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, TO INDEX Branch Banks, Domestic, FRBank, and Foreign, see Branch Banks Clayton Act Ap79lications, see Interlocking Directorates Collection, see Clearing and Collection Directors of FRBanks and Branches, see Directors National Banks are listed under heading National Banks Stock of FRBanks and Member Banks, see Stock. HAII Absorptions of Banks: (See Consolidations) Accept for Dollar Exchange: First rational Bank, Chicago, Ill., for certain countries not on list, application disapproved Acceptances: Bankers, purchase rates at FRBank of New York, increase in Elevator companies secured by warehouse receipts amendment to Board's regulations to make elizible for rediscount Changes in Regulation ".W° to be discussed at Conferences of Governors and FRAgents Memorandum of Counsel with reference to Action deferred until after Conference of Governors and FRAgents Eligibility for rediscount of notes given to power company by coal company covering monthly bills for light and power, memo of Counsel on, letter from Senator Neely Rates on purchases of: (See Rates) Acceptances up to 100% of Capital and Surplus: Applications disapproved: Florida National Bank, Jacksonville, Florida Acting Secretary of the Treasury: (See Secretary of the Treasury) Agencies: FRBank of Atlanta: Survey to reduce activities, and concentrate more work in home office Havana, FRBank of Atlanta: Cuban legislation providing tax on outgoing payments; letter from Chairman, FRBank of Atlanta enclosing letter from Acting Manager of Application of tax bill to operations of Opinion of attorney for Havpna Agency re Sale of cable transfers exempt from provisions of Havana, FRBank of Boston: Cable transfers, resumption of sale of Salary schedule for officers and employees, approved 7/29 71 9/22 167 9/15 156 9/29 10/ 5 198 205 10/ 8 210 9/23 176 9/ 8 142 8/26 129 7/ 7 8/12 8/25 12 102 118 8/26 123 8/26 123 12/16 362 2 Agencies: (Contld) Savannah: Recommendation of FRBank of Atlanta that it should not be discontinued at present time Staff: Groover, R. N., designated special examiner Agricultural Cooperative Associations: Credit status of, inquiry of editor of "Successful Farming" Agricultural Credits: Letter addressed to Governors of FRBanks by Eugene Arnett, Inc. Reportof committee with draft of renly to letter American Bankers Association: Committee on Collection of Non-cash Items by FRBanks: Report of Committee on Voluntary Services on brief filed by, letter from Governor Fancher that members of Board read carefully Memorandum from UT. James that copy of report of Committee on Voluntary Services be furnished to, and nublic hearing arranged if desired Inquiry from Mr. Mountjoy as to when report will be available Acknowledgement of receipt of copies of report by John W. Barton Correspondence with Mr. Barton re discontinuance of non-cash collection function by FRBanks Letter from Mr. Barton re hearing to be granted American Bankers Association Committee on non-cash collections Circular to member banks on non-cash collections of FRBanks, FRBanks also to issue letter if they desire Letter from Mr. Barton re meeting of committee with Board, date to be fixed later Federal Reserve Exhibit for Convention of: (See FRBank of Philadelphia) American Institute of Banking: Employees of FRBank of Boston to be reimbursed for expenses of taking courses in American Legion: Savings plan of, to enable members to attend Paris convention, publications of FRBanks not to be used to announce 12/19 416 12/18 407 8/26 126 12/ 8 12/15 318_ 340 7/ 2 7/ 2 7-8 8/12 103 8/25 112 10/27 229 11/ 4 237 11/30 293 11/30 294 9/23 183 7/28 65 3 Pa.t.7e American Railway Association, correspondence re appearance of Hon. Sidney Anderson before Conferences of Governors and FRAgents correspondence between Board and Sidney, Hon. Anderson, American Railway Association re appearance before Conferences of Governors and Fagents Angell, Montamery B., statement for legal services in connection with Pascagoula National Bank Case Application for branches by State member banks, suggestion of Secretary that form of, be prepared for submission to Board, approved copy of letter addressed to GovInc., Arnett, Eugene, ernors of FRBanks on agricultural credits Report of committee with draft of reply to letter Assessment on FRBanks for expenses of FEBoard Assistant Secretary of the Treasury: (See Secretary of the Treasury, Assistant) the United States: of General Attorney Eligibility of officer of mutual savings bank as Class "B" or "C" Director, opinion requested Legality of proposed real estate transaction between FRBank of Cleveland and Cincinnati Chamber of Commerce Draft of letter to Acting Secretary of the Treasury requesting submission of matter to Favorable reply on legality of contract and FRBoard votes to interpose no objection Advice of acceptance of proposition by FRBank of Cleveland Publication of opinion, no objection by FRBoard Report of examination of Security Bank & Trust Co., Helena, Ark., disclosing violations of law,not to be furnished to Department of Justice except on order of court Ayres, Leopard P.: Expenses as expert witness in Pascagoula Par Clearance Case, Governor reports re, statement to be rendered by Newton D. Baker Statement submitted by Mr. Baker and approved for payment 9/25 187 9/25 187 8/25 115 8/5 90 12/ 8 12/15 12/19 318 340 414 12/15 349 7/24 60 7/27 61 8/6 94 8/12 98 8/25 118 7/31 76 7/ 2 1 7/7 12 4 Ayres, Leonard P.: (Contld) Expenses as expert witness, etc.: (Contld) Motion by Mr. Miller that such cases be submitted to Board for approval 7/9 17 7/ 2 1 8/5 8/12 87 100 12/30 448 7/ 2 1 7/7 12 7/ 2 1 7/7 12 12/8 12/14 309 332 11/24 287 7/31 75 8/25 117 8/25 118 11/10 253 II Bll Baker, Newton D.: Brookings Par Clearance Case: Fee to be charged by, in appeal of, and expenses to date in Pascagoula and Catlettsburg cases all FRBanks have agreed to reports Secretary prorating of expense of retaining in, and directed to advise banit-s of employment Procedure in appeal of case, letter from,re Opinion on plan of settlement of case out of court to be requested Catlettsburg Par Clearance Case: Expenses to date in Statement of expenses submitted and approved for payment Pascagoula Par Clearance Case: Expenses to date in Statement of expenses submitted and approved for payment Statement of expenses approved and to be paid by FRBank of Atlanta Statement for services in connection with Bancitaly Corporation: Investments of, including stock held in domestic and foreign banking institutions Bank Failures: Study of, being conducted by Prof. H. Parker Willis, request of Prof. H. H. Preston for information in connection with Bank of Poland: Credit opened for, by FRBank of New York Bank suspensions and insolvencies, circular letter to FRAgents on manner of reporting Banking and Currency Committee of House: Letter re extension to 90 days of maturity of member banks collateral notes eligible for discount 5 Page Banking Legislation: Messrs. Yoell, Stewart and Wyatt appointed special committee to assemble recommen12/14 dations amendproposed and Bill McFadden of ation Consider ment to FRAct, National Bank 12/15 Act and Revised Statutes ion) Legislat • (See also Barton, John W.: (See American Bankers Association) Belgium: Purchase of trade bills of National Bank of Belgium. by FRBank of New York and other FRBanks, plan of Governor 11/25 Strong approved by FRBoard Bonds: Circulation: Advice from Treasurer of the United States that no applications received from national banks for sale of, dur7/2 ing second quarter third during ions applicat no of Advice 10/ 5 quarter Doherty L. Henry by t statemen Empire Gas & Fuel Co., and Co., that bonds are redis9/17 cauntable at FRBanks Dallas of FRBank of Governor to Draft of letter 9/23 re Loans) Estate Real (See Loans: Secured by Real Estate Surety: 11/10 Austin, Richard L., as FRAgent at Philadelphia at t FRAgent Assistan as Boardman, C. K., 10/27 Kansas City 11/17 Boston at FRAgent H., Curtiss, Frederic 7/7 Dallas at t FRAgent Assistan Hall, C. C., 11/17 Chicago at FRAgent A., W. Heath, 11/20 Jay, Pierre, FRAgent at New York at FRAgent t Assistan for act to Kirk, Glenn, 10/15 Chicago 12/ 2 Louis St. at FRAgent McC., Martin, W. 11/30 o Francisc San at FRAgent John, Perrin, Post, Arthur E., Assistant FRAgent at Phila11/10 delphia at FRAgent t Assistan Acting ., F J. Rehfuss, 7/14 Philadelphia, approved 2 12/ Louis St. at FRAgent t Assistan ., M C. Stewart, 7/7 Dallas at FRAgent C., Walsh, C. Zimmerman, H. L., Assistant FRAgent at Helena 12/17 Branch 336 341-7 289-92 3 202 161 173 250 225 258 10 258 271 214 302 294 250 35 302 10 379 6 Page Borrowings by parent corporations to be advanced to subsidiaries, eligibility of notes for rediscount, ruling of Board on 12/14 Draft of letter to Governors of FRBanks, transmitting ruling of Board 12/29 Borrowings of finance companies, volume of, to be ascertained 9/25 Branch Banks, Domestic: American Bank of San Francisco, Calif.: Bank of Alameda, application to purchase and establish branches, disapproved because of violation of membership condition 8/ 5 Draft of telegram to FRAgent at San Francisco disapproving application 8/12 Request of President of Bank for hearing on application, granted 9/ 8 September 24 agreeable to Board as date for hearing 9/15 Hearing of Mr. Bowles on reconsideration of application 9/23 Application to be reconsidered and resolution for future consideration of case to be presented 9/23 Resolution of Committee on Examinations Imposing conditions on bank, adopted 9/23 Condition fulfilled by bank and application approved 10/27 Emeryville, removed from 3986 San Pablo Avenue to 3900 San Pablo Avenue 12/29 Oakland, extension of time for establishing branch approved for 73rd. Avenue and East 14th Street 9/ 8 San Francisco: Market Street near Van Ness Avenue, application approved 10/27 Proposal to establish one or more in, Governor to prepare reply to letter from Assistant FRAgent at San Francisco 8/ 5 Draft of reply, to be resubmitted, stating Board is not in position to express opinion in matter 8/12 Draft of reply approved 8/14 American Union Bank, New York City: 920 Broadway, authorized by New York State Banking Department 12/17 333 443 187 89 103 146 155 172 180 182 227 440 140 227 90 103 107 381 Page Branch Banks, Domestic: (Contld) Anglo-California Trust Co., San Francisco, Calif.: 5600 Geary Street, application approved Application for, by State member banks, form to be submitted to Board Baltimore Trust Co., Baltimore, Md.: Bank of Hampden, Baltimore, permission to take over and operate as branch 1807 North Charles Street, application approved Bank of Italy, San Francisco, Calif.: San Francisco: 1019 Fillmore Street and at Southeast corner of San Bruno and Thornton Avenues, opening of, letter from Assistant FRAgent advising of Hayes and Divisadero Streets, application approved Advice of opening of Union and Webster Streets, application for, approved Advice of opening of Santa Maria, reconsideration of application for, motion lost Bank of the Manhattan Co., New York City: Long Island City: 434 Jackson Avenue, notice of authority granted by New York State Banking Department in place of discontinued branch 22-45 Thirty-first Street, authorized to establish Springfield, Queens County, Springfield Boulevard, authorized to establish Calif.:* Sausalito, Bank of Sausalito, 1, 1925, of October until extension Tiburon, time for establishment of Further extension until November 15, granted Advice of opening on October 24 Bank of United States, New York City: 1548 Pitkin Avenue, Brooklyn, authorized by New York State Banking Department Central Mercantile Bank, New York City: 139-141 Varick Street, New York City, application approved Notice of approval by New York State Banking Department 9/29 8/ 195 5 90 10/23 221 11/24 284 7/7 13 9/29 12/14 195 331 8/ 5 12/21 81 423 7/ 7 14 12/ 8 314 10/23 220 10/23 220 7/28 64 9/29 11/10 195 250 12/17 381 11/30 296 12/ 8 314 8 Page Branch Banks, Domestic: (Contld) Citizens & Southern Bank, Savannah, Ga.: Athens, application approved Commercial Bank of Athens, absorption of City Bank Trust Co., Syracuse, N. Y.: 255 Wolf Street, application approved Cleveland Trust Co., Cleveland, Ohio: Kinsman and Lee Roads, Shaker Heights, application approved Columbus Exchange Bank, Providence, R. I.: Charles Street and Branch Avenue, extension of time for establishment of Commerce-Guardian Trust & Savings Bank, Toledo, Ohio: East Toledo, Star Avenue at head of Main Street, application approved Commercial Savings Bank & Trust Co., Toledo, Ohio: Detroit, Delaware and Hollywood Avenues, application for opening at intersection of, capital of bank to be increased before approval Draft of letter to FRAgent at Cleveland, approved Letter from FRAgent at Cleveland, application disapproved Draft of letter to FRAgent at Cleveland, advising of disapproval Condition reports of branches of State member banks in San Francisco District, separate Establishment by member banks, right of FRBoard to require notice of, memo of Counsel on Farmers Bank, Pelham, Ga.: Sale City, application approved Application reconsidered and ordered held in abeyance Representative of bank to be heard by Governor Crissinger and Mr. James Application again approved Form of application to be prepared for submission to Board, suggestion of Secretary, approved Grand Rapids Savings Bank, Grand Rapids, Mich.: Hall, Kalamazoo and Butler Streets, approved Guardian Trust Co., Cleveland, Ohio: Cleveland, Arlington Avenue and Eddy Road, application approved 7/29 11/ 4 70 236 8/25 116 10/27 226 7/28 64 11/30 296 8/12 99 8/14 107 8/25 117 9/ 8 143 8/26 123 11/17 263 8/ 6 95 8/26 124 9/ 9 9/15 148 155 8/.5 90 7/ 9 31 12/ 8 314 9 Page Branch Banks, Domestic: (Contld) Hibernia Bank & Trust Co., New Orleans, La.: Broadmoor Branch, New Orleans, application 10/23 approved Mass.: Inman Trust Co., Cambridge, 759 Massachusetts Avenue, Cambridge, permission to remove head office to site authorized for branch and open 8/25 branch on present site Buffalo, N.Y.: Buffalo; of Bank Manufacturers & Traders Broadway corner Mills Street, Grant Street corner Boyd Street, Main Street corner Fillmore Avenue, Military Road corner Hertell Avenue, all authorized by New York State Banking 12/14 Department Calif.: Francisco, San Co., Trust Mercantile Bank of Burlingame and Bank of Palo Alto, conference with Mr. Drum on opera11/30 tion as branches Previous action reconsidered and permission granted to take over and 12/ 8 operate as branches Menlo Park Branch of Bank of Palo Alto, appli12/29 cation to acquire approved 501 Haight Street, removed from 498 Haight 7/31 Street to allow remodeling Merrill Trust Co., Bangor, Me.: Frontier National Bank, Eastport, purchase of, with view to consolidation and 7/31 establishment as branch Michigan State Member Banks, letter from FRAgent at Chicago, referred to Counsel for opinion as to Board's authority if established without its ap7/14 proval Northeastern Trust Co., Reading, Pa.: Sixth and Washington Streets, application ap7/28 proved Pacific Southwest Trust & Savings Bank, Los Angeles: Los Angeles: Jefferson State and Arlington Avenue, removed from 2079 West Jefferson 8/25 Street 220-222 from removed 300 North Main Street, 12/29 North Spring Street from removed Streets, Pico and Valencia 8/25 1501 West Pico Street 4321 from removed Avenue, 4335 South Park 8/ 5 South Park Avenue 221 116 330 299 319-20 438 74 74 38 64 116 439 116 82 10 Page Branch Banks, Domestic: (Contld) Pacific Southwest Trust & Savings Bank: (Conttd) Los Angeles: (Contld) 724 West Jefferson Street, removed from 670 West Jefferson Street 1301 West Seventh Street, removed from 1510 West Seventh Street 1586 West Washington Street, moved from 1605 West Washington Street San Pedro, 490 West Sixth Street, closing approved, but later reopening at new location to require new application Pearl Street Savings & Trust Co., Cleveland, Ohio: Lorain Avenue and Triskett Road, application approved Brooklyn, U. Y.: Peoples Trust Co., Fourth and Street Avenue, appliEighty-fifth cation approved Fourth Avenue and 81st Street, authorized by New York State Banking Department Regulations of FRBoard on, amendment to Regulation IT" proposed by Mr. Miller Savings Bank, Los Angeles, Calif.: & Security Trust Street, extension of time for Tenth 710 West opening, granted Western Avenue and Beverly Boulevard, removal of branch from 321 Northwestern Avenue Union Trust Co., Cleveland, Ohio: Altoona Avenue and Pearl Road, application approved Cook and Detroit Avenues, Lakewood, application approved Buckeye Road, application and 118th Street approved Kinsman and Center Roads, extension of time for opening granted Union Trust Co., Providence, R. I.: Woonsocket, extension of time for opening until November 1 Extension of time for opening until January 1, approved Advice of opening of Western Bank & Trust Co., Cincinnati, Ohio: Fairmount Branch, 1530 Harrison Avenue, application approved 8/5 82 8/25 116 11/24 283 12/29 439 11/17 260 8/25 117 12/14 330 12/ 8 321 12/29 440 11/ 4 236 11/17 260 10/23 220 10/23 220 10/23 220 7/31 77 11/ 4 12/17 236 381 11/20 272 11 Page Branch Banks, FRSystem: Baltimore: Building, resolution for, to be introduced in Congress filed Ordered Directors: (See Directors) Salary schedule for officers and employees, approved Staff: Cupit, J. R., increase in salary and made Assistant Cashier Dudley, A. H., increase in salary as Managing Director Hays, Thomas I., increase in salary as Assistant Cashier Reese, M. F., increase in salary and to be made Cashier Brimingham: Building for: Draft of reply to letter from Consulting Architect Trowbridge re submitting report on plans and specifications for, approved Approval of plans and specifications withheld until suggestions of Consulting Architect are complied with FRBoard ready to consider plans Plans approved and authority to begin building Statement of Yr. Trowbridge for services Contract for erection of, awarded Directors: (See Directors) Salary schedule for officers and employees, approved Staff: Knowlton, T. N., increase in salary as Assistant Cashier Urquhart, H. J., increase in salary as Cashier Walker, A. E., increase in salary as Managing Director Reappointed for 1926 Buffalo: Directors: (See Directors) Salary schedule for officers and employees Staff: Schneckenburger, W. W.: Advice of pending resignation as Manager 9/22 9/29 168 197 12/16 363 12/16 363 12/16 363 12/16 363 12/16 363 8/ 5 80 9/26 9/29 125 196 10/15 11/17 12/ 2 212 259 306 12/16 364 12/16 364 12/16 364 12/16 12/17 364 380 12/16 373 11/20 275 "12 Page Branch Banks, FRSystem: (Contld) Buffalo: (Contsd) Staff: (Contid) Schnedkenburger, W. W.: (Cont'd) Increase in salary of Further increase approved Theobald, E. L., increase in salary as Assistant Cashier Buildings, suggested amendment to bylaws of FRBoard on approval of Charlotte: (Proposed) Rehearing on subject of, during Autumn, consideration to be given at meeting of Pull Board to request of Richmond directors for Request of Board of Directors for hearing in December, referred to Executive Committee Hearing set for December 9 Interested parties permitted to attend but discussion limited to whether branch shall be established Date of hearing postponed Date for hearing to be January 15, 1926, and discussion of desirability of branch and also location Resolution adopted by North Carolina Bankers Association Resolution adopted by rorth Carolina and South Carolina Press Associations Resolution adopted by South Carolina Cotton Manufacturers Association Cincinnati: Building site, letter from law firm of Cincinnati re contemplated suit against Union Central Life Insurance Co by a real estate agent Draft of letters to MBank of Cleveland and to Cramer and Gordon, Attorneys, to be held until after • visit of Governor Crissinger to Cleveland Letter from Governor of MBank of Cleveland that information should not be furnished Cramer and Gordon to be advised that purchase was made under supervision of Directors of MBank of Cleveland 12/16 12/19 376 411 12/16 377 8/26 131 7/14 39 10/15 11/17 215 262 11/23 11/30 280 295 12/17 380 7/29 69 7/29 69 7/ 7 14 8/26 126 9/ 8 144 9/22 169 10/ 5 206 13 Page Branch Banks, FRSystem: (Contld) Cincinnati: (Cont'a) Directors: (See Directors) Gardell, J. M., claim for commission in transaction with Cincinnati Chamber of Commerce Quarters: Negotiations with Chamber of Commerce for sale of lot and lease of space in building to be erected by Chamber, letter from Governor Fancher Conference with Messrs. Wills and Newell re, question of legality to be referred to Attorney General Draft of letter to Acting Secretary of the Treasury requesting submission of matter to Attorney General Opinion of Attorney General upholding legality of contract, FRBoard votes to interpose no objection Letter from Governor of FRBank of Cleveland with advice of acceptance of proposition of Chamber of Commerce Publication of opinion by Attorney General, no objection by FRBoard Accounting procedure in connection with lease Memorandum of Chief of Division of Bank Operations re method of accounting, approved Salary schedule for officers and emnloyees, approved Staff: Faulkner, P. J., redesignated Assistant FRAEent Salary of Manning, L. W., salary as Managing Director approved to March 31, effective date of resignation for 1926 salaries Officers, Denver: Auditing of War Finance Department to be done by examiners of FRBoard of balance due to A. B. statement Building, Trowbridge in connection with Directcrs: (See Directors) Salary schedule for officers and employees, approved 9/25 188 7/16 41 7/24 57-60 7/27 61 8/ 6 94 8/12 98 8/25 118 11/30 297 12/ 8 313 12/21 417 12/19 12/21 413 417 12/21 12/21 418 417 12/ 8 312 11/17 259 12/16 368 14 Page Branch Banks, FRSystem: (Contld) Denver: (Conttd) Staff: Conway, A. J., increase in salary as Cashier Yeigs, Dwight C., redesignated Assistant FRAgent Olson, Joseph E., increase in salary as Managing Director Reappointed for 1926 Detroit: Directors: (See Directors) Salary schedule for officers and employees, approved Staff: Baskin, John G., redesignated Assistant FRAgent Cation, William R., increase in salary as Manager Appointed for 1926 Chalfont, H. J., increase in salary as Assistant Cashier Dew, J. B., increase in salary as Cashier Officers, election for 1926, notice of Schrader, William C., redesignated Acting Assistant FRAgent El Paso: Directors: (See Directors) Salary schedule for officers and emnloyees, approved Staff: Crump, M., appointed Managing Director for 1926 FRBank of Atlanta: Bylaws, amendment to permit directors at head office to be appointed Chairman of branch board Exnense budget for 1925, report on Survey to reduce activities and concentrate more work in home office Helena: Auditing of War Finance Departments to be done by examiners of FRBoard Directors: (See Directors) Salary schedule for officers and employees, approved Staff: Assistant FRAgent, abolition of office discussed by Mr. Mitchell 12/16 368 12/18 406 12/16 12/14 368 329 12/16 365 12/18 406 12/16 12/29 365 436 12/16 12/16 12/29 365 365 436 12/18 406 12/16 367 12/29 437 12/30 9/23 452 173 8/26 129 12/ 8 312 12/16 366 9/29 199 15 Page Branch Banks, FRSystem: (Contld) Helena: (Contid) Staff: (Contid) Cutler, Williston A., increase in salary as Assistant Cashier Towle, R. E., appointed Managing Director for 1926 Weir, T. B., retainer fee as Counsel Zimmerman, H. L.: Bond as Assistant FRAgent Redesignated as Assistant FRAgent until October 1 Redesignated for rest of calendar year Redesignated for 1926 Houston: Directors: (See Directors) Salary schedule for officers and employees, approved Staff: DeMoss, H. R., increase in salary as Assistant Cashier Pondrom, L. G., increase in salary as Cashier Reordan, Dwight P., increase in salary as Managing Director Reappointed for 1926 Jacksonville: Confiscation of incomplete Federal Reserve note presented by Florida National Bank of Jacksonville, referred to Secretary of the Treasury Directors: (See Directors) Salary schedule for officers and employees, approved Staff: DeSaussure, George R., appointed Managing Director for 1926 McLarin, W. S., increase in salary as Cashier White, George J., salary as Assistant Cashier Little Rock: Directors: (See Directors) Salary schedule for officers and employees, approved Staff: Bailey, A. F., increase in salary as Managing Director 12/16 366 12/14 12/16 329 366 12/17 379 7/ 2 2 9/29 12/18 200 406 12/16 367 12/16 367 12/16 367 12/16 12/29 367 437 12/21 424 12/16 364 12/17 380 12/16 364 9/23 177 12/18 400-3 12/18 401 16 Page Branch Banks, FRSystem: (Contld) Little Rock: (Contld) Bailey, A. F.: (Contid) Reappointed for 1926 Coe, F. A., resignation as Assistant Cashier Long, M. H., increase in salary as Cashier Maguire, F. P., increase in salary as Assistant Auditor Wood, Clifford, increase in salary as Assistant Cashier Salary again increased Los Angeles: Directors: (See Directors) Salary schedule for officers and employees, approved Staff: Loveland, C. S., designated Examiner for 1926 Schmidt, G. H., increase in salary as As Manager Louisville: Directors: (See Directors) Salary schedule for officers and employees, approved Staff: Kincheloe, W. P., increase in salary as Managing Director Reappointed for 1926 Moore, Lee A.,,increase in salary as Assistant Auditor Moore, John T., increase in salary as Cashier Muir, Earl R., increase in salary as Assistant Cashier Memphis: Directors: (See Directors) Salary schedule for officers and employees, approved Staff: Belcher, S. K., increase in salary as Cashier Debrecht, A. E., increase in salary as Assistant Auditor Fuqua, V. S., increase in salary as Managing Director Reappointed for 1926 Martin, C. E., increase in salary as Assistant Cashier 12/21 8/12 12/18 423 99 401 12/18 401 8/12 12/18 99 401 12/18 403 12/18 408 12/18 403 12/18 400-3 12/18 12/21 402 423 12/18 402 12/18 402 12/18 402 12/18 400-3 12/18 402 12/18 403 12/18 12/21 402 423 12/18 402 17 Page Branch Banks, FRSystem: (Contld) Nashville: Bylaws, change in meeting time of Board of Directors Directors: (See Directors) Salary schedule for officers and employees, approved Staff: Fort, Joel B., Jr., increase in salary as MsrAging Director Reappointed for 1926 Huggins, E. C., Jr., increase in salary as Cashier Starr, Leo W., increase in salary as Assistant Cashier New Orleans: Directors: (See Directors) Salary schedule for officers and employees, approved Staff: Black, W. H., increase in salary as Assistant Manager Miller, William E., increase in salary as Assistant Auditor Redesignated Assistant FRAgent Stevens, J. R., redesignated Alternate Assistant FRAgent Vasterling, F. C., increase in salary as Assistant Cashier Walker, J. A., increase in salary as Cashier Designated special Examiner Walker, Marcus, increase in salary as Managing Director Reappointed for 1926 Oklahoma City: Directors: (See Directors) Salary schedule for officers and employees, apnroved Staff: Daniel, C. E., increase in salary as Managing Director Reappointed for 1926 Leamon, Oliver A., redesignated Assistant FRAgent Omaha: Building, statement of A. B. Trowbridge for services as consulting architect 10/15 214 12/16 364 12/16 12/17 364 380 12/16 364 12/16 365 12/16 364 12/16 364 12/16 12/18 364 405 12/18 405 12/16 364 12/16 12/18 364 407 12/16 12/17 364 380 12/16 368 12/16 12/14 368 329 12/18 406 12/14 331 18 Page Branch Banks, FRSystem: (Cont'd) Omaha: (Contld) Directors: (See Directors) Salary schedule for officers and employees, approved 12/16 Staff: Earhart, L. H., reappointed Managing Director for 1926 12/14 Sanders, T. Gordon, redesignated Assistant FRAgent 12/18 Pittsburgh: Directors: (See Directors) Salary schedule for officers and employees, approved 12/21 Staff: DeCamp, George, reappointed Managing Director for 1926 12/19 Salary recommendation not approved because of appointment as FRAgent at Cleveland 12/21 Jones, T. M., redesignated Assistant FRAgent 12/19 Salary of 12/21 Officers, salaries for 1926 12/21 Wardrop, Robert, redesignated as Acting Assistant FRAgent 7/ 2 Redesignated for 1926 12/19 Portland: Directors: (See Directors) Salary schedule for officers and employees, approved 12/18 Staff: Managing director, reason for vacancy in office of 10/ 5 Reply of FRAgent that Assistant Manager will act until end of year 10/ 8 Sonne, H. A., designated Examiner 12/18 West, R. B., salary increased and made Managing Director 12/18 Salt Lake City: Building: Status of, visit of Hon. Reed Smoot to Governor Crissinger re 9/25 Letter to Senator Smoot giving status of plans for building 9/29 Telegram from Deputy Governor at San Francisco re excluding certain expenses from cost of building 10/ 5 368 329 406 417 411 418 413 418 418 9 413 403 203 209 408 403 188 198 206 19 Page Branch Banks, FRSystem: (Contld) Salt Lake City: (Contid) Building: (Contld) Conversation of Senator King with Governor Crissinger re contract for Elimination of certain items from cost of building to be discussed with Messrs. Calkins and Perrin Letter from Senator Smoot re open shop plan of labor for building Inquiry of Secretary of Labor re employing union and nonunion labor Plans and specifications for Protests filed with Senator Smoot by labor officials and contractors Plans and specifications to be submitted to A. B. Trowbridge Employing union and nonunion labor to be taken up with Senator Smoot and Secretary of Labor Davis Directors: (See Directors) Salary schedule for officers and employees, approved Staff: Craft, H. M., increase in salary as Assistant Manager Hupp, C. R., designated examiner for 1926 Leisner, J. M., increase in salary and made Assistant Manager at Spokane Branch Managing Director, reason for vacancy from June 1 to July 1 Partner, W. L., increase in salary as Managing Director Smoot, W. M., increase in salary as Assistant Cashier Seattle: Directors: (See Directors) Salary schedule for officers and employees, approved Staff: Russell, B. A., salary increased and made Assistant Manager Spokane: Directors: (See Directors) Salary schedule for officers and employees, approved 11/ 4 233 11/ 4 234 12/ 2 304 12/ 8 12/21 308 421 12/21 421 12/29 445 12/30 452 12/18 403 12/18 12/18 404 408 12/18 404 10/ 5 203 12/18 404 12/18 404 12/18 403 12/18 404 12/18 403 20 Page Branch Banks, FRSystem: (Cont'd) Spokane: (Contld) Staff: Davis, D. L., salary increased and made Managing Director McBride, E. B., designated examiner for 1926 Managing Director, reason for vacancy in office of Reply of FRAgent that Assistant Manager will act until end of year Branch Banks, Foreign: National City Bank of New York: Belascoain Sul-Branch, Havana, Cuba, application approved Moron, Cuba, application approved Santa Domingo and sub-branch or agencies in other cities of the Dominican Republic Brokers: Loans by member banks In New York City on stocks and bonds, information to be required by FRBoard Form for showing in Board's weekly member bank statement Brookings State Bank, Brookings, Ore.: (See Par Clearance Cases) Budget Bureau: Estimate of expenditures of Board reauested, memo of Counsel on Draft of reply of Governor Crissinger submitting estimate Copy of letter to Director approved Budgets: FRBanks statistical and analytical, for last half of 1925 For 1926 Buildings, FRBanks and Branches: Amendment to bylaws of FRBoard suggested to require affirmative vote of five members of Board for approval of expenditures for Baltimore Branch, resolution for building to be introduced in Congress Ordered filed Birmingham: (See Branch Banks, FRSystem) Cincinnati: (See Branch Banks, FRSystem) Denver, statement of balance due A. B. Trowbridge in connection with 12/18 404 12/18 408 10/ 5 203 10/ 8 209 10/ 5 8/5 203 85 10/27 228 12/21 424 12/28 429 10/28 231 11/ 4 11/10 234 251 7/ 9 12/18 17-29 404 8/26 131 9/22 9/29 168 197 11/17 259 21 Page Buildings: FRBanks and Branches: (Contid) Omaha, statement of A. B. Trowbridge for services as consulting architect Salt Lake City: (See Branch Banks, FRSystem) Bureau of Engraving and Printing: Redemption of incomplete FRnotes stolen from: (See FRnotes) Byers, Senator, of New Jersey, inquiry re details of recent credit to Bank of England Bylaws: Branches of FRBank of Atlanta: Amendment to permit directors at head office to be appointed Chairmen of Branch Boards FRBoard: Amendment suggested by Mr. Miller requiring affirmative vote of five members of Board for approval of buildings for FRBanks and branches Special committee appointed to recommend general revision of Nashville Branch: Change in time of meeting of Board of Directors 12/14 331 12/10 325 12/30 452 8/26 131 9/ 8 141 10/15 214 Cable transfers, resumption of sale by Havana Agency 8/26 of FRBank of Boston California State Banking Department: Detail of examiners to, by FRBank of San Francisco to assist in special investi7/14 gation re Valley Bank of Fresno 7/22 Draft of letter to FRAgent, approved as amended Reply of FRAgent, matter to be discussed at 8/12 Conference of FRAgents Canada: Computation of price indexes for, to be discontinued 12/17 Capital Stock: (See Stock, Capital) Catlettsburg, Ky.; Farmers & Merchants Bank of: (See Par Clearance Cases) Certificates of Deposit: Reserves against promissory notes issued by Howard National Bank, Burlington, Vt., in lieu of, liability to be 8/ 6 shown in banks's statement as 123 36-7 52 102 379 93 22 Page Chamber of Commerce of Cincinnati: (See Branch Banks, Cincinnati) Circular Letters: FRBank of Cleveland: Member banks exercising fiduciary powers, objection by FRBoard to form of 11/ 4 FRBank of Dallas: Relation of credit policy to crop outlook 9/ 8 FRBoard: Amendment to Manual of RLeased Wire System under instructions to telegraph operators 7/14 and examination credit functions of FRBanks, Bank consideration at Conferences of FRAgents and Governors 9/ 8 Bank suspensions and insolvencies, manner in which to be reported 8/25 Budget of expenditures for statistical and analytical function of FRBanks 11/24 to be submitted Eligibility of officers of insurance company for election as Class "RI' Director 7/ 2 Copy of above to be furnished William W. Russell, who was nominated in First District 7/ 2 Publication as ruling in FRBulletin, memo of Counsel on 7/14 Ruling made topic for Conference of Agents and Governors 7/28 Estimating population of towns and cities in which banks applying for membership are located 8/ 5 Expense of Special Counsel in Brookings Case, advising FRBanks, will be prorated in usual manner 8/ 5 Expense of Special Counsel in Catlettsburg Case, directing all FRBanks to remit prorate share of 7/ 7 Expert services, permission of Board for employment by FRBanks, objection by FRBank of New York 9/23 Reply of Board that ruling does not preclude action if interests of bank are jeopardized 9/25 Nonmember banks maintaining clearing accounts with FRBanks and balances there8/ 5 in, list of requested Reports of condition, foreign banking corpora7/14 tions as of June 30 240 138 35 142 118 287 6 6 37 68 86 87 12 179 190 80 39 23 Page Circular Letters: (Contld) FRBoard: (Contld) Termination of membership by State banks, letter to FRAgents limiting time for surrender of stock National Credit Office: Filing of separate credit statements by affiliated or subsidiary concerns Interpretation of provisions of Regulation "A!1, letter to Robert Morris Associates Civil Service Commission: Information on employees of FRBoard to be furnished for use of Bureau of the Budget Reply to letters from, giving list of employees and showing changes in personnel Directorates) Interlocking Clayton Act: (See Clearing Accountst Draft of circular letter requesting list of nonmember banks maintaining, and balances, approved Clearing and Collection: Deduction of exchanges for clearing house, etc., from demand deposits in computing reserves of member banks schedule, change in time between time Interdistrict Dallas and Little Rock Non-Cash Items: Report of Committee on Voluntary Services on brief filed by Committee of American Bankers Association, letter from Governor Fandher Memorandum from Mr. James that copy of report be furnished American Bankers Association Committee on, and public hearing on question be arranged if desired Inquiry from Mr. Yountjoy as to when report will be available Acknowledgement of receipt of copies of report by Jahn W. Barton Correspondence with Mr. Barton re discontinuance of non-cash collection function of FRBanks Letter from Mr. Barton re hearing to be granted American Bankers Association Committee on non-cash collections 11/17 259 7/28 67 8/ 5 87 9/25 188 10/ 5 204 8/5 80 9/17 164 8/5 80 7/ 2 7 7/ 2 7-8 8/12 103 8/25 112 10/27 229 11/ 4 . 237 24 Page Clearing and Collection: (Contld) Non-Cash Items: (Contld) Circular addressed to member 'banks by corn mittee of American Bankers Association, FRBanks to issue letter if they desire Letter from Mr. Barton re meeting of his committee with Board, date to be fixed later Telegrams covering advices in connection with, effective date of code words postponed until Leased Wire Committee renders opinion Closing of books of FRBanks on December 31, letter to FRAgents re Code words in telegrams covering advices in connection with non-cash collection items, effective date postponed for opinion of Leased Wire Committee Collection: (See Clearing and Collection) Commercial and Financial Chronicle, New York City: FRAgent Perrin requested to reply to articles on Federal Reserve matters in, advised not to comply with request Commissions to be charged to foreign correspondent banks by FRBank of New York for purchase of bills, etc. Committees: FRAgents: Examinations: Employing of Prof. O. M. W. Sprague, no objection by Board Member Bank Reserves: Report on deduction of exchanges for clearing house, etc., from demand deposits in computing Report of Messrs. Stewart and Sprague, to confer with Board FRBank of Richmond: Report of Directors re survey of organization and adjustments in personnel FRBoard: Banking Legislation: Messrs. Sprague and Stewart, report to be made at Conference of FRAgents Discount and Open Market Policy, motion of Mr. Hamlin to discontinue 11/30 293 11/30 294 8/12 104 11/17 259 8/12 104 7/ 7 14-5 11/30 296 12/ 8 308 9/17 164 9/ 8 145 7/22 53 9/25 186 12/30 452 25 Page Committees: (Cont 1 d) FRBoard: (Cont') Examination: To investigate and report on coordinating all examining work of FRSystem under FRBoard, motion of Mr. Miller Executive: Cunningham, E. H., designated member for three months James, George R., expiration of term Snecial: Bylaws, revision of and ruling on leave of absence of officers of FRBanks, composed of Messrs. Miller, James and Platt Messrs. Platt, Miller and Cunningham to suggest topics for discussion at meeting of Federal Advisory Council To assemble recommendations for banking legislation, Messrs. nen, Stewart and Wyatt Consideration of McFadden Bill and proposed amendments to FRAct, National Bank Act and Revised Statutes Governors' Conference: Pension, report of Governors and FRAgents: Banking Legislation: Report of FRAgents Committee on member bank reserves referred to Consideration of report in connection with recommendations on McFadden Bill Miscellaneous: Bank examination and credit functions of FRBanks, report to be discussed at Conference of Governors and FRAgents Currency notes, redemption procedure, etc., Messrs. Eddy and Wyatt authorized to assist committee designated by Secretary of the Treasury Leased Wire: Opinion on transmission of telegrams covering advices in connection with non-cash collection items, use of code words postponed 9/17 165 9/29 9/29 194 194 9/ 8 141 8/25 112 12/14 336 12/15 341-7 12/ 8 318 10/28 231 12/15 341 9/ 8 142 9/15 153 8/12 104 26 Page Committees: (Conttd) Miscellaneous: (Contld) Member Bank Reserves: Motion of Mr. Miller that action on application for reserve reductions be deferred pending consideration of report of 7/ 7 Report of, ordered circulated 7/ 2 Referred to special committee appointed to study banking legislation 10/28 Open Market Investment: Meeting of, report of Mr. Platt on conversation with Mr. Case that it could not be held present week 9/15 Messrs. Strong, Harding, Hutt, Fancher and McDougal, present at meeting of Board and copies of report of their meeting presented 9/22 Minutes of meeting held September 22 9/29 Minutes of meeting December 1 that matured Treasury certificates be replaced by purchases, approved 12/ 2 Open market purchases up to $50,000,000 to be made by FRBank of New York for account of all FRBanks 12/21 Recommendation of committee, approved 12/22 Rates for purchase of acceptances of FRBank of Philadelphia, in11/24 crease to be discussed Report of, to be considered at next meeting 11/10 Consideration deferred because of absence of Messrs. Miller and James 11/17 Report to be considered at special meeting 11/20 Report approved in general but another meeting deemed desirable immediately 11/23 Meeting to be held December 1 or 2 11/24 Voluntary Services Assumed by FRBanks: Letter from Governor rancher requesting members of Board to read carefully report on brief filed by American Bankers Association Committee on non-cash collections 7/ 2 11 8 231 158 169 194 304 426 427 286 255 257 276 279 282 7 27 Page Committees: (Contld) Miscellaneous: (Cont Id) Voluntary Services, etc.:(Contld) Memorandum from Mr. James submitting motion that copy of report be furnished American Bankers Association Committee on noncash collections and public hear7/ 2 ing arranged if desired Inquiry from Mr. Mountjoy as to when report will be available 8/12 Report of, acknowledgement of receipt of copies by John W. Barton 8/25 Copies of report to be furnished to members of Federal Advisory Council 9/ 8 Comptometer machine, purchase by Division of Bank Operations, approved 11/20 Comptroller of the Currency: Bank of Italy, report of rumored consolidation with certain large California banks: (See Consolidations) Conference of counsel of FRBanks with office of, re proof of claims against insolvent national banks, memo of Counsel submitting report on 8/ 5 Ladd and Tilton Bank, Portland, Ore., report on closing of, and failure of ex8/26 amination to disclose condition Salaries of National Bank Examiners: (See Examiners) Condition Reports: (See Reports of Condition) Conferences: Counsel of FRBanks with office of Comptroller of the Currency re proof of claim against insolvent national banks, memo of Counsel submitting report of, and re employment of special system 8/ 5 counsel Federal Advisory Council: Meeting to be held September 21, special committee of Board to suggest topics for discussion 8/25 9/ 8 Topics for discussion at 9/23 Recommendations made at meeting 10/23 Meeting to be held November 30 Topics for discussion referred to Executive Committee 11/10 Report of Executive Committee on topics 11/17 Recommendations of, action of Board on 12/ 8 7-8 103 112 145 271 84 128 84 112 144-5 174 219 252 265 320 28 Page Conferences: (Cont'd) F.Agents: Anderson, Hon. Sidney, correspondence with American Railway Association re appearance before Committee on Examinations, employing of Prof. O. M. W. Sprague by, no objection by FRBoard Date and character of meeting and tonics for discussion to be ascertained by Governor of FRBoard Draft of telegram to FRAgent at San Francisco re kind and time of conference desired Conference called for October 29-31 and to be followed by joint conference with Governors Date formally approved Minutes transmitted to Board Program for, furnished by FRAgent Martin Tonics for Discussion: (See also below, Governors and FRAgents) Assistant FRAgents at Branch Banks, necessity for Bank examination part of report of subcommittee on bank examination and credit functions of FRBanks List of those ordered placed on program to be furnished to Chairman of Executive Committee of FRAgentsi Conference Draft of letter transmitting Acknowledgement of receipt of topics by FRAgent at New York Regulation "A" of FRBoard, modification recommended by FRAgent at San Francisco Reserves of member banks against time deposits, proposed amendment of Fact FRBalik of Dallas: With representatives of Texas Bankers Association, mortgage loan companies, insurance companies, Federal Land Bank of Houston, and three joint stock land banks, proceedings of FRBoard: (See also Hearings) 9/25 187 12/ 8 308 8/12 102 8/26 124 9/ 2 9/ 8 11/30 10/ 5 135 145 298 201 9/29 199 9/ 8 142 9/17 9/23 162 174 9/25 186 9/29 197 10/15 212 9/ 8 138 29 Page Conferences: (Cont'd) FRBoard: (Contld) FRAgent Austin re statistical and reporting work at Philadelphia FRAgent Wills and Counsel of FRBank of Cleveland re proposed real estate transaction with Cincinnati Chamber of Commerce (See also Branch Banks, FRSystem) Governors: Anderson, Hon. Sidney, correspondence with American Railway Association re appearance before Called for November 2-4 and to be followed by joint conference with FRAgents Date formally approved and Secretary to present list of topics ordered placed on program for discussion Minutes transmitted to Board Pension Committee, report of Topics for Discussion: Budget control of expenses of FRBanks Cafeterias of FRBanks, cost of operating Credit portion of report of sub-committees on bank examination and credit functions of FRBanks Protection function at FRBanks List of topics ordered. placed on program to be furnished to Secretary of Conference Draft of letter transmitted as amended Reserves of member banks against time deposits, proposed amendment to FRAct Governors and FRAgents: Topics for Discussion: Amendment to Regulation ".0 to make acceptances of grain elevator companies secured by warehouse receipts eligible for rediscount Eligibility of insurance officers for election as Class "B" Directors of Flilank Exhibits at conventions to be discontinued, motion of Mr. James Leave of absence for FRBank officers 7/24 60 7/24 57-60 9/25 187 9/ 2 135 9/ 8 11/30 12/ 8 145 298 318 9/ 9 9/ 9 150 151 9/ 8 8/25 142 113 9/17 162 9/23 174 10/15 212 9/29 198 7/28 68 9/ 8 7/ 2 141 8-9 30 Page Conferences: (Contld) Governors and FRAgents: (Contld) Topics for Discussion: (Contld) Reserve deficiencies of member banks to be reported to Superintendents of Banks in various States and to Comptroller of the Currency Representatives of nearby FRBanks to make changes in functional expense reports of FRBanks Recommendations of conference approved Congressional Service of Corporation Trust Co.: Renewal of subscription by FRBoard, approved Consolidations: Atlantic National Bank, Boston, Mass., with Massachusetts National Bank, contemplated Bank of Italy, with Pacific-Southwest, Security Trust & Savings Bank, and others, report re rumor of, and telegrams sent FRAgent and Board's Chief Examiner, to investigate Telegrams from Messrs. Herson, Perrin and Sargent Letter from Messrs. Hereon and Sargent advising negotiations under way with Citizens National and Citizens Trust & Savings Bank, Los Angeles, and First National Bank of San Francisco Letter from FRAgent at San Francisco with reference to and re purchase of Bowery Bank, New York City, by Bancitaly Corporation Bank of Southern Utah and Iron Commercial Savings Bank, both of Cedar City, without approval by FRBoard Application for consolidation, approved Citizens & Southern Bank, Savannah, Ga., absorption of Commercial Bank of Athens, approved Citizens Bank, Aztec, N. M., purchase of Aztec State Bank, approved Commercial State Bank, Constantine, Mich., with First State Bank of Constantine, and name changed to First Commercial Savings Bank 8/26 125 9/ 9 10/ 5 150 204 12/ 8 310 12/29 438 7/22 54 7/28 63 8/ 5 83 8/12 98 11/30 12/18 295 398 11/ 4 236 9/15 154 9/17 162 31 Page Consolidations: (Contld) Farmers & Merchants State Bank and Citizens State Bank, Maypearl, Texas, application to be obtained by FRAgent at Dallas Application approved Jamestown State Bank, Jamestown, Kans., purchase of Farmers State Bank, Jamestown, application approved Merrill Trust Co., Bangor, Me., purchase of Frontier National Bank, Eastport, Me., with view to Minneapolis Trust Co., and Wells-Dickey Trust Co., surrender of stock in connection with Pacific National Bank, New York City, with American Exchange National Bank, Clayton Act application of William Skinner, in connection with, approved Reliance Trust Co., and Commonwealth Banking & Trust Co., Cleveland, to form Ohio Trust Co., without approval of F.Board Surrender of stock approved if Ohio Trust Co., complies with conditions of membership State Street Trust Co., Boston, Mass., purchase of National Union Bank, Boston, Mass., approved Union Bank of Richmond with Federal Trust Co., application approved Wood and Huston Bank, Marshall, Mo., absorption of Bank of Mt. Leonard, Mo., approved Contributions, FRBanks: Boston, to Federal Reserve Society for educational and welfare work Minneapolis: Credit Justice Fund of National Association of Credit Men Tax payers association New York, to Credit Justice Fund of National Association of Credit Men Corn, canned,ruling requested whether to be considered as readily marketable staple agricultural product, letter to Governors of FRBanks re 11/20 12/14 274 331 7/28 67 7/31 74 7/29 71 8/ 6 92 9/15 157 9/23 179 9/22 168 11/ 4 235 12/29 438 10/27 226 7/28 12/29 66 437 7/28 68 12/29 442 32 Page Cotton Seed: Eligibility for rediscount of notes secured by warehouse receipts covering, inquiry from FRBank of Atlanta Ylemorandum of Counsel that notes are eligible if cotton seed is properly stored Report of Law Committee, form of reply to inquiry, approved Counsel, General: Memoranda of: Acceptances of grain elevator companies secured by warehouse receipts, eligibility for rediscount Action deferred until after Conferences of Governors and FRAgents Application of officers and directors of Marine National Bank, Seattle, Wash., to serve also on proposed new bank Baker, Newton D., bill for services in connection with par clearance cases Statement of exoenses in connection with Pascagoula National Bank case, approved Statement for services in connection with (See also Baker, Newton D.) Bloomsburg National Bank, Bloomsburg, Pa., liquidation of trust business and transfer of assets to Columbia County Trust Co. Branch Banks, right of FRBoard to require notice from member bank of intention to establish Callery, J. D., application to serve interlocking directorates, hearing granted Charging of paper held under rediscount to reserve account of Unaka & City National Bank, Johnson City, Tenn., before maturity Copy of opinion to be forwarded to FRBank of Atlanta Circular letter to FRAgent re eligibility of officer of insurance company as Class "B" Director of FRBank Circular letter proposed by FRBank of Cleveland to member banks on fiduciary powers 7/22 54 7/29 69 7/31 77 10/ 5 205 10/ 8 210 12/30 451 7/7 12 12/ 8 12/14 309 332 11/20 273 11/17 263 11/20 270 8/6 94 8/26 129 7/2 6 11/ 4 240 33 Page Counsel,General: (Cont'a) Memoranda of: (Contld) Civil Service Retirement Law not applicable to employees of FRBoard to letters from Civil SerBoard Reply of vice Commission Jr., permission of Board to H., Claflin, W. serve interlocking directorates not necessary because firm is not classed as "private banker" Collier, Barron G., annlication to serve interlocking directorates, approved Compensation for injury from United States Employees Compensation Commission, applicablity to staff of FRBoard Compensation of officers or employees of FRBanks on leave of absence Conference of Counsel of FRBanks on proof of claims by national banks, copy of report of Congressional Service of Corporation Trust Co., renewal of subscription to Consolidated National Bank, Dubuque, Iowa, application for fiduciary powers Cotton seed, eligibility for rediscount of notes secured by Report of Law Committee on Directors, Class "B", eligibility if actively connected with national bank when elected Memorandum submitting draft of letter to FRAgent at Minneapolis, held pending another opinion Memorandum of Counsel on right of Board to declare candidate ineligible for election, letter to FRAgent referred back for revision Revised letter stating cases will be decided when directors attempt to qualify Eggs and dressed poultry, paper secured by, not eligible for rediscount under Section 13 of FRAct Counsel instructed to confer with Department of Agriculture on perishability of May be ruled non-perishable under certain conditions 9/25 188 10/ 5 204 11/10 254 9/ 8 144 8/ 5 88 11/ 4 240 8/ 5 84 12/ 8 310 7/22 49 7/29 7/31 69 77 11/ 4 234 11/10 252 11/17 263 11/20 273 10/ 5 205 11/10 255 11/20 275 Page Counsel, General: (Contld) Memoranda of: (Contld) gg's and dressed poultry, etc.: (Contld) Opinion of Counsel, apnroved Essex National Bank, Essex, Conn., application for fiduciary powers disapproved because of insufficient capital Estimate of expenditures requested by Budget Bureau, referred to Governor Draft of reply to Director submitting estimate Farmers National Bank, Clay, Ky., application for fiduciary powers approved Farmers State Bank, Garvin, Okla., forfeiture of membership in FRSystem First Federal Foreign Investment Trust, reservation of title under Section 25a of FRAct requested Application for reservation of title, anproved Memorandum of Counsel on similarity of title to First Federal Foreign Banking Corporation Articles of association and organization certificate, no action until investigation by Board's Chief Examiner First National Bank, Covington, Ky., application to exercise fiduciary powers, approved Interlocking directorate applications of Cecil B. DeMille, J. E. Carr, D. M. Dorman, and L. M. McDonald granted as filed, but to make application to serve Bank of Italy Laconia National Bank, Laconia, N. H., application for certain fiduciary powers, approved Lynchburg National Bank, Lynchburg, Va., application granted to exercise certain fiduciary powers laws regarding exercise of fiMichigan State duciary powers, views of State Commissioner of Banking requested Draft of letters to First National Bank of Lapeer and First National Bank of Alger County Minneapolis Trust Co., Minneapolis, Minn., cancellation of stock of 11/30 299 11/ 4 239 10/28 231 11/ 4 234 7/22 49 11/24 285 11/10 254 11/17 264 12/14 332 12/21 424 8/25 111 12/10 324 7/22 50 7/22 48 11/ 4 239 11/24 285 7/29 71 35 Page Counsel, General: (Contld) Memoranda of: (Cont'd) National bank has no right to act as agent in service of process National City Bank of New York: Bank of Haiti, Inc., application to invest in capital stock of Belascoain Sub-branch, Havana, Cuba, apnlication apnroved Dominican Republic, application for branches in Moron, Province of Camaguey, Cuba, opening of branch in Notes and acceptances given power company by coal company covering monthly bills for light and power, eligibility for rediscount, letter from Senator Neely, re Notes of M. A. Hanna Co., Cleveland, Ohio, representing borrowings to be loaned to subsidiaries, eligibility for rediscount Draft of letter to Governors of FRBanks, transmitting ruling of FRMoard Bank, Lima, Ohio, authorCity Old National ity granted to act as Committee of Estate of Lunatics States Circuit Court of ApUnited of Opinion peals in case of First National Bank, Denver v FRBank of Kansas City Paintsville National Bank, Paintsville, Ky., application for fiduciary nowers Par Clearance case instituted by First State Bank, Hugo, Minn., against FRBank of Minneapolis, no active part to be taken by FRBoard Pascagoula National Bank par clearance case, action of Supreme Court of the United States on Peoples Bank & Trust Co., Bell Buckle, Tenn., forfeiture of membership in FRSystem, hearing to be granted Population of towns and cities in which banks applying for membership are located Promissory notes of Howard National Bank, Burlington, Vt., treated as certificates of deposit 12/21 422 12/29 431 10/ 5 203 10/27 228 8/ 5 85 9/23 176 12/14 333 12/29 443 12/ 8 314 7/ 7 13 7/29 70 12/ 2 306 12/ 8 316 12/29 441 8/ 5 86 8/ 6 93 36 Page Counsel, General: (Contld) Memoranda of: (Contld) Publication of certain material in August issue of FRBulletin 7/14 Material for publication in October issue 9/23 Purchase of stock of Atlantic Corporation of Boston by Atlantic National Bank, aonroved 10/15 Reserves of banks in outlying sections of reserve or central reserve cities, authority of Board to require banks to return to higher reouirements 12/14 Report of Committee on Examinations, ordered circulated 12/29 Reserves of banks in outlying districts, right of Board to distinguish between bankers balances and other demand deposits in computing j17 Oninion of Counsel that Board has not such authority 12/29 Reserves of member banks, deduction of exchanges for clearing house, etc., from demand deposits in computing 9/17 Skinner, William, extension of time for conversion of bank included in application to serve interlocking directorates 8/6 Southern Trust Co., Clarksville, Tenn., not eligible for membership because of kind of business transacted 11/ 4 State National Bank, Frankfort, Ky., draft of letter re application to exercise fiduciary powers 8/25 Surrender of stock of Ohio Trust Co., because of excess from consolidation of member banks forming 9/15 Wilson, John P., application to serve interlocking directorates, ordered circulated 10/ 5 Application approved 10/27 Counsel of FRBanks: (See Conferences) Counsel, Special, PFr Clearance Cases: (See Baker, Newton D.) Court Decisions: (See also Par Clearance Cases) Circuit Court of Appeals in case of First National Bank of Denver v FRBank of Kansas City, memo of Counsel submitting 7/ 7 37 173 215 335 445 394 444 164 92 238 111 157 207 230 13 37 Pare Cramer and Gordon, Attorneys, Cincinnati, Ohio: Letter requesting information on purchase of building site in Cincinnati 8/26 Draft of letter to, to be held. until visit of Governor Crissinger to Cleveland 9/ 8 Letter from Governor of FRBank of Cleveland that information should not be furnished 9/22 To be advised that purchase was made under supervision of Directors of FRBank of Cleveland 10/ 5 Credit Developments: Relation of FRSystem to, reply to inquiries made by 12/10 Senator Irvine L. Lenroot Credit Justice Fund: (See National Association of Credit Men) Credit status of agricultural cooperative associations, inquiry of editor of "Successful Farming" 8/26 Cuban Legislature: Bill providing for tax on payments involving extraction of funds from Cuba 7/ 7 Apnlication of bill to operations of Havana Agencies 8/12 Opinion of Attorney for Havana Agency re 8/25 Sale of cable transfers exempt from provisions 8/26 126 144 169 207 325 126 12 102 118 123 DII Deoartment of Justice: (See Attorney General of the United States) Deposits: Banks in St. Louis granted reductions in reserve requirements, report to be made by Committee on Examinations Demand: Right of FRBoard to distinguiSh between bankers balances and other, in acting on applications for reduction in reserves Memorandum of Counsel that FRBoard has no authority to 12/ 8 316 12/17 394 12/29 444 38 Deposits: (Contld) Guaranty of, digest of State laws to be published in August FRBulletin Member bank reserves, letter from FRAgent at San Francisco re Noted and ordered filed Time: Inquiries re working of Board's Regulation "D" made by National Association of Mutual Savings Banks Reserves of member banks against, proposed amendment to FRAct to be discussed at Conferences of Governors and FRAgents Directors: Branch Banks; Baltimore: Matthai, William H., reappointed for three years Birmingham: Frye, J. H., elected for three years Henley, Walter E., elected for unexpired term Kettig, W. H., present at meeting of Board to submit final plans for building Reappointed for three years Smith, T. 0., death of Walker, A. B., elected Managing Director for one year Increase in salary of Buffalo: Crandall, Frank, appointed for three years Humphrey, W. J., motion to permit to serve until expiration of term, although holding political office, lost Kloepfer, John A-, reappointed for three years Ramsdell, Harry T., appointed for unexpired term of Walcott J. Humphrey Cincinnati: Anderson, A. E., appointed for three years Lee, E. S., reappointed for three years Managing Director, appointment postponed Manning, L. W., salary approved to March 31, effective date of resignation Page 7/14 37 9/ 9 9/29 149 197 9/ 2 134 10/15 212 12/15 353 12/17 380 11/17 258 10/15 12/16 10/15 212 356 215 12/17 12/16 380 364 12/21 423 8/ 5 82 12/17 395 12/21 423 12/19 12/19 12/19 413 411 411 12/21 418 39 Page Directors: (Contld) Branch Banks: (Contld) Denver: Farr, H. W., appointed for three years KOuntze, Harold, elected for unexpired term MacKenzie, rardo, reappointed for three years Olson, J. E., appointed Managing Director for one year Increase in salary of Parks, C. C., advised will not be necessary to resign as, because of election to Kansas City Board Detroit: Cation, William R., elected Managing Director for one year Increase in salary of Gray, William J., elected.for three years Inglis, James, appointed for three years El Paso: Crump, M., appointed Managing Director for one year Hurd, E. M., appointed for three years Newman, C. IS., appointed for three years General: Rotation in office suggested by Governor of FRBank,of Kansas City Helena: Ford, Lee IS., appointed for three years Towle, R. E., appointed Managing Director for one year Houston: Bryan, Gay M., appointed for three years Farrar, R. IS., reappointed for three years Reordan, Dwight P., appointed Managing Director for one year Increase in salary.of Jacksonville: Cooper, J. C., reappointed for three years DeSaussure, George R., elected Managing Director for one year Ware, G. G., elected for three years Little Rock: Bailey, A. F., appointed Managing Director for one year Increase in salary of Campbell, Gordon H., appointed for unexpired term of C. S. McCain 12/14 329 9/29 195 12/18 409 12/14 12/16 329 368 8/ 6 93 12/29 12/16 12/29 12/16 436 365 436 357 12/29 12/29 12/15 437 437 354 12/14 330 12/14 329 12/14 329 12/29 12/15 437 354 12/29 12/16 437 367 12/16 356 12/17 12/17 380 380 12/21 12/18 423 401 12/16 358 40 Page Directors: (Cont Id) Branch Banks: (Contld) Little Rock: (Contld) Hicks, W. A., appointed for three years McCain, C. S., resignation of Wright, Moorhead, reappointed for three years Los Angeles: Robinson, Henry M., appointed for three years Louisville: Cox, Attila, appointed for three years Kincheloe, W. P., appointed Managing Director for one year Increase in salary of Swearingen, E. L., reappointed for three years Memphis: Fuqua, V. S., appointed Managing Director for one year Increase in salary of Riddidk, T. K., reappointed for three years Vanden, J. W., appointed for three years Nashville: Bylaws amended to change time of meeting Embrey, T. A., elected for three years Fort, Joel B., Jr., elected Managing Director for one year Increase in salary of Hartford, W. H., reappointed for three years New Orleans: Butler, J. P., Jr., elected for three years Saunders, P. H., reappointed for three years Walker, Marcus, elected Managing Director for one year Increase in salary of Oklahoma City: Daniel, C. E., appointed Managing Director for one year Increase in salary of Holman, Ned, appointed for three years Kennedy, A. D., recommended in place of W. A. Stuart Murphy, E. J., appointed in place of W. A. Stuart Appointment accented 12/21 12/ 2 423 302 12/16 357 12/29 437 12/21 423 12/21 12/18 423 402 12/16 358 12/21 12/18 423 402 12/16 12/21 358 423 10/15 12/17 214 380 12/17 12/16 380 364 12/16 356 12/17 380 12/16 356 12/17 12/16 380 364 12/14 12/16 12/14 329 368 329 9/15 154 9/15 9/22 154 167 41 Page Directors: (Cont'd) Branch Banks: (Contld) Oklahoma City: (Contld) Nichols, Walter F., appointed for three years 12/18 Stuart, W. A., appointment of successor 9/15 Wooten, R. K., recommended in place of W. A. Stuart, resigned 9/15 Omaha: Diesing, William, appointed for three years 12/18 Earhart, L. H., appointed Managing Director for one year 12/14 Marble, A. H., appointed for three years 12/14 Pittsburgh: Braun, E. A., appointed for three years 12/19 Brown, Charles W., reappointed for three years 12/19 DeCamp, George, reappointed Managing Director for one year 12/19 Salary recommendation not apporved because of appointment as 12/21 FRAgent at Cleveland Portland: Daly, John F., appointed for three years 12/29 Managing Director, reason for vacancy in office of 10/ 5 Pease, Edward C., appointed for three years, to succeed Joseph N. Teal 12/17 Salt leKke City: Farnsworth, L. H., appointed for three years 12/29 Hagenbarth, F. J., appointed for three years to succeed G. G. Wright 12/17 Managing Director, reason for vacancy from June 1 to July 1 10/ 5 Partner, W. L., increase in salary as Managing Director 12/18 Seattle: Backus, M. F., appointed for three years 12/29 Rhodes, Henry A., appointed for three years to succeed Charles E. Peabody 12/17 Spokane: Dunne, William, appointed for three years to succeed Peter McGregor 12/17 Managing Director, reason for vacancy' in office of . 10/ 5 Reply of FRAgent that Assistant Manager will act until end of year 10/ 8 Rutter, R. L., appointed for three years 12/29 408 154 154 409 329 329 411 413 411 418 437 203 396 437 396 203 404 437 396 396 203 209 437 42 Directors: (Cont'd) FRBanks: Atlanta: Amendment to bylaws of branches to permit Atlanta directors to be appointed also Chairmen of branch boards Hartford, W. H., reelected Class "B" Kettig, W. H., reappointed Class "C" for three years Designated Deputy Chairman Melvin, E. C., elected Class "A" Newton, Oscar, redesignated FRAgent and salary fixed Boston: Bowman, Albert C., elected Class "B" Oath of office of, and advice of connection with mutual savings institution Opinion of Attorney General asked in connection with service as officer of mutual savings bank Reelected as Class "B" Chamberlain, F. S., reelected as Class "A" Curtiss, Frederic H., Class "C", redesignated FRAgent and salary fixed Vacation for, no objection to Hollis, Allen, Class "C", designated Deputy Chairman Manchester, Charles H., appointed Class "C" pending opinion of Attorney General on connection with mutual savings bank Chicago: Ball, F. C., reappointed Class "C" for three years Crapo, Stanford T., reelected Class "B" Heath, W. A., redesignated FRAgent and salary fixed McNider, Charles H., reelected Class "All Simpson, James, designated Deputy Chairman Distribution of pamphlet entitled "The Federal Reserve Bank System" Cleveland: Ayers, Leonard P., to be offered appointment as Class "C" and FRAgent with salary fixed Appointment refused Page 12/30 12/ 8 452 311 12/16 12/18 12/ 8 355 409 310 12/16 355 7/22 51 7/28 65 12/15 12/ 8 12/ 8 349 310 310 12/15 7/28 349 65 12/18 409 12/15 348 12/16 12/ 8 357 311 12/16 12/ 8 356 311 12/18 409 12/14 336 12/15 12/19 352 412 43 Page Directors: (Contld) FRBanks: (Cont'a) Cleveland: (Contld) DeCamp, George, appointed Class "C" and designated FRAgent and salary fixed Lamberton, Chess, reelected Class "AJ1 Williams, L. B., designated Deputy Chairman Reappointed Class "C" Wright, R. P., reelected Class "B" Dallas: Linz, Clarence E., Class "C", designated Deputy Chairman Nail, J. H., elected Class "B" for unexpired term of Marion Sansom, resigned Reelected Class "B" Patrick, W. H., reelected Class "X' Walsh, C. C., reappointed Class "C", and redesignated FRAgent and salary fixed General: Election of Class "A" and "B", set for November 17 Eligibility as Class "B" if actively connected with national bank when elected, memo of Counsel on Memorandum of Counsel submitting draft of letter to FRAgent at Minneapolis, held pending another opinion of Counsel Memorandum of Counsel on right of Board to declare candidates ineligible for election, letter to FRAgent referred back for revision Revised letter stating cases will be decided when directors try to qualify Eligibility of officer of insurance company for election as Class "B", ruling of Board on Memorandum of Counsel on vablication of ruling in FRBulletin Ruling made toloic for Conference of Governors and FRAgents Eligibility of officer of mutual savings bank as Class "B" or "C", opinion of Attorney General requested 12/19 12/ 8 12/18 12/15 12/ 8 412 310 409 351 310 12/18 400 7/ 2 12/ 8 12/ 8 2 312 312 12/15 353 9/29 194 11/ 4 234 11/10 252 11/17 263 11/20 273 7/ 2 6 7/14 37 7/28 68 12/15 349 44 Page Directors: (Contld) FRBanks: (Contld) General: (Cont'd) Oath of office to state that he was actively engaged in commerce, agriculture or some industrial pursuit at time of election 11/ 4 Kansas City: Bernardin, J. M., reelected Class "B" 12/ 8 Buikley, W. S., appointed Class "C" 12/18 Hord, Heber, Class "C", designated Deputy Chairman 12/18 McClure, M. L., redesignated FRAgent and salary fixed 12/16 Parks, C. C., election of, advised not necessary to resign from Denver Branch Board 8/ 6 Sponable, Frank W., reelected Class "A" 12/ 8 Minneapolis: Bigelow, F. R., ineligible for reelection as Class "B" because of connection with insurance company 7/ 9 Clark, Homer P., Class "C" designated Deputy Chairman 12/18 Hixon, F. P., resignation as Class and successor appointed 12/10 Leeman, Paul J., elected Class "V' 12/ 8 McCormick, G. W., reappointed Class "0" for three years 12/16 Mitchell, John R., redesignated FRAgent and salary fixed 12/16 Myers, Paul N., elected Class "B" 12/ 8 Owen, John S., elected Class "B", in place of F. P. Hixon, resigned 12/ 8 Advice from FRAgent re 12/10 Ne York: Jay, Pierre, reappointed Class "C", and redesignated FRAgent and salary fixed 12/15 Reynolds, Jackson E., elected Class "A" 12/ 8 Saunders, William L., Class "C", designated Deputy Chairman 12/18 Young, Owen D., reelected Class "B" 12/ 8 Philadelphia: Austin, R. L., redesignated FRAgent and salary fixed 12/15 Salary reconsidered and increased 12/16 Cannon, H. L., reappointed Class "C" for three years 12/15 Cosgrove, J. C., reelected as Class "A" 12/14 235 311 408 409 359 93 311 31 409 325 311 358 358 311 311 325 350 310 409 310 351 360 350 328 45 Page Directors: (Contld) FRBanks: (Contld) Philadelphia: (Cont'd) Harrison, Charles C., Class "C", designated Deputy Chairman Johnson, Alba B., reelected Class unit Richmond: Braswell, James C., elected Class "A" Delano, Frederic A., designated Deputy Chairman Contemplated resignation Graham, Edwin C., reelected Class "B" Hoxton, W. W., Class "C", redesignated FRAgent and salary fixed Lassiter, Robert, reappointed Class "C" St. Louis: Boehne, John W., Class "C", designated Deputy Chairman Lonsdale and Mooney, hearing on salaries of officers granted for October 6 Stenographic report of meeting Original position of Board reaffirmed Martin, John C., reelected Class "A" Martin, William McC., redesignated FRAgent and salary fixed Mooney, C. P. J., reappointed Class "C" for three years Plunkett, W. B., reelected Class "B" San Francisco: Baer, John Willis, suggested as Class "C" Classification of member banks for election of Class "A" and "B" Cox, Elmer H., elected as Class "P." Harrison, George B., suggested as Class "C" Macdonnell, J. S., leave of absence granted McIntosh, C. K., reelected as Class "A" Moore, Walton N., Class "C", designated Deputy Chairman Newton, Isaac B., elected Class "C", and appointed FRAgent, and salary fixed Perrin, John, resignation tendered as FRAgent Redesignation as FRAgent postponed Redesignated and salary fixed Resignation accepted 12/18 12/14 409 328 12/ 8 310 12/18 12/29 12/ 8 409 435 310 12/15 12/15 352 353 12/18 409 8/25 10/23 112 223 12/14 12/ 8 338 311 12/16 357 12/16 12/ 8 357 311 12/29 440 9/ 9 12/14 149 328 12/29 440 7/ 9 12/14 30 328 12/18 409 12/29 441 11/19 12/17 12/18 12/29 268 396 398 441 46 Page Directors: (Contld) FRBanks: (Contld) San Francisco: (Cont'd) Sproule, William, present at meeting of Board to discuss resignation of John Perrin Reappointed Class "C" Thompson, W. L., letter from, re accepting position as FRAgent Discount and open market policy of FRSystem, motion of Mr. Hamlin to discontinue special committee and to be considered by full Board Discount Rates: (See Rates) Dividends: FRBanks: Atlanta, payment approved 11 it Boston, 11 11 Chicago, It Cleveland, it tt It Dallas, it Kansas City," it Minneapolis," It it New York, ft Philadelphia, if 11 11 Richmond, 11 11 St. Louis, it San Francisco," Resolution of, letter to FRAgents re Doherty, Henry L. & Co.: Bonds of Empire Gas & Fuel Co., statement to purchasers that they are rediscountable at FRBanks Draft of letter to Governor of FRBank of Dallas Dollar Exchange: Drafts drawn by German Banks for creating, usages of trade do not justify acceptance by member banks First National Bank, Chicago, Ill., application for permission, disapproved 11/19 12/17 268 395 12/30 450 12/30 452 12/17 12/17 12/17 12/17 12/17 12/17 12/17 12/17 12/18 12/17 12/21 12/17 11/17 387 381 389 384 393 391 390 383 399 386 418-21 394 259 9/17 161 9/23 173 10/23 221 7/29 71 Educational Work by FRBanks: (See Welfare and Educational Work:) Eggs and dressed poultry, eligibility for rediscount of Paper secured by, memo of Counsel 10/ 5 205 11E11 47 Page Eggs and dressed poultry, etc.: (Contld) Counsel instructed to confer with Department of Agriculture on perishability 11/10 May be ruled non-perishable under certain conditions, memo of Counsel after consultation with Department of Agriculture 11/20 11/30 Opinion of Counsel, approved Elevator companies, acceptances secured by warehouse receipts, amendment to regulations to make eligible for rediscount 9/15 Change in wording of Regulation "10 to make eligible, to be discussed by Conference of Governors and FRAgents 9/29 Memorandum of Counsel with reference to 10/ 5 Action deferred until after Conferences of Governors and FRAgents 10/ 8 Eligibility of Paper for Rediscount: (See Rediscounts) Elliott, Milton C., permitted to attend hearing on establishment of branch FRBank of Richmond, but discussion limited 11/23 Empire Gas & Fuel Co., statement by Henry L. Doherty & Co., that bonds are rediscount9/17 able at FRBanks Draft of letter to Governor of FRBank of Dallas re 9/23 England: Bank of, inquiry from Senator Byers of New Jersey re details of credit extended by FRBank of New York 12/10 Computation of price indexes for, to be discontinued 12/17 Examination policy of FRBanks,copy of letter addressed by H. Parker Willis requesting information re 12/29 Examinations: Bank of Italy, advice of beginning of, by State 11/ 4 Banking Department Federal Reserve, motion by Mr. Miller to investigate coordination of all work in FRSystem 9/17 FRBank of New York, vouchers of FRBanks for expenses of employees assisting in 9/9 First National Bank, Greeley, Colo., exception shown in report of, correspondence re 12/ 8 255 275 299 156 198 205 210 281 161 173 325 379 442 236 165 152 318 48 Page Examinations: (Cont'd) Ladd and Tilton Bank, Portland, Ore., failure of examinations made by MBank to show condition of '8/26 National banks, copies to be furnished to FRBanks for $5.50 each 10/23 Security Bank & Trust Co., Helena, Ark., disclosing violations of law, not to be furnished Department of Justice 7/31 Examiners: FRBank: Atlanta, list of, for 1926 12/18 Chicago: Hanshus, Nels E., employment of 8/14 Lauss, Edwin R., appointed 11/24 Richmond: Seabury, J. C., resignation of 12/29 Strong, J. M., resignation of 11/30 Philadelphia: Dietz, Hobart B., change in designation, and increase in salary 8/25 Letter to FRAgent at Philadelphia re expenses for examiners as compared with other FRBanks 8/26 Donnelly, John F., increase in salary of 8/25 Draft of letter approving 8/26 Walker, Samuel A., change in designation, and increase in salary 8/25 Draft of letter approving 8/26 San Francisco: Detail of, to assist State Banking Department, letter to be addressed to FRAgent at San Francisco 7/14 Letter from FRAgent at San Francisco 7/17 Draft of letter to FRAgent, approved as amended 7/22 Reply of FRAgent, matter to be placed on program of Conference of FRAgents 8/12 Hupp, C. R., increase in salary of 7/17 Letter to FRAgent at San Francisco advising of action 7/22 List of, designated 12/18 Mason, A. B., commission extended 7/14 Letter to FRAgent advising of 7/22 FRBoard.: Auditing of War Finance Departments of Denver and Helena branches to be done by, and War Finance Corporation to reimburse Board 12/ 8 128 219 76 407 106 284 435 297 114 127 114 127 114 127 37 45 52 102 45 52 408 36 52 312 49 Page Examiners: (Contld) FRBoard: (Contid) Bartz, Charles H., made Assistant and transferred to field force Reassigned to Division of Examination Furbershaw, J. F., assigned to field force as Assistant for temporary period Gordon, P. A., thirty days leave of absence granted Felton, J. T., resignation as Assistant National Banks: Salaries: Allanson, E. A. Baldridge, W. H. Campbell, G. H. Clarke, Addison A. Coffin, G. S. Crawley, W. C. Davis, Thomas H. Elkins, Lewis R. Farmer, Thurston P. Folger, W. P. Hartman, C. H. Hill, R. W. o o st Hodgson, R. M. n o !I Ketner, J. H. List including 58 examiners, increases approved Loewer, Charles H. McConaughy, R. C. Miller, Louis A. Morgan, C. E. Niemann, R. E. o o U Norman, Harry A. Power, R. E. Price, Albert B. Ritt, Charles J. ft 0 II Shapirer, Leo Smith, G. F. Smause, M. C. Snyder, V. G. Stevens, Lyle T. Turner, J. W. Vonarb, Edward A. Waldron, W. J. 10/15 11/17 213 258 11/17 258 10/27 9/ 8 225 139 9/ 8 12/30 12/ 2 10/27 12/30 12/30 9/23 9/22 10/15 9/15 9/ 8 7/16 9/23 7/22 12/30 9/ 8 139 449 302 225 449 449 183 168 214 157 139 41 183 50 449 139 12/29 9/22 9/ 8 9/ 8 9/17 .9/23 12/30 9/22 9/17 9/ 8 7/14 12/30 11/10 9/ 8 7/16 9/ 8 9/ 8 7/16 10/ 5 12/30 434 168 139 139 161 183 449 168 161 139 34 449 250 139 41 139 139 41 202 449 50 Page Examiners: (Cont'd) National Bank: (Contid) Salaries: (Cont'd) Wanberg, J. F. Watts, John L. White, 0. W. Wiegand, Charles P. Wilson, E. B. Wylie, R. W. State Bank: Complimentary copies of FRBulletin to be furnished to Exhibit at American Bankers Association Convention: (See FRBank of Philadelphia) Experts: Employment of, by FRBanks: Motion of Mr. Miller re, carried FRBank of Chicago, reports employment of special counsel in assessment hearing FRBank of New York, objection to circular requiring permission of FRBoard Reply of Board that ruling does not preclude action if interests of bank are jeopardized FRBank of Philadelphia, letter to Chairman of, re meaning of term °special studies" in ruling on Federal Advisory Council: Amendment proposed to FRAct to extend to ninety days the maturity of member bank collateral notes eligible for discount, views on, requested Borrowings of finance companies in the United States, letter from John M. Miller, Jr., inquiring as to volume of Bruton, John F., elected by FRBank of Richmond Goebel, P. W., elected by FRBank of Kansas City Meeting to be held September 21, special committee of Board to suggest topics for discussion Topics to be discussed at Recommendations made at meeting 10/15 10/23 12/ 2 12/30 10/ 5 9/ 8 214 220 302 449 202 139 12/ 8 312 7/ 9 17 7/16 42 9/23 179 9/25 190 7/16 43 12/19 415 9/25 12/14 12/29 187 329 436 8/25 9/ 8 9/23 112 144 174 53. Page Federal Advisory Council: (Contld) Meeting to be held November 30 Topics to be discussed referred to Executive Committee Report of Executive Committee on topics Recommendations of, action of Board on Wetmore, F. 0., elected by FRBank of Chicago Vold, Theodore, elected by FRBank of Minneapolis Federal Reserve Act: Amendments Proposed: Functions of FRAgent and Chairman of Board, suggestion by Mr. Miller to separate, defeated member bank collateral notes eliMaturity of gible for discount by FRBanks to be extended to 90 days Law Committee to request views of President of Federal Advisory Council on McFadden Bill, views of Board on Reserves against Government deposits, recommendation of FBAgentsi Committee Reserves of member banks against time deposits, to be discussed by Conference of Governors and FRAgents Request for copies by Prof. H. H. Preston of the University of Texas Federal Reserve Agents: Articles for publication over official titles, opinion of Board that they refrain from writing Assistants: Albertson, Ward, FRBank of Atlanta, increase in salary of Redesignated for 1926 Anderson, J. B., redesignated at FRBank of Cleveland Salary of Baskin, John G., redesignated at Detroit Branch Boardman, C. K., FRBank of Kansas City, bond Burgess, W. Randolph, FRBank of New York, increase in salary of Redesignated for 1926 Buss, Ralph H., recommended at FRBank of Chicago Action withheld pending visit of Mr. Heath to Washington Ebersole, J. F., redesignated at FRBank of Minneapolis 10/23 219 11/10 11/17 12/ 8 12/29 12/14 252 265 320 436 329 9/17 163 11/10 253 12/19 12/15 415 341-7 10/28 231 10/15 212 7/31 75 7/ 7 15 12/16 12/18 364 405 12/19 12/21 12/18 10/27 413 417 406 225 12/16 12/19 9/15 375 410 156 9/17 160 12/18 406 52 Page Federal Reserve Agents: (Contld) Assistants: (Contld) Evans, William J., FRBank of Dallas, increase in salary of Redesignated for 1926 Faulkner, P. J., redesignated at Cincinnati Branch Salary of Fletcher, W. H., redesignated at FRBank of Cleveland Salary of Foster, S. M., redesignated Acting at FRBank of Richmond Fry, J. G., increase in salary at FRBank of Richmond Redesignated for 1926 Gettemy, Charles F., designated at FRBank of Boston Hall, Charles C., FRBank of Dallas, bond of Increase in salary of Redesignated for 1926 Harris, E. L., probable resignation at FRBank of Chicago Report by Mr. Cunningham on Designation of officer to perform duties Resignation of Jones, T. M., redesignated at Pittsburgh Branch Salary of Leamon, Oliver A., redesignated at Oklahoma City Branch McAdams, A. M., FRAArk of Kansas City, designated for 1926 Designated also Secretary to Board of Directors Increase in salary of Meigs, Dwight C., redesignated at Denver Branch Miller, William E., New Orleans Branch, increase in salary of Redesignated for 1926 Mosher, Curtis L., redesignated at FRBank of Minneapolis Necessity for, at FRBranch banks, to be discussed at Conference of FRAgents Post, Arthur E., FRBank of Philadelphia, bond Redesignated for 1926 Qualifications as to banking experience to be furnished to Board Information already in possession of Board, letter to FRAgents cancelled 12/16 12/18 367 407 12/19 12/21 413 417 12/19 12/21 413 417 12/29 435 12/16 12/18 363 405 12/18 7/ 7 12/16 12/18 405 10 367 407 9/15 9/17 9/25 9/29 12/19 12/21 156 160 189 194 413 418 12/18 406 12/18 406 12/29 12/16 12/18 436 368 406 12/16 12/18 364 405 12/18 406 9/29 11/10 12/19 200 250 410 9/17 164 9/23 178 53 Page Federal Reserve Agents: (Contld) Assistants: (Contld) Rehfuss, J. Frank, redesignated Acting at FRBank of Philadelphia Sanders, T. Gordon, redesignated at Omaha Branch Sargent, S. G., redesignated at FRBank of San Francisco Schrader, William C., redesignated Acting at Detroit Branch Sproul, Allan, FRBank of San Francisco, increase in salary of Redesignated for 1926 Stevens, J. R., redesignated Alternate at New Orleans Branch Stewart, C. M., FRBank of St. Louis, bond of Increase in salary of Redesignated for 1926 Wardrop, Robert, Pittsburgh Branch, redesignated for six months Redesignated Acting for 1926 White, William H., FRBank of Chicago, designated Secretary to Board of Directors Redesignated for 1926 Zimmerman, H. L., Helena Branch, bond of Redesignated until October 1 Redesignated for rest of calendar year Redesignated for 1926 Austin, Richaru L., FRBank of Philadelphia, bond of Present at meeting of Board Redesignated for 1926 and salary fixed Salary reconsidered and increased Ayers, Leonard P., to be offered appointment at FRBank of Cleveland Appointment refused Conferences: (See Conferences) Curtiss, Frederic H., FRBank of Boston, bond of Leave of absence for trip to Europe Redesignated for 1926 and salary fixed DeCamp, George, appointed at FRBank of Cleveland and salary fixed Heath, William A.., FRBank of Chicago, bond of Redesignated for 1926 and salary fixed Hoxton, W. W., redesignated at FRBank of Richmond, and salary fixed Jay, Pierre, FRBank of New York, bond of Redesignated for 1926, and salary fixed Signature per H. M. Stillman to be accepted during absence 12/19 12/18 410 406 12/18 407 12/18 406 12/18 12/18 403 407 12/18 12/ 2 12/18 12/19 405 302 401 410 7/ 2 12/19 9 413 9/29 12/18 12/17 7/ 2 9/29 12/18 11/10 7/24 12/15 12/16 194 406 379 2 200 406 250 60 351 360 12/15 12/19 352 412 11/17 7/28 12/15 258 65 349 12/19 11/17 12/16 412 258 356 12/15 11/20 12/15 352 271 350 7/31 75 54 Page Federal Reserve Agents: (Contld) Martin, William McC., FRBank of St. Louis, bond Redesignated for 1926, and salary fixed McClure, M. L., redesignated at FRBank of Kansas City Mitchell, John R., FRBank of Minneapolis, present at meeting of Board Redesignated for 1926, and salary fixed Request for two weeks leave of absence Newton, Isaac B., appointed at FRBank of San Francisco to succeed John Perrin, resigned, and salary fixed Newton, Oscar, FRBank of Atlanta, redesignated for 1926, and salary fixed Vacation for two weeks approved Perrin, John, FRBank of San Francisco, bond of Redesignation postponed Redesignated and salary fixed Resignation offered to take effect March 1,1926 Resignation accented Writing of articles of controversial nature disapproved by Board Walsh, C. C., FRBank of Dallas, bond of Formally qualified as Assets to be transferred to custody of, in nresence of General Auditor Redesignated for 1926, and salary fixed Wills, D. C., FRBank of Cleveland, present at meeting of FRBoard Death of, Messrs. Crissinger and Platt authorized to represent FRBoard at funeral Federal Reserve Bank of Atlanta: Birmingham Branch: (See Branch Banks, FRSystem) Branches and agencies, survey to reduce activities of and concentrate work in home office Cuban legislation providing tax on outgoing payments: (See Agencies, Havana) Directors: (See Directors) Dividends, semi-annual, payment approved Earnings and expenses, statement of Expense budget for bank and branches for 1925 Expense of special counsel in par clearance case to be paid by, and later to be prorated among all FRBanks First National Bank, Miami, Fla., not to be referred to as agency because of currency fund deposited with 12/ 2 12/16 302 357 12/16 359 9/29 12/16 12/21 198 358 422 12/29 441 12/16 7/22 11/30 12/17 12/18 11/19 12/29 355 50 294 396 398 268 441 7/ 7 7/ 7 7/ 2 14 10 2 7/ 2 12/15 3 353 7/24 57 10/22 217 8/26 129 12/17 12/17 9/23 387 386 173 7/ 7 12 8/26 123 55 Page Federal Reserve Bank of Atlanta: (Contld) Havana Agency: (See Agencies) Jacksonville Branch: (See Branch Banks, FRSystem) Monthly review of, expense included in budget for statistical and analytical function for last half of 1925 Nashville Branch: (See Branch Banks, FRSystem) New Orleans Branch: (See Branch Banks, FRSystem) Officers, notice of election of, for 1926 Pascaeaula National Bank, Mosspoint, Miss., par clearance case: (See Par Clearance Cases) Rediscounts: Eligibility of notes secured by warehouse receipts covering cotton seed, inquiry from Deputy Governor Memorandum of Counsel on eligibility of Report of Law Committee on, form of reply to inquiry approved Salary schedule for officers and employees, approved Salaries: (See Staff) Savannah Agency: (See Agencies, FRSystem) Staff: Albertson, Ward, Assistant FRAgent, increase In salary of Redesignated for 1926 Alston, A. H., Discount Department, salary increase disapproved Beavers, P. L. T., Chief Clerk, Transit Department, salary increase disapproved Bell, M. W., increase in salary as Cashier Bentley, R. E., salary as field representative in Failed Banks Division Bowman, V. K., Chief Clerk, Discount and Credit Departments, salary increase disapproved Examiner , redesignated J. Byrne, J. Department, Service Clerk, R., Chief Camp, C. salary increase disapproved Campbell, J. L., increase in salary as Deputy Governor Clerk, Failed Banks DepartChief M., L. Clark, ment, salary increase disapproved Conniff, H. F., increase in salary as Assistant Cashier of special for 1926 list Examiners, Auditor, salary inAssistant W., Honour, J. crease disapproved Salary increased 7/9 23 12/17 379 7/22 7/29 54 69 7/31 12/16 77 364 12/16 12/18 364 405 7/22 53 7/22 12/16 53 364 9/23 177 7/22 12/18 53 407 7/22 53 12/16 364 7/22 53 12/16 12/18 364 407 7/22 12/16 53 364 56 Page Federal Reserve Bank of Atlanta: (Contld) Staff: (Contld) Johns, W. S., increase in salary as General Auditor Kettig, W. H., designated Deputy Chairman McGuire, J. E., redesignated Examiner Newton, Oscar, redesignated FRAgent and salary fixed Vacation for two weeks approved Officers, notice of election of, for 1926 Paris, E. P., Examiner, salary increase disapproved Redesignated Examiner Randolph and Parker, retainer fee as counsel Russell, M. G., Failed Banks Department, salary increase disapproved Statistical and analytical employees, motion to approve salary schedule for, carried Taylor, Creed, increase in salary as Deputy Governor Tutwiler, J. B., Assistant Cashier, salary increase disapproved Increase in salary of Wellborn, M. B., Governor, increase in salary Leave of absence, no objection to Statistical and Analytical Function of: Budget and salary recommendations for, during last half of 1925, Committee report on, approved Budget for 1926 Stock: (See Stock) Unaka & City National Bank, Johnson City, Tenn., action in Charging reserve account of, with rediscounted paper before maturity Memorandum of Counsel re right of FRBank in matter, ordered circulated Copy of opinion to be forwarded to FRBank of Atlanta Federal Reserve Bank of Boston: Circular issued by National Credit Office re provision of Regulation "10 regarding filing of separate credit statements by subsidiaries Interpretation of provisions of Regulation ".e, letter to Robert Morris Associates 12/16 12/18 12/18 364 409 407 12/16 7/22 12/17 355 50 379 7/22 12/18 12/16 53 407 364 7/22 53 7/ 9 23 12/16 364 7/22 12/16 12/16 7/ 2 53 364 364 8 7/ 9 12/18 23 404 7/ 7 13 8/ 6 94 8/26 129 7/28 67 8/ 5 87 57 Page Federal Reserve Bank of Boston: (Contld) Committee on Member Bank Reserves, letter from 7/ 2 FRAgent, submitting report educafor Society Reserve Contribution to Federal tional and welfare work among 10/27 employees Directors: (See Directors) 12/17 Dividends, semi-annual, payment approved 12/17 Earnings and expenses, statement of Eligibility of officer of insurance company for election as Class "B" Director, draft of letter to FRAgent, ad7/ 2 vising of Board's ruling furbe to subject Copy of circular letter on nished William W. Russell, who 7/ 2 was nominated for election (See also Directors) Havana Agency: (See Agencies) Monthly review of, expense included in budget for statistical and analytical func7/ 9 tion for last half of 1925 action no Rediscount rate, proposed increase in, until Governor attends meeting of directors of FRBank of 9/23 New York York and meeting, Report of Governor of New 9/25 raise in rate to remain tabled rate adopted Motion of Mr. James to increase 11/ 6 and effective date set Salaries: (See Staff) Salaries under 0,500, letter to Governor re adjust11/17 ment in approved 12/16 employees, and officers for schedule Salary Staff: Bridges, Maurice, Manager of Cafeteria, salary 7/16 increased 11/17 Curtiss, Frederic H., FRAgent, bond of 12/15 Redesignated for 1926, and salary fixed 7/28 Vacation for, no objection to Employees taking courses given by Boston Chanter of American Institute of Banking, reimbursement for 9/23 expenses Expenses of employees detailed to aid in examination of FRBank of New York, 9/ 9 voucher for Gettemy, Charles F., redesignated Assistant 12/18 FRAgent 8 226 381 381-2 6 6 29 180 185 244-7 261 362 42 258 349 65 183 152 405 58 Page Federal Reserve Bank of Boston: (Cont'd) Staff: (Cont'd) Hollis, Allen, designated Deputy Chairman 12/18 Hult, Ellis G., increase in salary as Assistant Cashier 12/16 Leavitt, Ernest M., increase in salary as Assistant Cashier 12/16 Paddock, William W., increase in salary as Deputy Governor 12/16 Statistical and analytical employees, salary schedule approved 7/ 9 Sweetser, L. Wallace, increase in salary as Assistant Cashier 12/16 Weed, Arthur H., retainer as Counsel 12/16 Statistical and Analytical Function of: Padget and salary recommendations for, during last half of 1925, Committee report approved 7/ 9 Budget for 1926 12/18 Stock: (See Stock) Federal Reserve Bank of Chicago: American Legion Savings Plan, bank's publications not to be used to announce 7/28 Branches, establishment by State member banks in Michigan without Board's approval, letter from FRAgent 7/14 Detroit Branch: (See Branch Banks, FRSystem) Directors: (See Directors) 12/17 Dividends, semi-annual, payment approved 12/17 Earnings and expenses, statement of Group meetings of member bankers and some non-member bankers, advisablilty of inviting to Chicago at expense of FRBank 8/12 Monthly review of, expense included in budget for statistical and analytical function for last half of 1925 7/ 9 securities under repurGovernment for buying Rate chase agreements and relation to discount rate 11/20 Action deferred until FRBanks begin to consider all rates at regular meetings and submit them to Board 12/ 2 Salaries: (See Staff) Salary schedule for officers and employees, apnroved 12/16 Special counsel in assessment hearing, employment of 7/16 409 362 362 362 29 362 362 29 404 65 38 389 388 101 23-4 274 305 365 42 59 Page Federal Reserve Bank of Chicago: (Contld) Staff: Arnold, Julius, salary as pastry man in bank's cafeteria Draft of letter requesting further information re Salary disapproved Bachman, W. C., increase in salary as Controller Buss, Ralph H., recommended as Assistant FRAgent Action withheld pending visit of Mr. Heath to Washington Childs, K. C., increase in salary as Controller Dazey, A. W., increase in salary as Manager Dillard, J. H., increase in salary as Controller Fischer, Irving, increase in salary as Manager Frieling, John E., painter, employment of Hanshus, Uels E., employed as Examiner Hargreaves, R. J., increase in salary as Manager Harris, E. L., probable resignation as Assistant FRA0ent Report by Mr. Cunningham on Designation of officer to perform duties of Resignation of Heath, William A., FRAgent, bond of Redesignated for 1926 Huston, Frank M., salary increase disapproved Increase in salary of Kirk, Glenn, suggested to assume duties performed by Mr. Harris until appointment of successor Temporary appointment approved Bond of Granted authority to receipt for and deliver FRnotes, etc., for 1926 Leroy, A. R., increase in salary as Manager Mauss, Edwin R., appointed Examiner Vetterstrom, O. J., increase in salary as Controller Officers, election for 1926, notice of Simpson, James, designated Deputy Chairman Statistical and analytical employees, salary schedule, approved White, W. H., Assistant FRAgent, appointed Secretary to Board of Directors for rest of year Redesignated Assistant FRAgent 8/12 104 8/25 9/ 9 12/16 115 148 365 9/15 156 9/17 12/16 12/16 160 365 365 12/16 12/16 7/22 8/14 365 365 51 106 12/16 365 9/15 9/17 9/25 9/29 11/17 12/16 7/ 9 12/16 156 160 189 194 258 356 23-4 365 9/25 10/ 5 10/15 189 205 214 12/18 12/16 11/24 406 365 284 12/16 12/29 12/18 365 436 409 7/ 9 9/29 12/18 23-4 194 406 60 Page Federal Reserve Bank of Chicago: (Contld) Statistical and Analytical Function of: Budget and salary recommendations for, during last half of 1925, Committee report approved Budget for 1926 Stock: (See Stock) Time deposits under Board's Regulation "D", information not to be furnished to National Association of Mutual Savings Banks Federal Reserve Bank of Cleveland: Cincinnati Branch: (See Branch Banks, FRSystem) Circular letter to member banks on fiduciary powers, memo of Counsel on Directors: (See Directors) Dividends, semi-annual, payment approved Earnings and expenses, statement of Expense of special counsel in par clearance case, to be paid and prorated Fancher, E. R., letter from, requesting FRBoard to read carefully report of Committee on Voluntary Services re brief of American Bankers Association Committee on Non-cash Items Monthly review of, expense included in budget for statistical and analytical function for last half of 1925 Par clearance case brought against, by Farmers & Merchants Bank, Catlettsburg, Ky.: (See Par Clearance Cases) Pittsburgh Branch: (See Branch Banks, RSystem) Purchase of property on which building is located according to lease made in 1920 Real estate transaction with Cincinnati Chamber of Commerce: (See Branch Banks, Cincinnati) Rediscount rate, increase recommended by Board of Directors, voted to lay on table Statement by Mr. Platt that he would have voted for increase if present Increase to 4% approved and effective date set Salaries: (See Staff) Salary schedule for officers and employees, approved Staff: Anderson, J. B., redesignated Assistant FRAgent Salary of 7/ 9 12/18 23-4 404 9/ 2 134 11/ 4 240 12/17 12/17 384 384 7/ 7 12 7/ 2 7 7/ 9 21 8/12 98 10/10 211 10/15 11/10 213 249 12/21 417 12/19 12/21 413 417 61 Page Federal Reserve Bank of Cleveland: (Contld) Staff: (Contld) Ayers, Leonard P., to be offered appoint12/15 ment as FRAgent 12/19 Appointment refused DeCamp, George, designated FRAgent and salary 12/19 fixed Employees detailed to aid in examination of FRBank of New York, voucher 9/ 9 covering exnenses of Fletcher, W. H., redesignated Assistant FRAgent 12/19 12/21 Salary of 12/21 Officers, salaries for 1926, approved Statistical and analytical employees, salary schedule approved 7/ 9 Williams, L. B., designated Deputy Chairman 12/18 Statistical and Analytical Function of: Budget and salary recommendations for, during last half of 1925, Committee report approved 7/ 9 Budget for 1926 12/18 Stock: (See Stock) Federal Reserve Bank of Dallas: Bank failures, letter from FRAgent re information requested by Prof. H. H. Preston in connection with study being conducted by Prof. H. Parker Willis 7/31 Bonds of Empire Gas & Fuel Co., statement by Henry L. Doherty & Co., that they are rediscountable at FRBanks 9/17 Draft of letter to Governor of FRBank of Dallas 9/23 Circular letter on relation of credit policy to crop outlook 9/ 8 Conference of representatives of Texas Bankers Association, mortgage loan companies, insurance companies, Federal Land Banks and Joint Stock Land Banks, proceedings of 9/ 8 Debentures of Intermediate Credit Banks, position of Governor of FRBank with regard to 8/25 Directors: (See Directors) Dividends, semi-annual, payment approved 12/17 Earnings and expenses, statement of 12/17 El Paso Branch: (See Branch Banks, FRSystem) Monthly review of, expense included in budget for statistical and analytical function for last half of 1925 7/ 9 352 412 412 152 413 417 417 21 409 21 401 75 161 173 138 138 119 393 392 27 62 Page Federal Reserve Bank of Dallas: (Contld) Houston Branch: (See Branch Banks, FRSystem) Salaries: (See Staff) Salary schedule for officers and employees, approved Staff: Alexander, R. H., salary increased Austin, E. B., increase in salary as Assistant Cashier Cherry, H. S., Chief of Maintenance Division, salary increase approved Clarks, W. P., increase in salary. as Assistant Auditor Coleman, R. B., increase in salary as Deputy Governor Evans, William J., Assistant FRAgent, increase in salary of Redesignated for 1926 Ford, W. 0., increase in salary as Assistant Cashier Faulks, R. L., increase in salary as General Auditor Freeman, Reece T., Assistant Cashier, three months leave of absence with pay, disapproved Reconsidered and approved Gentry, W. D., increase in salary as Assistant Cashier Gilbert, R. R., increase in salary as Deputy Governor Hall, C. C., Assistant FRAgent, bond approved Increase in salary of Redesignated for 1926 Harris, Fred, increase in salary as Cashier Hermann, J. L., increase in salary as Assistant Cashier Insolvent Banks Division, field force, plan for reorganization of Linz, Clarence E., designated Deputy Chairman Rodgers, C. P., salary increased Statistical and analytical employees, salary schedule approved Talley, Lynn P., increase in salary as Governor Walsh, C. C., Chairman and FRAgent, bond approved Formal qualification of Governor reports reply to inquiry of Lynn P. Talley re representation of FRBoard at transfer of office Redesignated for 1926, and salary fixed 12/16 367 12/30 450 12/16 367 7/14 35 12/16 367 12/16 367 12/16 12/18 367 407 12/16 367 12/16 367 7/28 8/5 66 84 12/16 367 12/16 7/7 12/16 12/18 12/16 367 10 367 407 367 12/16 367 12/30 12/18 12/30 450 409 450 7/9 27 12/16 367 7/7 7/ 2 10 2 7/2 12/15 2-3 353 63 Page Federal Reserve Bank of Dallas: (Contld) Statistical and Analytical Function of: Budget and salary recommendations for, during last half of 1925, Committee 7/ 9 report approved 12/18 Budget for 1926 Special System Counsel, suggestion of Governor re employment of: (See Special Counsel) Stock: (See Stock) Federal Reserve Bank of Kansas City: Decision of Circuit Court of Appeals in case brought against, by First National Bank of Denver, memo of Counsel sub7/7 mitting Denver Branch: (See Branch Banks, FRSystem) Directors: (See Directors) 12/17 Dividends, semi-annual, payment approved 12/17 of statement Rarnings and expenses, budget in of, included Monthly review of, expense for statistical and analytical 7/ 9 function for last half of 1925 FRSystem) Banks, Branch (See Oklahoma City Branch: Omaha Branch: (See Branch Banks, FRSystem) Rediscounts of First National Bank, Wausa, Neb., R. B. Hewitt employed to look 7/14 after Staff) (See Salaries: Salary schedule for officers and employees, approved 12/16 Staff: Bailey, Governor, no objection by Board to acting as director of St. Joseph 11/30 and Grand Island Railroad 10/27 Boardman, C. K., bond as Assistant FRAgent Hewitt, R. B., employment of, to look after rediscounts of First National 7/14 Bank, Wausa, Neb. 12/18 Hord, Heber, designated Deputy Chairman Hornaday, Grant, special agent, salary to be 11/20 continued while injured 12/16 Leedy, H. G., retainer fee as Counsel McAdams, A. Y., Assistant FRAgent, designated 12/18 for 1926 Designated also Secretary to Board of Directors with additional com12/29 pensation 12/16 Increase in salary as Assistant FRAgent McClure, M. L., redesignated FRAgent and 12/16 salary fixed Morrow, J. C., succeeded by R. B. Hewitt as 7/14 Special Agent 27 404 13 391 391 26-7 34 368 294 225 34 409 272 368 406 436 368 359 35 64 Page Federal Reserve Bank of Kansas City: (Contld) Staff: (Contld) Park, M. W. E., increase in salary as Assistant Cashier Pipkin, G. H., increase in salary as Assistant Cashier Statistical and analytical employees, salary schedule approved Statistical and Analytical Function of: Budget and salary recommendations for, during last half of 1925, Committee report approved Budget for 1926 Stock: (See Stock) Federal Reserve Bank of Minneapolis: American Legion savings plan, bank's publications not to be used to announce Directors: (See Directors) Dividends, semi-annual, payment approved Earnings and expenses, statement of Helena Branch: (See Branch Banks, FRSystem) Monthly review of, expense included in budget for statistical and analytical function for last half of 1925 Budget approved National Association of Credit Men, no objection to payments to Credit Justice Fund of Par clearance case instituted by First State Bank, Hugo, Minn., Counsel of Board to take no active part Salaries: (See Staff) Salary schedule for officers and employees, approved Staff: Bailey, Fred M., increase in salary as Manager Examination Department Clark, Homer P., designated Deputy Chairman Ebersole, J. F., redesignated Assistant FRAgent Geery, William B., increase in salary as Deputy Governor Langdon, W. C., Assistant Cashier, granted 30 days' leave on account of illness Mitchell, John R., FRAgent, leave of absence for two weeks requested Redesignated for 1926, and salary fixed Moore, Bernard V., increase in salary as Deputy Governor 12/16 368 12/16 368 7/ 9 26-7 7/ 9 12/18 26-7 404 7/28 65 12/17 12/17 390 389 7/ 9 7/22 25 51 7/28 66 12/ 2 306 12/16 366 12/16 12/18 12/18 366 409 406 12/16 366 12/21 422 12/21 422 12/16 358 12/16 366 65 Page Federal Reserve Bank of Minneapolis: (Contld) Staff: (Contld) Mosher, Curtis L., redesignated Assistant FRAgent analytical employees, salary and Statistical schedule approved Ueland, Andreas, retainer fee as Counsel Wold, Theodore, elected member of Federal Advisory Council in salary as Assistant increase Yaeger, Harry, Deputy Governor Young, Roy A., increase in salary as Governor Statistical and Analytical Function of: Budget and salary recommendations for, during last half of 1925, Committee report suggesting further information be secured approved Budget Budget for 1926 Stock: (See Stock) Tax Payers Association, payment to Federal Reserve Bank of New York: Account with National Bank of Hungary, opening of, approved Account for South African Reserve Bank, opening of, deferred Bank of England credit, inquiry of Senator Byers of New Jersey re details of Buffalo Branch: (See Branch Banks, FRSystem) Cafeteria Expense, absorption of $100,000 of, recommended by Governor Strong Commissions to be charged to foreign correspondent barks for purchases of bills, etc., schedule of Credit opened for Bank of Poland Directors: (See Directors) Dividends, semi-annual, payment approved Earnings and expenses, statement of Examination, vouchers covering expenses of employees of other FRBanks detailed to aid in Expenditures for Credit Justice Fund and entertainment of out-of-town bankers during June, no objection to Expert services, permission of Board for employment of, objection to circular of Board Reply of Board that ruling does not forbid bank to engage experts if interestsof bank are jeopardized 12/18 406 7/ 9 12/16 25-6 366 12/14 329 12/16 12/16 366 366 7/ 9 7/22 12/18 25 51 404 12/29 437 10/27 226 8/14 106 12/10 325 11/17 265 11/30 8/25 296 117 12/17 12/17 383 382-3 9/ 9 152 7/28 68 9/23 179 9/25 190 66 Page Federal Reserve Bank of New York: (Contid) Monthly review of, expense included in budget for statistical and analytical function for last half of 1925 National Association of Credit Men, no objection to payment to Credit Justice Fund Open Market purchases for account of all FRBanks up to $50,000,000 recommended by Open Market Investment Committee Recommendation approved Purchase of trade bills from National Bank of Belgium, plan of Governor Strong approved by FRBoard Rates: Open Market Buying, changes in minimum Purchase on bankers acceptances, increase in Rediscount: Resolution of Mr. Miller for increase in Action postponed until Secretary of the Treasury can be present Report by Governor on visit to the Secretary of the Treasury Resolution defeated Governor to attend meeting of directors of FRBank Report of Governor that directors were opoosed to increase Motion of Mr. Cunningham to increase, defeated Resolution offered by Mr. Miller for reduction in holdings of Government securities followed by raise in discount rate Consideration of resolution postponed until Secretary of the Treasury can be present Report of Governor that Secretary does not desire to be present Resolution defeated • Salaries: (See Staff) Salaries, plan for standardization submitted by Governor Strong Salary schedule for officers and employees Staff: Barrows, D. H., increase in salary as Secretary Transferred to Manager of Administration Department Bearss, Hiram I., employment in charge of protection function disapproved Pending more information Employment approved 7/ 9 17-9 7/28 68 12/21 12/22 426 427 11/25 289-92 9/ 2 9/22 134 167 9/15 158 9/22 166 9/22 9/22 169 170 9/23 180 9/25 185 11/ 6 244-7 9/15 158 9/22 166 9/22 9/22 169 170 11/17 12/16 265 373 12/16 375 12/29 435 8/25 9/2 113 134 67 Page Federal Reserve Bank of New York: (Conttd) Staff: (Contld) Burgess, W. R., Assistant FRAgent, increase in salary Redesignated for 1926 Chapin, Gilbert B., resignation as Controller of Loans Advice of resignation Coe, C. H., increase in salary as Manager Transferred to Manager, Check Department Crane, J. E., increase in salary as Manager Dodge, E. L., increase in salary as Auditor French, E. C., increase in salary as Manager Gidney, R. M., increase in salary as Controller Transferred to Controller of Loans Gilbart, A. W., increase in salary as Controller Harrison, George L., increase in salary as Deputy Governor Jay, Pierre, FRAgent, bond of Redesignated for 1926, and salary fixed Signature of, per H. M. Stillman, Chief Examiner, during vacation Jones, J. W., increase in salary as Controller Kenzel, E. R., increase in salary as Deputy Governor Lins, A. J., increase in salary as Manager Transferred to Manager, Credit and Discount Department Mason, •L. R., increase in salary as General Counsel Matteson, W. B., increase in salary as Manager Morris, J. L., Manager,Credit Department, advice of pending resignation Resignation of Advice of resignation O'Hara, R. M., increase in salary as Manager Philbin, J. H., increase in salary as Assistant Counsel Assigned duties of Secretary Plan for standardization of jobs and classification of grades covering all employees Rice, J. M., increase in salary as Manager Roberts, G. B., increase in salary as Manager Resignation of Rounds, L. R., increase in salary as Controller Sailer, L. F., salary increased as Deputy Governor 12/16 12/19 375 410 12/ 8 12/29 12/16 12/29 12/16 12/16 12/16 12/16 12/29 12/16 309 434 375 435 375 376 375 374 435 374 12/16 11/20 12/15 373 271 350 7/31 12/16 75 374 12/16 12/16 374 374 12/29 435 12/16 12/16 376 374 11/20 12/8 12/29 12/16 275 309 434 375 12/16 12/29 376 435 12/19 12/16 12/16 12/29 415 375 376 434 12/16 374 12/16 373 68 Page Federal Reserve Bank of Nev York: (Cont'd) Staff: (Contld) Saunders, William L., designated Deputy Chairman 12/18 Seven employees, increases aggregating $1,320 per annum recommended for, letter from Deputy Governor re 8/ 5 Increases approved but advice to be withheld until approval of letter by FRBoard 8/12 Draft of letter submitted and approved 8/14 Statistical and analytical employees, salary schedule disapproved 7/ 9 Motion to reconsider above, lost 7/ 9 Stillman, H. M., Chief Examiner, signature of FRAgent per during vacation of Pierre Jay 7/31 Vansant, S. S., increase in salary as Manager 12/16 Waters, I. W., increase in salary as Manager 12/16 Transferred to Manager, Collection Department 12/29 Statistical and Analytical Function of: Budget and salary recommendations for, during last half of 1925, Committee report disapproved 7/ 9 Motion to reconsider above, lost 7/ 9 Budget for 1926 12/18 Discussion re research work in long-time trends of production, trade, etc. 7/ 9 Stock: (See Stock) Federal Reserve Bank of Philadelphia: Directors: (See Directors) Dividends, semi-annual, payment approved 12/18 Earnings and expenses, statement of 12/18 Exhibit at American Bankers Association Convention: Charts, posters, etc., letter to FRAgent that same are inappropriate and instructing that all data for exhibit should have his approval before being submitted to Board 7/14 Draft of letter to FRAgent commenting on, referred to Division of Research and Statistics 7/29 Draft of letter prepared by Director of Division, approved as amended 8/ 5 Draft of letter approving and disapproving certain charts and recommending changes in other charts 8/25 409 88 100 108 17-9 32 75 375 375 435 17-9 32 404 19-32 399 399 37 70 89 118 69 Page Federal Reserve Bank of Philadelphia: (Cont'd) Exhibit at American Bankers Association Convention: (Cant'a) Draft of letter to FRAgent commenting on charts,and motion of Mr. James re future exhibits 9/ 2 Motion of Mr. James for discontinuing exhibits at conventions placed on program of Conferences of Governors and RAgents 9/ 8 Monthly review of,expense included in budget for statistical and analytical function for last half of 1925 7/ 9 Conference between FRAgent and FRBoard on 7/24 Outlying district for reserve requirements, recommendation of FRAgent re Germantown as, and application of National Bank of Germantown for reserve reduction 7/ 7 Rate for purchases of acceptances, increase discussed, to be considered at special meeting 11/20 To be discussed with Open Market Investment Committee 11/24 Action deferred until FRBanks begin to consider all rates at regular meetings and submit them to Board 12/ 2 Rediscount rate, increase to 4%, approved 11/19 Complaints re manner in which announcement of change was made 11/24 Salaries: (See Staff) Salary schedule for officers and employees, approved 12/16 Staff: 11/10 Austin, Richard L., FRAgent, bond of 12/15 Redesignated for 1926, and salary fixed Salary reconsidered and increased 12/16 Dietz, Hobart B., made Examiner and salary increased 8/25 Draft of letter approving increase 8/26 Donnelly, John F., increase in salary as Assistant Examiner 8/25 Draft of letter approving increase 8/26 Employees detailed to aid in examination of FRBank of New York, voucher 9/ 9 covering exnenses of Examiners: Number and expense of, excessive in comparison with other FRBanks 8/25 135 141 19-20 60 11 276 286 305 269 286 362 250 351 360 114 127 114 127 152 115 70 Page Federal Reserve Bank of Philadelphia: (Contld) Staff: (Contld) Examiners: (Contld) Number and expense of, etc.: (Contld) Draft of letter to FRAgent re, also stating sufficient assessments are not being made against State member banks Letter from FRAgent requesting evidence on which opinion is based Harrison, Charles C., designated Deputy Chairman Hill, Ernest C., appointment and salary as Manager of Bank Examination Department Salary approved McCreedy, W. G., Controller, salary increase, disapproved Request of FRAgent for reconsideration at full meeting of FRBoard Report of Committee on Salaries ordered circulated Post, Arthur E., Assistant FRAgent, bond of Redesignated for 1926 Rehfuss, J. F., Acting Assistant FRAgent, bond Salary increase for, disapproved Redesignated Acting Assistant FRAgent Statistical and analytical employees, salary schedule approved Walker, Samuel A., designated Examiner,and salary increased Draft of letter approving increase Williams and Sinkler, retainer fee as Counsel Wolfinger, Clarence E., resignation as Manager of Bank Examination Department Statistical and Analytical Function of: Budget and salary recommendations for, during last half of 1925, Committee report approved Budget for 1926 Conference between FRAgent and FRBoard re Letter to Chairman, re meaning of "Special studies" in ruling on employment of experts Stock: (See Stock) Federal Reserve Bank of Richmond: Baltimore Branch: (See Branch Banks, FRSystem) Directors: (See Directors) Dividends, semi-annual, payment approved 8/26 127 9/ 9 12/18 151 409 11/20 11/24 272 284 7/ 7 13 8/12 100 11/ 4 11/10 12/19 7/14 7/ 9 12/19 238 250 410 35 19-20 410 7/ 9 19-20 8/25 8/26 12/16 114 127 362 11/20 272 7/ 9 12/18 7/24 19-20 404 60 7/16 43 12/17 386 71 Page Federal Reserve Bank of Richmond: (Contld) 12/17 Earnings and expenses, statement of for budget in included expense of, review Monthly statistical and analytical 7/ 9 function for last half of 1925 of district, portion Southwestern in branch Proposed (Charlotte): (See Branch Banks, FRSystem) Staff) (See Salaries: Salary schedule for officers and employees, approved 12/16 Staff: Bruton, John F., elected member of Federal Ad12/14 visory Council ChairDeputy designated A., Frederic Delano, 12/18 man Dillard, W. W., increase in salary as Assis12/16 tant Cashier Employees detailed to aid in examination of FRBank of New York, voucher cov9/ 9 ering expenses Foster, S. M., redesignated Acting Assistant 12/29 FRAgent Fry, J. G., Assistant FRAgent, increase in 12/16 salary of 12/18 Redesignated for 1926 Garrett, J. T., increase in salary as Manager 12/16 of Bank Relations Hoxton, W. W., redesignated FRAgent,and salary 12/15 fixed 12/16 Keesee, G. H., increase in salary as Cashier 12/16 Leach, Hugh, increase in salary as Auditor Peple, Charles A., increase in salary as 12/16 Deputy Governor 12/29 Seabury, J. C., resignation as Examiner Seay, George J., increase in salary as Governor 12/16 Sloan, George S., increase in salary as As12/16 sistant Cashier Statistical and analytical employees, salary 7/ 9 schedule approved 11/30 Strong, J. M., resignation as Examiner 12/16 Wallace, M. G., increase in salary as Counsel as Waller, Edward, Jr., increase in salary 12/16 Assistant Cashier Statistical and Analytical Function of: Budget and salary recommendations for, during last half of 1925, Committee 7/ 9 report approved 12/18 Budget for 1926 385 22 363 329 409 363 152 435 363 405 363 352 363 363 363 435 363 363 22 297 363 363 22 404 72 Page Federal Reserve Bank of Richmond: (Contld) Stock: (See Stock) Survey of organization and adjustments in personnel, letter to Chairman re report of special Committee on Federal Reserve Bank of St. Louis: Charge offs, allowed and disallowed Deposits of banks in St. Louis granted reduction in reserve requirements Directors: (See Directors) Dividends, payment approved Earnings and expenses, statement of Examination of Security Bank & Trust Co., Helena, Ark., report of, not to be furnished Department of Justice Liberty Insurance Bank, Louisville, Ky., arrangement re handling of real estate and mortgage business Secretary to withhold communicating with FRBank until in position to furnish information re other banks conducting same business Little Rock Branch: (See Branch Banks, FRSystem) Louisville Branch: (See Branch Banks, FRSystem) Memphis Branch: (See Branch Banks, FRSystem) Monthly review of, expense included in budget for statistical and analytical function for last half of 1925 Reserve Position of: Telegram from FRAgent explaining Movement of funds responsible for low Sale of bills through FRBank of New York to correct Salaries: (See also Staff) Hearing to be granted Mr. Lonsdale on salaries of officers for 1925 Report of meeting with Messrs. Lonsdale and Mooney Report of Committee that former position of FRBoard be reaffirmed, approved Salary schedule for officers and employees, approved Staff: Biggs, D. C., increase in salary as Governor Boehne, John W., designated Deputy Chairman Glasgow, W. H., increase in salary as Assistant Cashier Haill, A. H., increase in salary as Assistant Cashier 7/22 53 12/21 418-21 12/ 8 316 12/21 12/21 418-21 418-21 7/31 76 7/22 48 7/28 63 7/ 9 24-5 9/ 2 11/24 135 287 12/19 414 8/25 112 10/23 222 12/14 12/18 337 400-3 12/18 12/18 400 409 12/18 401 12/18 401 73 Page Federal Reserve Bank of St. Louis: (Contld) Staff: (Contld) McConkey, J. G., increase in salary as Secretary and Counsel Martin, W. McC., FRAgent, bond of Redesignated for 1926, and salary fixed Novy, E. J., increase in salary as Auditor Statistical and analytical employees, salary schedule approved Stewart, C. M., Assistant FRAgent, bond of Increase in salary as Assistant FRAgent Redesignated for 1926 Trafton, H. L., increase in salary as Assistant Auditor White, J. W., increase in salary as Cashier Statistical and Analytical Function of: Budget and salary recommendations for, during last half of 1925, Committee report approved Budget for 1926 Stock: (See Stock) Federal Reserve Bank of San Francisco: Bank examination and credit work, plan suggested for use by all FRBariks Classification of member banks for election of Class "A" and "B" Directors Consolidation of Bank of Italy with certain large California barks rumored: (See Consolidations) Directors: (See Directors) Dividends, semi-annual, payment approved Earnings and expenses, statement of Examinations of Ladd and Tilton Bank, Portland, Ore., failure to disclose condition of Examiners detailed to assist State Banking Department in special investigation re Valley Bank, Fresno, Calif., detail should be made only in accordance with general plan of cooperation with State Department Letter from FRAgent at San Francisco re Draft of letter to FRAgent re, approved as amended Reply of FRAgent, matter to be placed on program of Conference of FRAgents Federal Reserve Notes, destruction of excess stocks, approved Los Angeles Branch: (See Branch Banks, FRSystem) 12/18 12/ 2 12/16 12/18 400 302 357 401 7/ 9 12/ 2 12/18 12/19 24-5 302 401 410 12/18 12/18 401 400 7/ 9 12/18 24-5 404 9/ 9 149 9/ 9 149 12/17 12/17 394 393 8/26 128 7/14 7/17 36-7 45 7/22 52 8/12 102 10/23 223 74 Page Federal Reserve Bank of San Francisco: (Cont'd) Monthly review of, expense included in budget for statistical and analytical function for last half of 1925 7/ 9 Notes of member banks offered for rediscount, suggestion that practice of denoting for whom discounted be discontinued 12/29 Par Clearance Case, brought against, by Brookings State Bank, Brookings, Ore.: (See Par Clearance Cases) Portland Branch: (See Branch Banks, FRSystem) Rediscount rates, application to increase to 4% approved 11/20 Information made public before official announcement, investigation ordered 11/23 Reserve deposits of member banks, letter from FRAgent re 9/ 9 Noted and ordered filed 9/29 Reserves for undertermined losses, reply of Board re method of setting up 12/14 Salaries: (See Staff) Salary schedule for officers and employees, approved 12/18 Salt Lake City Branch: (See Branch Banks, FRSystem) Seattle Branch: (See Branch Banks, FRSystem) Special savings accounts of Pacific-Southwest and Security Trust & Savings Bank, report re investigation of 7/16 Report delayed because of failure to develop certain essential facts 8/14 Spokane Branch: (See Branch Banks, FRSystem) Staff: Bold, Fred C., appointed Acting Assistant Cashier 12/29 Examiners designated for 1926, list of 12/18 Hupp, C. R., Examiner, salary increased 7/17 Letter to FRAgent advising of 7/22 MacEachron, S. A., increase in salary,and made Assistant Manager at Portland Branch 12/18 Mailliard, E. C., leave of absence with onehalf pay for six months, requested 8/25 Leave for September at half pay, approved 8/26 Leave for three months with pay and three months without pay requested in resolution of Board of Directors 9/15 Request refused and former action reaffirmed 9/17 28 444 270 280 149 197 334 403 42 107 437 408 45 52 403 114 128 157 164 75 Pace Federal Reserve Bank of San Francisco: (Contld) Staff: (Contld) Mangels, H. N., increase in salary as Assistant Cashier Mason, A. B., commission as Examiner, extended Letter to FRAgent advising of Moore, Louis H., designated Examiner Moore, Walton N., designated Deputy Chairman Newton, Isaac B., appointed FRAgent to succeed John Perrin, and salary fixed Osmer, John M., increase in salary as Auditor Perrin, John, FRAgent, bond of Redesignation as FRAgent postponed until next meeting Redesignated and salary fixed Resignation offered to take effect March 1, 1926 Resignation accented Read, J. P., designated Examiner for 1926 Sargent, S. G., designated Examiner Redesignated Assistant FRAgent Sproul, Allan, Assistant FRAgent, increase in salary of Redesignated for 1926 Statistical and analytical employees, salary schedule approved Statistical and Analytical Function of: Budget and salary recommendations for, during last half of 1925, Committee report approved Budget for 1926 Federal Reserve Banks, General: Assessment for expenses of FRBoard Bank examination and credit functions, report of subcommittee to be discussed at Conferences of Governors and FRAgents Letter from FRAgent at San Francisco re Budget of expenditures for statistical and analytical work of, circular letter to FRAgents Budget for 1926 Buildings, suggested amendment to bylaws of FRBoard on approval of Cafeterias, exnense of running as shown in functional expense reports Letter to FRBanks, re, and placed on program of Governors' Conference 12/18 7/14 7/22 12/18 12/18 403 36 52 408 409 12/29 12/18 11/30 441 403 294 12/17 12/18 396 398 11/19 12/29 12/18 12/18 12/18 268 441 408 408 407 12/18 12/18 403 407 7/ 9 28 7/ 9 12/18 28 404 12/19 414 9/ 8 9/ 9 142 150 11/24 12/18 287 404 8/26 131 8/14 106 9/ 9 151 76 Page Federal Reserve Banks, General: (Contld) Closing of books on December 31, and dividend resolutions, letter to FRAgents Collection of non-cash items by: (See Clearing and Collection) Compensation of officers or employees on leave of absence, memo of Counsel on Ruling of Board on salaries to be paid to officers and employees on leave Condition of, changes in weekly press statement of FRBoard Action on changes deferred Changes in wording of Explanatory statement of changes for analysis of next statement, memo of Mr. Smead Educational and welfare work for June and for 1925, expenses for August September October November Employment of experts by, motion by Mr. Miller carried Examining work of, information to be furnished to Dr. H. Parker Willis Copy of letter addressed to FRBanks by H. Parker Willis requesting information Expense reports, functional, showing results of operation of cafeterias For second quarter of 1925, memo of Mr. Smead Changes in, memo of Mr. Smead, approved Recommendations of special Committee, approved Expenses: Special counsel in par clearance eases, expenses of Newton D. Baker in Brookings case to be prorated Fee of, in Catlettsburg and Pascagoula cases, prorating of Leave of absence of officers and employees, ruling of FRBoard on Special Committee of Board to report on advisability of ruling, and on revision of bylaws Memorandum of Counsel on Ruling of FRBoard on salaries to be paid to officers and employees on leave 11/17 259 11/ 4 240 12/16 361 7/ 2 8/12 9/25 7 97 190 9/25 191 7/28 9/23 10/15 11/24 12/29 68 173 215 283 437 7/9 17 11/17 263 12/29 /1/1.2 8/14 8/14 9/9 10/ 5 106 108 150 204 8/5 87 7/ 7 12 8/26 128 9/ 8 11/ 4 141 240 12/16 361 77 Page Federal Reserve Banks, General: (Cont'd) Protection function at, tonic for discussion at Conference of Governors 8/25 Publications of, not to be used to announce savings plan of American Legion, to enable members to attend Paris Convention 7/28 Salaries, report of Committee on Salaries, Expenditures and Efficiency on method of making adjustments 12/ 8 Salary schedules to be submitted before December 10 11/17 Stock: (See Stock) Federal Reserve Board: Articles for publication over official titles, motion by Mr. James that those connected with FRBoard refrain from writing 7/ 7 Budget for expenditures of various divisions for 12/16 year 1926, approved Bulletin of: (See FRBulletin) Bylaws: (See Bylaws) Circular Letters of: (See Circular Letters) Consulting Architect: (See Trowbridge, A. B.) Division of Bank Operations: 11/20 Comptometer machine, purchase of, approved Memorandum from Chief of, recommending changes in weekly statement of condition of FRBanks 7/ 2 (See also Weekly Statements) Division of Research and Statistics: Report on changes in ratios of capital and capital assets to current liabilities with respect to member banks 9/ 8 12/29 Draft of letter to FRAgents Executive Committee: Cunningham, E. H., designated member for three months 9/29 James, George R., expiration of term 9/29 Expenditures for fiscal year 1926-7 estimate requested by Bureau of the Budget, memo of Counsel on 10/28 Draft of reply by Governor Crissinger, sub11/ 4 mitting estimate Cory of letter to Director of the Budget, ap11/10 proved Expenses for six months, assessment for 12/19 Members: Cunningham, E. H., designated member of Executive Committee 9/29 113 65 322 260 15 371-2 271 143 442 194 194 231 234 251 414 194 78 Page '1 ;1! Federal Reserve Board: (Contld) Members: (Contld) Crissinger, D. R., authorized to represent FRBoard at funeral of D. C. Wills George R.: James, Exhibits at future conventions of American Bankers Association, motion re Placed on program for Conferonces of Governors and FRAgents Expiration of term as member of Executive Committee those connected with FRBoard and FRAgents refrain from writing articles for publication over official titles, motion re Report of Committee on Voluntary Services re non-cash items to be sent to American Bankers Association Committee, motion re Miller, A. C.: Applications of member banks for reserve reduction and record of Board's votes on, motion re Assistant FRAgents, letter to, FRAgents re qualifications of Information already in possession of Board, letter to FRAgents cancelled Employment of experts by RBanks, motion re Examining work of FRSystem to be coordinated under FRBoard, Committee on Examinations to investigate and report on Reconsideration of application of Bank of Italy for branch at Santa Maria, motion lost Resolution on reduction of holdings of government securities to be followed by advance in discount rate at FRBank of New York Consideration of resolution postponed until Secretary of the Treasury can be present Report by Governor that Secretary of the Treasury does not desire to be present Resolution defeated Platt, Edmund: Authorized to represent FRBoard at funeral of D. C. Wills 10/22 ,217 9/ 2 135 9/8 141 9/29 194 7/ 7 15 7/ 2 , 7-8 7/ 7 13. 9/17 164 9/23 7/ 9 178 17 9/17 165 7/7 14 9/15 158 9/22 166 9/22 9/22 169 170 10/22 217 79 Page Federal Reserve Board: (Contld) Lembers: (Cont'd) Platt, Edmund: (Contld) 9/ 8 Designated Vice Governor by the President for voted Statement that he would have increase in rate at Cleveland 10/15 if he had been present Press Statements: (See Weekly Statements) Regulations: (See Regulations) Rulings: (See Rulings) Staff: Counsel's Office: 12/16 Vest, George B., salary of Wingfield, B. M., appointed Assistant 12/16 Counsel Comassist Wyatt, Walter, authorized to mittee on currency notes, re9/15 demption procedure, etc. General) (See Counsel, Memoranda of: 12/16 Salary of Division of Bank Operations: Bizzell, C. K., resignation accented, employment of successor authorized 10/15 Chatfield, Madelon F., employed as compto12/ 8 meter operator for two months addigranted Devereux, Yrs. Flora S., 12/30 tional sick leave with pay comptoas Fugitt, Rita S., resignation 12/14 meter operator to United Jones, Marjorie F., application States Employees Compensation Commission for injury due to 8/ 5 use of comptometer 12/16 of Smead, E. L., salary Division of Examination: Bartz, Charles H., reassigned to Division 11/17 from field force Chief from transferred P., J. Furbershaw, 10/15 Clerk's office to fill vacancy Assigned to field force for tempo11/17 rary period 12/16 of salary F., J. Herson, Division of Issue and Redemption: Hewitt, Ivan N., resignation as schedule 11/17 clerk Statistics: and Research of Division Cheney, Edith, Library Assistant, resigna10/ 8 tion of statistical as resignation D., Helen Drake, 8/ 5 clerk 140 213 370 370 153 370 216 309 449 327 88 370 258 213 258 370 258 209 79 80 Page Federal Reserve Board: (Contld) Staff: (Contld) Division of Research and Statistics: (Contld) Engberg, Russell C., resignation as research assistant 9/8 12/17 Farquhar, Nina, employed as stenographer Goldenweiser, E. A-, salary as Assistant 12/16 Director Hunter, Kenneth H., temporary appointment 10/ 8 extended for three months Riefler, Dorothy B., granted leave with7/9 out pay 12/16 Salaries for year 1926, approved Sprague, O. M. W., discussion of section of 12/15 McFadden Bill with FRBoard Employment by Committee on Examination appointed by FRAgentsi Conference, no objection by FRBoard 12/ 8 Proposed amendments to National Banking Law to be discussed with 11/17 Federal Advisory Council Report of FRAgents 1 Committee on reserves, to confer with Board on 9/ 8 Report on changes in ratios of capital and capital assets to current liabilities with request to member banks, to assist in 9/ 8 Report on visit to FRBanks, to appear before FRBoard to 9/ 8 Salary increased to $13,200 per annum on full time basis 7/28 Salary put at half rate because of 9/29 return to duties at Harvard Stewart, W. W.: Business and credit situation, analysis since first of year presented 9/17 Discussion of 10/28 11/20 European trip, to appear before FRBoard to report on 9/ 8 Report of FRAgentsl Committee on reserves, to confer with FRBoard 9/ 8 Resignation as Director 11/30 Salary of 12/16 Vincent, Helen, additional leave without pay11/20 Weirsmith, Olga E., resignation of 12/14 3Mployees, Civil Service Retirement Law, not applicable to 9/25 Reply to letter from Civil Service Commission 10/ 5 138 379 370 209 30 372-3 341-7 308 265 145 143 146 67 196 160 232 276 146 145 293 371 271 327 188 204 81 Page Federal Reserve Board: (Contid) Staff: (Contld) Examiners: Bartz, Charles H., transferred to field force as Assistant Examiner Reassigned to Division of Examination Furbershaw, J. F., assigned to field force Gordon, P. A., 30 days' leave of absence granted Pelton, J. T., resignation as Assistant Fiscal Agent: Imlay, W. M., salary of Jones, Marion E., temporary appointment extended for three months Transferred to Office of Secretary Gold Settlement Division: Lyon, Robert A., services no longer required Holiday on December 26, granted Information on employees to be furnished to Civil Service Commission for use of Bureau of the Budget Office of Mr. Cunningham: Locke, John, resignation of Office of Mr. Hamlin: Moore, J. P., Secretary, granted two months' leave of absence without pay Messengers: Edwards, Ethell, employed as Resignation of McDowell, Henry, six days additional sick leave granted Stills, James E., employed on temporary basis Salaries of officers for year 1926 Secretary: Eddy, Walter L., authorized to assist Committee on size of currency notes, redemption procedure, etc. Salary of Laborers or painters, two, temporary employment, approved Jones, Marion E., temporary appointment as stenographer extended six months 10/15 213 11/17 258 11/17 258 10/27 9/ 8 225 139 12/16 371 9/23 12/30 173 448 8/6 12/14 96 328 9/25 188 10/ 8 209 8/ 5 91 7/ 7 9/ 2 10 133 11/30 295 11/ 4 12/16 236 370 9/15 12/16 153 370 10/15 214 12/30 448 82 Page Federal Reserve Board: (Contid) Staff: (Contid) Secretary: (Contld) McClelland, E. M., appointed Assistant Secretary Noell, J. C., salary of Telegraph Office: Anderson, E. F., appointed telegraph operator Burrows, Raymond, employed as messenger Cutsail, M. L., increase in salary as operator Flagg, M. P., increase in salary as operator Mahoney, J. E., resignation as telegraph operator McGee, Paul, resignation as messenger,and authority to employ successor Randall, Paul, employed as messenger in place of Paul McGee Resignation of Federal Reserve Bulletin: Classification of bills bought in open market, bills payable in foreign currency and bills payable in dollars to be shown separately Complimentary conies to be furnished all State bank examiners Material for publication in August issue, memo of Counsel submitting Material for publication in October issue, memo of Counsel on Publication each month of details of use of credit granted to Bank of England, recommendation by Mr. Smead Publication of ruling on termination of membership of State member banks withdrawing from system Federal Reserve Exhibit at American Bankers Association Convention: (See FRBank of Philadelphia) Federal Reserve System: Examination work of, motion by Mr. Miller for coordination under one head Membership in: (See Membership) Withdrawals: (See Withdrawals) Federal Reserve Leased Wire System: Code words for use in tracing non-cash collection items 12/16 12/16 370 370 11/24 9/17 283 161 12/21 422 12/21 422 11/24 283 8/25 111 9/ 2 9/17 133 161 9/25 190 12/ 8 312 7/14 37 9/23 173 8/12 97 11/20 272 9/17 165 8/12 104 83 Page Federal Reserve Leased Wire System: (Contld) Manual of, amendment of instructions to telegraph operators Treasury Department telegrams chargeable to deficient appropriations, Secretary's report re, not to be transmitted in future Secretary reports re handling, provided Treasury relieves FRBoard of expense of maintaining operator at Treasury switchboard Federal Reserve Notes: Confiscation of incomplete presented by Florida National Bank of Jacksonville by Jacksonville Branch Destruction of excess, by FRBank of San Francisco Redemption of incomplete, stolen from Bureau of Engraving and Printing, FRBoard authorized out of own funds Letter from Assistant Secretory of the Treasury re legislation to permit redemption of incomplete, and FRBank notes Federal Reserve Society of FRBank of Boston, contribution for educational and welfare work among employees Fiduciary Powers: Bloomsburg National Bank, Bloomsburg, Pa., liquidation of trust business and transfer of assets to Columbia County Trust Co. Circular letter.proposed for members of FRBank of Cleveland, memo of Counsel on Consolidated National Bank, Dubuque, Iowa, application approved Essex National Bank, Essex, Conn., application disapproved because of insufficient capital Farmers National Bank, Clay, Ky., letter to, inquiring manner in which to be exercised Memorandum of Counsel re application of, application and form of advice approved First National Bank, Columbus, Miss., application approved after conversion from State bank First National Bank, Covington, Ky., application approved 7/14 35 7/ 2 7/ 7 12/21 10/23 7/ 2 15-6 424 223 4-5 7/ 9 30 10/27 226 11/20 273 11/ 4 240 7/22 49 11/ 4 239 7/9 30 7/22 49 8/26 122 8/25 111 84 Page Fiduciary Powers: (Contld) First National Bank, Cloverdale, Ind., application approved First Natiorn, Bank, Fort Wayne, Ind., inquiries re exercise in Indiana and reply of Board Memorandum of Counsel that national bank has no right to act as agent for service of process First Uational Bank, Oneonta, Ala., amplication disapnroved Application reconsidered and approved First National Bank, Wetumpka, Ala., application approved Knoxville National Bank & Trust Co., Knoxville, Iowa, action on application deferred until examined by Comptroller of the Currency Laconia National Bank, Laconia, N. H., application for certain powers approved Liberty National Bank, New York City, application referred to FRAgent at New York Application approved Lynchburg National Bank, Lynchburg, Va., application for certain powers approved Michigan: Segregation of capital by banks exercising, letter to FRAgent at Chicago re application of Michigan law to national banks State Laws relating to capital requirements of banks exercising, views of State Commissioner of Banking requested Reply of Commissioner and draft of letters to First National Bank of Lapeer and First National Bank of Alger County Old National City Bank, Lima, Ohio, application for general powers approved, except Committee of Estates of Lunatics Authority granted to act as Committee of Estates of Lunatics Orangeburg National Bank, Orangeburg, S. C., memo of -Counsel on application for powers, granted Paintsville National Bank, Paintsville, Ky., letter re manner in which to be exercised, approved 9/23 175 12/ 8 315 12/21 422 8/26 9/23 122 174 9/23 175 11/17 264 7/22 50 11/10 11/17 252 261 7/22 48 8/5 86 11/ 4 239 11/24 285 11/17 257 12/ 8 314 7/2 3 7/29 70 85 Page Fiduciary Powers: (Contld) State National Bank, Frankfort, Ky., application to exercise, draft of letter re Application apnroved Finance companies, borrowings from member banks, inquiry from member of Federal Advisory Council as to volume of of separate: (See Regulafiling statements, Financial tions, FRBoard) "First Federal Foreign Investment Trust", memo of Counsel on application for reservation of title Application for reservation of title approved Similarity of title to "First Federal Foreign Banking Corporation", memo of Counsel Articles of association and organization certificate, no action until investigation by Board's Chief Examiner Foreign Banking Corporations: Banque Nationale de la Republique d'Haiti, of which Bank of Haiti is holding company, agreement to be executed with FRBoard Report of condition by, as of June 30, letter requesting, apnroved Foreign Banks: Bank of England, inquiry of Senator Byers of New Jersey on details of credit to Bank of Poland, credit opened for National Bank of Belgium, purchase of trade bills from, plan of Governor Strong approved National Bank of Hungary, opening of account for, by FRBank of New York South African Reserve Bank, opening of account for, deferred Foreign Branches: (See Branch Banks, Foreign) Functional expense reports of FRBanks showing financial results of operation of bank cafeterias For second quarter of 1925, memo of Mr. Smead on Changes in, memo of Er. Smead, annroved Changes recommended by special committee, approved, and to be gubmitted semiannually 8/25 9/ 2 111 133 9/25 187 11/10 11/17 254 264 12/14 332 12/21 424 12/29 431 7/14 39 12/10 8/25 325 117 11/25 289 10/27 226 8/14 106 8/14 8/14 9/ 9 106 108 150 10/ 5 204 86 Page H GH Gardell, J. M., correspondence re claim for commission for transaction between FRBank of Cleveland and Chamber of 9/25 Commerce of Cincinnati Germany: Dollar exchange between, and United States, usages of trade do not justify accept10/23 ance of drafts by member banks Government Securities: Rate for buying under repurchase agreements at less than discount rate by FRBank of 11/20 Chicago Action deferred until FRBanks begin to consider all rates at regular meet12/ 2 ings and submit them to FRBoard 9/15 Reduction of holdings, resolution of Mr. Miller on Consideration postponed until Secretary of the 9/22 Treasury can be present Report by Governor that Secretary does not de9/22 sire to be present 9/22 Resolution defeated Governors' Conferences: (See Conferences) Grain Elevator Companies, Acceptances of: (See Elevator Companies) Guarantee of Principal and Interest of Real Estate Loans: (See Real Estate Loans) Guaranty of Bank Deposits: Liemorandum of Counsel, submitting digest of State laws for publication in FRBul7/14 letin, approved 187 221 274 305 158 166 169 170 37 HRH Haiti: Bank of Haiti, Inc., holding company for Banque Nationale de la Republique d'Haiti, agreement with FRBoard to make stock eligible for purchase by national banks 12/29 431 87 Page Hanna, M. A., Company of Cleveland: Notes representing borrowings to be loaned to subsidiaries, memo of Counsel on eligibility for rediscount Draft of letter to Governors of FRBanks transmitting ruling of Board on Harreld, J. W., telegram recommending A. D. Kennedy as director of Oklahoma City Branch Hearings, FRBoard: (See also Conferences) Aldrich, Edward B., with reference to application to serve interlocking directorates Date for hearing postponed Application approved American Bankers Association Committee on non-cash collection, letter from Mr. Barton, re Letter from Mr. Barton on meeting of Committee with FRBoard, date to be fixed later Bowles, P. E., President of American Bank, San Francisco, on purchase of Bank of Alameda and operation as branch September 24 agreeable to RBoard as date for Mr. Bowles present at meeting of FRBoard and reasons for requesting reconsideration Application to be reconsidered and resolution for future action in case to be presented Resolution of Committee on Examinations imposing conditions on bank, adopted Branch in Fifth District, consideration to be given at meeting of full Board to request of Richmond directors for, in Autumn Request of Board of Directors for hearing in December, referred to Executive Committee Hearing set for December 9 Interested, parties permitted to attend, but discussion restricted to discussion of whether branch shall be established Date of hearing postponed Date fixed at 10:30 a.m., on January 15, 1926, and discussion on desirability of branch and also on location Callery, J. D., application to serve interlocking directorates Application approved 12/14 333 12/29 443 9/15 154 8/ 5 9/ 2 11/10 87 132 253 11/ 4 238 11/30 294 9/ 8 9/15 146 155 9/23 172 9/23 180 9/23 182 7/14 39 10/15 11/17 215 262 11/23 11/30 280 295 12/17 380 11/20 12/ 8 270 317 88 Page Hearings, FRBoard: (Contld) Drum, John S., on Mercantile Trust Co., San Francisco, taking over and operating as branches, the bank of Burlingame and the Bank of Palo Alto Previous action reconsidered and permission granted to take over and operate as branches Dunkerson, Castleberry, granted for June 20, to discuss how Lincoln Bank & Trust Co., Louisville, Ky., will handle real estate mortgage loans Report of hearing and conditions to be imposed on bank Farmers Bank, Pelham, GE., representative to be heard by Governor Crissinger and Mr. James on establishing branch at Sale City Farmers State Bank, Garvin, Okla., termination of membership in FRSystem, to be held December 17 No representative of bank appeared at hearing and forfeiture of membership ordered Kettig, W. H., present at meeting of FRBoard to submit final plans for Birmingham Branch building Lonsdale, John G., on salaries of officers at FRBank of St. Louis, Mo., granted for October 5 or 6 Stenographic report of meeting with Messrs. Lonsdale and Mooney Report of Committee that former position of Board be reaffirmed Non-cash collections by FRBanks, memo from Mr. James submitting motion that public hearing be held, laid on table Peoples Bank & Trust Co., Bell Buckle, Tenn., hearing on January 25 re forfeiture of membership in FRSystem Herson, J. F., Chief Examiner, FRBoard: Consolidation of Bank of Italy with certain large California banks, telegram to, at San Francisco ordering investigation of rumored, and instruction to remain in San Francisco until further directed Telegram from, with reference to Letter from, giving result of investigation 11/30 299 12/ 8 319-20 7/16 43 7/22 48 9/ 9 148 11/24 285 12/17 379 10/15 212 8/25 112 10/23 222 12/14 337 7/ 2 7-8 12/29 444 7/22 7/28 8/ 5 54 63 83 89 Page Herson, J. F., Chief Examiner, FRBoard: (Contld) Consolidation of Bank of Italy, etc.: (Contld) Instructions to remain in San Francisco, rescinded Holidays, FRBoard: December 26, all employees who can be spared to be excused from duty 8/ 5 83 12/14 328 11/24 283 8/ 5 80 9/25 11/10 11/ 4 8/25 12/10 12/29 7/ 2 9/25 7/22 8/ 5 8/25 9/25 9/25 8/25 9/25 7/29 12/ 8 191 253 242 120 326 447 9 191 56 91 120 191 191 120 191 72 317 12/10 9/25 9/ 2 9/22 7/ 9 12/14 9/ 8 11/30 324 192 136 171 33 338 144 301 It It, Indiana Credit Men, resolution of convention comnending FRSystem Insurance Company, eligibility of officer of, for election as Class "B" Director of FRBank: (See Rulings, FR3oard) Interdistrict Time Schedule, FRBanks: Change in items between Dallas and Little Rock Interest Rates: (See Rates) Interlocking Directorates: Applications Approved: Adams, E. B. Aldrich, Edward B. Armstrong, Sherman Bailey, Harry L. Ballantyne, Ford Bergstrom, A. M. Blair-Smith, Hugh Bonynge, W. A., Jr. Boylan, D. J. Brewer, R. P. Brisch, Thomas Brydon, Robert W. Bulfinch, S. A. Bull, Jesse Burkhard, H. J. Byan, J. G. Callery, J. D. Carr, J. E., and application to be made to serve Bank of Italy Chapman, Charles G. Charlton, Earle P. Cheney, 0. H. Christie, Walter Collett, George R. Collier, Barron G. Crowe, Malcolm 90 Page Interlocking Directorates: (Cont'a) Applications Approved: (Contld) Dabbs, J. L. Davis, Arthur V. D'Arcy, W. C. Decker, John C. Deane, Cecil B., and ap-Aication to be filed to serve Bank of Italy Dillistin, William H. Dollar, Robert Dorman, D. M., and application to be made to serve Bank of Italy Dunn, W. W. Drtikker, Dow H. Edwards, Leroy 11. Ewing, John A. Feagin, N. B. Frazer, J. S. Coll, Fred T. Goodrich, Luke L. Groves, John G. Guthrie, T. F. Farris, John P. Harrison, J. H. Harvey, Ford F. Hasbrouck, I. 0. Higbee, Harry S. Heckscher, G. Maurice Hillman, J. H. Hills, Edgar S. Holmes, Joshua M. Jasper, S. M. Johnson, W. C. Jones, Robert McK. Kenaston, F. E. Is 11 11 Kiesling, R. J. Korell, C. W. Leonis, J. B. Lewis, L. A. Listoe, Fred C. Lux, John W. MacDonald, L. M., and application to be made to serve Bank of Italy Macgregor, Robert E. Marble, A. H. Mays, Ed. McCornadk, J. K. McKeen, C. W. 9/25 11/ 4 7/29 7/29 192 241 72 72 12/10 11/ 4 10/23 324 242 224 12/10 12/29 11/ 4 9/25 7/29 11/10 7/16 9/8 8/25 12/14 9/ 2 12/29 9/22 8/12 7/29 7/29 11/24 11/10 10/27 9/ 2 11/17 9/2 7/29 11/17 11/24 12/21 10/15 12/29 7/29 12/29 12/29 324 446 242 192 72 256 44 147 121 338 137 .447 171 105 73 73 288 256 230 137 267 136 71 266 288 425 216 446 73 446 447 12/10 9/2 11/17 9/ 2 9/9 7/14 324 137 266 136 152 40 91 Page Interlocking Directorates: (Contld) Applications Approved: (Contld) McRae, A. A. McVay, J. T. Mellon, R. B. Messinger, C. R. Monette, Orra E. Morris, Nelson Mueller, Henry P. Myers, P. A. Needles, A. C. Nelson, Arthur W. Nickerson, William E. Norway, J. A. Paine, Rene E. Pattison, Byron M. Pettit, William S. Pierce, Thomas May, Jr. Platt, George E. Pomeroy, J. S. Radley, Edwin S. Rivers, E. B. Robertson, G. D. Robinson, A. C. II U Rolapp, Henry H. Rosen, Fred Seymour, H. O. Sheehan, J. Shield, L. J. Shimmin, G. Spencer Shinkle, Clifford Siegel, Myer Skinner, William Snowden, John W. Spalding, P. L. Spencer, Bird W. Stamler, John J. Steppacher, Joseph Stillwagon, F. W. Stone, Charles A. Taylor, C. C. Taylor, J. G. Taylor, Joseph T. Thomas, A. E. Vogel, Fred, Jr. Wakefield, J. W. Wakelee, Edmund W. Walden, James H. Walsh, Basil S. 11/17 11/30 10/23 9/ 8 9/25 12/14 7/29 10/ 5 10/23 9/ 2 10/ 8 8/25 11/4 11/ 4 7/14 7/29 9/25 10/27 7/29 10/23 9/25 8/25 11/30 11/10 12/29 9/ 8 8/25 7/22 9/25 10/ 5 9/25 8/6 9/15 7/16 11/ 4 11/ 4 7/29 8/12 11/30 11/10 8/25 7/29 11/17 9/8 11/30 10/23 11/ 4 7/29 267 300 224 147 192 338 72 207 224 137 210 121 242 241 40 72 192 230 72 224 192 121 300 256 446 146 120 56 192 207 192 92 159 44 243 242 72 105 301 256 121 72 266 147 300 224 242 73 92 Page Interlocking Directorates: (Cont d) Applications Anproved: (Contld) Walsh, Richard A. Ward, George S. Watson, C. W. Welsh, John C. White, Hugh Whitehead, Harry C. Wilson, James T. Wilson, John P. Wilson, R. C. Wingfield, George Wright, John A. Zahn, John Miscellaneous: Aldrich, Edward B., hearing to be granted Date for hearing nostponed Application approved Bain, John, letter from FRAgent at Chicago, re, action deferred in view of pending consolidations Callery, J. D., hearing granted Application approved Claflin, W. H., Jr., permission of FRBoard not necessary because firm is not classed as "private banker" Officers and directors of Marine National Bank, Seattle, Wash., to serve also on new bank to be organized, memo of Counsel on Wilson, John P., memo of Counsel on Application approved Intermediate Credit Banks: Debentures of, letter from Governor of FRBank of Dallas to Fiscal Agent of Federal Land Banks re taking of James, George R.: (See FRBoard) hi 12/29 11/20 12/ 2 9/ 2 8/25 11/10 9/15 10/27 11/30 8/25 12/29 11/ 4 447 277 307 137 120 248 159 230 300 121 4'16 242 8/ 5 9/ 2 11/10 87 132 253 7/28 11/20 12/ 8 67 270 317 11/10 254 12/30 10/ 5 10/27 451 207 230 8/25 119 93 Page fir King, Senator, of Utah, conversation with Governor re contract for building at Salt Lake City Branch Klopstodk, Paul, application for reservation of title of "First Federal Foreign Investment Trust" Application for reservation of title approved Similarity of title to "First Federal Foreign Banking Corporation", memo of Counsel on Articles of Association and organization certificates, no action until investigation of Board's Chief Examiner 11/ 4 233 11/10 11/17 254 264 12/14 332 12/21 424 111,11 Labor to be employed in building Salt Lake City Branch: (See Branch Banks, Salt Lake City) Leased Wires: (See Federal Reserve Leased Wires) Leave of Absence, FRBank Officers: 7/28 Curtiss, F. H., FRAgent, Boston, no objection to Dallas, three Freeman, Reece T., Assistant Cashier 7/28 months, with pay, disapproved 8/5 Reconsidered and approved Jay, Pierre, Chairman, New York, no objection to signature per H. M. Stillman, 7/31 Chief Examiner, during vacation of MinFRBank at Langdon, W. C., Assistant Cashier neapolis, thirty days on account 12/21 of sickness adFrancisco, San at Director Macdonnell, J. S., 7/9 vice of two Minneapolis, at FRAgent R., John Mitchell, 12/21 weeks in December granted 7/22 approved Atlanta, Chairman Oscar, Newton, FRAgents and Governors for Question of, made topic Conferences, for formulation of 7/2 regulations governing 8/26 on Ruling of FRBoard 9/8 FRBoard of committee special Ruling referred to 11/ 4 Memorandum of Counsel on compensation of apReport of Committee on Salaries on ruling, 12/16 proved 65 66 84 75 422 30 422 50 8-9 128 141 240 361 94 Page Leave of Absence, FRBank Officers: (Contld) Wellborn, M. B., Governor, Atlanta, no objection to Legislation: Committee composed of Messrs. Noell, Stewart and Wyatt to assemble all recommendations for banking legislation outgoing payments, letter on tax Cuba, providing from FRBank of Atlanta re Application of bill to operation of Havana Agencies for Havana Agency Attorney of Opinion Cable exempt from provisions transfers Sale of sections of, and of McFadden Bill, consideration proposed amendments to FRAct, National Bank Act and the Revised Statutes Redemption of incomplete FRnote, letter from Assistant Secretary of the Treasury re (See also FRAct) Lenroot, Senator Irvine L., reply to inquiries re relation of FRSystem to recent credit developments Lever, A. R., Columbia, permitted to attend hearing on establishment of branch of FRBank of Richmond Loans: Member banks in New York and other FRBank cities to brokers on stocks and bonds, information to be furnished Board Form for showing in Board's weekly member bank statement Real Estate: (See Real Estate Loans) 7/ 2 8 12/14 336 7/ 7 12 8/12 8/25 8/26 102 118 123 12/15 341-7 7/9 30 12/10 325 11/23 280 12/21 424 12/28 429 Manual of Federal Reserve Leased Wire System, amendment to 7/14 McFadden Bill, consideration of sections of, and proposed amendments to FRAct, National Bank Act and the Revised Statutes 12/15 Member Banks: (See also National Banks, State Member Banks) Classification in Twelfth FRDistrict for election 9/ 9 of Class "A" and "B" Directors Collateral notes eligible for discount, extension of maturity to 90 days, amendment 11/10 to FRAct to be prepared 35 HM11 341-7 149 253 95 Page Member Banks: (Cont'd) Collateral notes, etc.: (Contld) Law Committee to request views of President of Federal Advisory Committee FRBank of Cleveland, proposed circular on exercise of fiduciary powers, memo of Counsel on New York City, weekly reports on street loans to be required Form for showing in RBoard's weekly statement of reporting member banks Notes offered for rediscount, suggestion of FRBank of San Francisco that practice of denoting for whom discounted be discontinued Ratios of capital and capital assets to current liabilities with respect to, report on changes to be made by Division of Research and Statistics and 0. M. W. Sprague Draft of letter to FRAgents re Rediscounts and advances grouped according to resources of, request of H. Parker Willis for information Reserve balances, deficiencies in, to be reported to Superintendents of banks in various States and to Comptroller of the Currency Reserve deposits, letter from FRAgent at San Francisco Voted and ordered filed Reserve requirements, memorandum from FRAgent at San Francisco re Reserves: (See Reserves) Members, FRBoard: (See FRBoard) Membership in FRSystem: (See also National Banks; State Member Banks) Columbia State Savings Bank, Chicago, Ill., completion of, after termination of time limit fixed by FRBoard, no objection to Conditions restricting purchase of interests in other banks, modification of Regulation "A" recommended by FRAgent at San Francisco Estimating population of towns and cities in which banks applying for, are located, circular letter, approved 12/19 415 11/ 4 240 12/21 424 12/28 429 12/29 4/11 9/ 8 .143 4A-2 12/29 12/29 4-11 8/26 125 9/9 9/29 149 197 9/23 178 7/ 2 3 9/29 197 8/ 5 86 96 Page Membership in FRSystem: (Contld) Information to be furnished to Dr. H. Parker Willis Replies to letters re, approved Insurance Bank, St. Louis, Mo., action on application of, deferred pending receipt of information on real estate and insurance department to be opened Letter from FRBank of St. Louis, inquiry to be made re guarantee of real estate loans Manufacturers & Traders Bank, Buffalo, N. Y., application approved "Merchants & Planters State Bank", Winnsboro, Texas, organized to take over member bank, letter from FRAgent at Dallas re application quincy Trust Co., quincy, Mass., extension of time for accepting conditions of membership Completion of arrangements agreed to Regulation "H" of FRBoard, revision recommended by Conference of FRAgents Clarksville, Co., Tenn., not eligible Southern Trust for membership because of kind of business transacted, memo of Counsel on Michigan: Law requiring segregation of capital by State banks exercising trust powers, letter to FRAgent at Chicago re application of to national banks Fiduciary powers of banks in, draft of letters to First National Bank of Lapeer and First National Bank of Alger County State laws relating to fiduciary powers, views of State Commissioner of Banking requested State Member Banks, establishment of branches by, without FRBoardls approval, letter from FRAgent at Chicago Miller, A. C., Member FRBoard: (See FRBoard) Monthly Reviews, FRBanks: Budget covering publications of: (See FRBank of) Mortgage bond business conducted by State member banks, memo of Mr. Smead on extent of Mulkey Salt Company, Detroit Mich., letter re changes in discount rates at FRBanks 11/17 11/30 263 296 7/22 46 7/28 63 12/ 2 304 9/ 8 143 8/26 9/23 130 179 11/17 263 11/ 4 238 8/ 5 86 11/24 285 11/ 4 239 7/14 38 11/ 4 241 12/ 2 305 97 Page 11711 National Association of Credit Men: Credit Justice Fund of: FRBank of Minneapolis, no objection to payment by FRBank of Nev. York, no objection to payment by National Association of Mutual Savings Banks: Time deposits under FRBoardis Regulation "D", information requested from FRBank of Chicago National Bank Act: McFadden Bill, views of RBoard on, amendments proposed in connection with Prof. O. M. W. Sprague, amendments to be proposed by, to be discussed at meeting of Federal Advisory Council Special Committee to assemble recommendations on proposed amendments National Bank of Belgium: Purchase of trade bills by FRBank of New York and other FRBanks up to $5,000,000 or $10,000,000, Plan of Governor Strong approved by FRBoard National Bank of Hungary, opening of account by FRBank of New York, approved National Banks: American National Bank, Beggs, Okla., reduction of capital stock, approved Atlantic National Bank, Boston, Mass.: Application to purchase additional stock in Atlantic Corporation of Boston, approved Contemplated consolidation with Massachusetts National Bank Blaine County National Bank, Halley, Idaho, application for surrender of stock in FRBank of San Francisco, approved Bloomsburg National Bank, Bloomsburg, Pa., liquidation of trust business and transfer of assets to Columbia County Trust Co. Boonville National Bank, Boonville, Mo., reduction of capital stock disapproved, FRBoard considers proposed reduction too great 7/28 7/28 66 68 9/ 2 134 12/15 341-7 11/17 265 12/14 '336 11/25 289-92 10/27 226 12/ 2 303 10/15 215 12/29 438 10/23 219 11/20 273 8/ 5 81 98 Page National Banks: (Contld) Borrowings of finance companies from,information to be furnished by Comptroller of the Currency Call for condition reports as of September 28, 1925 Citizens National Bank, Crosbyton, Texas, application for reduction in capital stock, approved Citizens National Bank, Rahway, N. J., application for stock in FRBank of New York, approved City National Bank, Hugo, Okla., application for surrender of stock in FRBank of Dallas, approved City Notional Bank, New Britain, Conn., application for stock in FRBank of Boston, approved Consolidated National Bank, Dubuque, Iowa, application for fiduciary powers Crandon National Bank, Crandon, Wisc., application for stock in FRBank of Minneapolis, approved Drovers National Bank, Kansas City, Mo., application for stock in FRBank of Kansas City Essex National Bank, Essex, Conn., application for fiduciary powers disapproved because of insufficient capital Examination reports to be furnished to FRBanks for $5.50 each Examiners: (See Examiners) Farmers National Bank, Blossom, Texas, application for stock in FRBank of Dallas, approved Farmers National Bank, Clay, Ky., letter to, re fiduciary powers Application for, and form of letter of advice, approved Farmers National Bank, Fort Gibson, Okla., application for reduction in capital stock, approved First National Bank of Alger County, Munising, Mich. draft of letter re exercise of fiduciary powers First National Bank, Brownsville, Texas, application for stock in FRBank of Dallas First National Bank, Carrizozo, Y. M., reduction of capital stock with conditions, approved 9/25 10/ 5 187 202 12/ 8 315 9/22 167 10/27 225 11/ 4 235 7/22 49 8/25 110 7/22 48 11/ 4 239 10/23 219 10/23 218 7/9 30 7/22 49 12/29 434 11/24 285 7/17 45 12/ 2 303 99 _Page National Banks: (Contld) First National Bank, Chicago, Ill.: Application for permission to accept for dollar exchange, disapproved First National Bank, Cloverdale, Ind., application for fiduciary powers, approved First National Bank, Columbus, Miss., application for fiduciary Dowers approved upon conversion First National Bank, Covington, Ky., application to exercise fiduciary powers, approved First rational Bank, Denver, Colo., decision in case of, v FRBank of Kansas City First National Bank, Duncan, Okla., application for stock in FRBank of Kansas City, approved First National Bank, Eudora, Ark., application for stock in FRBank of St. Louis, approved First National Bank, Fort Gaines, Ga., application for reduction in capital stock, approved Memorandum of Counsel that national bank has no right to act as agent in service of process Fort Wayne, Ind., inquiries re Bank, First National exercise of fiduciary powers and reply of FRBoard First National Bank, Greeley, Colo., exception shown in report of examination, correspondence re First National Bank, Halley, Idaho, application for stock in FRBank of San Francisco, approved First National Bank, Hendricks, W. Va., reduction in capital stock, approved First National Bank, Hysham, Mont., refusal to make application for surrender of FRBank stock, Comptroller of the Currency to handle First National Bank, Lakeview, Texas, application for stock in FRBank of Dallas, apnroved First National Bank, Lander, Wyo., apnlication for reduction in capital stock, approved First National Bank, Lapeer, Mich., draft of letter re exercise of fiduciary powers 7/29 71 9/23 175 8/26 122 8/25 111 7/ 7 13 9/ 2 132 9/ 2 132 9/15 154 12/21 422 12/ 8 315 12/ 8 318 10/ 5 201 11/24 284 9/23 177 8/25 109 9/ 8 140 11/24 285 100 Page National Banks: (Contld) First National Bank, Levelland, Texas, application for stock in FRBank of Dallas First National Bank, Lucas, Kan., application to reduce capital stock, approved on condition First National Bank, Madison, S. D., extension of time for surrender of stock in FRBank of Minneapolis First National Bank, Mason, Ill., reduction of capital stock and surplus, approved First National Bank, Miami, Fla., currency fund deposited at, not to be considered as agency First National Bank, O'Donnell, Texas, application for stock in FRBank of Dallas, approved First National Bank, Oneonta, Ala., application for fiduciary powers, disapproved Application reconsidered and approved First National Bank, Parkville, Mo., application for stock in FRBank of Kansas City, approved First rational Bank, Parma, Idaho, reduction in capital stock, approved First National Bank, Randolph, Nebr., application for reduction in capital stock, approved First National Bank, Roy, N. M., application for reduction of capital stock, approved First National Bank, South Pasadena, Calif., apolication for stock in FRBank of San Francisco First National Bank, Stillwater, Minn., application for reduction in capital stock, approved First rational Bank, Sulphur Springs, Texas, application for stock in FRBank of Dallas, approved First National Bank, Venice, Calif., application to continue 7% reserves after Venice is consolidated with Los Angeles First National Bank, Wausa, Nebr., man employed by FRBank of Kansas City to look after rediscounts of First National Bank, Wetumpka, Ala., apnlication for fiduciary powers, approved 7/28 82 7/14 34 11/20 275 11/30 297 8/26 123 10/ 5 201 8/26 9/23 122 174 9/8 138 12/17 380 12/ 8 315 9/22 167 7/28 62 9/15 155 11/10 248 11/10 250 7/14 34 9/23 175 101 Pare National Banks: (Contld) First National Bank, Wimbledon, N. D., extension of time for application for 9/23 surrender of stock First National Bank, Yukon, Pa., application for stock in FRBank of Cleveland, 8/25 approved Florida National Bank, Jacksonville, Fla.: 9/ 8 Application to accept up to 100%, disapproved Incomplete FRnote presented by, confiscated by Jacksonville Branch 12/21 Frontier National Bank, Eastport, Me., purchase by Merrill Trust Co., Bangor, Me., letter from FRAgent at Boston 7/31 re negotiations for Greenup National Bank, Greenup, Ill., application for reduction in capital stock, 12/30 approved Greenwood National Bank, Greenwood, Wash., application for stock in FRBank of 11/17 San Francisco, approved application Griswold National Bank, Detroit, Mich., for stock in FRBank of Chicago, 10/23 approved Haledon National Bank, Haledon, N. J., application for stock in FRBank of New York, 11/24 approved Hamilton National Bank, Weehawken, N. J., application for stock in FRBank of 8/12 New York, approved Howard National Bank, Burlington, Vt., letter to Comptroller of the Currency re reserves against promissory notes issued by, in lieu of certificates 9/ 6 of deposit Hugo National Bank, Hugo, Okla., application for surrender of stock in FRBank of 9/15 Dallas, approved Knoxville, Iowa, Knoxville National Bank & Trust Co., application for fiduciary powers held pending examination by Comp11/17 troller of the Currency Laconia, N. H., application Laconia National Bank, 7/22 for certain fiduciary powers J., Guttenberg, N. applicarational Bank, Liberty tion for stock in FRBank of 8/25 New York, approved 176 109 142 424 74 450 257 218 283 97 93 153 264 50 110 r. 102 Page National Banks: (Contld) Liberty National Bank, New York City, application for fiduciary powers referred 11/10 to FRAgent at New York 11/17 Application approved Lynchburg National Bank, Lynchburg, Va., application for fiduciary powers 7/22 Manufacturers & Traders National Bank, Buffalo, N. Y., converted into Manufacturers & Traders Bank, application for membership, approved 12/ 2 Application for surrender of stock in FR2ank 12/14 of New York, approved Manufacturers National Bank, Cambridge, Mass., application of Harvard Trust Co., to purchase 75% capital stock of 7/ 2 Marine National Bank, Seattle, Wash., service of officers and directors on proposed new bank, memo of Counsel on applications for 12/30 Matoaka National Bank, Matoaka, W. Va., application for stock in FRBank of Richmond, approved 10/23 Bank.& National Trust Vernon Mt. Co., Mt. Vernon, Ind., application for stock in FRBank of St. Louis 7/ 2 Commerce, Hugo, Okla., application National Bank of for stock in FRBank of Dallas 7/31 National Bank of Germantown, Philadelphia, Pa., application for reduction in reserve requirements, disapproved 7/ 7 National Bank, Savannah, N. Y., application for stock in FRBank of New York, approved 8/25 National City Bank, New York City: Application to purchase capital stock of Bank of Haiti, Inc., approved on condition 12/29 Branches, foreign: Belascoain Sub-branch, Havana, Cuba, application, approved 10/ 5 Moron, Cuba, application,approved 8/ 5 Santa Domingo and sub-branch or agencies in other cities of Dominican Republic 10/27 National Union Bank, Boston, Mass., purchase by State Street Trust Co., Boston, Mass., approved 9/22 252 261 48 304 327 4 451 218 2 74 11 109 431-3 203 85 228 168 103 Page National Banks: (Contid) New First National Bank, Lamberton, Minn., application for stock in FRBank of Minneapolis, approved New First National Bank, Santa Paula, Calif., application for stock in FRBank of San Francisco, approved New Georgia National Bank, Albany, Ga., application for stock in FRBank of Atlanta, approved Northwestern National Bank, Milwaukee, Wisc., application for reduction in reserve requirements, approved Oakmont National Bank, Oakmont, Pa., application for stock in FRBank of Philadelphia, approved Old National City Bank, Lima, Ohio, application for general fiduciary powers, approved, except Committee of Estates of Lunatics Authority granted to act as Committee of Estate of Lunatics Orangeburg National Bank, Orangeburg, S. C., application for approval of fiduciary powers being exercised without FRBoardls permission, memo of Counsel re terms of, powers granted Paintsville National Bank, Paintsville, Ky., letter to, re fiduciary powers Pascagoula National Bank, Mosspoint, Miss.: (See Par Clearance Cases) Plano National Bank, Plano, Texas, apnlication for reduction in capital stock approved Proof of claims against insolvent, memo of Counsel submitting report on conference of counsels of FRBanks with Comptroller of the Currency Rochelle National Bank, Rochelle, Texas, application for stock in FRBank of Dallas Sale of bonds under Section 18 of FRAct, no applications received by Treasurer of the United States: For second quarter For third quarter Seaside National Bank, Long Beach, Calif., application for stock in FRBank of San Francisco, approved 11/ 4 235 11/10 248 12/29 433 11/10 250 12/ 8 308 11/17 257 12/ 8 314 7/2 3 7/29 70 12/30 450 1 8/ 5 84 7/28 62 7/ 2 10/ 5 3 202 9/15 153 104 Page National Banks: (Contld) Security National Bank, Brookings, S. D., application for stock in FRBank of Minneapolis, approved Segregation of capital by, exercising fiduciary powers, letter to FRAgent at Chicago, re Service of process not a fiduciary power, and national bank has no right to act as agent in, memo of Counsel on South Gate National Bank, South Gate, Calif., application for stock in FRBank of San Francisco, approved South Pasadena National Bank, South Pasadena, Calif., application for stock in FRBank of San Francisco, approved State National Bank, Frankfort, Ky., application to exercise fiduciary powers, draft of letter re Application approved Unaka & City National Bank, Johnson City, Tenn., action of FRBank of Atlanta in charging reserve account of with rediscounted paper before maturity Memorandum of Counsel re right of FRBank in matter, ordered circulated Copy of opinion to be forwarded to FRBank of Atlanta Waxahachie National Bank, Waxahachie, Texas, reduction of capital stock, approved West End National Bank, Shamokin, Pa., application for stock in FRBank of Philadelphia, approved Wilshire National Bank, Los Angeles, application for reduction in reserve requirement, approved National Credit Office, New York City, circular on filing of credit statements by affiliated or subsidiary concerns Neely, Senator M. M., eligibility for rediscount of notes and acceptances given power company by coal company covering bills for light and power Newton, Oscar: (See FRAgents) New York City: Street loans made by member banks in, information to be furnished to FRBoard Form for showing in Board's weekly member bank statement 10/23 218 8/ 5 86 12/21 422 8/25 110 11/24 282 213 39 1 %2E5 7/ 7 13 8/ 6 94 8/26 129 11/30 297 8/12 98 11/10 251 7/28 67 9/23 176 12/21 424 12/28 429 105 Page Non-Cash Collections by FRBanks: (See Cleraing and Collection) Nonmember Banks: Aztec State Bank, Aztec, N. M., application by Citizens Bank for purchase of, approved Bank of Mt. Leonard, Mo., absorption by Wood & Huston Bank, Marshall, Mo., member bank, approved Clearing accounts maintained with FRBanks, draft of circular letter, requesting list of, and balances, approved First State Bank, Hugo, Minn., par clearance case instituted against FRBank of Minneapolis, Counsel of FRBoard to take no active part First State Bank & Trust Co., Columbus, Miss., conversion into national bank, and fiduciary powers granted Group meetings at FRBank of Chicago, advisability of inviting at expense of FRBank Association: Bankers North Carolina Resolution adopted by, re establishment of branch by FRBank of Richmond North Carolina and South Carolina Press Associations: Resolution adopted by, re establishment of branch by FRBank of Richmond 9/15 154 12/29 438 8/ 5 80 12/ 2 306 8/26 122 8/12 101 7/29 69 7/29 69 11010 Oath of Office: Class "B" Directors, to state that actively engaged in commerce, agriculture or some industrial pursuit at time 11/ 4 of election Open Market Committee: (See Committees) Open Market Purchases: UP to $50,000,000 for account of FRBanks recommended by Open Market Investment Com12/21 mittee 12/22 Recommendation approved Opinions, Court: (See Court Decisions; Par Clearance Cases) Outlying District for Reserve Requirements: (See Reserves) 235 426 427 106 Page Pamphlets: "The Federal Reserve Bank System", by James Simpson, policy of FRBoard toward distribution of Pax Clearance Cases: Brookings State Bank v FRBank of San Francisco: Fee to be Charged by Newton D. Baker in appeal of, Governor reports re FRBanks agree to prorating of, to be advised of employment Procedure in appeal of case, letter from Newton D. Baker re Recommendation of FRBank of San Francisco for settlement out of court Opinion of Newton D. Baker re settlement to be requested Catlettsburg, Ky., Farmers & Merchants Bank of v FRBank of Cleveland: Expenses of Newton D. Raker in, Governor reports re, statement to be rendered Statement submitted and approved for payment by FRBank of Cleveland, to be prorated First State Bank, Hugo, Minn., against FRBank of Minneapolis, Counsel of FRBoard to take no active part Pascagoula National Bank v FRBank of Atlanta: Bill of Montgomery B. Angell for legal services in connection with Expenses of Newton D. Baker and L. P. Ayres in, Governor reports re, statements to be rendered Statement submitted and approved for payment by FRBank of Atlanta Payment of fee for expert testimony in connection with Statement of expenses submitted by Newton D. Baker and approved for payment Statement of Newton D. Baker for services in connection with Memorandum of Counsel on action of Supreme Court of the United States Pascagoula National Bank Case: (See Par Clearance Cases) Pension Committee of Governors' Conference, report of Peirin, John: (See FRAgents) 12/14 336 7/2 1 8/5 87 8/12 100 12/29 443 12/30 448 7/2 1 7/7 12 12/ 2 306 8/25 115 7/2 1 7/7 12 7/9 17 12/ 8 309 12/14 332 12/ 8 316 12/ 8 318 107 Page Philadelphia Clearing House Association: Recommendation of FRAgent at Philadelphia that, be consulted re Germantown as outlying district for reserve re7/7 quirements Pine, Hon. W. B., telegram recommending A. D. Kennedy as 9/15 director of Oklahoma City Branch by FRBoard of Governor Vice designated Platt, Edmund, 9/ 8 President Coolidge Political Office: Humphrey, W. J., motion to permit to serve until expiration of term as director, 8/ 5 Buffalo Branch, lost applying banks which in Population of towns and cities for membership are located, memo 8/ 5 of Counsel on estimating for by, secured paper of eligibility Potatoes in storage, rediscount, Counsel to confer with Department of Agriculture 11/10 on perishability of Memorandum of Counsel that Department of Agriculture considers them non-perishable 11/20 staple products Press Statements, FRBoard: (See Weekly Statements, PRBoard) Preston, Professor H. H.: Request for information in connection with study of bank failures being conducted by Prof. H. Parker Willis, letter 7/31 from FRAgent at Dallas re Price indexes for Canada and England, computation of, to 12/17 be discontinued Bank, BurlingNational Howard by issued Promissory notes ton, Vt., in lieu of certificates of deposit, letter to Comptroller of the Currency re reserves 8/ 6 against Publications, FRBoard: (See FRBulletin) Railroads: St. Joseph and Grand Island, no objection by Board to Governor Bailey of Kansas City acting as director Rates: Directors to approve all rates at meeting and submit them to Board 11 154 140 82 86 255 275 75 379 93 11/30 294 11/20 274 108 Page Rates: (Contld) Directors to approve all, etc.: (Contld) Action on certain rates deferred until above 12/ 2 action is put into practice Interest: Lafayette-South Side Bank, St. Louis, Mo., copy of letter to customer re increase 12/ 8 in Purchases of Bankers Acceptances: 9/22 MBank of New York, increase in FRBank of Philadelphia: Increase to be considered at special meet11/20 ing To be discussed with Open Market Invest11/24 ment Committee Action deferred until all rates are considered at regular meetings of 12/ 2 Directors Rediscount: FRBank of Boston: Proposed increase in, laid on table until visit of Governor to meeting of Directors of FRBank of New York 9/23 Report of Governor on New York meeting, and increase at Boston to remain tabled 9/25 Motion of Mr. James to increase,ad11/ 6 opted and effective date set FRBank of Cleveland: Increase recommended by board of directors, 10/10 votedto lay- on table Statement by Mr. Platt that he would have 10/15 voted for increase if present Increase to 4% approved and effective 11/10 date set FRBank of New York: 9/ 2 Change in minimum open market buying 9/15 Resolution of Mr. Miller for raising Action postponed until Secretary of the Treasury can be present 9/22 Report by Governor on visit to Secretary of the Treasury 9/22 Resolution defeated 9/22 Resolution of Mr. Cunningham to increase defeated 11/ 6 FRBank of Philadelphia: Increase to 4% approved and effective date 11/19 set Complaints re manner in which announce11/24 ment of change was made 305 317 187 276 286 305 180 185 244-7 211 213 249 134 158 166 169 170 ' 244 1 269 286 109 Page Rates: (Contid) Rediscount: (Contld) FRBank of San Francisco: Application to increase to 4% approved Information made public before official announcement, investigation ordered Letter from President of Mulkey Salt Company, Detroit, Mich., re recent changes in Repurchase agreements covering transactions in government securities, letter from Governor of FRBank of Chicago re relation to rediscount rate Action deferred until FRBanks begin to consider all rates at regular meetings and submit them to PRBoard Ratios of capital assets to current liabilities, trend toward lower, report on changes in Draft of letter to FRAgent Real Estate Loans: Guarantee of principal and interest of, and issuance of bonds against, by Lincoln Bank & Trust Co., Louisville, Ky., Secretary to reply to letter from Vice President of bank requesting interview Interview granted on July 20 Memorandum re interview presented, and draft of letter setting forth conditions under which business should be handled Question of similar arrangement with Liberty Insurance Bank, Louisville, Ky., to be taken up by Chairman of FRBank of St. Louis Insurance Bank, St. Louis, Mo., action on application for membership deferred pending receipt of information, and insurance department to be opened Letter from FRBank of St. Louis re inquiry to be made re guarantee of loans Rediscount Rates: (See Rates) Rediscounts: Acceptances of elevator companies secured by warehouse receipts, amendment to regulations to make eligible 11/20 270 11/23 280 12/ 2 305 11/20 274 12/ 2 305 9/8 12/29 143 442 7/ 2 7/16 6 43 7/22 46 7/22 48 7/22 46 7/28 63 9/15 156 110 Page Rediscounts: (Cant'd) Acceotances of elevator companies, etc.: (Contld) Change in wording of Regulation °A" to be discussed at Conference of Governore and FRAgents Memorandum of Counsel on Action deferred until after conference of Governors and FRAgents Charging to reserve account of Unaka & City National Bank, Johnson City, Tenn., before maturity, action of FRBank of Atlanta in Memorandum of Counsel on right of FRBank in matter, ordered circulated Copy of opinion to be forwarded to FRBank of Atlanta Collateral notes eligible for, extension of maturity to 90 days, proposed amendment to FRAct Law Committee to request views of President of Federal Advisory Council, on Cotton Seed: Eligibility of notes secured by warehouse receipts covering, inquiry from FRBank of Atlanta Memorandum of Counsel that they are eligible under certain conditions Report of Law Committee, form of reply to inquiry, approved Eggs and Dressed Poultry: Eligibility under Section 13 of FRAct, memo of Counsel on Counsel to confer with Department of Agriculture on perishability of, also potatoes May be ruled non-perishable under certain conditions, memo of Counsel after consultation with Department of Agriculture Opinion of Counsel, approved First National Bank, Wausa, Nebr., R. B. Hewitt employed to look after Member banks, grouped according to resources, request of H. Parker Willis for information Notes and acceptances given power company by coal company covering bills for light and power, eligibility of 9/29 10/ 5 198 205 10/ 8 210 7/7 13-4 8/6 94 8/26 129 11/10 263 12/19 415 7/22 54 7/29 69 7/31 77 10/ 5 205 1140 256 11/20 11/30 276 299 7/14 34 12/29 441 9/23 176 111 Page Rediscounts: (Cont 'd.) Notes of parent corporations representing borrowings to be advanced to subsidiaries, eligibility of, ruling of FRBoard on notes of M. A. Hanna Co., Cleveland, Ohio Letter to Governors of FR'Renks transmitting ruling of FBBoard Notes offered by member banks, suggestion from FRBank of San Francisco that practice of denoting for whom discounted be discontinued Potatoes in Storage: Eligibility of paper secured by Memorandum of Counsel that Department of Agriculture considers them nonperishable staple products Reductions in Capital Stock: (See Stock, Capital) Regulations, FRBoard: "A": Amendment to be prepared to make acceptances drawn by elevator companies eligible for rediscount Change in regulation discussed by John R. Mitchell, to be referred to Conferences of Governors and FRAgents for discussion Memorandum of Counsel with reference to Action deferred until after Conference of Governors and FRAgents Circular issued by National Credit Office regarding Section 4 of, re filing of separate credit statements by subsidiaries Morris Associates on inRobert Letter to terpretation of provisions of regulation Time deposits and the practical working of Amendment to paragraph on branch banks suggested by Mr. Miller State bank membership, revision recommended by Conference of FRAgents Sub-section 5 of Section 4, restricting purchase of interests in other banks, revision recommended by FRBank of San Francisco Referred to Conference of Governors and FRAgents 12/14 333 12/29 443 12/29 42111 11/10 255 11/20 275 9/15 156 9/29 10/ 5 198 205 10/ 8 210 7/28 67 8/ 5 87 9/ 2 134 12/ 8 321 11/17 263 9/ 9 150 9/29 197 112 Page Remlations, FRBoard: (Contld) Request for copies by Prof. H. H. Preston of the 7/31 University of Texas Report of Condition: Branch banks of State member banks in San Francisco District, separate reports of 8/26 FRBanks, changes in weekly statement recommended by 7/2 Mr. Smead 8/12 Proposed changes discussed, action deferred 9/25 Recommendation of Messrs. Stewart and Smead Explanatory statement of changes for analysis 9/25 of next statement Foreign Banking Corporations, letter requesting, as 7/14 of June 30 National Banks: 10/ 5 Call as of September 28, 1925 State Member Banks: 7/7 Call as of June 30 10/ 5 Call as of September 28, 1925 Weekly Press Statement: Street loans in New York and other FRBank 12/21 cities to be shown 12/28 Form for showing in statement Report of Examination: (See Examination Reports) Repurchase Agreements: Rate for buying Government securities under, and relation to discount rate, letter from Governor of FRBank of 11/20 Chicago Action deferred until FRBanks begin to consider all rates at regular meetings, 12/ 2 and submit them to FRBoard Reserve Deposits: Member Banks: 9/9 Letter from FRAgent at San Francisco re Noted and ordered filed 9/29 Reserve Position: FRBank of St. Louis, telegrams from FRAgent explaining 9/ 2 Movement of funds responsible for, reply to inquiry 11/24 Sale of bills through FRBank of New York to correct 12/19 Reserve Requirements: Baden Bank, St. Louis, Mo., application for reduction in, action deferred 11/17 12/ 8 Application for reduction approved First National Bank, Venice, Calif., application to carry 7% reserves after Venice is consolidated with Los An11/10 geles 75 123 7 97 190 191 39 202 10 202 424 429 274 305 149 197 135 287 414 260 316 250 113 Page Reserve Requirements: (Contld) Member banks, memorandum from FRAgent at San Francisco re National Bank of Germantown, Philadelphia, Pa., application for reduction in, disapproved Northwestern National Bank, Milwaukee, Wisc., application for reduction, approved St. Louis banks granted reductions, deposits of Wilshire National Bank, Los Angeles, application for reduction, approved Reserves: Banks in outlying sections of reserve or central reserve cities, memo of Counsel on authority of FRBoard to require banks to return to higher requirements Report of Committee on Examinations, ordered circulated FRBank of San Francisco against undetermined losses, reply of FRBoard re method of carrying Member Banks: Against time deposits, proposed amendment to FRAct to be discussed at Conferences of Governors and FRAgents Deficiencies in, to be reported to Superintendents of banks in various States and to Comptr011er of the Currency Deduction of exchange for clearing house, etc., from demand de3osits in computing Howard National Bank, Burlington, Vt., letter to Comptroller of the Currency re, against promissory notes issued by, in lieu of certificates of deposit Outlying districts, right of FRBoard to distinguish between barkers balances and other demand deposits in acting on applications for reduction Memorandum of Counsel that FRBoard does not have authority Report of FRAgentss Committee on, ordered circulated 9/23 178 7/ 7 11 11/10 12/ 8 250 316 11/10 251 12/14 335 12/29 445 12/14 334 10/15 212 8/26 125 9/17 164 8/ 6 93 12/17 394 12/29 ind 7/ 2 8 114 Page Reserves: (ContId) Member Banks: (Contld) Report of FRAgents' Committee, etc.: (Contld) Motion of Mr. Miller that action be deferred on applications pending consideration of report, and record of Board's votes on applications Messrs. Stewart and Sprague to confer with FRBoard re Report discussed with members of staff, and referred to special committee appointed to study banking legislation Resolutions, FRBoard: Assessment on FRBanks for expenses of FRBoard Farmers State Bank, Garvin, Okla., forfeiture of membership in FRSystem Indiana Credit Men, commending FRSystem North Carolina Bankers Association on establishment of branch at Charlotte North Carolina and South Carolina Press Associations, on establishment of branch at Charlotte Peoples Bank, Crystal Springs, Miss., applying for withdrawal from FRSystem, returned for amendment Reply of President of Bank amending Reduction of holdings of Government securities followed by raise in discount rate at FRBank of New York, made by Mr. Miller for action September 22 Secretary of the Treasury invited to meeting for consideration of, action postponed until return from Cabinet meeting Word from Secretary that he did not desire to be present Resolution defeated South Carolina Cotton Manufacturers Association, on establishment of branch at Charlotte Revised Statutes: Amendment to certain sections in connection with McFadden Bill, recommendations of FRBoard on 7/ 7 11 9/ 8 145 10/28 231 12/18 414 12/17 11/24 379 283 7/29 69 7/29 69 1 : ://2 149 9 9/15 158 9/22 166 9/22 9/22 169 170 7/ 7 14 12/15 3414 115 Page Robert Morris Associates, Lansdowne,Pa.: Letter to Alexander Wall, Secretary of, re interpretation of provisions of Regulation °A." on filing of separate financial statements by subsidiaries 8/5 Rulings, FRBoard: Corn, canned, whether considered as readily marketable staple agricultural product, letter to Governor of FRBanks re 12/29 Eligibility of officers of insurance company for election as Class "B" Director, circular letter advising of 7/2 Memorandum of Counsel, sug.,-esting publication in FRBulletin, publication to be withheld pending further consideration of 7/14 Ruling made tonic for Governors' and FRAgents' Conferences 7/28 Leave of absence of officers and employees of FRBanks never to exceed three months, and requiring affirmative vote of five members of FRBoard if in excess of two months 8/26 Special committee of FRBoard to report on advisability of ruling and also on revision of bylaws 9/ 8 Notes of parent corporation representing borrowings to be advanced to subsidiaries, ruling of FRBoard on eligibility • for rediscount 12/14 Draft of letter to Governors of FRBanks transmitting ruling of FRBoard 12/29 Termination of membership by State member bank, two months allowed for surrender of stock 11/17 Ruling to be published in FRBulletin 11/20 Russell, William W., cony of FRBoard's ruling on eligibility of officer of insurance ccomnany for election as Class "Bo Director of FRBank to be furnished to 7/2 Salaries, FRBanks: (See FRBank of) 87 442 6 37 68 128 141 333 443 259 271 6 116 Page Savings Accounts, Special: Investigation of, in Pacific-Southwest and Security Trust (3: Savings Banks,renort to be made upon FRAp:ent Perrinss return Report delayed because of failure to develop certain essential facts Savings plan of American Legion for members to attend 1927 convention in Paris, not to be announced in publications of FRBanks Secretary of Labor: Inquiry re labor to be employed in building branch at Salt Lake City Secretary of the Treasury: (See also Treasury Department) Committee to study size of currency notes, redemption procedure, etc., Messrs. Eddy and Wyatt authorized to assist Secretary of the Treasury, Acting: Draft of letter to, requesting submission to Attorney General of legality of proposed real estate transaction between FRBank of Cleveland and Cincinnati Chamber of Commerce, annroved Reply of Attorney General upholding legality of contract, no objection by FRBoard Advice of accentance of plan by FRBank of Cleveland Secretary of the Treasury, Assistant: Redemption of certain incomplete Rnotes stolen from Bureau of Engraving and Printing, Board authorizes out of own funds Legislation to permit redemption of incomplete FRnotes and FRBank notes, letter from Mr. Dewey Reserves against Government deposits, discussed with FRBoard by Mr. Winston Simpson, James, pamphlet prepared by, policy of FRBoard toward distribution of Smoot, Hon. Reed, visit to Governor Crissinger re building for Salt Lake City Branch Smoot giving status of plans for Letter to Senator building Letter re open shop plan for labor for branch building at Salt Lake City Protest of labor officials and contractors of Salt Lake City filed with FRBoard by 7/16 42 8/14 107 7/28 65 12/ 8 308 9/15 153 7/27 61 8/ 6 94 8/12 98 7/ 2 4-5 7/ 9 30-1 10/28 232 12/14 336 9/25 188 9/29 198 12/ 2 304 12/21 421 117 Page South African Reserve Bank: Opening of account by FRBank of New York, deferred South Carolina Cotton Manufacturers Association: Resolution adopted by, re establishment of branch by FRBank of Richmond Southern Railway: Incomplete FRnote deposited with Florida National Bank of Jacksonville, and confiscated by Jacksonville Branch Special Counsel: Assessment hearing, employment by FRBank of Chicago for General supervision of system matters, report of Conference of counsels on suggestion of Governor of FRBank of Dallas Par Clearance Cases: (See Baker, Newton D.) Sprague, O. M. W.; (See FRBoard, Staff) State Bank Membership: (See Membership in FRSystem; State Member Banks) State Member Banks: American Bank, San Francisco, Calif.: (See Branch Banks, Domestic) American Union Bank, New York City, removal of head office authorized by State Banking Department Baden Bank, St. Louis, Mo., application for reduction in reserve requirements, action deferred Apiolication approved Baltimore Trust Co.: Branches: (See Branch Banks) Draft drawn by German banks for creating dollar exchange, usages of trade do not warrant acceptance by member banks Bank of Italy, San Francisco, Calif.: Branches: (See Branch Banks, Domestic) Capitalization of, statement by Mr. James re adequacy of Consolidation with certain large California banks, (rumored) (See Consolidations) Examination, advice of beginning of, by State Banking Department Bank of Sausalito, Sausalito, Calif.: Extension until October 1, 1925, of time for establishment of branch at Tiburon 8/14 106 7/ 7 14 12/21 424 7/16 42 8/ 5 84 12/17 381 11/17 12/ 8 260 316 10/23 221 8/ 5 81 11/ 4 236 7/28 64 118 Page State Member Banks: (Contld) Bank of Southern Utah, Cedar City, Utah, consolidation with Iron Commercial Savings Bank without aporoval by FRBoard Application for consolidation approved Borrowings of finance companies from, Secretary of FRBoard to get information for members of Federal Advisory Council C l for condition report: As of June 30, 1925 As of September 28, 1925 Citizens and Southern Bank, Savannah, Ga.: Absorption of Commercial Bank of Athens, approved Application for branch at Athens, approved Citizens Bank, Aztec, N. M., application for purchase of Azetc State Bank, approved City Bank Trust Co., Syracuse, N. Y.: Branch at 255 Wolf Street, application approved Columbia State Savings Bank, Chicago, Ill., completion of membership by Columbus Exchange Bank, Providence, R. 1.: Extension of time for establishment of branch at Charles Street and Branch Avenue Commercial Bank, Athens, Ga., absorbed by Athens branch of Citizens and Southern Bank of Savannah Commercial State Bank, Constantine, Mich., notice of intention to withdraw Commonwealth Banking & Trust Co., Cleveland, Ohio.: Consolidation with Reliance Trust Co., to form Ohio Trust Co., surrender of excess stock Surrender approved if Ohio Trust Co., complies with conditions of membership Cancellation of excess stock, approved Farmers & Merchants State Bank, and Citizens State Bank, Maypearl, Texas, application for consolidation to be obtained by FRAgent Application approved Farmers Bank, Pelham, Ga.: Branch at Sale City approved Application reconsidered and ordered held in abeyance 11/30 12/18 295 396 9/25 1:: al 7/ 7 10/ 5 202 11/ 4 7/29 236 70 9/15 154 8/25 116 7/ 2 3 7/28 64 11/ 4 236 9/17 162 9/15 157 9/23 1//: 0 178 222 11/20 12/14 274 331 8/ 6 95 8/26 124 119 Pace State Member Banks: (Contld) Farmers Bank, Pelham, Ga.: (Contld) Representative of bank to be heard by Governor Crissinger and Mr. James Application again approved Farmers Bank, St. George, S. C., cancellation of FRBank stock held by, recommendation of FRAgent that no action be taken, approved Farmers State Bank, Ganado, Texas, memo of Counsel on application for surrender of stock Application approved Farmers State Bank, Garvin, Okla., relations unsatisfactory and forfeiture of membership recommended by FRBank of Dallas Hearing on termination of membership to be held December 17 Forfeiture of membership ordered Farmers State Bank, Jamestown, Kans., application of Jamestown State Bank to purchase, approved First State Bank, Ladonia, Texas, memo of Counsel on application for surrender of stock Application approved First State Bank, Sabinal, Texas, memo of Counsel on application for surrender of stock Annlication approved Group meetings at FRBank of Chicago, advisability of inviting at expense of FRBank Guaranty Bank & Trust Co., Orange, Texas, memo of Counsel on application for surrender of stock Application approved Grand Rapids Savings Bank, Grand Rapids, Mich., application for branch at Hall, Kalamazoo and Butler Streets, approved Harvard Trust Co., Cambridge, Mass., application to purchase 75% capital stock of Manufacturers National Bank, no objection Inman Trust Co., Cambridge, Mass., permission to remove head office to site authorized for branch and open branch on present site 9/ 9 9/15 148 155 8/ 5 79 7/22 7/28 51 66 11/17 262 11/24 12/17 285 379 7/28 67 7/22 7/28 51 66 7/22 7/28 51 66 8/12 101 7/22 7/28 51 66 7/ 9 31 7/ 2 4 8/25 116 120 Page State Member Banks: (Cont'd) Insurance Bank, St. Louis, Yo.: Application for membership, action deferred pending receipt of information re real estate and insurance department to be opened 7/22 Letter from FRBank of St. Louis, inquiry to be made as to guarantee of real estate loans 7/28 Iron Commercial Savings Bank, Cedar City, Utah, consolidation with Bank of Southern Utah without approval by FRBoard 11/30 Jamestown State Bank, Jamestown, Kans., application to purchase Farmers State Bank, approved 7/28 Ladd and Tilton Bank, Portland, Ore., closing of, failure of examinations to shot, deficiencies 8/26 Lafayette-South Side Bank, St. Louis, Mo., copy of letter to customer re increase in interest rates 12/ 8 Liberty Insurance Bank, Louisville, Ky.: Arrangement re handling real estate and mortgage business, Chairman, FRBank of St. Louis to take up matter of, similar to one with Lincoln Bank & Trust Co. 7/22 Secretary instructed to withhold communication with FRBank of St. Louis until in position to furnish information re other banks conducting same business 7/28 Lincoln Bank & Trust Co., Louisville, Ky.: Guarantee of principal and interest of, and issuance of bonds against,real estate loans, interview requested by Vice President re handling of business 7/ 2 Interview granted on July 20 7/18 Memorandum re interview presented, and draft of letter setting forth conditions under which business should be handled, approved 7/22 Question of similar arrangement with Liberty Insurance Bank, Louisville, Ky., to be taken up by Chairman, FRBank of St. Louis 7/22 Manufacturers & Traders Bank, Buffalo, N. Y., application for membership, approved 12/ 2 46 63 295 67 128 317 48 83 6 43 46 48 304 121 Page State Member Banks: (Contld) Manufacturers c?; Traders Trust Co., Buffalo, N. Y.; application for stock in FRBank of New York Membership condition restricting purchase of interest in other banks, revision of Regulation "H", suggested by FRBank of San Francisco Mercantile Trust Co., San Francisco, Calif.: (See Branch Banks, Domestic) Merchants & Planters State Bank, Winnsboro, Texas, organization of "The Merchants & Planters State Bank" to take over, and application for membership Merchants Trust Co., Greensburg, Pa., intention to withdraw from FRSystem, report of Manager of Pittsburgh Branch on Merrill Trust Co., Bangor, Me., Purchase of Frontier National Bank, Eastport, Me., negotiations for Michigan, establishment of branches without approval of FRBoard Minneapolis Trust Co., Minneapolis, Minn., application for surrender of stock in name of Wells-Dickey Trust Co., approved Mortgage participation bonds or certificates, memo of Mr. Smead on extent of business in various districts Northeastern Trust Co., Reading, Pa., application to establish branch at Sixth and Washington Streets, approved Ohio Trust Co., Cleveland, Ohio, compliance with conditions imposed on new State member banks Pacific-Southwest Trust & Savings Bank, Los Angeles, Calif.: (See also Branch Banks, Domestic) Special savings accounts in, report of investigation of, to be made upon FRAent Perrin's return Report delayed because of failure of FRAgent to develop certain essential facts Peoples Bank, Crystal Springs, Miss., resolution of withdrawal returned for amendment Reply of President of bank amending statement made in resolution 12/29 433 9/ 9 150 9/ 8 143 12/ 2 304 7/31 74 7/14 38 7/29 71 11/ 4 241 7/28 64 10/23 222 7/16 42 8/14 107 8/25 119 9/ 9 149 122 Page State Member Banks: (Contld) Peoples Bank, Georgetown, S. C., cancellation of FRBank stock held by, recommendation of FRAgent that no action be taken toward, approved Peoples Bank & Trust Co., Bell Buckle, Tenn.: Reduction in capital by, Counsel to formulate steps to secure forfeiture of membership Resolution for continuation of membership with reduced capital Given 30 days to complete arrangements for continuation of membership Advice from FRAgent at Atlanta that no action had been taken by bank, referred to Law Committee Forfeiture of membership to be required Hearing to be granted January 25, 1926, memo of Counsel on Peoples Trust Co., Brooklyn, N. Y.: Branch at Eighty-fifth Street and Fourth Avenue, application approved Quincy Trust Co., Quincy, Mass., completion of membership arrangements Reliance Trust Co., Cleveland, Ohio, consolidation with Commonwealth Banking & Trust Co., to form Ohio Trust Co., surrender of excess stock Surrender of stock approved if Ohio Trust Co., complies with conditions of membership Cancellation of stock approved Security Bank & Trust Co., Helena, Ark., report of examination of, disclosing violations of law, not to be furnished Department of Justice Security Trust & Savings Bank, Los Angeles, Calif.: Special savings accounts in, report of investigation of, to be made upon FRAgent PerrinIs return Report delayed because of failure of FRAgent to develop certain essential facts State Street Trust Co., Boston, Mass., apnlication to purchase National Union Bank of Boston, approved Union Bank of Richmond, Va., application for consolidation with Federal Trust Co., approved 8/ 5 79 7/31 76 8/26 130 10/23 222 11/30 12/14 298 333 12/29 444 8/25 117 9/23 179 9/15 157 9/23 10/23 178 222 7/31 76 7/16 42 8/14 107 9/22 168 11/ 4 235 123 Page State Member Banks: (Contld) Union Trust Co., Providence, R. I.: Extension granted in period for opening branch at Woonsocket Wells-Dickey Trust Co., Minneapolis, Minn., application for surrender of stock of, by Minneapolis Trust Co., approved Wood & Huston Bank, Marshall, Mo., absorption of Bank of Mt. Leonard, Mo., approved Withdrawals not consumated at end of six months, procedure in Circular letter to FRAgents allowing two months for surrender of stock Ruling of Board to be published in FRBulletin Statistical and Analytical Functions, FRBanks: Budget for: (See FRBank of) Stewart, W. W.: (See FRBoard, Staff) Stock: Capital: American National Bank, Beggs, Okla., application for reduction, approved of Boston, application of Corporation Atlantic Atlantic National Bank to purchase additional, in, approved Bank of Haiti, Inc., application of National City Bank of New York to purchase, approved on condition Boonville National Bank, Boonville, Mo., application for reduction, disapproved Citizens National Bank, Crosbyton, Texas, application for reduction, approved Farmers National Bank, Fort Gibson, Okla., application for reduction, anproved First National Bank, Carrizozo, N. M., reduction of capital stock with conditions, approved First National Bank, Fort Gaines, Ga., application for reduction, approved First National Bank, Hendricks, W. Va., application for reduction, approved First National Bank, Lander, Wyo., application for reduction, approved First National Bank, Lucas, Kan., application for reduction, approved First National Bank, Mason, Ill., application for reduction, approved 7/31 77 7/29 71 12/29 438 11/ 4 237 11/17 11/20 259 271 12/ 2 303 10/15 215 12/29 431 8/ 5 81 12/ 8 315 12/29 434 12/ 2 303 9/15 154 11/24 284 9/ 8 140 7/14 34 11/30 297 124 Page Stock: (Contld) Capital: (Cont'd) First National Bank, Parma, Idaho, apnlication for reduction, approved First National Bank, Randolph, Nebr., application for reduction, approved First National Bank, Roy, N. M., application for reduction, approved First National Bank, Stillwater, Minn., application for reduction, approved Greenup National Bank, Greenup, Ill., application for reduction, approved Manufacturers National Bank, Cambridge, Mass., application of Harvard Trust Co., to purchase 75% of, no objection Peoples Bank & Trust Co., Bell Buckle, Tenn., Counsel to formulate steps to secure forfeiture of membership, because of reduction in Resolution for continuation of membership with reduced capital (See also State Member Banks) Plano National Bank, Plano, Texas, application for reduction, approved Segregation of, by banks exercising fiduciary powers, letter to FRAgent at Chicago re application of Michigan law to national banks Waxahachie National Bank, Waxahachie, Texas, application for reduction, approved FRBank of Atlanta: New Georgia National Bank, Albany, Ga., application for, approved Peoples Bank & Trust Co., Bell Buckle, Tenn., surrender of stock and forfeiture of membership to be required (See also State Member Banks) FRBank of Boston: City National Bank, New Britain, Conn., application, approved FRBank of Chicago: Griswold National Bank, Detroit, Mich., application, approved FRBank of Cleveland: First National Bank, Yukon, Pa., application approved Ohio Trust Co., Cleveland, surrender of excess because of consolidation of two member banks to form 12/17 380 12/ 8 315 9/22 167 9/15 155 12/30 450 7/ 2 4 7/31 76 8/26 130 12/30 450 8/ 5 86 11/30 297 12/29 433 12/14 333 11/ 4 235 10/23 218 8/25 109 9/15 157 125 Page Stock: (Contld) FRBank of Cleveland: (Contld) Ohio Trust Co., Cleveland: (Cont'd) Surrender approved if Ohio Trust Co., complies with conditions of 9/23 membership 10/23 approved stock, excess of on Cancellati FRBank of Dallas: City National Bank, Hugo, Okla., application 10/27 for surrender, approved appliTexas, Blossom, Bank, Farmers National 10/23 cation, approved of memo Texas, Ganado, Bank, Farmers State Counsel on application for sur7/22 render of /28 7 Approved of, surrender Okla., Garvin, Bank, State Farmers and forfeiture of membership 11/17 recammended apTexas, e, Brownsvill Bank, National First 7/17 plication, annroved First National Bank, Lakeview, Texas, appli8/25 cation, approved First National Bank, Levelland, Texas, applica7/28 tion, approved First National Bank, O'Donnell, Texas, appli10/ 5 cation, annroved First National Bank, Sulphur Springs, Texas, 11/10 application, approved of memo Texas, Ladonia, Bank, State First Counsel on application for sur7/22 render of 7/28 Approved First State Bank, Sabinal, Texas, memo of Counsel 7/22 on application for surrender of 7/28 Approved Guaranty Bank & Trust Co., Orange, Texas, memo of Counsel on application for 7/22 surrender of 7/28 Approved Bank, Hugo, Okla., application Hugo at 9/15 for surrender, approved Rochelle National Bank, Rochelle, Texas, appli7/28 cation, approved National Bank of Commerce, Hugo, Okla., am-Ai7/31 cation, approved FRBank of Kansas City: Drovers National Bank, Kansas City, Mo., appli7/22 cation, approved 178 222 225 218 51 66 262 45 109 62 201 248 51 66 51 66 51 66 153 62 74 48 126 Page 11 1 Stock: (Contld) FRPank of Kansas City: (Contsd) First National Bank, Duncan, Okla., apnlication, anproved 9/ 2 First National Bank, Parkville, Mo., applica9/ 8 tion, approved MBank of Minneapolis: Crandon National Bank, Crandon, Wisc., application, approved 8/25 First National Bank, Hysham, Mont., failure of liquidating agent to make application for surrender, Comntroller of the Currency to handle 9/23 First National Bank, Madison, S. D., extension of time for surrender of 11/20 First National Bank, Wimbledon, N. D., extension of time for application for surrender of 9/23 Minneapolis Trust Co., Minneapolis, Minn., for Wells-Dickey Trust Co., application for surrender, approved 7/29 New First National Bank, Lamberton, Minn., application, approved 11/ 4 Security National Bank, Brookings, S. D., application, approved 10/23 Wells-Dickey Trust Co., Minneapolis, Minn., by Minneapolis Trust Co., apnlication for surrender, approved 7/29 PRBank of New York: Citizens National Bank, Rahway, N. J., application, approved 9/22 Haledon National Bank, Haledon, N. J., application, approved 11/24 Hamilton National Bank, Weehawken, N. J., application, approved 8/12 Liberty National Bank, Guttenberg, N. J., application, approved 8/25 Manufacturers & Traders National Bank, Buffalo, N. Y., application for surrender, approved 12/14 Manufacturers & Traders Trust Co., Buffalo, N.Y., application, approved 12/29 National Bank of Savannah, N. Y., application, ' approved 8/25 FRBank of Philadelphia: Oakmont National Bank, Oakmont, Pa., application, approved 12/ 8 West End National Bank, Shamokin, Pa., application, approved 8/12 132 138 110 177 275 176 71 235 218 71 167 283 97 110 327 433 109 308 98 127 Page Stock: (Contld) FRBank of Richmond: Farmers Bank, St. George, S. C., in hands of liquidating agent, no action on cancellation of stock Matoaka National Bank, Matoaka, W. Va., application, annroved Peoples Bank, Georgetown, S. C., in hands of liquidating agent, no cation on cancellation of stock FRBank of St. Louis: First National Bank, Eudora, Ark., application, approved St. Louis, Mo., action on apBank, Insurance plication, postponed Mt. Vernon National Bank & Trust Co., Mt. Vernon, Ind., application, approved FRBank of San Francisco: Blaine County National Bank, Hailey, Idaho, application for surrender, anproved First National Bank, Hailey, Idaho, apnlication, approved First National Bank, South Pasadena, Calif., apnlication,approved Greenwood National Bank, Greenwood, Wash., application, approved New First National Bank, Santa Paulo, Calif., application, approved Seaside National Bank, Long Beach, Calif., application, approved South Gate National Bank, South Gate, Calif., application, approved South Pasadena National Bank, South Pasadena, Calif., application, approved "Successful Farming", letter from editor on credit status of agricultural cooperative associations Supreme Court of the United States: Pascagoula National Bank par clearance case, memo of Counsel on action in 8/ 5 79 10/23 218 8/ 5 79 9/ 2 132 7/22 46 7/ 2 2 10/23 219 10/ 5 201 7/28 62 11/17 257 11/10 248 9/15 153 8/25 110 11/24 282 8/26 126 12/ 8 316 12/29 437 11 T11 Tax payers association, payment to, by FRBank of Minneapolis 128 Page Taxes: Cuba, bill passed by Legislature taxing payments involving extraction of funds 7/ 7 from Application of bill to operation of Havana 8/12 Agencies 8/25 Opinion of Attorney for Havana Agency re Sale of cable transfers exempt from provisions 8/26 Telegrams Chargeable to Deficient Appropriations: (See Treasury Department) Time Schedule, FRBanks: (See Interdistrict Time Schedule) Treasurer of the United States: Sale of bonds under Section 18 of the FRAct, no application received from national banks during second quarter 7/ 2 10/ 5 During third quarter Treasury Department: Redemption of Incomplete FRnotes: (See FRnotes) Telegrams chargeable to deficient appropriations of, Secretary reports amount due FRBoard for, not to be transmitted over leased wires in future 7/ 2 Secretary of FRBoard reports re handling of, and is directed to report all 7/ 7 services rendered Trowbridge, A. B., Consulting Architect, FRBoard: Birmingham Branch Bank building, draft of reply to letter re submitting report on plans and specifications for 8/ 5 proposed, approved Suggested dhenges in plans and specifications 8/26 of, letter and report re Letter that local architects had complied with most of his suggestions 9/29 11/17 Statement for services in connection with Denver Branch, statement of balance due in connection with building for 11/17 Branch, for services in connection statement Omaha with building for 12/14 Salt Lake City Branch building, letter re excluding certain expenses from cost of building proper 10/ 5 12/29 Plans and specifications to be submitted to Trust Powers: (See Fiduciary Powers) Tucker, Anthony & Co., classification as "private banker" in acting on applications for 11/10 interlocking directorates 12 102 118 123 3 202 5 15 80 125 196 259 259 331 206 445 254 129 Pace United States Employees Compensation Commission: Application to, by Marjorie F. Jones, Division of Bank Operations, memo of Counsel re 8/5 Wall, Alexander: (See Robert Morris Associates) Walsh, C. C.: (See FRAgents) War Finance Corporation: Auditing of accounts at Denver and Helena Branches to be done by examiners of 12/ 8 FRBoard Weekly Statements; FRBoard: Condition of FRBanks, changes in, recommended by Chiel of Division of Bank Op7/ 2 erations 8/12 deferred action Smead, Mr. by changes Proposed 9/25 Recommendation by Messrs. Stewart and Smead analysis for changes of Explanatory statement of next statement, memo of 9/25 Mr. Smead Condition of Member Banks: Street loans in New York and other FRBank cities, information to be required by 12/21 FRBoard 12/28 Form for showing in statement Work: Educational and Welfare Among employees at FRBank of Boston, contribution 10/27 to Federal Reserve Society for 7/28 Expenditures for June approved 9/23 August 10/15 September 11/24 October 12/29 November Willis, Professor H. Parker: Bank failures, study being conducted by, letter from FRAgent at Dallas re request of Prof. H. H. Preston for information in connection 7/31 with Examination policy of FRBanks, copy of letter sent to FRBanks requesting informa12/29 tion re 88 312 7 97 190 191 424 429 226 68 173 215 283 437 75 442 130 Page Willis, Professor H. Parker: (Cont'd) Information re State bank membership and re examining work of FRBanks to be furnished to Replies to letters approved Rediscounts and advances of all member banks grouped according to resources, reply of FRBoard to request for information re Withdrawals from FRSystem: Commercial State Bank, Constantine, Mich., six months notice given Farmers State Bank, Garvin, Okla., forfeiture of membership recommended for failure to comply with regulations of FRBoard Hearing on termination of membership to be held December 17 Forfeiture of membership ordered Merchants Trust Co., Greensburg, Pa., proposed, report of visit of Manager of Pittsburgh Branch re Peoples Bank, Crystal Springs, Miss., resolution of withdrawal returned for amendment Reply of President of bank amending statements made in resolution Peoples Bank & Trust Co., Bell Buckle, Tenn.: Reduction in capital below minimum required, forfeiture of membership because of Resolution for continuation of membership with reduced capital Given 30 days to complete arrangements for continuation Advice from FRAent at Atlanta that no action had been taken by bank Forfeiture of membership to be required Hearing to be granted January 25, 1926, memo of Counsel on Procedure in case withdrawal is not consumated at end of six months Circular letter to FRAgents allowing two months for surrender of stock Ruling of FRBoard to be published in FRBulletin 11/17 11/30 263 296 12/29 441 9/17 162 12/17 379 11/24 12/17 285 379 12/ 2 304 8/25 119 9/ 9 149 7/31 76 8/26 130 10/23 222 11/30 12/14 298 333 12/29 444 11/ 4 237 11/17 11/20 259 271
@FedFRASER