 to 12/20 $50,000 d authorize Oklahoma, , Barnsdall National Bank, Barnsdall 11/ 1 to reduce, from 450,000 to 425,000 granted Ga., n, Washingto Citizens National Bank of authority to reduce capital stock from 4100,000 to 12/ 4 475,000 to d authorize C. N. , Louisburg of Bank Farmers National reduce, from 450,000 to 425,000, provided reduction is applied to Allen stock and proceeds used to remove 10/17 losses and doubtful assets n permissio granted C., S. Clio, of Bank First National 12/11 to reduce capital stock from 450,000 to 425,000 permisgranted Nebraska, of Fremont, Bank First National sion to reduce capital stock from 4150,000 to 4100,000 12./11 First National Bank of Lewistown, Montana, authorized to 7 /20 reduce capital stock from 4200,000 to 4150,000 reduce to d authorize Ga., Shellman, of Bank First National 11/28 capital stock from 450,000 to 425,000 Montana, Springs, Sulphur White of Bank National First -gTanted permission to reduce capital stock from 4100,000 8/2 to 450,000 First National Bank of Willits, Cal., application of, for permission to reduce capital stock from $0,000 to 12/20 425,000, disapproved Fort Dearborn National Bank, application of, to surrender stock in FRBank of Chicago; Board to request further 10/26 information re, permisGreeley National Bank, Greeley, Colorado, granted 10/24 sion to reduce, from 4150,000 to 4100,000 n Moore National Bank of Moore, Texas, granted permissio 12/28 to reduce capital stock from 450,000 to 425,000 d authorize National Bank of Commerce of Frederick, Oklahoma, /28 12 to reduce capital stock from $75,000 to 450,000 580 373 372-3 596 515 561 495 576 576 366 546 389 596 512 502 612 612 page Stock: (continued) Capital: National Bank of Liiddlebury, Vermont, granted permission 12/21 to reduce capital stock from 4200,000 to 4100,000 National Bank of Vernon, New York; application of, to reduce capital stock In sum of 050,000; referred to 9 /26 Mitchell /27 9 approved stock, Reduction in capital Dakota, request South Springs, Peoples National Bank of Hot of,for reconsideration of application to reduce capital 12/21 stock; disapproved granted of Vermont, Bank Woodstock, National Woodstock permission to reduce capital stock from .150,000 to 11/ 7 075,000 City National Bank of Commerce, Wichita Falls, Texas, granted permission to reduce capital 'stock from $1,500,000 to 11/29 $1,000,000 National State & City Bank of Richmond, Va., granted permis11/ I sion to surrender stock in the RBank of Richmond Strong, Benjamin, Governor, F. R. Bank of New York: No objection by FRBoard to attendance by, at proposed conference of banks of issue in London in October, matter having been previously submitted to Secretaries of State and Treasury 8/1 by Governor Strong Subscriptions, F. R. Board: Expenditure of 01.50 for subscription to Congressional Record 11/21 for use in Counsel's office, approved Renewal of subscription by Counsel's office to Corporation 11/21 Trust Company's Congressional Service, approved Subsidiary Silver held by F. R. Banks: ERBanks not to count, in computing reserves; date for begin10/ 3 ning same to be set by Executive committee 10/10 Determination of date deferred by Executive Committee Talley, Lynn P. Letter from John T. Orr renewing his recommendation for appointment of, as RAgent and Chairman of ERBank of Dallas; 12/26 referred to Committee Tennessee Central Railway Co. 7/25 Form of loan for 4563,000 to, 10/ 3 Form of loan for $937,000 to, Thompson, Henry B. Letter from, accepting appointment as Class "C" director of MBank of Philadelphia, and requesting four months' furlough for trip to Philippine Islands; furlough 12/20 approved 603 461 469 603 549 415 488 311 414 596 Lmrav page Time Schedules: Action of Philadelphia in making certain changes in; letter 9 /12. from Deputy Governor of MBank of St. Louis re, Tobacco: Doubt expressed by Governor Seay of Richmond whether bankers' acceptances should be based upon, except re-handled or 7 /11 dried tobacco stored in warehouses Undried or green, as a readily marketable paper; report of 7 /13 Law Committee upon letter from Gov. Seay of Richmond re, Tobacco Cooperative Marketing Association; Eligibility for discount of paper created by; opinion of Counsel of FRBank of Richmond re, transmitted Board; matter 7/6 referred to Board's Counsel Memo. of General Counsel of Board submitted, with reply 7 /12 S to Richmond Association: Tobacco Growers' Cooperative Acceptance credits of; letter,from Gov. Seay expressing . doubt whether bankers' acceptances should be based upon tobacco, except re-handled or dried tobacco stored in. 7 /11 warehouses Treasurer of the United States: Board's views requested re recommendation of, for appointment of Inspector of Currency to visit FRBanks and branches from time to time to determine standard of fitness employed by 11/ 2 banks in sorting out notes fit for further circulation Treasury Certificates of Indebtedness: Reduction to 2% in rate of interest on temporary, issued to cover overdrafts of Treasury Dept. at FRBanks,suggested 8/2 by Under Secretary of Treasury; Board suggests 212--;; rate Department: Treasury Request made by, of ERBankn, that credits be made in Treasurer's account at close of business Dec. 30, 1922, for franchise tax payments due Government for calendar 12/26 year 1922 Treasury Department Currency Committee: See "Currency Committee of Treasury Department" Trowbridge, Alexander B., Consulting Architect: Request from, that Board furnish him with official letterheads having printed thereon his name, designation, and 8/9 office address; referred to Mr. Mitchell with power Trust Company of Georgia, Atlanta, Georgia: 8/1 Application of, to engage in commercial banking, approved - 444 348 356 341 351 348 517 389 607 401 383 " U" Under Secretary of the Treasury: Lette from, to Board, re issuance of paper currency for Porto Rico, and Board's reply 9/ 7 439 rage Under Secretary of the Treasury: (continued) Renewal of previous request made by, that Board obtain from reporting member banks each week amounts of several issues of Government bonds and securities owned by banks; Board to communicate with RAgents re, Views of, re payment of gold coin for holiday purposes; letter to iiRBoard stating, Union Trust Co., providence, R. I. Modification of one of conditions of membership United States Circuit Court of Appeals: Progress made in par clearance case in; advice from General Counsel of FRBank of Atlanta re, United States Consols of 1930, al,: Application of La Rose National Bank of LaRosa, Illinois, to sell, in amount of 46,500, to MBank of applicant's district Board will not require RBanks, at present time, to purchase U. S. consols under terms of Section 18 of FRAct United States National Bank, Sawtelle, Cal., Authority granted, to reduce reserve requirements to '6 against aggregate amount of demand deposits United States National Bank, Vale, Oregon: Draft of proposed letter to senator MaNary of Oregon re suggested waiving by San Francisco of claim for participa— tion in dividend to be paid by Receiver of, Letter from FRAgent Perrin stating position of San Francisco re above suggestion, transmitted Senator McNary United States Securities: Depreciation in value of, held by FRBanks; letter from HaBoard to Deputy Governor Attebery of St. Louis re, Rate charged by FRBank of Boston in matter of purchase of, under repurchase agreements; letter from Board to FRBank of Boston. re, United States Senate: Request from Secretary of, transmitting Senate Resolution 351, asking Board to obtain from FRBank officials names and addresses of citizens to whom were sent speech of Senator Glass Draft of circular letter to all FRAgents re above resolution Letter to be submitted to Senator McLean before being transmitted to FRBanks United States Shipping Board EMergency Fleet Corporation: Complaint from, re construction placed by New York Clearing House an its deposits 11/ 2 511 11/29 550 12/13 586 10/11 493 9 /26 464 9 /V 410 8 /29 436 8 /30 9 /14 8 /11 483 403 12/ 6 581 12/13 510 12/19 59g 12/20 12/21 591 604 10/19 501 Page United States Veterans' Bureau: Three hundred copies of "Approved Methods for preparation of 10/ 3 Balance sheet Statements" ordered furnished to, 474 Ur, Valley Bank, Fresno, California: Application of, to purchase First NatioAal Bank of Biola, California, and operate sane as brandin. Statement by Ur. Orissinger that had he been present when vote was taken an above, he would have voted against same Authorized to purchase First National Bank of Coalinga and operate sane as branch Authorized to purchase First National Bank of Kerman, and operate branch on premises 9 /19 457 9 /26 463 9 /26 465-6 9 /26 466 Walt War Finance Corporation: Request made of, by Kansas City, for reimbursement for certain items not regarded as reimbursable by other 10/ 3 FRBanks; Board disapproves charge To be requested for figures showing amount of paper held by several alBanks for its account, eligible for rediscount 9 /al by FRBanks Warehouse Receipts: Matter of granting RBanks authority to establish preferential discount rates an paper secured by, for staple agricultural 8/1 products Confidential letter from Board to ERBanks re, submitting proposed regulation, and asking for comments and 8/1 aritiaisns Warehouse Receipts for Cotton: Alterations in, issued by Memphis Terminal Corporation, complained of, by Vice President of Corporation; Board to advise Secretary of Agriculture re, and request St. Louis 10/18 for information Letter from FRAgent at St. Louis re above; information contained therein, to be forwarded Secretarj of 10/24 Agriculture 475 462 383 386-7 498-9 505 LXXXVIII pa0' Weekly Statements, F. R. Board.: certain changes in, advocated by Under Secretary 01 Treasury; 10/24 Board unwilling to change, at present time Treasury that Renewal of request by Under Secretary of Board. obtain from reporting member banks, weekly, amounts of several issues of Governrent bonds and. securities owned by said banks; Board to communicate 11/ 2 with 1-RAgents re, Wellborn, M. B., Governor, F. R. Bank of Atlanta: 12/20 Granted sixty-day vacation with pay Wheeling & Lake Erie Railway Co. Form of loan for $500,000 to, in two parts, carrier taking 12/13 over first part in amount of $400,000 Willis, Dr. H. Parker: All circular letters, except those of strictly confidential nature, issued. by Board during 1921 ani period of 1922 during which Dr. Willis was Director of Division of Analysi 12/ Z & Research, to be furnished. Dr. Willis Letter from, severing his connection with RBoard on Sept* 15, 8/ 7 1922 Division of of transfer of completion from, re Report 7 5 Analysis & Research from New York to 13ashington /13 Resignation to be effective October 4, 1922 Termination of connection with PRBoard to include thirty 7 /25 days leate of absence Woodstock National Bank, Woodstock, Vt. permission granted, to, reduce capital stock from 4150,000 11/ 7 to 475,000 A 511 696 581 555 395 335 4459 375
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