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INDEX July - Lecember 1 9 2 3 Page Accept up to 100-p, power to, granted 10/31 Albany Exchange National Bank, Albany, Ga. 9 /14 Cal. sco, American Bank of San irancisco, San Franci 11/ 7 First 1:ational Bank, iontgomery, Ala. 12/18 Illinois Lerchants J:rust Co., uhicago, Ill. Accept up to 100%, power to, requested Albany Exchange iJational Bank, Albany, Georgia; 10/23 referred to Committee on Examinations 10/25 Application disapproved Latter reconsidered, and bank granted authority to 10/31 accept up to 100% Accentance Credits: Yatter of, between liational Park Bank & Yokahoma Specie Bank; attention called by Lis. Hamlin to, and opinion expressed by Gov. Strong that matter can be settled without necessity for ruling by Board or Comptroller 12/ 6 of the Currency National Park Bank of New York; memo. of General Counsel re acceptances of, for the Yokahoma specie Dank, recommending a ruling by Board to effect that accept12/11 ances of this kind are not authorized by law 12/11 Board notes, and orders circulated without action Acceptances: Bankers': Letter from Gov. Harding of Boston to Board re previous correspondence between Blackstone Canal irational Bank of .erovidence, H. I. and xilBoard re certain bankers' acceptance transactions; ref. to 11/ 7 Counsel for reply Domestic: Purchase by YRBanks of, dram against warehouse receipts for commodities; letter from Governor 12/27 Harding of Boston re, ref. to Law Committee from, letter York; International Acceptance Bank of New asking modification or amendment to agreement entered into with Board permitting applicant to issue acceptances, with maturity not to exceed one year, to finance Importation or exportation of goods; referred to Law 7 /25 Committee for ed approv l, Draft of reply prepared by counse 8 /14 transmission 610 543 632 745 595 604 610-11 705 719 719-20 631 784 453 493 II Acceptances: (continued) Limitation on amount of, by a state member bank; memo. of Assistant counsel re, together with draft of telegram to IMAgent rerrin replying to his inquiry as to right of Hibernia Commercial w Savings bank of rortland, Ore. in matter of executing acceptances without limitation 8 /21 National Park bank of New York, propriety of a certain acceptance transaction undertaken by; reply of Joard to Deputy comptroller of currency ilicintosh re, 9 /14 Practice of aBanks of purchasing, from bill brokers, under agreement to resell at later date; Gov.Crissinger reports discussion re, with officials at ITIBank of New York, while in New York on October 8th 10/10 Eatter of repurchase agreements discussed by Joard, and Counsel instructed to proceed to New York for purpose of looking into legal phase of repurchase agreement contracts 10/10 Right of RBanks to buy government securities and bankers ' acceptances under repurchase agreements; letter from Gov. liarding of Joston commenting upon recent opinion of board's Counsel re, 10/16 Adams, L. II., General secretary-I:reasurer of National 6: State Bankers' Protective Asso. Letter from, to Gov. crissinger, putting to Board certain questions re par clearance system of RBanks; ref. to Gov. for reply to effect that Board intends to continue par clearance system under provisions of VRAct, as construed by the supreme Court of the 'united states 9 /5 Advertisements of state iember banks: Improper; circular letter to all 211Agents re, 8 /21 Letter from 2RBank of Chicago commenting upon certain suggestions made by atAgent Jay of i‘ew York re control of, 10/23 Board votes to instruct JPEAgent iieath to consult with President of .iinancial Advertisers' Asso. of Chicago in above matter, and to advise .alAgent Jay to take up matter with advertising syndicates having headquarters in i.ew iork 10/25 Letter from aBank of Chicago re control of, transmitting suggestion of .President of Amancial Advertisers' Asso. that the aBoard or 41Banks prepare samples of advertisements which may properly be used by state member banks 11/ 6 Governor requested to reply to above letter, asking PRAgent at Chicago to submit such material as in his opinion it might be proper for state member banks to use when advertising their membership in aSystem 11/ 6 Page 506 544 585 583-4 591 526-1 504 596 603 627 627 III Advisory Committee of F. R. Bank Governors: Board notifies members of, that it desires to meet with 7 /25 them in aashington on August let Suggestion of Gov. Lorris of rhiladelphia that members of, be advised of Board's reasons for postponing effective date of .,,egulation "J" in order that they may have opportunity to consider matter in advance of Committee meeting; copy of uov. rancher's letter of July 23rd re 1.egulation "J" together with proposed revision of the .L.egulation transmitted members of 7 /26 Committee Advisory Council: See "Federal Advisory Council" Agencies in Havana, Cuba: Board finds it unnecessary to approve date of opening of, by RBanks of Boston & Atlanta, but wishes to be 8 /30 formally advised re, Board rules that in all its published statements, and those of illBanks of Atlanta 6.: Boston, items of assets and liabilities of Havana Agencies of Atlanta m Boston be consolidated with assets and liabilities of their 8 /22 respective head offices of, have arisen over establishment mhich Certain problems by RBanks of Boston 6: Atlanta; conference between 7 /30 representatives from the two RBanks and kRBoard re, 27th approvthine of resolution Certified copy of Board's ing establishment of, by AlBanks of Boston m Atlanta, 7 /12 requested by Boston ,Joston charge of in Governor Communication from Deputy Agency setting forth some of the difficulties experienced by Atlanta Agency in obtaining permission from officials of Cuban Government to ship out from ,Alba out and cancelled currency notes; matter to be taken up 9 /19 with State Department Copy of Board's resolution authorizing establishment of, by AillBanks of Boston m Atlanta, forwarded Deputy Gov. 7 /10 Case of New York upon request Letters from Banks of Atlanta & Boston re allocation of capital to, referred to Counsel for opinion as to right 9 /4 of Board to make such allocation Location of quarters for, of w'RBanks of Boston & Atlanta; Board telegraphs Boston & Atlanta requesting conference between representatives of those banks and Board in 7 /24 Washington July 27th re, Postponement of conference to July 30th; Gov.ilarding 7 /25 of Boston requested to attend in person Plans for housing, of aBanks of Boston & Atlanta; telegrams from Board to Lr. Hamlin at Lattapoisett, Lass., 7 /19 and L'r. James at Atlanta re, 454 456 520 511 458 424 549 413 522 448 453 444-5 IV Agencies in Havana, Cuba: (Continued) Progress being made toward opening of, by aBanks of Atlanta & Boston; copy of letter from Leputy Gov. Julien of Joston written in Havana to his bank, forwarded Board by Gov. Harding 8 Al Leport of Committee on above, stati ng no action necessary by Board at present time a /22 lAconsideration by Board of action of June 27th re, by FRBanks of Boston 6: Atlanta, and new resolution defining authority of the two 2RBanks in matter of, adopted 7 /30 election of cable name or designatio n for use by aBoard in communicating with, sugge sted by Lr. rfiddy 8 /14 Hame selected by ABoard 6 /30 'Jfemporary quarters for Boston to be in building now occupied by branch of First ilational Bank of Boston, and for Atlanta in building of iiational City Bank of Mewlork, permanent quarters for the two Agencies to be in same building 7 /30 Agency in Havana, Cuba: F. R. Bank of Atlanta: Action of 14xecutive Committee of Mank in voting to allocate 4100,000 of capital to Havana Agency; letter from Leputy Chairman Kettig of Atlan ta to Board re, and requesting copy of Chairman LcCord's letter to Board commenting on such action 9 /11 Board votes to send copy of Lai. LcUord's lette r to Er. Kettig and copy of Er. .o:ettigis letter to 1r. LcCord 9 /11 Advice from aBank to Board that steps are being taken toward establishment of Agency in navana 7/3 Copy of power of attorney given to Lessrs. L. U. Adelson and J. I. 6lattery to act for _MBank at Its Cuban Agency, referred to Board's Counsel for review 9 /4 Counting of gold and lawful money held by Havana Agency in its cash, as part of reserve of aBan k of Atlanta; letter from Board to aBank of Atlanta re, lo/ 3 Deputy irovernor Adelson elected by aBank as lanag er of Agency at 016,000 per annum, and L. E. Slattery as Assistant Lanager at 09,000 per annum, effective August 1st; Board disapproves, preferring personnel of Cuban Agencies for present to be in form of temporaty detail from head offices without increase in salaries, adequate expense account to be allowed to cover increased cost of living in Havana 7 /30 Gold and lawful money held by Agency in Havana in its cash; letter from Board to Atlanta re counting of, as part of reserve of the aBank 10/ 3 505 51o4 45 493 520 459 532 533 406 523 576 460 575 V Page Agency in Havana, Cuba: (Continued) F. R. Bank of Atlanta: (Continued) Letters from chairman IcCord and Deputy Chairman Eettig of FRBank of Atlanta re statement made in error by hr. EcUord to effect that he was not present at meeting of Ixecutive Committee of gRBank of Atlanta on August 25th, at which time was passed a resolution allocating a certain portion of the capital of the PRBank as the operating capital of 9 /20 its Havana Agency Eanager of Agency; election by Atlanta of L. U. Adelson as, at salary of 412,000 per annum, with an allowance of 44,000 per annum for foreign 12/20 service; referred to Committee F. R. Bank of Boston: Advice from gRBank to Board that steps are being taken 7/3 toward establishment of Agency in Havana Copy of circular letter gRBank intends transmitting its member banks re Agency in Havana, when said Agency is ready for business 7 /17 Copy of letter from Lanager of Ouban Agency reporting on business and financial conditions in Cuba, 9 /18 forwarded Board by Governor Harding Letter from Deputy Governor Bullen in Havana to Governor Harding re Havana Agency, forwarded Board 9 /5 by Governor Harding Letter from Gov. Harding of Boston commenting on certain natters referred to in letter from Deputy Gov. Bullen in Havana, re agency in Havana 8 /29 iteport of Committee re above, recommending approval of suggested expense allowance for employees of Agency and of Gov. Harding's recommendations re one and two dollar currency notes, approved 8 /30 Opening of Agency on 6eptember 1st, 1923; advice from Boston re, 9 /4 hesolutions of Directors of _MBank re Cuban Agency, transmitted gRBoard; referred to Committee 7 /17 Weekly report from; letter from Governor Harding enclosing, 10/16 jeekly report from, transmitted Board by Governor Harding 11/ 7 Agricultural Cc Livestock Paper: FRBank of ITevir York extends existing rate of 4i% to rediscounts of, and advances on, with maturities not exceeding nine months 8 /6 "Agricultural Credit Facilities under the V. R. Act": Title of recently authorized pamphlet on agricultural credits changed to, eta. 8 /22 554 767 406 431 547 526 513 518-19 522 431 591 631 485 509 VI Agricultural Uredits Act: Enlarged powers of FRBanks provided for under ; memo. of Counsel re, submitted by Ohairman of Commi ttee on Agricultural Uredit Uonditions, sugge sting a pamphlet be published for general distribution embodying said memo.; tabled, until checked by Law Committee "Agricultural Credits under the F. R. Act": Pamphlet entitled, authorized to be compl eted, and distribution made as originally contemplated Secretary authorized to advise all 1,RBanks of contemplated publication and see if they can utilize pamphlet in their districts, also find out number of copies they require Secretary reports on number of agric ultural credit pamphlets desired by the RBanks Work upon proposed pamphlet entitled, autho rized suspended until Board shall determine, after matter has been published in FRBulletin, whether it desires further distribution in pamphlet form Agricultural Paper: Rate of 41. 0 fixed on, by rRBank of Chicago, with maturities from six to nine months Agricultural Products: Financing the marketing of; letter from Dalla s re Board's recent circular re, and reporting results of conference held in Dallas on July 24th Aiken, Alfred I. Statements made by, before Ooint Committee of Inqui ry an Membership in FRSystem, re alleged practice of certa in member banks in Boston of depositing with aBank of Boston at close of each day their vault cash for purpose of maintaining required reserves; letter from Governor Harding of Boston to Board re, Albany Exchange National Bank, Albany, cieorgia: Application of, for permission to accept up to 100/0 of capital and surplus; referred to Committee on Examination Disapproved Latter reconsidered, and bank granted autho rity to accept up to 100,0 of paid in and unimpaired capital and surplus American Bank of San Francisco, San Francisco, ual.: Authority granted, to .accept drafts and bills in an amount equal to 100p of paid in and unimpaired capital and surplus Permission granted, to absorb Security Bank & Trust Uo. of Jan Francisco, and operate latter's branch at 2626 Iission street, San Francisco 7/3 4051 7 /24 44/ 8 /14 490 8 /21 503 7 /18 443 8 /14 490 8 /6 486 10/23 596°1 10/23 10/25 595 604 I 10/31 1 610.4 9 /14 543 9 /4 523 VII Page American Bankers' Association: 1924 Attention called by RBank of Chicago to fact that ting reques and convention of, will be held in Chicago, ce practi uing Board's views as to propriety of contin 12/11 of making Federal Reserve exhibits at such convention upon t Chicago granted authority to make exhibi understanding it will consult with the FRBanks making former exhibits and utilize as much of their material as possible; also that it will submit to Board for approval plans for additional 12/11 material, with cost in of, tion conven at R. System exhibit to be set up Atlantic City in September; authority granted aBank of Philadelphia to expand a sum not in excess of 7 /24 91,800 for, American Consul at Florence, Italy: n Dispatch from, to State Department, re connection betwee n Italia n certai and sco, Franci Bank of Italy, San 8 /22 banking institutions American Elevator & Grain Trade of Chicago: , asking Telegram from, re Board's circular letter, X-3772 ned as contai ing" market ly "order term of definition Credit ltural Agricu on tee Commit to therein; ref. 7 /10 Conditions American Institute of Banking: and Appropriation of ipZ,000 by FRBank of Cleveland for, for other educational purposes in Cleveland, approved 11/13 for seasons 1923-4 American National Bank., .adfield, uouth Dakota: Application of, for privilege, if necessary, to offer for rediscount paper originating in non-member banks; 8 /14 approved Architect, f. I. Board: See "Consulting Architect, F. li. Board" Asia Banking Corporation: Authority granted, to accept for purpose of furnishing 11/22 dollar exchange Assessrent of V. R. Banks for .riNpanses of F. R. Board: lam. of Fiscal Agent giving estimate of expenses of 12/21 Board for six ronths' period ending June 30, 1924 above ilesolution of Board assessing FRBanks for 12/21 expenses Assistant Secretary of the Treasury dinston: Letter from, asking that he be advised of position the FRBoard will take at nearing before Congressional Joint Committee of Inquiry on Lembership in the 9 /21 FRSystem; ref. to Governor with. power 716 717 450 511 416 657-8 491 675 778-9 779 556 VIII Assistant Secretary of the Treasury Winston: (Continued) Letter from, to Dr. W. W. Stewart, Director of Board' s Division of Research & Statistics, requesting that he prepare a brief review of domestic credit situation during past year; ref. to Governor for reply 8 /7 Letter from Er. Winston under date of Aug. 13th, renewing above request; ref. to Gov. for reply 8 /21 Letter from, under date of september 20, 1923, with further reference to his request for copies of minutes of meetings of FRBoard; ref. to Governor with power 9 /21 Letter from Board to, re status of several matter s before Board in which Treasury Department is intere sted 10/ 1 Letter from Governor to, stating that copy of Board's docket will be sent to Dr. Winston prior to each meeting of FRBoard, but that copy of Board's minute s cannot be furnished after each meeting of Board as same would be a violation of Board's By-Laws 9 /20 Board approves letter and directs copy of docket be furnished Er. dinston before each meeting 9 /20 Request from, that he be furnished with copy of recommendations of r'ederal Advisory Uouncil of September 17th & 18th, 1923, and furnished with copies of the minutes of each meeting of the FRBoard; referred to Govern or with power 9 /19 Assistant to the Governor: Lotion by Er. James that authority be given to Governor to employ; motion laid on table, to be made special order of business Lov. 8th 11/ 6 Appointment authorized and duties outlined 11/ a Statements by lessrs. Liller, hamlin & Gov.erissinger giving views in re matter of proposed appointment 11/ 8 Assistant Treasurer of the U. S.: Request from, that Board reimburse Treasury Department for a package of one hundred one dollar silver certificates furnished Board for purpose of comparing redemption receipts of currency notes against standard fit notes as prescribed by the Treasury Department, approved 9 /25 Atlantic National Bank of Jacksonville: Letter from i'resident of, re action of FRBank of Atlanta in declining to purchase from its member banks Treasury certificates on same terns as FRBank of New York purchases them from its member banks; draft of reply to, submitted by Dr. Platt 10/ 4 Board votes to send letter to FRBank of Atlanta along lines of the one submitted by Er. Platt, and to forward copy of same to Ir. Lane for his information 10/ 4 488 506 556 571 552' 552 550 630 655 655 560 580'1 580•4 fly Banc Italy Corporation: Report of examination of, as of October 13, 1923, and 11/ 6 memo. of Chief Examiner of IRBank_ of an irancisco re, matter, above re s Examination on Eeport of Committee concurring in analysis of reports by Board's Chief Examiner and recommending that all papers 11/28 be circulated Dakota: South Bank of Brookings, Brookings, Application of, for permission to rediscount paper 8 /29 originating in non-member banks, approved Bank of Central 6: jouth America: aBank examiners participating in examination of; salary increases of 500 per month approved for, for six 9 /5 months period beginning Sept. 1st Jan Francisco: Bank of Italy, Branches: Application for permission for stockholders' Auxiliary Corporation to proceed with negotiations for purchase of American javings Bank (ic Golden State Bank of Long Beach, cal., with intention 7 /18 later to convert these institutions into branches /2 8 Disapproved by VRBoard first Application for permission to take over i‘ational Bank of earlier and establish branch; telegram from an krancisco recommending tentative approval of, also in re matter of condition of the 11/20 bank; referred to Committee of ion recommendat upon , Application disapproved Committee an .:;xaminations, the Committee stating that the bank does not appear to be in 11/22 immediate danger /12 12 matter above re Iderrin RAgent Letter from Long in banks certain of purchase Application for Beach Cal.; all letters and telegrams re, submitted to Board; Examination committee instructed by Board to prepare tentative draft of reasons upon which action should be based in event Board 7 /31 finally decides to decline application Board's action in declining permission for establishment of certain; two telegrams from San 8 /21 Francisco re, under date of August 16th his Letter from FRAgent iJerrin supplementing 8 /22 telegram of August 16th C. Elliott, Conference between W. G. LcAdoo and L. representing Bank of Italy, and members of 2RBoard, re matter of branches for Bank of Italy, having particular reference to bank's application, through its Stockholders' Auxiliary corporation, to purchase nmerican Savings Bank a; Golden state Bank 7 /18 of Long Beach for conversion into branches Page 629 692 513 525 438 473-4 670 677-8 725 466 507 510 438-9 X Bank of Italy, San Francisco: (Continued) Branches: (Continued) Inquiry from AlAgent _Perrin as to whether permission given by Board to Bank of Italy to take over American Savings Bank of Long Beach incl udes the taking over of two branches of that institution at Horth Long Beach and Compton, Ual., and establishment of branches on their premises; refe rred to Committee 12/29 rajority and minority report submitted by Committee on .,4xamination of aBoard upon the Boar d declining applications for branches by Bank of Ital y and Pacific Southwest Trust & Savings Bank; majority report accented by Board as statement of its position and copy ordered sent to 1:11A gent _Perrin for transmission to the two banks concerne d 8 /2 ITewspaper clippings, etc., re Bank of Ital y's proposed branches at Long Beach, Ual.; lett er from aAgent Perrin enclosing, 8 /21 ilenewnl of applications for permission to take over Bank of Watsonville (N: Watsonville savings Bank and establish branch on premises occupied by these banks, to take over American savings Bank & Golden State Bank of Long Beach and establish bran ches on premises occupied by each, and to establish bran ch de novo at Banta Lana, Cal.; referred to Comm ittee on ;xaminations 12/13 2irst two applications lost on tie vote and application to establish branch de novo at Santa Lana, ualifornia, disapproved 12/17 Lotion b:; irs Liller that Board reconsid er action taken on Dec. 17th., approved 12/18 he above applications approved, with exce ption of application for permission to establish branch de novo at Santa Earia, k;alifornia, which was refused 12/18 Statement by Lr. liner explaining his vote on above matter 12/18 ileauest from L. U. Elliott that Lr. LcAdoo be furnished with revised report of Er. s'errin on application of Bank of Italy to establish bran ch at iuba city; referred to Uommittee 7 /10 Board refuses above request 7 /11 in. Elliott requests Board to reconsider above action; no motion to reconsider made 7 /31 Protest from Lr. il-cAdoo against Board's refusal to furnish copy of revised report of tliAg ent 2errin re application of Bank of Italy to establish branch at iuba city 7 /18 4I 751 75 749 79Vi 416 46e 439 XI Page Bank of Italy, San Francisco: (Continued) Branches: (Continued) 'elegran from lArector Rosenfield of Golden State Bank of Long Beach to FRBank of San Francisco asking that he be granted hearing before approval is given to stock sale of this bank to Stockholders' 7 /18 Auxiliary Corporation of Bank of Italy Perrin FRAgent Reply of Gov. Urissinger to asking that he find out nature of Yr. 7 /18 ..iosenfield's objections asking Board to Francisco '.12elegram from aBank of Can that it authorize holding in abeyance of notification directed to be given Bank of Italy and Pacific Southwest ..rust & Savings Bank re resolution of Board of August 2nd. stating policy re branch extension, also requesting that Board modify its action or the result will probably be that a number of prominent member banks will withdraw from the System; motion by ir. Liller that Joard reconsider, ordered 8 /14 docketed forApt. 12th. rA!elegram from Juperintendent of Banks of Cal. stating that he had granted permission to Bank of Italy to take over American Savings Bank & Golden State Bank of Long Beach and convert same into branches, and 7 /18 urging similar action by FRBoard esto Athdramal by, of applications for permission tablish branches at Long Beach, Santa Darla, and 10/10 Watsonville, California with crissinger 'llelegrams exchanged by Gov. Assistant YRAgent at San Francisco re; ref. 11/20 to Committee ng recommendi above, on Report of Committee that the papers be filed until such time as the Bank of Italy shall formally renew 12/ 6 its applications institubanking Italian certain and between, Connection tions; dispatch from American Consul at illorence, Italy, 8 /22 to state lApartment re, ixamination charges assessed against; refunding of amount 8 /22 of, recommended by FRBank of San Francisco /13 9 Board disapproves of Examination of Bancitaly Corporation, report of, as October 13, 1923, and memo. of Chief iaaminer of kaBank 11/ 6 of San r'rancisco re, er, above'matt Report of Committee on ixaminations re concurring in analysis of reports by Board's Chief Examiner and recommending that all papers be 11/28 circulated 438 439 491-2 438 583 670 706-7 511 510 539 629 692 XII Bank of Italy, San Francisco: (Continued) Examination of, to be started by California State Banking Department on September 29th.; advice from FRAgent Perrin re, stating that simultaneous entrance will not be made of head office and all branches but only of head office & San Francisco and Los Angeles city branches, with later independent examinations of outside branches; referred to Committee 10/ 1 Board approves recommendation of Committee on idBMinations that in view of ruling in favor of simultaneous examinations, the above examination can not be considered as sufficient and acceptable 10/ 3 1!;xamination of Stockholders' Auxiliary Corporation; report of, as of Sept. 29, 1923, and memo. of Chief Examiner of FRBank of San 2rancisco re, 11/ 6 Report of Committee on Examinations re above matter, concurring in analysis of reports by Board's Chief 1::xaminer and recommending that all papers be circulated 11/28 of Japan: Disposal in near future by, of investments in New York; statement by Gov. Strong re, the FRBank of New York contemplating taking over $19,000,000 of bills now awned by Bank of Japan, being U. S. securities of short term maturities 12/ 6 Bank of Ocoee, Ocoee, Florida: Request from, for permission to retain its membership in FRSystem until Nov. 30th., the bank having advised of its intention to withdraw on January 15, 1923, and the date of expiration of the six month's notice of withdrawal falling due an July 15, 1923; approved 9 /25 Bank of Rome: Radiogram from, expressing regret at hearing of death of President Harding, and extending sympathy 8 /6 Bank of Republic of Columbia, south America: Advice from FRBank of New York re desire of, to open a current account with the .FRBank; Board approves FRBank proceeding in matter upon understanding that before the account is opened the form of agreement must be submitted to it for approval 9 /18 Custody account in name of, opened by aBank of New York; advice from Deputy Governor Case re, 7 /25 Letter from Deputy Governor of PRBank of New York submitting cagy of letter to, re Columbian bank's proposal that the FRBank open on its books an account current in its name 9 Y25 Bank of Washington, F. C. Authority granted, to reduce capital stock from 9150,000 to 0.00,000 12/ 5 573. 574 629 6cirulated 7o4 558 486 547 ) 452 562 697'1 XIII Page Bankers rational Bank, Linneapolis, Linn. Authority granted, to reduce capital stock from ,(100,000 12/ 5 to 0100,000 Rock, Arkansas: Bankers Yrust Co., Little Communication from, suggesting amendments to section 5200 of U. S. Revised Statutes and to Section 13 of FRAct; 7 /10 referred to Law Committee 7 /26 reply for to Governor referred Above matter Banking: Changes in trend of, under FRSystem; La.. Miller granted authority to conduct a study to ascertain, more particularly the ratio of capital assets to liabilities and 11/ 6 the conversion of demand deposits into time deposits Banking & Currency: Suggestion from San Francisco that Board create committee to conduct study of conditions re, of various nations 10/30 during and since the World War Barry, David, President of First Nat. Bank, Johnstown, Pa. Conference of, and Frank Hummler of Scranton, Pa., with Board, re certain difficulties experienced by member banks in Scranton 6: Johnstown in matter of adequate and timely currency supply from MBank of Phila.; Board requests rr. Hummler to submit method of relief suggested by him, to FRBank of Phila. for Intimate transmittal to 7 /18 FRBoard Batavian national Bank, La Crosse, Wisconsin: Copy of article entitled "Federal Reserve Clearing System"; letter from President Wing of bank trans10/16 mitting, drawn items for exchange Right of, to charge the MBank 8 /29 on it; letter from its President re, Bellevue State Bank, Bellevue, Iowa: Form of advertisement of membership in aSystem being used by; letter from First National Bank of Bellevue 7 /11 calling attention to, Drafts: Lading of Bill Conference between FRBoard and Governor McKinney of FRBank of Dallas, the latter explaining method of handling cotton bill of lading drafts in eleventh district and reasons actuating the FRBank of Dallas in recommending approval of applications of certain member banks for permission to rediscount such bills when endorsed by or 9 /27 emanating from non-member banks to 4, 1923, Proper construction of amendment of Larch Section 13 of FRAct re discount of sight and demand; memo. of Board's Counsel suggesting form of reply to letter from FRAgent Martin of St. Louis re, ordered 12/27 circulated and docketed for later meeting 700 416 455 626 607 439 591 514 419 569 784 X IV Pat Bill of Lading Drafts: (continued) liecommendation from Dallas re, otherwise eligible, be made eligible for discount or purchase by FRBanks for member banks when endorsed by or emanating from non-member banks 9 /4 Board advises Dallas that provisions of its regulation re rediscounts for non-member banks shall apply to bill of lading drafts 9 /4 Sight, originating with and bearing endorsement of nonmember banks; reconsideration by Board of action in refusing permission to certain member banks in Bleventh District to discount, with FRBank of Dallas, requested by FRAgent alley in letter of October 20th. 12/ 7 deport of Committee on above, stating that facilities / needed in 1211eventh District can best be given by authorizing the reserve bank to engage in purchase and sale of sight bill of lading drafts as an open market operation, and recommending such drafts bear two endorsements, one of which must be that of a member bank; approved 12/ 7 Billings ilational Bank, Billings, Oklahoma: Application of, for permission to reduce capital stock from 30,000 to .,p25,000; referred to Committee on Examination 12/5 Approved, provided amount of reduction is applied to liquidate estimated losses and doubtful paper 12/12 Bills of Exchange: Applications from eleven banks in eleventh district for permission to rediscount, during remainder of year, bills of exchange endorsed by or emanating from nonmember banks, drawn to finance domestic shipments of nonperishable, readily marketable staple agricultural products and secured by bills of lading or other shipping documents conveying or securing title to such staples; disapproved 9/25 Standardized international code for regulation of; letter from 'Department of State re proposed formulation of, referred to Li, . Taller for conference with Secretaries of '4!reasury and commerce to whom similar commun ications have been addressed 10/23 Blackstone canal k.ational Bank of Providence, h. I. Letter from (Joy. Harding of Boston re previous correspondence between, and FRBoard, concerning bankers' acceptance transactions; referred to Counsel for prepar ation of reply 11/ 7 Board's Regulations, Series of 1923: See under "Regulations, F. R. Board" Boll Weevil convention: Letter from President of Louisiana Bankers' Association with further reference to, to be held in i\ew Orleans on October 25-26, 1923; Board votes to send copy of letter to those FRBanks to which copy was not sent on Jept.20th. 9 /27 522 522 715 715' 700 725 56; 598 631 561' XV Boll Weevil Convention: (Continued) Louisiana Dankers Association calls, for purpose of devising ways and mans to combat ravages of boll weevil; letter from Association requesting that iioard advise all FRBanks re and they in turn advise their member ' 9 /19 550 banks Bonds: F. R. Agents & Assistant FRAgents: Anderson, J. B., Assistant RAgent at Cleveland; 7 /10 414 bond approved for, in amount of 450,000 Burgess, W. Randolph, Assistant FRAgent at New York, 570 10/ 1 bond approved for, in SUM of ,'4.50,000 Dillistin, William h., Assistant VRAgent at New 570 10/ 1 York, bond approved for, in sum of 950,000 Evans, William Joseph, Acting Assistant FRAgent at 9 /11 531 Dallas; bond approved for, in amount of 00,000 Fletcher, W. H., Assistant FRAgent at Cleveland, 414 7 /10 bond approved for, in amount of .,p50,000 Gettemy, k:harles F., Assistant FRAgent at Boston, 10/23 595 bond approved for, in sum of 950,000 Hoxton, W. Vh, aAgent at Mchmond, two bonds ap9 /27 567 proved for,in amount of 450,000 each Sargent, S. G., Assistant FRAgent at San Francisco, 595 10/23 bond approved for, in sum of y50,000 Schrader, William C., Acting Assistant VRAgent at Detroit Branch; bond approved for, in amount of 423 7 /12 50,000 Surety bonds for; reply of Board to letter from Gav. -Young of Einneapolis re necessity of requiring 590 10/16 individual, Sale by FRBank of Dallas to _MBank of New York of $1,232,000 of U. S. ah conversion bonds on 44; basis, 470 8 12 advice from Dallas re, requesting approval; approved Sale of, under Section 18 of illAct; advice from I.Lreasurer of the United States that no applications have been re570 10/ 1 ceived for, during quarter ending September 30, 1923 .erust officers in national banks; letter from FRAgent at Richmond re bonding of, which have been granted fidu10/23 ciary powers by the FRBoard596 Bonus: P. Re Bank of New York: Payment of special compensation to employees on December 19, 1923, receiving less than v5,000 per annum; letter from FRBank recommending, referred 669 to Committee11/20 Eeport of Committee that all aBanks be advised that Board will approve no bonus or extra com11/27 666 pensation payments of any character, approved XVI Bonus: (Continued) F. R. Bank of Philadelphia: Payment of 020.00 at end of year to each employee, exclusive of officers; request from FRBank that Board reconsider its action in declining, refer red to Committee 12/27 F. E. Banks: Board rules that it will not approve bonus or extra compensation payments of any character for the several FRBanks, the 1R3anks to be so notified 11/27 Boston dc Elaine Railroad: Form of loan for ;1,000,000 to, in two parts , carrier taking over both parts at present time in amounts of 41,106,000 and q5,894,000 12/28 Bowie, James W. Designation of, as second alternate vault clerk at Bureau of Engraving & Printing, approved upon request of Commissioner of rublic Debt 12/11 Branch Banks, Domestic: American Bank of San rrancisco: Permission granted, to absorb beaurity Bank Cc Trust Co. of ban r:rancisco and operate latter's branch at 2626 Lission btreet, ban Francisco 9 /4 Applications for branches, modification of condi tions of membership, etc., in Twelfth District; recommenda tion of FRBoard for submission of, to Board of Directors of FRBank of ban Francisco, or to committee which passes on original applications for membership, for consi deration, for ultimate transmittal to FRBoard toget her with report of FRAgent on same 11/20 Applications for branches of member banks in 5:welf th District; RBoard advises FRAgent Perrin that direc tors of his board and committees when considering, need not have direct access to reports of examinations of banks involved, but that Li.. rerrin can abstract essen tial information from reports and furnish same to his directors 12/31 Bank of Italy, Jan Francisco: Application of, for permission for btock holders' Auxiliary Corporation to proceed with negotiations for purchase of American bavings Bank & 6,o1d en State Bank of Long Beach for conversion later into branches of Bank of Italy 7 /18 Disapproved by RBoard a /2 Application of, for permission to take over First iIational Bank of Parlier and establish branc h; telegram from ban Francisco recommending tenta tive approval of, also in re matter of condition of the bank; referred to Committee 11/20 Application disapproved, upon recommendation of Comm. on Examinations, the Comm. stating that the bank does not appear to be in immediate danger 11/22 Letter from FRAgent Perrin re above matter 12/12 761 666' 526 511 796 00 40) 670 671" 72 XVII Page Branch Banks, Jionestic: (Continued) Bank of Italy, San wrancisco: (Continued) Application of, for purchase of certain banks in Long Beach, Cal.; all letters and telegrams re, submitted to Board; .6xamination Uormittee instructed by Board to prepare tentative draft of reasons upon which action should be based in event Board finally decides to decline application 7 /31 Board's action in declining permission for establishment of certain branches by; two telegrams from ban 8 /21 Francisco re, under date of August 16th. Letter from FRAgent Perrin supplementing his 8 /22 telegram of August 16th. Conference between W. G. McAdoo and M. C. Elliott representing, and members of FRBoard, re matter of branches for Bank of Italy, having particular reference to purchase of American Savings Bank & Golden State Bank of Long Beach for conversion 7 /18 into branches banking Italian certain Connection between, and institutions; dispatch from iimerican Consul at 8 /22 Florence, Italy, to State Department re, Inquiry from FRAgent Perrin whether permission given Bank of Italy to take over American Savings Bank of Long Beach includes the taking over of the two branches of that institution at North Long Beach and Compton, Cal., and establishment of 12/29 branches an their premises; ref. to Committee rajority and minority report submitted by Board's Committee on Examination, upon Board declining applications for branches by Bank of Italy and Pacific Southwest .1!rust & Savings Bank; majority report accepted by Board as statement of its position and copy ordered sent to FRAgent Perrin 6 /2 for transmission to the two banks concerned Newspaper clippings, etc., re bank's proposed branches at Long Jeach, California; letter from 8 /21 FRAgent Perrin enclosing, Renewal of applications for permission to take over Bank of Watsonville & Watsonville Savings Bank and establish branch on premises occupied by these banks, to take over American savings Bank & Golden State Bank of Long Beach and establish branches on premises occupied by each, and to establish branch de novo at Santa Laria, California; referred to Committee on 12/13 :6xaminations First two applications lost on tie vote and ap• • plication to establish branch de novo at Santa Maria, California, disapproved 12/17 Motion by Mr. Miler that Board reconsider action taken on Dec. 17th. on above, approved 12/18 466 507 510 438-9 511 794 475-482 505 731 738-742 749 Branch Banks, Domestic: (Continued) Bank of Italy, San Francisco: (Continued) The above applications approved, with exception of application for permission to establish branch de novo at Santa Laria, California, mhich was refused 12/18 Statement by Er. Yiller explaining his vote on above matter 12/18 Report of examination of Bancitaly Corporation, as of October 13, 1923, and memo. of Chief Examiner of FRBank of San Francisco re, 11/ 6 Report of Committee on Examinations re above matter, concurring in analysis of reports by Board's Chief Examiner and recommending that all papers be circulated 11/28 Report of examination of Stockholders' Auxiliary Corporation as of Sept. 29, 1923, and memo. of Chief Examiner of FRBank of an Francisco re, 11/ 6 Report of Committee an Examinations re above ratter, concurring in analysis of reports by Board's Chief Examiner and recommending that all papers be circulated 11/28 Revised report of Lr. Perrin on application, of, to establish branch at Yuba City; request from Lr. Y. C. Elliott for copy of, for kr. LcAdoo; referred to Committee 7 /10 Board refuses above request 7 /11 Er. Elliott requests Board to reconsider above action; no motion to reconsider made 7 /31 Protest from hr. lcAdoo against Board's refusal to furnish copy of Er. Perrin's revised report re application of Bank of Italy to establish branch at Yuba City 7 /18 Telegram from, stating he had granted permission to Bank of Italy to take over American savings Bank & Golden State Bank of Long Beach pnd convert same into branches, and urging similar action by FRBoard 7 /18 Telegram from MBank of San Francisco asking that Board authorize holding in abeyance notification directed to be given, and to Pacific southwest Trust & Savings Bank, re resolution of Board of August 2nd., stating policy re branch extension; also requesting that Board modify its action or the result will probably be that a number of prominent member banks will withdraw from System; motion by /r. Taller that Board reconsider, ordered docketed for September 12th. 8 /14 Telegram to MBank of ban Francisco from A. B. liosenfield, Director of tolden State Bank of Long Beach, asking that he be granted hearing before approval is given to stock sale by his bank to otockholdere Auxiliary Corporation of Bank of Italy 7 he 750-I , 751) 629 692 629 693 4 • 4164 439 458 491°1 458 Page Branch Banks, Domestic: (Continued) Bank of Italy, San Francisco: (Continued) Reply of Gov. erissinger to FRAgent Perrin asking that he find out nature of Ir. Rosenfield's objections Withdrawal by, of applications for permission to establish branches at Long Beach, Santa Darla, and Watsonville, California Telegrams exchanged by tiov. Crissinger with Assistant FRAgent at Jan Francisco re; referred to Committee Committee reports on above, recommending that the papers be filed until such time as the Bank of Italy shall formally renew its applications California branch bank situation; telegram from Li'. Miler in San Francisco to Gov. Crissinger re certain new developments in, California method of branch banking, and examination question as relates thereto; conferenccbetween F?Agent Perrin & FRBoard re, California method of branch banking, statement by Gov. Orissinger re views on, Conference held in San Francisco with revoresentatives of larger branch banking institutions in California and State Banking Department; telegram from Li'. Miller to Board re results of, Conference re branch banking to be held in San r'rancisco on October 8th.; Ex. Miller telegraphs Board, through FRBank of San Francisco, asking for -suggestions in re matters up for discussion Board to advise Ex. Miller that it has no further suggestions to offer Extension of branch banking In the United States: Majority report of Committee on Examinations re matter of, signed by Messrs. Dawes u James, together with resolution formulating policy for regulating same, approved Minority report, signed by Li'. Platt Expression of opinion on both reports by Ir. Hamlin Expression of opinion by Mr. Cunningham Expression of opinion by Gov. Crissinger Expression of opinion by Er. Miller to be filed in Board's records at later date Immediate publication of majority report authorized Immediate publication of minority report authorized 7 /18 439 10/10 583 11/20 670 12/ 6 706-7 10/ 1 571 9 /13 539 7 /31 467 10/12 587 10/ 3 573-4 10/ 3 574 11/ 7 11/ 7 633-639 639-643 11/ 7 11/ 7 11/ 7 643-64E 645-647 647-8 11/ 7 648 11/ 7 649 11/ 7 649 xx page Branch Banks, Domestic: (Continued) Parmers Bank of Pelham, Georgia: Application of, to establish branch at Sale City, Georgia; referred to Committee on Examinations 12/12 Report of Committee, recommending VRBank of Atlanta be requested to submit more detailed information in matter and give at of condition of the two banks concerned; approved 12/13 Additional information furnished by YRBank of Atlanta 12/17 Application approved to take over Bank of Sale City, Ga., and operate it as branch 12/18 Italian-American Bank of Jan .erancisco; application of, to take over Columbus Savings 0: Loan Society of San b'rancisco and establish branch on premises; referred to Committee 11/14 Approved on november 16th. by initials of six members of Board, and ratified of date 11/20 Memo. of General Counsel re past policy of Board in acting upon applications of state member banks for additional branches, together with memo. by Lir. Hamlin re; copies ordered distributed to members of Board 7/31 Mercantile Trust Co., Pacific Southwest Trust & Savings Bank, & Security Trust & Savings Bank; letter from, under date of October 8th., making certain suggestions for consideration of Board in formulation of policy re extension of branch banking in California, referred to Committee on Lxaminations for report as to form of reply 10/30 Mercantile rust Co., San .irancisco: Application of, to take over Contra Costa County Bank of 2ittsburgh, Cal., and establish branch on premises, approved 11/28 Uotification from, of intention to open a city office to be known as "Civic uenter Office", being one of agencies for which tentative approval was given by Board on October 5, 1922 7 /10 Permission granted, to take over assets and assume liabilities of Growers? National Bank of Campbell, and remove its Campbell office from its present premises into quarters now occupied by the Growers' National Bank 8 /29 Pacific Southwest Trust & Savings Bank, Los Angeles: Action by Board in declining permission for establishment of certain branches by; two telegrams from San :irancisco re, under date of August 16th. 8/21 Letter from FRAgent Perrin supplementing his telegram of August 16th. 8 /22 Application of, for permission to absorb pioneer Bank of rorterville and its branches at Exeter and Strathmore; referred to Examination Committee with instructions to prepare tentative draft of reasons upon which action should be based in event Board finally decides to decline applications 7 /31 724 730 755 753 665 665 ' 466 608 691 416 516 501 510 466 Page Branch Banks, Domestic: (Continued) Pacific southwest Trust (;: savings Bank, Los Angeles: (uontinued) 8 /2 Application disapproved by iioard 10/ 4 Bank withdraws application Renewal of request for permission to take over Pioneer Bank of rorterville and to establish branches at Porterville, Jxeter and Strath11/20 more; referred to Committee 11/22 Application approved Application of, for permission to establish branch on Vermont Avenue, between Santa Barbara and Slauson 7 /31 Avenues, Los Angeles; referred to Corn. a /2 Application disapproved by Board Bank withdraws application for permission to es10/ 4 tablish above branch apof approval Letter from VRAgent Perrin recommending plication of, to take over Imperial Valley Bank of Brawley, Cal., and operate it as branch, to which ten8 /29 tative approval was given by Board on .r'eb. 20, 1923 8 /30 approved Application rTtAgent by transmitted of, President vice Letter from Perrin, re action of his bank in purchasing assets 11/ 6 of Iiirst rational Bank of Lindsay, Cal. Report of Committee re above, stating that lice President of Pacific southwest .irust 6: Savings Bank is justified in his statement that neither permission of Board nor of State Banking Lepartment of California is necessary in above trans11/ 7 action rajority and minority report submitted by Board's Committee on Ilatamination re applications for branches by Pacific southwest Trust 0: savings Bank 6: Bank of Italy; majority report accepted by Board as statement of its position and copy ordered sent to iIRAgent 8 /2 Perrin for transmission to the two banks concerned Protest of, against payment of costs assessed by ZRBank of an .erancisco for examination made on Sept. 8, 1922; copies of letters exchanged between the two 7 /12 banks re, forwarded Board by raAgent Perrin re Perrin .ollAgent from Board replies to letter 7 /31 above re of date hearing, of postponement for Request from, matter of branches for large California banks, from Sept. 12th. to 19th.; Board unable to postpone date 8 /29 owing to meeting of Advisory Council on Sept. 17th. Telegram from aBank of ban Francisco asking that Board authorize holding in abeyance notification directed to be given, and to Bank of Italy, re resolution of Board of August 2nd., stating policy re branch extension, also requesting modification of Board's action; motion by Li'. Liller to reconsider, 8 /14 ordered docketed for Sept. 12th. 474-5 580 669-70 676 466 474-5 580 515 520 627 632-3 475-48 423 462 514 491-2 XX II Branch Banks, Domestic: (Continued) Policy recently adopted by RBoard re extension of branch ystem; letters from banking by members of the President of industrial Trust Co. of Providence, R. I., and by Congressmen O'Connell and Jurdick of R. I. to FRBank of Joston re, ordered circulated and referred to 11/20 Committee on =aminations Report by Er. Taller re recent visit to California and re conferences with representatives of certain of the larger branch banking institutions and state Department of Banking of California, also presentation of letter to ioard from representatives of Mercantile Trust co., Pacific southwest Trust cz savings i)ank, and 10/23 Security Trust cz Savings Bank, re branch banking Inquiry from Mr. Miller as to when Board can consider letter from above three California banks 10/25 presented by him at meeting of October 23rd. Lxaminations recommending Committee on Board's Report of that FRAgent at an Francisco be permitted to submit applications for, to .Lxecutive Committee of the eRBank whenever he has an application before him and a meeting of the Executive Committee precedes a meeting of the 12/ 5 Board of Directors, approved Resolution adopted by FRBoard that Board of Directors, or committee, of eRBank of San Francisco must thoroughly investigate all applications for branch banks and trans11/22 mit same to Board before it will take action Resolutions submitted by Mr. Hamlin on Lay 22nd. resubmitted, setting forth certain rules which should govern establishment of branches by state banks and trust companies; referred to Committee on Examination for study, 7 /31 report and recommendation security Trust & Savings Bank, Los Angeles: Application of, for permission to establish six branch offices in Los Angeles at or near locations 12/27 listed, approved Letter from, re policy recently adopted by Board in matter of establishment of branches by members of FRSystem, requesting approval of program to establish city branches, not to exceed twenty-five in number, from time to time, and to establish branches in number of contiguous and non-contiguous cities and towns in metropolitan district surrounding Los 12/18 Angeles ileply authorized, informing Yr. Sartori that applications filed with reference to city of Los Angeles are not affected by time limit set in resolutions of 1,ov. 7th., but that all other applications for branches must be filed before 12/18 February 1, 1924, in regular manner 610 599 604 696 6/6 465/ 765 /0 Branch Banks, Domestic: (Continued) beaurity Trust Co., Bakersfield, Cal.: Application of, for permission to take over assets and assume liabilities of Bank of A aricopa, California, and operate same as branch; referred to Committee Approved Union Savings Bank 6: Trust Co., Cincinnati: Application of, to take over home Savings Bank Company of Cincinnati and operate it as branch; referred to Committee on Examinations Valley Bank of Phoenix, Arizona: hequest from, for permission to take over assets and assume liabilities of eirst ilational Bank of Glendale, Arizona, and operate it as a branch of the Valley Bank; referred to Committee on zxaminations Approved Branch Banks, FRS: Assistant PRAgents; statement by Er. Eiller that he thinks it advisable to investigate matter of discontinuance of, at branches of FRBanks whose reserve positions are such that they can carry as issued a sufficient stock of r. R. notes at the branches without unduly depleting their reserves Baltimore: Acting Assistant RAgent; re-appointment of O. b. Donahue as, subject to approval of 2RBoard Assistant YRAgent: C. 1. Duley re-appointed as, subject to approval of RBoard; ref. to Committee Directors: Bee under heading "Directors" Officers and employees; certain salary changes affecting, Quarters: Introduction in Congress of joint resolution permitting construction of building to cost not in excess of 4969,000 for branch; Board of Directors of PRBank of iiichmond authorizes, subject to approval of RBoard; ref. to Coin. btaff: Donahue, O. B. re-appointment as Acting Assistant iRAgent, subject to approval of PRBoard Duley, C. i., re-appointment as Assistant PRAgent, subject to approval of iRBoard; ref. to Corn. Birmingham: Alternate Assistant VRAgent; nppointment of 'aomas Thomas Jowron as, for year ending Dec. 31, 1924 11/13 11/14 657 663-4 12/27 783 10/30 11/ 7 11/ 8 607 649-50 652 12/17 737 12/17 736 12/17 736 12/19 762 12/20 768 12/17 736 12/17 736 12/18 746 Ian" page Branch 3anks, ZRS: (Continued) Birmingham: (Continued) Assistant 1:TtAgent; appointment of James 3. Cobbs as, for year ending Dec. 31, 1924, subject to approv al of FRBoard; referred to comrdttee 12/18 Chairman of Board of Directors; 4. li. Kettig redesignated as, 12/28 Directors: oee under heading "Directors" Lrection of building to house branch; letter from W. H. Kettig re, referred to Committee on 3ranches 10/30 Report of Committee on above, submitting letter to Chairman of Board of Directors of Birmingham Branch; letter ordered transmitted 11/ 1 Handling by, of check drawn with restrictions; letter from .eirst National Bank of Pittsburgh, a. to RBoard re manner of, 8 /29 6taff: Bowron, .2homas, appointment as Alternate Assistant PRAgent for year ending Dec.31,1924 12/18 Cobbs, James B., appointment as Assistant eRAgent for year ending Dec. 31, 1924, subject to approval of 01Board 12/18 Buffalo: Buffalo Clearing ouse Association; communication from Chief kfational Bank Ixaminer of Second Dist. to Comptroller of Currency stating that he has been advised that Lanager of Branch has been showing copies of bank examiners' reports to, 7 /11 Directors: See under heading "Directors" Cincinnati: Directors: See under heading "Directors" Quarters: Building to be vacated by riourth i:ational Bank of Cincinnati; purchase of, recommended-by Victor rieintz, for the branch; referred to Committee on Branches 11/ 6 Report of Committee re above, and reply authorized sent to Lr. Heintz explaining Board's position re new buildings for PRBank branches 11/ 8 Salaries: Officers and employees; certain changes affecting salaries of, 12/19 Committee appointed an, by Governor, with instructions to request Counsel for opinion as to whether Board can discontinue branch 2RBanks or whether the Manks having branches can discontinue same, also to secure opinio n of Attorney General on matter 9 /26 746 791 607 621 515 746 746 420 621 665 758 'AXV Page Branch Banks, FRS: (Continued) Committee on Branches of aBoard directed to make thorough investigation of situation re, Cost of organization and operation of; Committee on Economy &I Efficiency instructed by Board to investigate and report re, Denver: Directors: See under heading "Directors" Detroit: Acting lissistant FRAgont; request for appointment of d. C. Jchrader as, subject to approval of FRBoard; action deferred (See files) Assistant xRAgent; appointment of J. G. Baskin as, subject to approval of FRBoard; action deferred (See files) Bonds: C., ncting Assistant rEAgent, Schrader, bond approved for, in amount of v50,000 Quarters: Request from FRBank of Chicago for permission to proceed with erection of suitable building for branch; Board to advise FRBank that it will not pass on applications for new branches or buildings until after report on matter now under consideration re branch FRBanks Staff: Baskin, J. ., appointment as Assistant FRAgent, subject to approval of AlBoard; action deferred (See files) 6chrader, 77. C., appointment as Acting Assistant AlAgent subject to approval of FRBoard; action deferred (See files) Directors: Terms of appointment of, discussed; Board of opinion provision should be made for rotation in terms of FRBanks; and Joardis appointees to Boards of Directors of Reserve Branches, the matter of workbig out details of plan referred to Committee on Branches Committee submits report on above; ordered circulated and re-docketed for meeting of Dec.13 Report of Committee accepted, and matter referred back to it for preparation of rules covering same along general lines suggested in report El Paso: Directors: See under heading "Directors" 10/31 612 7 /11 421 12/20 768 12/20 768 7 /12 423 11/20 672 12/20 768 12/20 768 12/ 6 709 12/12 725 12/13 730 Branch Banks, 211S: (Continued) El Paso: (Continued) Salaries: Franklin, W. U., salary approved at %,33,000 per annum Officers and employees; certain salary changes affecting, Staff: heordan, Dwight P., Assistant VRAgent at Dallas, appointed as Assistant to the Lanager of the El Paso Branch Weiss, d. O., temporarily relieved of some of his duties at the branch bank in order to give more time and attention to "sick" and insolvent banks in district Helena: Defalcation case of Arthur 1:elson; letter from Gov. of baBank of Einneapolis to tioard giving reasons why branch did not report earlier Directors: See under heading "Directors" ranager R. E. Towle, leave of absence granted, for sixty days on full pay, on account of physical condition Salaries: Officers and employees; certain salary changes affecting, staff: E., Yanager, granted leave of absence Towle, for sixty days on account of illness Houston: Directors: See under heading "Directors" 6alaries: Officers and employees; certain salary changes affecting, Indianapolis, Indiana: (proposed branch) Bank of Ghicago transmitting petition Letter from for establishment of branch in, and giving opinion of its directors that present conditions do not justify establishment of the branch Letter from benator James E. Watson transmitting communications endorsing application before Joard for establishment at,of branch of inank of Chicago; ref. to Committee Jacksonville: Alternate Assistant VRAgent; appointment of Lalachi H. Haughton as, for year ending Dec. 31, 1924, subject to approval of RBoard Assistant rilAgent; appointment of Lzeorge i. Lartin as, for year ending Dec. 31, 1924, subject to approval of VRBoard 7/3 404 12/19 761 8 /29 516 8 /29 516 7/3 401 7 /3 401 12/19 760 7/3 401 12/19 761 12/27 12/27 786 12/18 746 12/18 746 36 XXVII Page Branch Banks, FRS: (Continued) Jacksonville: (Continued i Chairman of Joard of Directors; re-designation of John C. Cooper as, Directors: See under heading "Directors" Staff: Haughton, Lalachi if., appointment of, as Alternate Assistant FRAgant for year ending Dec. 31, 1924, subject to approval of RBoard Martin, George I., appointment as Assistant FRAgent at Jacksonville Branch for year ending Dec. 31, 1924, subject to approval of FRBoard Little Rock: Directors:* See under heading "Directors" Quarters: Erection of building for branch; recommendation of Board's Committee on Jranches for, tabled, pending return of Ir. 'James - Board approves erection of building and authorizes RBank of St. Louis to secure bids for same Letting of contracts for erection of building to house branch at cost of approximately $357,200 authorized Salaries: Ekployees; certain changes affecting salaries of, Manager; recommendation of Board's Committee on Salaries & Expenditures re salary of, approved Los Angeles: Directors: See under neading "Directors" Louisville: Directors: :iee under heading "Directors" 12/28 791 12/18 746 12/18 746 10/25 602 10/31 612-614 12/21 777 12/19 757 12/19 757 10/ 3 576 12/19 757 8 /14 493 11/ 8 653 12/ 6 707 Quarters: Expenditure of 199,454.00 for an addition to present branch building, and for furniture and vault, approved Salaries: Assistant Cashier and employees; certain changes affecting salaries of, Luir, Earl R., Assistant Cashier, increase in salary disapproved Memo. of Lieneral Counsel containing an opinion that both FRBoard and FRBanks are without legal authority to abolish existing, and suggesting form of letter to Secretary of Treasury requesting ruling on subject by Attorney G-eneral; action postponed and memo. ordered circulated Memo. of Counsel ordered filed without action by Board XXVIII Branch Banks, AIS: (Continued) Memphis: Directors: See under heading "Directors" Salaries: Cashier, Assistant Cashier, and employees; certain changes affecting salaries of, 12/19 Alternate Assistant FRAgent; appointment of Clarence 0. Potter as, for year ending Dec. 31, 1924, subject to approval of FRBoard 12/18 Assistant FRAgent; appointment of WIltia T. Tyler as, for year ending Dec. 31, 1924, subject to approval of FRBoard 12/18 Chairman of Board of Directors; re-designation of W. H. Hartford as, 12/28 Directors: See under heading "Directors" Staff: Potter, Clarence 0., appointment as Alternate Assistant FRAgent for year ending Dec. 31,1924, subject to approval of FRBoard 12/18 Tyler, Wiltia Y., appointment as Assistant F. R. Agent at Nashville Branch for year ending Dec. 31, 1924, subject to approval of FRBoard 12/18 New Orleans: Alternate Assistant FRAgent; appointment of WilliaT Earl Liner as, for year ending Dec. 31, 1924, vt ject to approval of FRBoard 12/18 Assistant FRAgent; appointment of Lawson Brown as, for year ending Dec. 31, 1924, subject to approval of FRBoard 12/18 Chairman of Board of Directors; P. H. Saunders redesignated as, 12/28 Deputy Chairman of Board of Directors; redesignation of A. P. Bush as, 12/28 Directors: See under heading "Directors" Directors of RBank of Atlanta to hold their next regular meeting in, 9 /25 Staff: Brown, Lawson, appointment as Assistant FRAgent for year ending Dec. 31, 1924, subject to approval of FRBoard 12/18 Eiller, William Earl, appointment as Alternate Assistant FRAgent at New Orleans for year ending Dec. 31, 1924, subject to approval of FRBoard 12/18 Prosser, P. J., Assistant Cashier, resignation 7 /31 746 791 746 7415 791 70 569 /46 746 464 XXIX Page Branch Banks, FRS: (continued) Oklahoma City: By-laws; amendment to, to provide for an Assistant Cashier, define his duties, permit election of Discount Committee by directors, and define duties 10/16 of Manager By-laws; certain amendments to Sections 2, 3 and 4 of Article IV of, clarifying duties of Manager and 10/30 Cashier of branch, approved Directors: (See under heading "Dire at or s") Omaha: Associate Attorneys; appointment of palmer & Palmer 7 /18 as, for term ending Dec. 31, 1923 Directors: (See under heading "Direators") Staff: palrner & Palmer appointed Associate Attorneys for term ending Dec. 31, 1923, at retainer fee of 7 /18 ,200 per annum Pittsburgh: Directors: (See under heading "Directors") Salaries: Officers and employees; certain changes affecting 12/19 salaries of, Portland; (See under heading "Directors") Directors: Salt Lake City: (See under beading "Directors" Directors: uar ters Ere ation of bank building for branch; recommendation of Committee approving, tabled pending return of 10/25 Mr. James Board approves erection of branch bank building and aut hor i zes Fithank of San Franci 330 to s ecur e bids for same 10/31 Letter from board to Senator Reed Smoot of Utah, referring to communication sent to Senator Smoot by president of Commerae & Commercial club of Salt Lake city, re building for Salt Lake City 8 /2.9 branch Staff: Durran, .7. D., appointment as special assistant bank examiner 9 /25 secia1 assistant appointment as bank Iverson, H. F., 9 /25 examiner San Francisco branches; studies covering operations of, 7 /10 transmitted FRBoard by rRbank of San Francisco 590 608 442 442 758 602-3 614-15 514 558 558 414 Page Branch Banks, ARS: (continued) Seattle: Directors: (Jee under heading "Directors") Spokane: Directors: (see under heading "Directors") Study covering operations of branches of aBank of an Francisco; recommendation of Board's Committee on Branches that same be returned to Gov. Calkins for re-submission to the FRBoard whenever recommendations affecting status of branches of RBank of San Francisco are submitted; tabled, pending return of 14r.J3mes 10/25 10/31 Report of Committee approved Wichita, Kansas; (proposed branch) Committee of bankers and citizens of, to confer with Board on a /2 September 6th. re matter of branch FRBank at Wichita PRBank of Kansas City to be represented at hearing by 8 /29 Governor Bailey Hearing granted Governor Bailey of 4RBank of Kansas City, Senator Curtis of Kansas, and certain gentlemen from Wichita, Topeka, and Fredonia, re matter of establishment of branch of FRBank of Kansas City at Wichita 9 /6 Hearing granted Governor Bailey of aBank of Kansas City, Senators Curtis & Capper of Kansas, Governor Allen of Kansas, Congressman Tincher & Ayres of Kansas, and C. Q. Chandler of First National Bank of Wichita, arguments being presented for and against establishment of branch of FRbank of Kansas City at Wichita 12/18 'Lotion by Yr. Hamlin that application for branch FRBank at Wichita be approved upon understanding that all expense of maintenance be borne by RBank of Kansas City; lost 12/20 Stateaents by Yr. Hamlin, Mr. Cunningham, and Mr. James 12/20 re matter of branch at Wichita Postponement of date of hearing re branch &Bank at, scheduled for Nov. 15th., requested by J. Q. Chandler of Wichita; noted, with approval 11/14 Recomuendation of Committee No. 10 that application before Board for branch at Wichita, Kansas , be denieu,approved 9 /14 Resolution adopted by Oklahoma City Clearing House Association recommending disapproval of application before Board for establishment of branch at Wichita 9 /5 Wichita Clearing House Association; desire of, to re-open question of establishment of branch at Wichita, and offer of certain inducements for establishment of branch; Board 10/25 to re-hear question on October 31st. Board to postpone above hearing at request of senator 10/30 Curtis Bridgeport Trust Co., Bridgeport, Jonn. 11/20 Circumstances leading to withdrawal from membership of, 612 470 51 528 74'J1 frg 546 0 601 606 661 Buffalo clearing liouse Association: Copies of bank examiners' reports shown to, by Lanager of Buffalo Branch; communication from Chief National Bank Examiner of Second District to Comptroller of Currency re, Bulletin: See under "Federal Reserve 3u1letin" Bureau of Engraving ez Printing: Announcement by Director of, of reduction in rate per thousand sheets charged for Federal Reserve notes; Board advises iRAgents re, Second alternate vault clerk; designation of James W. Bowie of Div. of Loans c Currency as, approved upon request of Commissioner of Public Debt Bureau of Foreign & Domestic Commerce: series of questions presented by ir. Paul .2;dwards of, to Board's Chairman on Cuban Agencies, requesting that answers thereto be secured from Dr. Clarence Tarim) and forwarded to him Gov. instructed to communicate with State Dept. and inauire what responsibility it believes the Joard has in manner in which Superior Liquidating Commission of Cuba is carrying on its work and what it wishes Board to do that is within its power and province 7 /11 420 8 /2 466 12/11 715 11/ 1 621 11/ 1 11/ 6 621 625-6 10/16 590 10/30 608 8 /14 490 Cable Name for F. R. Board: Recommendation of hr. Eddy that he be authorized to procure, in view of expected cable communication from Cuban Agencies at Havana 8 /14 Name selected by RBoard 8 /30 493 520 By-Lawn, V.R.Banks: Oklahoma City Branch: Amendment to, to provide for an Assistant Cashier, define his duties, permit election of Discount Committee by directors, and define duties of Eanager Request from FRBank of Kansas City for Board's approval to certain amendments to section 2, 3 and 4 of Article iv of, clarifying duties of Lanager and Cashier of branch; approved By-Laws, F. R. Board: Certain amendments to, submitted by Ir. James, in conformity with Board's action of August 2, 1923, defining and charting the functions of the various units of Board and staff; approved Calcasieu national Bank, Lake Charles, La. Letter from President of, advocating discontinuance of the non-cash collection function by FRBanks; noted, and copy ordered transmitted to Governors' Committee on loluntary Services 12/ 5 California: Branch bank situation in; telegram from Lr. Miller in San Francisco to LToir. Crissinger re certain new developments in, 10/ 1 Conference between RAgent Perrin 6: FRBoard re California method of branch banking and examination question as relates thereto 9 /13 Conference between FRAgent Perrin of San rrancisco, Stern, Vice President of Pacific southwest Trust & savings Bank, and 1.r. Bacigalupi, vice .eresident of Bank of Italy, with 2RBoard, re California method of branch banking, the relative merits in California of branch and unit banking, and the organizations of the two member banks represented 9 /13 Extension of branch banking in; letter of October 8th. simed by representatives of Mercantile Trust Co., Pacific southmnst Trust 6: Savings Bank, and security Trust 6: Savings Bank, making certain suggestions for consideration of Board in formulation of policy re, referred to Committee an Examination for report as to form of reply 10/30 Letter from Superintendent of Banks of, to FRBank of San Francisco, advising of abandonment by State Banking Department of "Simultaneous &Itry Examinations" 9 /5 Above matter to be made subject of conference with Perrin while he is in Washington 9 /11 Method of branch banking in; statement by Lrov. urissinger re views on, 7 /31 Report by Er. Miller on recent visit to, and re several conferences with representatives of certain of the larger branch banking institutions and State Department of Banking of California, also presentation of letter to Board from representatives of Mercantile Trust Co., Pacific Southwest Trust Savings Bank, and Security Trust Savings Bank, re branch banking 10/23 Inquiry from Mr. Miller as to when Board can consider letter from above three California banks presented by him at meeting of October 23rd. 10/25 Request from independent bankers of, for copy of stenographic report of hearing of September 12th.; Board votes to furnish same 9 /13 Results of conference held in San Francisco with representatives of larger branch banking institutions in, and the State Banking Department; telegram from Er. Miller to Board re, 10/12 701' 571 039 608 526 552 461 599 604 559 581 Page California: (Continued) Telegram from Superintendent of Banks in, stating he has granted permission to Bank of Italy to take over American Savings Bank 6: Golden State Bank of Long Beach and convert same into branches, and urging similar action by FRBoard California Bankers' Association: Request from Secretary of, for permission to read stenographic report of conference on branch banking held on septenter 12th., for purpose of using contents in connection with preparation of an article for publication; telegram from AlAgent Perrin re, Board disapproves use of stenographic report as basis for published statement until all participants in conference have had an opportunity to correct their remarks Ualifornia State Banking Department: Examination to be made by, of Bank of Italy on September 29, 1923; advice from kaAgent Perrin re, stating that simultaneous entrance will not be made of head office and all branches, but only of head office and San Francisco and Los Angeles city branches, with later independent examinations of outside branches; referred to Committee on Examinations Board approves recommendation of Committee that in view of ruling in favor of simultaneous examinations, the above examination can not be considered as sufficient and acceptable Carmalt, James, W. Appointment of, as special counsel for the FRBanks at maximum fee of .„;15,000, to present matter of revision of express rates on transportation of money and securities to interstate commerce Commission lisunderstanding in matter of fees between Mr. Carmalt and .rIRBank of Lew lork; matter to be submitted to lioard for farther consideration mhen all details have been ascertained Agreement reached between Mr. armalt & FRBank of ;ew York whereby maximum fee of .J5,000 will include all expenses with exception of court costs, which latter will be paid by the FRBank Memo, of ioard's Counsel submitting draft of letter to Counsel of AlBank authorizing payment by the eRnank of certain expenses in connection with presentation by Li'. Carmalt of matter of revision of express rates to interstate Commerce commission, in addition to fee for legal services approved for Ir. Carmalt; memo. referred back to Law Committee to have counsel prepare detailed report on history of employment of Lr. Carmalt and authority under which said employment was made 7 /18 438 10/ 4 579 10/ 4 579 10/ 1 571-2 10/ 3 574 10/ 3 575 10/ 4 579 10/10 582 11/ 6 629-30 pot uarmalt, James W. (Continued) Lemo. of Lteneral Counsel containing history of employ ment of Li, . uarmalt as special counsel in above matter; Board authorizes expenses of witness fees, etc., not to be taken out of compensation for legal services approved for Yr. uarmalt 11/20 Board votes that IT. hounds, Secretary of Commit tee on conomy & Efficiency, be questioned re accura cy of statement made by Yr. Lason, Counsel of iRBank of rew york, that he had received information that Board's Committee on Economy 6: Efficiency had approved employment of special counsel at meeting in July to conduct case before interstate Commer ce Commission 11/20 Lemo. of secretary, referring to letter from Counse l of .0.Bank of 1,ew york advising of payment of ,,i3,000 to ir. carmalt on account of services in matter of expres s rates and requesting authority to arrange with 2RBank of i.ew York to carry all payments to Er. Carmalt until such time as matter is disposed of, thereby obviat ing necessity of several separate assessments on other eleven banks for their pro rata shares, approved 11/27 Cass Avenue Bank, St. Louis, Lo. Application of, for reduction in reserve requirements from 10/0 on demand, and 3% on time, deposits, to 7% an demand, and 3% an time, deposits, approved 11/27 central Reserve Reserve Cities: Lowell iank, an outlying bank in St. Louis; reduction in reserve requirements of, from 10% on demand deposits and 3/0 on time deposits to 7/o on demand, and 3% on time, deposits 7 /25 xacoma, Jashington; 3oard approves cancellation of designation of, as reserve city 10/25 Tacoma, Washington; recommendation of ZIAgent 2errin for cancellation of designation of, as reserve city 10/10 Water Tower dank of bt. Louis, 10., an outlying bank, granted permission to reduce reserve requirements from la% on demand, and 3% on time, deposits, to 7% on demand , and 3% on time, deposits 7 /17 uentral Trust Co., Cincinnati, Ohio: Application of, for membership in iillSystem; letter from 1.-RBank of Cleveland re, referred to Committee on Examination for report 9 /25 Board votes to request IJBAgent at Cleveland to ascertain from Central Trust co. at, in general, its plan is with respect to branches 10/ 4 Objection by, to condition of membership set forth by Board re matter of establishment of branch banks, when approving bank's ariplication for membership 7 /25 eo 0 6 40 6o 40 Page 'Central Trust Jo., Cincinnati, Ohio: (continued) Reply of &Agent at Cleveland to request from board re plan of, for establishment of branches; referred to Committee 10/12 on Examinations for report Report of Jommittee on above, stating no action by 10/16 board is necessary at present time Certificates of Indebtedness: See 'Treasury Certificates" `thazdler, O. Q. dichita, Kansas: Telegram from, requesting postponement of date of hearing re branch FRBank at Wichita, scheduled for Nov. 15th.; noted, 11/14 with approval .14.rge Offs: F. R. bank of Atlanta: 1419 Certain charges against current net earnings,authorized F. R. Bank of Boston: FRBank granted authority to make certain charges against 12/ 5 current earnings an December 31st. F. B.. bank of Chicaoa: 12/18 Certain charges against current net earnings, approved Charges to current net earnings at end of year of 4126,905.99 authorized, the same being amount paid for alterations on floors of bank building to suit tenants to whom space has 12/19 been rented Method of charging off expense incurred in alteration of certain floors of building owned by RBank in order to accommodate outside tenants; reply of board to letter from 11/22 Deputy Governor re, Request from, for permission to charge against present reserve for probable losses $200,000, after crediting same with recoveries made during 1923, and to carry to reserve for probable losses out of current net earnings an amount suf12 /31 ficient to bring the reserve up to 4400,000, approved P. B.. bank of Cleveland: 12/1e Certain charges against current net earnings,approved F. R. Bank of Dallas: 12/18 Certain charges against current net earnings, approved F. B.. Bank of Kansas City: Authority granted, to charge to profit and loss at end of year total cost of alterations to bank's building made to 12/31 accommodate outside tenants 12/18 Certain charges against current net earnings, approved F. R. Bank of Minneapolis: 12/19 Certain charges against current net earnings, authorized F. R. Bank of New York: 12/18 Certain charges against current net earnings, authorized FRBoard, Informal conference between Governor Strong and discussing proposal of directors of &Bank of New York to charge off, out of current net earnings at end of present year, certain expenses incurred during year in 588 591 662 756 699 747 755-6 675 795 748 748 795 747 756 747 page Charge Offs: (continued) F. R. Bank of New York: (continued) construction of new bank building, also matter of salary adjustments for MBank covering years 1923 and 1924 12/6 F. R. Bank of Philadelphia: Certain minor charges against current net earnings, authorized 12/11 F. R. Bank of Richmond: Certain charges against current net earnings, authorized 12/17 P. E. Bank of St. Louis: Certain charges against current net earn ings,authorized 12/19 F. R. bank of an Francisco: Certain charges against current net earnings, authorized 12/17 with Restrictions Drawn Check Manner of handling, by Birmingham Branch; letter from First National Bank of Pittsburgh, Pa. re, 8 /29 Chicago Association of Jommerae: Letter from President of, enclosing copy of resolution adopted by his Association urging Board to continue its efforts to develop existing par clearance system 9 /11 Circulars, F. R. Board: Closing of books an December 31, 1923; form of letter to Chairmen of all RBanks re, 11/22 Currency standard; circular letter re, approved for transmission to Governors of all FRBanks a /2 Draft of circular letter to all fRAgents re charges for examinations of member banks, by FRBanks, when examinations rather than credit investigations are necessary; approved, ordered mimeographed and transmitted 7 /31 Improper advertisements of state member banks; circular letter from Board to all FRAgents re, a Al "Uniformity of Policy in Statistical, Publication Work, eta."; draft of proposed circular re, submitted by Ur. Liner; ordered docketed for July 31st. 7 /25 Circular amended and approved far trans mis s ion 7 /31 Citizens National Bank, Keene, N. H. Letter from, re rediscounting of paper of non-member banks; referred to Governor for reply 7/3 Citizens National Bank, Union, S. C. Authority granted, to reduce capital stock from 4150,000 to 4100,000 11/14 Citizens National Bank, Weatherford, Texas: Parnassian granted, to reduce capital stock from $150,000 to 4100,000 on condition that as much of the amount of the reduction as is necessary shall be applied to taking out of the bank of worthless and doubtful assets 12/20 704 717 734 756 734 513 531 675 466 463 504 453 463 405 663 761 page Citizens Trust Co., Buffalo, New York: Letter from, transmitting copy of letter sent out by Planters National Bank of Richmond, Va., re clearance 7 /17 of checks Request from Vice President of, that an opportunity be afforded the banks of Buffalo to be heard in favor of continuance of practice of 2RBarkst of collecting noncash items in event Board is seriously considering dis9 /21 continuance of this service on part of the FRBanks City National Bank, Bismark, North Dakota: Application of, for authority to offer for rediscount, if necessary, paper of non-member banks; letter from 8 /21 Minneapolis transmitting, approved City National Bank, Fort smith, Arkansas: Letter from President of, enclosing copy of letter to a correspondent bank re practice of charging exchange 9 /11 upon checks drawn on it Claiborne-Adams Check Collection Plan: Request from L. R. Adams that he and Mx. Claiborne each be furnished with copies of the stenographic report of 9 /25 conferencesre, in which they participated; approved of New Orleans: Claiborne, Charles DeB., 7/3 Telegram from, re par clearance decision Clayton Acts (See also "Interlocking Directorates") Kern Amendment to, All applications heretofore granted under, to serve on Board of more than one bank, to be reviewed before 11/27 first of January, 1924 Mr. Miller moved that above matter be made special order of business for Dec. 12th. and Law Committee requested to prepare all necessary information and data in connection with 11/27 same; carried Mr. Hamlin moved that Mr. Miller be requested to consult with Law Committee in re California applications which have been granted; carried 11/27 Matter of review of interlocking directorates post12/12 poned until meeting of Dec. 13th. Memo. of Counsel re "Review of Clayton Act Situation", recommending Board not depart from policy adopted in January, 1923, when it decided not to revoke Clayton Act permits in cases where interlocking directorates have resulted in growth of competition between banks involved, also recommending that Board include in its next annual report to Congress a statement advising of its position re revocation of Clayton Act 12/13 permits;approved 432 557 504 532 559 406 681 681 681 723 726-7 pal Clayton Act: (continued) Kern Amendment to, (continued) All applications, eta. Mr. Hamlin appointed to prepare statement recommended for insertion in Annual Report 12/13 Clearing & Collection: Clearing: Planters National Bank of Richmond, Va.; copy of letter sent out by, re clearance of Checks, transmitted Board by Citizens Trust Co. of Buffalo, New York 7 /17 Collection: Board's Regulation "J“; amendment to paragraph 7, re collection of checks drawn by, or endorsed, by non-member banks which refuse to remit at par 7/5 Claiborne-Adams check collection plan; letters from Governor Harding of Boston re legality of proposal contained in, to have RBanks give immediate credit to reserve accounts of member banks for intra-district checks; referred to Committee 8/6 Claiborne-Adams check collection plan; request from Mr. Adams that he and Mr. Claiborne each be furnished with copies of stenographic report of conferences re, in which they participated; approved 9 /25 Illinois Bankers' Association; letter from, transmitting resolutions passed Iv Association re handling of non-cash collection items by RBanks; ordered stenciled and transmitted to RBanks 7 /18 Items drawn upon a non-par bank in Seventh District; letter from General Secretary of National & State Ban&ers' Protective Association citing an instance of use by RBank of Chicago of an agent other than a bank in collection of; Board votes to take up matter with FRBank and publish in forthcoming FRBulletin its ruling of August 2nd. discontinuing use of such agents 10/25 Reply of Gov. McDougal to letter from Board re above; matter referred to Committee an Clearings 11/ 1 Report of Uommittee that it has no suggestions to make as to haw FRBanks should handle items drawn on non-member par banks whose remittances are unsatisfactory 12/ 5 Letter from President of Calcasieu National Bank of Lake Charles, Louisiana, advocating the discontinuance of the non-cash collection function by RBanks; noted, and copy ordered transmitted to Governors' Committee 12 / 5 on Voluntary Services 441 691 page Clearing & Collection: (continued) Collection: Non-cash items, practice of FRBanks in handling; letter from Assistant Cashier of Fourth & First Bank & Trust Co. of Nashville, Tenn. transmitting copy of resolution adopted by Nashville Clearing House Association re, ordered circulated and 12/27 referred to certain committees of President Non-cash items; request from Vice Citizens Trust Co. of Buffalo, New York, that an opportunity be given banks of Buffalo to be heard in favor of continuance of practice of FRBanks of collecting, in event Board is seriously considering discontinuance of this service on part of the 9 /21 FRBanks Plan submitted by Messrs. Claiborne & Adams; conference between, and Advisory Committee of FRBank Governors 8/1 re, Report of Advisory Committee uisapproving above plan, and recommending postponement of effective date of Regulation "J" be continued, also suggesting changes in practice of making collections 8 /2 on banks unwilling to remit at par Clearing House Charges: Memo. of Mr. James presenting charts illustrating, in certain cities where such charges are made to customers 10/10 on items collected through the FRSystem; tabled Colombia, South America: Bank of the Republic of Colombia; advice from Deputy Governor ease of New York re opening of a custody 7 /25 account in name of, by the FRBank of New York Bank of the Republic of Colombia; advice from FRBank of New York re desire of, to open a current account with the FRBank; Board approves &Bank proceeding in matter upon understanding that before account is opened the form of agreement must be submitted to it for 9 /18 approval Bank of the Republic of Colombia; letter from Deputy Governor of FRBank of New York submitting to Board copy of letter to, re proposal that the ERBank open 9 /25 an account current for it Colombian Federal Reserve Bank, South America: Cable advice re opening of, transmitted by FRBank of 7 /24 New York to Board 783 557 471 471-3 583 452 547-8 562 448 XL Fags Columbia, South Carolina: Difficulties encountered by three banks in, which are contemplating consolidation, and which require cooperation of FRBank of Richmond; statement by Comptroller of the Currency re, 7 /12 Conference between Board, MRAgent Hardy & Deputy Governor Peple of Richmond, & H. P. Turnbull, Vice President of Hanover National Bank, New York City, re situation at Columbia, S. C., the representatives of the MBank of Richmond expressing willingness to cooperate with the Comptroller of the Currency to save banks concerned from insolvency 7 /13 Statement by Mr. Dawes that situation in Columbia, S. C., has been relieved, and plan arrived at whereby danger of insolvency has, apparently, been removed 7 /17 Columbia National Bank, Kansas City, Missouri: Request from, for certain information re national and state banks in Oklahoma; referred to Governor with authority to comply with request, if possible 9 /20 Commissioner of the Public Debt: Inquiry from, as to whether designation of James W. Bowie as second alternate vault clerk at Bureau of Engraving & Printing will meet with approval of Board; approved 12111 Committees, F. R. Board: Branch Federal Reserve Banks: Committee appointed by Governor on, composed of Messrs. Hamlin, James and Cunningham, with instructions to request Counsel for opinion as to whether Board can discontinue branch FRBanks or whether the &Banks having branches can discontinue same, also to secure opinion of Attorney General on matter 9 /26 Committee on, directed to make thorough investigation of situation re, 10/31 Clearings: Recommendations No. 3 and 4 by Federal Advisory Council at meeting, September 17th. -18th., referred to Committee an Clearings 9 /19 Recommendations of Advisory Committee of &Bank Governors, together with Claiborne-Adams proposal, referred to Committee on Clearings for submission to next meeting of Advisory Council for consideration and report 8/2 Discount & Open Market Policy: Mr. James designated by the Governor to serve on Committee during absence of Mr. Miller 9 /26 426-/ 42 ' 89 430 555 716 566 612 551 473 565 %LI page Committees, F. H. Board: (continued) Discount & Open Market Policy: (continued) Recommendation No. 1 made by Federal Advisory Council at meeting, September 17th. - 18th., referred to 9 /19 Committee on Discount & Open Market Policy Report of Committee on, under date of August 14th., 1923, that copies of Mr. Gilbert's proposal be sent to members of Federal Advisory Council, and to Chairmen of Governors' and &Agents' Conferences, 8 /15 approved Economy & Efficiency: Amendment to minutes of meeting of &Board held on Nov. 13th., so as to include submission by Dr. Miller of "Report of the Committee on Economy & 12/ 6 Efficiency, dated Nov. 12th.", approved Cost of organization and operation of branches of &Banks: Board instructs committee to investigate and report re, 7/1]. First report of, dated Nov. 32th., submitted by 11/13 Mr. Miller Examination: Majority and minority report submitted by Committee on, re applications for branches by Bank of Italy & Pacific Southwest Trust & Savings Bank; majority report accepted by Board as statement of its position 8 2 Statement by various members of Board on above reports, and motion by Mr. Hamlin that resolutions submitted in majority report be sent to &Agent Perrin for transmission to Bank of Italy & Pacific Southwest Trust & Savings Bank, carried a /2 Executive: Cunningham, Edward H., appointed to succeed Mr. James as member of Executive Committee for term, October 1 - December 31, 1923, inclusive 9 /27 Cunningham, Edward H., expiration of term as member of Executive Committee, Dec. 31, 1923 12/31 Hamlin, Charles S., appointed as member of Executive Committee for term ending March 31, 1924 12/31 Hamlin, Charles S., appointed to serve as member of Executive Committee during Mr. Platt's absence for Christmas holidays 12/21 James, George R., term of, as member of Executive Committee, to expire automatically on September 30th. 9 /27 551 499 705-6 421 659 475-480 480-1-2 569 796 796 780 569 XLII Committees, P. R. Board: (continued) Executive: (continued) Miller, Adolph U.,appointed to serve on Executive Committee during absence of Governor Crissinger for Christmas holidays 12/21 Joint Committee, composed of members of Committee on Nominations and Committee on District No. 5; Governor Crissinger refer.: matter of appointment of &Agent at Richmond to, 9 /4 Law: Recommendation No. 2 made by Federal Ad:isory Council at meeting, September 17th. - 16th,, referred to Law Committee 9 /19 Special: Governor appoints Messrs. James, Hamlin & Miller as special committee to investigate origin of Washington dispatch appearing in Dec. 4th. issue of New York Journal of Commerce concerning meeting held by Board on December 3rd. with Open Market Investment Committee for RSystem 12/ 6 Report of Committee an above, read and accepted, and committee discharged 12/1Z Governor appoints Messrs. James, Miller & Cunningham as special committee to recommend form of reply to letter from FRBank of Minneapolis and to suggest general policy to be pursued by Board and RBanks in matter of publicity and public relations work 10/30 Report of Committee an above, and resolution set forth in same, adopted; matter to be brought up for special consideration at November conference of Governors and FRAgents 11/ 1 Amendment to above resolutian,approved 11/ 6 Messrs. Hamlin, Miller & Cunningham appointed special committee to consider pension plan recommended to Board by Pension Committee of Governors' Conference, and to report thereon to Board 12/17 Mr. Hamlin appointed committee of one for Board, to cooperate with Messrs. Strong & Jay of New York in preparation of form of statement on Open Market Policy to be submitted later to Board and published in January issue of YaBulletin 12/17 Standing Committee on Currency: Governor Crissinger appoints Messrs. Janes, Platt, & Hamlin as,. 10/10 524 561 705 724'5 608 62° 623 733 733 583 XLIII Page Committees: (Miscellaneous) Advisory Committee of F. R. Bank Governors: Board notifies members of, that it desires to meet with 7 /25 them in dashington, August 1st. check re Conference between, and Messrs. Claiborne & Adams, clearing and collection plan submitted by latter gentlemen, a /1 ' designed to amend Regulation "Jr recomand plan Report of committee disapproving above mending postponement of effective date of Regulation be continued, also suggesting changes in practice of making collections on banks unwilling to remit at a /2 par of advised be of, members that Suggestion of Governor Fancher Board's reasons for postponing effective date of Regulation "J", in order that they may have opportunity to consider matter in advance of Committee meeting; copy of Governor Fancher's letter, together with proposed revision of 7 /26 Regulation "J", transmitted members of Committee Expenses of Statistical & Reporting Services of FRBanks: Letter from Assistant RAgent Burgess of RBank of New York 10/30 transmitting report of committee on, Governors Fancher, LaDougal, & Mr. Kenzel appointed committee by Governors' Conference to wait upon ERBoard and render it any assistance desired re matter of proposed pension plan; letter from Ur. Kenzel re, stating committee is at service of 11/20 Board members with Board authorizes Secretary to communicate of the committee and inquire whether Dec. 4th. will be a convenient date for them to meet with Board to 11/20 discuss pension plan Open Market Investment Committee: Report by, (Governors Strong, Harding, McDougal, Fancher & Norris) an November conference of Governors, and statements made by members of committee at conference with 12/ 3 EaBoard, of date, discussed Resolution of Board favoring purchase of limited volume of short term Government securities at present time, etc., copies of the resolution being ordered transmitted to Chairman of Open Market Investment Committee 12/ 3 of ERSystem and Governors of all RBanks Pension Committee: Copies of supplemental report of, forwarded Board by Mr. Kenzel, calling attention to fact that proposed pension plan will be discussed at forthcoming conference of 11/ 1 Governors be to Discussion by Board re; Chairman of Committee advised Board has considered report and wishes nothing done toward putting plan into effect, and that the committee will be advised by Board when it has reached 11/ 7 a conclusion with respect to the plan as a whole 454 471 471-2-3 456 607 667 667 694 694-5 619-20 633 XLIV rage Committees: (Yjscellaneous) continued: Pension Committee: (continued) .len°. of Secretary calling attention to fact that the three members of, have signified their readiness to meet with Board on December 4th.; meeting fixed for Dec. 4th. 684 11/27 Voluntary Services: Meeting of Committee on, during week of September 23rd., suggested by Governor of 4RBank of Cleveland; Board 549 votes to hold same on September 28th. 9 /19 Comptroller General: Decision of, disallowing certain items in account of Fiscal Agent of FRBoard; preliminary memo. of Counsel re, submitted by Law Committee, and matter referred back to Law Committee with request that Counsel be directed to prepare detailed memorandum on subject, after which Board will decide as to whether matter should be submitted to Comptroller General for rehearing 599 10/23 Detailed memo. of Counsel submitted in re above,approved, and Mr. Freeman, Assistant Counsel, authorized to take up matter informally with the Comptroller General 619. 11/22 Draft of letter to Comptroller General requesting reconsideration of his decision, referred to Executive 719 Committee with power 12/11 Comptroller of the Currency: Attention called by, to his efforts for bringing about a closer cooperation between national bank examining staff and 543 examiners of FRBenks 9 /14 Draft of letter to, transmitting copy of opinion of Board's Counsel re notes representing farm loans made an behalf of Union Central Life Insurance Co. of Lincoln,Nebraska 689 11/13 Letter from, re report of Committee of AlAgents on bank reserves rendered to Board on September 26, 1922, and referred to him on May 2nd., 1923, noted 441 7 /18 Condition Reports: Reply of Board to request from FRBank of Cleveland as to whether condition reports Should be obtained for each branch of a member bank located outside of the city in which the parent bank is located 544 9 /14 Two calls for, of state member banks, already issued by &Board, and two more to be issued upon same dates as Comptroller calls for reports of condition of national banks 518 a /30 Conference: (See also "Hearings, F. R. Board") XLV Page Conference: Advisory Committee of &Bank Governors and Messrs. Claiborne & Adams, appearing on behalf of Committee of iive on Exchange of American bankers' Association, re matter of check clearing & collection plan submitted by Messrs. Claiborne & Adams amending Regulation "J" 8 / 1 Report of Advisory Committee disapproving above plan and recommending postponement of effective date of Regulation "J" be continued, also suggesting changes in practice of making collections on banks 8/2 unwilling to remit at par e; Committe nt Investme Market Board & Open Article appearing in Dec. 4th. issue of New York Journal of Commerce, containing a circumstantial report of proceedings of, of Dec. 3rd.; attention 12/ 5 called by Mr. Miller to, above in d containe ion informat Probable source of article discussed by Governor Strong with &Board, Governor Strong stressing importance of strictly regulating publication of Federal 12/ 5 Reserve information RBank through Board, hs telegrap Miller Branch bank; Mr. of San Francisco, asking for suggestions in re matters 10/ 3 up for discussion at forthcoming, on October 8th. further no has it that Miller Mr. advise Board to 10/ 3 suggestions to offer Mr. from request plan; on collecti check Claiborne-Adams Adams that he and Mr. Claiborne each be furnished with copies of stenographic report of conferences re, in 9 /25 which they participated; approved to Kansas, Wichita, of citizens and bankers of e Committe confer with Board on September 6th. re matter of branch a /2 FABank at Wichita repreto Governor Bailey of FRBank of Kansas City 8 /29 sent his bank at above hearing Governor with ce conferen FRAgent at Philadelphia requests Orissinger, to further discuss methods by which RBank of Philadelphia will undertake to conduct credit investigations of member banks in accordance with recent 7 /11 ruling of Board ia Californ re on discussi &Board; FRAgent Perrin and method of branch banking and examination question as 9 /13 relates thereto Pacific of t Presiden Vice Stern, Mr. FRAgent Perrin, Southwest Trust & Savings Bank, and Mr. Bacigalupi, Vice President of Bank of Italy, with FRBoard, re California method of branch banking, the relative merits in California of branch and unit banking, and the 9 /13 organizations of the two manber banks represented 471 471-3 702 702 573-4 574 559 470 513 421 539 540 XLVI Fag° Conference: (continued) ERBoard with Governor MaKinney of RBank of Dallas, the latter explaining method of handling cotton bill of lading drafts in Eleventh District and reasons actuating RBank of Dallas in recommending approval of applications of certain member banks for permission to rediscount such bills when endorsed by or emanating from non-member banks 9 /27 ERBoard with Messrs. Claiborne of New Orleans, Vaughan of Virginia, & Adams of Atlanta, re recent amendment to Regulation "J", the visiting gentlemen expressing belief that sub-section (a) would work hardship upon member banks, as well as upon non-member banks refusing to remit at par; Board invites Messrs. Claiborne, Adams & Vaughan to prepare and submit complete revision of Regulation "J" 7 /24 Proposed revision of Regulation "J", presented to Board by Messrs. Claiborne of New Orleans and Adams of Atlanta, in accordance with action of Board of July 24th. 7 /25 F.E.Board with Messrs. Harding, Curtiss & Bullen of FRBank of Boston, & Messrs. Wellborn, McCord, McCrary & Adelson of Atlanta; certain problems discussed, which have arisen over establiahment of Cuban Agencies of ERBanks of Boston & Atlanta 7 /30 ERBoard with Mr. Hummaer, Vice President of First National Bank, Scranton, Pa., and Mr. Barry, President of First National Bank of Johnstown, Pa., re certain difficulties experienced by member banks in Scranton and Johnstown in matter of adequate and timely currency supply from ERBank of Philadelphia; Board requests Mr. Hummler to submit method of relief suggested by him to FRBank of Philadelphia for ultimate transmittal to &Board 7 /16 Flint, M. H., representing Pacific Southwest Trust & Savings Bank; conference between, and FRBoard, Mr. Flint expressing views on matters discussed at meeting of September 12th. 9 /13 Governor Bailey of FRBank of Kansas City, Senator Curtis of Kansas, and certain gentlemen from Wichita, Topeka, and Fredonia, re matter of establishment of branch of FRBank of Kansas City at Wichita, Kansas 9/6 Governor Norris of &Bank of Philadelphia with ERBoard, re matter of purchase of property by &Bank of Phila. for erection of annex; Governor Norris also submitted recommendations for adjustments in salaries of officers and employees of his bank 12/12 569 446 439 Page Conference: (continued) Governor Strong with ftBoard, discussing proposal of directors of ERBank of New York to Charge off, out of current net earnings at end of present year, certain expenses incurred during year in construction of new bank building, also matter of salary adjustments for 12/ 6 ERBank covering years 1923 and 1924 Governors': Committee on Collections; report of, re administration of recent amendment to Regulation "J", submitted by Governor McDougal, together with uniform circular 7 /17 for transmission to member banks Board votes to accept uniform circular designed to administer the regulation, as it stands, and Secretary instructed to prepare circular of instructions for transmission to FRBanks together 7 /17 with copy of uniform member bank circular calling Copy of minutes of,submitted by Mr. Harrison, attention to certain matters on which Board has asked for recommendation, or on which the Conference has submitted recommendation to Board; ordered circulated among Board members and referred to 12 / 6 Executive Committee Governor Insurance Committee of; inquiry from Deputy Kenzel of New York re action of Board upon report of, referred to it on March 28th.; Board to advise Mr. Kenzel that general matter of insurance has been referred to Committee on Economy & Efficiency 7 /31 for investigation eRBank in examiners bank national Matter of tenancy of buildings to be brought up for discussion at forth10/31 coming conference of Governors Recommendation of recent, that each ERBank notify every other ERBank of all non-par banks or non-par points on which they will not handle non-cash collections; telegram from Governor Young requesting 12/ 6 action by Board on, Board approves above recommendation of Governors' Conference and orders that all ERBanks be 12/ 6 advised re, Upon sugl:stion of Governor Seay of Richmond, Board votes to request Chairman of Governors' Conference to have "Standing Committee on Collections" consider manner of uniform mechanics and procedure made necessary by Board's recent amendment to Regulation "J" 7 / 3 704 436 436 708 463 611 708 708 404 pag° Conference: (continued) Informal, between Under Secretary of the Treasury and Board, re Mr. Miller's proposed plan for stating reserve positions of the &Banks, also matter of gold payments 8 /22 Joint, of Governors and FRAgents: Draft of program of topics to be discussed at forthcoming sessions of, with Board; letter from FRAgent Jay transmitting, 10/12 Suggested program approved, with addition of topic "Reimbursement for Fiscal Agency Expenses" 10/12 Executive Committee to take up matter of program for, with Acting Chairman of Governors' Conference, and with RAgent Jay in charge of program for FRAgents 9 /20 &Agent Rich of Minneapolis excused from attending, which meets in Washington during week of November 12th., owing to situation in his district needing his personal attention 11/ 6 Request from ERAgent at Minneapolis that he be advised as to date of next; Board sets November 12th. as date for opening of conference 8 /14 Members of Federal Farm Loan Board with FRBoard, re activities and loaning and operating policies of Federal Intermediate Credit Banks 9 /26 Results of, held in San Francisco with representatives of larger branch banking institutions in California,and the State banking Department; telegram from Mr.Miller to board re, 10/12 Telegram from &Agent Perrin re request from Secretary of California bankers' Association for permission to read stenographic report of, held on September 12th., for purpose of using contents in connection with preparation of an article for publication 10/ 4 Board disapproves use of stenographic report as basis for published statement until all participants in conference have had an opportunity to correct their remarks 10/ 4 Under Secretary Gilbert of Treasury with RBoard, re matter of restoring gold certificates to general circulation, Mr. Gilbert advocating policy of paying out gold at the FRBanks; matter ordered docketed for consideration at earliest possible date 8/ W. G. McAdoo and M. C. Elliott, representing Bank of Italy, with members of FRBoard, re matter of branches for Bank of Italy, having particular reference to application of Bank of Italy, through its Stockgrowers' Auxiliary Corporation, to purchase American Savings Bank & Golden State bank of Long Beach for conversion into branches 7 /18 611 588 665 628 493 564 661 579 4f XLIX Page Congress: Board of Directors of FRBank of Richmond authorizes introduction in, subject to approval of ERBoard, of joint resolution permitting construction of building for Baltimore Branch to cost not in excess of $969,000; 12/20 referred to Committee submisof matter re Miller Mr. and Motions by Mr. Hamlin sion of bill to, re an insurance plan under the 12/13 ERSystem, disapproved in Mentership on Inquiry of Committee Joint Congressional / F. R. System: in FRSystem" Membership on Inquiry of Committee "Joint See Consolidations: (See also "Mergers") Difficulties encountered by three banks in Columbia, S. C. which are contemplating, and which require cooperation of FRBank of Richmond; statement by Comptroller of Currency to Board re; Board to request Governor Seay & &Agent Hardy of Richmond to come to Nashington for 7 /12 conference re, Deputy Conference between Board, FRAgent Hardy & Governor Peple of Richmond, & H. P. Turnbull, Vice Governor of Hanover National Bank, New York City, re situation at Columbia, S. C., the representatives of the RBank of Richmond expressing willingness to cooperate with Comptroller of Currency in every possible way to save the banks 7 /13 concerned from insolvency Statement by Mr. Dawes that situation in Columbia, S. J., had been relieved, with cooperation of FRBank of Richmond, and plan arrived at whereby danger of insolvency has, apparently, been re7 /17 moved consolidarecent First National Bank of Hugo, Oklahoma, tion of, with Hugo National Bank; advice from RAgent 9 /11 at Dallas re, of permit a bank,hoolding national Right of director of a PRBoard to serve at same time as an officer or director of said national bank and some other banking institution, to continue to serve under such authority after consolidation with another national bank; memo. of Counsel suggesting form of reply to letter from M. C. Elliott re, and containing ruling of Board that the authority granted shall continue in effect in case 11/ 6 of consolidation circular and approved, Elliott Above letter to Mr. letter an subject ordered transmitted to all 11/ 6 FRBanks 768 728 426-7 428-9 430 532 628 628 Consulting Architect, Alexander B. Trowbridge: Letter from, re desirability of making public information re type of vault construction in use at the FRBanks; referred to Governor with power 10/23 Letter from, requesting approval of arrangement reducing his salary from 420,000 to 410,000 per annum, effective January 1, 1924, he to devote but one half of his time to the &System, and Mr. Ten Eyck's salary remaining as at present; referred to Executive Committee with power 12/20 Letter from, transmitting bill for 4215 rendered by Ward, Crosby & Smith in connection with procuring letters patent covering methods of vault construction developed as result of tests conducted in 1920 and 1921; payment authorized 11/27 Question of discontinuing Div. of Architecture referred to Executive Committee with power 12/18 Conversions: Non-member state bank converting into national bank; memo. of Counsel recommending new form of application of, for stock in RBank; approved 7 /19 Cooke, Thornton, President of Columbia National Bank, Kansas /City, Missouri: Letter from, requesting certain information re national and state banks in Oklahoma; matter referred to Governor with authority to comply with the request, if possible 9 Cooper, R. A., Member of Farm Loan Board: Inquiry from, re bonds of Federal Intermediate Credit Banks as collateral security for direct loans by FaBanks to member banks; memo. of General Counsel re, approved, and Mr. Cooper to be informed of Counsel's opinion 8/2 Letter from, asking if Board desires to prescribe any rules and regulations re purchase by FRBanks of debentures issued by Federal Intermediate Credit banks under provisions of Agriaultural Credits Act of 1923 7/3 Board replies, stating it does not contemplate issuing any regulations on above until such time as some &Bank expresses a desire to purchase such debentures 7 /12 Reply of Mr. Cooper to Board's letter of July 12th., ordered laid on table 7 /17 Cooperative Marketing: Value of; letter from General Manager of Peanut Growers' Association of Norfolk, Va., to Mr. Miller, requesting statement of views re, referred to Committee 12/ 5 Letter referred back to Mr. Miller for reply 12/11 AO 596 685 749 444 556 411 4011 426 43/ 70i 11 LI page Cooperative Marketing Association Paper: Memo. of General Counsel suggesting certain changes in text of ruling re, which is to be published in 8 /29 September Bulletin; approved Cornell University: Invitation extended to Mr. Miller to make an address at, 7 /19 on August 9th. or 16th.; Board approves acceptance Corporation Trust Company's Congressional Service: Memo. of General Counsel requesting authorization to renew subscription to, for first session of Sixty11/27 Eighth Congress, approved Cotton Financing: Publication in pamphlet form of certain articles on, which have appeared in &Bulletin; Board authorizes, the Governor to determine number of pamphlets and 8 /21 method of distribution Counsel (Assistant): Memorandums of, re Deduction of interest on discount of sight and demand drafts, together with telegram to Governor of RBank 7 /18 of San Francisco re, approved Counsel (General): Authority granted, to purchase for the Law Library one 10/31 copy of "Jones' Legal Forma" (Seventh Edition) Board votes to consider, prior to close of present year, matter of rescinding action whereby maximum salary of 9 /18 its General Counsel was fixed at $8,000 per annum Memorandums of, re Acceptances of National Park Bank of Kew York for the Yokahoma Specie Bank, recommending a ruling by Board to effect that acceptances of this kind are not 12/11 authorized by law circulated without Board notes, and orders 12/11 action enlarged pagers of rRBanks Act, Credits Agricultural 7 /3 provided for under, Application of E. S. Welch for Board's permission to serve as director of Old Colony Trust Co. and National Union Bank, both of Boston, Mass., Counsel recommending final refusal of same 1411 Counsel's memo., with file attached, ordered 12/11 circulated Memo. of Counsel approved, and application finally 12/17 refused Bonds of Federal Intermediate Credit Banks as collateral security for direct loans by FRitamks to 8/2 member banks 516 445 683-4 503 441 611 548 719 719-20 403-4 720 720 737-8 471 LII Counsel (General); (continued) Memorandums of, re Branch &Banks, containing an opinion that both FRBoard and FRBanks are without legal authority to abolish existing, and suggesting form of letter to Secretary of Treasury requesting ruling on subject by Attorney General; action postponed and memo. ordered circulated 11/ 8 Memo. of Counsel ordered filed without action by Board 12/ 6 Commercial letter of credit transaction undertaken by National Bank of Shamokin, Pa., brought to attention of Board by Deputy Comptroller of the Currency; memo. approved, and copy ordered transmitted. to Deputy Comptroller 11/11 First National Bank of Mayfield, Kentucky, suggesting form of letter to bank re action of its trust department in investing collectively funds belonging to different trust estates; letter approved and copy ordered transmitted to Comptroller of Currency for his information 11/27 Improper advertisements of state member banks, transmitting circular letter to all FRAgents re, 8 /a Legality of a trustee of a mutual savings bank serving as Class "B" director of a tRBank, the opinion referring to fact that T. F. Whitmarsh, recently elected as Class "B" director of FRBank of New York, is trustee of Greenwich Savings Bank of New York City 12/20 Mr. Hamlin stated that Governor Strong had advised him that Mr. Nhitmarsh is to withdraw from Greenwich Savings bank; Counsel's opinio n ordered filed without action by Board 12/20 Mr. Jay to be advised that Board will permit Mx. Whitmarsh to serve as Class "B" director of FRBank of New York and be re-elected as truste e of Greenwich Savings Bank subject to final order of Board revoking such permission if it shall be determined that his service as truste e is not permitted under Clayton Act 12/29 Limitation on amount of acceptances of a state member bank, together with draft of telegram to FRAgent Perrin replying to his inquiry as to right of Hibernia Commercial & Savings Bank of Portland, Oregon, in matter of executing acceptances without limitation 8 /21 Material submitted by General Counsel for August Federal Reserve Bulletin 7 /19 655 701 666 68kj 604 714 714 79$ 606 444 Page Counsel (General): (continued) Memorandums of, re Meaning of words "net balance" in Section 19 of RAct 12/27 re reserves of member banks; ordered circulated "Method of Assessing Costs of Examining State Member Banks", giving opinion that state member banks examined by a &Bank should be assessed a pro rata share of expense of all state bank examinations during a given period based on resources of banks on date of examinations; memo. ordered circulated 12/13 Resolution of Board adopting opinion of Counsel on above matter, authorized forwarded to all 12/21 FRAgents bank r New form of application of non-membe state converting into national bank for stock in FRBank, 7 /19 approved g suggestin ons, Associati paper of Cooperative Marketing to is which re, ruling of certain changes in text 8 /29 be published in September Bulletin; approved of ons applicati upon acting in Board Past policy of state banks for additional branches, together with memorandum by Er. Hamlin re; copies ordered dis7 /31 tributed to members of Board referRBanks; of al]ploy in notaries krotest fees of 8 /21 red to Law Committee , discussed above, an Committee Law Report of 9/5 and matter referred back to the Committee revision a n ZRBulleti of issue ng forthcomi Publishing in of digest of all state laws re bank reserves which 10/23 appeared in Bulletin of October, 1917; approved bankers' and s securitie t Governmen of Purchase acceptances by &Banks under repurchase agreements; referred to Law Committee for revision, after revision to be mimeographed and copies sent to Governors' and FRAgents' Conferences for incorpora8 /21 tion in their programs of topics to be discussed 8 /22 Rediscounts for non-member banks, application of Board's recent ruling re; memo. approved, and ruling, as amended, ordered transmitted to all 7 /17 FRBanks renew to to subscription Requesting authorization Corporation Trust Company's Congressional Service, for first session of Sixty-Eighth Oongress,approved 11/27 784 729-30 775-6 444 516 465 504 526 597 504 509 436-7 663-4 rage (continued) Counsel:(General) Memorandums of, re Right of a director of a national bank holding a permit of RBoard to serve at same time as an officer or director of said national bank and some other banking institution, to continue to serve under such authority after consolidation with another national bank, the memo. of Counsel suggesting form of reply to letter from M. C. Elliott re, and containing ruling of Board that the authority granted shall continue in effect in case of consolii,ttion II/ 6 i.bove letter to Mr. Elliott approved, and circular letter on subject ordered transmitted to all FRAgents 11/ 6 Right of Board to examine War Finance Departments of Ranks, in connection with request from Managing Director of War Finance Corporation to have Board's Division of Examination undertake auditing of War Finance Corporation activities in certain FRbanks 1420 Advisability of above, question of, referred to Law Committee, and :Jr. Cunningham requested to consult with Committee in matter 12/20 Request of Finance Corporation denied 14/21 Draft of letter to Managing Director of War Finance Corporation advising of action taken by Board in above matter 12/27 surrender of RBank stock upon reduction of member bank surplus, suggesting form of letter to be sent all atAgents; ordered circulated 10/23 Opinion of, requested by Board, as to whether r'RBanks could legally discount for member banks paper originating in non-member banks at same rate as that borne by the notes themselves 12/11 Memo. of Counsel re "Rediscount of Paper for Ineligible Non-Member banks at Rate Borne by such paper", ordered circulated 12/17 Opinions of, re Board requests Counsel for opinion as to whether it clould establish ruling permitting ineligible oanks to discount customers' paper with &Banks through medium or agency of member banks at slightly increased rate 11/27 Memo. of Counsel re "Rediscount of Paper for Ineligible Non-Member Banks at Increased Rates", ordered circulated 12/17 Eligibility for rediscount by aBanks of notes representing farm loans made on behalf of Union Central Life Insurance Co. of Lincoln, Nebraska; draft of letter to Comptroller of Currency transmitting copy of opinion re, 11/13 62a 610 page Counsel (General): (continued) Opinions of, re Rediscount with ERBanks, by member banks, of paper made or endorsed by non-member banks; referral to Law Couaittea f)r consideration and report Right of First National Bank of Hopkinsville, Ky., to enter into contract in connection with certain trust funds taken over uy it Withdrawal of a state bank from membership, ruling on length of time during which notice of, may remain effective after expiration of the required six months' period Salary: Board votes to consider, prior to close of present year, matter of rescinding action whereby maximum salary of Counsel was fixed at 48,000 per annum Previous action of Board in placing salary of General Counsel at 48,000 per annum, rescinded Wyatt, Walter N., General Counsel, salary increased from 47,500 to 48,000 per annum 7 /12 424 7 /11 422 9 /19 550 /la 546 12/18 746 /la 548 9 9 Credit: Heavy demands for, by member banks, on RBank of Dallas; letter from FRAgent Talley re, stating FRBank may be forced to consider raising its discount rate or rediscounting with other ERBanks; Board requests 7 /24 further information on matter reference Telegram from ritAgent Talley with further to conditions in district which may make desirable a raise in discount rates or reaisaount7 /26 ing with other ERBanks toward future, in Loaning policy of RBank of Atlanta, member banks which in past have been badly extended; letter from Governor Wellborn re, enclosing copy of letter to member bank in Alabama suggesting increase in capital as means for providing sufficient credit 12/21 for its customers Joint that fact to attention called Hamlin ".„Ir. Committee on Agricultural Inquiry in its report stated that inadequacy of banking capital was one of factors which limited and restricted credit during crisis of 1920 and 1921; Governor Wellborn's letter referred to Governor with 12/21 power Credit Investigations: Considering of certain, as examinations; reply of 7 /31 Board to letter from ERAgent Perrin re, 447 455 777 777 462 LVI rag' Credit Investigations; (continued) &Agent at Philadelphia requests conference with Governor Orissinger in order to discuss methods of conducting, of member state banks, in accordance with recent ruling of Board 7 /11 Credit Investigations & Exaninations of Member Banks: Letter from San Francisco quoting resolution of its Board of Directors re, and referring to Board's letter of July 31st. an subject 8 /22 Report of Committee an above, stating no further action by Board is necessary 9/5 Orissinger, D. R., Governor, F. R. Board: Statement by, explaining his vote on application of Pacific Southwest Trust & Savings Bank to take over Imperial Valley Bank of Brawley, California, and operate same as branch 8 /30 Statement by, re views on California method af branch banking 7 /31 Statement by, that charge had been made by a member of the FRBoard that Bank of Italy had violated rules of Board and contract made with Board, and that he believes matter should be referred to Law Committee looking to forfeiture or membership by Bank of Italy; no motion on this matter offered 12/18 Statement by, that he had spent October 8th. at FRBank of New York and while there discussed in detail practice of RBanks in purchasing acceptances from bill brokers under agreement to re-sell at later date 10/10 Matter of repurchase agreements discussed by Board, and Counsel instructed to proceed to New York for purpose of looking into legal phase of repurchase agreement contracts 10/10 Cuba: Agencies in Havana, of aBanks of Boston & Atlanta; Board finds it unnecessary to approve date of opening, but wishes to be formally advised re, 6 /30 Cable transfer; letter from Governor Harding of Boston to Board re matter of rate of 44.00 per thousand quoted by Lanager of Atlanta Agency to National City Bank of New York for, the National City Bank to make payment in gold coin; referred to Committee on Cuba 11/ 7 Recommendation of Committee that matter be taken up with PRBank of Atlanta 11/ 8 Reply of Deputy Governor of PR.BanA of Atlanta to Board's letter re above, referred to Committee on Cuba 11/14 Committee reports above matter adjusted after conference between Governors of SBanks of Atlanta and 3oston 11/20 4z1 509 620 , 461 iø 60' 666 Page Cuba; (continued) Agencies in Havana, of iRBanks of Boston & Atlanta; (continued) Certain problems which have arisen over establishment of; conference between representatives from the 7 /30 two RBanks and &Board re, Certified copy of Board's resolution of June 27th. 7 /12 approving establishment of, requested by Boston Communication from Deputy Governor in charge of Boston Agency to his bank setting forth some of the difficulties experienced by the Atlanta Agency in obtaining permission from officials of Cuban Government to ship out to Cuba cut and cancelled currency notes; matter to be taken up with State Department 9 /19 for adjustment through U. S. Embassy at Havana of, ment establish ng Copy of Board's resolution authorizi forwarded Deputy Governor Case of New York upon re7 /10 quest sendintends Boston of FRBank Copy of circular letter ing to all of its member banks re its Agency in 7 /17 Havana when such Agency is ready for business reporting Agency Boston of Manager from Copy of letter on business and financial conditions in Cuba, forward9 /18 ed Board by Governor of FRBank of Boston C. L. to Messrs. given attorney of power of Copy Adelson and J. M. Slattery to act for FRBank of Atlanta at its Agency in Havana, referred to Board's 9 /4 Counsel for review Counting of gold and lawful money held by Atlanta Agency in its cash as part of reserve of the FRBank; 10/ 3 letter from board to FRBank of Atlanta re, as Adelson FRBank of Atlanta elects Deputy Governor Manager of its Havana Agency at 416,000 per annum, and L. M. Slattery as Assistant Manager at 49,000 per annum, effective August 1st.; Board disapproves, preferring personnel of Cuban Agencies for present to be in form of temporary detail from head offices without increase in salaries, adequate expense account to be allgsed to cover increased cost of living in 7 /30 Havana ted, consolida be to of, es liabiliti and assets Items re in all published statements, with assets and 8 /22 liabilities of their respective head offices action re Atlanta of Kettig Chairman Deputy from Letter of Executive Committee in voting to allocate 4p100,000 of capital to its Cuban Agency, and requesting copy of Chairman McCord's letter to Board commenting on 9 /11 such action Board votes to send copy of Mr. McCord's letter to Mr. Kettig and copy of Mr. Kettig's letter to 9 /11 Mr. McCord 458 424 549 413 431 547 523 575 460 511 532 533 Cuba: (continued) Agencies in Havana, of FRBanks of Boston & Atlanta: (continued) Letter from Deputy Governor of FRBank of Boston written from Havana to Governor Harding re Cuban Agency, forwarded Board by Governor Harding 9/5 Letter from Governor Harding commenting on certain matters referred to in letter from Deputy Governor of MBank of Boston in Havana re Cuban Agency 8 /29 Report of Committee on above, recommending approval of suggested expense allowance for employees of Agency and of Governor Harding's recomendations re one and two dollar currency notes, approved 8 /30 Letter from Governor Harding of Boston enclosing weekly report from Cuban Agency 10/16 Letter from Governor Harding to Board announcing opening of Cuban Agency on September 1st., 1923 9 /4 Letters from Chairman McCord and Deputy Chairman Kettig of &Bank of Atlanta re statement made in error by Mr. McCord to effect that he was not present at meeting of Executive Committee of fRBank of Atlanta on August 25th., at which time was passed a resolution allocating a certain portion of the capital of the FRBank as the operating capital of its Havana Agency 9 /20 Letters from aBanks of Boston and Atlanta advising that steps are being taken toward establishment of, 7 / 3 Letters from &Banks of Boston and Atlanta re allocation of capital to, referred to Counsel for opinion as to right of Board to make such allocation 9 /4 Manager of Atlanta Agency; L. C. Adelson elected as, by MBank of Atlanta, at salary of 412,000 per annum, with allowance of 44,000 per annum for foreign service; referred to Committee 12/20 Progress being made toward opening of; copy of letter from Deputy Governor Bullen of Boston written in Havana to his bank re, forwarded Board by Governor Harding 8 /21 Report of Committee an above, stating no action is necessary by Board at present time 8 /22 Reconsideration by Board of action of June 27th. re, and new resolution defining authority of the two FRBanks in matter of, adopted 7 /30 Report from Boston Aipncy for week ending October 31, 1923, transmitted Board by Governor Harding 11/ 7 Resolutions of Board of Directors of RBank of Boston re its Cuban Agency, transmitted Board by Boston; referred to Committee 7 /17 618' 691 406 161 606 so, 4S6 ' page Ouba: (continued) Agencies in Havana, of ERBanks of Boston & Atlanta: (continued) Selection of cable name or designation for use by ZRBoard 8 /14 in communicating with, suggested /30 8 VRBoard by selected Name requesting Atlanta and Boston to Board from Telegrams conference between representatives of those banks and Board in dashington July 27th. to take up matter of 7 /24 location of quarters Postponement of conference to July 30th.; Board telegraphs Governor Harding of Boston requesting that 7 /25 he attend the conference in person Telegrams from Board to Llr. Hamlin at Mattapoisett,Mass., 7 /19 and iii. James at Atlanta, re plans for housing, occupied Temporary quarters for Boston to be in building now by branch of First National Bank of Boston, and for Atlanta in building of National Jity Bank of New York, permanent quarters for the two Agencies to be in same 7 /30 building Superior Liquidating Commission of Juba: Series of questions presented uy Mr. Paul Edwards of Bureau of Foreign & Domestic Commerce to Board's Chairman on Cuban Agencies, requesting that answers,thereto,be secured 11/ 1 from Dr. Clarence Marine and forwarded to him Department State with Governor instructed to communicate and inquire what responsibility the State Department believes the ERBoard has in manner in which Superior Liquidating commission of Juba is carrying on its work and what it wishes Board to do that is within 11/ 1 its power and province 11/ 6 Cuban Treasury Department: Iniuiry received by Atlanta Agency from, re redemption of mutilated United States currency; letter from Deputy Governor Bullen of Boston quoting from letter received from Havana 11/ 7 Agency of Boston re, referred to Commdttee 11/ 8 Matter ordered referred to iRBank of Atlanta Reply of Atlanta to Board's letter re, referred to 11/14 Committee on Cuba Jommittee reports above matter adjusted after conference between Governors of RBanks of 11/20 Atlanta and Boston Ounningham, Edward D., Member, F. R. Board: Expiration of term as member of Executive Committee, Dec. 31, 12/31 1923 493 520 448 453 444-5 459 621 621-3 625-6 631 654 665 668 796 rag' Cunningham, Sdward H., Member, F. h. Board: (continued) Invitations extended to, to address several meetings of farm organizations in middle west; special aommittee of FRBoard instruated to assist Mr. Cunningham in preparation of addresses he proposes to deliver 10/30 Term of, as member of Executive Committee, from October 1st. to December 31, 1923 9 /27 Cunningham, J. d., Vie President of First National Bank of /Idaho, Boise, Idaho: Letter from, to PRBank of an Francisco, requesting that the FRBank furnish him with names, titles, and c - ompensation paid each officer and employee of the FRBank and branches whose aompensation exceeds $2,500 per annum; Board suggests that the FRBank furnish Ir. Cunningham with Board's last annual report to Congress which contains such information as is available for general distribution 9 /25 Currency Shipments: Form of resolution suggested by Mr. James providing that all, between FRBanks and member banks, be considered as part of the member banks' reserve acaount during period of transit; referred to Standing Committee on Currenay and ordered placed upon program for consideration at forthcoming conference of Governors 10/10 Insurance of,sent by express; draft of letter to all FRBanks re, approved for transmission 7 /12 Currency Standard: Circular letter re, approved for transmission to Governors of all FRBanks 8/2 608 669 559 582 424 468 Itplt Dallas, Texas: Anonymous letter to Governor Crissinger from, alleging existence of sentiment against Deputy Governor of iliBank of Dallas in Eleventh District 11/ 6 Dawes, Henry 11., Comptroller of the Currenay: See "Comptroller of the Currency" Debentures Issued by Federal Intermediate Credit Banks: Letter from Acting Farm Loan Commissioner of Farm Loan Board asking if Board desires to prescribe any rules and regulations re purchase by EaBanks of, 7/3 Reply of Uoard, stating it does not contemplate issuing any regulations re above at present time 7 /12 Reply of R. A. Oooper to Board's letter of July 12th., ordered laid on table 7 /17 66 Page Debentures Issued by Federal Intermediate Oredit Banks; (con.) Resolution of raBoard authorizing FRBanks at their discretion to purchase, issued in accordance with terms of Agricultural Jredits Act of 1923, provided such deben9 /27 tures have maturity not in excess of six months authority Statement by Governor that he had given verbal to Federal iarm Loan Board to make payable, at the 10/10 FRBanks; action of Governor formally approved Department of Agriculture: Letter from, re procedure in matter of granting licenses as Live Stock Loan Inspectors; referred to Uounsel for 10/10 preparation of reply for the Governor's signature Department of Uommerce: Series of questions presented by Mr. Paul Edwards of Bureau of Foreign & Domestic %.;ommerce of, requesting that answers thereto be secured from Dr. aarence 11/ 1 Marine and forwarded to him Governor instructed to communicate with State Department and inquire what responsibility the State Department believes the RBoard has in manner in which Superior Liquidating Oommission of Ouba is carrying on its work and what it wishes Board 11/ 1 to do that is within its power and province 11/ 6 Department of State: Letter from, re proposed formulation of a standardized international code for regulation of bills of exchange; referred to Mr. Miller for conference with Secretaries of Treasury and Oommerce to whom similar communications 10/23 have been addressed Deputy L;omptroller of the Jurrency: Jommercial letter of credit transaction undertaken by National Bank of Shamokin, Pa. brought to attention of Board by; memorandum of 0ounsel re, approved, and 11/14 copy ordered transmitted to Deputy Jomptroller Aug. of letter his Memorandum addressed to, in reply to 20th. re participation certificates issued by 9 /14 First National Bank of Emlentan, Pa. acceptance certain a of propriety Reply of Board to, re transaction undertaken by National Park Bank of 9 /14 New York Dickinson Trust do., Richmond, Indiana: Letter from FRAgent Heath enclosing newspaper clipping 12/28 re conviction of the Ex-President of, Digest of Rulings of F. R. Board: Authority granted General Uounsel to have printed and 12/28 bound 3,000 copies of, to be sold at 42.00 per copy 568 584 584 621 621-2 625-6 598 663 545 544 790 791 page Director of Bureau of Engraving & Printing: Recommendation of, that all F. E. notes in new design recently approved by &Board be printed with identifying letters and numerals, the title of issuing bank with denominational numeral, and seal and sequence numbers overprinted in red; approved 7 /10 Directors: Baltimore Branch: Bruce, Howard, &Board's appointee for year 1924 12/20 Refusal of appointment by ir. Bruce 12/27 Delano, Frederic A., suggestion of Mr. Hamlin that Board appoint, as director for branch for year 1944; Board directs Mr. Hanlin to ascertain if appointment would be acceptable to iIr. Delano 12/27 Matthai, William H., &Board's appointee for 1924 12/20 Appointment accepted by Mr. Matthai 12/21 Messrs.Dudley,Wilcox & Osborne elected by Richmond as directors for, for year 1924 12/17 Birmingham Branch: Crawford, W. W., re-election as director for year 1924 12/18 Frye, J. H., re-election as director for year 1924 12/18 Kettig, W. H., &Board's appointee for year 1924 12/20 smith, T. O., re-election as director for year 1924 12/18 Wells, Oscar, FRBoard's appointee for year 1924 12/20 Branch Bank: Recommendation of &Bank of Atlanta that &Board reappoint for year 1924 its present appointees on directorates of branches of Atlanta 12/la Telegram from &Bank of Kansas City to Board requesting permission to postpone appointment of, until first meeting in January; Board wires, asking same be made of date 12/27 Terms of appointment of, discussed; Board of opinion provision should be made for rotation in terms of FRBanks' and &Board's appointees to the Boards of Directors of Federal Reserve branches, and matter of working out details of plan referred to Committee on Branches 12/ 6 Committee submits report on above; ordered circulated and re-docketed for meeting of Dec. 13th. 12/12 Report of Committee re, accepted, and matter referred back to Committee for preparation of rules covering matter along general lines suggested in report 12/13 415 772 786 786 772 775 738 745 6 746-6 772 745-6 772 746 785 709 725 730 Page Directors: (continued) Branch Bank: (continued) Upon motion of ihir. Hamlin, Board authorizes terms of all branch bank directors be held over until their 12/18 successors are elected and qualified to Board by requested Various district committees submit recommendations re directors of branch 12/ 7 FRBanks not later than December 17th. Buffalo Branch: Messrs. Rloepfer, Coe & 6mith appointed by RBoard as 12/27 directors for year 1924 as; Humphrey elected & Ramsdell McDougal, Messrs. letter from RAgent Jay re, and recommending Board appoint as its quota Messrs. Kloepfer, Cole 12/17 & smith; referred to Committee on Nominations Upon motion of Mr. Miller, Board approves reduction in number of directors at branch from seven to 12/17 five, effective January 1, 1925 Cincinnati Branch: 12/20 Harmon, Judson, FRBoard's appointee for year 1924 Messrs. DuPuis, Lee & Manning elected as directors 12/17 for 1924; letter from FRBank of Cleveland re, 12/20 Omwake, John, FRBoard's appointee for year 1924 Denver Branch: 12/20 Evans, John, &Board's appointee for year 1924 Foster, A. O., re-election as director for year 12/28 1924 MacKenzie, Murdo, FRBoard's appointee for year 12/20 1924 12/28 Olson, J. E., re-election as director for 1924 12/28 Parks, C. O., re-election as director for 1924 Ea Paso Branch: 12/20 Coles, A. P., FRBoard's appointee for 1924 as directors elected Messrs. Weiss, Hurd & Williams for 1924; letter from RAgent Talley of Dallas re, recommending Board re-appoint its present 12/17 directors at branch; referred to Committee 12/20 1924 year for appointee FRBoard's Turney, W. W., Helena Branch: 12/20 Ford, L. M., PRBoard's appointee for year 1924 12/20 1924 year for appointee PRBoard's Thomas, Marlow, Houston Branch: 1420 Andrews, Frank, FRBoard's appointee for year 1924 12/2/3 Farrar, R. M., PRBoard's appointee for year 1924 Messrs. Coleman, Gossett & Bryan elected directors for 1924; advice from RAgent Talley of Dallas re, recommending that Board re-appoint its present 12/17 directors at branch; referred to Committee 746 711 786 735 735 772 736 772 772 789 772 789 789 773 736 773 772 772 773 773 736 LXIV Directors: (continued) Jacksonville Branch: Cooper, J. C., &Board's appointee for year 1924 Kendall, C. P., re-elation as director for 1924 Lane, E. W., re-election as director for year 1924 Saussy, Fulton, &Board's appointee for year 1924 Wilson, Giles L., re-election as director for 1924 Little Rock Branch: McCain, C. B., &Board's appointee for year 1924 Wright, Moorhead, &Board's appointee for year 1924 Los Angeles Branch: McKee, Henry S., appointed director to fill vacanc y created by death of A. J. Waters; letter from &Agent Perrin advising re, Newton, I. B., &Board's appointee for year 1924 Robinson, Henry M., &Board's appointee for year 1924 Louisville Branch: Norton, George W., elected as director for year 1924 Sackett, F. 14, &Board's appointee for year 1924 Swearingen, Embry L., &Board's appointee for year 1924 Memphis Branch: Ragland, B. E., &Board's appointee for year 1924 Riddick, T. K., &Board's appointee for year 1924 Nashville Branch: Caldwell, J. E., re-election as director for 1924 Davis, Paul U., &Board's appointee for year 1924 EMbrey, T. A., re-election as director for year 1924 Hartford, W. H., iRBoard's appointee for year 1924 Lindsey, E. A., re-election as director for 1924 New Orleans Branch: Bouden, L. E., Jr., re-election as director for 1924 Bush, A. P., &Board's appointee for year 1924 Butler, J. P., Jr., re-election as director for 1924 Foote, F. W., &Board's appointee for year 1924 Hecht, R. S., re-election as director for 1924 Saunders, P. H., &Board's appointee for year 1924 Simon, Leon C., re-election as director for 1924 Oklahoma ,:ity Branch: Daniel, C. re-election as director for 1924 Ferguson, Walter, re-election as director for 1924 Janeway, P. A., re-election as director for 1924 Mee, William, &Board's appointee for year 1924 Thurmond, E. K., &Board's appointee for year 1924 12/20 12/18 12/18 12/20 12/18 745) , 746A 71_2 1 74r 12/20 12/20 12/20 70 12/20 70 12/21 70 12/21 70 12/20 12/20 12/18 12/20 12/18 12/20 12/18 70 746) 70 7 12/18 12/20 12/18 12/20 12/18 12/20 12/18 70 ) 70) 74.5 70, 746' 70' 7216/ 12/28 12/28 12/28 70 70 70 12/20 12/20 ro 70 Page Directors: (continued) Omaha Branch: 12/28 Abbott, George F., re-election as director for 1924 12/28 Goad, W. J., re-election as director for 1924 12/28 Earhart, L. H., re-election as director for 1924 12/20 Gray, Carl, FRBoard's appointee for 1924 12/27 Appointment declined by Mr. Gray 12/27 Marnell, R. O., re-appointment as director for 1924 12/20 Miller, J. E., &Board's appointee for year 1924 Pittsburgh Branch: 12/20 Armstrong, Charles D., &Board's appointee for 1924 Gallery, James D., FRBoard's appointee for year 1924 12/20 Messrs. Brown, Mellon & DeCamp elected as directors 12/17 for 1924 Portland Branch: 12/20 Straus, Nathan, ERBoard's appointee for year 1924 12/20 Teal, Joseph N., FRBoard's appointee for year 1924 Salt Lake City: 12/20 Hanchett, Lafayette, FRBoard's appointee for 1924 12/20 Wright, G. G., FRBoard's appointee for year 1924 Seattle Branch: 12/20 Clarke, Charles H., FRBoard's appointee for 1924 12/20 Peabody, Charles E., FRBoard's appointee for 1924 Spokane Branch: 12/20 McGregor, Peter, FRBoard's appointee for year 1924 12/20 Toevs, G. I., FRBoard's appointee for year 1924 Directors, Class "A" and "B": Date for opening of polls for election of, fixed for November 16th., no change being made in group 10/ 1 classifications 2.R. Bank of Atlanta: Eligibility of certain member banks to cast votes in forthcoming election of; letter from iRBank of 11/ 1 Atlanta re, F. R. Bank of Boston: Allen, Philip R., re-election as Glass “B9 director for 12/ 5 term expiring Dec. 31, 1926 director, "An Glass as re-election L., Alfred Ripley, 12/ 5 for term expiring Dec. 31, 1926 of Uhicago: Bank F. H. Johnson, E. L., re-election of, as Glass "A" director, 12/12 for term expiring Dec. 31,1926 Mueller, Robert, re-election of, as Glass "B" 12/12 director, for term expiring Dec. 31, 1926 789 789 789 772 785 785 772 772 772 736 773 773 773 773 773 773 773 773 571 618-19 696 696 723 723 LX1I Page Directors, Class "A" and "B": (continued) F. R. Bank of Cleveland: Crabbs, George D., election as Class "B" director for term expiring Dec. 31, 1926 12/ 5 dardrop, Robert, re-election as Class "A" director for term expiring Dec. 31, 1926 12/ 5 F. R. Bank of Dallas: Culbertson, J. J., re-election of, as Class "13" director, for term expiring Dec. 31, 1926 12/ 5 Smith, Howell E., re-election of, as Class "A" director 12/ 5 F. R. Bank of Kansas City: Gibson, H. d., re-election of, as Class "B" director, for term expiring Dec. 31, 1926 12/ 5 Mullaney, E. E., re-election of, as Class tlAtt director, for term expiring Dec. 31, 1926 12/ 5 F. R. Bank of Minneapolis: Bassett, J. C., re-election of, as Class director, for term expiring Dec. 31, 1926 12/ 6 Holter, N. B., re-election of, as Class "B" director for term expiring Dec. 31, 1926 12/ 6 F. R. Bank of New York: Whitmarsh, T. F., trustee of Greenwich savings Bank Of New York City, and recently elected Class "B" director of FRBank of New York; memorandum of Counsel re legality of a trustee of a mutual savings bank serving as Class "B" director 12/20 Mr. Hamlin stated that Governor Strong had advised him that Mr. Whitmarsh is to withdraw from Greenwich Savings Bank; Counsel's opinion ordered filed without action by Board 12/20 Mr. Jay to be advised that Board will permit Mr. Whirmarsh to serve as Class "B" director of ERBank of New York and be re-elected as trustee of Greenwich Savings Bank subject to final order of Board revoking such permission if it shall be determined that his service is not permitted under Clayton Act 12/29 F. R. Bank of Philadelphia: Stuart, Edwin S., re-election as Class "B" director for term expiring Dec. 31, 1926 12/ 6 Wayne, Joseph, Jr., re-election as Class "A" director for term expiring Dec. 31, 1926 12/ 6 F. R. Bank of Richmond: Coker, D. It., re-election as Class ItBlt director for term expiring Dec. 31, 1926 12/ 5 Johnson, L. E., re-election as Class "A" director for term expiring Dec. 31, 1926 12/ 5 697 697 1 691 697 697 697 706 706 V14 714 706 706 691 691 page Directors, Class "A" and "B": (continued) F. R. .Banc of t. Louis: Lonsdale, John G., re-election as Class "A" director 12/12 for term expiring Dec. 31, 1926 Percy, Le Roy, re-election as Class "B" director for term expiring Dec. 31, 192612/12 F. R. bank of an Francisco: Dohrmann, A. B. O., re-election as 'Class "B" director 12/12 for term expiring Dec. 31, 1926 Maadonnell, J. S., election as Class “A" director 2/12 for term expiring Dec. 31,19261 Refusal of ekAgent Perrin to make public result of balloting in recent elections of Class "A" and "B" 12/27 directors; telegram from Mr. Perrin re, Directors, Class "0": F. R. Bank of Atlanta: McCord, Joseph A., appointed for three years, term 12/ 7 expiring Dec. 31, 19.:,6 F. R. Bank of Boston: Curtiss, Frederic H., appointed for three years, term 12/ 7 expiring Dec. 31, 1926 F. R. Bank of Chicago: Simpson, James, appointed for three years, term expiring 12/ 7 Dec. 31, 1926 F. R. Bank of Cleveland: Wills, D. C., appointed for three years, term expiring 12/ 7 Dec. 31, 1926 F. R. Bank of Dallas: Linz, Clarence E., appointed for three years, term 12/ 7 expiring Dec. 31, 1926 City: Kansas of V. a. bank appointed for three years, term McClure, I. L 12/ 7 expiring Dec. 31, 1926 F. L. bank of idinneapolis: Rich, Jonn H., appointed for three years, term expiring 12/ 7 Dec. 31, 1926 F. R. Bank of New York: Saunders, William L., appointed for three years, term 12/ 7 expiring Dec. 31, 1926 F. R. Bank of Philadelphia: Austin, Richard L., appointed for three years, term 12/ 7 expiring Dec. 31, 1926 F. R. Bank of Richmond: W., appointed for term expiring Dec. Hoxton, 9 /11 31, 1923 of receipt of Seay Governor Acknowledgment by 9 /13 advice from Board re above appointment term years, three for Hoxton, William W., appointed 12/ 7 expiring Dec. 31, 1926 724 724 724 724 787 710 710 710 710 710 710 710 710 710 535 537 710 Lan page Directors, Glass "C": F. R. bank of St. Louis: Boehne, John W., appointed for three years, term expiring Dec. 31, 1926 12/ 7 F. R. Bank of San Francisco: Perrin, John, appointed for three years, term expiring Dec. 31, 1926 14 7 Inquiry from Mr. Hamlin as to when Board would be prepared to receive report of Committee on appointment of, and the designation of XRAgents; matter made special order of business for meeting of December 7th. 12/ 6 Discount & Deposit State Bank, Kentland, Indiana: Reply of Board to letter from &Agent Heath re request of United States Attorney for District of Indiana for copies of reports made to MBank of Chicago by, formerly a member bank 12/31 Discount Rates: F. R. Bank of Chicago: Rate of 41.;; fixed by, on agricultural paper, with maturities from six to nine months 8 /14 F. H. bank of 1)al1as: Heavy demands for credit by member banks on the ERBank; letter from REtAgent re, stating that the RBank may be forced to consider raising its discount rate or rediscounting with other &Banks; Board requests further information re, 7 /24 Telegram from &Agent Talley giving further Information re above 7 /26 F. R. Banks: Letter from Under Secretary of the Treasury re, making certain suggestions as to manner in which problem of rate determination should be approached 8/6 Discounts: (See also "Rediscounts") Counsel requested for opinion as to whether Board could establish ruling permitting ineligible banks to discount customers' paper with FRBanks through medium or agency of member banks at slightly increased rate 11/27 Memo. of Counsel re "Rediscount of paper for Ineligible Non-Member Banks at Increased Rates", ordered circulated 12/17 Intermediate Federal Credit banks: Telegram from FRAgent at San Francisco suggesting that Board's regulation re, specify amount of paper FRBanks may accept bearing signature or endorsement of any one borrower; referred to Law Committee 7 /24 Reply of Board to 2RAgent Perrin stating that it feels that present regulations contain sufficient limitations on rediscounts for Federal Intermediate Credit Banks 7 /30 710 710 709 79fre 490 441 466 486 6(0 131 448 480 Page Discounts: (continued) First National Bank of Brookings, S. D., discount of non-member bank paper by; letter from ERBank of 7 /24 Minneapolis re, Intermediate Credit Banks; request from San Francisco that Board issue regulations to cover discount by 7 /17 FRBanks of paper of, Reply of Board to ERAgent Perrin stating matter of discounts for Federal Intermediate Credit Banks is covered in Board's new Regulation A, Section 7 /18 VI (d) Opinion of Counsel requested as to whether RBanks could legally discount for member banks paper originating in non-member banks at same rate as that borne by the notes 12/11 themselves Memo. of Counsel re "Rediscount of Paper for Ineligible Non-Member Banks at Rate Borne by Such 12/17 Paper", ordered circulated Paper of Non-Member Banks: Draft of letter from Board to iRAgent at Kansas City re Board's telegram of June 26th. re, by member 7/5 banks; referred to Counsel Letters of June 28th. & 29th. from RBank of Boston 7/3 re, referred to Governor Crissinger for reply Telegram from &Agent at Boston re, under date of 7/3 June .8th., referred to Governor for reply Telegram from San Francisco requesting further information re Board's telegram of June 26th. re, by member 7/5 banks; referred to Counsel construcSight and demand bill of lading drafts, proper tion of amendment of March 4, 1923, to Section 13 of FRAct re discount of; memo. of Board's Counsel suggesting form of reply to letter from ERAgent Martin of St. Louis re, ordered circulated and docketed for 12/27 later meeting Sight and demand drafts, deduction of interest on discount of; memorandum of Assistant Counsel re, together with telegram to Governor of eRBank of San 7 /18 Francisco, approved Waterbury National Bank of Waterbury, Conn., application of, to discount with the EBank of Boston paper of the Westside savings Bank, a mutual savings bank without capital; letter from Boston re, referred to Governor 7/3 for reply District of Columbia Bankers' Association: Copy of resolution passed at last convention of, favoring 8 /29 amendment to Section 24 of FRAct 449 437 440 716 737 411 405 405 411 784 441 406 513 LIU fsge ( Dividends: F. R. bank of Atlanta: Dividend payment authorized F. R. Bank of Boston: Dividend payment on December 31, 1923, approved F. R. Bank of Chicago: Dividend payment authorized F. R. Bank of Cleveland; Payment of regular semi-annual, approved F. R. Bank of Dallas: Dividend payment authorized F. R. Bank of Kansas City: Dividend payment authorized F. R. Bank of Minneapolis: Dividend payment authorized F. R. Bank of New York: Dividend payment authorized F. R. Bank of Philadelphia: Payment of dividend by, authorized F. R. Bank of Richmond: Payment of dividend at enu of year, authorized F. R. Bank of 6t. Louis: Dividend payment authorized F. R. Bank of San Francisco: Dividend payment authorized Division of Foreign Exchange of F. R. Board: Subpoena served on ERBank of New York requiring it to produce certain records in files of; reply of Board to letter from Counsel of FRBank of New York re, suggesting the subpoena might properly be directed to Division of Foreign Exchange of FRBoard Division of Research & Statistics: Memorandum of Director recommending RBank of New York be permitted to publish in its monthly review figures on receipts and shipments of currency from and to foreign countries, and that Board include table and some discussion in its RBulletin; disapproved Upon recommendation of Director of, Board to publish but one monthly eaition of FRBulletin, decrease size of same, and reduce subscription price to 42.00 per annum Docket, F. a. Board: Several items of unfinished business stricken from, upon understanding they may be re-introduced at any time Dollar Exchange: Asia Banking Corporation granted permission to accept for purpose of furnishing, 12/19 756 12/ 5 699 12/18 747 11/20 667 ' 6 12/18 746 12/18 747 12/19 766 12/18 747 12/11 717 12/17 734 12/19 766 12/17 734 11/13 659 8 /29 616 12/11 711 9/26 666 11/22 676 Page Dollar Exchange: (continued) Trust Co. of Chicago granted permisIllinois ..lerchants sion to accept for purpose of creating, in certain 12/18 foreign countries Industrial Trust Co. of Providence, h. I. granted permission to accept drafts drawn in certain foreign 7 /18 countries for purpose of creating, Domestic Credit Situation: Letter from Assistant Secretary of the Treasury Winston to Director of Division of Research & Statistics requesting that he prepare a brief review of, during past 8/ 7 year; referred to Governor for reply Letter from A:r. Winston under date of August 13th., renewing above request, referred to Governor for 8 /21 reply 745 442 486 505 ItElf Eddy, Walter L., General Secretary, i. H. Board: Appointment of, as General secretary, F. H. Board, he to continue to perform, in addition, duties of Executive 10/ Secretary Domestic & Foreign Commerce: Edwards, Paul, of Bureau of Series of questions presented by, to Board's Chairman on Cuban Agencies, requesting that answers, thereto, be secured from Dr. Clarence Ilarine and forwarded to him 11/ Governor instructed to aommuniaate with State Department and inquire what responsibility it believes the Board has in manner in which Superior Liquidating Commission of Cuba is carrying on its work and what it wishes Board to do that is within 11/ its power and province 11/ Elliott, M. O. Letter from, re right of a director of a national bank holding a permit of RBoard to serve at same time as an officer or director of said national bank and some other banking institution, to continue to serve under such authority after consolidation with another national bank; memo. of Counsel suggesting form of reply to, containing ruling of Board that the authority granted shall continue in effect in case of consolida11/ tion on letter circular approved,and Letter to Air. Elliott 11/ subject orderea transmitted to all FRAgents 3 576-7 1 621 1 6 621-2 625-6 6 628 6 628 Elliott, M. C. (continued) Letter from, requesting that Mr. McAdoo be furnished with revised report of Mr. Perrin on application of Bank of Italy to establish branch at Yuba City; referred to Committee 7 /10 Board refuses request 7 /11 2r. Elliott requests board to reconsider above act ion; no motion to reconsider made 7 /31 Protest from Ir. McAdoo against board's refusal to . furnish copy of revised report of Lc. Perrin re application of Bank of Italy to establish branch at Yuba City 7 /18 Request from, for information as to date of first meeting of Board, dates of chartering and opening of FRBanks, and certain other information as to membership of System since organization 12/28 Examinations: bancitaly Corporation; report of examination of, as of October 13, 1923, and memo. of Chief Examiner of FRBank of San Francisco re, 11/ 6 Report of Committee on Examinations re above matter, concurring in analysis of reports by Board's Chief Examiner and recommending that all papers be circulated 11/28 Bank of Central & South America: Griffin, J. A., appointment of, as an examiner for temporary period, authorized, to assist in examination of Bank of Central & South America, compensation to be at rate of $6,000 per annum, adequate adjustment to be made to cover necessary expenses while travelling in foreign countries 7 /17 Bank of Italy, San Francisco: Advice from FRAgent Perrin that California State Banking Department will start an examination of, on September 29th., such examination not to be made by simultaneous entrance of head office and all branches, but only Jf head office and San Francisco and Los Angeles city branches, with later independent examinations of outside branches; referred to Committee 10/ I Board approves recommendation of Committee on Examinations that in view of ruling in favor of simultaneous examinations, the above examination can not be considered as sufficient and acceptable 10/ 3 Refunding of amount of examination charges assessed against, recommended by San Francisco a /22 Board disapproves 9 /13 Report of examination of Stockholders' Auxiliary Corporation, as of Sept. 29, 1923, and memo. of Chief Em1ner of IRBank of San Francisco re, 11/ 6 439 790 692 i 43 Lai Page Examinations: (continued) Bank of Italy, San Francisco: (continued) Report of Committee on Examinations re above matter, concurring in analysis of reports by Board's Chief Examiner and recommending that all papers 11/28 be circulated Conference between FRAgent Perrin and FRBoard re California method of branch banking and examination 9 /13 question as relates thereto, Credit investigations, considering of certain, as examinations; reply of Board to letter from FRAgent Perrin 7 /31 re, F. R. Bank of Atlanta: Report of examination, as of May 28, 1923, submitted, a /15 together with report upon same by Chief Examiner F. R. Bank of Chicago: 8 /21 Report of, as of June 16, 1923, submitted F. R. Bank of Cleveland: Report of examination of, and branches, as at close of business July 7, 1923, submitted and referred to 10/10 Committee request to First National Bank of Parlier; Board Comptroller of Currency to order special examination of, in order that it may have complete information as 11/22 to bank's condition Foreign Banking Corporation: Report of Committee re, operating under agreement with &Board; action postponed until after completion 7 /31 of examination of Bank of Central & South America Second of Examiner Bank National Letter from Chief District to Comptroller of Currency stating that he has been advised that Manager of Buffalo Branch has been showing copies of bank examiners' reports to 7 /11 Buffalo Clearing House Association EaLgents all to letter circular of draft banks; Member re charges by &Banks for examining, when examinations rather than credit investigations are necessary; ap7 /31 proved, ordered mimeographed, and transmitted Pacific Southwest Trust & Savings Bank: Protest of, against payment of costs assessed by ERBank of San Francisco for examination made on Sept. 8, 1922; copies of letters exchanged between the two 7 /12 banks re, forwarded Board by IAgent Perrin Board replies to letter from ERAgent perrin re 7 /31 above Refunding of amount of examination charges assessed 8 /22 against, recommended by RBank of Jan Francisco 9 /13 Board approves 692 539 462 501 507 582 678 465 420 463 423 462 510 538 pae Examinations: (continued) Simultaneous entry examinations, abandonment by State Banking Department of Jalifornia of; letter from Superintendent of Banks of k;alifornia to RAgent Perrin re, 9/5 Above matter to be made subject of conference with 1,1r. Perrin while he is in Washington 9 /11 State member banks, cost of examining, when examinations, rather than creait investigations, are necessary; copy of letter RBank of Philadelphia has transmitted state member banks in Third District re, 8/7 State member banks; draft of reply of board to letter from FRAgent at Minneapolis of August 4th., in which he suggests that Board grant him permission to assess, for costs of examinations on basis of assessment made by Comptroller of Jurrency to cover costs of national bank examinations; referred to Law Committee 11/27 Memo. of General Counsel giving opinion that state member banks examined by a laBank should be assessed a pro rata share of expense of all state bank examinations during a given period based on resources of banks on date of examinations; memo. ordered circulated 12/13 Resolution of Board adopting opinion of .;ounsel re method of assessing costs of examining state member banks, authorized forwarded to all &Agents 12/21 State member banks; letter from board replying to letter from FRAgent ferrin of June 8th. re, 7 /31 State member banks; reply of Board to letters from FRAgents at Jleveland and Philadelphia of June 2nd. and 1st., respectively, re proper understanding of Board's regulations re, 7/3 Examinations & Credit Investigations of Member Banks: Letter from FRBank of San Francisco quoting resolution of its board of Directors re, and referring to Board's letter of July 31st. on subject 8 /22 Report of k.;omclittee on Examinations re above,stating no further action by Board is necessary 9 /5 Examiners: Federal Reserve: Comley, L. J., transferred from Gold Settlement Division to examining force, at same salary, effective September 1st. 7 /24 Dankwerth, George O., employment of, as Mank examiner at San Francisco, at 0,600 per annum 10/31 52.q 532 466 729 46,9 ' Page Examiners: (continued) Federal Reserve: DeMoss, Harold R., appointment as examiner at 'lank 9 /14 of Dallas at 42,400 per annum bank assistant Durran, W. D., appointment as spacial 9 /25 examiner at Salt Lake City Branch Federal assistant Griffin, Elmer J., appointment as 10/25 Reserve examiner at 43,000 per annum for examiner Griffin, J. A., appointment as an temporary period, authorized, to assist in examination of Bank of Central & South America, his compensation to be at rate of 46,000 per annum, and adequate adjustment to be made to cover necessary 7 /17 expenses while employed in foreign fields bank assistant special as nt appointme Iverson, H. i., 9 /25 elfAminer at Salt Lake City Branch Chief Assistant as nt appointme H., Moore, Louis Examiner at San Francisco at 46,000 per annum, to 10/ 1 succeed LIr. H. B. Raney, resigned examiner, Reserve Federal assistant Jr., G., Pierce, 7 /31 resignation Salary increases of 4500 per month, for six months period beginning Sept. 1st., approved for the three FRBank examiners participating in examination of 9/5 Bank of Central & South America National bank: Attention called by Comptroller of the currency to his efforts for bringing about a closer cooperation 9 /14 between, and examiners of the xhbunks Second of Letter from Chief National bank Examiner District to :cmptroller of Currency, stating that he has been advised that Manager of Buffalo Branch has been showing copies of bank examiners' reports to 7 /11 buffalo Clearing House Association be to , buildings RBank Matter of tenancy of, in brought up for discussion at forthcoming conference 10/31 of Governors RBank in staff examining bank national Quarters for of New York; attention called by Governor Strong to question of providing, stating same should be rented to the Chief National bank Examiner at moderate rate 12/6 Salaries of National Bank: Allsup, Archie S., Tenth District, salary increased 7 /24 from 42,700 to 0,300 per annum 10/25 annum per Ashwood, Cecil, salary approved at 42,400 543-44 558 603 433 558 570 464 525 543 420 611 705 450 603 Page Examiners: (continued) Salaries of National Bank: (continued) Bina, J. C., Ninth District, salary approved at 43,000 per annum 7 /19 Brennan, F. P., salary approved at 42,400 per annum 10/23 Coffin, G. J., Twelfth District, salary increased from 43,600 to 44,000 per annum 7 /10 Crosson, Gail d., salary increased to 43,300 per annum 8 /21 Cushing, E. B., salary approved at $7,500 per annum 11/ 6 Cutts, Arthur D., salary approvei at 43,300 per annum, and detailed to office of Comptroller with headquarters in Washington 8 /30 Davenport, Henry B., salary increased from 44,500 to $5,500 per annum 7 /26 Dye, Samuel W., salary increased from 43,600 to 44,000 per amain 8 /21 Griffey, Orville A., salary increased from 44,500 to 45,500 per annum 11/20 Johnson, Alfred W., salary approved at $2,700 per annum 10/25 Lamm, R. Foster, Twelfth District, salary increased from 43,300 to 44,000 per annum 7 /10 Logan, Joseph a., salary increased from 46,000 to 47,000 per annum 9 /13 Luce, F. H., Ninth District, salary approved at 45,000 per annum 7 /31 Luiken, J. b., First District, salary approved at 43,600 per annum 7 /17 Mertens, Charles R., Second District, salary approved at 43,000 per annum 9/5 Nelson, Nels, Ninth District, salary approved at 42,700 per annum Al Peterson, F. Raymond, Tenth District, salary increased from 42,700 to 43,000 per annum 7 /24 Pole, J. W., salary increased from $10,000 to 412,000 per annum 9/4 Rasmussen, Frank E.., salary approved at 46,000 per annum 12/20 Reeves, Gwen T., Chief National Bank Examiner of Second District, salary approved at 416,500 per annum 12/ 6 Rorebeck, Edwin F., Chief National Bank Examiner for Fifth District, salary increased from $7,500 to 48,500 per annum 11/14 445 595 417 506 662 519 466 501 666 605 417 537 464 433 526 506 46° 766 709 L XYN II page Examiners: (continued) Salaries of National Bank: (continued) Rorebeck, Eawin F., salary increased from 45,500 to 8 /21 47,500 per annum per Sahlotzhauer, H. A., salary approved at 43,600 11/20 annum to Sellers, Wiley B., salary increased from 42,700 10/10 43,000 per annum Sheehan, William F., salary increased from 43,600 9/4 to 45,000 per annum to 43,000 from Snapp, John W., salary increased 7 /24 43,300 per annum approved at salary District, Stanfield, A. J., fourth 7 /17 43,600 per annum 43,300 to increased salary M., Adelia Stewart, (Miss) a /21 per annum per 43,300 to increased salary Wilson, Charles F., a /21 annum at approved salary District, Ninth hi., E. Wright, 7 /19 42,700 per annum Exchange: Dollar: See under "Dollar Exchange" Releasing standard silver dollars for purpose of regulating, with silver standard countries; letter from Under Secretary of the Treasury stating if inquiry instituted by Senator Pittman into arrangements for, shall be further presented, he would suggest asking Mr. Strauss to appear before Congressional Commission; Board 7 /26 approves Exchange Charges: Batavian National Bank of La Crosse, Wisconsin; letter from President of, re right of his bank to charge the 8 /29 FRBank exchange for items drawn on it from letter City National Bank of iort Smith, Arkansas; President of, enclosing copy of letter from his bank to a correspondent bank re practice of charging exchange 9 /11 on checks drawn upon it Rwhibits: Board grants &Ban/. of Philadelphia permission to expend sum not in excess of 41,800 for, to be set up at meeting of American Bankers' Association in Atlantic City 7 /24 in September 1924 that fact to attention calls Chicago of kRBank convention of American Bankers' Association will be Board's views as to held in Chicago, and rev3sts of making Federal practice continuing of propriety 12/11 conventions such at exhibits Reserve 507 666 582 523 450 432 506 506 445 455 514 532 450 716 rage Exhibits: (continued) tRthank of Chicago granted permission to make exhibit at convention of American Bankers' Association in Chicago upon understanding it will consult with the RBanks making former exhibits and utilize as much of their material as possible; also that it will submit to Board for approval plans for additional material, with cost 12/11 Expenses, i. R. Board: Assessment of &Banks for, for six months' period ending June 30, 1924 12/21 Exports: Shipment abroad of notes of FRBank of Dallas; report of Committee re suggestion of .eRBank of New York for, recommending that no action be taken at present time but matter submitted to forthcoming Conference of Governors and FRAgents and to next meeting of Federal Advisory Council 10/31 Board adopts Committee's report, and matter also referred to Law Committee for opinion of Counsel re legality of plan 10/31 Memorandum of Counsel on legality of proposed plan, ordered circulated 12/21 Express Rates: Downward revision of, now being charged for shipping money and securities; letter to Governors of &Banks re, 8 /15 Revision of, on transportation of money and securities; letter from Assistant Counsel of 1Bank of New York to Board re employment of special counsel for the BRBanks to present matter of, to Interstate Commerce Commission 9 /13 Carmalt, James W., Board approves appointment of, as special counsel in above matter at maximum fee of $15,000 10/ 3 Misunderstanding in matter of fees between Mr. Carmalt and FRBank of New York; matter to be submitted to Board for further consideration when details have been ascertained 10/ 4 Agreement reached between Mr. Carmalt and FRBank of New York whereby maximum fee of $15,000 will include all expenses with exception of court costs, which latter will be paid by the FRBank 10/10 Memorandum of Counsel submitting draft of letter to Counsel of iRBamk of New York authorizing payment by the iRBank of certain expenses in connection with presentation by Ir. Carmalt of matter of ill 7 8 498 `11 LXXIX page Express Rates: (continued) Revision of, eta. Memorandum of Counsel, eta. (continued) revision of express rates to Interstate Commerce Commission, in addition to fee for legal services approved for Mr. Carmalt; memo. referred back to 11/ 6 Law Committee for certain imormation Memorandum of General Counsel giving history of employment of Mr. Carmalt as special counsel in above matter; Board authorizes expenses of witness fees, etc., not be taken out of compensation for legal services approved for 11/20 Mr. Carmalt Board votes to request Ir. hounds re accuracy of statement made by Mr. Mason, Counsel of ilii3Ark of New York, that he had received information that Board's Committee on Economy & Efficiency had approved employment of special counsel,at meeting in July,to conduct case before Interstate Commerce 11/20 Commission Alen°. of secretary, referring to letter from Counsel of PRBank of New York advising of payment of 43,000 to Carmalt for services in re matter of express rates, and requesting authority to arrange with FRBank of New York to carry all payments to Ur. Carmalt until such 11/27 time as matter is disposed of, approved 629-30 671 671 684 )8 38 14' Vaircloth, O. A., President of National City Bank, Tampa, Florida: Letter from, expressing views re par clearance system of 8 /21 the ERBanks Farm Loan Board: Inquiry from R. A. Cooper of, re bonds of Federal Intermediate Credit Banks as collateral security for direct loans by FRBanks to member banks; memo. of General Counsel re, approved, and Mr. Cooper to be informed of Counsel's 8/2 opinion if asking Letter from Acting Farm Loan Commissioner of, Board desires to prescribe any rules and regulations re purchase by PRBanks of debentures issued by Federal Intermediate Credit Banks under provisions of Agricultural 7/3 Credits Act of 1923 issuing contemplate does it not Board replies, stating any regulations re above until such time as some liaBank expresses a desire to purchase such debentures 7 /12 504 471 407-8 426 pse Farm Loan Board: (continued) Reply of R. A. Cooper to Board's letter of July 12th., ordered laid an table 7 /17 Farm Loan Commissioner of Federal Farm Loan Bureau: Letter from, re letter from Governor Harding of Boston to Board as to liability of FRBanks in event of payment of bonds or coupons of Federal Land Banks contrary to advice to stop payment; referred to Law Committee 12/28 Farm Loans: Eligibility for rediscount by 2RBanks of notes representing, made on behalf of Union Central Life Insurance Company of Lincoln, Nebraska; draft of letter to Comptroller of Currency transmitting copy of opinion of Board's Counsel re, approved 11/13 Farmers & Merchants National Bank, De Leon, Texas: Authority granted, to reduce capital stock from ,$100,000 to 450,000 12/17 Farmers Bank of Pelham, Georgia: Application of, for permission to establish branch at Sale city, Georgia; referred to Committee an Examinations 12/12 Report of Committee, recommending that FRBank of Atlanta be requested to submit more detailed information re matter, and give statements of condition of two banks concerned; approved 12/13 Additional information furnished by FRBank of Atlanta 12/17 Application to take over Bank of Bale City, Georgia, and operate it as branch,approved 12/18 Federal Advisory council: Advice from President of, that next meeting of Council will be held in Washington on November 19th., and asking to be advised of any topics Board would like Council to discuss at that time; referred to Executive Committee 10A3 Copies of recommendations of, to Board, made at meeting held on November 19th., ordered distributed anong members of Board 11/22 Deputy Governor Harrison of AtBank of New York invited to attend sessions of, on September 17th. 9 /14 Yember of, from Eleventh District, to be appointed on January 1st., to be reimbursed on basis of fee of 450, in addition to actual travelling e;Tenses to and from 1/ashington and actual expenses incurred while in Washington for each meeting of the Council, and actual expenses only for each meeting attended of the Board of Directors of &Bank of Dallas 11/13 49 790 669 0 0 763 596 619' 540 669 LXXXI Page Federal Advisory Council: (continued) Memorandum containing recommendations of, made following sessions of September 17th. and loth., 1923, submitted, and the recommendations contained,therein,referred to 9 /19 various committees of the &Board Payment of 450.00 to member from its district for attendance at each meeting of, approved by rlaBank of Dallas, also that he be reimbursed for travelling expenses incurred during such trips and in attending meetings of Board of Directors of aBank of Dallas; FRBoard ap7 /17 proves Recommendations of Advisory Committee of aBank Governors, together with Claiborne-Adams proposal, referred to Committee an Clearings for submission to next meeting a /2 of Advisory Council for consideration and report Reimbursement of present member of, from Eleventh District, for expenses in connection with past and future meetings of Council and Board of Directors of Dallas bank during term expiring Dec. 31, 1923, on basis of flat fee of 420 for each meeting, actual travel and subsistence expenses, and additional fee of 410 for each day's absence from his place of residence,ap11/13 proved Request from President of, that he be furnished, for distribution, with copies of new regulations, resolution of Board providing for establishment of Cuban agencies by FRBanks of Boston & Atlanta, and copy of Board's reply to First Federal Foreign Banking Association re 7 /11 extension of credit, etc. Topics to be submitted by Board to, for consideration at meeting an September 17th.; memorandum of General a /21 Secretary making recommendations re program of, Twohy, D. W., re-appointment of, as member from Twelfth District for year 1924, Mr. Twohy to be allowed 4600 to cover travelling expenses tor each meeting of 12/13 Council he attends in Washington Wells, Oscar, President of First National Bank of Birmingham, election of, as member of Advisory Council from Sixth eDistrict for year ending Dec. 31, 1924, 12/18 to succeed E. W. Lane Federal Building & Loan Association: Advice from FRAgent at Philadelphia of willingness of Federal Reserve Building & Loan Association to change its name to, and asking if Board has any objection to proposed name; Counsel to prepare reply stating no 12/ 6 objection by Board to name as changed 551 432 473 658-9 419 503 726 746 706 page Federal Farm Loan Board: Activities and loaning and operating policies of Federal Intermediate Credit Banks outlined by Mr. Corey of, requesting Board to advise all FRBanks that debentures issued by these banks are a proper investment for FRBank funds 9 /26 Committee appointed by Board to draft resolution on above subject for presentation at next meeting of Board 9 /26 Letter from Farm Loan Commissioner of, re letter from Governor Harding of Boston to Board as to liability of FRBanks in event of payment of bonds or coupons of Federal Land Banks contrary to advice to stop payment; referred to Law Committee 12/28 Statement by Governor that he had given verbal authority to, to make debentures of the Intermediate Credit Banks payable at the ithanks; action of Governor formally approved 10/10 Federal Intermediate Credit Banks: (See also "Intermediate Credit Banks") Activities and loaning and operating policies of, outlined by Mr. Corey of Federal Farm Loan Board, requesting Board to advise all FRBanks that debentures issued by Federal Intermediate Credit Banks are a proper investment for ERBank funds 9 /26 Committee appointed by Board to draft resolution on above subject for presentation at next meeting of Board 9 /26 Bonds of, as collateral security for direct loans by FRBanks to member banks; memorandum of General Counsel re, prepared in response to inquiry from R. A. Cooper of Farm Loan Board, approved, and Mr. Cooper to be informed of opinion of Counsel in matter 8 / Purchase by FRBanks of debentures issued by, under Agricultural Credits Act of 1923; letter from Acting Farm Loan Commissioner Cooper asking if Board desires to prescribe any rules and regulations re, 7/3 Board replies, stating it does not contemplate issuing any regulations re above until such time as some FRBank expresses a desire to purchase such debentures 7 /12 Reply of Mr. Cooper to Board's letter of July 12th., ordered laid on table 7 /17 Regulations covering purchase by RBanks of debentures of; letter from RAgent at Atlanta re, referred to Law Committee 8 /30 Reply of Board to FRAgent McCord, approved 9 /6 564 664 790 664 40 619 page Federal Intermediate Credit Banks: (continued) Resolution of FRBoard authorizing ERBanks in their discretion to purchase debentures of, issued in accordance with terms of Agricultural Credits Act of 1923, provided such debentures have maturity not in 9 /27 excess of six months Suggestion from San Francisco that Board's regulation concerning discounts for, specify the amount of paper &Banks may accept bearing signature or endorsement 7 of any one borrower; referred to Law Committee Reply of Board to FRAgent Perrin stating that it feels that present regulations contain sufficient limitations on rediscounts for Federal Intermediate 7 /30 Credit Banks Federal Land Banks: Letter from zarm Loan Commissioner of Federal Farm Loan Bureau re letter from Governor Harding of Boston to Board as to liability of 1Banks in event of payment of bonds or coupons of, contrary to advice to stop 12/28 payment; referred to Law Committee Reserve Federal Act: Amendments to, Communication from Vice President of Bankers' Trust Co., Little Rock, Arkansas, suggesting amendments to Section 5200 of U. S. Revised Statutes and to 7 /10 Section 13 of ERAct; referred to Law Committee 7 /26 Above matter referred to Governor for reply Copy of resolution passed at last convention of District of Columbia Bankers' Association favoring 8 /29 amendmert to Section 24 of FRAct Motion by Mr. Hamlin that Board ask Counsel to draft amenument to FRAct to provide that employees of ERBanks be designated as notaries without compensation to perform duties of notaries public in protest of paper performed by notaries public in 12/ 7 the various states; carried Section 25(a), prohibiting members of the FRBoard from being officers or directors of corporations organized under provisions of, etc.; attention called by Mr. Hamlin to, and Secretary instructed to prepare form of certificate to be signed by all members of present 9 /4 Board to which this provision applies Federal Reserve Agents: Assistant: Albertson, Ward, appointment of, as Assistant &Agent at Atlanta for year ending .Jec. 31, 1924, subject 12/18 to approval of RBoard; referred to Committee 568 448 460 790 416 455 513 712 524 746 page Federal Reserve Agents: (continued) Assistant: Anderson, J. D., Assistant &Agent at Cleveland, bond approved for, in amount of 450,000 7 /10 Baskin, J. G., appointment as Assistant FRAgent at Detroit Branch, subject to approval of FRBoard; action deferred (see files) 12/20 Bowron, Thomas, appointment as Alternate Assistant FRAgent at Birmingham Branch for year ending Dec. 31, 1924 12/18 Brown, Lawson, appointment as Assistant FRAgent at New Orleans Branch for year ending Dec. 31, 1924, subject to approval of rIRBoard; referred to Committee 12/18 Burgess, W. Randolph, Assistant FRAgent at New York, bond approved for, in sum of 450,000 10/ 1 Cobbs, James B., appointment as Assistant FRAgent at Birmingham Branch for year ending Dec. 31, 1924, subject to approval of FRBoard 12/18 Dillistin, William H., Assistant FRAgent at New York, bond approved for, in sum of 450,000 10/ 1 Discontinuance of, at branches of ilaBanks whose reserve positions are such that they can carry as issued a sufficient stock of F. R. notes at the branches without unduly depleting their reserves; statement by Mr. Miller that he thinks the Committee on Branches should investigate advisability of, 12/17 Donahue, U. 6., re-appointment as Acting Assistant &Agent at Baltimore Branch, subject to approval of FRBoard 12/17 Duley, O. N., re-appointment as Assistant FRAgent at Baltimore Branch, subject to approval of FRBoard 12/17 Evans, William Joseph, Acting Assistant FRAgent at Dallas; bond approved for, in amount of 450,000 9 /11 Evans, Nilliam Joseph, re-appointed as Acting Assistant FRAgent at Dallas to serve during Mr. Reordan's temporary detail to El Paso Branch 12/17 Fletcher, N. H., Assistant FRAgent at Cleveland, bond approved for, in amount of 450,000 7 /10 Fry, J. G., re-appointment as Assistant FRAgent at Richmond, subject to approval of FRBoard; referred to Committee 12/17 Gettemy, Charles F., RBank of Boston, bond apuroved for, in sum of 450,000 10/23 Hall, C. C., re-appointed as Assistant &Agent at MBank of Dallas 12/17 1 414 766 745 . 746 ' 746 731 736 736 63/ 73/ 414 736 696 73/ Page Federal Reserve Agents: (continued) Assistant: (continued) Haughton, Malachi H., appointment as Alternate Assistant aLgent at Jacksonville Branch for year ending Dec. 31, 1924, subject to approval of 12/18 Board Johns, William S., appointment as Assistant FRAgent at Atlanta for year ending Dec. 31, 1924, subject 12/18 to approval of RBoard; referred to Committee Lee, R. H., re-appointment as Assistant &Agent at 12/17 Richmond, subject to approval of FRboard at RAgent MaLallen, W. F., appointment as Assistant Chicago subject to approval of FRBoard; action 12/20 deferred (See files) at FRAgent Assistant as appointment Martin, George N., Jacksonville Branch for year ending Dec. 31, 1924, 12/18 subject to approval of FRBoard Alternate as appointment Miller, William Earl, Assistant &Agent at New Orleans Branch for year ending Dec. 31, 1924, subject to approval of 12/18 &Board; referred to Committee York, New leave at ERAgent Assistant Morgan, Shepard, of absence granted, without pay for year, on 8 /14 account of illness Alternate as appointmant Potter, Clarence C., Assistant FaAgent at Nashville Branch for year end12/18 ing Dec. 31, 1924, subject to approval of FRBoard Dallas, at FRAgent Assistant Reordan, Dwight P., appointed as Assistant to Manager of El Paso Branch 8 /29 Reordan, Dwight E.., re-appointed as Assistant &Agent 12/17 at &Bank of Dallas Rutledge, C. G., appointment as Acting Assistant &Agent at Chicago, subject to approval of FRBoard; 12/20 action deferred (See files) Sargent, S. G., ERBank of San Francisco, bond approved 10/23 for, in sum of 450,000 Schrader, William C., Acting Assistant FRAgent at Detroit Branch; bond approved for, in amount of 7 /12 450,000 Schrader, William O., appointment as Acting Assistant FlAgent at Detroit Branch, subject to approval of 12/20 FRBoard; action deferred (See files) Tyler, Wiltia T., appointment as Assistant aAgent at Nashville Branch for year ending Dec. 31, 1924, 12/18 subject to approval of i.Board White, W. H., appointment as Assistant FRAgent at Chicago, subject to approval of FRBoard; action 12/20 deferred (See files) 746 746 736 768 746 716 495 7I6 516 737 768 595 423 768 746 768 L XXXV FLO Federal Reserve Agents: (continued) Bonds: Holton, W. W., FRAgent at Richmond, two bonds approved for, in amount of 050,000 each 9 /27 Reply of Board to letter from Governor Young of Minneapolis re necessity of requiring individual surety bonds for RAgents and Assistant FRAgents 10/16 Curtiss, Frederic H., RAgent at Boston; advice from, of intention to take vacation in Europe from August 18th. to middle or latter part of September 8 /21 F. R. Bank of Richmond; matter of appointment of FRAgent, referred by Governor Crissinger to Joint Committee of members of k;ommittee an Nominations and. Committee on District No 5 9 /4 Hardy, Caldwell, RAgent at Richmond; telegram from Board to RBank expressing regret at death of, 8 /29 Hoxton, W. W., appointment as &Agent and Chairman of Board of Directors at &Bank of Richmond for term expiring Dec. 31, 1923 9 /11 Acknowledgment by Governor Seay of receipt of advice from Board re above appointment 9 /13 Letter from Board to, requesting comprehensive review of situation affecting interlocking directorates in various districts, ordered transmitted 11/28 Report of Committee of, on park reserves, rendered to Board on September 26th., 1922, and referred to Comptroller of Currency on May 2nd.; letter from Comptroller re, noted 7 /18 Federal Reserve Agents' Offices at Federal Reserve Banks: Committee an Economy & Efficiency authorized to consider and report as to whether any economies can be effected in administration of, 8 /15 Federal Reserve Bank Agencies at Havana, Cuba. Sea under "Cuba" Federal Reserve Bank of Atlanta: Agency in Havana, Juba: See under same FRBank under "Cuban Agency" Assistant &Agent; appointment of 4ard Albertson as, at head office for year ending Dec. 31, 1924,subjeat to approval of .Board; referred to Committee 12/18 Assistant F?Agent; appointment of William S. Johns as, at head office, for year ending Dec. 31, 1924, subject to approval of kliBoard; referred to Committee 12/18 667 590 524 sib 536 631 691' 441 60° . 146 Page Federal Reserve bark of Atlanta: (continued) Atlantic National bank of Jacksonville; letter from President of, to &Board, re action of FRBank of Atlanta in declining to purchase from its member banks Treasury certificates on same terms as FRBank of New York purchases them from its member banks; 10/ 4 draft of reply to, submitted by Mr. Platt Board votes to send letter to FRBank of Atlanta along lines of the one submitted to Mr. Platt, and to forward copy of same to Mr. Lane for his 10/ 4 information Charge Offs: Certain charges against current net earnings, 12/19 authorized Chief National Bank Examiner and force; letter from &Bank re allotment of space for use of, without charge, in new bank building; referred to Comptroller 7/3 Closing of books at end of year; authority granted for, 12/19 Conference between representatives from, and from FRBank of Boston, with ERBoard, to discuss certain problems which have arisen over establishment of Cuban . 7 /30 Agencies of the two ERBanks Cuban Agency: Allocation of capital to; letter from &Bank re, referred to Counsel for opinion as to right of 9 /4 Board to make such allocation Communication from Deputy Governor of Boston Agency to his bank setting forth some of the difficulties experienced by Atlanta in obtaining permission from officials of Cuban Government to ship out from Cuba - ut and cancelled currency notes; matter to be taken c up with State Department for adjustment through 9 /19 U. S. Embassy at Havana 27th. July an Washington Conference to be held in between Board and representatives of FRBanks of Atlanta and Boston re location of quarters for their 7 /24 Havana Agencies Board 30th.; July to of conference Postponement telegraphs Governor Harding of Boston requesting 7 /25 that he attend in person Copy of power of attorney given to Messrs. L. C. Adelson and J. U. Slattery to act for the &Bank at; 9 /4 referred to Board's Counsel for review its in by, held money lawful and gold Counting of cash, as part of reserve of the RBank; letter from 10/ 3 Board to RBank re, 580-1 580-1 756 407 756 458 522 549 448 453 523 575 LXXXVIII page Federal Reserve Bank of Atlanta: (continued) Cuban Agency: (continued) FRBank elects Deputy Governor L. C. Adelson as Manager of, at 416,000 per annum, and J. M. Slattery as Assistant Manager at 49,000 per annum, effective August 1st.; Board disapproves, preferring personnel ofOuban Agencies for present to be in form of temporary detail from head offices without increase in salaries, adequate expense account to be allowed to cover increased cost of living in Havana 7 /30 FRBoard finds it unnecessary to approve date of opening of, but wishes to be formally advised re, 8 /30 Items re assets and liabilities of, to be consolidated with assets and liabilities of head office in all published statements 8 /22 Letter from Deputy Chairman Kettig re action of Executive Committee in voting to allocate 4100,000 of capital to, and requesting copy of Chairman McCord's letter to Board commenting an such action 9 /11 Board votes to send copy of Mr. McCord's letter to Mr. Kettig and a copy of Mr. Kettig's letter to Mr. McCord 9 /11 Letter from FRBank advising that steps are being taken toward establishment of, in Havana 7/3 Letter from Governor Harding of Boston to Board re matter of rate of 44.00 per thousand quoted to National City Bank of New York by Manager of, for a cable transfer, the National City Bank to make payment in gold coin; referred to Committee on Cuba 11/ 7 Recomaendation of Committee that matter be taken up with ERBank of Atlanta 11/ 8 Reply of Deputy Governor of FRBank of Atlanta to Board's letter re above, referred to Committee on Cuba 11/14 Committee reports above matter adjusted after conferen.2e between Governors of RBanks of Atlanta & Boston 11/20 Reconsideration by Board of action of June 27th. re Atlanta and Boston Agencies, and new resolution defining authority of the two banks, adopted 7 /30 Telegrams from Board to Mr. Hamlin at Mattapoisett, Mass., and Yr. James at Atlanta re plans for housing Havana Agencies of Atlanta and Boston 7 /19 Temporary quarters for, to be in building of National City Bank of New York in Havana 7 /30 460 620 611 63z 638 408 63 664 668 466'9 444 469 Page Federal Reserve Bank of Atlanta: (continued) Deputy Chairman; designation of I. H. Rettig as, for year 12/ 7 ending Dec. 31, 1924 Directors: See under heading "Directors" Directors of, to hold their next regular meeting in New 9 /25 Orleans 12A9 Dividend payment authorized Examination, report of, as of May 28, 1923, submitted, 8 /15 together with report re, from Chief Examiner Executive'ComrAttee meeting of August 25th. at which was passed a resolution allocating a certain portion of the capital of the FRBank as the operating capital of its Havana Agency; letters from nairman IcOord and Deputy Chairman Rettig re statement made in error by Ir. 'McCord to effect that he was not present at said 9 /20 meeting Federal Advisory Council; election of Oscar Wells as member of, from Sixth District, for year ending Dec. 31, 12/18 1924, to succeed E. V. Lane Federal intermediate Credit Bantis; letter from ZaAgent to Board re regulations covering purchase by ElBanks 8 /30 of debentures of, 9 /6 Reply of Board to FRAgent McCord, approved Ealgent and Chairman of Board of Directors; Joseph A. 12/ 7 McCord designated as, for year ending Dec. 31, 1924 Fourth & First National Bank of Nashville, Tenn. Letter from FRBank advising of action of its Board of Directors at meeting of September 14th. in voting that copy of its reply to petition from, for refund of certain interest charges alleged to be excessive, be furnished the Fourth & First National Bank; refer9 /20 red to Governor with power to Petition of, for refund of excess interest alleged have been charged by the MBank on liberty bonds carried for it; letter from Governor Wellborn to Board requesting advice as to reply; referred to 9 /11 Committee and study further for Counsel to referred Matter 9 /13 submission of revised telegram Telegram from Board to FRBank of Atlanta giving opinion that the &Bank has no right to make refund unless legally liable, and that question of liability is one to be determined by a court 9 /14 and not by the FaBoard 711 559 756 501 554 716 519 529 711 554 533 540 542 Xi; page Federal Reserve Bank of Atlanta: (continued) General Counsel, Randolph & Parker; request from FRBank for Board's approval to payment of 45,000 to, as settlement in full for work in connection with par clearance litigation; Board replies, requesting that it be furnished with farther information re, 8 /29 Letter from aBank to Board with farther reference to matter of compensation for Messrs. Randolph & Parker 9 /25 Pgyment of 45,000 to Randolph & Parker as settlement in full for services in connection with par clearance litigation, approved by Board 10/16 Havana Agency: See under same F. R. Bank - - Cuban Agency Loaning policy of, in future, toward member banks which in past have been badly extended; letter from Governor Wellborn re, enclosing copy of letter to member bank in Alabama suggesting increase in capital as means for providing sufficient credit for its customers 12/21 Mr. Hamlin called attention to fact that Joint Committee an Agricultural Inquiry in its report stated that inadequacy of banking capital was one of factors which limited and restricted credit during crisis of 1920 and 1921; Governor Wellborn's letter referred to Governor with power 12/21 =Cord, Joseph A., designated as RAgent and Chairman of Board of Directors for year ending Dec. 31, 1924 12/ 7 Member Banks' Relation Department; RBoard has no objection to the FRBank establishing, upon understanding that salaries to be paid heads of proposed department must be submitted to FRBoard for approval 9 /25 Non-cash items; letter from FRAgent McCord advising of action of directors of &Bank in voting to recommend discontinuance of handling of, by FRBanks, ordered circulated and referred to certain committees 12/27 protective measures employed at; report made by a Secret Service operative re, submitted to ABoard by Chief of Secret Service Division with certain recommendations; Board orders copy of report sent to FRBank 9 /14 Quarters: Allotment of space in new oank building for use of Chief National Bank Examiner and force; letter from Atlanta re, referred to Comptroller 7/3 Cuban Agency; temporary quarters for, to be in building of National City Bank of New York in Havana 7 /30 616 s91 777 777 561 70 , 546 407 459 XCI Page Federal Reserve Bank of Atlanta: (continued) Repurchase agreements; reply of Governor Wellborn to letter from Mr. Platt calling attention to inquiry from member of Federal Advisory Council from Sixth District as to why Atlanta was not following practice of some of the other RBanks in purchasing 10/10 Treasury certificates from member banks under, Board requests Mr. Platt to reply to letter from Governor Wellborn stating that the inquiry made by Mr. Lane was sent merely as a met ter of information, and that the Board has made no formal 10/10 ruling on subject Salaries: Jackson, Thomas R., Chief Clerk in War Finance Division, salary increased from 42,400 to 42,700 11/22 per annum McCord, Joseph A., ERAgent, salary fixed at 412,000 12/20 for year 1924 MenDer Banks' Relation Department; ERBoard has no objection to the FRBank establishing, upon understanding that salaries to be paid heads of proposed department must be submitted to FRBoard for ap9 /25 proval re Officers and employees; certain recommendations 12/20 salaries of, at both head office and branches Tutwiler, J. B., appointment as Assistant Cashier 12/20 at 44,200 per annum Staff: Albertson, Ward, appointment as Assistant FRAgent for year ending Dec. 31, 1921, subject to approval of 12/18 ERBoard; referred to Committee as of, appointment requests ERBank Bennett, T. R., Manager of Member Bank Relations Department, at 12/20 47,500 per annum 12/20 Board approves appointment at $6,000 per annum Johns, William S., appointment as Assistant lAgent for year ending Dec. 31, 1924, subject to approval 12/18 of FRBoard; referred to Committee KaGuire, J. E., Eaaminer; increase in salary of, 7 /31 disapproved Manager of Cuban Agency; election of L. C. Adelson as, by FRBark, at salary of 412,000 per annum, with an allowance of 44,000 per annum for foreign service; 12/20 referred to Committee 585 585 676 766 561 766 767 716 770 770 7I6 463 767 X0II Fag' Federal Reserve Bank of Atlanta: (continued) Staff: Randolph & Parker, General Counsel; request from MBank for approval of payment of $5,000 to, as settlement in full for work in connection with par clearance litigation; reply of Board, requesting that it be furnished with further information re, 8 /29 Letter from RBank to Board with further reference to matter of compensation for Kessrs. Randolph & Parker 9 /25 Payment of $5,000 to Randolph & Parker as settlement in full for services in connection witn par clearance litigation, approved by Board 10/16 Tutwiler, J. B., appointment as Assistant Cashier at $4,200 per annum 12/20 Tutwiler, J. B., Assistant to the Auditor, appointment at 43,000 per annum, approved 8 /14 Withdrawal of a state bank from membership; ruling of ERBoard's Counsel re length of time during which notice of, may remain effective after expiration of the required six months' period 9 /19 Federal Reserve Bank of Boston: Agency at Havana: (See under same ERBank, "Cuban Agency") Aiiien, Alfred I., of Boston; letter from Governor Harding to Board re certain statements made by, before Joint Committee of Inquiry on Membership in ERSystem, re alleged practice of certain member banks in Boston in depositing with RBank of Boston at close of each day their vault cash for purpose of maintaining required reserves 10/23 Bonds: Gettemy, Charles F., Assistant ERAgent, bond approved for, in sum of 450,000 10/23 Books of; ERBoard approves request of the ERBank for authority to close, an December 31, 1923 12/ 5 Branch banking, policy recently adopted by ERBoard re extension of, by members of the diSystem; letters from President of Industrial Trust Co. of Providence, R. I. and by Congressmen O'Connell and Burdick of Rhode Island re, ordered circulated and referred to Committee on Examinations 11/20 Charge Offs: ERBank granted authority to make certain charges against current earnings on December 31st. 12/ 5 616 58 691 ' 1 761 494-5 660 69611 699 Page Federal Reserve Bank of Boston: (continued) Chief National Bank Examiner and staff; letter from Governor Harding to Board re assignment of rooms in the FRBank building to, asking nature of such 10/31 tenancy and form of lease to be executed Matter of tenancy of national bank examiners in &Bank buildings to be brought up for discussion 10/31 at forthcoming conference of Governors Claiborne-Adams plan of check clearing and aolleation; letters from Governor Harding re legality of proposal contained in, to have eRBanks give immediate credit to reserve accounts of member banks for intra-distriat 8/6 aheaks; referred to Committoe Conference between representatives from, and from &Bank of Atlanta, with FRBoard, to discuss certain problena which have arisen over establishment of Cuban Agencies 7 /30 of the two FRBanks Cuban Agency: Advice from YRBank that steps are being taken toward 7/3 establishment of, in Havana Allocation of capital to; letter from the EaBank re, referred to Board's Counsel for opinion re right of 9 /4 Board to make such allocations Certified copy of Board's resolution of June 27th. approving establishment of, at Havana, by FRBanks of 7 /12 Boston and Atlanta, requested by Boston Conference to be held in dashington on July 27th. between Board and representatives of RBanks of Boston and Atlanta re location of quarters for the 7 /24 two Agencies in Havana Postponement of conference to July 30th.; Board telegraphs Governor Harding requesting that he 7 /25 attend conference in person iRBak transmitted by circular letter to be of Copy to all member banks re, when Agency is ready for 7 /17 business Copy of letter from Manager of, reporting on business and financial conditions in Cuba, forwarded Board 9 /18 by Governor Harding FRBank advises of opening of, on September 1st., and 9/4 encloses circular announcing same ERBoard finds it unnecessary to approve date of opening 8 /30 of, but wishes to be formally advised re, Items re assets and liabilities of, to be consolidated with assets and liabilities of head office in all 8 /22 published statements 611 611 485 458 406 522 424 448 453 431 547 522 520 511 XCIV rag' Federal Reserve Bank of Boston: (continued) Cuban Agency; (continued) Letter from Deputy Governor written from Havana re, forwarded Board by Governor Harding 9 /5 Letter from Governor Harding commenting on certain matters referred to in letter from Deputy Governor of the FRBank in Havana re, a /29 Report of Committee on above, recommending approval of suggested expense allowance for employees of Agency and of Governor Harding's recommendations re one and two dollar currency notes, approved 8 /30 Progress being made toward opening of Cuban Agencies of Boston and Atlanta; copy of letter from Deputy Governor Bullen of Boston written in Havana to the FRBank, forwarded Board by Governor Harding 8 /21 Report of Committee on above, stating no action is necessary by Board at present time 8 /22 Reconsideration by Board of action of June 27th. re, and of FRBank of Atlanta, and new resolution defining authority of the two RBanks in matter, adopted 7 /30 Report from, for week ending October 31, 1923, transmitted Board by Governor Harding 11/ 7 Resolutions of Board of Directors of FRBank re, transmitted Board by FRBank; referred to Committee 7 /17 Telegrams from Board to Mr. Hamlin at Mattapoisett, Mass., and Mr. James at Atlanta, re plans for housing Cuban Agencies of Boston and Atlanta 7 /19 Temporary quarters for, to be in building now occupied by branch of First National Bank of Boston, in Havana 7 /30 Weekly report from; letter from Governor Harding enclosing, and commenting upon recent opinion of Board's Counsel re right of FRBanks to buy government securities and bankers' acceptances under repurchase agreements 10/16 Cuban Agency of MBank of Atlanta; Communication from Deputy Governor in charge of Boston Agency setting forth some of the difficulties experienced by, in obtaining permission from officials of the Cuban Government to ship out from Cuba cut and cancelled currency notes; matter to be taken up with State Department for adjustment through U. S. Embassy at Havana 9 /19 s26 510' 606 5101 1 468 ' 1 631 431 444-' 459 591 09 XCV Page Federal Reserve Bank of Boston: (continued) Cuban Agency of ERBank of Atlanta: (continued) Letter from Governor Harding to Board re matter of rate of 44.00 per thousand for a cable transfer quoted to National City Bank of New York by Manager of, the National City Bank to make payment in gold coin; referred to Committee an Cuba Recommendation of Committee that matter be taken up with FRBank of Atlanta Reply of Deputy Governor of MBank of Atlanta to Board's letter re above, referred to Committee on Cuba Committee reports above matter adjusted after conference between Governors of 11/20 ERBanks of Atlanta and Boston Atlanta of inquiry made Treasury Department, by, Cuban Agency, as to redemption of mutilated United States currency; letter from Deputy Governor Bullen to FRBoard quoting from letter received from Boston's 11/ 7 Havana Agency re; referred to Oommdttee 11/ 8 Matter ordered referred to RBank of Atlanta Reply of Atlanta to Board's letter re, referred to 11/14 Committee on Cuba Report of Committee stating above matter adjusted after conference between Governors of ERBanks of 11/20 Boston and Atlanta Curtiss, Frederic H., designated as RAgent and Chairman 12/ 7 of Board of Directors for year ending Dec. 31, 1924 Deputy Chairman; designation of Allen Hollis as, for 14/ 7 year ending Dec. 31, 1924 Directors: See under heading "Directors" Discounting of Paper of Non-Member Banks: Letter from Governor Harding re, under date of June 7/3 28th., referred to Governor Crissinger for reply Letter from Governor Harding re, under date of June 7 3 29th., referred to Governor Crissinger for reply Telegram from ERAgent Curtiss re, referred to Governor 7/3 Crissinger for reply 12/ 5 Dividend payment on December 31, 1923, approved Domestic acceptances drawn against warehouse receipts for commodities; letter from Governor Harding to Board re purchase by RBanks of, referred to Law 12/27 Committee RBank work among employees; Educational and welfare votes to contribute sum of $2,500 to the Federal 9 /25 Reserve Society for, 632 654 662-3 668 631 654 665 668 711 711 405 405 405 699 784 559 XCVI Federal Reserve Bank of Boston: (continued) Expenditure by, of approximately 43,600, authorized, to defray transportation expenses of representatives of member banks in First District attending meeting in Boston for purpose of formulating permanent organiza10/23 tion of member banks in that district F. R. Agent; advice from, of intention of taking vacation in Europe from August 18th. to middle or latter part 8 /21 of September F. R. Agent and Chairman of Board of Directors; Frederic 12/ 7 H. Curtiss designated as, for year ending Dec. 31,1924 RBank votes to contribute Federal Reserve Society; 42,500 to, for educational and welfare work among its employees 9 /25 Fidelity Trust Co. of Portland, llaine, application of, for extension of limit on its loans, approved 7 /18 Havana Agency: See under same bank "Cuban Agency" Member banks in Boston, alleged practice of certain, in building up their reserve accounts by deposit late in the day of greater part of vault cash; memorandum of Board's Counsel re, 12/27 Post office in Boston; expenditure of 4675.00 for construction and installation of iron gates at entrance to driveway of the Federal Building in which same is located, approved upon request of Governor of FRBank of Boston 9 /18 Quarters: Cuban Agency; temporary quarters for, to be in building now occupied by branch of First National Bank of Boston, in Havana 7 /30 Letter from Governor Harding to Board re assignment of rooms in the FRBank to, asking nature of such tenancy and form of lease to be executed 10/31 Matter of tenancy of national bank examiners in FRBank buildings to be brought up for discussion at forthcoming conference of Governors 10/31 Repurchase agreements; letter from Governor Harding to Board commenting upon recent opinion of Board's Counsel re right of FRBanks to buy government securities and bankers' acceptances under, 10/16 Reserves of member banks; memorandum of Board's Counsel re letters from Governor Harding of August 2nd. re, and giving opinion as to meaning of words "net balance" in Section 19 of &Act 12/27 Salaries: Adjustments in, of employees, effective Jan. 1, 1924 12/11 Curtiss, Frederic H., ERAgent, proposed increase in salary of, from 418,000 to 420,000 per annum, dis12/19 approved page Federal Reserve Bank of Boston: (continued) Two letters from, ordered by rRBoard to be submitted to General Counsel for opinion re meaning of words "net balance", in referring to reserves in Section 8 /15 19 of ERAct telephone ess; indebtedn of tes certifica U. S. Treasury request from ERBank for permission to buy in open market 420,000,000 of, for purpose of building up earn11/ 2 ing assets of bank while securities market is easy Latter discussed by Board, with Deputy Governor Case of eRBank of New York present; Board votes that no change be made in general open market policy until matter is canvassed by Open committee, and that it sees nothing in condition of money market to warrant any rEBank purchasing Treasury securities at present 11/ 2 time, the Boston bank to be so advised on Waterbury National Bank of Waterbury, Conn.; applicati of, to discount with FRBank of Boston paper of Westside Savings Bank, a mutual savings bank without capital; letter from Boston re, referred to Governor for reply 7 / 3 Federal Reserve Bank of Chicago: Acting Assistant AUgent, appointment of C. G. Rutledge as, subject to approval of illBoard; action deferred 12/20 (See files) letter banks; member Advertising matter useu by state from FRAgent Heath commenting upon certain suggestions 10/23 made by FRAgent Jay of New York re control of, to consult Board votes to instruct FRAgent Heath with President of Financial Advertisers' Association of Chicago in above matter, and to advise FRAgent Jay to take up matter with advertising syndicates 10/25 having headquarters in New York letter banks; member state Advertising matter used by from eRBank re control of, transmitting suggestion of President of Financial Advertisers' Association that the RBoard or FRBanks prepare samples of advertisements which may properly be used by state member banks 11/ 6 Governor requested to reply to above letter, asking iRAgent at Chicago to submit such material as in his opinion it might be proper for state member banks to use when advertising their membership 11/ 6 in RSystem Board of attention on; Associati American Bankers' called by :o1RBank to fact that 1924 convention of,will be held in Chicago, and requesting views as to propriety of continuing practice of making Federal Reserve 12/11 exhibits at such conventions 499 623 624 406 768 596 603 627 627 716 XUVIII page Federal Reserve Bank of Chicago: (continued) Ameriaan Bankers' Association; (continued) Chicago granted authority to make exhibit upon understanding it will consult with the FRBanks making former exhibits and utilize as much of their material as possible; also that it will submit to Board for approval plans for additional material, with cost 12/11 Assistant EAgent; appointment of d. F. liaLallen as, subject to approval of FRBoard; action deferred (See files) 12/20 Assistant RAgent; appointment of W. H. White as, subjeat to approval of FRBoard; aation deferred (See files) 12/20 Chairman; letter from W. A. Heath accepting appointment as, and requesting leave of absence after first of year; Board votes that Mr. Heath be granted leave of absence upon application 14/12 Charge Offs: Certain charges against current net earnings,approved 12/18 Charge to current net earnings at end of year of $126,905.99 authorized, the same being amount paid for alterations on floors of bank building to suit tenants to whom space is rented 12/19 Method of charging off expense incurred in alteration of certain floors of building awned by RBank in order to accommodate outside tenants; reply of Board to letter from Deputy Governor re, 11/22 Request from MBank I'm. permission to charge against present reserve for probable losses of $200,000, after crediting same with recoveries made during 1923, and to carry to reserve for probable losses, out of current net earnings, an amount sufficient to bring the reserve up to $400,000, approved 12/31 Closing of books at end of year; authority granted for, 12/18 Collection of items drawn upon a non-par bank in Seventh District; letter from General Secretary of National & State Bankers' Protective Association citing an instance of use by ERBank of Chicago of an agent other than a bank in; Board votes to take up matter with FABank and publish in forthcoming ERBulletin its ruling of August 2nd. discontinuing use of such Agents 10/25 Reply of Governor LIcDougal to letter from Board re above; matter referred to Committee on Clearings for recommendation as to policy to be followed by FRBanks in handling items drawn on banks whose names appear on par list but from which the .RBanks do not receive satisfactory remittances 11/ 1 717 768 768 0 741 676 796 741 616 page (continued) Federal Reserve Bank of Chicago: Collection of items, etc. Report of Committee that there is nothing further to be done in case Jf Bank of Buckley, Buckley, Michigan, the bank referred to above, and that it has no suggestions to make as to how FRBanks should handle items drawn on non-member par banks whose remittances are unsatisfactory, stating matter should be left to 12/ 5 the ERBanks themselves for as, Simpson of James designation Deputy Chairman; 12/ 7 year ending Dec. 31, 1924 Directors: See under heading "Directors" Discount Rates: See under heading "Discount Rates" 12/18 Dividend payment authorized 8 /21 Examination, report of, as of June 16, 1923 FRAgent and Chairman of Board of Directors; William A. Heath 12/ 7 designated as, for year ending Dec. 31, 1924 Fort Dearborn National an of Chicago, reserve requirements on deferred certificates of deposit issued by; reply 9 /14 of &Board to ERBank re, Heath, William A., designated as &Agent and Chairman of 12/ 7 Board of Directors for year ending Dec. 31, 1924 Heath, Uilliam A., letter from, accepting appointment as Chairman of RBank of Chicago and requesting leave of 12/12 absence after first of the year Board votes that Mr. Heath be granted leave of absence 12/12 upon application Livestock National Bank, Sioux City, Iowa; application of, for permission to rediscount paper originating with nonmember banks to extent of $200,000, transmitted by Governor MaDougal, recommending approval; reply of Board 11/27 requesting additional information . letters of copies Non-cash collection services of RBanks; from member banks protesting against discontinuance of, forwarded Board by FRBank; ordered circulated and copies sent Chairman of Governors' Committee on Voluntary 10/23 Services Quarters: Advice requested by Chicago as to whether Board is willing to allow FRBanks to proceed with plans for buildings which have been deferred, and requesting permission to proceed with erection of suitable building for Detroit 11/20 Branch on pass not will it that Board to advise Chicago applications for new branches or buildings until after report has been received on matter now under 11/20 consideration re branch FRBanks 698-99 711 747 507 711 544 711 724 724 682-3 599 672 672 Page Federal Reserve sank of „;hiaagol (continued) Reserves: Rejuest for permission to aharge against present reserve for probable losses 4200,000, after crediting same with recoveries made during 1923, and to aarry to reserve for probable losses out of current net earnings an amount suffiaient to bring the reserve up 12/31 to 4400,000, approved Salaries: Employee, inarease in salary of certain, by the FRBank, from 42,700 to 42,800 per annum without zonsulting the RBoard; Board examines into matter and approves 8 /14 the increase employment as Statistician at 43,600 per G., Pett, H. 8 /14 annum, approved Staff: 3uss, E. H., appointment as special or emergency examiner to assist in examination of state bank 11/13 applicants for membership kflerk, employment of, several months ago, at $3,420 per annum, without Board's approval; matter taken 8 /14 up by Board and appointment approved LiaLallen, F., appointment as Assistant FRAgent, subject to approval of RBoard; action deferred 12/20 (See files) Pett, H. G., Statistician, employment and salary, 8 /14 approved G., appointment as Acting Assistant Rutledge, FRAgent, subject to approval of RBoard; action deferred (See files) 12/20 White, W. H., appointment as Assistant RAgent, subject to approval of RBoard; action deferred (See files)12/20 U. S. Attorney for District of Indiana; reply of Board to letter from ERAgent Heath re request of, for copies of reports made to &Bank by Discount and Deposit State Bank of Kentland, Indiana, formerly a member bank 12/31 Federal Reserve Bank of Jleveland: American Institute of anking; appropriation of 43,000 by .ERBank for, and for other educational purposes in klleveland, approved for seasons 1923-4 11/13 Appropriation of 43,000 for American Institute of Banking and for other educational purposes in Jleveland, 11/13 for years 1923-4, approved Appropriation of 43,500 to be administered by two officers of the FRBank and used for making advances to needy 12127 employees, approved 796 494 493 667 494 769 493 76e 760 661' 661' Page Federal Reserve bank of Cleveland: (continueu) Bonds: Anderson, J. B., Assistant RAgent, bond approved 7 /10 for, in amount of 450,000 for, bond approved FRAgent, Assistant H., W. Fletcher, 7 /10 in amount of 450,000 Offs: Charge Certain charges against current net earnings,ap12/18 proved 12/18 Closing of books at end of year, authority for,granted Deputy Chairman; designation of L. b. dilliams as, for 12/ 7 year ending Dec. 31, 1924 Directors: See under heading "Directors" 11/20 Dividend; payment of regular semi-annual, approved Examination of state member banks; reply of Board to letter from ffiAgent of June 2nd. re proper understand7/3 ing of Board's regulations re, Examination; report of, including branches, as at close of business July 7, 1923, submitted anu referred to 10/10 Committee on District No. 4 FRAgent and Chairman of board of Directors; D. C. Wills 12/ 7 designated as, for year ending Dec. 31, 1924 FRBank stock, increase or decrease of; letter from 8 /21 Board to cashier of FRBank re, Reports of condition; reply of board to letter from Assistant FRAgent asking whether same should be obtained for each branch of a member bank located outside of the 9 /14 city in which the parent bank is located Salaries: Bill, E. h., Fieli Representative, proposeu increase in salary of, disapproved, Board stating matter should e /21 be brought up at regular period in December 12/19 of, Employees; certain changes affecting salaries 12/19 Officers; certain changes affecting salaries of, Staff: Needy employees; appropriation by FRBank of 43,500 12/27 for making advances to, authorized Board of and Chairman ERAgent as dills, D. C., designated 12/ 7 of Directors for year ending Dec. 31, 1924 Federal Reserve Bank of Dallas: Acceptance of rediscounts from a state member bank during six months following date of filing of notice of intention to withdraw from membership; letter from 9 /27 MEtAgent re, ref. to Law Committee for ruling is matter stating above, on Committee Law of Report one to be determined by the FRBank itself, and 10/ 3 letter to such effect sent Dallas 414 414 748 748 711 667-8 403 582 711 505 544 505-6 758 758 783-4 711 568 575-6 GII Page Federal Reserve an of Dallas: (continued) Acting Assistant &Agent; W. J. Evans re-appointed as, to serve during Mr. Reordan's temporary detail to El Paso Branch 12/17 Assistant &Agent; re-appointment of C. C. Hall as, at head office 12/17 Assistant F.LIAgent; re-appointment of D. P. Reordan as, at head office 12/17 Bill of lading drafts; letter from hAgent recommending, otherwise eligible, be made eligible for discount or purchase by FRBanks for member banks when enaorsed by or emanating from non-member banks 9 /4 Board advises Dallas that provisions of its regulation re rediscounts for non-member banks shall apply to bill of lading drafts 9 /4 3onds: Evans, dilliam Joseph, Acting Assistant FRAgent, bond approved for, in amount of 450,000 9 /11 Charge Offs: Certain charges against current net earnings, approved 12/18 Closing of books at end of year, authorized 12/18 Conditions in Eleventh District; letter from FRAgent re, requesting approval of Board to arrangement for sale to FRBank of New York of $1,232,000 of U. s. 4;; conversion bonds on 4% basis, with repurchase agreement; no objection by Board to sale of bonds 8/2 Cotton bill of lading drafts; conference between FRBoard and Governor McKinney re method of handling, in Eleventh District, the Governor stating reasons actuating the FRBank in recommending approval of applications of certain member banks for permission to rediscount such bills when endorsed by or emanating from non-member banks 9 /27 Credit, heavy demands for, present and prospective, by member banks on the FRBank; letter from alAgent re, suggesting that the &Bank may be forced to consider raising its discount rate or rediscounting with other &Banks; Board requests further information re, 7 /44 Telegram from RAgent Talley with further reference to conditions in district which may make desirable a raise in discount rates or rediscounting with other ARBanks 7 /26 designation of a. B. Newsome as, for Chairman; Deputy year ending Dec. 31, 1924 12/ 7 Deputy Governor; anonymous letter to Governor Crissinger from Dallas alleging existence of sentiment against, in Eleventh District 11/ 6 737 737 737 szz 522 631 748 746 4'70 569 466 626 Page Federal Reserve Bark of Dallas; (continued) Directors; jee under heading "Directors" 12/18 Dividend payment authorized of $2,000 Educational and welfare work; appropriation 7 /24 for, for last six months of 1923, approved of payment Federal Advisory Uouncil; FRBank approves $50.00 to mel7iser of, from Eleventh District, for attendance at each meeting of council, together with travelling expenses incurred during such trips and on trips when attending meetings of Board of Directors of 7 /17 FRBank of Dallas; ERBoard approves Eleventh from Federal Advisory council; member of, District, to be appointed on January 1st., to be reimbursed on basis of fee of $50 in addition to actual travelling expenses to and from Washington and actual expenses incurred while in Washington for each meeting of the Jounail, and reimbursed for actual expenses only for each meeting he attends of Board of Directors 11/13 of the FRBank from of, member present Uouncil; Federal Advisory Eleventh District to be reimbursed for expenses in connection with past and future meetings of Jouncil and Board of Directors of Bank during term expiring Dec. 31, 1923, on basis of flat fee of $20 for each meeting, actual travel and subsistence expenses, and additional fee of 410 for each day's absence from his place of 11/13 residence Talley P. Lynn s; Director of Board of &Agent and Jhairman 12/ 7 designated as, for year ending Dec. 31, 1924 letter ; products ural agricult of g marketin the Financing from &Agent Talley re Board's recent circular re, and reporting results of conference held in Dallas on 8/6 July 24th. First National Ban4 of Lovington, Texas, closing of, reported by &Bank, together with anount of its indebted9 /11 ness to the RBank from First National Bank of Ranger, Texas; advice FRAgent of payment in full of amount awed to RBank at time of closing, together with expenses of collection, 12/27 Including attorneys' fees of Board instructs Secretary to inquire re amount attorneys' fees involved and names of attorneys 12/27 receiving sax a 748 449 432 659 658-9 711 486 531 782 782 C;IV page Federal Reserve Bank of Dallas: (continued) Joint Committee of Inquiry on liemthership in F. R. System; advice from &Agent that Chairman of, had wired requesting use of Board room at the KBank for purpose of holding hearings while in that city, and asking :,hether either Governor or iRAgent should remain in Dallas during the hearing, owing to Conference of Governors and &Agents to be held in Washington at same time 10/16 Board to suggest Governor of the ERBank remain in Dallas during hearing 10/16 Open market purchases by, of short time government securities; letter from FRBank re possibility of, in amounts sufficient to enable the &Bank to maintain its earning assets at a proper figure; Board approves, subject to conference with Treasury officials 10/ 3 Paper acquired from non-member banks; letter from Fthank stating that in view of fact that only a few member banks have offered, for rediscount, it is not deemed necessary to circularize member banks in Eleventh District re Board's ruling on, 8/6 Public national bank of Houston, Texas; cow/ of letter from Vice President of, to &Board, re fiduciary posers for his bank, transmitted to FRAgent by Board, with request for certain information re, 10/ 3 Reserves: Request from Ugent re minimum ratio FRBank should permit its reserves to drop before rediscounting with other PRBanks; Board of opinion combined ratio should not drop below 40 before ERBank applies for permission to rediscount with other FRBanks 8/2 Salaries: Employees; certain salary changes affecting, 12/19 McElvaney, Eugene, Secretary to Governor McKinney, salary increased from 42,500 to'42,700 per annum 7/3 LIaKinney, B. A., Governor, proposed increase in salary of, from 418,000 to 420,000, disapproved 12/19 Officers; certain changes affecting salaries of, 12/19 Stroud, E. B., Jr., General Counsel, recommendation re salary of, referred to Law Committee 12/19 Talley, Lynn P., proposed increase in salary of, from 418,000 to 420,000 per annum, disapproved 12/19 Staff: DeiLoss, Harold R., appointment as examiner at 42,400 per annum 9 /14 592 592•J 676 I 466 676 410 761 405 760 760 760 761 543) Page (continued) Federal Reserve Bank of Dallas: Staff: Evans, a. J., in charge of Examination Department, to take charge, temporarily, of desk of Assistant RAgent 8 /29 Reordan, with title of "Acting Assistant FRAgent" illAgent Assistant Acting as Evans, W. J., re-appointed to serve during Mr. Reordan's temporary detail to 12/17 El kaso Branch at head FRAgent Assistant Hall, J. J., re-appointed as 12/17 office as appointed FRAgent, Reordan, Dwight P., Assistant 8 /29 Assistant to the Manager of the El Paso Branch FRAgent as assistant eu Reordan, Dwight P., re-appoint 12/17 at head office of Chairman and FRAgent as designated Talley, Lynn P., 12/ 7 Board of Directors, for year ending Dec. 31, 1924 City: of Kansas Bank Federal Reserve By-laws of Oklahoma City Branch; Board approves request from the FRBankfor certain ameniments to Section 2, 3, and 4 of Article IV of, clarifying duties of Manager 10/30 and Cashier of the branch Charge Offs: Authority granted FRBank to charge to profit and loss at end of year total cost of alterations to bank's 12/31 building made to accommodate outside tenants /18 12 Certain charges against current net earnings, approved 12/18 Closing of books at end of year,authority for,granted Deputy Chairman; designation of Heber Hord as, for year 12/ 7 ending Dec. 31, 1924 Directors: See under heading "Directors" Jirectors of branches of FRBank of Kansas City; ERBank requests permission to postpone appointment of, until its first meeting in January; Board wires asking that 12/27 matter be adjusted of date banks; non-member of paper Discount by member banks of draft of letter from Board to FRAgent re Board's 7/5 telegram of June 26th. re, referred to Counsel /18 12 authorized Dividend payment McClure L. M. Directors; of Board FRAgent and Chairman of 12/ 7 designated as, for year ending Dec. 31, 1924 behalf on banks insolvent Filing of claims by, against of endorsers of checks forwarded to such banks for collection; reply of Board to communication from iRbank 7 /12 re continuing, of Chairman and FRAgent as McClure, M. L., designated 12/ 7 Board of Directors for year ending Dec. 31, 1924 516 737 737 516 737 711 608 795 747 747 711 785 411 747 711 423 711 °VI Federal Reserve BanK of Kansas City: (continued) 6alaries: Officers and employees; certain salary recommenda12/20 tions for, at both head office and branches Suhr, A. C., Trustee, transcript of account of, transmitted by FRA,gent, together with letter from Governor in 7 /17 explanation of matter Federal Reserve Bank of :.linneapolis: Charge Offs; Certain charges against current net earnings, 12/19 authorized 12/19 Closing of book,: at end of year, authorized Defalcation case at Helena Branch; letter from Governor of RBank giving reasons why branch did not report, earlier 7/3 Deputy Chairman; designation of Homer P. Clark as, for 12/ 7 year ending Dec. 31, 1924 Directors: See under heading "Directors" Discount by member bank of paper of a non-member bank and rediscount of such paoer with its RBank When finding it necessary to borrow from the RBank; ruling of 7 /10 Board requested in matter of, 12/19 Dividend payment authorized &Agent and Chairman of Board of Directors; John H. Rich 12/ 7 designated as, for year ending Dec. 31, 1924 First National Bank of Brookings, S. D., discount of non-member bank paper by; letter from MBank to Board 7 /24 re, Joint Conference of Governors and ERAgents in Uashington during week of November 12th.; BRAgent Rich excused from attending, owing to situation in his district needing his personal attention 11/ 6 Joint Conference of Governors and 11-Agents; request 8 /14 from &Agent that he be advised as to date of, Board sets date for opening of conference as November 12th 8 /14 heaommendation of recent conference of Governors that each RBank notify every other FRBank of all non-par banks or non-par points on which they will not handle non-cash collections; telegram from Governor Young re12/ 6 questing action by Board an, Board, approves above recommendation of Governors' Conference and orders that all FRBanks be advised 12/ 6 thereof, Rediscounts: Jee under heading 'Rediscounts" CVII Page Federal Reserve bank of 1.1inneapolis: (continued) Reserves, penalties for deficient, of member banks; 12/20 reply of Board to letter from Governor Young re, Rich, John H., designated as AiAgent and Chairman of 12/ 7 board of Directors for year ending Dec. 31, 1924 Salaries: Hoff, E. A., continuation of employment of, approved, at rate of $250 per month, as tBank's representative in collection and preservation of security behind debt owed the aBank by First National Bank of 9 /25 Medina, North Dakota, suspended Officers and employees; changes affecting salaries of 12/19 certain, Sentiment existing in Ninth FRDistrict toward RSystem; letter from FRBank re, suggesting broadening of public relations work of the ERBank in an effort to meet criticisms directed against the System; referred to 10/30 Committee Board approves form of letter in reply to above, 11/ 1 suggested by Special Committee State member banks; draft of reply of Board to letter from EhAgent of August 4th. suggesting that Board grant him permission to assess, for costs of examinations, on basis of assessment made by comptroller of currency to cover costs of national bank examinations; 11/27 referred to Law Committee Uemo. of General Counsel giving opinion that state member banks examined by a YRBank should be assessed a pro rata share of expense of all state bank examinations during a given period, based on resources of banks on date of examinations; 12/13 memo. ordered circulated counsel re opinion of adopting Resolution of Board method of assessing costs of examining state member banks, authorized forwarded to all FRAgents12/21 bonds for FRAgents and Assistant RAgents; reply Surety Board to letter from Governor Young re necessity of 10/16 individual, requiring of Whitbeak National Bank, chamberlain, South Dakota; ERBank requests permission to accept from, renewal of paper originating in eligible non-member banks; Board grants 8/6 permission Federal Reserve Bank of New York: Absorption by RRBanks of general fiscal agency expenses; letter from Under Secretary of the Treasury to Board enclosing copy of letter addressed by him to Deputy 8/6 Governor Case re, 768-9 711 560-1 760 606 621 682 729-30 775-6 590 486 486 Page Federal Reserve bank of New York: (continued) Acceptances; discussion in New York on October 8th. between Governor Crissinger and officers of the FRBank re practice of FRBanks in purchasing, from bill brokers, under agreement to resell at later date 10/10 Matter of repurchase agreements discussed by Board, and Counsel instructed to proceed to New York for purpose of looking into legal phase or repurchase agreement contracts 10/10 Acting General Auditor of, to assist Commissioner of Internal Revenue in making certain accounting and organization changes in Internal Revenue Bureau 7 /17 Advertising matter used by state member banks; letter from RAgent Heath of Ohicago to Board commenting upon certain suggestions of FRAgent Jay re control of, 10/23 Board votes to instruct ERAgent Heath to consult with President of Financial Advertisers' Association of Chicago in above matter, and to advise FRAgent Jay to take up matter with advertising syndicates having headquarters in New York 10/25 Agricultural and livestock paper; FRBank extends existing rate of 4e, to rediscounts of, and advances on, with maturities not exceeding nine months 8/6 Bank of Japan; statement by Governor Strong re disposal in near future by, of investments in New York, the FRBank contemplating taking over $19,000,000 of bills now aimed by Bank of Japan, being U. J. securities of short term maturities 12/ 6 Bank of the Republic of Colombia; advice from Deputy Governor Case re opening of a custody account in name of, by RBank of New York 7 /25 Bank of the Republic of Colombia, desire of, to open a current account with the &Bank; FRBoard approves of FRBank proceeding in matter upon understanding that before the account is opened the form of agreement must be submitted to it for approval 9 /18 Bank of the Republic of ColoMbia; letter from Deputy Governor to Board submitting copy of letter to, re Colombian bank's proposal that the FRBank open on its books an account current in its name 9 /25 Bonds: Burgess, W. Randolph, Assistant FRAgent, bond approved for, in sum of .1150,000 10/ 1 Dillistin, il1iamE., Assistant FRAgent, bond approved for, in sum of $50,000 10/ 1 583 563A 431J 596 603 465 704 541) 51° 510 Page Federal Reserve Bank of New York: (continued) Bonus; Payment of special compensation to employees on Dea.19, 1923, receiving less than 45,000 per annum; letter 11/20 from iRBank recommending, referred to Committee Report of Committee that all ERBanks be advised that Board will approve no bonus or extra compensation payments of any character, ap11/27 proved Charge Offs: Certain charges against current net earnings, approved 12/18 12/18 Closing of books at end of year,authority for,granted Colombian Federal Reserve Bank; cable advice re opening 7 /21 of, transmitted Board by Fabank of New York Conference of Governors and AUgents; draft of program of topics to be discussed at forthcoming joint sessions 10/12 of, with Board, transmitted Board by reRAgent Jay Suggested program approved, with addition of topic 10/12 "Reimbursement for Fiscal Agency Expenses" Cuba; copy of Board's resolution authorizing establishment of Agencies in Havana, by FRBanks of Boston & 7 /10 Atlanta, forwarded Deputy Governor Case upon request Deputy Chairman; designation of William L. Saunders as, 12/ 7 for year ending Dec. 31, 1924 Directors: See under heading "Directors" 12/18 Dividend payment authorized Express rates, revision of, on transportation of money and securities; letter from Assistant Counsel of the FRBank to Board re employment of special counsel by the RBanks to present matter of, to Interstate 9 /13 Commerce Commission Carmalt, Janes W.; Board approves appointment of, as special counsel inabove matter, at maximum 10/ 3 fee of 415,000 Carmalt of fees between —r. matter Misunderstanding in and &Bank of New York; matter to be submitted to Board for further consideration when all de10/ 4 tails have been ascertained Agreement reached between Mr. Carmalt and FRBank of New York whereby maximum fee of 415,000 will include all expenses with exception of court costs, which latter will 10/10 be paid by the FRBank 669 686 747 747 448 588 588 413 711 747 538 574-5 579 582 Fag' Federal Reserve Bank of New York: (continued) Express rates, revision of, eta. Memo. of Counsel submitting draft of letter to Counsel of RBank of New York authorizing payment by his bank of certain expenses in connection with presentation by Mr. Carmalt of matter of revision of express rates to Interstate Commerce Commission, in addition to fee for legal services approved for Mr. Carmalt; referred back to Law Committee for certain information 11/ 6 Memo. of Counsel containing history of employment of Mr. Carmalt as special counsel in above matter; Board authorizes expenses of witness fees, eta., not be taken out of compensation for legal services approved for Mr. Carmalt 11/20 Board votes to question Mr. Rounds re accuracy of statement made by Mr. Mason, Counsel of &Bank of New York, that he had received information that Board's Committee on Economy & Efftciency had approved employment of special counsel at meeting in July, to conduct case before Interstate Commerce Commission 11/20 oi Secretary, referring to letter from Counsel of FRBanx of New York advising of payment of 43,000 to Mr. Carmalt for services re express rates, and requesting authority to arrange with FRBank of New York to carry all payments to Mr. Carmalt until such time as matter is disposed of, 11/27 Federal Advisory Council; Deputy Governor Harrison invited by AlBoard to attend sessions of, on September 17th. 9 /14 .bRAgent and Chairman of Board of Directors; Pierre Jay designated as, for year ending Dec. 31, 1924 12/ 7 Fiscal agency operations; letters from Deputy Governor and Chairman of the RBank re reimbursement of RBanks for, 9 /11 Board authorizes letter sent to all other EaBanks advising of question of reimbursement raised by FRBank of New York, and requesting submission of memoranda showing cost of performing various fiscal agency functions 9 /13 Foreign banks, investments made for, in which the several FRBanks participate; letter from Deputy Governor to Board enclosing copy of circular letter and data sent other RBanks explanatory of, 7 /10 629-31 613 611 684 645 711 00 431 CLI Page Federal Reserve Bank of New York: (continued) Governor strong; leave of absence extended to November 8 /30 1st., on half salary Informal conference between Governor Strong and F?Board, Governor strong discussing proposal of directors of FRBank of New York to charge off, out of current net earnings at end of present year, certain expenses incurred during year in construction of new bank building, also matter of salary adjustments for FRBank 12/ 6 covering years 1923 and 1924 inquiry Insurance Committee of Governors' conference; from Deputy Governor Kenzel re action of FRBoard upon report of, referred to it on March 28th.; ir. Kenzel to be advised that Board has referred general matter of insurance to Committee on Economy & Efficiency 7 /31 which has matter under consideration Intermediate Credit banks; letter from Deputy Governor Case re inquiry from Under Secretary of the Treasury as to attitude of the RBanks if requested to receive subscriptions to forthcoming offering of debentures by; recommendations made in Mr. Case's letter accepted 8/2 and approved as to action of the Board Intermediate credit Banks; letter from Under Secretary of the Treasury re ERBanks as Fiscal Agents for, expressing hope that if the ERBanks undertake such service, they will do so without charge; copy of letter trans7 /24 mitted RAgent at New York Investment holdings of FRBanks; letter from Under Secretary of the Treasury to Board enclosing copy of 8 /14 communication from him to Deputy Governor Case re, Report of Committee on Discount and Open Market Policy, that no further action is necessary by 8/21 Board on above matter at present time Jay, Pierre, designated as FRAgent and chairman of Board 12/ 7 of Directors, for year ending Dec. 31, 1924 National bank examining staff; attention called by Governor Strong to question of providing quarters for, stating same should be rented to tile Chief National Bank 12/ 6 Examiner at moderate rate Open market operations; letter from FRAgent Jay to Board re necessity of puulia explanation re whole subject of, stating that otherwise :&Bank may wish to reconsider decision to participate in program contemplating purchase and sale of short term government securities suggested 12/17 by Open Market Investment Committee 519 704 463 470-1 449 491 503 711 705 732 Federal Reserve Bank of New York: (continued) Open market operations; letter from FRAgent Jay, etc. conference between Governor Strong, FRAgent Jay & Board re above matter, Board ruling that some statement on Open Market Policy be made in January issue of RBulletin, and :Ir. Hamlin appointed to cooperate with Messrs. Strong & Jay in preparation of form of statement to be submitted 12/17 later to Board Draft of statement on open market operations submitted to Board by Messrs. Strong, Jay and Dr. Stewart; discussed, and certain minor changes suggested 12/16 Revised statement on open market operations submitted by Governor Strong, Ir. Jay, & Dr. Stewart; same discussed, and various amendments suggested, the statement to be re-written for submission at meeting to be held at 2130 P. IL., of date 12/19 Statement on open market operations during years 1922 and 1923, to be inserted in January issue of FRBulletin; final draft of, submitted by Governor Strong, Yr. Jay and Dr. Stewart, approved 12/19 Par clearance; ARBank to detail Deputy Governor Harrison and his Secretary to the RBoard for service in connection with, 9/5 Acceptance by Yr. Harrison of Board's invitation to come to Washington and consult with General Counsel in matters re par clearance 9 /11 Quarters: National bank examining staff; attention called by Governor Strong to question of providing quarters for, stating same should be rented to the Chief National Bank Examiner at moderate rate 12/ 6 Rediscounts: See under heading iRediscounts" Report of Board's Law Committee on Board's Regulations, Series of 1923; request from Assistant Counsel of FRBank that he be furnished with copies of, 9 /20 Board votes to comply with request 9 /20 Report of Committee on Expenses of Statistical & Reporting Services of 'RBanks; letter from Assistant FRAgent Burgess transmitting, to aBoard 10/30 Salaries: Adjustments in, of 2,646 employees receiving not in excess of c„;5,000 per annum, retroactive to January 1, 1923, approved 12/17 744 766 7 5,26 706 564 601 70) CXIII Page Federal Reserve Bank of New York: (continued) salaries: Adjustments in, recommended for officers and employees, covering years 1923 and 1924; discussion between 12/ 6 Governor jtrong and FRBoard. re, 12/19 Certain changes in, at both head office and branch Certain increases in, disapproved; letter from Board 7 /17 to FRBank stating, for RBank from recommendation F., Raymond Cutler, 7 /12 increase in salary of, disapproved Board from letter Department; Auditing of Employees to FRBank re recommendation for increase in salaries 7/3 of, Payment of special compensation to employees on Dec. 19, 1923, receiving less than $5,000 per annum; letter from RBank recommending, referred to 11/20 Committee Report of Committee that all RBanks be advised that Board will approve no bonus or extra compensation payments of any charaater,ap11/27 proved Philbin, Jesse H., Assistant Counsel, matter of increase in salary of, referred to Law Committee (See files) 12/19 Shipment abroad of notes of eRBank of Dallas; report of Committee re suggestion of ERBank for, recommending that no action be taken at present time, but matter submitted to forthcoming Conference of Governors and FRAgents, and to next meeting of Federal Advisory 10/31 Council Board adopts Committee's report, and matter also referred to Law Committee for opinion of Counsel 10/31 re legality of plan plan, M.emorandum of Counsel on legality of proposed 12/21 ordered circulated Shipments abroad and receipts from abroad of J. 6. currency by oanits in New York City which are principal shippers; letter from RAgent Jay requesting publication of figures showing, also memorandum from Director of Division of Analysis & Research of ilaBoard recom12/11 mending approval of same York New of Fthank by Board authorizes publication of figures collected by it, in its monthly bulletin 12/11 Staff: Morgan, Shepard, Assistant FRAgent, leave of absence granted without pay for year, on account of illness 8 /14 704 758 430-1 424 404 669 686 758 616 616-17 778 719 719 495 rage Federal Reserve Bank of New York: (continued} Staff: Readjustments in position and salaries made necessary by leave of absence extended to Mr. Shepard Morgan, reaommended by &Agent Jay; Board first votes to approve, and then to reconsider approval and refer matter to Committee 8 /15 Suggested changes, approved 8 /30 Snyder, Carl, six weeks leave of absence for,approved 7 /24 Special counsel; letter from Assistant Counsel of FRBank re employment of, by the &Banks, to present matter of revision of express rates to interstate Commerce Commission 9 /13 Oarmalt, James W.; Board approves appointment of, as special counsel in above matter, at maximum fee of $15,000 10/ 3 Misunderstanding in matter of fees between Mr. Oarmalt and &Bank of New York to be submitted to Board for further consideration when all details have been ascertained 10/ 4 Mr. Jarmalt and &Bank of New York reach agreement whereby maximum fee of $15,000 will include all expenses with exception of court costs, which latter will be paid by the FRBank 10/10 Memo. of the General Counsel containing history of employment of Mr. Carmalt as special counsel in above matter; Board approves expenses of witness fees, eta., not be taken out of compensation for legal services approved for Mr. Carmalt 11/20 Mr. Rounds, Secretary of Committee on Economy & Efficiency, to be questioned on accuracy of statement of Mr. Mason that he had received information that Board's Committee on Eaonomy & Efficiency had approved employment of special counsel at meeting in July to conduct case before Interstate Commerce Commission 11/20 Subpoena served on, requiring it to produce certain records in files of Board's Div. of Foreign Exchange; reply of Board to letter from Counsel of MBank re, suggesting the subpoena might properly be directed to Div. of Foreign Exchange of RBoard 103 Federal Reserve Bank of Philadelphia: Austin, Richard L., designated as &Agent and Chairman of Board of Directors for year ending Dec. 31, 1924 12/ 7 499-5°° 516 449 539 574-6 679 582 671 671 669 711 OXV Page Federal Reserve Bank of Philadelphia: (aontinued) Bonus: Payment of 420.00 at end of year to each employee, exclusive of officers; request from ERBank that Board reconsider its action in declining, referred to committee Charge Offs: Certain minor, against current net earnings,authorized Closing of books at end of year; Board grants FRBank authority for, Credit investigations of member state banks; &Agent desires conference with Governor Crissinger to discuss further methods of conduating, in accordance with recent ruling of Board Deputy Chairman; desigmatian of H. B. Thompson as, for year ending Dec. 31, 1924 Difficulties experienced by member banks in Jaranton & Johnstown in matter of adequate and timely supply of currency from; conference between Board and 2rank Hummler of Jaranton and David Barry of Johnstown, pa., re; Board requests 2.1r. Hummler to submit method of relief suggested by him, to &Bank of Philadelphia, for ultimate transmittal to &Board Directors: See under heading "Directors" Dividend, payment of, authorized Examination of state member banks; reply of Board to letter from FRAgent of June 1st. re proper understanding of Board's regulations re, Exhibit to be set up by, at convention of Ameriaan Bankers' Association in Atlantic City in September; Board grants RBank permission to eend a sum not in excess of ..;;1,800 for, F. I. Agent and Jhairm..an of Board of Directors; Richard L. Austin designated as, for year ending Dec. 31,1924 Y. R. Agent; letter from, advising of his intention to take vacation from August 15th. to Sept. 15th., noted with approval Federal Reserve Building & Loan Association of Phila.; letter from FRAgent Austin advising of willingness of, to change its name to "Federal Building & Loan Association" Jounsel to prepare reply to above, stating board has no objection to name, as changed 12/27 787 12/11 717 12/11 717 7 /11 421 12/ 7 711 7 /18 439 12/11 717 7/3 403 7 /24 450 12/ 7 711 7 /26 456 12/ 6 706 12/ 6 706 Federal Reserve Bank of Philadelphia: (continued) Federal Reserve Building & Loan Association of Phila.; letter from FRAgent Austin re failure of, to change 12/20 its title; referred to committee of National Bank between, and First Proposed arrangement Scranton, Pa., which contenplates establishment in Scranton of a ,::12,000,000 revolving fund for facilitating the furnishing of currency to member banks in Scranton and vicinity Governor Norris to be advised that Board, without any formal ruling, for thB present will interpose 10/ no objection to proposed arrangement Quarters: Purchase of Dooner Hotel property for $390,000 plus one-half of any additional income tax not exceeding 20,000 which owner may have to pay on account of 12/21 sale; advice from MBank re, Board approves purchase at a total of not over 12/21 4400,000 Purchase of property an Tenth Street adjacent to the Bank for 4400,000 approved by Board of Directors 12/11 of the FRBank; advice from FRAgent Austin re, Conference between Governor Norris and RBoard re above, Governor Norris stating the plan is to erect an annex on property, if acquired; no objection by Board to purchase of property at reasonable price and without ground rent 12/12 feature suggestion of Governor Fancher that Regulation "J"; members of Advisory Committee be advised of Board's reasons for postponing effective date of, in order that they may have opportunity to consider matter in advance of ,;ommittee meeting; copy of Governor Fancher's letter, together with proposed revision of Regulation "J", transmitted members of Committee 7 /26 penalty rates for deficiencies in, of member Reserves, banks; letter from Board to FRAgent calling attention to instructions re, laid down in Section 12/20 6 of Board's Regulations Salaries: Officers and employees; certain salary changes 12/19 affecting, employees; recommendations for adjustOfficers and ments in salaries of, submitted by Governor Norris 12/12 to &Board cRVII Page Federal Reserve Bank of Philadelphia: (continued) Salaries: Payment of 420.00 at end of year to each employee, exclusive of officers; request from FRBank that Board reconsider its action in declining, referred 12/27 to Committee State member banks, cost of examining, when examinations, rather than credit investigations, are necessary; copy of letter FRBank has transmitted state member banks in 8/ 7 district re, darrants issued by LIercer County,New Jersey; FRBank granted permission to purchae from 1:echanics National 11/20 Bank of Trenton, N. J. cA04,000 worth of, Federal Reserve Bank of Richmond: Assistant RAgent; re-appointment of J. G. Fry as, at head office, subject to approval of FRBoard; referred 12/17 to Committee Assistant FRAR.ent; re-appointment of R. H. Lee as, at 12/17 head office, subject to approval of FRBoard Bonding of trust officers in national banks which have been granted fiduciary powers by the Federal Reserve 10/23 Board; letter from FRAgent re, bonds: Hoxton, W. W., Aillg'ent, two bonds approved for, in 9 /47 amount of ‘,;;50,000 each Charge Offs: Certain charges against current net earnings,authorized 14/17 Closing of books at end of year; Board grants authority 12/17 for, as, Delano Deputy Chairman; designation of Frederic A. 12/ 7 for year ending Dec. 31, 1924 Columbia, banks in Difficulties encountered by three 3. C. which are contemplating consolidation, and which require cooperation of iRBank of Richmond; statement by Comptroller of Currency to Board re; Board to request Governor Seay and FRAgent Hardy to come to Washington 7 /12 for conference re, Conference between Board, FRAgent Hardy and Deputy Governor Peple of Richmond, & H. P. Turnbull, Vice President of Hanover National Bank, New York City, re situation at Columbia, 6. C., the representatives of the FRBank of Richmond expressing willingness to cooperate with Comptroller of Currency in every possible way to save the banks concerned from 7 /13 insolvency 787 468 666 736 736 596 567 734 731 711 426-7 428-9 page Federal Reserve dank of Richmond: (continued) Difficulties encountered by three banks in Columbia, etc. Statement by Ur. Dawes that situation in Columbia, S. C. has been relieved, with cooperation of 1.11Bank of Richmond, and plan arrived at whereby danger of insolvency has, apparently, been removed 7 /17 Directors: See under heading "Directors" Dividend; payment of, at end of year, authorized 12/17 ELIAgent and Chairman of Board of Directors: Hardy, Caldwell; telegram from Board to FRBank expressing regret at death of, 8 /29 Hoxton, William W., designation as, for term expiring Dec. 31, 1923 9 /11 Acknowledgment by Governor Seay of receipt of advice from Board re above appointment 9 /13 Hoxton, William W., designation as, for year ending Dec. 31, 1924 12/ 7 Letter from O. ii. LaRoque making application for appointment as, 8 /30 Operation of FRAat upon bank reserves; statement compiled by Governor Seay of Richmond showing effect of, and containing a comparison of deposits of all banks reporting to the Comptroller of the Currency (mutual savings banks and private banks eliminated) and giving reserves maintained 11/14 Copies of above statement ordered, by Board, sent to Chairman of Congressional Joint Committee of Inquiry on 1Lemioership in rIRSystem 11/14 Regulation "J"; letter from &Agent Hoxton re amendment to; referred to Committee 12/11 Regulation "J"; letter from FRAgent re present status of, and transmitting copies of correspondence which indicate a tendency in Fifth FEDistriat toward withdrawal of non-member banks from par list; referred to Committee 11/27 Committee on Clearings reports that no action by Board is necessary in above matter 12/ 5 Regulation "J"; upon suggestion of Governor Seay,Board votes to request Chairman of Llovernors' Conference to have "Standing Committee on Collections" consider manner of uniform mechanics and procedure made necessary by Board's recent amendm to, 7/3 430 734 515 535 537 711 519 664 665 720 662 701 404 GXIX Page Federal Reserve Bank of Richmond: (continued) Salaries: Certain increases in, disapproved; letter from Board 7 /17 to &Bank stating, Hoxton, S. W., designated as &Agent and Chairman of Board of Directors at 05,000 per annum, for tern 9 /11 expiring Dec. 31, 1923 Aaknowledgment by Governor Seay of receipt of 9 /13 advice from Board re above appointment Mason, L. Randolph, Counsel, matter of increase in 12/19 salary of, referred to Law Committee (See files) Officers and employees; certain salary changes 12/19 affecting, Wallace, M. G., Counsel, matter of increase in salary 12/19 for, referred to Law Committee Staff: Fry, J. G., re-appointment as Assistant FRAgent at head office, subject to approval of FRBoard; refer12/17 red to Committee Lee, R. H., re-appointment as Assistant FRAgent at head 12/17 office, subject to approval of FRBoard Federal Reserve Bank of St. Louis: Bill of lading drafts, proper construction of amendment of March 4, 1923, to Section 13 of FRAat re discount of sight and demand.; memorandum of Board's Counsel suggesting form of reply to letter from FRAgent Martin re, ordered circulated and docketed for later meeting 12/27 Charge Offs: Certain charges against current net earnings,authori12/19 zed 12/19 Closing of books at end of year, authority for,granted Deputy Chairman; designation of John W. Boehm as, for 12/ 7 year ending Dec. 31, 1924 Directors: See under heading "Directors" 12/19 Dividend payment authorized &Agent and Chairman of Board of Directors; William MoC. Martin designated as, for year ending Dec. 31, 12/ 7 1924 Joint Committee of Inquiry on Membership in ERSystem; advice from &Agent to Board that board room of Bank of Commerce has been secured for use of, and suggesting advisability of the Committee examining the Bank Relations men of the MBank of St. Louis while in St. Louis; Vice Governor requested by Board to communicate 10/23 with Chairman M.cFadden re, 430-1 535 537 758 762 762 736 736 784 756 756 711 756 711 598 CXX page Federal Reserve Bank of St. Louis: (continued) i„lartin, 1.12.0., designated as FitAgent and Chairman for year ending Dee. 31, 1924 12/ 7 Directors of board of Member bank in Eighth District, refusal of, to subscribe to additional stock in the RBank after having increased its surplus fund; reply of Board to letter from 12/27 rEAgent 1.1artin re, par list; telegram from FRBank re action which should be taken pending issuance of monthly supplement to, in view of amendment to Regulation "J"; Board authorizes copy of telegram forwarded to all FRBanks with information that procedure outlined commends itself to Board 7 /18 Routing of checks on par-remitting non-member banks direct to those banks or through members; reply of 8/2 Board to letter from Deputy Governor re, Salaries: Employees; certain changes affecting salaries of, at both head office and branches (See files) 12/19 Officers at head office and branches; report of Committee on Salaries and Expenditures re salaries of, approved, with exception of that of James G. UcConkey, Secretary and Counsel, which was referred to Law Committee (See files) 14/19 Federal Reserve Bath( of Jan Francisco: Banking and currency; suggestion from RAgent Perrin that Board create committee to conduct study of conditions re, of various nations during and since the World War 10/30 Bonds: Sargent, J. G., Assistant FRAgent, bond approved for, in sum of 4;50,000 10/23 Branches of Member Banks: Applications for, also for modification of conditions of membership, etc.; recommendation of FRBoard for submission of all, to Board of Directors of the FRBank, or to committee which passes on original applications for membership, for ultimate transmittal to FRBoard, together with report of RAgent on same 11/20 FRBoard advises RAgent Perrin that dirctors ox his board and committees when considering applications for, need not have direct access to reports of examinations of banks involved but that Mr. Perrin can abstract essential information from reports and furnish same to his directors 12/31 711 785'6 44Z 707 757 607 595 796 ;)XXI page Federal Reserve Bank of an 2rancisco: (continued) Branch of Member Banks: (continued) Report of Board's Committee on Examinations recommending that FRAgent be permitted to submit applications for, to Executive Committee whenever he has an application before him and a meeting of the Executive Committee precedes a meeting of the Board 12/ 5 of Directors; report approved Branches of; studies covering operations of, transmitted 7 /10 FRBoard by the RBank Charge Offs: Certain charges against current net earnings, 12/17 authorized Closing of books at end of year; Board grants authority 12/17 for, Conference held in San Francisco with representatives of larger branch banking institutions in California and the State Banking Department; telegram from 10/12 Mr. Miller to board re results of, Credit investigations, and exnminations of member banks; letter from the ERBank quoting resolution of its Board of Directors re, and referring to Board's letter of 8 /22 July 31st. on subject Report of Committee on Examinations re above, stating 9/5 no further action by Board is necessary Credit investigations; reply of Board to letter from FEIAgent Perrin re considering of certain, as examina7 /31 tions Cunningham, J. W., Vice President of First National Bank of Idaho, Boise, Idaho; request from, that the FRBank furnish him with the names, titles, and compensation paid each officer and employee of the iRBank and branches whose compensation exceeds 42,500 per annum; Board suggests that the FRBank furnish Mr. Cunningham with Board's last annual report to Congress which contains such information as is available for general distribu9 /25 tion Deputy Chairman; designation of Walton N. Moore as, for 12/ 7 year ending Dec. 31, 1924 Directors: See under heading "Directors" Discount by member banks of paper of non-member banks; telegram from RBank requesting further information re Board's telegram of June 26th. re, referred to Counsel 7 / 5 698 414 734 734 587 509 525-6 462 559-60 711 411 rage Federal Reserve Bank of San Francisco: (continued) Discount of sight and demand drafts, deduction of interest on; memorandum of Assistant Counsel re, together with telegram to Governor of iRBank,approved 7 /18 12/17 Dividend payment authorized Examinations of state member banks; reply of Board to 7 /31 letter from FRAgent Perrin of June 8th, re, Federal Advisory Council; re-appointment of D. W. Twohy as member of, from Twelfth Distriot for year 1924, Mr. Twohy to be allowed WO to cover travelling expenses for each meeting of Council he attends in 12/13 Washington Federal Intermediate Credit Banks; request from &Bank that Board issue regulations to cover discount by 7 /17 ERBanks of paper of, Reply of Board to ERAgent Perrin stating matter of discounts for Federal Intermediate Credit Banks is covered in Board's Regulation "An, Section 7/18 VI (d) Federal Intermediate Credit Banks; telegram from FRAgent suggesting that Board's regulation concerning discounts for, specify amount of paper FRBanks may accept bearing signature or endorsement of any one borrower; referred 7 /24 to Law Committee Reply of Board to &Agent Perrin, stating that it feels that present regulations contain sufficient limitations an rediscounts for Federal Intermediate Credit Banks 7 /30 FRAgent and Chairman of Board of Directors; John Perrin 12/ 7 designated as, for year ending Dec. 31, 1924 Resolution adopted by FRBoard and transmitted FRitank that Board of Directors or committee of the MBank must thoroughly investigate all applications for branch banks and transmit same to Board before it will take 11/22 action Salaries: Agnew, Albert 00, Counsel, proposed salary increase for, 12/19 referred to Law Committee salary increased William A., to 43,300 per Boekel, 7 /10 annum Ohampneys, H. V., salary increased to 42,700 per annum7 /10 Officers and employees at head office and branches; certain recommendations for increases in salaries of, 12/19 approved 441 734 462 726 431 446 460 711 616 76Z 414 414 763 page Federal Reserve Bank of an .eranoisco: (continued) Staff: Dankwerth, George C., employment of, as FRBank 10/31 Examiner at 43,600 per annum ILoore, Louis H., appointment as Assistant Chief Examiner at $6,000 per annum, to succeed H. B. 10/ 1 Raney, resigned Study covering operations of branches of; recommendation of Board's Committee on Branches that same be returned to Governor Calkins for re-submission to the FRBoard whenever recommendations affecting status of branches of RBank of Jan Francisco are submitted; tabled, 10/25 pending return of Lir. James 10/31 Report of Committee approved creating, in RBank 4e1fare fund; Board ratifies action of in Kay, 1919, and all subsequent appropriations and dis8 /29 bursements,thereunder, to, credits future of suspension Welfare fund; temporary requested by FRBank; Board interposes no objection,but requests when fund is reduced to 45,000, resumption of credits not be begun until matter is submitted to Board 8 /14 for consideration Federal Reserve Banks: Agricultural credit pamphlets; report by General 8 /21 Secretary re number of, desired by the iRBanks six months' for rIlBoard of for expenses of, Assessment 12/21 period ending June 30, 1924 Bonus: Board rules that it will not approve bonus or extra compensation payments of any character for the 11/27 several FRBanks, the RBanks to be so notified Class "A" and "B" directors; Board notifies FRBanks that date for opening of polls for election of, has been fixed as Nov. 16th., no change being made in 10/ 1 group classifications closing of books on December 31, 1923; form of letter 11/22 to Chairmen of all FRBanks re, to Closing of, on Friday, August 10th., out of respect memory of the late President Harding; telegram from Board to aBanks re, directing that a skeleton organization be maintained at each bank and branch sufficient to take care of any legally necessary district or inter8/ 7 district business 610 570 602-3 612 514 494 503 778-9 686 571 675 488 WUIV Page Federal Reserve Banks: (continued) Collection of non-cash items by; request from Vice President of Citizens Trust Co. of Buffalo, N. Y. that an opportunity be given banks of Buffalo to be heard in favor of continuance of, in event Board is seriously considering discontinuance of this service on part of the FRBanks 9 /21 Collections at par of items upon non-par remitting banks; telegram from Board to Governors of &Banks requesting that use of agents other than banks for purpose of making, be discontinued in any district where such practice exists 8/2 Copies of letters from member banks protesting against discontinuance of non-cash collection services by, forwarded Board by RBank of Chicago; ordered circulated and copies sent to Chairman of Governors' Committee on Voluntary Services 10/23 "Currency Standard"; circular letter of Board re, approved for transmission to Governors of all ERBanks 8/2 Debentures of Federal Intermediate Credit Banks; resolution of FRBoard authorizing RBanks in their discretion to purchase, issued in accordance with terms of Agricultural Credits Act of 1923, provided such debentures have maturity not in excess of six months 9 /27 Enlarged powers of, provided for under Agricultural Credits Act; memo. of Counsel re, submitted by Chairman of Committee on Agricultural Credit Conditions, suggesting a pamphlet be published for general distribution embodying said memorandum; tabled, until •checked by Law Committee 7/3 Examinations of member banks; draft of circular letter to all Eldgents re charges for, by Ethanks, when examinations rather than credit investigations are necessary; approved, ordered mimeographed and transmitted 7 /31 F. R. Agents' offices at; Committee on Economy & Efficiency authorized to consider and report as to whether any economies can be effected in administration of, 8 /15 F. R. notes, reduction in rate charged for, by Bureau of Engraving & Printing; Board notifies RAgents re, 6 /2 Fiscal agency expenses, absorption by aBanks of general; letter from Under Secretary of the Treasury to Board enclosing copy of letter addressed by him to Deputy Governor Case re, 8/6 557 473 599 466 566 403'4 463 500 466 486 Page Federal Reserve Banks: (continued) Fiscal agency operations; letter from Board to FRBanks asking that they submit report re cost of various, similar to the report submitted by FRBank of New York 9 /13 Fiscal Agents for Intermediate credit Banks; letter from Under Secretary of Treasury expressing hope that should FRBanks agree to act as, they will do so without charge; copy of letter transmitted FRAgent at 7 /24 New York Foreign banks, investments made for, in which the several FRBanAs participate; letter from Deputy Governor of &thank of New York enclosing copy of circular letter 7 /10 and data sent other RBanks explanatory of, Form of statement for transmitting, approved, on which to report borrowings of member banks in excess of unimpaired capital and surplus, amount of borrowings, date on which advances exceed their capital account, 7 /31 and how secured Franchise taxes; Board advises Assistant Secretary dinston of Treasury that it does not wish to change its previous estimate of, payable to Treasury for 9 /13 fiscal years 1924 and 1925 Gold policy for; letter from Under Secretary of the Treasury re, ordered docketed for meeting of 8 /14 September 12th. Improper advertisements of state member banks; circular 8 /21 letter from Board to all FRAgents re, Insurance of currency shipments sent by express; draft of letter to all ERBanks re, approved for transmission 7 /12 Letter from Board to all ERAgents re "Surrender of Federal Reserve Bank Stock upon Reduction of Member Bank Surplus", stating that there is nothing in the law that 10/30 requires such surrender adopted resolution Len, Credit National Association of by, that RBoard be requested to standardize all forma used by rEBanks in assembling information made public by them; memo. of LIr. James calling attention to, and resolution referred to Committee on Eaonomy & Efficiency 11/22 for study and recommendation inbe would it that stating Report of Committee advisable for ESystem to undertake to make financial statements in all sections of the country conform to a uniform standard, the report of the 12/11 committee being approved by Board directors that UcCord ihAgent from Non-cash items; letter of ERBan A of Atlanta had voted to recommend discontinuance of handling of, by FRBanks, ordered circulated and 12/27 referred to certain committees 540 449 417 464 536 490-1 504 424 606-7 679 718-19 783 C4,13,CV I page Federal Reserve banks: (continued) Notaries: Motion by La'. Hamlin that Board ask Counsel to draft amendment to aitct to provide that employees of FRBanks be designated as notaries without compensation to perform duties of notaries public in protest of paper,as performed by notaries public in the 12/ 7 various states; carried the of Secretary Under from letter gold; Payments by, in 7 /26 Treasury suggesting that ERBanks pursue policy re, Conference between Under Secretary Gilbert and Board re matter of restoring gold certificates to general circulation; matter ordered docketed for considera8 /2 tion at earliest possible date Protest fees of notaries in employ of; memo. of Counsel 8 /21 re, referred to Law Committee Report of Law Committee on above, discussed, and 9/5 matter referred back to thz Committee Purchase of Government securities and bankers' acceptances by, under repurchase agreements; memo. of General Counsel re, referred to Law Committee for revision,after revision to be mimeographed and copies sent to Governors' and laagents' Conferences for incorporation in their 8 Al programs of topics to be discussed 8 /22 Regulation "J"; various correspondence from FRBanks 7 /24 making inquiries re administration of, Report of Committee on Expenses of Statistical & Reporting Services of; letter from Assistant FRAgent at New York 10/30 transmitting, Reserve positions of; Board requests Committee on Discount & Open Market Policy to work out necessary details in connection with making Mr. Miller's proposed new plan 9 /11 for stating, operative Reserve positions of, plan of Mr. Miller for stating; 7 /12 Board again postpones discussion of, of of Committee report Insurance for; Self insurance FRBank Governors upon, approved generally by FRBoard, and Secretary directed to transmit copy of same to all 8 /15 FRbanks for consideration and recommendation Mr. from re letter at; Trowbridge construction Vault desirability of making public information re, referred 10A3 to Governor with power of memo. re General Counsel Departments; War Finance right of Board to examine, the same being in connection with request from Managing Director of dar Finance Corporation to have board's Div. of Examination undertake auditing of War Finance Corporation activities in certain 12/20 FRBanks 712 455 468504 526 504 509 450 601 533A 424 496 596 710 Page Federal Reserve BanAs: (continued) War Finance Departments; memo. of Genera/ Counsel, etc. Advisability of Board's Div. of Examination undertaking above work; question of, referred to Law Committee, and Mr. Cunningham requested to consult with 12/20 Committee in matter 12/21 Request of War Finance Corporation denied Draft of letter to Managing Director of War Finance Corporation advising of action taken by Board in above matter 12/27 Federal Reserve Board: By-laws; certain amendments to, submitted by Mr. James, in conformity with Board's action of August 2, 1923, defining and charting the functions of the various units 8 /14 of Board and staff; approved Cable name or designation for, in view of expected cable communication from Cuban Agencies at Havana; recommenda8 /14 tion from Ir. Eddy that he be authorized to procure, 8 /30 Name selected by FRBoard Certificates signed by appointive members of, in accordance with provisions of Sections 10 and 25(a) of RAct, re holding office and awning stock in banks and banking institutions; letter to Secretary of Treasury trans9 /14 mitting, Closing of offices of, on August 10th., except for skeleton organization, out of respect for the memory of the late President Harding 8/7 Meetings of, See under "Meetings, RBoard" Members of, Section 25(a) of FRAct prohibiting, from being officers or directors of corporations organized under provisions of this section, etc.; attention called by Mr. Hamlin to, and Secretary instructed to prepare form of certificate to be signed by all members of present 9 /4 Board to which this provision applies Organization, changes in, and increases in salaries of 12/18 certain employees, approved Quarters: Authority to purchase and lay floor coverings in rooms now being fitted up for Federal Reserve issue & Redemption Division, requested by Comptroller of the 11/27 Currency; approved Regulations: See under 'Regulations, F. R. Board" Vice-Governor; designation of Mr. Edmund Platt as, by the President, for period August 10, 1923, to August 10, 8 /30 1924 773 778 783 490 493 520 542 486 524 746-9 665 519 Federal Reserve board hegulations: See under "Regulations, F. R. Board" Federal Reserve Building & Loan Association of Philadelphia: Failure of, to change its title; letter from &Agent Austin to Board re, referred to Committee 12/20 Letter from &Agent at Philadelphia advising of willingness of, to change its title to "Federal Building & Loan Association", and asking if 3oard has any objection to latter name; Counsel to prepare reply, stating Board has no objection to name as changed 12/ 6 Federal Reserve bulletin: "Agricultural Credits under F. R. Act", matter contained in proposed pamphlet to be issued by Board under title of, to be published in forthcoming issue of FRBulletin 7 /18 Authority granted General Counsel to publish in forthcoming issue of, certain rulings of the FRBoard 10/25 Board to publish but monthly edition of, beginning Jan., 1924, decrease size of same, and reduce subscription price to $2.00 per annum 12/11 Certain material designed for publication in September issue of, presented by Mr. Hamlin and approved 8 /21 Debentures of Federal Intermediate Creuit Banks; certain portion of proof of forthcoming issue of FRBulletin containing recent resolution of Board authorizing RBanks at their discretion to purchase, ordered striken out 10/31 Full text of Regulations, series of 1923, authorized published in both editions of forthcoming REBulletin 7 /19 Material submitted by General Counsel for August Bulletin 7 /19 Yr. Hamlin appointed committee of one for Board to cooperate with Messrs. Strong and Jay of New York in preparation of form of statement on Open Market Policy to be published in January issue of, 1417 Draft of statement on open market operations submitted to Board by Messrs. Strong, Jay & Dr. Stewart; discussed, and certain minor changes suggested 12118 Revised statement on open market operations submitted by Governor Strong, Mr. Jay & Dr. Stewart; same discussed, and various amendments suggested, the statement to be re-written for submission at meeting to be held at 2:30 P. U., of date 12/19 Statement on open market operations during years 1922 and 1923, for insertion in January issue of FRBulletin; final draft of, submitted by Governor Strong, Yr. Jay and Dr. Stewart,approved 12/19 CrLIX Page Federal Reserve Bulletin: (continued) Revision of digest of all state laws re bank reserves appearing in October, 1917, FRBulletin, ordered published In forthcoming issue of Bulletin 10/23 Ruling of FRBoard of August 2nd. for discontinuing use of agents other than a bank in collecting items drawn upon a non-par bank; Board votes to publish, in forthcoming issue of FRBulletin 10/25 Subscription price of 410.00 made to New York University for ten copies of each issue of, until June, 1924, for use in a seminar to be conducted for bank men 10/12 Federal Reserve Clearing System: Copy of an article entitled, transmitted to Board by President of Batavian National Bank of La Crosee,Wis. 10/16 Copy of report on, prepared by committee of &Bank officials, requested by OongTessional Joint Committee of Inquiry on Membership in FRSystem at its hearing on October 3rd. 10/ 4 Board votes to comply with Committee's request, and letter approved, to accompany transmittal of same 10/ 4 Federal Reserve Districts: Transfer of certain counties in western Missouri from Eighth to Tenth District; letters from Hon. J. L. Milligan advocating, ordered referred to Joint Committee composed of members of Committees an Eighth and Tenth Districts 8 Report of Committee on above; sense of Board that it should conform to usual custom and give consideration to transfer only upon direct petition from member banks in territory involved and upon recommendation of RAgents in districts concerned in transfer 8 /14 Federal Reserve Insignia: Procuring of, for use in architecture of a new bank building for First National Bank of Davenport, Iowa; letter from President of that bank re, 9 /13 Federal Reserve Leased Telegraph Wires: Board quotes Treasury Department rate of 414,700 per month for use of, during fiscal year 1924 7 /10 Federal Reserve Notes: Proposal of Republic of Panama to make, legal tender; 7/3 Board disapproves Recommendation of Director of Bureau of Engraving & Printing that all notes in new design recently approved by Board be printed with identifying letters and numerals, the title of issuing bank with denominational numeral, and seal and sequence numbers overprinted in red; approved 7 /10 597 601-2 587 591 580 580 470 494 537 417 408 415 eX.a Page Federal Reserve Notes: (continued) Reduction in rate charged for, by Bureau of Engraving & Printing; FRAgents notified by Board of announcement 8/2 by Director re, of Dallas; report of Shipment abroad of, of FRBank eommittee an suggestion of FRBank of New York for, recommending that no action be taken at present time, but matter submitted to forthcoming Jonference of Governors and AtAgents, and to next meeting of Federal Advisory 10/31 Jouncil matter also and Board adopts committee's report, referred to Law Committee for opinion of eounsel 10/31 on legality of plan proposed plan, of legality on counsel 1.1emorandum of 12/21 ordered circulated of Bank Boston: F. R. Society, Federal Reserve FRBank of Boston votes to contribute sum of "?2,500 to, 9 /25 for educational and welfare work among its employees Federal Reserve System: Banking, changes in trend of, under FRSystem; granted permission to conduct, with particular reference to ratio of capital assets to liabilities and the con11/ 6 version of demand deposits into time deposits Sentiment existing in Ninth kEDistrict toward; letter from FRBank of lanneapolis re, suggesting broadening of public relations work of this FRBank in an effort to meet criticisms directed against the System; refer10/30 red to Oommittee Board approves form of letter, in reply to above, 11/ 1 suggested by Special Jommittee Federal Trust & Savings Bank, Hollywood, ealifornia: 9/6 Application of, for admission to FRSystem, disapproved Letter from FRAgent Perrin asking whether Board has taken any action subsequent to that taken on Sept. 6th., and calling attention to additional information on subject furnished since that date; refer11/ 6 red to Committee of its reconsider to action declines Sept. Board 11/ 8 6th., disapproving application Kansas of Oity: Federal Trust 0o. Board votes to reconsider and approve application of, for membership in E?S,/stem, upon certain representations 9 /21 made by President J. B. ease of the trust company Portland, liaine: Fidelity Trust eo., Application of, for extension of time limit on its loans, 7 /18 approved 466 618 37 ' 618 778 559 628 608 621 529'9 653A 06 441 Page Fiduciary Powers: (continued) First National Bank of Belleville, Illinois; reply of Board to letter from trust officer of, and transmitting certified copy of fiduciary certificate issued to bank on December 13th., Board stating that while it has been advised of no law in Illinois prohibiting national banks from exercising trust powers, the bank should consult its local attorney in matter 12/17 First National Bank of Hopkinsville, Kentucky, right of, to enter into contract in connection with certain trust funds taken over by it; opinion of Counsel re, ordered 7 /11 forwarded to Deputy Comptroller of the Currency International National Bank of Boston recently consolidated with First National Bank of Boston, application of, for permission to exercise fiduciary powers; memo. of Counsel re, suggesting letter to Assistant FRAgent at Boston requesting that First National Bank of Boston make the application on behalf of the International 10/31 National Bank Liberty National Bank of New York City granted permission to act as registrar of stock and bonds but denied permis7 /10 sion to act in any other fiduciary capacity Letter from ffiAgent Jay requesting Board reconsider action granting only limited fiduciary powers to 7 /17 Liberty National Bank Necessity of a national banking institution created as the result of the merger of two national banks, both of which exercise fiduciary powers, filing an application for authority to exercise fiduciary powers; memo. of 9 /25 Assistant Counsel re, Board concurs in suggestion of Assistant Counsel that it continue its present practice of issuing certificate without requiring formality of new 9 /25 application Public National Bank of Houston, Texas; letter from. Board to H.Agent at Dallas transmitting copy of letter from Vice President of, re his bank's application for fiduciary posers, the Board requesting certain information from 10/ 3 Mr. Talley re, The Old National Bank, Battle Creek, Michigan; letter from Board to, re right of the bank in a fiduciary capacity to execute bond required by state law before selling a piece of real estate in administration of an 8 /30 estate 735 422 611 415-16 437 560 560 575 521 Fag' Financing of Uotton: Publication in pamphlet form of certain articles on, which have appeared in EBulletin; Board authorizes, the Governor to determine number of pamphlets and method of distribution 8 /21 Financing the Larketing of Agricultural Products: Letter from Dallas re Board's recent circular letter re, and reporting results of conference held in Dallas on July 24th. 8/6 First National Bank, Ashland, Alabama: Authority granted, to reduce capital stock from 475,000 to 440,000 per annum 7/3 First National Bank, Belleville, Illinois: Reply of Board to letter from trust officer of, and transmitting certified copy of fiduciary certificate issued to bank on December 13th., Board stating that while it has been advised of no law in Illinois prohibiting national banks from exercising trust powers, the bank should consult its local attorney in matter 12/17 First National Bank, Bellevue, Iowa: Letter from, calling attention to form of advertisement of membership in PRSystem being used by Bellevue State Bank of Bellevue, Iowa 7 /11 First National Bank, Boston, Mass. Memorandum of Board's k;ounsel suggesting form of letter for transmission to FRBank of Boston requesting First National Bank of Boston make application to Board, on behalf of International National Bank of Boston with which it was recently consolidated, for permission for latter to exercise fiduciary powers 10/31 First National Bank, Brookings, S. D. Discount of non-member bank paper by; letter from AtBank of Minneapolis re, 7 /24 First National Bank, Burley, Idaho: Proceeds of certain checks deposited in, while insolvent and just prior to date of closing, held by &Bank of San Francisco; reply of Board to letter from Uharles A. 6underlin of Burley, Idaho, re 9 /14 First National bank, Davenport, Iowa: Letter from President of, re procuring of a Federal Reserve insignia for use in the architecture of a new bank building for that institution; referred to Oommittee for recommendation 9 /13 First National Bank, Edgeley, North Dakota: Application of, for permission to reduce its capital from 485,000 to $50,000; referred to Oommittee an Examinations for consultation with ,Amptroller 10/ 3 Adverse report submitted by Oommittee and above application disapproved 10/ 4 50 486 408 419 611 449 544 537 573 580 Page First National Bank, Emlenton, Pa. Participation certificates issued by; draft of memo. addressed to Deputy Comptroller of the Currency McIntosh 9 /14 in reply to his letter of August 20th. re, approved First National Bank, Estherville, Iowa; Authority granted, to rediscount with &Bank of Chicago, for period of six months, paper taken from three non12/11 , memuer banks First National Bank, Grafton, Nest Virginia: Letter from Board replying to letter fran Vice President of, re recent decision of U. S. Supreme Court in Richmond par clearance case, the bark inquiring whether under this decision member banks are permitted to charge exchange for remission of items originating outside of 11/22 their &District First National Bank, Havensville, Kansas: Authority granted, to reduce capital stock from $40,000 12/18 to 425,000 Bank,Hopkinsville, Kentucky: First National Right of, to enter into contract in connection with certain trust funds taken over by it; opinion of Counsel re, ordered forwarded to Deputy Comptroller 7 /11 of Currency First National Bank, Hugo, Oklahoma: Recent consolidation of, with Hugo National Bank; advice 9 /11 from RAgent at Dallas re, First National Bank, Lovington, Texas: Closing of, reported by MAgent at Dallas, together with 9 /11 amount of its indebtedness to &Bank of Dallas First National Bank, MayIield, Kentucky: Action of trust department of, in investing collectively funds belonging to different trust estates; memo. of Counsel suggesting farm of letter to bank re,approved, and copy of letter ordered transmitted to Comptroller 11/27 of Currency for his information First National Bank, Montgomery, Alabama: Permission granted, to accept drafts and bills of ex11/ 7 change up to 10C},2 of its capital and surplus First National Bank, Parlier, California: Board to request Comptroller of the Currency to order special examination of, in order that it may have 11/22 complete information as to bank's condition Condition of; telegram from San Francisco re, recommending tentative approval of application of Bank of Italy 11/20 to take over bank and establish branch; ref. to Coin. 11/22 Application disapproved 12/12 Letter from &Agent Perrin re above matter 545 716 680 747 422 532 531 684-5 632 678 670 677-8 725 Page First National Bank, iarlier, alifornia (continued) Statements made by President of, to FEAgent Perrin; letter from la. Perrin to Board re, 12/28 First National Bank, Pittsburgh, Pa. Letter from, re manner of handling check drawn with restrictions, by Birmingham Branch of FRBank of Atlanta 8 /29 First National Bank, Ranger, Texas: Advice from FRAgent Talley of payment in full by, of amount owed to FRBank of Dallas at Uwe of closing, together with expenses of collection, including attorneys' fees 12/27 Board instructs Secretary to inquire re amount of attorneys' fees involved and names of attorneys receiving same 12/27 First National Bank, Scranton, Pa. Proposed arrangement between, and FRBank of Philadelphia, which contemplates establishment in Scranton of a 42,000,000 revolving fund for facilitating furnishing of currency to member banks in vicinity 9 /26 Governor Norris of athank of Philadelphia to be advised that Board, without any formal ruling, will interpose no objection, for the present, to proposed arrangement 10/ 3 First National Bank, Wilmot, South Dakota: Authority granted, under certain conditions, to reduce capital stock from 440,000 to 425,000 7 /31 First National Bank, doodward, Oklahoma: permission granted, to rediscount with RBank of Kansas City paper acquired from certain non-member banks 9/4 First State Bank, Onaka, South Dakota: Application of, for permission to rediscount with ERBank of its district through First National Bank of Brookings, South Dakota; referred to Committee 7 /10 Fiscal Agency Operations: Reimbursem3nt of FRBanks for; letters from Deputy Governor & Chairman of FRBank of New York to Board re, 9 /11 Board authorizes letter sent to the other eleven FRBanks advising of question of reimbursement raised by FRBank of New York, and requesting that they submit a similar memo, to that submitted by the New York bank, showing cost of performing various fiscal agency functions 9 /13 Fiscal Agent, F. R. Board: Decision of Comptroller General disallowing certain items in account of; preliminary memo. of Counsel re,submitted by Law Committee, and matter referred back to Law Committee with request that ',Counsel be directed to prepare detailed memo. on subject, after which Board will decide as to whether matter should be submitted to Comptroller General for a rehearing 10/23 790 513 782 782 664 574 40 522j 413 533 540 599 I OXXXV page Fiscal Agent, F. R. Board: (continued) Decision of Comptroller General, etc. Detailed memo. of Counsel submitted in re letter from Comptroller General disallowing certain items in 11/22 account of Fiscal Agent, approved Mr. Freeman, Assistant Counsel, authorized to take up above matter informally with the 11/22 Comptroller General Draft of letter to the Comptroller General requesting reconsideration of his decision, referred to 12/11 Executive Committee with power Estimate transmitted by, for assessment of &Banks for expenses of Board for six months' period ending 12/21 June 30, 1924 Fisaal Agents: FRBanks acting as, for Interm)diate Credit Banks; letter from Under Secretary of the Treasury expressing hope 7 /24 that in case of, they will do so without aharge Flint, M. H., Representing Pacific Southwest Trust & Savings /Bank: Conference between, and ERBoard, Mr. Flint expressing 9 /13 views on matters discussed at meeting of Sept, 12th, Foreign Banking Corporations: Examination of, operating under agreement with ITIBoard; 7 /31 report of Committee re, Board postpones action until after completion of 7 /31 examination of Bank of Central & South America Foreign Banks Investments made for, in which the several FRBanks participate; letter from Deputy Governor of FRBank of New York enclosing copy of circular letter and data 7 /10 sent other &Banks explanatory of, ERBoards Division of Exchange Foreign Subpoena served on FRBank of New York requiring it to produce certain records in files of; reply of Board to letter from Counsel of FRBank of New York re, suggesting the subpoena might properly be directed to Division 11/13 of Foreign Exchange of eRBoard Foreign Shipments of Currency: Memo, of Director recommending that FRBank of New York be permitted to publish in its monthly review figures on, and that Board Include table and some discussion 8 /29 re, in its FRBulletin; disapproved 679 679 719 778-9 449 539 465 465 417 659 516 ,1 XX2:VI PJ,0 Foreman Brothers Banking tompany: 6urrender of stock in ERBank of Chicago by; letter from Chairman of Board of Directors of Foreman National Bank re, referred to Counsel 7 /10 Forms: Form of statement to be sent all aBanks on which to report borrowings of member banks in excess of unimpaired capital and surplus, amount of borrowings, date on which advances exceed their capital account, and how secured 7 /31 New form of application of non-member state bank converting into national bank for stock in Federal Reserve Bank; 7 /19 memo. of Counsel recommending, approved Resolution adopted by National Association of Credit Lien that FaBoard be requested to standardize all forms used by ERBanks in assembling information made public by them; memo. of Mr. James calling attention to; resolution referred to Committee on Economy & Efficiency for study and recommendation 11/22 Report of Committee stating that it would be inadvisable for aSystem to undertake to make financial statements in all sections of the country conform to a uniform standard, the report of the Committee being approved by Board 12/11 Fort Dearborn National Bank of alicago: Reserve requirements on deferred certificates of deposit issued by; reply of Board to ERBank of Chicago re, 9 /14 Fourth & First Bank & Trust Co., Nashville, Tenn. Letter from Assistant Cashier of, transmitting copy of resolution adopted by Nashville Clearing House Asso. re practice of FRBanks in handling non-cash items; ordered circulated and referred to certain committees 12/27 Fourth & First National Bank of Nashville, Tenn. Letter from FRBank of Atlanta advising of action oi Board of Directors of its bank at meeting of Sept. 14th. in voting that copy of Atlanta's reply to petition for refund of certain interest charges alleged by, to be excessive, be furnished to Fourth & First National Bank; referred to Governor with power 9 /20 Petition of, for refund of excess interest alleged to have been charged by RBank of Atlanta on liberty bonds carried for it; letter from Governor Wellborn enclosing, and requesting Board's advice re reply, referred to Committee 9 /11 Matter referred to Counsel for further study and submission of revised telegram 9 /13 Reply of Board to letter from ERBank of Atlanta, giving opinion that the ERBank has no right to make refund unless legally liable, and that question of liability is one to be determined by a court and not by the FRBoard 9 /14 415 464 444 619 718,19 544 554 555 540 54' ) s page Franohise Taxes of e. R. banks: Board to notify Assistant Secretary Winston of Treasury that it does not wish to change its previous estimate of, 9 /13 payable to Treasury for fiscal years 1924 and 1925 Pllak, Prank H., Lienber of vongress: Letter from, requesting that he be furnished with information re appointments, terms, and political affiliations of present 11/13 members of board (see under "Oounsel - General") Oounsel: G ilbert, S. Parker, Under Seccetary of the Treasury: See under "Under Secretary of the Treasury" Gold. Gold policy for ,eRanks; letter from Under Secretary of the 8 /14 Treasury re, docketed for meeting of Sept. 12th. Board defers action upon resolution suggested by Mr. Gilbert re gold payments by ERBanks until after Oommittee on Discount & Open Market Policy shall submit report on 9 /11 new plan for stating reserve positions of FRBanks Suggestion from Under Secretary of the Treasury that RBanks 7 /26 pursue policy of making payments in, conference between Ir. Gilbert and Board re matter of restoring gold certificates to general circulation; matter ordered docketed for consideration at earliest possible 8/2 date Golden State Bank, Long beach, alifornia: Telegram from FRAgent Perrin re receipt of telegram from Director Adolph B. Rosenfield of, asking that he be granted hearing before approval is given to stock sale by this bank to Stockholders' Auxiliary Oorporation of Bank of Italy 7 /18 Reply of ,iovernor Orissinger to RAgent perrin asking that 7 /18 he find out nature of Mr. Rosenfield's objections GO vernment Securities: Possibility of Rbank of Dallas purchasing short time, in open market, in amounts sufficient to enable the rEBank to maintain its earning assets at a proper figure; letter from Dallas to 10/ 3 Board re, purchase, conference with subject to approves Board 10/ 3 Treasury officials volume of of limited purchase board favoring Resolution of short term, at present time, etc., copies of the resolution being ordered transmitted to Ohairmum of Open Market Investment Uommittee of FRSystem and Governors of all Phbanks 536 658 490-1 534 455 468-9 438 439 576 576 694-5 OXXXVIII page Governors & ERAgents: Conferences of, See under "Conferences" Governors' Conference: See under "Conferences" Hamlin, Charles s., Member, F. R. Board: Appointment of, as member of Executive Committee for term ending Karch 31, 1924 12/31 Appointment of, to serve on Executive committee while Mr. Platt is absent during Christmas holidays 12/21 Resolutions submitted by, on May 22nd., re-submitted, setting forth certain rules which should govern establishment of branches uy state banks and trust companies;' referred to committee an Examination for study, report and recommendation 7 /31 Harding Liemorial Association: Letter from Governor Strong of ERBank of New York asking if Board would object to his accepting a membership on Advisory Board of citizens in the State of New York having charge of organization of, 12/12 Board votes to interpose no objection 12/12 Harding, darren G., late President of the United States: Closing of JJ1R3anks and branches out of respect for menory of, August 10th.; telegram from Board to ERBanks re, directing that skeleton organization be maintained at each bank and branch sufficient to take care of any legally necessary district or inter-district business 8 / 7 Radiogram from Bank of Rome expressing regret at death of, and extending sympathy 8 /6 Harrison, George L., Deputy Governor, ERBank of New York: ERBank of New York to detail, to ERBoard, together with his secretary, for service in connection with par clearance matter 9 /5 Acceptance by Mr. Harrison of Board's invitation to come to dashington to consult with General Counsel in matters re par clearance 9 /11 Havana, Cuba: See under "Cuba" 796 780 466-6 726 725 488 486 531 Hearings, Federal Reserve Board: (See also "Conferences") Board sets aside October 31st. for re-hearing of Wichita Clearing House Association re matter of establishment of branch of FRBank of Kansas City at Wichita, Kansas 10/25 Postponement of searing, at request of Senator 10/30 Curtis Senators Governor Bailey of FRBank of Kansas City, Curtis & Capper of' Kansas, Governor Allen of Kansas, Congressmen Tincher & Ayres of Kansas, and C. Q. Chandler of First National Bank of Uichita, with •FRBoard, arguments being presented for and against establishment of branch of iRBank of Kansas City at • 12/18 Wichita at re FRBank branch hearing. of date Postponement of Wichita, scheduled for November 15th., requested by 11/14 C. Q. Chandler of Wichita; noted, with approval copy for California of bankers independent from Request of stenographic report of hearing of September 12th.; 9 /13 Board votes to furnish same of Bank Savings & Trust Southwest Pacific: from Request Los Angeles for postponement of date of hearing, re matter of branches for large California banks, from Sept. 12th. to 19th.; Board unable to postpone date 8 /29 using to meeting of Advisory Council on Sept. 17th. U. S. Bankers' Association Opposed to Branch Banking: Request from representatives of, for privilege of appearing before Board on September 11th., and of 9/6 meeting individual members of Board informally Board requests Comptroller to advise the Association that it will be glad to meet its representatives on September 11th., and that it has no Objection to their being present at general hearing to be • 9/6 held on September 12th. Heintz, Victor: Telegram from, recommending purchase, for the Cincinnati Branch, of building to be vacated by Fourth National 11/ 6 Bank of Cincinnati reply and above, Report of Committee on Branches re authorized sent to 1.1r. Heintz explaining Board's 11/ 6 position re new buildings for FRBank branches Hibernia Commercial & Savings Bank, Portland, Oregon: Right of, in matter of executing acceptances without limitation; reply of Board to inquiry from FRAgent 8 /21 Perrin re, Hoxton, V. a., General Secretary, F. H. Board: Vacancy in office of General Secretary caused by resigna10/ 3 tion of, 601 606 743-44 662 538 514 529 529 627 653 506 576 OXL rage Hugo National Bank, Hugo, Oklahoma: Authority granted, to reduce capital stock from $200,000 9 /20 to $100,000 National Bank, Frank, Vice President of First Humnaer, /Scranton, Pa. Conference of, and David Barry of Johnstown, pa., with Board, re certain difficulties experienced by member banks in Scranton and Johnstown in matter of adequate and timely currency supply from FRBank of Philadelphia; Board requests Mr. Hurnaer to submit method of relief suggested by him, to MBank of Philadelphia, for ultimate transmittal to FRBoard 7 /18 50 439 "I" Illinois Bankers' Association: Letter from, transmitting resolutions passed by Association re handling of non—cash collection items by FRBanks; 7 /18 ordered stenciled and transmitted to FRBanks Illinois Merchants Trust Co., Chicago, Illinois: Authority granted, to accept for purpose of creating 108 dollar exchange in certain foreign countries Authority granted, to accept up to l00% of capital and 12/'18 surplus Indianapolis, Indiana: Petition for establishment of branch of FRBank of Chicago in; letter from FRBank transmitting, and giving opinion of its directors that present conditions do not justify 12/27 establishment of the branch Industrial Trust Co., Providence, R. I. Authority granted, to accept drafts drawn by banks or bankers in foreign countries for purpose of creating dollar exchange 7 /18 Insolvent Banks: Filing of claims by RBank of Kansas City against, on behalf of endorsers of checks forwarded to such banks for collection; reply of Board to communication from Kansas City re continuing, 7 /12 Insurance Committee of Governors' Conference: Inquiry from Deputy Governor Kenzel of New York re action of Board upon report of, referred to it on March 28th.; Board to advise Mr. Kenzel that general matter of insurance has been referred to Committee on Economy & 7 /31 Efficiency for investigation 745 so 44a 423 46 Gal Page Insurance Committee of F. R. Bank Governors: Report of special, upon self insurance for FRBqrkR, approved generally by &Board, and Secretary directed to transmit copy of same to all FRBanks for considera8 /15 tion and recommendation Insurance of Currency Shipments: Draft of letter to all ERbanks re, sent by express, 7 /12 approved for transmission Inter-District Time Scheaules Amendment of, by FRBanks of Chicago and New York, placing items between Chicago and Minneapolis - St. Paul on one 12/27 day basis Interlocking Directorates: All applications for, granted under Kern Amendment to Clayton Act, to serve on Board of more than one bank, 11/27 to be reviewed before first of January, 1924 Motion by Mr. Miller that above matter be made special order of business for Dec. 12th. and Law Committee requested to prepare all necessary information and data in connection with same; 11/27 carried Mr. Hamlin moved that Mr. Miller be requested to consult with Law Committee in re California ap11/27 plications which have been granted; carried Matter of interlocking directorates postponed until 12/12 meeting of Dec. 13th. Memo, of Counsel re "Review of Clayton Act Situation", recommending Board not depart from policy adopted in January, 1923, when it decided not to revoke Clayton Act permits in cases where interlocking directorates have resulted in growth of competition between banks involved, also recommending that Board Include in its next annual report to Congress a statement advising of its position re revocation 12/13 of Clayton Act permits; approved Mr. Hamlin appointed to prepare statement recom12/13 mended for insertion in Annual Report Appliaations for, approved 10/23 Adam, William L. 10/10 Anderson, U. M. 9 /13 Atwater, Bert L. 9 /13 Autzen, Thomas J. 7 i17 Ayres, J. D. 498 424 782 681 681 681 723 726-7 727 600 566 541 541 435 CXLII page Interlocking Directorates: (continued) Applications for, approved (continued) Bacharadh, Isaac Bandi, J. A. Bardes, Christian J. Barnes, Julius H. Bernegau, Carl li. Bet', James T. Bishop, William G. Bixby, William K. Bond, Bernard Q. Brewer, E. P. Brichler, G. W. Brookings, Robert S. Bunting, Charles E. Butler, Louis F. Carlin, William J. Carlton, Newcomb Carson, Robert Clothier, Morris L. Coe, John A. Corson, E. V. Cosgriff, J. E. Creighton, Albert 1.1. Cross, Henry Parsons Curtis, Louis, Jr. Curtis, Nelson Uurwen, Samuel Lt. Dane, Ernest B. Davenport, H. J. Davis, John T. DeGroff, LeGrand S. Deming, E. B. Dillon, Edward H. Dines, T. A. Dolfield, Frederick A. Donahue, Dan A. Dunbar, Alex. Edlefsen, J. N. Edlefsen, John Evans, Harry D. Evans, John Estell Evans, Lewis :Alley, John D. Fish, H. E. 8 /15 8 /14 7/3 11/13 12/27 8 /15 11/13 11/27 7 /31 7 /30 10/16 11/27 12/17 8/2 8 /29 10/30 7 /17 10/10 7 /30 8 /15 11/ 7 12/17 12/ 5 12/ 6 8 /14 7 /24 10/16 10/10 11/27 10/31 9 /13 7 /17 11/27 9 /14 9 /5 7 /18 10/12 9 /13 el /14 8 /15 8 /15 11/27 7/3 602 496 410 660 76/ 02, 660 666 467 461 593 667 742 483 517 609 434 566 461 60 681 74.2703 701 496 431 594 586 667 611 541 436 667 06 527 44° 589 541 496502 502 686 410 page Interlockint_; Directorates: (continued) Applications for, approved Fleming, Joseph B. 12/21 781 Flood, E. E— 12/ 5 703 Floyd, G. F. 12/28 792 Foreman, Harold E. 8 /14 497 Foreman, Oscar G. 8 /15 501 Fowler, John/276 11/7 87 Frank, Isaac W. 651 Frenzel, John P., Jr. 10/30 609 Gehle, Frederick d. a /21 508 Gill, B. L. 10/16 593 Goldsborouc;h, P. L. 9 /14 546 Gore, John K. 10/16 594 Gratz, Benjamin 11/27 687 Graves, John S. 12/11 721 Green, E. H. R. 103 660 Hale, R. L. 8 /21 508 Hall, Frank 8 /14 496 Hallowell, N. Penrose 12/27 788 Harrison, J. Henry 10/25 605 Hatfield, Charles E. 10/16 594 Hoffman, Charles 11/ 7 651 Hollis, Gordon 12/ 5 703 Holman, William E. 8/6 487 Holmes, A. Y. 10/30 609 Horr, A. R. 7 /17 434 Howell, dilliam G. 10/10 586 Hunt, A. R. 12/28 792 Hutchinson, E. C. 10/10 586 Hutchinson, George 10/16 593 Johnson, A. C. 10/16 593 Kayser, Gustave A. 11/13 660 Keith, Harold U. 7 /30 461 Kelley, William V. 9 /19 551 Kennard, John B. 11/27 688 Kennedy, George A. 11/20 672 Kennedy, Reid 12/28 791 Kinney, h. W. 12/11 721 Knapp, S. Arthur a /21 508 Knott, David H. 7 /12 425 Lanahan, Frank J. 7 /17 435 Lane, James W. 8 /21 508 Liggett, Louis K. 10/16 594 Lilly, R. C. 7 /31 467 CXLIV Interloaking Directorates: (aontinued) Applications for, approved (continued) Logan, Theodore U. 12/ 5 Lovering, Joseph S. 10/25 McCabe, George W. 7/3 9 /25 Macdonald, Kenneth 10/25 McGarrah, Gates McGarrah, Gates 12/27 12/21 =hada°, Ivan C. 8/6 McIntire, B. G. 12/21 MaaNiahol, G. P., Jr. 11/27 Mallinckrodt, Edward 7/3 Mapes, Stephen S. Marlow, Thomas A. 8/6 Mason, James H., Jr. 8 /15 12/21 Mather, G. M. Matthai, William 9 /14 Middleton, Albert C., application of, for permission to serve at same time as director of Camden Safe Deposit 3: Trust Co. and First National State Bank, both or Camden, N. J.; memo. of Counsel re, expressing opinion that Board has no power to grant appliaation on basis of evidence re competition between the two institutions named 10/10 Matter disaussea and Board of opinion application should be granted 10/10 Milbank, Albert G. 10/16 Miller, Charles A. 10/10 Miller, James L. 7 /10 Kitchell, James 10/10 Moore, Crawford 7 /17 7/3 Moraller, Max lloyer, Salter S. 12/19 MIllloney, Daniel C. 11/27 Nesbit, Harrison 7 /17 Nevin, Hugh 12/28 Nichols, Henry J. 10/16 Niaolai, Harry T. 9 /13 Nollen, Henry S. 11/ 7 Norwood, Ewing 10/10 Ober, Gustavus, Jr. 10/10 Otis, Joseph E. 8 /21 Padula, jamps V. 8 /14 Perkins, S. B. 7/3 Plummer, Walter E. 8 /14 Porter, John 11/ 1 7 /30 Post, James H. Potter, Norman B. 12/11 Page Interlocking Direatorates: (continued) Applications for, approved (aontinued) 8 /14 Rabe, R. F. 7/3 Randall, William 6. 10/16 Reid, J. F. 12/21 Reynolds, E. S. 6/6 Richards, James L. 10/16 Richardson, Frank L. 10/10 Rockfeller, P. A. 7 /10 Rollinson, Simeon H. 12/27 Rosengarten, Adolph 10/10 Rydzewski, F. X. 10/16 Saltonstall, Leverett 7 /31 Sahuster, Walter E. 8 /14 Shannon, Joseph G. 11/27 Shepley, John F. 9 /14 Shriver, Van Lear P. 11/27 Simmons, George W. 8/2 Smith, Willard F. 10/25 Smith, William A. 7 /17 Snedeker, Charles D. 9 /25 Soliday, Joseph H. 7/3 Spenaer, Bird W. 7/3 Stebbins, George A. 11/ 6 ateneck, John 7 /19 Stewart, Robert W. 8/2 Stewart, Samuel 11/13 Studebaker, Clement 8 /15 Thompson, Joseph 10/25 Thompson, W. H. a /2 Traphagen, J. O. /13 9 A. Thomas Tripp, 7 /17 Turnbull, Henry P. 12/28 Unger, John S. 11/20 Vandiver, E. P. 7 /31 Vesper, V. W. A. 11/27 Wallace, K. B. 12/ 5 Watts, F. 0. Weber, a. P., application of, for permission to serve an directorates of Calcasieu National Bank and First National Bank, both of Lake Charles, Louisiana; Board to advise LtIr. Weber that for the present no action will be taken in connection with his continuing to serve on both boards of directors or to prevent his 12/ 5 re-election at first of year 12/11 West, L. S. 11/27 West, Thomas H. 496 410 593 780 487 594 585 417 787 586 594 467 496 687 546 687 483 605 434 563 409 409 630 445 483 660 502 605 483 541 434 792 673 467 688 703 699-700 721 686 CXLVI Interlocking Directorates: (continued) Applications for, approved (continued) Whitney, Payne a /21 Wiggin, Albert H. 8 /15 Wilde, William R. 7/3 Williams, Benjamin 8 /15 a /29 Wing, Daniel E. Woodruff, W. F. 11/20 Zahn, John 7 /24 Applications for, refused Bachrach, Isaac 7/3 7/3 Bew, James T. Corson, E. V. 7/3 Evans, John Estell 71 3 Evans, Lewis 7/3 Heller, E. S, 9 /13 Hellman, I. W. 9 /13 licClure, D. B. 7/3 Mason, James H., Jr. 7/ 3 8 /21 Playford, R. W. 7 /24 apreakels, John D. Spreckels, John D., application for permission to serve as director of Anglo and London-Paris National Bank, and Union Trust Co., both of San Francisco, and as director of First National Bank of San Diego; memo. of Counsel re, stating Board has no power under the law to grant application, and recommending that it require Mr. Spreckels not to stand for re-election at next election of directors of one of the banks 11/ 1 Thompson, Joseph 7/3 Weber, W. P. 9 /27 Welch, E. S., final refusal of application of, for Board's permission to serve as director of Old Colony Trust Co. and National Union Bank, both of Boston, Mass., recommended by Board's General Counsel 12/11 Counsel's memo,, with file attached, ordered circulated 12/11 Memo, of Counsel approved, and application finally rejected 12/17 Form of letter to all &Agents requesting comprehensive review of situation affecting, in various districts, ordered transmitted 11/28 Intermediate Credit Banks: (See also "Federal Intermediate Credit Banks") &Banks acting as Fiscal Agents for; letter from Under Secretary of the Treasury re, expressing hope that if the FRBanka undertake such service, they will do so without charge; copy of letter transmitted &Agent at 7 /24 New York 606 601 410 601 617 672 451 409 408 409 409 09 641 541 409 409 606 451 619 408 569 72° 720 751) 691) 449 OXLVII page Intermediate Credit Banks: (continued) Letter from Deputy Governor Case re inquiry from Under Secretary of the Treasury as to the attitude of the FRBanks if requested to receive subscriptions to forthcoming offerCase's ing of debentures by; recommendations made in 8/2 letter accepted and approved as the action of the Board Request from San Francisco that Board issue regulations to cover discount by RBanks of paper of; referred to Law 7 /17 Committee Reply of Board to idr. Perrin's telegram of July 16th., stating matter of discounts far Federal Intermediate Credit Banks is covered in Board's new Regulation"A", 7 /18 Seation VI (d) Statement by Governor that he had given verbal authority to Federal Farm Loan Board to make debentures of, payable at 10/10 the FRBanks; action of Governor formally approved Internal Revenue: Commissioner of, to be assisted by Acting General Auditor of FRBank of New York in making certain accounting and organiza7 /17 tion changes in his Bureau International Acceptance Bank of New York: Letter from, asking modification or anendment to agreement entered into with Board permitting applicant to issue acceptances, with maturity not to exceed one year, to finance im7 /25 portation or exportation of goods; referred to Committee Draft of reply prepared by Counsel to President of International Acceptance Bank, approved for transmis8 /14 sion International Banking Corporation, New York City: Ilemo. of Counsel submitting draft of letter to Vice President of, replying to his letter of Nov. 17th., and approving election of G. Edwin Gregory as director of thB corporation; 11/20 ap7roved International code for 'Regulation of Bills of Exchange: Letter from Department of State re proposed formulation of Laller for conference with standardized; referred to to whom similar comCommerce Secretaries of Treasury and 10/23 addressed have been munications blternational National Bank of Boston, Mass. Application of, recently consolidated with First National Bank of Boston, for nermiss ion to exercise fiduciary powers; memo. of Counsel re, suggesting a letter be sent to Assistant iliAgent at Boston requesting the application be made to Board by First National Bank of Boston on behalf of the International 10/31 National Bank International Statistical 1,:eeting: Advice from Third Assistant Secretary of state that invitation will be issued to representative of Board to attend Fifteenth, at 3russells, October 1, 1923; ref. to Committee for recom8 /21 mendation and report 470-1 437 440 584 431-2 453 493 666-7 598 611 507 page Interstate Commerce Commission: Letter from Assistant Counsel of ORBank of New York re employment of special counsel by iRBanks to present to, matter of revision of express rates on transportation 9 /13 of money and securities Carmalt, James N., Board approves appointment of, as special counsel in above matter, at maximum fee of 10/ 3 415,000 Misunderstanding in matter ol fees between Mr. Jarmalt and FRBank of New Zork; matter to be submitted to Board for further consideration when all details have 10/ 4 been ascertained Agreement reached between Mr. Carmalt and rRBank of New York whereby maximum fee of 4315,000 will in10/10 clude all expenses except court costs Memo. of Board's Counsel submitting draft of letter to Counsel of Rbank of New York authorizing payment by his bank of certain expenses in connection with presentation by Mr. Carmalt of matter of revision of express rates to Interstate Commerce Commission, in addition to fee for legal services approved for Ir. Carmalt; memo, referred back to Law Committee for additional 11/ 6 information Memo. of Counsel containing history of employment of Mr. Oarmalt as special counsel in above matter; Board authorizes expenses of witness fees, etc., not be taken oat of compensation for legal services approved for 11/20 Mr. Carmalt Board votes to question Mr. Rounds re accuracy of statement made by Mr. Mason, Counsel of RBank of New York, that he had received information that Board's Committee on Economy & Efficiency had approved employment of special counsel at meeting in July to conduct case before Interstate Commerce 11/20 Commission of Counsel Jecretary, letter from referring to Memo. of FRBanic of New York advising of payment of ii;3,000 to Mr. Carmalt on account of services in matter of express rates and requesting authority to arrange with AELBank of New York to carry all payments to Mr. Carmalt until such time as matter is disposed of,thereby obviating necessity of several separate assessments on other 11/27 eleven banks for their pro rata shares, approved 514- 09 ' 611 CRLIX Page Investment Holdings of V. R. Banks: Letter from Under Secretary of the Treasury enclosing 30py of communiaatuon from him to Deputy Governor Case 8 /14 re Report of Committee on Discount & Open Market Policy, that no further action is necessary by 8 /21 Board on above matter at present time Italian-American Bank of San Francisco: Application of, for permission to take over Columbus Savings & Loan Society of San Francisco and establish 11/14 branch on premises; referred to Committee Approved on November 16th. by initials of six members 11/20 of Board, and ratified of date Italian Banking Institutions: Connection between certain, and Bank of Italy, San Francisco; dispatch from American Consul at Florence, a /22 Italy, to State Department re, 491 503 665 668-9 511 II JII James, George R., Member, F. R. Board: Form of resolution suggested by, re shipments of currency between ERBanks and member banks, providing that same be considered as part of the member banks' reserve account during period of transit; referred to Standing Committee, and ordered placed upon program for considera10/10 tion at forthcoming conference of Governors Memo, of, presenting charts illustrating clearing house charges in certain cities where such charges are made 10/10 to customers an items collected through the FRSystem expire to Term of, as member of Executive Committee, 9 /27 automatically September 30th. FRSystems in Membership Joint Committee of Inquiry on Advice from Dallas that Chairman of, had wired requesting use of Board room at his bank for purpose of holding hearings while in that city, _Ind asking whether either Governor or FRAgent should remain in Dallas during such time, owing to forthcoming Conference of 10/16 Governors and &Agents in Washington Board to suggest that Governor of the FRBank remain 10/16 in Dallas during hearing Advice from &Agent at St. Louis that Board roam of Bank of Commerce had been secured for use of, and suggesting advisability of the Committee examining the bank relations men of the EEBank of St. Louis while in St. Louis; Vice Governor to communicate with Chairman McFadden re,10/23 582 583 569 592 592-3 598 CL Pas° Joint Committee of Inquiry an membership in &System: (continued) Letter from Assistant Secretary of the Treasury dinston asking that he be advised of the position the Board will take at hearing before; referred to Governor with power 9 /21 liemo, submitted by Messrs. Platt and Cunningham re letter of Sept. 6th. from Chairman of, on question of increasing state bank membership in &System; memo. approved, as amended, and ordered re-written in form ready for submission to Congressional Committee 10/ 1 Request from Chairman of, that representatives of aboard appear before Committee on October 2, 1923, and outlining various matters which the Committee desires such representatives to discuss 9 /14 Draft of reply submitted by Law Committee,approved 9 /27 Request from, at hearing on October 3rd., for copy of report on Federal Reserve Clearing System prepared by a committee of &Bank officials; Board votes to comply with request, and letter approved to accompany transmittal of same 10/ 4 Statement by Chairman licFadden of, that his Committee expects to hold hearings in certain FRBank and branch bank cities during November, and requesting space in FRBank quarters for purpose of holding such hearings 10/16 Board requests Mr. Platt to telegraph Governors of the FRBanks suggesting that they tender to Committee use of their board rooms 10/16 Statements made before, by Alfred I. Aiken of Boston, re alleged practice of certain member banks in Boston of depositing with &Bank of Boston at close of each day their vault cash for purpose of maintaining required reserves; letter from Governor Harding to Board re, 10/23 Joint Conference of Governors and ERAgents1 Draft of topics to be discussed at forthcoming sessions of, with Board, transmitted by RAgent Jay; suggested program approved 10/12 Executive Committee of ER.Board to take up matter of program for, with Acting Chairman of Governors' Conference, and with FRAgent Jay in charge of program for RAgents 9 /20 FRAgent Rich of idinneapolis excused from attending,which meets in dashington during week of November 12th., owing to situation in his district needing his personal attention 11/ 6 Request from &Agent at Minneapolis that he be advised as to date of, 8 /14 Date for opening of conference set as Nov. 12th. 8 /14 556 512 ' 7 568 50 50 596 1 586 556 49;?` 494 page Jones' Legal Forms: Authority granted General Counsel to purchase one copy of, for Law Library 10/31 611 “K“ 4ern Amendment to Clayton Act: (see also "Clayton Act") All applications heretofore granted under, to serve an Board of more than one bank, to be reviewed before first 11/27 of January, 1924 Motion by Mr. Miller that above matter be made special order of business for Dec. 12th. and Law Committee requested to prepare all necessary information and data in connection with same; 11/27 carried to Mx. Hamlin moved that Mr. Miller be requested consult with Law Committee In re California ap11/27 plications which have been granted; carried until postponed Matter of interlocking directorates 12/12. meeting of Dec. 13th. Situation", Memo. of Counsel re "Review of Clayton Act 12/13 and making certain recommendations recommended Mr. Hamlin appointed to prepare statement 12/13 for insertion in Annual Report Form of letter to all FRAgents requesting comprehensive review of situation affecting interlocking directorates 11/28 under, in various districts, ordered transmitted 681 681 681 723 726-7 727 691-2 111LIt Lane, Edward W., President of Atlantic National Bank of /Jacksonville: of Atlanta in declining RBank of Letter from, re action Treasury certificates banks member its to purchase from purchases them from York of New RBank on same terms as submitted by to, reply of draft banks; its member 10/ 4 Mr. Platt Atlanta of ERbank to letter send to votes Board along lines of the one submitted by Mr. platt, and to forward copy of same to 1.1r. Lane for his 10/ 4 information 580-1 580-1 rage LaRoque, 0. K., National Bank Examiner: Letter from, making application for appointment as ElAgent and Chairman of Board of Directors at FRBank of hichmond 8 /30 Law Library: Authority granted General Counsel to purchase for, one copy of "Jones' Legal forms", ( seventh Edition) 10/31 Leased Wire system: Telegraph Operators: Baggett, R. J., appointment and salary 11/ 6 114zUullen, R. A., resignation, effective Nov. 3rd. 11/ 6 Treasury Department quotes rate of 44,700 per month for use of Federal Reserve Leased Telegraph Wires during fiscal year 1924 7 /10 Legislation: Advisability of, permitting purchase by governmental agencies of preferred stacks or bonds in storage warehouses erected for purpose of assisting in orderly marketing; letter from campaign director of organization committee of North Dakota Potato Growers' Exchange, Fargo, N. D., to Mr. Miller re; referred to Committee 12/ 5 Letter referred back to Ur. Miller for reply 12/11 Letters of Credit: Commercial letter of credit transaction undertaken by National Bank of aanokin, Pa., brought to attention of Board by Deputy Comptroller of the Currency; memo. of Counsel re, approved, and copy ordered transmitted to Deputy Comptroller 104 Liberty National Bank, New York City: Application of, for permission to exercise fiduciary powers; Board grants permission to act as registrar of stocks and bonds but withholds permission to act in any other fiduciary capacity 7 /10 Request from FRAgent Jay that Board reconsider its action in granting only limited fiduciary powers to Liberty National Bank 7 /17 Live Stock Loan Inspectors: Procedure in matter of granting licenses as; letter from U. S. Department of Agriculture re, referred to Counsel for preparation of reply for signature of Governor 10/10 Livestock National Bank, Sioux City, Iowa: Application of, for permission to rediscount paper originating with non-member banks to extent of 4200,000, transmitted by Governor of RBank of Chicago recommending approval; reply of Board requesting additional information 11/27 519 611 626 626 411 701 716 663 416 ' 161 431 564 of3g- f Page Loans: Fidelity Trust Co. of Portland, Maine; letter from ERAgent at Boston transmitting application of, for 7 /18 extension of time limit on its loans, approved Railway Loan Advisory Oamnittee: See under Sailway Loan Advisory Committee° Louisiana Bankers' Association: Letter from, advising that it has called a nationwide convention for purpose of devising ways and means to combat ravages of the boll weevil, and requesting that Board send notice to all ERBanks and they in turn 9 /19 advise their member banks re, to Letter from President of, with further reference National Boll Weevil Convention to be held in New Orleans on October 25-26, 1923; Board votes to send copy of letter to those ERBanks to which copy was not sent on 9 /27 September 20th. Lomeli. Bank, St. Louis: Reduction in reserve requirements of, from 10X, on demand deposits and 3;4 ; on time deposits to 7:Z an demand, and 7 /25 an time, deposits 441 550 567-8 453 112111 McAdoo, W. G. Request fromll. U. Elliott that Board furnish Mr. =Ado° with revised report of kakgent Perrin on application of Bank of Italy to establish branch at Yuba Jity; referred 7 /10 to Committee 7 /11 Board refuses request Mr. Elliott requests Board to reconsider above action; 7 /31 no motion to reconsider made Protest from Mr. McAdoo against Board's refusal to furnish copy of revised report of FRAgent Perrin re application of Bank of Italy to establish branch 7 /18 at Yuba City McFadden, Louis T., Representative from Pennsylvania: Statement by, to Mr. Platt, that Joint Committee of Inquiry on Membership in ERSystem expects to hold hearings in certain PRBank and branch bank cities during November, and requesting space in FRBank quarters for purpose of 10/16 holding such hearings Board requests Mr. Platt to telegraph Governors of the ERBanks suggesting that they tender to 10/16 Committee use of their Board moms 415 420-1 464-5 439 592 592 1111 . 111 page Marketing of wheat Crop: Committee report having reference to an announcement to &Banks suggesting some public assurance be given of adequate facilities for, this summer and fall; tabled, pending expression of opinion by Mr. Miller 7/3 Meetings, F. R. Board: Meeting held at 11:45 A. IL. August 3rd., 1923, when it adjourned out of respect to the memory of the President of the United states 8 /3 Special, to be held on September 11, 1923 9 /11 Mellon, A. W., Secretary of the Treasury: Member Bank Surplus: Letter from Board to all 11-iAgents re "Surrender of Federal Reserve Bank Stock upon Reduction of Member Bank Surplus", stating that there is nothing in the law that requires such surrender 10/30 Member Banks, FitS: Alleged practice of certain, in ,3oston, of building up their reserve accounts by deposit late in the day of greater part of vault cash; memo. of Board's Counsel re 12/27 Alleged practice of certain, in Boston, of depositing with FRBank of Boston at close of each day their vault cash for purpose of maintaining required reserves; letter from Gov. Harding to Board re certain statements made by Alfred I. Aiken of Boston to Joint Committee of Inquiry on Membership in &System re, 10/23 Copies of letters from, protesting against discontinuance of non-cash collection services by FRBanks, forwarded Board by FRBank of Chicago; ordered circulated and copies sent Chairman of Governors' Committee on Voluntary Services 10/23 Difficulties experienced by, in Scranton and Johnstown, Pa., in matter of adequate and timely currency supply from FRBank of Philadelphia; conference between Board and Frank Hlimmler. of Scranton and David Barry of Johnstown, Pa. re; Board requests Mr. Himmler to submit method of relief suggested by him, to ERBank of Phila., for ultimate transmittal to FRBoard 7 /18 Examinations of; draft of circular letter to all FRAgents re charges for, by ERBanks, when examinations rather than credit investigations are necessary; approved, ordered mimeographed, and transmitted 7 /31 Expenditure of approximately 4,600 by RBank of Boston, authorized, to defray transportation expenses of representatives of member banks in First District attending meeting in Boston for purpose of formulating permanent 10/23 organization of member banks in that District 403 464 530 606 ' 1 766 596'7 599 439 463 591 page Zember Banks, FR: (continued) Form of statement to be sent all RBanks on which to report borrowings of, in excess of unimpaired capital and surplus, amount of borrowings, date on which advances exceed their capital account, and how 7 /31 secured toward Loaning policy of aBank of Atlanta in future member banks which in past have been badly extended; letter from Governor Wellborn re, enclosing copy of letter to memoer bank in Alabama suggesting increase in capital as means for providing sufficient credit for its 12/21 customers Mr. Hamlin called attention to fact that Joint committee on Agricultural Inquiry in its report stated that inadequacy of banking capital was one of factors which limited and restricted credit during crisis of 1920 and 1921; Governor Wellborn's 12/21 letter referred to Governor with power upon stock ERBank of surrender re Memorandum of Counsel reduction of member bank surplus, suggesting form of 10/23 letter to be sent all II:agents; ordered circulated subscribe to District Eighth in bank member Refusal of to additional stock in ERBank of St. Louis after having increased its surplus fund; reply of Board to letter 12/27 from RAgent Martin re, State: Advertisements of, See under "Advertisements of State Member BanKs" Cost of examining, when examinations, rather than credit investigations, are necessary; copy of letter ARBank has transmitted state member banks in District re, 8 / 7 Credit investigations of, in accordance with recent ruling of Board; conference requested by RAgent at Philadelphia with Governor Crissinger in order to 7 /11 discuss methods for conducting, Examinations of; draft of reply of Board to letter from ERAgent at Llinneapolis under date of August 4th. suggesting that Board grant him permission to assess, on basis of assessment made by Comptroller of currency to cover costs of national bank examinations; referred to 11/27 Law Committee Liemorandum of General counsel giving opinion that state member banks examined uy a FRthank should be assessed a pro rata share of expense of all state bank examinations during a given period based on resources of banks on date of examina12/13 tions; memo. ordered circulated Resolution of Board adopting opinion of Counsel re 12/21 method of assessing costs of examining state member uanks, authorized forwarded to all Agents 464 777 777 597-8 785-6 488 421 682 729-30 775-6 CD/ I Page Member Banks, FRS: (continued) State; (continued) Examinations of; r3ply of Board to letter from FRALent Perrin of June 8th. re, 7 /31 Examinations of; reply of Board to letters from FRAgents at Cleveland and Philadelphia re proper understanding of Board's regulations re, 7/3 Improper advertisements of; circular letter from Board to all FRAgents re, 8 /21 Limitation on amount of acceptances by; memorandum of Assistant Counsel re, 8 /21 Memorandum of General Counsel re past policy of Board in acting upon applications of, for additional branches, together with memorandum of Yx. Hamlin on subject; copies ordereA distributed to members of Board 7 /31 Reports of condition of; two calls for, already issued by FRBoard, and two more to be issued upon same dates as Comptroller calls for reports of condition of national banks 8 /30 State Banks & Trust Companies: Resolutions previously submitted by Mr. Hamlin on May 22nd. setting forth certain rules which should govern establishment of branches by, re-submitted; matter referred to Committee on Examination for study, report and recommendation 7 /31 Members, F. R. Board: Appointments, terms, and political affiliations of; letter from Hon. Frank H. Funk, Kember of Congress, requesting 11/13 Certificates signed by appointive, in accordance with provisions of Sections 10 and 25(a) of FRAct, re holding office and owning stock in banks and banking institutions; letter to Secretary of Treasury transmitting, 9 /14 Section 25(a) of ERAct prohibiting, from being officers or directors of corporations organized under provisions of this section, etc.; attention called by Mr. Hamlin to, and Secretary instructed to prepare form of certificate to be sip-led by all members of present Board to which this provision applies 9 /4 Membership in 2LS. Bridgeport Trust Co., Bridgeport, Conn.; letter from Deputy Governor Renzel of New York re circumstances leading to withdrawal from membership of, 11/20 462 403 504 506 465 518 465'66 666 542. 54 667 CLVII page Ilbmbership in FRS: (continued) Central Trust Go., Cincinnati, Ohio; letter from FRBank of Cleveland re application of, for membership in RP-System, referred to Committee on Examination for report 9 /25 Board votes to request FRAgent at Cleveland to ascertain from Central Trust Co. what, in general, its plan is with respect to branches 10/ 4 Central Trust Co., Cincinnati, Ohio; objection by, to condition of membership set forth by Board re establishment of additional branch banks when approving bank's application for membership 7 /25 Central Trust Co., Cincinnati, Ohio; reply of &Agent at Cleveland to request from Board re plan of, in matter of establishment of branches; referred to Committee an Examination for report 10/12 Report of Committee on above, stating no action by Board is necessary at present time 10/16 Federal Trust & Savings Bank, Hollywood, California, application of, for admission to RSystem, disapproved 9 /6 Letter from FRAgent Perrin asking whether Board has taken any action subsequent to that taken on September 6th., and calling attention to additional information on subject furnished since that date; referred to Committee 11/ 6 Board declines to reconsider its action of September 6th., disapproving application 11/ 8 Federal Trust Co. of Kansas City, application of, for membership in RSystem; Board votes to reconsider, and approve, upon certain representations made by President J. B. Case of the trust company 9 /21 Letter from Chairman of Congressional Joint Committee of Inquiry on, requesting that representatives of FRBoard appear before the committee on October 2, 1923, and outlining various matters which the committee desires such representatives to discuss 9 /14 Draft of reply submitted by Law Go,mittee, ap9 /27 proved :lemorandum submitted by Messrs. Platt & Cunningham re letter of September 6, 1923, from Chairman of Congressional Joint Committee of Inquiry on question of increasing state bank membership in FRSystem; memorandum approved, as amended, and ordered rewritten in form ready for submission to Congressional 10/ 1 Committee 562 581 452 588 591 528-29 629 653-54 556 545-46 568-69 572 CLVIII page Membership in ERS: (continued) 'odifiaations of conditions of, in Twelfth District, also applications for branches, etc.; recommendation of F-RBoard for submission of all, to Board of Directors of the RBank of San Francisco, or to committee which passes on original applications for membership, for consideration, for ultimate transmittal to PRBoard, together with report of RAgent on sane 11/20 National Exchange Bank of 4-Jaltimore, Liaryland, proposed consolidation of, under state charter, with Atlantic Trust Co.; report from Governor Crissinger of telephone conversation with President of National exchange Bank re, in which he requested special consideration of application for admission to membership of consolidated institution 12/29 Shaw State Bank of St. Louis, Mo.; application of, for admission to FRSystem, approved, but request for reduction in reserve requirements withheld until later date 11/28 Withdrawals: Acceptance of rediscounts from a state member bank during six months following date of filing of notice of intention to withdraw from membership; letter from FRAgent Talley re, referred to Law Committee for ruling 9 /27 Report of Law Committee re above, stating matter Is one to be determined by the FaBank itself, and letter to such effect sent Dallas 10/ 3 Bank of Ocoee, Ocoee, Florida; request from, for permission to retain its membership in the FRSystem until Nov. 30th., the bank having advised of its intention to withdraw on January 15, 1923, and the date of expiration of the six month's notice of withdrawal falling due an July 15, 1923; approved 9 /25 Length of time during which notice of withdrawal of a state bank from membership may remain effective after expiration of the required six months' period; ruling of Board's Counsel re, forwarded FRBank of Atlanta 9 /1.9 Mercantile Trust Co., San Francisco: Application of, to take over Contra Costa County Bank of Pittsburg, California, and establish, branch on premises, approved 11/28 Notification from, of intention to open a city office to be known as "Civic Center Office", being one of agencies for which tentative approval was given by Board on Oct. 5, 1942 7 /10 611-° 79P1 689_ 668 658 56° 691 418 f CLIX page Mercantile Trust Co., San Francisco: (continued) Permission granted, to take over assets and assume liabilities of Growers' National Bank of Campbell, and remove its Campbell office from its present premises into quarters now occupied by the Growers' a /29 National Bank Mercer County, New Jersey, Warrants: &Bank of Philadelphia granted permission to purchase from Mechanics National Bank of Trenton, N. J. 11/20 4102,000 worth of, Mergers: (See also "Consolidations") Farmers Bank of Pelham, Georgia; application of, to take over Bank of Sale City, Georgia, and operate it as 12/18 branch, approved dells-Fargo Nevada National zsank and Union Trust Co., both of Jan Francisco; advice from FRAgent Perrin of arrangements being made for merger of, and for operation of both offices, one as head office and the other as branch; referred to Committee on Examination 11/ 1 11/ 7 Matter tabled for consideration Nov. 14th. 11/14 Merger approved Wells-Fargo Nevada National Bank and Union Trust Co., both of San Francisco; telegram from FRAgent Perrin re proper procedure in connection vith merger of, on 12/13 Dec. 31st.; referred to Committee Report of Committee recommending approval of procedure outlined in memo. of Dec. 13th. from Board's 12/17 Division of Examination, approved arrangements for Wells-Fargo Bank & Union Trust Co., merger of which were approved by Board on Nov. 14th.; telegram from FRAgent Perrin advising of acceptance of conditions of membership by, and 12/20 application for stock Uetacomet National Bank, Fall River, Mass. Authority granted, to reduce its capital stock from 11/ 1 4750,000 to $500,000 Miller, Adolph O., Member, F. R. Board: Appointed to serve on Executive Committee while Governor 12/21 Crissinger is absent during Christmas holidays Board approves acceptance by, of invitation to deliver an address at Cornell University on August 9th. or 7 /19 16th. Draft of proposed circular submitted by, re "Uniformity of Policy in Statistical, Publication Work, etc."; 7 /25 ordered docketed for July 31st. 7 /31 Circular amended and approved for transmission 515 666 753 619 650-1 664 726 733 769 618 780 445 453 463 CLX Psge Miller, A. O., Member, F. R. Board: New plan of, for stating reserve positions of FRBanks; Board requests Committee an Discount & Open Market Policy to work out necessary details in connection with making same operative 9 /11 Permission granted, to conduct study re trend of banking under FRSystem, more particularly the ratio of capital assets to liabilities and the conversion of demand deposits into time deposits 11/ 6 Plan of, for stating reserve positions of FRBanks; discussion re, again postponed by Board 7 /12 Report by, on recent visit to California, and re several conferences with representatives of certain of the larger branch banking institutions and State Department of Banking of k;alifarnia, also presentation of letter to Board from representatives of Mercantile Trust Co., Pacific Southwest Trust & Savings Bank, and Security Trust & Savings Bank re branch banking 10/23 Inquiry from Mr. Miller as to when Board can consider the letter from above three California banks 10/Z5 Statement by, explaining his vote on certain applications of Bank of Italy for branch banks, and giving, as his opinion, that Board should be extremely careful to pursue a course under resolutions of Nov. 7th. which would not give ground for allegation of unfair discrimination in treatment of applications of different California banks 12/18 Statement by, giving reasons far not voting when Board approved application of Pacific Southwest Trust & Savings Bank for permission to take over Pioteer Bank of Porterville and establish branches at Porterville, Exeter, and Strathmore 11/22 Statement by, that he thinks it advisable for Committee on Branches to investigate advisability of discontinuing use of RAgents at branches of FRBanks whose reserve positions are such that they can carry as issued a sufficient stock of 10.R. notes at the branches without unduly depleting their reserves 12/17 Telegram from, in San Francisco, to Governor Grissinger, re certain new developments in California branch bank situation; referred to Committee 10/ 1 533 626 424 599 604 761'*1 677 731 571 page Milligan, J. L., Member of Congress: Letters from, advocating transfer of certain counties in western part of Missouri from Eighth to Tenth FRDistrict; referred to Joint Committee composed of members of Committees on Eighth and Tenth RDistricts 8 / 2 Report of Committee re above; sense of Board that it should conform to usual custom and give consideration to transfer only upon direct petition from member banks in territory involved and upon recommendation of FRAgents in districts concerned in transfer 8 /14 MAlmo National Bank, Laredo, Tens: Telegram from FRBank of Dallas advising of closing of, 8 /29 Minutes, F. R. Board: Letter from Assistant Secretary 7iinston of Treasury, under date of September 20, 1923, with further reference to his request for copies of Board's Minutes, referred to Governor with power 9 /21 Meeting of November 13th.; amendment to minutes of, approved, to include submission by Dr. Miller of "Report of the Committee an Economy & Efficiency to the Federal Reserve Board", dated November 12th. 12/ 6 lassOuri: Transfer of certain counties in western part of, from Eighth to Tenth AlDistrict; letters from Hon. J. L. Milligan advocating; matter referred to Joint Committee composed of members of Committees on Eighth & Tenth Districts 8/2 Report of Committee on above; sense of Board that it should conform to usual custom and give consideration to transfer only upon direct petition from member banks in territory involved and upon recommendation of kRAgents in districts concerned in transfer 8 /14 Ilutilated United States Currency: Inquiry received by Atlanta Agency from Cuban Treasury Department re redemption of; letter from Deputy Governor Bullen of Boston quoting from letter received from Havana Agency of Boston re, referred to Committee 11/ 7 Matter ordered referred to FRBank of Atlanta 11/ 8 Reply from Atlanta to Board's letter re, referred to Committee on Cuba 11/14 Report of Committee stating matter adjusted after conference between Governors of FRBanks of Atlanta & Boston 11/20 470 494 514 556 705-6 470 494 631 654 665 668 Nakdimen, I. H., President of City National Bank of Fort Smith, /Arkansas: Letter from, enclosing copy of letter to a correspondent bank re practice of 'charging exchange upon checks 9 /11 drawn on it Nashville Clearing House Association: Letter from Assistant Cashier of Fourth & First Bank & Trust Co. of Nashville, Tenn., transmitting copy of resolution adopted by, re practice of ERBanks in handling non-cash items; ordered circulated and referred 12/27 to certain committees National & State Bankers' Protective Association: Letter from General Secretary-Treasurer of, citing an instance of the use, by FRBank of Chicago, of an agent other than a bank in collecting items drawn upon a nonpax bank in Seventh District; Board votes to take up matter with FRBank of Chicago and to publish in FRBulletin its ruling discontinuing use of such Agents 10/25 Reply of Governor McDougal to letter from Board re above; matter referred to Committee on Clearings for recommendation as to policy to be followed by kEsanks in handling items drawn on banks whose names appear on par list but from which the RBanks 11/ 1 do not receive satisfactory remittances 12/ 5 on above Report of Committee of, to putting Letter from General Secretary-Treasurer Board certain questions re par clearance system of FRBanks; referred to Governor for reply, to effect that Board intends to continue par clearance system under provisions of FRAct as construed by the Supreme Court 9/5 of the United States Men: Credit National Association of Letter from Assistant Secretary of, requesting expression of Board's opinion on drafts of proposed letters to members of the Association, and all banks and trust companies, transmitting pamphlet entitled "Checks payable at par", and suggesting adoption of plan for 11/28 par payment outlined therein; ordered circulated 12/ 5 Tabled, without action by Board Letter from Secretary-Treasurer of, transmitting copies of declarations of directors of his organization an 10/25 FRSystem and pax payment of Checks Resolution adopted by, in June, 1923, that &Board be requested to standardize all forms used by &Banks in assembling information made public by them; memo. of Mr. James calling attention to, and resolution referred to Committee on Economy & Efficiency for study and 11/22 recommendation CLUE Page National Association of Credit Men: (continued) Resolution adopted by, etc. Report of Committee stating that it would be inadvisable for teRSystem to undertake to make financial statements in all sections of the country conform to a uniform standard, the re12/11 port of the Committee being approved by Board National Bank Examiners: (See also under "Examiners - - National Bank") Attention called by Comptroller of the Currency to his efforts for bringing about a closer cooperation between, 9 /14 and examiners of the RBanks National Bank of Commerce, Frederick, Oklahoma: Authority granted, to reduce capital stock from 475,000 12/ 5 to $50,000 National Bank of Cuba: Recovery by National Park Bank of New York of an amount it alleges is due it from liquidators of; letter from 10/ 1 Board to Secretary of State re, National Bank of Shamokin, Pa. Propriety of a certain commercial letter of credit transaction undertaken by, through its New York correspondent; memo. of Counsel re, approved, and copy ordered transmit11/14 ted to Deputy Comptroller National Banks: (See also under various national banks) Right of a director of a national bank holding a permit of ERBoard to serve at same time as an officer or director of said national bank and some other banking institution, to continue to serve under such authority after consolidation with another national bank; memo. of Counsel suggesting form of reply to letter from M. J. Elliott re, and containing ruling of Board that the authority granted shall continue in effect in case 11/ 6 of consolidation on subject circular letter approved, and letter Above 11/ 6 ordered transmitted to all &Agents re Richmond at letter from ERAgent officers in; Trust bonding of, which have been granted fiduciary powers 10/23 by the FRBoard National City Bank of New York: Rate of $4.00 per thousand for a cable transfer quoted to, by Manager of Agency of MBank of Atlanta in Havana, the National City Bank to make payment in gold coin; letter from Governor Harding of Boston re, referred to 11/ 7 Committee on Cuba 716-19 543 700 571 663 626 628 596 632 CLXIV National City Bank of New York: (continued) Rate of 44.00 per thousand for a cable transfer, etc. Recommendation of Committee that matter be taken up with ERBank of Atlanta 11/ 8 Reply of Deputy Governor of &Bank of Atlanta to Board's letter re above, referred to Committee on Cuba 11/14 Committee reports above matter adjusted after conference between Governors of FRBanks of Atlanta & Boston 11/20 National Exchange Bank, Baltimore, Maryland: Proposed consolidation of, under state charter, with Atlantic Trust Co.; report from Governor Crissinger of telephone conversation with President of National Exchange Bank re, in which he requested special consideration of application for admission to membership of consolidated institution 12/29 National Iron thank of Falls Village, Conn. Authority granted, to reduce capital stock from 4100,000 to 450,000 10/23 National Park Bank of New York: Acceptances of, for the Yokohama Specie Bank, against the security of import or export bills; memo. of General Counsel re, recommending a ruling by Board to effect that acceptanaes of this kind are not authorized by law12/11 Board notes, and orders circulated without action 12/11 Matter of acceptance credits between, and Yokohama Specie Bank; attention called by Mr. Hamlin to, and opinion expressed by Governor Strong that matter can be settled without necessity for ruling by Board or Comptroller of the Currency 12/ 6 Recovery by, of an amount it alleges is due it from liquidators of National Bank of Cuba; letter from Board to Secretary of State re, 10/ 1 Reply of Board to Deputy Comptroller of the Currency McIntosh re propriety of a certain acceptance transaction undertaken by, 9 /14 National Shawmut Bank of Boston: Memo. of Counsel submitting draft of letter addressed to Chairman of, in reply to his inquiry as to whether national banks acting under terms of Board's Regulation "G" are permitted to participate in first mortgage loans which comply with requirements of Regulation; Board requests Governor to take up matter personally with the Comptroller of the Currency 10/23 654 662'63 668 793_94 596 71 71 706 571 596 CLXV Page New York Commercial: Telegram from editor of, to Governor Orissinger, requesting that he comment on certain articles to appear in that paper; Board of opinion no reply should be sent to 7 /10 telegram New York Journal of Commerce: Article appearing in Dec. 4th. issue of, containing a circumstantial report of proceedings of Board's conference of Dec, 3rd. with Open LLarket investment Committee of aSystem; attention called by 1.1r. Miller 12/ 5 to, Probable source of information contained in above article discussed by Governor Strong with FRBoard, Governor Strong stressing importance of strictly regulating publication of Federal Reserve informa12/ 5 tion Governor appoints Messrs. James, Hamlin & taller as special committee to investigate origin of Washington despatch appearing in Dec. 4th. issue of, concerning meeting held by Board on Dec. 3rd. with Open Market 12/ 6 Investment Committee for FRSystem heport of Committee on above, read and accepted, 12/12 and committee discharged New York State Bankers' Association: Request from, that Board rule that member banks when figuring their reserve requirements be permitted to deduct from gross deposits the amount of cash carried 9 /19 in their vaults Board to advise Association that it is without 9 /19 authority to make the ruling requested New York University: Subscription price of 0.0.00 made to, for ten copies of each issue of laBulletin until June, 1924, for use in 10/12 a seminar to be conducted for bank men Naell, J. J. , Assistant Secretary, F. R. Board: 10/ 3 Appointment and salary as Assistant Secretary Non-Cash Collection Items; Letter from FRAgent at Atlanta advising of action of directors of his bark in voting to recommend discontinuance of handling of, by FRBanks; ordered circulated and 12/27 referred to certain committees Practice of FRBanks in handling; letter from Assistant Cashier of Fourth & First Bank & Trust Co. of Nashville, Tenn, transmitting copy of resolution adopted by Nashville Clearing House Association re, ordered circulat12/27 ed and referred to certain committees 414 702 702 705 724-5 550 550 587 577 783 783 "CLXVI page Non-Cash Collection Items: Request from Vice President of Citizens Trust Co. of Buffalo, New York, that an opportunity be given banks of Buffalo to be heard in favor of continuance of practice of FRBanks of collecting, in event Board is seriously considering discontinuance of this service 9 /21 on part of the &Banks Resolutions passed by Illinois Bankers Association re handling of, by FRBanks; letter from Association transmitting, ordered stenciled and transmitted to all 7 /18 FRBanks Services: Collection Non-Cash Copies of letters from member banks protesting against discontinuance of, by the ERBanks, forwarded Board by MBank of Chicago; ordered circulated and copies sent Chairman of Governors' Committee an Voluntary Services 10/23 Non-Member Banks: Application of Board's recent ruling re rediscounts for; memo. of Counsel re, approved, and ruling, as amended, 7 /17 ordered transmitted to all ERBunks Discount by a member bank of paper of a non-member bark and rediscount of same with its MBank when finding it necessary to borrow from the FRBank; ruling of Board 7 /10 requested by MBank of Minneapolis in matter of, Discount by member banks of paper of; draft of letter from Board to RAgent at Kansas City re Board's 7 /5 telegram of June 26th. re, referred to Counsel Discount by member banks of paper of; telegram from ERBank of San Francisco requesting further information re Board's telegram of June 26th. re, referred to 7/5 Counsel letter from FRBank of Boston Discounting of paper of; re, under date of June 26th., referred to Governor 7/3 Jrissinger for reply Discounting of paper of; letter from FRBank of Boston re, under date of June 29th., referred to Governor Crissinger for reply 7/3 Discounting of paper of; telegram from FRAgent at 7/3 Boston re, referred to Governor for reply First State Bank of Onaka, South Dakota, application of, for permission to rediscount with 'MBank of its district through First National Bank of Brookings, South Dakota; 7 referred to Committee 561 441 599 436-1 41 411 411 405 405 40 ULXVII Page Non-Member Banks: (continued) Letter from Dallas stating that in view of fact that only a few member banks have offered for rediscount paper acquired from, it is not deemed necessary to circularize member banks in Eleventh District re 8/6 Board's ruling on rediscounts for non-member banks Rediscounting of paper of, by member banks with diBanks; opinion of Oounsel re, referred to Law Oommittee for 7 /12 consideration and report Rediscounting of paper of; letter from Oitizens National Bank of Keene, N. H. re, referred to Governor for reply 7/ 3 Routing of checks on par-remitting, direct to those banks or through members; reply of Board to letter from 8/ Deputy Governor of FRBank of St. Louis re, Non-Pax Remitting Banks: Oollections at par of items upon; telegram from Board to Governors of &Banks requesting that use of agents other than banks for purpose of making, be discontinued 8/2 in any district where such practice exists Norfolk Southern Railroad 0o. Form of loan for 4355,000 to, in five parts, carrier 7 /26 taking over fifth part in amount of 471,000 North Dakota Potato Growers' Exchange, Fargo, N. D. Letter from campaign director of organization committee of, to Lir. Miller, requesting his opinion as to advisability of legislation permitting purchase by governmental agencies of preferred stocks or bonds in storage warehouses erected for purpose of assisting in 12/ 5 orderly marketing; referred to Oommittee 12141 Letter referred back to Mr. Miller for reply Northwest Savings Bank, Washington, D. U. Protest from President of, against action of Oomptroller of the Ourrency in permitting the Riggs National Bank of Washington, D. O., to establish branch in vicinity 9 /20 of location of the Northwest Savings Bank Notaries, e. R. Banks: Motion by Ms. Hamlin that Board ask Oounsel to draft amendment to FRAct to provide that employees of ERBanks be designated as notaries without compensation to perform duties of notaries public in protest of paper as perform12/ 7 ed by notaries public in the various states; carried Protest fees of; memo. of Oounsel re, referred to Law 8 Al Oommittee Report of Law Oommittee on above, discussed, and 9 /5 matter referred back to the Oommittee 485 424 405 471 473 457 701 718 553 712 504 526 CLXVIII rags Oklahoma: National and state banks in; request from Columbia National Bank of Kansas City, Mo., for certain information re; matter referred to Governor with authority to comply with request, if possible 9 /20 Oklahoma City Clearing House Association: Resolution adopted by, recommending disapproval of application before Board for establishment of branch of Kansas City at Wichita, Kansas 9/5 Old National Bank, Battle Creek, Michigan: Letter from Board to, re right of the bank in a fiduciary capacity to execute bond required by state law before selling a piece of real estate in administration of an estate 8 /30 Open Market Operations: Letter from RAgent Jay to Board re necessity of some public explanation of whole subject of, stating that otherwise FRBank of New York may wish to reconsider its decision to participate in program contemplating purchase and sale of short term government securities suggested by Open Market Investment Committee 12/17 Conference between Governor Strong, FRAgent Jay & PaBoard re above matter, Board ruling that some statement on Open Market Policy be made in January issue of RBulletin, and Mr. Hamlin appointed to cooperate with Messrs. Strong & Jay in preparation of form of statement to be submitted later to Board 12/17 Draft of statement on open market operations submitted to Board by Messrs. Strong, Jay & Dr. Stewart; discussed, and certain minor changes suggested 12/18 Revised statement on open market operations submitted by Governor Strong, Mr. Jay & Dr. Stewart; same discussed, and various amenaments suggested, the statement to be re-written for submission at meeting to be held at 2:30 P. U., of date 12/19 Statement on open market operations during years 1922 and 1923, for insertion in January issue of FRBulletin; final draft of, submitted by Governor Strong, Mr. Jay and Dr. Stewart, approved 12A9 Orderly Marketing: Definition of, as contained in Board's circular letter X-3772; telegram from American Elevator & Grain Trade of Chicago requesting, 7 /10 541 0 732 ' 756 I 7 416 CLXIX Page R. Board: Organization Chart, Submission of, to Board, by 1.1r. James; approved Organization, F. R. Board: Certain changes in, and increases in salaries of employees, approved 8/2 482 12/18 748-49 Pacific Southwest Trust & Savings Bank, Los Angeles: Branches: Application for permission to absorb Pioneer Bank of Porterville and its branches at Exeter and Strathmore; referred to Examination Committee with instructions to prepare tentative draft of reasons upon which action should be based in event Board finally 7 /31 decides to decline applications /2 8 Application disapproved by Board 4 10/ Bank withdraws application Renewal of request for permission to take over Pioneer Bank of Porterville and to establish branches at Porterville, Exeter & Strathmore; 11/20 referred to Committee 11/22 Application approved branch on establish to permission for Application Vermont Avenue, between Santa Barbara and alauson 7 /31 Avenues, Los Angeles; referred to Committee 8 /2 Application disapproved by Board Bank withdraws application for permission to 10/ 4 establish above branch Board's action in declining permission for establishment of certain; two telegrams from San Francisco 8 /21 re, under date of August 16th. Letter from tAgent Perrin supplementing his 8 /22 telegram of August 16th. Letter from FRAgent Perrin recommending approval of application of Pacific Southwest Trust & Savings Bank to take over Imperial Valley Bank of Brawley, California, and operate it as branch, to which tentative approval was given by Board on Feb. 20th., 8 /29 1923; referred to Committee on Examinations 8 /30 Application approved 466 474-5 580 669-70 676 466 474-5 580 507 510 515 520 CLXX page Pacific Southwest Trust & Savings Bank, Los Angeles: Branches: Majority and minority report submitted by Committee on RImmination of FRBoard upon the Board declining applications for branches by Pacific Southwest Trust & Savings Bank & Bank of Italy; majority report accepted by Board as statement of its position and copy ordered sent to RAgent Perrin for transmission to the two banks concerned 8/2 Telegram from FRBank of San Francisco asking that Board authorize holding in abeyance notification directed to be given Pacific Southwest Trust & Savings Bank and Bank of Italy, re resolution of Board of August 2nd. stating policy re branch extension, also requesting that Board modify its action; motion by Er. Miller to reconsider, ordered docketed for Sept. 12th, 8 /14 Examination charges assessed against; recommendation of ERBank of San Francisco for refunding amount of, a /22 Board approves 9 /13 Letter from Vice President of, transmitted Board by &Agent Perrin, re action of his bank in purchasing assets of 2irst National Bank of Lindsay, California; referred to Committee 11/ 6 Report of Committee re above, stating that Vice President of Pacific Southwest Trust & Savings Bank is justified in his statement that neither permission of Board nor of State Banking Departm3nt of California is necessary in above transaction 11/ 7 Protest of, against payment of costs assessed by FRBank of San Francisco for examination made on Sept. 8, 1922; copies of letters exchanged between the two banks re, forwarded Board by FRAgent Perrin 7 /12 Reply of Board to AlAgent Perrin in re above 7 /31 Request from, for postponement of date of hearing, re matter of branches for large California banks, from Sept. 12th. to 19th.; Board unable to postpone date awing to meeting of Advisory Council on Sept. 17th. 8 /29 Pamphlets, F. R. Board: Completion of pamphlet entitled "Agricultural Credits under the F. R. Act", authorized, and distribution made as originally contemplated 7 /24 Secretary authorized to advise all FRBanks of contemplated publication and see if they can utilize pamphlet in their districts, also find out number of copies they require 8 /14 Secretary reports re number of agricultural credit pamphlets desired by the iRBanks 8 /23. 475 ' 4° 491-z 510 538 621 632 423 462 514 441 49° 503 page Pamphlets, F. h. Boards (continued) "Cotton Financing"; Board authorizes publication in pamphlet form of certain articles an, the Governor to determine number of pamphlets and method of distribu8 /21 tion Title of recently authorized pamphlet an agricultural credits changed to read "Agricultural Credit Facilities Under the Federal Reserve Act . Issued by Authority (Reprinted from Federal of the Federal Reserve Board. 8 /22 Reserve Bulletin, August, 1923)" Work upon proposed pamphlet entitled "Agricultural Credits Under the i. R. Act" authorized suspended until Board shall determine, after matter has been published in ERBulletin, whether it desires further distribution in 7 /18 pamphlet form Panama: Proposal of Republic of, to make Federal Reserve notes 7/3 legal tender; Board disapproves Paper: Cooperative Marketing Association paper; memo. of General Counsel suggesting certain changes in text of ruling re, which is to be published in September Bulletin; approved8/29 Discount by member banks of, of non-member banks; draft of letter from Board to FRAgent at Kansas City re Board's 7 /5 telegram of June 26th. re, referred to Counsel Discount by member banks of, of non-member banks; telegram from FRBank of San Francisco requesting further information re Board's telegram of June 26th. re, referred to 7 /5 Counsel Discounting of, of non-member banks; letters from Governor Harding of Boston re, under dates of June 28th. and 29th., 7/3 referred to Governor Crissinger for reply Discounting of, of non-member banks; telegram from ARAgent at Boston re, under date of June 28th., referred 7/3 to Governor for reply banks; from letter non-member Rediscounting of, of Citizens National Bank of Keene, N. H. re, referred to 7/3 Governor for reply Par Clearance: Deputy Governor Harrison of ERBank of New York and his Secretary detailed to FRBoard by the FRBank, for service 9/5 in connection with the par clearance matter Acceptance by Mr. Harrison of Board's invitation to come to Washington and consult with General Counsel 9 /11 in matters re par clearance 503 509 443 408 516 411 411 405 405 405 526 531 GLIXII page Par Clearance: (continued) National Association of Credit Len; letter from Assistant Secretary of, requesting expression of Board's opinion on drafts of proposed letters to members of the Association, and all banks and trust companies, transmitting pamphlet entitled "Checks payable at par", and suggesting adoption of plan for par payment outlined therein; ordered circulated 11/26 Tabled, without action by Board 12/ 5 Reply of Board to letter from Vice President of First National Bank of Grafton, West Virginia, re recent decision of U. S. Supreme Court in Richmond par clearance case, the bank inquiring whether under this decision member banks are permitted to charge exchange for remission of items originating outside of their 11/22 district Telegram from Charles DeB. Claiborne of New Orleans, re par clearance decision 7/3 Par Clearance System: Letter from C. A. Fairaloth, President of National City 8 /21 Bank, Tampa, Florida, expressing views re, Letter from, General Secretary-Treasurer of National & State Bankers' Protective Association putting to Board certain questions re; referred to Governor for reply to effect that Board intends to continue par clearance system under provisions of &Act, as construed by the Supreme Court of the United States 9/5 Letter from President of Chicago Association of Commarce enclosing copy of resolution adopted by Association urging Board to continue its efforts to develop existing, 9 /11 Recommendations re operation of, made to Board by recent conference of Governots and RAgents and Federal Advisory Council, ordered referred to Committee on Clearings, and Committee instructed to prepare and 11/27 submit to Board draft of an amended Regulation "J" Par Collections: Recommendation of recent conference of Governors that each FRBank notify every other FRBank of all non-par banks or non-par points on which they will not handle non-cash collections; telegram from Governor Young 12/ 6 requesting action by Board on, Board approves above recommendation of Governors' Conference and orders that all FRBanks be advised thereof, 12/ 6 692 700 660 406 504 52°1 531 582 706 Page Par Collections: (continued) Telegram from Board to Governors of RBanks requesting discontinuance of agents other than banks in making, of items upon non-par remitting banks in districts a /2 Where practice exists Par List: Letter from RAgent at Richmond to RBoard re present status of Regulation "J", Series of 1923, and transmitting copies of correspondence which indicate a tendency in Fifth FRDistrict toward withdrawal of non11/27 member banks from par list; referred to Committee Committee on Clearings reports that no action by 12/ 5 Board is necessary in above matter Telegram from St. Louis re action which should be taken pending issuance of monthly supplement to, in view of amendment to Regulation "J"; Board authorizes copy of telegram forwarded to all ,YRBanks with information 7 /18 that procedure outlined commands itself to Board Par-Remitting Non-Lamber Banks: Routing of checks on, direct to the non-member banks or through members; reply of Board to letter from Deputy 8/a Governor of RBank of St. Louis re, Peanut Growers' Association, Norfolk, Va. Letter from General Manager of, to Mr. Miller, requesting statement of views re value of cooperative marketing; 12/ 5 referred to Committee /11 12 reply for Letter referred back to Mr. Miller Peffers & Wing, Aurora, Illinois: Reply of Board to letter from, inquiring as to some method by which funds with which to pay interest, taxes and charges for repairs an a trust estate may be advanced to the trust department by the commercial department of a bank which is unwilling to make a 11/27 direct loan for the purpose Committee: Pension Memo. of secretary calling attention to fact that the three members of, have signified their readiness to 11/27 meet with Board on December 4th. Date for above meeting definitely fixed for Dec. 11/27 4th. Pension Plan: Governors Fancher, McDougal, & Mr. Kenzel appointed committee by Governors' Conference to wait upon ERBoard and render it any assistance desired re matter of proposed pension plan; letter from Mr. Kenzel re, stating com11/20 mittee is at service of Board 473 682 701 442 471 701 718 685 684 684 667 GLXXIV Pension Plan: (continued) Governors Fancher, McDougal, and Mr. Kenzel appointed, etc. Secretary of Board authorized to communicate with members of the committee and inquire whether Dec. 4th. will be a convenient date for then to meet with Board to discuss pension plan 11/20 Messrs. Hamlin, Miller and Cunningham appointed special committee to consider plan recommended to Board by Pension Committee of Governors' Conference, and to report thereon to Board 12/17 Motion by Mr. Hamlin that Board adopt resolution approving principle of assistance and support for limited classes of employees of ERBanks disabled while in active service, and for those who after long service have been retired under reasonable retirement plan, approved 12/13 Motions by Ur. Hamlin and Mr. Miller re matter of submission of bill to Congress re an insurance plan under the System, disapproved 12/13 Motion by Ur. Miller that pension plan submitted to Board by Pension Committee of Governors' Conference be referred to special committee of three for report and recommendation, carried 12/13 Motions by Mr. Eamain & Mr. Dawes re, lost; matter of pension plan to be made special order of business for December 13th. 12/ 7 Supplemental report of Pension Committee forwarded Board by Mr. Eenzel, Chairman of Committee on Pensions, calling attention to fact that proposed pension plan will be discussed at forthcoming conference of Governors 11/ 1 Discussion by Board re; Chairman of Committee to be advised that Board has considered report and wishes nothing done toward putting plan into effect, and that the Committee will be advised by Board when it has reached a conclusion with respect to the plan as a whole 11/ 7 Pittman, (Senator) from Nevada: Inquiry instituted by, into arrangements for releasing standard silver dollars for purpose of regulating exchanges with silver standard countries; letter from Under Secretary of the Treasury re, stating, if further presented, invitation should be extended to Mr. Albert Strauss to appear before Congressional Commission; Board approves 7 /26 Planters National Bank, Richmond, Va. Copy of letter sent out by, re clearance of ahecks,forwarded Board by Citizens Trust Co. of Buffalo, New York 7 /17 667 733 721 633 465 43g page Planters National Bank, Rocky Mount, N. O. Permission granted, to reduce capital stock from 12/19 0300,000 to $200,000 Platt, Edmund, Vice Governor, F. R. Board: Designation of, by the President, as Vice Governor for period from August 10, 1923, to August 10, 1924 e /30 Statement by, that he doubts wisdom of excluding a bank from membership in FRSystem because of the ownership of its stock, said statement being made in connection with Board's refusal of application of Federal Trust & Savings Bank of Hollywood, California, for membership 11/ 8 In FRSystem Statement by, that had he been present at meeting held during afternoon of Sept. 11th., he would have voted for the appointment of Mr. W. W. Hoxton as Class "J" Director, FRAgent, and Chairman of Board of Directors 9 /13 of the FRBank of Richmond Statement by, that he sees no objection to motion carried on Sept. 11th. providing for stating of reserve ratios 9 /13 separately for notes and deposits Poet Office at Boston, Mass. Expenditure of $675.00 for construction and installation of iron gates at entrance to driveway of the Federal Building in which is located the Post Office at Boston, approved upon request of Governor of MBank of Boston 9 /18 President of the United States: Board meeting of August 3rd., 1923, adjourned out of respect for the memory of the late president, Warren G. 8 /3 Harding Press Statements: Full text of Claiborne-Adams proposal to amend Regulation "J", together with Advisory Committee's report, given 8/2 to press Protest Fees: Memo. of Committee on Economy & Efficiency re, referred 7 /18 to Governor Notaries in employ of &Banks; memo. of Counsel re 8 /41 protest fees of, referred to Law Committee Report of Law Committee an above, discussed, and 9/5 matter referred back to the Committee Public National Bank of Houston, Texas: Copy of letter from Vice President of, to Board, re fiduciary powers for his bank, transmitted FEAgent Talley of Dallas by Board with request for certain 10/ 3 information re, 755 519 654 536 536 547 484 473 441 504 526 575 CLxxv I Page Publicity & Public helations Work: Special 'committee appointed by the Governor, consisting of Messrs. James, Miller, & Cunningham, to recommend form of reply to letter from FRBank of Minneapolis and to suggest general policy to be pursued by Board and FRBanks in matter of, 10/30 Report of committee re above, and resolution set forth in same, adopted, the matter to be brought up for special consideration at November Conference of Governors and FRAgents 11/ 1 Amendment to above resolution approved 11/ 6 Puget Sound National Bank of Tacoma, Washington: Authority granted, to reduce capital stock from $500,000 to 4300,000 7 /10 Purchase of Government Securities and Bankers Acceptances by F. R. Banks under Repurchase Agreements": Memorandum of General Counsel re, referred to Law Committee for revision, after revision to be mimeographed and copies sent to Governors' and ERAgents' Conferences for incorporation in their programs of topics to be discussed 8 /21 8 /22 Quarters, F. R. Banks: Agencies of F. it. Banks of Boston & Atlanta in Havana: Temporary quarters for Boston to be in building now occupied in Havana by branch of First National Bank of Boston, and for Atlanta in building of National City Bank of New York, permanent quarters for the two agencies to be in same building 7 /30 Birmingham Branch: Erection of building to house branch; letter from W. H. Kettig re, referred to Committee on Branches 10/30 Report of Committee re above, submitting letter to Chairman of Board of Directors of Birmingham Branch; letter ordered transmitted 11/ 1 F. R. Bank of Philadelphia: Purchase of Dooner Hotel property for $390,000 plus one-half of any additional income tax not exceeding 420,000 which owner may have to pay on account of sale; advice from FRBmak re, 12/21 Board approves purchase at a total of not over 12/21 400,000 608 620 626 415 504 601 621 7 711 CLXXVII Quarters, i. h. Banks: (continued) F. R. Bank of Philadelphia: (continued) Purchase of property on Tenth Street adjacent to the FRBank for 4400,000 approved by Board of Directors of the MBank; advice from FRAgent Austin re, 12/11 Conference between Governor Norris and &Board re above, Governor Norris stating the plan is to erect an annex on property, if acquired; no objection by Board to purchase of property at reasonable price and without ground rent feature 12/12 Little Rock Branch: Letting of contracts for erection of building to house branch at cost of approximately 4357,200,authorized 12/21 Recommendation of Board's Committee an Branches for erection of a building for branch, tabled pending return of Ur. James 10/25 Board approves erection of branch bank building, and authorizes FRBank of St. Louis to secure bids for same 10/31 Louisville Branch: Expenditure of :$199,454.00 for an addition to present branch building, and far furniture and vault, approved 10/ 3 Salt Lake City: Erection of bank building for branch; recommendation of Committee approving, tabled pending return of Mr. James 10/25 Board approves erection of branch bank building and authorizes MBank of San Francisco to secure bids for sane 10/31 Statement by Representative M.aFadden, Chairman of Joint Committee of Inquiry an Membership in &System, that his committee expects to hold hearings in certain FRBank and Branch Bank cities during November, and requesting space in &Bank quarters for purpose of holding such hearings 10/16 Board requests Mr. Platt to telegraph Governors of the FRBanks suggesting that they tender to the Committee use of their Board rooms 10/16 Tenancy of national bank examiners in FRBank buildings; matter of, to be brought up for discussion at forthcoming conference of Governors 10/31 Quarters, F. R. Board: Authority to purchase and lay floor coverings in rooms now being fitted up for Federal Reserve Issue &Redemption Division, requested by Comptroller of the Currency; approved 11/27 Page 717 722 777 602 612-614 576 602-3 614-15 592 592 611 685 OLTLVIII Railway Loan Advisory Committee: (continued) Loans: Boston & Maine Railroad, form of loan for 47,000,000 to, in two parts, carrier taking over both parts at present time in amounts of $1,106,000 and 12/28 45,894,000 Norfolk Southern Railroad Co., form of loan for $355,000 to, in five parts, carrier taking over 7 /26 fifth part in amount of $71,000 Seaboard Air Line Railway Co., form of loan for $6,759,000 to, in seven parts, carrier taking over 7 /26 third part in amount of $300,000 Seaboard Air Line Railway Jo" form of loan for $6,759,000 to, in seven parts, carrier taking over 9 /5 fourth part in amount of $1,000,000 Seaboard Air Line Railway Co., form of loan for $6,759,000 to, in seven parts, carrier taking over 9 /27 fifth part in amount of '$450,000 Seaboard Air Line Railway Co., form of loan for 46,759,000 to, in seven parts, carrier taking over 10/30 sixth part in amount of 4350,000 Rediscounts: (See also "Discounts") Acceptance of, from a state member bank during six months following date of filing of notice of intention to withdraw from membership; letter from FRAgent Talley re, 9 /27 referred to Law Committee for ruling Report of Law Committee re above, stating matter is one to be determined by the ERBank itself, and 10/ 3 letter to such effect sent Dallas Agricultural and livestock paper; ARBank of New York extends existing rate of 4% to, with maturities not 8/6 exceeding nine months Dakota; applicaRedfield, South American National Bank, tion of, for privilege, if necessary, to offer for 8 /14 rediscount paper originating in non-member banks banks in eleventh district for eleven Applications from permission to rediscount during remainder of year 1923 bills of exchange endorsed by or emanating from nonmember banks, drawn to finance domestic shipments of non-perishable, readily marketable staple agricultural products and secured by bills of lading or other shipping documents conveying or securing title to such 9 /25 staples; disapproved Bank of Brookings, Brookings, South Dakotai granted permission to rediscount paper originating in non-member 8 /29 banks Page Rediscounts: (continued) Bill of lading drafts; provisions of Board's regulation 9/4 522 re rediscounts for non-member banks to apply to, City National Bank, Bismarck, North Dakota; application of, for authority to offer for rediscount, if necessary, paper of non-member banks; letter from RBank of a Al 504 Minneapolis transmitting, approved Counsel requested for opinion as to whether Board could establish ruling permitting ineligible banks to discount customers' paper with FRBanks through medium or agency 11/27 683 of member banks at slightly increased rate Memo. of Counsel re "Rediscount of Paper for Ineligible Non-Member Banks at Increased Rates", 12/17 737 ordered circulated First National Bank of Estherville, Iowa, granted permission to rediscount with FRBank of Chicago, for period 716 of six months, paper taken from three non-member banks 12/11 First National Bank of Woodward, Oklahoma, granted permission to rediscount with RBank of Kansas City paper 522-23 9 /4 acquired from certain non-member banks First State Bank of Onaka, South Dakota, application of, for permission to rediscount with FRBank of its district through First National Bank of Brookings, South Dakota; 7 /10 413 referred to Committee Livestock National Bank, Sioux City, Iowa; application of, for permission to rediscount paper originating with non-member banks to extent of 4200,000, transmitted by Governor of FRBank of Chicago recommending approval; 11/27 reply of Board requesting additional information682-83 Non-member banks; letter from Dallas stating that in view of fact that only a few member banks have offered for rediscount paper acquired from, it is not deemed necessary to circularize member banks in Eleventh 8/6 485 District re Board's ruling on rediscounts for, Non-member banks; memo. of Counsel re application of Board's recent ruling re, approved, and the ruling, as 7 /17 436-37 amended, ordered transmitted to all FRBanks Opinion of Counsel requested as to whether FRBanks could legally discount for member banks paper originating in non-member banks at same rate as that borne by the 12/11 716 notes themselves MBMO. of Counsel re "Rediscounts of Paper for Ineligible Non-Member Banks at Rate Borne by Such 737 12/17 Paper", ordered circulated aXXX Rediscounts: Paper of non-member banks; letter from Citizens National Bank of Keene, N. H. re redisaounting of, referred to Governor for reply 7/3 Paper of non-member banks; opinion of Counsel re redisaounting of, by member banks with iRBanks; referred to Law Committee for consideration and report 7 /12 Ruling of Board requested by ARBank of .anneapolis re matter of disaount by a member bank of paper of a nonmember bank and rediscount of same with its FRBank when findinc4 it necessary to borrow from the RBank 7 /10 Security savings Bank of Rapid city, south Dakota; application of, for permission to redisaount with ARBank of Minneapolis paper originating in five non-member banks; referred to Examination Committee 10/ 1 Application approved upon understanding that all such paper will be eliminated by 1,:arah 1, 1924, on ground that three of the non-member banks are ineligible under capital requirements and two would not be ..iccepted because of their condition 10/ 3 Union :eantral Life Insurance Jo., Liwzoln, Nebraska, eligibility for redisaount by FRBanks of notes representing farm loans made on behalf of; draft of letter to Comptroller of , :urrency transmitting aopy of opinion of Board's Counsel re, approved 11/13 Regulations, i. R. Board: Draft of revised, as amended, approved and ordered published and issued under title, "Federal Reserve Board Regulations, series of 1923" 7/3 Full text of, Series of 1923, authorized published in both editions of forthcoming FRBulletin 7 /19 Reaent amendment to Regulation "J"; zonferenae between Board and Messrs. Claiborne of New Orleans, Vaughan of Virginia, and Adams of Atlanta re, the visiting gentlemen expressing belief that sub-section (a) would work hardship upon member banks, as well as upon non-member banks refusing to remit at par; hoard invites Messrs. Claiborne, Adams, & Vaughan to prepare and submit complete revision of Regulation "J" 7 /24 Proposed revision of Regulation "J", presented to Board by Messrs. Claiborne & Adams, in accordance with action of Board of July 24th. 7 /25 405 424 413 570 577 659 405 444 446 454 Page Regulations, F. R. Board: (continued) Recommendations re operation of par clearance system made to Board by recent conferences of Governors and FRAgents and Federal Advisory Council, ordered referred to Committee on Clearings, and Committee instructed to prepare and submit to Board draft of an amended Regulation "J" 11/27 Rediscounts for non-member banks; memo. of Counsel re application of Board's recent ruling re, approved, and the ruling, as amended, ordered transmitted to all EaBanks 7 /17 Regulation "J"; amendment to paragraph 7 of, re collection of checks drawn by, or endorsed, by non-member banks which refuse to remit at par 7 /5 Regulation "J"; conference between Advisory Committee of &Bank Governors and Messrs. Claiborne & Adams re check clearing & collection plan submitted by latter gentlemen as result of recent amendment to, 8/1 Report of Advisory Committee disapproving plan submitted by Messrs. Claiborne & Adams, also recommending postponement of effective date of Regulatiam "J", and suggesting changes in practice of making Collections on banks unwilling to remit at par 8/2 Regulation "J"; letter from ERAgent Hoxton at Richmond re amendment to, referred to Committee 12/11 Regulation "J"; letter from ERAgent Hoxton at Richmond re present status of, and transmitting copies of aorrespondence which indicate a tendency in Fifth ERDistriat toward withdrawal of non-member banks from par list; referred to Committee 11/27 Committee on Clearings reports that no action by Board is necessary in above matter 12/ 5 Regulation "J"; report of Committee on Collections re administration of recent amendment to, submitted by Governor McDougal, together with uniform circular for transmission to member banks 7 /17 Board votes to accept uniform circular designed to wiminister the Regulation, as it stands, and secretary instructed to prepare circular of instructions for transmission to REdianks with copy of uniform member bank circular 7 /17 Regulation "J"; suggestion of Governor of iRBank of Philadelphia that members of Advisory Committee be advised of Board's reasons for postponing effective date of, in order that they may have opportunity to consider matter in advance of Committee meeting; copy of Governor Fancher's letter, together with proposed revision of 682 436-7 412 471 471-473 720 682 701 436 436 Page Regulations, F. R. Board: (continued) (oi) Regulation "J"; suggestion of Governor of MBank of Phila.,etc. 456 7 /26 Regulation "J", transmitted members of Committee Regulation "J"; telegram from Board to Governors of all FRBanks notifying of postponement of effective date of, and requesting suspension for present of all activities 454 7 /25 re its administration Regulation "J"; upon suggestion of Governor Seay of Richmond Board votes to request Chairman of Governors' Conference to have "Standing Committee an Collections" consider manner of uniform mechanics and procedure made 404 necessary by Board's recent amendment to, 7/3 Regulation "J"; various correspondence from FRBanks 450 making inquiries re administration of, 7 /24 Series of 1923; request from Assistant Counsel of RBank of New York that he be furnished with copies of report 554 of Board's Law Committee on, 9 /20 Board votes to comply with request 9 /20 of Reports Condition: Reply of Board to letter from Cleveland as to whether reports of condition should be obtained for each branch of a member bank located outside of the city in which the parent bank is located 9 /14 banks, already by calls for, of state member issued Two ARBoard, and two more to be issued upon same dates as Comptroller calls for reports of condition of national banks 8 /30 Republic of Colombia, South America; Custody account in name of "Bank of the Republic of Colombia", opened by RBank of New York; advice from Deputy Governor Case re, 7 /25 Letter from Deputy Governor of eRBank of New York submitting copy of letter to Bank of the Republic of Colombia, South America, re latter's proposal that the kIRBank open on its books an account current in its name 9 /25 Republic of Panama: Proposal of, to make Federal Reserve notes legal tender; Board disapproves 7/3 Repurchase Agreements: Conference in New York on October 8th. between Governor Crissinger and officers of FRBank of New York re practice of ERBanks in purchasing acceptances from bill brokers under agreement to re-sell at later date 10/10 Matter of repurchase agreements discussed by Board, and Counsel instructed to proceed to New York for purpose of looking into legal phase of repurchase agreement contracts 10/10 554 518 452 562 408 588 Page Repurchase Agreements: (continued) Memo. of General Counsel re purchase of Government securities and bankers' acceptances by RBanks under; referred to Law committee for revision, after revision to be mimeographed and copies sent to Governors' and FRAgents' Conferences for incorporation in their 8 /21 program of topics to be discussed s /az Reply of Governor Wellborn of Atlanta to letter from Mr. Platt calling attention to inquiry from member of Federal Advisory Council from Sixth District as to why Atlanta was not following practice of some of the other FRBanks in purchasing Treasury certificates from 10/10 member banks under re-sale agreement Board requests Mx. Platt to reply to letter from Governor Wellborn stating that the inquiry made by Mr. Lane was sent merely as a matter of information and that the Board has made no formal ruling on 10/10 subject Right of &Banks to buy government securities and bankers' acceptances under; letter from Governor Harding of Boston commenting upon recent opinion of Board's Counsel 10/16 re, Reserve Cities: (See under "Central Reserve & Reserve Cities") Reserves: Cass Avenue Bank of St. Louis, Mo., application of, for reduction in reserve requirements from 1c6 on demand deposits and 3;; on time deposits, to 7 on demand de11/27 posits and 3,; on time deposits F. R. Bank of Dallas: Request from FRAgent Talley as to Board's opinion re minimum ratio FRBank should permit its reserve to drop before rediscounting with other FRBanks; Board of opinion combined ratio should not drop below 40;.; before FRBank applies for permission to rediscount 8 z with other FRBanks F. R. Banks: Plan of Mr. Miller for stating; discussion re, again 7 /12 postponed by Board Form of resolution suggested by Mr. James providing that all shipments of currency between FRBanks and member banks be considered as part of the member bank's reserve account during period of transit; referred to Standing committee on currency and ordered placed upon program for consideration at forthcoming conference of Governors 10/10 504 509 585 585 591 683 470 424 582 CLXXXIN Page Reserves: (continued) Fort Dearborn National Bank of Chicago; reply of Board to .MBank of Chicago re question of reserve require9 /14 ments on deferred certificates of deposit issued by, Havana Agency of RBank of Atlanta; letter from Board to Atlanta re counting of gold and lawful money held by, in its cash, as part of reserve of FRBank of Atlanta 10/3 Lowell Bank, an outlying bank in Ste Louis; reduction in reserve requirements of, from 10,4 on demand deposits on time deposits to 74 on demand, and 3% on time, and 7 /25 deposits Member banks in Boston; memo. of Board's Counsel re alleged practice of certain, in building up their reserve accounts by deposit late in the day of greater 12/27 part of vault cash Member banks; memo. of Counsel re letters from Governor Harding of August 2nd., and giving his opinion as to meaning of words "net balance" in Section 19 of FRAct 12/27 re, ordered circulated Miller for stating reserve New plan proposed by Mr. positions of &Banks; Board requests Committee on Discount & Open Yarket Policy to work out necessary 9 /11 details in connection with making same operative from, that New York State Bankers' Association; request member banks when figuring their reserve requirements be permitted to deduct from gross deposits the amount 9 /19 of cash carried in their vaults that it is without Board to advise the Association 9 /19 authority to make the ruling requested Operation of &Act upon bank reserves; statement compiled by Governor Seay of Richmond shaNing effect of, and containing a comparison of deposits of all balsks reporting to the Comptroller of the Currency (mutual savings banks and private banks eliminated) an/ giving reserves 11/14 maintained Copies of above statement ordered by Board sent to Chairman of Congressional Joint Committee of Inquiry 11/14 on Membership in FRSystem Penalties for deficient, of member banks; reply of Board 12/20 to letter from ERBank of Minneapolis re, Penalty rates for deficiencies in, of member banks; letter from Board to FRAgent at Philadelphia calling attention to instructions re, laid down in Section 6 12/20 of Board's Regulations 515 453 765 764 530 560 560 664 666 76° 769 OLXXXV Page Reserves: (continued) Report of Committee of FRAgents on bank reserves rendered to Board on September 26, 1922, and referred to Comptroller of 7 /18 Currency on May 2nd.; letter from Comptroller re,noted reduce Southwest Bank of St. Louis; authority granted, to reserve requirements from 10:/.; an demand and 3 an time deposits, to 7, on demand and 3;L on time deposits, if and 10/25 when said bank becomes a member of the irlSystem Tacoma, Washington; Board approves cancellation of designation 10/25 of, as reserve city Two letters from fRBank of Boston ordered by FRBoard to be submitted to General Counsel for opinion re meaning of words "net balance" in referring to reserves in Section 19 of 8 /15 ERAct Water Tower Bank of St. Louis, Mo., an outlying bank, granted permission to reduce reserve requirements from 10;; on demand and 3;,; on time deposits, to 7;‘; on demand and 3;; an time 7 /17 deposits Resolutions, F. R. Board: Copy of Board's resolution authorizing establishment of agencies in Havana, Cuba, by ER.Banks of Boston and Atlanta, forwarded 7 /10 Deputy Governor Case of New York upon request Debentures of Federal Intermediate Credit Banks; resolution of FRBoard authorizing ERBanks in their discretion to purchase, issued in accordance with terms of Agricultural Credits Act of 1923, provided debentures have maturity not in excess of 9 /27 six months Vorm of resolution suggasted by Mr. James providing that all shipments of currency between FRBanks and member banks be considered as part of the member bank's reserve account during period of transit; referred to Standing Committee on Currency and ordered placed upon program for consideration at 10/10 forthcoming conference of Governors Majority and minority reports of Committee on ExaEdnations re matter of extension of branch banking in the United States, togather with resolutions formulating policy for regulating 11/ 7 Sane 11/ 7 Expression of opinion on both reports by Mr. Hamlin 11/ 7 Expression of opinion by Mr. Cunningham 11/ 7 Expression of opinion by Governor Crissinger Expression of opinion by Mr. Miller to be filed in Board s 11/ 7 records at later date 11/ 7 Immediate publication of majority report authorized 11/ 7 Immediate publication of minority report authorized 441 604 602 499 430 413 568 582 633-643 643-645 645-647 647-8 648 649 649 Resolutions, F. R. Board: (continued) Method of assessing costs of examining state member banks, giving opinion that state member banks e,Lamined by a FRBank should be assessed a pro rata share of expense of all state bank examinations during a given period based on resources of banks an date of examinations 12/21 Motion by Mr. Hamlin that Board adopt resoiutian approving principle of assistance and support for limited classes of employees of EkBanks disabled while in active service, and for those who after long service have been retired 12/13 under reasonable retirement plan, approved Motions by Mr. Hamlin and Mr. Miller re matter of submission of bill to Congress re an insurance plan under the System, disapproved 12/13 Motion by Mr. Miller that pension plan submitted to Board by Pension committee of Governors' Conference be referred to special committee of three for report and recommendation, carried 12/13 Short term Government securities; resolution favoring purchase of limited volume of, at present time, eta., copies of the resolution being ordered transmitted to Chairman of Open Market Investment Committee of FRSystem and Governors of all iRBanks 12/ 3 Rives, G. G., Jr., President of Louisiana Bankers' Association: Letter from, with further reference to National Boll deevil Convention to be held in New Orleans under auspices of Louisiana 3ankers'Association on October 25-26, 1923; Board votes to send copy of letter to those FRBank3 to which copy was not sent on September 20th. 9 /27 Rosenfield, Adolph B., Director of Liolden State Bank, /Long Beach, California: Advice from lAgent Perrin re receipt of telegram from, asking that he be granted hearing before approval is given to stock sale by Golden State Bank of Long Beach to Stockholders' Auxiliary corporation of Bank of Italy 7 /18 Reply of Governor Crissinger to FRAgent Perrin asking that he find out nature of Mr. Rosenfield's objections 7 /18 Rounds, L. R., Acting General Auditor, F. R. Bank of New York: FRBank authorizes, to assist Commissioner of Internal Revenue in making certain accounting ana organization changes in Internal Revenue Bureau 7 /17 79164 721 729 729 694'6 561 ' 8 438 439 431' Page Rulings, F. R. Board: Digest of; authority granted General 0ounsel to have printed and bound 3,000 copies of, to be sold at $2.00 per volume General Jounsel granted permission to publish certain, in forthcoming issue of FRBulletin 12/28 791 10/25 601 tiStt Salaries, F. R. Board: Increases in, of certain employees, approved See also "Staff of P. R. Board" Savage, Francis M., President of Northwest Savings Bank, /lashingtcm, D. 0. 'Protest from, against action of Jomptroller of the Ourrency in permitting the Riggs National Bank of Washington, D. J., to establish branch in vicinity 9 /C) of location of the Northwest Savings Bank Seaboard Air Line Railway Uo. Form of loan far $6,759,000 to, in seven parts, carrier 7 /26 taking over third part in amount of $300,000 Form of loan for $6,759,000 to, in seven Darts, carrier taking over fourth part in amount of $1,000,000 9/5 Form of loan for $6,759,000 to, in seven parts, carrier 9 /27 taking over fifth part of loan in amount of 0450,000 Form of loan for $6,759,000 to, in seven parts, carrier taking over sixth part in amount of $350,000 10/30 Secret Service Division: Llemorandum from Jhief of, enclosing report made by a Secret Service operative of protective measures employed at FRBank of ,:tlanta, making certain recommendations 9 /14 re, Board orders copy of the Secret Service report sent to &Bank of Atlanta 9 /14 Secretary of State: Letter from Board to, re recovery by National Park Bank of New York of an amount it alleges is due it from the liquidators of the National Bank of Juba 10/ 1 748-9 553 456 527 567 606 545 545 571 ULXYJiZIII rase Section 5200 of U. J. Revised Statutes: Jommunication from Bankers Trust Jo. of Little Rock, Arkansas, suggesting ameniments to, and to Section 13 of FEAct; referred to Law committee 7 /10 Above matter referred to Governor for reply 7 /26 Security Savings Bank, Rapid Jity, South Dakota: Application of, for permission to rediscount with FRBank of Minneapolis paper originating in five non-member banks; referred to Examination Committee 10/ 1 Application approved upon understanding that all such paper will be eliminated by March 1, 1924, on ground that three of the non-member banks are ineligible under capital requirements and two would not be accepted because of their condition 10/ 3 Security Trust & Savings Bank, Los Angeles: Application of, for permission to establish six branch offices in Los Angeles at or near locations listed, approved 12/27 Letter from, re policy recently adopted by Board in matter of establishment of branches by members of RSystem, requesting approval of program to establish city branches, not to exceed twenty-five in number, from time to time, and to establish branches in number of contiguous and non-contiguous cities and towns in metropolitan district surrounding Los Angeles 12/18 Reply authorized, informing :Ir. Sartori that applications filed with reference to city of Los Angeles are not affected by time limit set in resolutions of Nov. 7th., but that all other applications for branches must be filed before Feb. 1, 1924, in regular manner 12/18 Security Trust Jo., Bakersfield, California: Application of, for permission to take over assets and assume liabilities of Bank of Laricopa, cal., and operate same as branch; referred to Committee 11/13 Approved 11/14 Shaw State Bank, St. Louis, MD. Application of, for admission to FRSystem, approved, but request for reduction in reserve requirements withheld until later date 11/28 Shipment of Money & Securities: Downward revision of express rates now being charged for; letter from Board to Governors of FRBanks re, 8 /15 415 455 570 577 752 753 763 65_4 7 66 6800 498 page Shipments Abroad: Letter from &Agent Jay requesting publication of figures shaming, and receipts from abroad, of United States currency, by banks in New York City which are principal shippers; also memorandum from Director of Division of Analysis & Research of FRBoard recammenling approval 12/11 of same York New of RBank by publication authorizes Board of figures collected by it, in its monthly 12/11 bulletin of notes use it that York New of RBank Suggestion of FRBank of Dallas for shipment abroad; report of Committee re, recommending that no action be taken at present time, but matter submitted to forthcoming Conference of Governors and FRAgents, and to next 10/31 meeting of Federal Advisory Council Board adopts Committee's report, and matter also referred to Law Committee for opinion of Counsel 10/31 on legality of plan Memorandum of Counsel on legality of proposed plan, 12/21 ordered circulated Shipments of Currency: Form of resolution suggested by Mr. James providing that all, between RBanks and member banks, be considered as part of the member banks' reserve account during period of transit; referred to Standing Committee on Currency and ordered placed upon program for consideration at 10/10 forthcoming conference of Governors Sight and Demand Drafts: Deduction of interest on discount of; memorandum of Assistant Counsel re, together with telegram on subject 7 /18 to Governor of A.Bank of San Francisco Proper construction of amendment of March 4, 1923, to Section 13 of &Act re discount of bill of lading; memorandum of Board's Counsel suggesting form of reply to letter from atAgent Martin of St. Louis re, ordered 12/27 circulated and docketed for later meeting Sight Bill of Lading Drafts: Letter from RAgent Talley requesting reconsideration by Board of action in refusing permission to certain member banks in Eleventh District to discount, originating with and bearing endorsement of non-member banks, with RBank 12/ 7 of Dallas and purchase in engage to Dallas granted Authority sale of sight bill of lading drafts in open market, recommending such drafts bear two endorsements, one 12/ 7 of which Should be that of a member bank 719 719 616 616-17 778 582 441 784 713 713-14 C.X1; Page Silver: Removal of all restrictions against payment of; letter from Under Secretary of the Treasury re, 7 /24 Silver Certificates: Request from Assistant Treasurer of the United states that Board reimburse Treasury Department for a package of one hundred one dollar, furnished the Board for purpose of aomparing redemption receipts of currency notes against standard fit notes as prescribed by the Treasury Department; approved 9 /25 Silver Dollars: Inquiry instituted by Senator Pittman into arrangements being made for releasing standard, for purpose of regulating exchanges with silver standard countries; letter from Under Secretary of the Treasury re, stating If further presented invitation should be extended to Mr. Albert Strauss to appear before Congressional Commission; Board approves 7 /26 Smoot, (Senator) Reed, of Utah: Letter from Board to, referring to communication sent Senator Smoot by President of Chamber of Commerce and Commeraial Club of Salt Lake City, re building for Salt Lake City Branch 8 /29 Southwest Bank of St. Louis: Authority granted, to reduce reserve requirements from on demand, and 314 on time, deposits, to 7% on demand, and 3,4 on time, deposits, if and when said bank becones a member of the RSystem 10/25 Special Meetings, 2. R. Board: Meeting to be held on September 11, 1923 9 /11 Staff of F. R. Board: Assistant Secretary: Noell, J. O., appointment and salary as Assistant Secretary 10/ 3 Title of, changed to Executive Secretary 8 /z Assistant to General Secretary: LtaClelland, E. K., salary increased 10/ 3 Assistant to Governor: Motion by Ur. James that authority be given Governor to employ; motion laid on table, to be made special order of business Nov. 8th. 11/ 6 Appointment authorized and duties outlined 11/ 8 Statements by Messrs, :Mier, Hamlin, & Governor Crissinger giving views in re matter of the proposed appointment 11/ a Assistant to Secretary.: KoOlelland, E. 2., made Assistant to Secretary 8/a 449 560 455 514 604 530 577 48 571 69 685 666 482 Page Staff of V. R. Board: (continued) Chief Clerk's Office: 7 /17 Gladding, (Miss) J. W., resignation 5 12/ salary and appointment Lamb, (Mrs.) Ruth S., Counsel (General): Board votes to consider before close of year matter of rescinding action whereby maximum salary of, was 9 /le fixed at 08,000 per annum at of, salary placing Previous action of Board in 12/18 $8,000 per annum, rescinded increased salary Counsel, Wyatt, Walter W., General 9 /18 from $7,500 to $8,000 per annum Counsel's Office: Bradley, O. S., Secretary to General Counsel, motion by Mr. Hamlin for retaining, after June 30, as stenog12/21 rapher, disapproved Secretary to General Counsel; position of, to be 12/20 abolished June 30, 1924 Div. of Analysis & Research: Employment of two clerks for period July 5th. to Sept. 7/3 1st., 1923, authorized, at rate of $5.00 per day 7 /18 Fowler, (Miss) Harriet M. A., resignaticm Div. of Architecture: Question of discontinuing, referred to Executive with power ttee12/18 Commi Div. of Bank Operations: 7/3 Fugitt, (Mrs.) Rita S., increase in salary 9 /25 Kendall, (Mrs.) Grace M., resignation Div. of Examination; Bryans, Ralph A., transfer of, from Division of Bank Operations to Division of Examination without change 9 /27 in salary Div. of Issue & Redemption: 11/28 Cobb, (Las.) Lilybeak C., Clerk-Counter, resignation 12/18 Copeland, Mrs.) Martha, resignation Ernest, Lulea, appointment as Clerk-Counter at $1,020 12/20 per annum at as Clerk-Counter appointment Fox, (Miss) Dora I., 12/11 41,020 per annum Div. of Research & Statistics: Bauer, (Miss) Helene, appointment and salary as 10/ 3 Statistical Clerk of, extended appointment Bauer, (Miss) Helene, temporary 8 /22 from September 1st. to October 1st., 1923 433-4 696 548 748 548 779 769-70 406 442 749 407 558 567 689 745 768 715 573 509 Fag, Staff of i. R. Board: (continued) Div. of Research & Statistics: 22/ 5 Cummings, (Dr.) John, appointment and salary Draftsman, employment of additional, on temporary basis of sixty days at salary not to exceed $150 11/22 per month, approved Fulton, E. Irving, temporary appointrent of, extended from July 30th. to August 15th. B /14 Hammond, (la's.) Margaret T., appointment as temporary Statistical Clerk for two months beginning Dec. 1st., authorized 12/ 5 Meacham, (Mas.) G. C., resignation 8 /14 Mehan, (Mrs.) Effie, appointment made permmaent 9/4 Porter, (Mrs.) Ruth H., appointment and salary 8 /22 Riefler, Winfield W., appointmant and salary as Research Assistant 1101 Sherwell, G. B., Research Assistant, resignation 11/14 Stark, W. R., appointment and salary as Research Assistant 9 /14 Van Pelt, H. W„ resignation 10/ 3 Executive Secretary: Title of Assistant Secretary changed to, 8/2 Federal Reserve Issue & Redemption Division: See under "Div. of Issue & Redemption" Fiscal Agent's Office: Lally, Josephine E., recommended increase in salary of, disapproved 12/20 General Counsel: Board votes to consider prior to ..lose of present year matter of rescinding action whereby maximum salary of, was fixed at $8,000 per annum 9 /la Previous action of Board in placing salary of, at 48,000 per annum, rescinded 12/18 Wyatt, Walter W., salary increased fram '"7„500 to 08,000 per annum 9 /18 General Secretary: Eddy, Walter L., appointment and salary of,as General Secretary, Mr. Eddy also to continue to perform duties of Executive Secretary 10/ 3 Hoxton, W. W.; vacancy in office of General Secretary caused by resignation of, 10/ 3 Title of Secretary changed to, 8/2 696 675 495 696 495 523 509 715 663 I 546 573 46a 546 746 546 576-4 576 48 page Staff of i'. R. Board: (continued) Gold Settltment Division: Authority granted, to employ new clerk at salary not 7 /24 exceeding 41,500 per annum annum, per at1,500 additional, of Jlerk, employment 9 /14 authorized same at , force examinin5 to Jom1ey, L. J., transferred 7 /4 salary, effective September 1st. A4 7 Stone, H. B., salary increased Messengers: Authority granted Secretary to employ additional, at 10/16 0.,000 per annum to month per ,,E50 of rate at Employment of messenger 8 /29 serve as vacation relief for period of two weeks 11/ 7 of, approved dismissal H., Stewart, Ira Ir. Junningham's Office: 9 /13 Locke, John K., appointment and salary as Secretary Hamlin's . ()nice: Fowler, (:diss) Harriet M. A., appointment and salary 9 /13 as Stenographer Laning, (Liiss) Margaret A., Stenographer, resignation 9 /13 Operating chart covering organization of FRBoard and 8/2 staff; approved Research & Statistical Division: Ernest, (Miss) L., t.nporary appointment as Statistical clerk, at 45.00 per day, to fill vacancy created 7 /17 by resignation of Harriet Fowler salaries: General Jounsel; previous action of IIRBoard in placing 12/18 salary of, at $8,000 per annum, rescinded 12/18 Increases in, of certain employees Secretary: Authority granted, to employ two additional stenographers 10/10 at annual salaries not to exceed ,1,500 each /2 8 Title of, changed to "General Secretarr Secretary's Office: Black, (Miss) Lucy J., granted two weeks additional a /21 sick leave with pay and two weeks without pay Secretary, Assistant to General McJlelland, E. 10/ 3 salary increased competent office Secretary instructed to attach to his stenographer far purpose of keeping stenoraphic record of all important conferences and to take down 7 /24 motions made at Board meetings 450 543 450 450 590 516 632 537 537 537 482 433 748 748-9 584 482 506 577 451 OXON page Standard Silver Dollars: See under "Silver Dollars" (See also "Member Banks") State Member Banks: Advertisements of; circular letter to all &Agents re 8 /21 improper, Advertisements of; letter from &Bank of Ohicago re control of, transmitting suggestion of President of Financial Advertisers' Association that the Board or &Banks prepare samples of advertisements which may 11/ 6 properly be used by state member banks Governor requested to reply to above letter, asking ElAgent at Ohicago to submit such material as in his opinion it might be proper for state member banks to use when advertising their member11/ 6 ship in FRSystem &Agent Heath letter from used by; Advertising matter commenting upon certain suggestions made by &Agent Jay 10/23 of New York re control of, Board votes to instruct FaAgent Heath to consult with President of Financial Advertisers' Association of Ohicago in above matter, and to advise FRAgeat Jay to take up matter with advertising syndicates 10/25 having headquarters in New York credit rather than examinations, when examining, Jost of investigations, are necessary; copy of letter FRBank of Philadelphia has transmitted state member banks in 8/7 Third District re, with recent ruling accordance of, in investigations Oredit of Board; conference requested by FRAgent at Philadelphia with Governor Orissinger in order to discuss methods 7 In. for conducting, Examinations of; draft of reply of Board to letter from FRAgent at Minneapolis of August 4th. in which be suggests that Board grant him permission to assess, on basis of assessment made by Oomptroller of Uurrency to cover costs of national bank examinations; referred 11/27 to Law Oommittee Memo. of General Oounsel giving opinion that state member banks examined by a ERBank should be assessed a pro rata share of expense of all state bank examinations during a given period based on resources of banks on date of examinations; memo. 12/13 ordered circulated Resolution of Board adopting opinion of Uounsel re method of assessing costs of examining state member banks, authorized forwarded to all FRAgents12/21 504 627 627 596 608 488 421 68g 729) 770 OXCV Page State Member Banks: (continued) Fxqminations of; reply of Board to letter from &Agent 7 /31 Perrin of June 8th. re, FEIAgents from letters to Board of reply of; Examinations at Cleveland and Philadelphia of June 2nd. & 1st., respectively, re proper understanding of Board's regula7/3 tions re, of memorandum by; acceptances of amount on Limitation 8 /21 Assistant Counsel re, acting in Board of policy past re Counsel General Memo. of upon applications of, far additional branches, together with memo. of Mr. Hamlin on subject; copies ordered 7 /31 distributed to members of Board Reports of condition of; two calls for, already issued by &Board, and two more to be issuad upon sane dates as Comptroller calls for reports of condition of 8 /30 national banks State Member Banks & Trust Companies: Resolutions submitted by Mr. Hamlin, an May 22nd., resubmitted, setting forth certain rules which should govern establishment of branahes by; referred to Committee on Examination for study, report and recom7 /31 mendation Statements to Press: See under "Press Statements" Stewart, W. W., Director of Div. of Research & Statistics: Letter from Assistant Secretary of the Treasury dinston to, requesting that he prepare a brief review of domestic credit situation during past year; referred to Governor 8/7 for reply 13th., August of Letter from Mr. Winston under date renewing above request; referred to Governor for 8 /21 reply Stock: Advisability of legislation permitting purchase by governmental agencies of preferred stocks or bonds, in storage warehouses erected for purpose of assisting in orderly marketing; letter from campaign director of organization committee of North Dakota Potato Growers* Exchange of Fargo, N. D.., to Mr. Miller re; referred to Committee 12/ 5 12/11 Letter referred back to Mr. Miller for reply Capital: Bank of Washington, N. J., reduction in capital stoJk 12/5 of, from 4'0.50,000 to 4100,000, approved pergranted Minn., Minneapolis, Bank, Bankers'National mission to reduce capital stock from 4800,000 to 12/ 5 4400,000 462 403 506 465 518 465-6 488 505 701 718 697-8 700 =VI rage Stock: (continued.) Capital: Wont inued) Billings National Bank of Billings, Oklahoma, application of, for permission to reduce capital stock from $30,000 to $25,000; referred to Committee 12/ 5 on Examination applied is reduction Approved, provided amount of to liquidate estimated losses and doubtful 12/12 paper Carolina; South Citizens National Bank of Union, authority granted, to reduce capital stock from 11/14 $150,000 to $100,000 granted Texas, Weatherford, of Citizens National Bank permission to reduce capital stock from $150,000 to $100,000, on condition that as much of amount of reduction as is necessary shall be applied to taking 12/20 out of the bank worthless and doubtful assets Commercial National Bank of Phoenix, Arizona, granted authority to reduce capital stock from 0150,000 to 11/ 6 $100,000 Farmers & Merchants National Bank of De Leon, Texas, granted permission to reduce capital stock from 1417 0100,000 to 050,000 First National Bank of Ashland, Alabama, granted authority to reduce capital stock from $75,000 to 7/3 440,000 per annum First National Bank of Edgeley, North Dakota; application of, for permission to reduce its capital from 085,000 to $50,000; referred to ommit tee on 10/ 3 Examinatiozts for consultation with Comptroller Adverse report submitted by Committee and above 10/ 4 application disapproved First National Bank of Havensville, Kansas, granted permission to reduce capital stock from $40,000 to 12/18 $25,000 First National Bank of Wilmot, South Dakota, granted. authority to reduce capital stock, under certain 7 /31 conditions, from $40,000 to $25,000 Hugo National Bank of Hugo, Oklahoma, granted permission 9 /20 to reduce capital stock from $200,000 to $100,000 lietacomet National Bank of Fall River, Lass., granted permission to reduce its capital stock from $750,000 11/ 1 to 0500,000 National Bank of ki ammarce, Frederick, Oklahoma, granted permission to reduce capital stock from 375,000 to 12/5 050,000 700 723 663 761 628 734 406 573 680 747 464 665 618 Page Stock: (continued) Capital: (continued) National Iron Bank of Falls Village, Conn., granted permission to reduce capital stock from 4100,000 10/23 to 450,000 granted J., Planters National Bank of Rocky :ount, N. permission to reduce capital stock from 4300,000 12/19 to 4200,000 Puget Sound National Bank of Tacoma, Washington, granted permission to reduce capital stock from 7 /10 4500,000 to 4300,000 Utah, city, oalt Lake of Bank Utah State National granted authority to reduce capital stock from 10/31 41,000,000 to 4500,000 F. R. Bank: Increase or decrease of; letter from Board to Cashier 8 /21 of lBank of Cleveland re, Foreman Brothers Banking Company, surrender of stock in FRBank of Chicago by; letter from Chairman of Board of Directors of Foreman National Bank re, referred to 7 /10 Counsel Letter from Board to all FRAgents re "Surrender of Federal Reserve Bank Stock upon Reduction of Member Bank Surplus", stating that there is nothing in the law 10/30 that requires such surrender letter to of Board reply District; Eighth in bank Member from rY.Agent Martin re refusal of, to subscribe to additional stock in FRBank of St. Louis after having in12/27 creased its surplus fund Surrender of iIiBank, upon reduction of member bank surplus; memo. of Counsel re, suggesting form of letter 10/23 to be sent all FRAgents; ordered circulated Stockholders' Auxiliary Corporation: Report of examination of, as of Sept. 29, 1923, and memo. 11/ 6 of Chief Examiner of RBank of San Francisco re, Report of Committee on Examinations re above matter, concurring in analysis of reports by Board's Chief Examiner and recommending that all papers 11/28 be circulated Storage aarehouses: Advisability of legislation permitting purchase by governmental agencies of preferred stocks or bonds in, erected for purpose of assisting in orderly marketing; letter from campaign director of organization committee of North Dakota Potato Growers' Exchange of Fargo, N. D., to Mr. 12/ 5 Miller re; referred to Committee 12/11 Letter referred back to Mr. Miller for reply 595 755 415 610 505 415 606-7 785-6 597-8 629 692 701 718 OXCVIII Page Strauss, Albert: Suggestion from Under Secretary of the Treasury for inviting, to appear before Congressional Commission, if inquiry instituted by Senator Pittman into arrangements for releasing standard silver dollars for regulating exchanges with silver standard countries is further 7 /26 presented; Board approves Strong, Benjamin, Governor, F. R. Bank of New York: Leave of absence extended to November 1st., on half 8 /30 salary objection is any Letter from, to Board, asking if there to his accepting a membership on Advisory Board of citizens in the State of New York having charge of 12/12 organization of Harding Memorial Association 12/12 objection no Board votes to interpose Subscriptions: Y.amo. of Counsel requesting authorization to renew subscription to Corporation Trust Company's Congressional Service, for first session of Sixty-Eighth Congress, 11/27 approved Sunderlin, Charles A., Burley, Idaho: Reply of Board to letter from, re proceeds, held by the FRBank of San Francisco, of certain checks deposited in First National Bank of Burley while it was insolvent 9 /14 and just prior to date of closing California: Superintendent of Banks of Letter from, to FRAgent Perrin of San Francisco, advising of abandonment by State Banking Department of 9/5 "Simultaneous Entry Examinations" Above matter to be made subject of conference with 9 /11 Mr. Perrin while he is in ';iashington Telegram from, stating he had granted permission to Bank of Italy to take over American Savings Bank & Golden State Bank of Long Beach and convert same into branches, 7 /18 and urging similar action by FRBoari Superior Liquidating Commission of Cuba: Series of questions presented Board's Chairman on Cuban Agencies by Mr. Paul Edwards of Bureau of Foreign & Domestic Commerce, requesting that answers thereto be secured from Dr. Clarence Marine and forwarded to him n/ 1 Governor instructed to communicate with State Department and inquire what responsibility the State Department believes the RBoard has in manner in which Superior Liquidating Commission of Cuba is carrying on its work and what it wishes Board to do that is within its power and province 11/ 1 11/ 6 456 519 726 726 60A 544 526 553 623, 621'! " 60 Page Tacoma, dashington: Board approves cancellation of designation of, as reserve 10/25 city for Recommendation of RAgent Perrin of ban Francisco 10/10 cancellation of designatian of, as reserve city Telegraph Operators: bee under Leased Wire System: The Federal Reserve building & Loan Association of Philadelphia: bee "Federal Reserve building & Loan Association of Phila." The Old National bank, battle Creek, Michigan: Letter from Board to, re right of the bank in a fiduciary capacity to execute bond required by state law before selling a piece of real estate in administration of an 8 /30 estate Time Schedule: Inter-District; amendment of, by RBanks of Chicago and New York, placing items between Chicago and Liinneapolis12/27 bt. Paul on one day basis Transportation of Money & Securities: bee "Shipment of Money & Securities" Treasury Certificates of Indebtedness: Reply of Governor 7ellborn of Atlanta to letter from Mr. Platt calling attention to inquiry from member of Federal Advisory Council from Sixth District as to why Atlanta was not following practice of soae of the other ERBanks in purchasing, from member bail, under re-sale 10/10 agreement Board requests la'. Platt to reply to letter from Governor dellborn stating that the inquiry made by Lr. Lane was sent merely as a matter of information, and tnat the board has made no formal ruling 10/10 an subject Telephone request from 2R3ank of 3oston for permission to buy in open market 420,000,000 of U. b., for purpose of building up earning assets of bank while securities 11/ 2 market is easy Latter discussed by Board, with Deputy Governor Case of labank of New York present; board votes that no change should be made in general open market policy until matter is canvassed by Open Committee, and that it sees nothing in condition of money market to warrant any FRBank purchasing Treasury securities at present time, the Boston barik to 11/ 2 be so advised 602 583 521 762 585 585 623 624 CO page Treasury Department: Assistant Treasurer of the United 6tates requests Board to reimburse, for a package of one hundred one dollar silver certificates furnished the Board for purpose of comparing redemption receipts of currency notes against standard fit notes as prescribed by the Treasury 9 /25 Department; request approved Rate of $4,700 per month quoted to, for use of Federal Reserve Leased Telegraph Wires during fiscal year 1924 7 /10 Trowbridge, Alexander b., consulting Architect: Letter from, re desirability of making public information re type of vault construction in use at the FRBanks; 10/23 referred to Governor with power Letter from, requesting api,roval of arrangement reducing his salary from 420,000 to 410,000 per annum, effective January 1, 1924, he to devote but one half of his time to ERSystem, and 1.1r. Ten Eyak's salary remaining as at 12/20 present; referred to Executive Jommitteewitn power Letter from, transmitting bill for 4215.00 rendered by dard, Jrosby & Smith in connection with procuring letters patent covering methods of vault construction developed as result of tests conducted in 1920 and 1921; 11/27 payment authorized question of discontinuing Division of Architecture refer12/18 red to Executive Jommittee with power Trust Estate: Reply of Board to letter from Peffers & Wing of Aurora, Illinois, inquiring as to some method by which funds with which to pay interest, taxes and charges for repairs on a trust estate may be advanced to the trust department by the comuercial departnert of a bank which is unwillin: to nuke a direct loan for the 11/27 purpose Trust Officers in National Banks: bonding of, which have been granted fiduciary powers by 10/-3 the Federal Reserve Board; letter from FRAgent re, Trust Powers: See "Fiduciary Powers" Under secretary of the Treasury: jopy of communication from, to Deputy Governor Jase of New York, re investment holdings of the FRBanks, trans6 /14 mitted Board 560 411 596 770'1 666 749 666 596 491 CCI page Under Secretary of the Treasury: (continued) Copy of comuunication from, to Deputy Governor Case,eta. Report of Committee an Discount & Open Market Policy, that no further action is necessary by board on 8 /a above matter at present time proposed Miller's Ir. re Discussion by, with ERBoard, plan for stating reserve positions of the FRBanks, also 8 /22 matter of gold payments Letters from, to Board, re Absorption by FRBanks of general fiscal agency expenses, enclosing copy of letter addressed by him on this 8/6 subject to Deputy Governor Case of New York suggestions certain making Discount rates of FRBanks, as to manner in which problem of rate determination 8/6 should be approaohed e Intermediat for Agents FRBanks acting as Fiscal Credit Banks, expressing hope that in case of,tha 7 /24 FRBanks will perform this service without charge policy pursue FRBanks suggesting Gold; Mr. Gilbert 7 /26 of making payments in, and Gilbert Secretary Under between Conference Board re matter of restoring gold certificates to general circulation; matter ordered docketed 8/2 for consideration at earliest possible date meeting for docketed ordered FRBanks; Gold policy for 8 /14 of September 12th. by suggested resolution upon action Board defers Mr. Gilbert, re gold payments by FRBanks, until after Committee an Discount & Open Market Policy Shall submit report on maw plan for 9 /11 stating reserve positions of FRBanks s arrangement into Pittman Senator by instituted Inquiry for releasing standard silver dollars for regulating exchanges with silver standard countries, Mr. Gilbert stating, if further presented, he would suggest invitation be extended to Mr. Albert Strauss to appear 7 /26 before Congressional Commission; Board approves Silver; removal of all restrictions against payment 7 /24 of, for permission grants York New of FRBank of, request Upon its Acting General Auditor to assist Commissioner of Internal Revenue in making certain accounting and 7 /17 organization changes in Internal Revenue Bureau etc. Work, Publication Uniformity of Policy in Statistical, Draft of proposed circular re, submitted by Mr. Miller; 7 /25 ordered docketed for July 31st. 7 /31 n transmissio for Circular amended and approved 503 511 486 486 449 455 468-9 490-1 534 455 449 431-2 453 463 Union Central Life Insurance Company, Lincoln, Nebraska: Eligibility for rediscount by RBanks of notes representing farm loans made an behalf of; draft of letter to Comptroller of Currency transmitting copy of opinion 11/13 of Board's Counsel re, approved , Ohio: Cincinnati Co., Union Savings bank & Trust Application of, to take over Home Savings Bank Company of Cincinnati and operate it as branch; referred to 12/27 Committee an Examinations of Indiana: United States Attorney for District Reply of Board to letter from RtAgent Heath re request of, for copies of reports made to FRBank of Chicago by Discount and Deposit State Bank of Kentland, Indiana, 12/31 formerly a member bank Branch to Banking: Opposed n Associatio United States Bankers' Request from representatives of, for privilege of appearing before 3oard an September 11th., and of meeting individual 9/6 members of board informally Board requests Comptroller to advise the Association that it will be glad to meet its representatives on September 11th., and that it has no objection to their being present at general hearing to be 9 /6 held on September 12th. United States 'Currency: Shipments abroad and receipts from abroad of, by banks in New York City which are principal shippers; letter from &Agent Jay requesting publication of figures showing, also memo. from Director of Division of Analysis & 12/11 Research of RBoard recommending approval of some Board authorizes publication by fRBank of New York of figures collected by it, in its monthly 12/11 bulletin United States Department of Agriculture: See under "Department of Agriculture" United States Treasury Certificates of Indebtedness: See "Treasury Certificates of Indebtedness" Utah State National Bank, Salt Lake City, Utah: Authority granted, to reduce capital stock from 1,,U,000,000 10/31 to 4500,000 669 10 795..6 529 529 719 719 Itipt Valley Bank of Phoenix, Arizona: Request from, for pernission to take over assets and assume liabilities of first National Bank of Glendale,Arizona, 10/30 and operate it as a branch of the Valley Bank; ref. II/ 7 Approved 11/ 8 601 0 649-6 66z page Vault clerk: Second alternate, at Bureau of Engraving & printing; designation of James V. Bowie of Division of Loans & Currency as, approved upon request of Commissioner of 12/11 Public Debt Vault Construction: Bill for 415 rendered by ;lard, Crosby & Smith in connection with procuring letters patent covering methods of, developed as a result of tests conducted in 1920 and 11/27 1921; payment authorized Letter from Jonsultin4 Architect re desirability of making public information re type of, in use at the 10/23 FRBanks; referred to Governor with polher 715 685 596 fldtt Wax Finance Corporatian: Request from Managing Director of, to have Board's Division of iaamination undertake auditing of dar Finance Corporation aativities in certain ERBanks; 12/20 memo. of Counsel re, Advisability of above, question of, referred to Law Committee, and Mr. Cunningham requested to 12/20 consult with Committee in matter 12/21 Request of dar Finance Corporation denied Draft of letter to Managing Director of dar Finance Corporation advising of action taken 12/27 by Board in above matter Ward, Jrosby & smith: Bill for 4215 rendered by, in connection with procuring letters patent covering methods of vault construction developed as a result ol tests conducted in 1920 and 11/27 1921; payment authorized Warehouse Receipts: Purchase by FRBanks of domestic acceptances drawn against, for com=dities; letter from Governor Harding of 12/27 , ;ommittee Boston re, referred to Law , Warrants: FRBank of Philadelphia granted permission to purchase from Mechanics National Bank of Trenton, N. J.,102,000 11/20 worth of, issued by Mercer co., N. J. 773 773 778 783 685 784 666 CCIV Water Tower Bank of St. Louis, Mo. Permission granted, as an outlying bank, to reduce reserve requirements from 10% on demand, and 3% on time, deposits, to 770 on demand, and 3; an time, 7 /17 deposits Waterbury National Bank, daterbury, Conn. Application of, to discount with FRBank of Boston, paper of Westside Savings Bank, a mutual savings bank without capital; letter from Boston re, referred to Governor 7/3 for reply Watson, (Senator) James E., Indiana: Letter from, transmitting communications endorsing application before Board for establishment at Indianapolis, Indiana, of branch of iRBank of Chicago; referred to 12/27 Committee Wells-Fargo Nevada National Sank, San Francisco: Merger of, and Union Trust Co. of San Francisco; advice from RBank of San Francisco of arrangements being made one as lead for, and nr operation of both of office and the other as branch; referred to Committee II/ 1 on Examinations 7 11/ Matter tabled for consideration November 14th. 11/14 Merger approved Merger of, and Union Trust Go. of San Francisco, on December 31st.; telegram from &Agent Perrin re proper procedure in connect/an with; referred to 12/13 Committee procedure of Report of Committee recommending approval outlined in memorandum of Dec. 13th. from Board's 12/17 Division of Examination, approved the that Telegram fram IAgent Perrin advising Wells-Fargo Bank & Union Trust 00., arrangements for merger of which were approved by Board on Nov. 14th., has accepted conditions of membership and applied 12/20 for stock Wheat Crop: Orderly marketing of; Committee report having reference to an announcement to ERBanks suggesting some public assurance be given of adequate facilities for, this summer and fall; tabled, pending expression of opinion by 7/3 Mr. Miller South , Dakota: Chamberlain Whitbeok National Bank, F. R. Bank of Minneapolis requests permission to accept from, renewal of paper originating in eligible non8/6 member banks; Board grants permission 430 406 786 619 , 680'h 664 726 733 769 403 486 GOV Page 1 Wichita Clearing House Association, Wichita, Kansas: Statement by Governor Crissinger of desire of, to re-open question of establishment of branch of iliBank of Kansas City at Wichita, and of certain inducements offered by the Association for its establishment; Board sets aside October 31st, as date for a re-hearing of question 10/25 Postponement of above hearing, at request of Senator Curtis 10/30 Wichita, Kansas: Committee of bankers and citizens of, to confer with Board on September 6th, re matter of branch MBank at Wichita 8/2 FRBank of Kansas City to be represented at hearing by Governor Bailey 8 /29 Hearing granted Governor Bailey of Kansas City, Senators Curtis arxl Capper of Kansas, Governor Allen of Kansas, Congressmen Tincher and Ayres of Kansas, and U. Q. Chandler of First National Bank of Nichita, arguments being presented for and against establishment of branch of iithank of Kansas City at Wichita 12/18 Lotion by Mr. Hamlin that application for branch &Bank at Wichita be approved upon understanding that all expense of maintenance be borne by MBank of Kansas City; lost 12/20 Statements by Mr. Hamlin, Mr. Cunningham and Mr. James re matter of branch at Wichita 12/20 Postponement of date of hearing re branch FRBank at Wichita, scheduled for Thursday, Nov. 15th., requested by C. Q. Chandler of Wichita, Kansas; noted, with approval 104 Wing°, Otis, Representative from Arkansas: Inquiry made by, member of Joint Committee of Inquiry on Membership in &System, re dates of all meetings of Federal Advisory Council and all other special conferences held by Board with members of Federal Advisory Council or officers or directors of &Banks during years 10/12 1919 and 1920 Board votes to furnish Mr. :lingo with infornation requested 10/12 Winston, G. B., Assistant Secretary of the Treasury: See under "Assistant Secretary of the Treasury" 601 606 470 513 743-4 772 772 662 588 588 ytt Yokahoma peie Bank: Katter ox aeptane credits between, and National Park Bank; attention called by Lr. Hamlin to, and opinion expressed by Governor Strong that matter an be settled without nezessity for ruling by Board or Jomptroller of the Uurrency
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