The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
KEY TO INDEX Branch Banks, Domestic, FRBanks, and Foreign, see Branch Banks Clayton Act Applications, see Interlockina, Directorates Collection, see Clearing and Collection Directors of FRBanks and Branches, see Directors National Banks are listed under heading National Banks State Banks are listed under State Member Banks and Nonmember Banks Stock of FRBanks and Member Banks, see Stock. INDEX JULY - DECEMBER, 1928. 1 Pages Absorption of Banks: (See Consolidations) Acceptances: Bankers: Drawn by elevator or warehouse company, amendment to Regulation A on rediscount of Amendment to be published in FRRalletin Preferential buying rates for, suggested by Mr. James Proposal discussed and condition of acceptance market to be taken up with Mr. Warburg Report of conversation with Mr. Warburg and letter to Open Market Committee on purchase of securities Rates for purchases, changes in: FRBank of Atlanta FRBank of Boston FRBank of Chicago FRBank of Cleveland MBank of Dallas FRBank of Kansas City FRBank of Minneapolis FRBank of New York FRBank of Richmond FRBank of St. Louis FRBank of San Francisco Report of Committee to Conference of Governors that FRBoard liberalize certain rulings on International Acceptance Bank, Inc., question raised on wording of agreement re security for Amendment to agreement with corporation, memo of Counsel Reply to be prepared by Governor that FRBoard will not interfere with plan as approved by former Governor Harding Rates for purchases, report of Governor on opinion given to FRBank of New York on proposed chmlge in (See also Rates) 10/9 184 10/24 217 8/13 85 8/15 94 8/16 95-98 7/13 27 8/3 70 7/17 28 7/30 60 7/17 30 7/30 60 7/17 29 7/30 60 7/27 47 7/30 60 10/24 215 7/17 30 7/30 60 7/17 30 7/27 49 7/17 28 7/27 48 7/17 29 7/27 4s 7/17 29 7/27 49 7/27 47 8/3 71 9/8 130 12A1 344 11/10 257 11/13 270 11/26 316 11/15 292 Pages 2 Acceptances (Continued) Reserves against, request of Equitable Eastern Banking Corporation to use certain loans as Allowed to use demand loans against acceptances but not demand loans against stock exchange collateral Sharmut Association, eligibility for rediscount or purchase by FRBanks of those issued by they are not eligible for rediscount or purchase that Ruling by FRBanks Acceptances to 100 per cent of capital and surplus: American-First National Bank, Oklahoma City, Okla., permission granted National America Association, New York City, application Bank of approved Citizens and Southern National Bank, Savannah, Ga., application approved Houston, Texas, application approved Bank, National First Interstate Trust Co., New York, N. Y., application approved Merchants National Bank, Mobile, Ala., application approved Nassau National Bank of Brooklyn, N. Y., application approved United States National Bank, Galveston, Texas, application approved Advances on member bank collateral notes: (See Maturity) Agencies: Currency stations: (See Currency stations) Havana: Inspection trip to be made by Directors of FRBank of Atlanta, members of FRBoard invited to go Trip to be made following meeting of directors on Jan. 12 and members of FRBoard again invited Tax levied by Cuban Government on, fee for services of Dr. L.Q.C. Lamar and Randolph and Parker Albany, application of member banks for termination of classification as reserve city Letter from Deputy Governor of FRBank of New York that designation is no longer necessary FRBoard not inclined to approve application but banks may present additional information Letter from member banks in Albany on American Bank Note Co., wording on certificates of deposit does not affect classification as demand deposits American Bankers Association: Code for use of member banks, letter to Senator Capper on proposed amendment to FRAct Convention in Philadelphia, luncheon to be given bankers of district by FRBank of Philadelphia Pamphlet on operation of FRSystem distributed at 1925 convention, reissue requested by Mr. Delano Resolution to permit weekly adjustment of reserves by member banks in FRBank and Branch cities Resolution endorsed by National Bank Division, letter from r. Mountjoy and reply Taxation of national banks by States, brief being prepared on proposed amendment to Revised Statutes 9/26 155 10/10 193 10/25 224 11/7 250 9/5 126 11/7 245 7/27 10/1 7/17 8/3 12/27 7/27 52 16, 34 422 52 11/13 272 12/27 422 7/17 32 9/26 152 10/12 205 12/3 12/20 332 409 9/26 156 73 8/3 76 9/17 141 11/26 317 12/3 333 12/27 425 12/3 332 3 Pages 1 American Institute of Banking, contribution by FRBank of Dallas to American Statistical Association, address of Carl Snyder before, request for copy of Annual reports of FRAgents discussed as to contents, size, etc. Annual report of FRBoard, statement of Mr. Goldenweiser on delay in publication and on new figures approved Assessment on FRBanks for expenses of FRBoard, resolution levying Assistant FRAgents: (See FRAgents) Attorney General of New York: (See National banks, Straus National Bank and Trust Co.) Attorney General of United States: (See Department of Justice) Audit of Gold Settlement Fund, arrangements for Auditing departments of FRBanks discussed at Conference of FRAgents, and Conference of Auditors to be held 8/29 12/29 435 11/15 282 7/17 12/21 32 416 11/12 263 11/15 282 Bachmann, G., article on Switzerland and the Gold Standard not to be published in FRBulletin 10/26 Baker, Hon. Newton D.: Fee for handling wait brought against FRBoard by United States Foreign Financing Corporation 8/29 Neoga National Bank case, all FRB/Inks willing to share expense of employing 8/23 Bill covering fee and expenses to be paid by FRBank of Chicago 10/24 Retained in suit against FRBank of New York to enjoin it from engaging in open market operations, etc. 8/9 FRBanks willing to bear pro rata share of expense 8/23 Balances due from foreign banks in computing reserves: (See Rulings) Ballots cast in election of Class A and B directors, letter from Mr. Curti on proper signing of 7/17 Circularto FRAgents on amendment to procedure /3 8 Baltimore Clearing House Association, members of the Board to be invited to attend dinner on Oct. 17 10/9 Invitation extended by Messrs. Wilcox and Newcomer and accepted by Messrs. Platt, Hamlin and McIntosh 10/12 BEI:k Commissioner of Idaho, criticism to State member banks on cost of membership by loss of interest on reserve deposits 9/ 13 Memo from Mr. Van Fossen on 9/12 a4lalt failures, inquiry from Philadelphia Sunday Transcript on bow FRSystem prevents, and form of reply 10/10 Baro -4... ing and agricultural conditions in South Carolina, letter from D. R. Coker on 11/12 of England: (See Foreign banks) , ju414c of France: (See Foreign banks) 7 1 et crops, notes secured by: (See Rediscounts) , 111s discounted by FRBank of Philadelphia, increase in 10/1 Circulation, advice of no applications from national banks: During second quarter During third quarter Surety: Carrick, K. K., as Acting Assistant FRAgent at Boston Mitchell, John R., as FRAgent at Minneapolis Sproul, Allan, as Assistant FRAgent at San Francisco 118 7/10 10/4 227 118 106 216 81 106 33 75 185 198 126 136 193 262 169 20 175 8/14 90 9/26 150 12/1 357 Ii. Pages Borrowings: National Bank of Commerce, Houston, Texas, correspondence on 11/12 reduction in Loans) also (See Branch banks, domestic: Bank of the Manhattan Co.: First National Bank of Brooklyn and branches merged into and 10/5 to be operated as branches I.: R. Providence, Co., Trust Industrial Woonsocket, cannot establish additional branch and continue 12/3 membership of Brooklyn: Co. Trust and Bank Municipal Borough of Manhattan, three additional by merger of Seventh 10/11 National Bank of New York Co.: Trust Hospital Rhode Island Woonsocket, absorption of Globe National Bank and Mechanics 12/13 Savings Bank and merger into existing branch I.: R. Providence, Union Trust Co., Woonsocket, cannot purchase national bank to operate as branch 12/ and retain membership not does bank violate national of stock in Investment 12/10 FRket or Regulations Letter to FRAgent transmitting opinion of Counsel, views 12/13 not to be made public Branch banks, FRSystem: Baltimore: Building: Fee to Mr. A. B. Trowbridge for services in construction of 11/13 Formal opening on Oct. 18, members of FRBoard and staff 10/5 invited to attend Directors) (See Directors: Birmingham: (See Directors) Buffalo: Directors: (See Directors) E0 Examination report as of May 26 8/5 Letter from FRAgent at New York reporting on criticisms in Charlotte: (See Directors) Cincinnati: (See Directors) Denver: (See Directors) Detroit: (See Directors) El Paso: (See Directors) FRBank of San Francisco: Bylaws, provision that one director reside outside of branch 12/3 city suspended for 1929 Helena: Directors: (See Directors) Staff: Hoerr, A. A., appointed Assistant Cashier to succeed W. A. 12/17 Cutler Houston: (See Directors) Jacksonville: (See Directors) Little Rock: (See Directors) Los Angeles: Building, plans and estimates for, general schedules to be 12/8 approved by FRBoard 263 182 330 201 369 331 365 370 267 185 76 80 327 386 361 1 5 Pages Branch banks, Federal Reserve System: (Continued) Los Angeles: (Continued) Building, plans and estimates for: (Continued) Status of Congressional resolution to be inquired into by Vice Governor Advice from Chairman of Committee on Banking and Currency of House that resolution will come up after first of year Directors: (See Directors) Staff: Prahl, John F., redesignated examiner for 1929 Swengel, Henry D., redesignated examiner for 1929 Louisville: (See Directors) Memphis: Building, bids accepted and contracts let for construction of Directors: (See Directors) Nashville: (See Directors) New Orleans: Directors: (See Directors) Staff: Walker, Marcus, vacation period extended Oklahoma City: (See Directors) Omaha: (See Directors) Pittsburgh: (See Directors) Portland: Directors: (See Directors) Staff: Snow, G. A., redesignated examiner for 1929 Salt Lake City: Directors: (See Directors) Staff: Hupp, C. R., redesignated examiner for 1929 San Antonio: (See Directors) Seattle: (See Directors) , Spokane: (See Directors) 'rarich banks, foreign: Equitable Eastern Banking Corporation: China, Tientsen, permission of FRBoard to establish not necessary National City Bank of New York: Canal Zone, Balboa and Ancon, application approved Colombia, application for branches in Armenia, Barranquilla, Bogota, Buenaventura, Cali, Cartagena, Manizales, Medellin, and Pereria Application approved 1Br „. 0kers loans: (See Loans to brokers) 'Llldget of FRBoard for 1929, approved by Committee , Approved by FRBoard Baltimore: Fee to Mr. Trowbridge in connection with construction of Formal opening on Oct. 181 members of FRBoard and staff invited to attend 12/27 425 12/25 427 12/17 12/17 379 379 5/3 72 7/27 51 12/17 379 12/17 379 9/5 127 12/3 329 7/5 7/30 11 63 12/21 12/21 411 412 11/13 267 10/9 185 Pages 6 Buildings: (Continued) Los Angeles Branch: Plans and estimates for, general schedules to be approved by FRBoard Status of Congressional resolution to be inquired into Advice from Chairman of Committee on Banking and Currency of House that resolution will come up after first of year Memphis Branch: Bids accepted and contracts let for construction of Bull, Jennie E. and I. T., suit brought against FRBank of Chicago for recovery of liberty bonds deposited with First National Bank of Shenandoah, Iowa Bureau of Engraving and Printing: (See FRNotes) Bureau of Foreign and Domestic Commerce, reply to letter on discount charged on Canadian currency by American banks and merchants Governor to discuss with Conference of Governors Report of Conference of Governors on, FRBoard to suggest appointment of committee to report on Reply of Director Klein accepting invitation to sit with committee and to bring representative of Finance and Investment Division Report of Conference of Governors on, committee appointed to study Business and credit conditions, statement to FRBoard by Dr. Goldenweiser of committee of FRAgents on national report conditions, Business summary of Report referred to Dr. Goldenweiser Bylaws: Branches of FRBank of San Francisco: Provision that one director reside outside of city in which branch is located suspended for 1929 FRBoard: Executive committee meetings, no provision for meeting of two members Amendment to Article VI on duties of Executive Committee tentatively adopted Amendment giving authority to two members to act as interim committee 12/8 361 12/27 425 12/28 427 8/3 72 9/26 157 10/10 11/13 192 271 11/15 293 11/26 317 341 12/4 9/26 148 11/15 12/4 282 352 12/3 327 7/2 1 7/10 22 7/30 68 7/30 61 "C" Calculating machine, purchase by Division of Research and Statistics Caldwell, T. J.: (See Foreign banking corporations) California, Superintendent of Banks not cooperating with FRAgent in examinations of State member banks Celwell, Charles S.: (See Philadelphia Clearing House Association) Cambridge Associates, article furnished by Governor of FRBank of Minneapolis for publication Canadian currency, reply to letter from Bureau of Foreign and Domestic Commerce on discount charged by American banks and merchants 10/1 172 12/17 385 10/10 192 A 7 Pages Canadian currency: (Continued) Governor to discuss with Conference of Governors Report of Conference of Governors on, FRBoard to suggest appointment of Committee to report on Reply of Director of Bureau accepting invitation to sit with Committee of Board and to bring representative of Finance and InvestTent Division Recommendation of Conference of Governors on, committee appointed to study Capital stock: (See Stock) Capper, Senator Arthur, suggested amendment to FRAct for cipher code for use of all member banks Certificates of deposit, printed by American Bank Note Co., wording does not affect classification of Chattel mortgages, notes secured by: (See Rediscounts) Circulars, FRBoard: Committee to be appointed to study grade classification of personnel of FRBanks and B directors, amendment to procedure on Class A Elections of Examinations of State member banks, revision of letter on rules governing Memo of Governor on changes in rules and regulations Letter approved by Conference of FRAgents with certain changes Form of letter as adopted Payment of compensation to officers or employees of FRBanks who die while in service of banks Letter submitted and ordered circulated Letter discussed Rates, rediscount, advice of Changes to be accompanied by statement of reasons for change Regulation A, suggesting amendment to section on discount of paper bearing endorsement of nonmember banks Recommendation of Conference of FRAgents on Statements issued by FRBanks not to make predictions as to the future Letter to FRBanks on attitude of FRBoard toward requests for articles for publication Article furnished to Cambridge Associates by Governor of FRBank of Minneapolis Titles of corporations doing banking or similar business, provision of Act of May 24, 1926 called to attention of State authorities granting charters Replies of State authorities to circular Cl , anon Act applications: (See Interlocking Directorates) ulearing and collection: Collection function, Standing Committee on Collections to continue study and submit report Interdistrict time schedule: Buffalo to San Antonio, changed from four to three days Chicago and Dallas districts, changes to other FRBanks and branches Cleveland and branches to other FRBanks and branches, changes approved 11/13 271 11/15 293 11/26 317 12/4 341 8/3 76 11/26 314 7/30 8/3 66 75 10/10 196 10/11 202 11%13 273 348 12/4 11/26 316 11/27 323 12/17 386 10/5 179 9/26 154 11/14 278 12/3 32s 12/10 366 12/17 385 7/27 56 8/23 107 12/4 343 9/12 133 7/27 11/7 53 244 S Clearing and collection: (Continued) Interdistrict time schedule: (Continued) Philadelphia to Portland and Seattle, change approved St. Louis to Cleveland changed to one day San Francisco and branches, changes approved Noncesh items, resolution of directors of FRBank of Atlanta to discontinue at FRBank and branches Committee of directors of FRBank of Atlanta to discuss with FRBoard on Oct. 5 Black in Washington but no meeting with and Newton Messrs. Board because of absence of Director Lea Regulation J, authority to FRBFInks to charge items to reserve account of banks to be eliminated adopted regulation to Amendment nonmember banks, referred to Standing by requested transfers Wire Committee on Collections for report on uniform procedure Wire Committee on supply of books and Leased of report books, Code prorating cost Letter from Governor of FRBank of Chicago on report Code for use of member banks and their correspondents, amendment to FRAct suggested by Senator Arthur Capper Commissioner of Corporations and Taxation of Massachusetts, advised of possible violation of law by United States Acceptance Corporation Committees: Banking and Currency of House and Senate: (See Legislation) Canadian currency, to report on discount and redemption of, to consist of Messrs. Schneckenburger, Cation, Shaw, and Moore Directors of FRBanir of Atlanta, to meet with FRBoard on Oct. 5 to discuss noncash collections Messrs. Newton and Black in Washington but no meeting with FRBoard because of absence of Director Lea FRAgents Conference: Bank and Public Relations: Messrs. Heath, DeCaap, Newton and McGarrah appointed on Report of Bank Examinations and Reports, Messrs. Hoxton, Mitchell and DeCapp Executive, Messrs. Martin, Curtiss, Heath, Austin, Mitchell and McGarrah Memorial to late Governor Strong, to be prepared jointly with committee of Governors Business Conditions: of National Summary adopted Report Report referred to Dr. Goldenweiser New committee to consist of Messrs. Austin, Curtiss and McGarrela Reserves of member banks, deduction of foreign balances in computing Messrs. Curtiss, McClure and Walsh appointed on new committee Pages 10/5 7/17 9/12 183 31 133 8/13 84 9/26 158 10/5 177 12/4 346 12/10 364 12/4 347 12/4 343 12/17 385 8/3 76 10/1 169 12/4 342 9/26 158 10/5 177 11/15 12/4 296 352 11/15 296 11/15 295 11/14 276 11/15 12/4 282 352 11/15 296 11/14 277 11/15 295 9 Pages Committees: (Continued) FRBanks: Plan for grade classification of personnel similar to that of FRBank of Ner York FRBoard: Appointments to be reallocated at meeting on Friday Preference expressed by members of Board to serve on committees and tentative list made Formal appointments made District, to file reports on appointment of directors of FRBerks and branches and designation of Chairmen and Deputy Chairmen Districts 1 to 12, members appointed Districts 7 and 8, Mr. Pole appointed member of Examinations, Messrs. Platt and Cunningham appointed on Executive: Authority to approve increases in rediscount rates to 5 per cent to continue until revoked Authority to Executive Officer of FRBoard to approve increase to five per cent for thirty days Resolution approved by FRBoard Authority to be effective until revoked Authority rescinded Cunningham, E. H., appointed member for three months Expiration of term Hamlin, Chas. S., appointed for three months James, George R., designated member for third quarter Expiration of term Meeting with two members present Amendment to Article 6 of Bylaws that two members may act as interim committee, tentatively adopted Amendment adopted Miller, A. C., expiration of term as member Law: Members to go to New York to confer with FRAgent on interpretation of amendment to Clayton Act Messrs. Hamlin and Platt appointed on Mr. Pole appointed member of Research and Statistics, Messrs. Miller and Cunningham appointed on Salaries and expenditures on FRBanks: Messrs. James and Platt appointed on Reports on salaries at FRBanks and closing of books made special order for Wednesday Special: Messrs. Miller and Platt to report on changes in Open Market Investment procedure Report of committee presented by Mr. Miller Messrs. Platt and Miller to study use of words "investment trust" in titles of foreign banking corporations Opposite opinions held by members of committee, to be discussed with President of company Report of Governor on changes in titles 7/3o 66 12/19 406 12/21 41s 12/2s 429 12/7 12/28 12/13 12/28 357 429 371 429 7/10 22 7/17 7/18 8/13 10/26 lo/1 12/2s 12/28 7/9 10/1 7/2 37 45 85 230 164 430 430 6 164 1 7/10 7/30 7/9 22 6s 6 10/30 237 12/2 429 12/13 371 12/28 429 12/28 429 12/17 385 lo/1 171 10/26 231 11/7 247 11/10 259 11/12 261 10 Pages Committees: (Continued) Functional expense report, Messrs. Round end Smead, report submitted 11/15 12/4 Report approved by Conference of Governors (See Conferences, Governors) Conference: Governors Open Market Investment: Meeting scheduled for July 18 7/10 Announcement of meeting 7/27 of Minutes Report of meeting considered and credit situation discussed 7/18 7/19 Meeting on August 13, tentative date fixed meeting of Advice 8/9 8/13 Report on credit situation, purchase of securities, etc. of 8/14 committee recommendations and Discussion of report 8/15 action taken no Report further considered but Young Governor to of Committee Report considered and letter 8/16 approved minutes 12/3 of transmitted copies 15, Meetings of Nov. 13 and 11/16 Report presented and discussed 11/19 deferred Action on report 11/26 deferred Action again on commenting 11/27 Committee report of Chairman Acting Letter to 12/31 Meeting to be held Jan. 7 Meetings to be conducted under supervision of FRBoard, motion 8/16 suggested by Mr. Miller Membership to consist of representatives of all FRBanks, 8/16 motions for future consideration Miller Messrs. Council, Advisory Federal of Recommendation and Platt appointed special committee to study 10/1 Report of Mr. Miller on revision of open msrket investment 10/26 procedure of FRSystem 10/30 action postponed but discussed report Committee Revised procedure referred to Conferences of Governors and 11/10 FRAgents 11/13 Plan approved by FRAgents with amendments 11/15 Report of Conference of Governors discussed Action of FRBoard in voting to have stenographic record of 11/15 discussion reconsidered Plan as amended and adopted by Joint Conference of Governors and FRAgents submitted, formal action 12/3 postponed Report on demand for Federal Reserve credit and how it has 10/12 been met of New FRBank intent York on Letter to Deputy Governor of 10/17 of letter and policy involved 10/25 Governor approved Deputy Draft of letter to 11/13 Reply of Deputy Governor explaining letter of Request of Commissioner of Finance of Tennessee that issue 8/29 notes of State be purchased by Government securities taken over from foreign correspondent, 9/12 report on Instructions from foreign correspondent to convert short time 10/9 Government securities into cash 292 344 2 22 50 41 42 78 86-8g 90 92-94 95-9g 329 298 ) 304 i 315 1 322 , 438-43; 102 102 171 231 235 255 273 287 289 334 206 209 224 268 114 136 186 11 Pages Committees: (Continued) Open Market Investment: (Continued) Report of Acting Chairman on Government bond market, sales for foreign correspondents, etc. Report of Deputy Governor of FRBank of New York on sale of Government securities for foreign correspondent, demand for reserve bank credit Sales of securities totaling amount taken over from foreign correspondent Report of transactions from Dec. 3 to 17 Community chest fund of Minneapolis, contribution by FRBank disapproved Comptroller General of United States, advising that travel by members of Board should be approved by proper official Comptroller of the Currency: Examiners, salaries of National bank: (See Examiners) National banks: (See National banks) National banks in Pennsylvania, right to act as treasurers of corporations Opinion that banks have right under authority to receive deposits Pole, J. W., appointed member of Law Committee, and Committees on Districts 7 and 8 Statement explaining vote against increase in rediscount rates Condition reports: FRBanks, increase in outstanding credit shown by FRBank of Philadelphia National banks: Call as of June 30 Gall as of Oct. 3 Rhode Island Hospital Trust Co., Providence, refusal to furnish trust department balance sheet requested in State member banks: Call as of June 30 Call as of Oct. 3 Form for, action of Conference of FRAgents on modifications of Revised form of report with instructions governing preparation, approved Conferences: Auditors of FRBanks, recommended by Conference of FRAgents Committee of directors of FRBank of Atlanta with FRBoard on noncash collections Directors of FRBanks with FRBoard annually, resolution of stockholders association of FRBank of Dallas Not considered desirable by Conference of FRAgents Action of Conference of Governors approving attitude of FRBoard Economic statistics under auspices of League of Nations, representation by FRBoard referred to Governor with power Letter to Secretary of State on representation approved Department instructions to Mr. E. Dana Durand, American representative Mr. James F. Dewhurst granted leave to assist Mr. Durand 10P4 214 10/26 229 4g; 12/3 12/20 10/1 166 9/12 136 11/13 268 11/15 281 12/13 7/10 371 17 10/1 169 7/9 10/9 5 181 10/5 223 7/9 10/9 12/4 5 181 353 9/26 152 11/15 282 9/26 158 9/18 145 11/14 277 12/4 346 10/30 11/7 236 2)46 11/26 312 12/3 324 12 Conferences: (Continued) FRAgents: Nov. 12, 13, and 14 set as date for Committees, membership of standing Curtiss, Frederic H., reelected Vice Chairman Dinner to FRBoard, Secretary of Treasury, etc., to be held at Metropolitan Club Martin, Wm. McC., reelected Chairman Meeting on Nov. 12, report on proceedings at Meeting on Nov. 13, report on proceedings at Meeting on Nov. 14, report on proceedings at Meeting on Nov. 15, report on Program arranged by Executive Committee of Conference approved Recommendations of: Bank and Public relations work, reprt of committee on Report noted, without action ' Business conditions, national summary to be about 700 words Report referred to Dr. Goldenweiser Classification of member banks for election purposes Mr. Eddy and Mr. Smead now making survey and to report to FRBoard Conferences of directors of FRBanks with FRBoard annually not necessary Examinations of State member banks, memo of Governor approved Action of Conference considered and circular to FRAgents approved to national banks, memo of Governor Young powers Fiduciary to new banks approved granting on reports, earnings and expenses, and condition Forms of examination of State member banks, of report committee on modification of of report member bank collateral notes, opposed on Minimum maturity to Open market investment procedure, revised plan approved with amendments effect of changes in one district on rediscount, Rates, other districts Discussed by FRBoard Rediscount of notes endorsed by nonmember banks, proposed amendments to Regulation A approved Reserve requirements, factors in determining outlying districts in considering applications Recommendation amended Memo again considered at Conference Report to be laid on table until after hearing to Philadelphia banks Reserves, report of committee disagreeing with article in magazine on amendment to FRAct Recommendation noted Runs on banks, answers to inquiries by officers of FRBanks Pages 9/12 134 11/15 295 11/15 295 11/13 11/15 11/13 11/14 11/15 11/15 9/17 273 295 272-274 276-280 282-284 294-296 144 11/14 12/4 11/15 12/4 11/14 279 352 282 352 278 12/4 348 11/14 277 11/13 273 12/4 348-351 11/14 276 12/4 353 11/13 274 11/13 273 11/14 279 12/4 353 11/14 278 11/14 278 11/15 283 11/15 295 12/4 351 11/14 12/4 11/15 278 352 294 6 13 Pages Conferences: (Continued) FRAgents: (Continued) Recommendations: (Continued) Withdrawals from FRSystem, proposed amendment to FRAct to allow FRBoard to waive six months notice of intention, opposed Stenographic reports to be discontinued Action ratified by Conference Topics for discussion: Examination of State member banks, memo of Governor on Fiduciary powers, policy of waiting one year after organization of national banks before approving applications Open market investment procedure, report of committee on changes in Regulation A, amendment to allow discount for member banks of bills endorsed by nonmember banks Letter to all FRAgents on Recommendation of Conference on Trust department balance sheet requested in call for condition reports of State member banks, right of FRBoard to require Governors: Nov. 14, 15 and 16 set as date for Actions of meeting on Nov. 14 FRBoard requested not to call Spring meeting on date of convention of National Foreign Trade Council Recommendations of: Acceptances, bankers, report of committee requesting modification of rulings of FRBoard adopted Action of FRBoard on Canadian currency, elimination of discount on, committee to be appointed to study Recommendation discussed and committee appointed Collection function, Standing Committee on Collections to continue study and submit report Committee appointed to report on FRcredit operations, objectives, and policies Conferences annually in Washington between FRBoard and directors of FRBanks not deemed necessary Discount rates and open market operations, committee to be appointed to study Copy of report of committee to be furnished to FRBoard Fiduciary powers to national banks, granting of Recommendation discussed and counsel to prepare memorandum Foreign banks, report on relations with Functional expense reports, report of Messrs. Smead and Rounds to continue in present form approved Gold certificate circulation to be maintained at about one billion dollars Government securities as only collateral for war loan deposits, referred to Secretary of Treasury 11/14 277 11/10 256 11/13 273 11/7 248 11/12 261 11/10 255 9/14 138 9/26 154 11/14 278 10/25 223 9/12 134 11/15 292 10/24 216 12/4 12/4 344 339-347 11/15 293 342 12/4 12/4 343 12/4 339 12/4 346 11/15 294 12/4 339 11/15 294 12/4 12/4 342 341 12/4 344 12/4 347 12/4 347 1)4 Pages Conferences: (Continued) Governors: (Continued) Recommendations of: (Continued) Loans to brokers, all reporting member banks to report on 11/15 Recommendation approved 12/4 Member banks maintaining adequate portfolio of eligible paper and to be instructed as to kind of paper eligible 11/15 Recommendation approved, and article for FRBulletin to be prepared 12/4 maturity on advances to member banks on promissory Minimum notes, no change in present procedure 11/15 Action again discussed 12/4 Pension Committee, report that new bill will be introduced 12/4 Regulation A: Amendment to secs. 7 and 9 on discount of paper bearing endorsement of nonmember bank 12/4 Provisions on filing of separate financial statements by affiliated corporations 12/4 Regulation J: Authority to FRBanks to charge items to reserve account of banks to be eliminated 12/4 Amendment to regulation adopted 1?/10 Report of Leased Wire Committee on supply of new code books and prorating cost 12/4 Letter from Governor of FRBank of Chicago on report and on increased volume of transfers over ChicagoNew York wire 12/17 Ruling on balances due from foreign banks not deductible in computing reserves, not to be revoked 12/4 Mr. Kent present at meeting of FRBoard to discuss effect of ruling 12/15 Salaries of officers of FRBanks to be submitted to FRBoard before middle of December 12/3 Proposed reply to Secretary of Conference that salaries must be fixed by incoming board of directors Present procedure to be continued 12 Wire transfers requested by nonmember banks, referred to Standing Committee on Collections 12/4 Withdrawals from FRSystem, proposed amendment to FRAct making optional requirement of six months notice 12/4 Report on revision of open market investment procedure 11/15 Action of FRBoard to have stenographic record of discussion at joint conference reconsidered 11/15 Stenographic reports to be discontinued 11/10 Topics for discussion: Desirability of member banks maintaining adequate supply of paper eligible for rediscount 8/23 Open market investment procedure, report of committee on changes in 11/10 11/16 Plan approved with certain changes Regulation A, amendment to allow discount for member banks of bills endorsed by nonmember banks 9/14 Letter to Governors on 9/26 12/A 292 340 293 3140 293 340 343 345 344 346 364 343 385 346 375 330 334 349 347 342 286 289 256 109 255 287 138 154 15 Pages Conferences: (Continued) Governors and FRAgents, joint conference to be held in Washington Hotel 11/13 Report of Governor on 11/14 Congressional Service of Corporation Trust Co., subscription to 12/17 Consolidations: American Trust Co., Richmond, Va., to merge American Bank 12/29 Bank of United States, New York City, and Cosmopolitan Bank, proposed merger 8/13 Canal Bank and Trust Co., New Orleans, La., to take over assets and assume liabilities of Marine Bank and Trust Co. 7/2 Continental National Bank and Trust Co. and Illinois Merchants Trust Co., Chicago, Ill., to form Continental Illinois Bank and Trust Co. 9/17 Memo of Mr. Herson and Mr. Gilbert recommending approval of consolidation and membership 9/26 National bank to reduce capital, transfer assets to State institution and then consolidate 12/7 Reduction in capital of national bank approved 12/8 First National Bank of Brooklyn to merge into Bank of the Manhattan Co. and operate as branches 10/5 First National Bank, Tarpon Springs, Fla., with Bank of Commerce and Trust Co., to form First National Bank of Commerce 7/17 Franklin Bank and Trust Co., Newark, N. J., merger with Washington Trust Co. 7/0 Globe Exchange Bank, Brooklyn, proposed merger with Bank of Glendale, Borough of queens 11/10 Guardian Trust Co., Cleveland, Ohio, permission to purchase assets of Washington Savings Bank and branch 8/3 Iowa State Savings Bank, Fairfield, Iowa, has taken over Farmers State Bank of Fairfield 12/13 Metals Bank and Trust Co., Butte, Mont., to purchase assets and assume deposit liability of W. A. Clark & Brother, Bankers 8/16 Municipal Bank and Trust Co. of Brooklyn, contemplated merger of Seventh National Bank of New York with 10/11 New Jersey National Bank and Trust Co., Newark, probable absorption of Colonial Trust Co. and Vailsburg Trust Co. 11/7 Rhode Island Hospital Trust Co., Providence, absorption of Globe National Bank and Mechanics Savings Bank of Woonsocket and merger into branch 12/13 United Banking and Trust Co., Cleveland, Ohio, and Lake Erie Trust Co., approved 10/1 Contributions: FRBank of Dallas to American Institute of Banking 8/29 Conventions: American Bankers Association: (See American Bankers Association) National Foreign Trade Council, FRBoard requested not to call Spring Conference of Governors at same time 10/24 Conversions: American National Bank, Richmond, Va., into American Bank and to merge into American Trust Co. 12/29 269 276 356 433 84 3 143 157 356 360 182 36 61 260 73 369 100 201 245 369 165 118 216 433 16 Pages 12/7 Corporation Trust Co., subscription to Congressional service of Cotton crop, criticism of statement made by Assistant FRAgent 10/5 W. J. Evans 10/9 Report of Committee and letter to FRAgent on statement Counsel of FRBanks: 11/26 Complimentary copies of Digest of Rulings to be given to (See also FRBank of , Staff) Counsel, General: Memoranda of: Acceptances of International Acceptance Bank, Inc., possible change in wording of agreement on security for 11/13 Reply to corporation that FRBoard will not interfere with 11/26 plan as approved by Former Governor Harding Acceptances of Shawmut Association, ruling that they are not eligible for rediscount or purchase by FRBanks 11/7 American Bank Note Company, Chicago, Ill., wording not to affect classification of certificates as 9/26 demand deposits Ballots for election of Class A and B directors, letter from Mr. Curtiss on proper signing of 7/17 8/3 Circular to FRAgents on amendment to procedure Bank of Europe Trust Co., New York City, violation of provisions 7/10 of Revised Statutes by someone connected with Borden, D. C., permission to serve as Comptroller of two 11/26 corporations Bylaws of FRBoard, amendment to Article VI on duties of 7/10 Executive Committee tentatively adopted 7/0 Amendment adopted Classification for reserve purposes of partial payments received 7/30 by member banks in small loan business Congressional service of Corporation Trust Co., subscription to 12/7 Deposit of interior bank in London branch of New York City bank, not to be deducted from balances due to banks 8/16 in computing reserves Mercantile of Trust Co. by held funds Deposits of Philippine St. Louis not government deposits exempt from 7/4 reserves be to edition new published about statement Digest of Rulings, 8/29 in Faulletin of Counsel and to FRBanks copies distribute to Permission 11/26 others serve to application interlocking on action Edward, Duerr, directorates deferred pending action Congress might take 7P7 Equitable Eastern Banking Corporation: Branch in Tientsen, China, permission to establish not 9/5 necessary 7/10 against States, reserves United the in received Deposits Permission to use reserves against deposits and acceptances 9/26 Federal Farm and Reel Estate Co. of Philadelphia, use of word Federal in title to be referred to Attorney 12/27 General 356 179 183 309 270 316 250 156 33 75 18 312 22 68 65 356 100 56 118 309 55 127 21 155 424 17 Pages Counsel, General: (Continued) Memoranda of: (Continued) Federal International Investment Trust: Articles of association and organization certificate Prospectus for sale of stock, wording of Title approved and reserved for thirty days "Federal Reserve", "United States", replies of State authorities to letter on limiting use of FRAct, proposed amendment to waive six months' notice of intention to withdraw from membership FRBulletin for September, material for publication in Fiduciary powers: (See Fiduciary powers) Firms in New York City to be classed as "private bankers" under Clayton Act and applications required to serve other banks First Federal Foreign Corporation, use of word "Federal" in title First Federal Foreign Investment Trust: Amendment to articles of association to increase directors to fifteen Representative appointed in Havana but no branch maintained Geier, Fred A., action on application to serve interlocking directorates approved Guaranty State Bank, Knoxville, Iowa, letter on cancellation of FRBank stock held by Letter to FRAgent at Chicago to communicate with State banking authorities re bank Howell, Vann M., refusal to permit to serve interlocking directorates and hearing on permit previously granted Revocation of permit previously granted and to sever connection with certain banks at end of year Humphrey, A. L., action on application to serve interlocking directorates deferred Industrial Trust Co., Providence, R. I., cannot establish proposed branch in Woonsocket and continue membership in System International American Banking Corporation: Articles of association and organization certificate submitted Title reserved under Sec. 25(a) of Filet by Mr. Julius Spiegel International Mercantile Exchange Batik, reservation of title asked by Mr. Julius Spiegel, Regulation K to be revised Kraemer, Louis F., application to serve interlocking directorates approved Lake County Reserve Co., Mt. Dora, Fla., word "reserve" now dropped from title and no action necessary Lanahan, W. W., action on application to serve interlocking directorates deferred 9/26 10/11 9/12 154 202 135 8/23 107 10/10 8/23 193 106 10/17 211 11/26 314 7/9 7/9 11 12 7/27 54 8/29 118 10/26 230 9/5 127 11/12 263 7/10 20 12/3 330 10/1 166 8/23 109 7/10 18 9/26 153 8/23 74 12/27 423 18 Pages Counsel, General: (Continued) Memoranda of: (Continued) Laughlin, George M., Jr., application to serve interlocking 8/3 directorates referred back to FRAgent 9/17 Application approved serve to interlocking directorates application Ledbetter, Joe, refused 7/9 Letter from Mr. Ledbetter renewing application, to be referred to FRAgent at St. Louis 7P7 8/16 Application not to be reconsidered Marlowe, Thomas A., application to serve interlocking 12/27 directorates to be approved interlocking serve directorates to application Mays, Ben, refused 7/9 referred to FRAgent at St. Louis furnished, evidence 7/27 New 8/16 Application not to be reconsidered 9/5 Letter advising of action of Board from exchange Reserve another Federal bank purchases bank Member and issues cashier's check, classified as 8/16 "money borrowed" Metz, Hermann A., application to serve interlocking directorates 9/12 approved upon resignation from one bank 10/9 Advice of resignation and application approved Morris, Ray, application to serve interlocking directorates approved 7/9 Morris Plan Companies in California are banks under Clayton Act 11/26 Morrow, George K., application to serve interlocking directorates 8/23 temporarily refused Mortgage loan company chartered in Florida with word "reserve" in title, letter to State authorities who grant 7/27 charters advising of law National banks in Pennsylvania: 7/17 Investing of small cash balances of trust estates Replies to letters from national banks prepared by Counsel and to be submitted to Comptroller of the Currency for approval 7/30 11/13 Right to act as treasurer of corporations Opinion of Comptroller of the Currency that bank has 11/15 right under authority to receive deposits Neoga National Bank, Neoga, Ill., case brought by depositors 7/0 against FRBanks willing to share expense of employing Newton D. 8/23 Baker as Counsel 9/17 FRBank of Chicago dismissed from suit 10/24 Bill covering fee and expenses of Mr. Baker approved Notes offered for rediscount, not accompanied by financial statement of maker, statement of endorser not 10/1 sufficient to Notes rediscounted for Federal Intermediate Credit Banks 9/27 be used as collateral security for FRNotes Paper of General Mills, Inc., eligibility for rediscount 7/17 Peoples National Bank, Patchogue, N.Y., not to receive stock subscriptions without permission to exercise 9/12 fiduciary powers 75 143 10 55 101 422 10 55 101 127 101 135 182 10 314 109 56 34 66 268 281 62 106 142 216 168 160 35 135 19 Pages Counsel, General: (Continued) Memoranda of: (Continued) Raichle v. FRBank of New York, complaint dismissed by United States District Court Regulation A4 Proposed new section limiting advances on promissory notes Amendment to Sec. VI to extend limit of rediscounts to Federal Intermediate Credit Banks to be published in FRBulletin Regulation J, amendment to eliminate authority to FRBanks to charge items to reserve account of clearing banks Regulation K, amendment to Sec. 4 to prohibit use of word "bank" in titles and require "foreign" or "international" Proposed amendment submitted Amendment approved Reserve Finance Corporation, letter to attorney on wording of title Reply of attorney and matter referred to Attorney General of United States Reserves: Progressive penalties for deficient under Regulation D, questions raised by FRBank of Richmond Provisions of State laws relating to, analysis to be published in FRBulletin Ruling on eligibility of rediscounts for Federal Intermediate Credit Banks as security for FRNotes to be published in FRBulletin S. 4662, to amend FRAct with respect to venue of civil suits against FRBanks Shelton, T. M., application to serve interlocking directorates approved Southern Bank and Trust Co., Miami, Fla., FRBoard cannot waive maintenance of required reserves but can waive assessment of penalties Suit against FRBank of New York to enjoin it from engaging in open market operations, raising rediscount rates, etc., letter to FRBanks on retention of Newton D. Baker FRBanks willing to share expense of employing Mr. Baker as Counsel Suit brought by Jennie E. Bull and I. T. Bull against FRBank of Chicago for recovery of Liberty bonds deposited with First National Bank of Shenandoah, Iowa, for safekeeping Symmes, F. W., application to serve interlocking directorates not necessary Tracy Loan and Trust Co., Salt Lake City, classification of certain deposits of Union Trust Co. Providence, R. I., cannot purchase national bank in Woonsocket to operate as branch and continue membership 11/7 246 7/30 65 10/24 217 12/10 364 7117 7/30 8/3 b 74 8/23 108 9/26 156 12/8 361 8/3 73 10/24 217 12/13 370 7/9 10 7/10 19 8/5 81 8/23 106 9/26 157 8/3 75 7/30 66 12/3 331 20 Pages Counsel, General: (Continued) Memoranda of: (Continued) Union Trust Co., Providence, R. I.: (Continued) Investment in stock of national bank does not violate 12/10 FRAct or Regulations Letter to FRAgent at Boston transmitting opinion of Counsel, 12/13 views not to be made public United States Acceptance Corporation, possible violation of law, letters to Attorney General and Commis10/1 sioner of Corporations of Massachusetts United States Foreign Financing Corporation, petition in case against FRBoard dismissed 7/5 Court cases: Carson et al., trustees in bankruptcy v. FRBank of New York, fee to Harris, Beach, and Matson for legal services 11/13 Depositors of insolvent Neoga National Bank against directors of bank 7/30 FRBanks willing to share expense of employing Newton D. Baker as Counsel 8/23 FRBank of Chicago dismissed from suit 9/17 Bill of Newton D. Baker covering fee and expenses approved 10/24 FRBank of Chicago, suit brought by Jennie E. and I. T. Bull for recovery of liberty bonds deposited with First National Bank of Shenandoah, Iowa, for safekeeping 9/26 Raichle v. FRBank of New York, suit to enjoin FRBank from engaging in open market operations, raising rediscount rate, etc., letter to FRBanks on retention of Newton D. Baker 8/9 8/23 FRBanks willing to share expense of employing Mr. Baker Complaint dismissed by United States District Court 11/7 Suit discussed by Conference of FRAgents 11/15 United States Foreign Financing Corporation, petition against FRBoard dismissed 7/9 Fee of Newton D. Baker in case approved 8/29 Credit: Demand for Federal Reserve credit at FRBank of New York and manner in which it is met 10/12 Letter to Deputy Governor of FRBank on intent of his letter and policy involved 10/17 Draft of letter to Deputy Governor approved 10/25 Investigations: (See Examinations) Operations and policies of FRBanks as related to discount rates and open market operation, discussed by Conference of Governors 11/15 Committee appointed to study and report to be furnished to 12/4 FRBoard Reserves against letters of, to be discussed by Federal Advisory Council 9/12 Situation and conditions in the money market, discussion of 9/27 Crop marketing paper, preferential rates on seasonal, proposed circular presented by Mr. Miller and discussed with Open Market Committee 8/13 365 370 169 11 267 62 106 142 216 157 81 106 246 295 11 118 206 209 224 294 339 134 162 85 21 Pages Crap marketing paper: (Continued) Proposals of Mr. James and Mr. Miller discussed and motion of Mr. Miller lost on with Mr. Warburg and letter to Open Market conversati of Report Committee on purchase of securities Chiba: (See Agencies, Havana) Currency: Canadian, discount on: (See Canadian Currency) FRnotes: (See FRnotes) Gold certificate circulation to be maintained at about one billion dollars National bank note circulation, retirement discussed Redemption of unfit at FRBanks, no change in procedure recommended by Treasury Currency stations: First National Bpnlr, Miami, Fla., revolving currency fund extended to Jan. 1, 1929 Letter from President of bank on fund and possible designation of Miami as reserve city Fund to be discontinued Jan. 15, 1929 8/15 92-94 8/16 95-98 12/4 347 12/28 431 11/13 271 8/16 99 12/3 332 12/28 1428 ITU 8/29 Debentures of Federal Intermediate Credit Banks, marketing of of operations of volume on Delano, p- A., request to re-issue pamphlet 11/26 FRSystem Commerce) Domestic and Foreign DePartment of Commerce: (See Bureau of Department of Justice: Federal Farm and Real Estate Co., Philadelphia, use of word "Federal" in title referred to Attorney 12/27 General title in "Federal" word of use n, First Federal Foreign Corporatio 11/26 to be referred to by Statutes Federal of violations Report to District Attorney of officers of Pacific Southwest Trust and 10/5 Savings Bank to d transmitte be to Attorney District to Copies of letter 10/9 Attorney General Reserve Finance Corporation, Arlington, Va., use of word "Federal" 9/26 in title referred to Attorney General United States Acceptance Corporation, possible violations of law 10/1 reported DePartment of State, advice from Mr. Young that Government will be represented at Conference on Economic Statistics and representation of FRBoard 10/30 requested 11/7 Letter to Secretary of State on representation by FRBoard Department instructions to Mr. E. Dana Durand and to be assisted 11/26 by Mr. James F. Dewhurst 12/3 Leave of absence with pay ap7roved for Mr. Dewhurst during trip Deposits: Demand, wording on certificates printed by American Bank Note Co. does not affect classification of 9/26 111 317 424 314 179 184 156 169 26 246 312 324 156 22 Pages Deposits: (Continued) London branch of New York City bank by an interior bank, not to be deducted from balances due to banks in computing reserves 8/16 Partial payments received by member banks in small loan business, classification for reserve purposes 7/30 Philippine funds in Mercantile Trust Co. of St. Louis not regarded as public moneys 7/27 Postal savings, proposed amendment to FRAct to eliminate reserve against, disapproved 12/10 Tracy Loan and Trust Co., Salt Lake City, classification of certain 7/30 War loan, advisability of making only Government securities eligible as collateral for 12/4 Digest of Rulings, statement about new edition to be published in FRBulletin 8/29 Permission to Counsel to distribute copies to Counsel of FRBanks and others 11/26 Complimentary copies furnished to National bank examiners 12/7 Directors, FRBanks: Annual conferences with FRBoard, resolution of stockholders association of FRBank of Dallas 9/18 Not considered desirable by Conference of FRAgents 11/14 Action of Conference of Governors that such annual conferences are not necessary 12/4 Ballots cast in election of Class A and B, letter from Mr. Curtiss on proper signing of 7/17 Circular to FRAgents on amendment to procedure 8/3 Class A and B, reclassification of groups for election to be taken up 10/11 Recommendation of Conference of FRAgents on 11/14 Action of Conference discussed, Mr. Eddy and Mr. Smead making survey and to submit report 12/4 Committees to file reports on appointment of Class C of FRBanks, directors of branch banks, designation of Chairmen and Deputy Chairmen 12/7 Election of Class A and B, polls to be opened on Nov. 15 9/12 FRBank of Atlanta: Committee to meet with FRBoard to discuss noncash collections 9/26 Messrs. Newton and Black in Washington but no meeting with FRBoard because of absence of Director Lea 10/5 Inspection trip to Havana Agency to be made Jan. 12 12/27 Kettig, W. H., reappointed Class C for three years and redesignated Deputy Chairman 12/17 Lea, Luke, reelected Class B 12/27 Melvin, E. C., reelected Class A 12/27 Newton, Oscar: Present in Washington and informal discussion of noncash collections 10/5 Redesignated FRAgent for 1929 12/17 Resolution inviting members of FRBoard to accompany committee of directors on trip to Havana, Cuba 11/13 loo 65 56 365 66 347 llg 309 355 145 277 346 33 75 202 27g 348 357 133 15g 177 422 381,/ 421 421 177 381 272 23 Pages Directors, FRBanks: (Continued) FRBank of Boston: Bemis, A. Farwell, elected Class B for unexpired term of Charles G. Washburn Bowman, A. C., reelected Class B Chamberlain, F. S., reelected Class A Curtiss, Frederic H., redesignated FRAgent for 1929 Hollis, Allen, redesignated Deputy Chairman for 1929 Manchester, Charles H., reappointed Class C for three years FRBank of Chicago: Ball, F. C., reappointed Class C for three years Crapo, S. T., reelected Class B Estberg, E. R., nomination as Class A. not on standard certificate but accepted as valid Elected Class A Heath, W. A., redesignated FRAgent for 1929 McNider, Charles H., Class A, advice of death of Simpson, James, redesignated Deputy Chairman for 1929 FRBank of Cleveland: DeCamp, George: Leave approved Redesignated FRAgent for 1929 Lamberton, Chess, reelected Class A Williarrs,L. B., reappointed Class C for three years and redesignated Deputy Chairman Wright, R. P., reelected Class B FRBank of Dallas: Cleveland, A. S., elected Class Linz, Clarence E., redesignated Deputy Chairman for 1929 Nail, J. H., Class B, advice of death of Patrick, W. H., reelected Class A Vacancy in place of J. H. Nail until regular election Walsh, C. C: Article on agricultural and industrial conditions in district for publication in newspaper Reappointed Class C and redesignated FRAgent FRBank of Kansas City: Bernardin, J. M., reelected Class B McClure, M. L., redesignated FRAgent for 1929 Meeting on July 12 not held because of lack of quorum Petrikin, William L., reappointed Class C for three years and redesignated Deputy Chairman Sponable, Frank W., reelected Class A FRBank of Minneapolis: Clark, Homer P., redesignated Deputy Chairman for 1929 Leeman, Paul J., reelected Class A McCormick, George W., reappointed Class C for three years Mitchell, John R: Bond of Redesignated FRAgent for 1929 Myers, Paul M., reelected Class B g/i3 71 12/4 337 12/4 337 12/17 380 12/17 380 12/17 380 12/17 12/3 382 325 11/12 12/3 12/17 11/7 12/17 264 325 382 244 382 7/27 12/17 12/7 51 381 355 12/17 12/1 381 355 12/3 12/17 0 12/3 8/5 326 384 72 326 79 9/26 12/17 151 384 12/3 12/17 7/12 326 383 25 12/17 12/3 383 326 12/17 12/) 12/17 383 325 383 9/26 150 12/17 383 12/3 325 Pages 24 Directors, FRBanks: (Continued) FRBank of New York: Action on application of Straus National Bank and Trust C.: (See National Banks) McGarrah, Gates W., reappointed Class C for three years and redesignated FRAgent (See also FRAgents) Mitchell, Charles E., elected Class A Woodin, William H., reelected Class B Young, Owen D., redesignated Deputy Chairman for 1929 FRBank of Philadelphia: Austin, R. L.: Present at meeting of FBBoard to discuss application of banks for reduction in reserve requirements for 1929 FRAgent Redesignated absence for four months of leave Request for reappointed Class C for three years L., Cannon, H. Cosgrove, John C., reelected Class A Johnson, Alba B., redesignated Deputy Chairman for 1929 Stout, C. Frederick C., reelected Class B FRBank of Richmond: Braswell, James C., reelected Class A Coker, D. R., letter on banking and agricultural conditions in Smith Carolina Delano, F. A., redesignated Deputy Chairman for 1929 Graham, E. C., reelected Class B Hoxton, W. W., redesignated FRAgent for 1929 Lassiter, Robert, reappointed Class C for three years FRBsnir of St. Louis: Boehne, John W., redesignated Deputy Chairman for 1929 Dillard, Paul, reappointed Class C for three years Martin, John C., reelected Class A Martin, William McC: Probable election as Governor of FRBank Redesignated FRAgent for 1929 Reelected Chairman of FRAgents Conference Plunkett, W. B., reelected Class B FRBank of San Francisco: Cox, Elmer H., reelected Class B McIntosh, C. K., reelected Class A Meeting not held because of lack of quorum Moore, Walton N., redesignated Deputy Chairman for 1929 Newton, Isaac B., redesignated FRAgent for 1929 Sproule, William, reappointed Class C for three years Yawter, Vernon H., elected Class A for unexpired term of Mr. Whipple Whipple, Howard, resignation al Class A Meetings, dates requested by Kean, Taylor and Co., New York City 12/17 380 12/3 12/3 12/17 325 325 380 10/24 218 12/17 380 12/29 432 12/17 380 355 12/7 12/17 380 12/7 355 12/ 325 11/12 12/17 12/3 12/17 12/17 262 381 325 381 381 12/17 12/17 12/4 382 382 337 12/13 371 12/17 11/15 12/4 12/7 12/7 7/9 8/23 11/26 12/17 12/17 12/17 382 295 337 355 355 10 307 384 384 384 7/27 50 7/27 50 12/3 329 25 Pages Directors, PRBranch Banks: Baltimore Branch: Dudley, A. H., reappointed Managing Director for 1929 Matthai, William H., reappointed for three years Phillips, L. B., reelected for three years Birmingham Branch: Frye, J. H., elected director for three years Kettig, W. H., reappointed for three years Walker, A. E., reappointed Managing Director for 1929 Branches of FRBank of Dallas, appointments to be made at January meeting Branches of FRBank of San Francisco, provision of bylaws that one director reside outside of city in which branch is located suspended for 1929 Buffalo Branch: Duerr, Edward A., reappointed for three years Charlotte Branch: Leach, Hugh, reappointed Managing Director for 1929 Morehead, John L.,reappointed for three years Wood, W. H., reelected for three years Cincinnati Branch: Geier, Fred A., reappointed for three years Lee, E. S., reappointed for three years McCombs, C. F., reappointed Managing Director for 1929 Denver Branch: Farr, H. W., reappointed for three years MacKenzie, Murdo, reappointed for three years reappointed Managing Director for 1929 Olson, J. Detroit Branch: Cation, William R., reappointed Managing Director for 1929 Gray, William J., reappointed for three years Inglis, James, reappointed for three years El Paso Branch: Newman, C. M., reappointed for three years Helena Branch: Kaufman, R. 0., reappointed for two years Kelly, C. J., reappointed for two years Houston Branch: Farrar, R. M., reappointed for three years Jacksonville Branch: Cooper, J. C., reappointed for three years McLarin, W. S., Jr., reappointed Managing Director for 1929 Perry, Arthur F., elected for unexpired term of C. P. Kendall Ware, G. G., elected for three years Little Rock Branch: Bailey, A. F., reelected Managing Director for 1929 Nichol, Jo, elected for three year term Wright, Moorhead, reappointed for three years Los Angeles Branch: Alexander, J. B., reappointed for two years Robinson, H. M., reelected for two years E4, 12/13 368 12/17 381 12/13 368 12/17 12/17 12/17 378 382 378 12/15 373 12/3 327 12/17 360 12/13 368 12/17 381 12/13 368 12/17 381 12/10 364 12/10 364 12/10 364 12/17 38 12/10 364 12/31 437 12/41 437 12 7 382 12/17 384 12/13 363 12/17 383 12/17 384 12/17 382 12/17 378 12/17 378 12/17 378 12/27 12/27 12/17 421 421 383 12/17 385 12/27 421 26 Directors, FRBranch Banks: (Continued) Louisville Branch: Jewett, H. E., death of Kincheloe, W. P., reappointed Managing Director for 1929 Reynolds, John T., elected for three years Scales, T. D., elected for unexpired term of H. E. Jewett Swearingen, E. L., reappointed for three years Men-phis Branch: Alderson, John W., elected for three years Glasgow, W. H., reappointed Managing Director for 1929 Ragland, S. E., appointed for three years Nashville Branch: Embrey, T. A., election of successor postponed Fort, Joel B., Jr., reappointed Managing Director for 1929 Lea, Luke, reappointed for three years New Orleans Branch: Hecht, R. S., elected for three years Saunders, P. H., reappointed for three years Walker, Marcus: Reappointed Managing Director for 1929 Vacation period extended Oklahoma City Branch: Daniel, C. E., reappointed Managing Director for 1929 Holman, Ned, reappointed for three years Nichols, W. F., reappointed for three years Omaha Branch: Diesing, William, reappointed for three years Earhart, L. H., reappointed Managing Director for 1929 Marble, A. H., reappointed for three years Pittsburgh Branch: Braun, A. E., reappointed for three years Nevin, J. C., reappointed Managing Director for 1929 Shea, Joseph B., reappointed for three years Portland Branch: Daly, John F., reelected for two years Pease, Edward C., reappointed for two years Salt Lake City Branch: Farnsworth, L. H., reelected for two years Wright, G. G., appointed for two years San Antonio Branch: Bennett, John M., appointed for unexpired term of F. E. Scobey Appointment accepted Houston, Reagan, reappointed for three years Scobey, F. E., resignation accepted Seattle Branch: Backus, M. F., reelected for two years Rhodes, Henry A., reappointed for two years Spokane Branch: McGregor, Peter, reappointed for two years Rutter, R. L., reelected for two years Pages 10/24 12/27 12/27 10/24 12/17 216 421 421 215 383 12/27 421 12/27 421 12/17 383 12/17 378 12/17 378 12/17 382 12/17 378 12/17 382 12/17 7/27 378 51 12/10 364 12/10 364 12/17 384 12/17 383 12/10 364 12/10 364 12/10 364 12/10 364 12/17 381 12/27 12/17 421 384 12/27 12/17 421 385 8/16 99 8/23 106 12/17 384 7/17 31 12/27 12/17 421 384 12/17 384 12/27 421 27 Pages Directors, Miscellaneous: First Federal Foreign Investment Trust, amendment to articles of association to increase number to fifteen Discount rates: (See Rates) Dividends: FRBank of Atlanta, payment authorized FRBank of Boston, payment authorized FRBank of Chicago, payment authorized FRBank of Cleveland, payment authorized FRBank of Dallas, payment authorized FRBank of Kansas City, payment authorized FRBank of Minneapolis, payment authorized FRBank of New York, payment authorized FRBank of Philadelphia, payment authorized FRBank of Richmond, payment authorized FRBank of St. Louis, payment authorized FRBank of San Francisco, payment authorized Duke, Jesse C.: (See Reserve Finance Corporation) Durand, E. Dana: (See Department of State) 7/9 11 12/19 12/19 12/19 12/19 12/19 12/19 12/19 12/19 12/19 12/19 12/19 12/19 397 391 399 394 404 403 402 392 393 396 400 405 12/19 Earnings and expenses of FRBanks for year of Conference Earnings and expenses of State member banks, action of 12/4 FRAgents on modification of form for Zeige Act corporations: (See Foreign banking corporations) 10/11 Election purposes, classification and grouping of member banks for 11/14 Action of conference of FRAgents 12/4 FRBoard to Mr. Eddy and Mr. Smead now making survey for report ) Elevator company, acceptances of: (See Acceptances Eligible paper: (See Rediscounts) Equitable Eastern Banking Corporation: (See Foreign banking Corporations) Examinations: Bank of Europe Trust Co., New York City, violation of provisions of 7/10 Revised Statutes by someone connected with 0 26 May Buffalo Branch, report as of 8/9 Letter from FRAgent at New York reporting on criticisms in FRBank of employees Mo., City, Commerce Trust Co., Kansas 9/26 designated to assist in examining because attention special for listed banks , FRBank of Minneapolis 7/17 of unsatisfactory condition 8/3 26 May of as report FRBank of New York, 8/9 Letter from FRAgent at New York reporting on criticisms in and Cleveland a, Philadelphi Boston, of Employees of FRBanks 9/26 Richmond, payment of expenses authorized borrowed to examiners expenses to addition in Payment of sum 12/8 from other FRBanks State and national of reports of analysis FRBank of Richmond, 7/10 member banks showing impaired capital FRBanks: Chief Examiner of FRBoard instructed to make at least one examination of each FRBank during year 12/27 392-407 353 202 278 348 18 76 80 151 35 76 80 152 359 21 425 28 Examinations: (Continued) Pacific Southwest Trust and Savings Bank, report of apparent violations of Federal Statutes by officers of bank Copies of letter to District Attorney to be transmitted to Department of Justice State member banks: Assessment of costs against, resolution on Proposed amendment to FRAct Resolution discussed and amended, form in which finally adopted Amendment approved by Conference of FRAgents Forms for report of, action of Conference of FRAgents on modification of Action of Conference noted Resolutions on responsibility of FRBoard and FRBanks adopted Resolution amended to omit the word investigations Memo of Governor on changes in rules and regulations Rules governing, to be revised to conform to resolution recently adopted Memo of Governor on changes in rules and regulations Memo of Governor to be placed before conference of FRkents Memo approved by Conference of FRAgents Action of Conference considered and circular letter to FRAgents Scope of work to be undertaken through office of Mr. Gilbert Resolution introduced by Messrs. Hamlin, James and Cunningham on responsibility of FRBoard in examinations Resolution as adopted amended to exclude credit investigations State member bpnks in California, Superintendent of Banks not cooperating with FRAgent in Examiners, FRBanks and Branches: FRBank of Atlanta: Albertson, Ward, designated Special Examiner Bowman) V. K., designated Special Examiner Byrne, J. J., designated Examiner Conniff, H. F., designated Special Examiner Honour, J. W., designated Special Examiner Johns, W. S., designated Special Examiner Paris, E. P., designated Examiner Radford, R. A., designated Examiner Taylor, Creed, designated Special Examiner Walker, J. A., designated Special Examiner FRBank of Kansas City: Employees to assist in examination of Commerce Trust Co. FRBank of Philadelphia: Barnes, Howard M., designated special assistant Morris, Glenn K., designated special assistant FRBank of San Francisco: Read, J. P., redesignated for 1929 Sargent, S. G., redesignated for 1929 Sonne, H. A., redesignated for 1929 Pages 10/5 179 10/5 184 10/9 190 10/10 11/13 194-10 273 11/14 279 12/4 353 10/9 190 10/10 196 10/11 202 10/10 10/11 11/7 11/13 196 202 248 273 12/4 10/4 34g-3 1 175 10/9 i86.19 10/10 196 10/1 12/31 12/31 12/31 12/31 12/31 12/31 12/31 12/31 12/31 172 436 436 436 436 436 436 436 436 436 12/31 436 9/26 151 12/3 12/3 326 326 12/17 379 12/17 379 12/17 379 29 Pages Examiners, FRBanks and Branches: (Continued) Los Angeles Branch: Prahl, John F., redesignated for 1929 Swengel, Henry D., redesignated for 1929 Payment of sum in addition to expenses to 64 who assisted in examination of FRBank of New York Portland Branch: Snow, G. A., redesignated for 1929 Resolution of FRBoard authorizing payment of sum in addition to expenses for assisting in examinations of another FRBank Salt Lake City Branch: Hupp, C. R., redesignated for 1929 Examiners, FRBoard: Acceptances of International Acceptance Bank, Inc.: (See Acceptances) Winkler, F. H., resignation as Assistant Wishart, Harvey, appointed Assistant Examiner (See also Staff of FRBoard) Xxaminers, National banks: Cooperation in acquainting officers of national banks with eligibility requirements, to be taken up with Comptroller of the Currency copies of new edition furnished to complimentary Digest of Rulings, Salaries: List of 100 increases approved Allen, E. F. Anderson, 0. A. Ashwood, Cecil Bailey, J. L. Basham, A. A. Becker, E. J. Bleakley, B. J. Bryan, C. A. Byers, R. W. Campbell, G. H. Carson, T. D. Clarke, A. A. Coffin, G. S. Cottingham, T. J. Cutler, W. A. Davenport, H.B. Davis, T. H. Dougherty, J. M. Elkins, L. R. Erdman, Marcus E. Evans, C. J. Folger, W. P. French, H. S. Fuller, H. R. Fulton, I. J. Funsten, W. P. 12/17 12/17 379 379 12/8 360 12/17 379 12/8 360 12/17 379 10/24 10/12 215 204 12/4 12/7 341 355 12/1 437 7/9 7/9 7/9 7/9 7/9 7/9 7/9 10/12 7/9 7/9 7/9 7 7 6 6 7 7 6 205 6 7 6 6 7/9 g 7/9 7 7/9 8/23 105 11/26 308 6 7/9 7 7/9 7 7/9 7 7/9 11/26 307 7 7/9 6 7/9 7 7/9 7 7/9 6 7/9 6 7/9 30 Pages Examiners, National Bank: (Continued) Salaries: (Continued) Gilbert, H. B. Green, A. W. Green, C. W. Greene, T. M. Hallenberg, Herbert Harris, T. E. Harwood, E. G. Hedrick, G. C. Hewitt, R. B. Hodgson, R. M. Hoover, P. E. Hopkins, Roby L. Huck, W. F. Hurley, Michael J. King, F. L. Laird, H. A. Lamb, E. Lam, R. F. Lammond, W. M. Leyburn, A. P. Lifsey, W. P. Lilly, John F. Linden, C. C. Luiken, J. B. Lyon, Cecil Machleid, C. J. Madland, L. L. McGinnis, F. J. McKee, J. S. McLaren, Daniel D. McLean, C. H. Moon, E. W. Morgan, C. E. Motter, C. W. Neill, Robert Nelson, F. S. Norman, Louis A. Ockerhausen, F. C. Patterson, B. K. Penningroth, W. J. Pierce, W. W. Price, A. E. Quinn, H. F. Ransom, F. T. Robb, Ellis D. Roetzel, Gerhard F. Ross, M. A. Ryan, F. J. Sanders, J. L. Schmidt, H. W. 7 7/9 6 7/9 7/9 7 6 7/9 8/29 116 6 7/9 7 7/9 7 7/9 7 7/9 6 7/9 7 7/9 10/17 210 7 7/5 6 7/9 7 7/9 7 7/9 7/9 7 g 7/9 7 7/9 6 7/9 7 7/9 8/'23 105 7/9 b 7 7/9 7 7/9 6 7/9 8 7/9 6 7/9 6 7/9 10/1 165 g 7/9 7 7/9 g 7/9 7 7/9 11/'27 321 7 7/9 8/23 105 7 7/9 7/9 6 7 7/9 10/12 205 8/16 98 g 7/9 7 7/9 6 7/9 6 7/9 11/26 307 7 7/9 6 7/9 7/5 7/5 7 7 31 Pages Examiners, National Bank: (Continued) Salaries: (Continued) Sedlacek, L. H. Sevinson, H. Shapirer, Leo Shea, L. A. Sibley, W. L. Sims, Michael H. Smith, C. F. Smith, G. H. Smith, R. F. Stearns, E. Willey, as Chief Examiner Stevens, L. T. Stewart, A. M. Strong, Jesse M. Stuart, R. K. Swenson, L. Taylor, 0. C. Taylor, William Tull, Henry R. Van Brunt, LeRoy J. Von Arb, E. A. Walker, H. W. Wanberg, J. F. Williams, F. D. White, 0. W. Whitehurst, W. M. Wilde, Max C. Williams, Elbert L. Wilson, C. F. Wilson, V. J. Witt, Grady T. Wright, I. D. 4Change, Federal Reserve, purchase by member bank short in reserves from another bank, classification of ?Elders', use of word in titles, letter to State authorities who grant charters Replies of State authorities to circular Pederal Advisory Council: Braswell, James C., elected alternate by FRBank of Richmond Meeting on Sept. 28, topics for discussion Attention called to meeting by Governor Meeting postponed from Nov. 16 to Nov. 22 Poole, John, elected by FRBank of Richmond Recommendations: Business conditions in FRDistricts, generally good and on sound basis 7 7/9 7 7/9 g 7/9 6 7/9 8 7/9 9/12 131 10/9 7/9 7/9 7/9 12/3 7/9 7/9 9/5 7/9 7/9 7/9 7/9 10/30 10/1 7/5 7/9 7/9 7/9 7/9 7/9 9/12 9/26 11/7 7/9 7/9 8/16 7/9 8/23 181 6 6 6 325 7 124 7 6 g 7 233 165 7 7 7 6 7 g 131 159 244 6 7 98 7 105 8/16 101 7/27 8/23 56 107 12/13 8/29 9/26 10/17 12/13 369 120 158 211 369 10/1 170 32 Pages Federal Advisory Council: (Continued) Recommendations: (Continued) Open Market Committee to consist of all Governors with executive committee of five members 10/1 Ruling of 1919 that balances due from foreign banks be deducted in calculating reserves, revocation of 10/1 Rates, rediscount, effect on business 10/1 Seven days as minimum on advances to member banks on promissory notes, amendment to regulations opposed 10/1 Reserves of member banks calculated daily instead of on semiweekly basis, brief on 7/30 Topics for discussion: Advances to member banks on promissory notes, proposed amendment to regulations fixing minimum limitation 7/3 Amendment to FRAct to waive six months' notice by banks withdrawing from FRSystem, other topics deferred until return of Governor 10/17 Business conditions, discussion of 8/29 Call loan market and rates end their relation to the FRSystem 10/26 Form of letter to President of Council on 10/30 Form of letter approved 10/31 Report of Governor on transmittal of letter 11/10 Member banks in Federal Reserve Bank and Branch cities calculating reserves daily 8/29 Open market policy of FRSystem 8/29 Rediscount rates, effect upon business 8/29 Regulation fixing seven days as minimum on advances on promissory notes 8/29 Reserve requirements of outlying member banks in reserve and central reserve cities 11/13 Reserves against letters of credit 9/12 Revocation of ruling on deducting balances due from foreign banks in calculating reserves 8/29 Federal Farm and Real Estate Co. of Philadelphia, use of word "Federal" in title referred to Attorney General 12/27 Banks: Credit Federal Intermediate Aid of FRBank in marketing short time debentures of 8/29 12/27 Columbia, S. C., rediscount to $2,000,000 by FRBank of Atlanta Discount of paper by FRBanks, revision of Regulation to extend limit of 8/30 Amendment to be published in FRBulletin 10/24 Houston, permission to FRBank of Dallas to rediscount up to $3,500,000 of eligible paper for 9/5 Increase in advances to $6,500,000 approved 12/15 9/26 New Orleans, FRBank of Atlanta to discount $1,000,000 of paper for Notes rediscounted for, can be used as collateral security for FRNotes 9/27 10/24 Ruling to be published in FRBulletin Omaha, increase in advances by FRBank of Kansas City to $3,000,000 12/15 9/5 St. Paul, additional rediscounts by FRBank of Minneapolis approved Wichita, permission to FRBank of Kansas City to rediscount to $5,000,000 for 9/27 102 Additional rediscount of $2,500,000 approved 171 170 170 171 67 65 211 120 232 235 240 259 120 120 120 120 272 134 120 424 111 225 122 217 125 373 151 160 217 373 125 160 205 33 Pages Federal International Banking Corporation: (See Foreign Banking Corporations) Federal International Investment Trust: (See Foreign Banking Corporations) Federal Land Bank securities, request that FRBank of Kansas City 10/5 act as custodian for receiver FRAct: Amendments to be recommended to Congress to be reported by Law 11/15 Committee , liquidation of process in Cancellation of FRBank stock of banks 11/15 amendment recommended by FRAgents by suggested amendment banks, Cipher code for use of all member 8/3 Senator Capper 12/13 of venue to respect Civil suits against FRBanks, S. 14.662 with Cost of examining member banks, resolution on amendment to make 10/9 assessment discretionary 10/10 Congress by action Resolution requesting prompt 11/13 Amendment approved by Conference of FRAgents FRBoard to presented be to s application National bank charters, for review and determination, action of 11/14 conference of FRAgents on proposed amendment to amendment proposed deposits, savings postal Reserve against 12/10 eliminate cities, reserve central and reserve in s Reserve requirement proposed amendment to allow FRBoard to raise, 12/4 opposed by Conference of FRAgents Withdrawals from FRSystem, to waive six months notice now 10/10 required, proposed amendment 10/17 Topic for discussion by Federal Advisory Council 11/14 Amendment opposed by Conference of FRAgents Amendment favored by Conference of Governors and to be 12/4 recommended to Congress FRAgents: Assistants: 12/21 Albertson, Ward, appointed at FRBank of Atlanta for 1929 12/21 1929 for Anderson, J. B., appointed at FRBank of Cleveland 12/21 1929 for Minneapolis Bailey, F. M., appointed at FRBank of 12/21 1929 for York New of Burgess, W. Randolph, appointed at FRBank months two for Boston 7/.27 Carrick, K. K., designated Acting at 5/14 Bond of Dillistin, William H., appointed at FRBank of New York for 1929 12/21 12/21 Downs, Herbert S., appointed at FRBank of New York for 1929 12/21 1929 for of Dallas Evans, W. J., appointed at FRBank 10/5 on Cotton crop, criticism of statement 10/9 statement on FRAgent to letter Report of Committee and Fletcher, William H., appointed at FRBank of Cleveland for 1929 12/21 12/21 Fry, J. G., appointed at FRBank of Richmond for 1929 12/21 1929 for Boston of FRBank Gettemy, Charles F., appointed at 12/21 Hall, Charles C., appointed at FRBank of Dallas for 1929 Hill, E. C.: 12/21 Appointed at FRBerik of Philadelphia for 1929 7/9 Increase in salary postponed 7/30 Increase approved 179 294 283 76 370 190 195 273 276 365 352 193 211 277 342 418 417 418 417 50 90 417 417 418 179 183 417 417 417 418 417 11 65 34 FRAgents: (Continued) Assistants: (Continued) McAdams, A. M., appointed at FRBank of Kansas City for 1929 Mosher, Curtis L., appointed at FRBank of Minneapolis for 1929 Post, Arthur E., appointed at FRBank of Philadelphia for 1929 Powell, Oliver S., appointed Representative at Minneapolis Rehfuss, J. Frank, appointed Acting at FRBank of Philadelphia Sargent, S. G., appointed at FRBank of San Francisco for 1929 Schelling, Carl, appointed Representative at FRBank of Chicago Shepherd, R. L., appointed Acting at FRBank of Richmond Sproul, Allan, appointed at FRBank of San Francisco for 1929 Bond of White, William H., appointed at FRBank of Chicago for 1929 Young, Clifford S., appointed Representative at Chicago Austin, R. L.: Leave of absence for four months requested Present at meeting of FRBoard to discuss applications of Philadelphia outlying banks for reduction in reserve requirements Redesignated for 1929 Curtiss, Frederic H., redesignated at FRBank of Boston for 1929 DeCamp, George: Leave for ten days or two weeks approved Redesignated for 1929 Designation of, District Committees requested to file reports on Heath, W. A., redesignated at FRBank of Chicago for 1929 Hoxton, W. IT., redesignated at FRBank of Richmond for 1929 McClure, M. L., redesignated at FRBank of Kansas City for 1929 McGarreh, Gates IT: Designated Acting Governor Member of General Council of Reichsbank, no objection to serving until Oct. 1929 absence for thirty days to attend meeting of of Leave General Council of Reichsbank Reappointed Class C Director and redesignated FRAgent Martin, William McC.: Probable election as Governor of FRBank of St. Louis Redesignated for 1929 Reelected Chairman of FRAgents Conference Mitchell, John R.: Bond of Redesignated for 1929 Newton, Isaac B., redesignated at FRBank of San Francisco for 1929 Newton, Oscar, FRBank of Atlanta: Present in Washington and informal discussion of noncesh collections Redesignated FRAgent for 1929 Walsh, C. C.: Article on agricultural and industrial conditions in district for publication in newspaper Reappointed Class C Director and redesignated FRAgent Pages 12/21 12/21 12/21 12/21 12/21 12/21 12/21 12/21 12/21 12/7 12/21 12/21 418 418 417 418 417 418 418 417 418 12/29 432 357 41S 418 10/24 218 12/17 380 12/17 380 7/27 12/17 12/7 12/17 12/17 12/17 51 381 357 382 381 383 10/16 207 7/30 68 8/13 12/17 380 84 12/13 371 12/17 382 11/15 295 150 9/26 12/17 12/17 383 10/5 12/17 177 381 9/26 12/17 151 384 384 A 35 Pages FRBank of Atlanta: Directors: (See Directors) Dividend payment authorized Earnings and expenses, statement for year Federal Intermediate Credit Bank of Columbia, S. C., rediscount up to $2,000,000 for Federal Intermediate Credit Bank of New Orleans, discount of $1,000,000 of paper for securities under resale agreement, practice Government of Purchase Rates) (See Rates: Resolution to discontinue collection of noncash items at FRBenk and branches Committee of directors of PRBank to discuss with PRBoard FRAgent Newton and Governor Black in Washington but to delay discussion with FRBoard Salary schedule for 1929 approved Staff: Albertson, Ward: Appointed Assistant FRAgent for 1929 Designated Special Examiner Black, Eugene, informal discussion of noncash collections with Governor Young Bowman, V. K., designated Special Examiner Byrne, J. J., designated Examiner Conniff, H. F., designated Special Examiner Employees granted extended leave on account of illness during: July August September October Yovember Honour, J. W., designated Special Examiner Johns, W. S., designated Special Examiner Lamar, Dr. L. q. C., fee for services in connection with assessment of taxes on Havana Agency by Cuban Government Newton, Oscar: Present in Washington and informal discussion of noncash collections Redesignated FRAgent for 1929 Paris, E. P., designated Examiner Radford, R. A., designated Examiner Randolph and Parker, General Counsel, fee for services in connection with assessment of taxes on Havana Agency by Cuban Government Taylor, Creed, designated Special Examiner Walker, J. A., designated Special Examiner Stock: (See Stock) 114/1k of Boston: Directors: (See Directors) Dividend payment approved 12/19 12/19 397 397 10/25 225 9/26 10/1 151 167 8/13 9/26 158 10/5 12/19 389 12/21 12/31 10/5 12/31 12/31 12/31 84 177 418 436 211 436 436 436 8/14 9/17 10/17 11/12 12/27 12/31 12/31 90 140 210 263 422 436 436 7/17 32 10/5 12/17 12/31 12/31 177 381 436 436 7/17 12/31 12/31 32 436 436 12/19 391 36 Pages FRBank of Boston: (Continued) Earnings and expenses, statement for year 12/19 391 Charge off for repairs and alterations to space leased to Collector of Internal Revenue to be against rent received and expenses 12/29 432 Expenses of employees assisting in examination of FRBank of New York, payment of 9/26 152 Rates: (See Rates) Salary schedule for 1929 approved 12/19 389 Staff: Carrick, K. K., designated Acting Assistant Federal Reserve Agent for two months 7/27 50 Bond as Acting Assistant FRAgent 8/14 90 Curtiss, Frederic H., redesignated FRAgent for 1929 12/17 380 Employees granted extended leave on account of sickness during: July 8/9 79 August 9/12 131 September 10/ 178 November 12/4 538 Gettemy, Charles F., appointed Assistant FRAgent for 1929 12/21 14.17 Stock: (See Stock) FRBank of Chicago: Directors: (See Directors) Dividend payment authorized 12/19 399 Earnings and expenses, statement for year 12/19 399 Rates: (See Rates) Salary schedule for 1929 approved with one exception 12/19 389 Staff: Employees granted extended sick leave from: June 22 to July 26 61 7/30 July 27 to Aug. 23 8/29 117 Aug. 24 to Sept. 27 178 10/5 Sept. 28 to Oct. 25 10/30 234 Oct. 26 to Nov. 22 326 12/3 Heath, W. A., redesignated FRAgent for 1929 12/17 382 Huston, Frank M., continued illness of 942 132 Olson, Arthur, action on salary increase deferred 12/19 390 Pett, H. G., designated Acting Manager of Division of Research and Statistics 9/12 132 Schelling, Carl, appointed Representative of FRAgent for 1929 12/21 418 White, William H., appointed Assistant FRAgent for 1929 12/21 418 Young, Clifford S., appointed Representative of FRAgent for 192Q12/21 418 Stock: (See Stock) Suit brought by depositors of Neoga National Bank against: (See Court cases) Suit brought by Jennie E. and I. T. Bull for recovery of liberty bonds deposited with First National Bank of Shenandoah, Iowa, for safekeeping 9/26 157 FRBank of Cleveland: Directors: (See Directors) 12/19 395 Dividend payment authorized 37 Pages PRBank of Cleveland: (Continued) Earnings and expenses, statement for year Expenses of employees detailed to assist in examination of FRBank of New York, payment of Fund for advances to needy employees increased to $6,000 Rates: (See Rates) Salary schedule for 1929 approved Staff: Anderson, J. B., appointed Assistant FRAgent for 1929 DeCamo, George: Leave for ten days or two weeks approved Redesignated FRAgent for 1929 Employees granted extended leave on account of illness during: July August September October November Fletcher, William H., appointed Assistant FRAgent for 1929 Fund for advances to needy employees increased to $6,000 Stock: (See Stock) FRBank of Dallas: Borrowings by member banks in district maintaining loans in cell market Letter from Governor of FRBank on Contributions to American Institute of Banking, letter to Governor Directors: (See Directors) Discount of bills bearing endorsement of nonmember banks: (See Rediscounts) Dividend payment authorized Earnings and expenses, statement for year Federal Intermediate Credit Bank of Houston, permission to rediscount eligible paper up to $3,500,000 for Increase in advances to $6,500,000 Purchase of Government securities under resale agreement, practice of Rates: (See Rates) Salary schedule for 1929 approved Staff: Anderson, Z. T., leave on account of illness extended Chief of Agent's statistical division, contributions to New York Journal of Commerce not desirable Employees granted extended leave on account of illness during: July August September October November Evans, W. J., Assistant FRAgent: Appointed for 1929 Cotton crop, criticism of statement on Report of Committee and letter to FRAgent on statement 12/19 394 9/26 10/11 152 201 12/19 389 12P1 417 7/27 12/17 51 381 8/14 9/17 10/9 11/12 12/10 12/21 10/11 90 141 182 263 363 417 201 12/15 374 12/20 408 8/29 118 12/19 12/19 404 404 9/5 12/15 125 373 10/1 167 12/19 389 7/17 31 7/30 62 8/13 83 9/17 141 182 10/9 11/10 260 355 12/7 12/21 10/5 10/9 418 179 183 38 FRBank of Dallas: (Continued) Staff: (Continued) Hall, Charles C., appointed Assistant FRAgent for 1929 Hallmark, T. W., increase in salary as Assistant Manager of Service Department Huff, C. C., General Counsel, special fee for extra services during year Locke, Locke, Stroud, and Randolph, extra fee for special services during year Talley, Lynn P: Economic conditions in district, article for publication in New York Evening Post, opinion of FRBoard Walsh, C. C.: Article on agricultural and industrial conditions in district for publication in newspaper Reappointed Class C Director and redesignated FRAgent Stock: (See Stock) FRBank of Kansas City: Custodian of securities for receiver of Joint Stock Land Bank at Kansas City, request to act as Directors) (See Directors: Dividend payment authorized Earnings and expenses, statenent for year Inquiry from Philadelphia Sunday Transcript on how FRSystem prevents bank failures Rates: (See Rates) Salary schedule for 1929 approved Staff: Assistant examiners, employees designated to aid in examining Commerce Trust Co. extended leave on account of sickness during: granted Employees July August September October McAdams, A. M., appointed Assistant FRAgent for 1929 McClure, M. L., redesignated FRAgent for 1929 Stock: (See Stock) FRBank of Minneapolis: Community Chest Fund, contribution disapproved Directors: (See Directors) Dividend payment authorized Earnings and expenses, statement for year Charge to reserve for losses account and credit undivided profits account, and then set up reserve for self-insurance Examination report showing banks listed for special attention because of unsatisfactory condition Credit Bank of St. Paul, additional rediscount Intermediate Federal under new regulation approved Federal Reserve Club, budget for 1929 approved Pages 12/21 41g 7/17 31 12/29 14.314 12/29 434 12/3 327 9/26 12/17 151 384 10/5 179 12/19 12/19 403 403 10/10 193 12/19 389 9/26 151 8/23 9/17 10/17 11/26 12/21 12/17 105 141 210 308 41S 383 10/1 166 12/19 402 12/19 402 12/20 408 7/17 9/5 10/1 35 125 166 39 Pages PRBank of Minneapolis: (Continued) 12/20 Insurance, to set up reserve for self-insurance Rates: (See Rates) 12/10 Reserve for expense of printing new size FRnotes not necessary 12/19 Salary schedule for 1929 approved with one exception Staff: 12/121 Bailey, F. M., appointed Assistant FRAgent for 1929 Employees granted extended leave on account of sickness during: 8/9 July 9/17 August 10/5 September 12/7 November Geery, W. B., article furnished to Cambridge Associates on 12/17 conditions in district Mitchell, John R: 9/26 Bond of 12/17 Redesignated FRAgent for 1929 12/21 Mosher, Curtis L., appointed Assistant FRAgent for 1929 12/19 Powell, Oliver S., action on salary increase deferred 12/21 Appointed Representative of FRAgent Stock: (See Stock) PRBank of New York: 10/24 Bank of France, increase in account with 9/18 Bank of Poland, credit extended for one year of copy and Renewal of credit agreed to by participating banks 10/24 agreement 10/12 Demand for Federal Reserve credit and manner in which it is met Letter to Deputy Governor on intent of his letter and policy 10/17 involved 10/25 Draft of letter to Deputy Governor approved for transmittal 11/13 Reply of Deputy Governor explaining letter Directors: (See Directors) 12/19 Dividend payment approved 12/19 Earnings and expenses, statement for year 8/3 1928 26, May Examination report as of 8/9 Letter from FRAgent at New York reporting on criticisms in Expenses of employees of other FRBanks assisting in examination, 9/26 payment authorized Fee to Harris, Beach, and Matson for legal services in case of 11/13 Carson et al., trustees in bankruptcy v. Foreign banks, accounts with: (See Foreign banks) 11/26 National Bank of Bulgaria, reciprocal relations established with Copies of communications outlining terms and conditions of 12/3 arrangement National Bank of Roumania, credit to be extended to aid 10/25 stabilization 12/27 Letter to FRBanks offering pro-rata participation in credit Rates: (See Rates) Salary classification plan, proposed changes effective Jan. 1 12/19 approved Staff: 12/21 Burgess, W. Randolph, appointed Assistant FRAgent for 1929 12/21 Dillistin, William H., appointed Assistant FRAgent for 1929 408 363 389 418 79 141 178 355 385 150 383 418 389,390 418 218 145 218 206 209 224 268 392 392 76 80 152 267 306 328 224 424 390 417 417 4o pages FRBank of New York: (Continued) Staff: (Continued) Downs, Herbert S., appointed Assistant FRAgent for 1929 12/21 417 Employees granted extended sick leave during: June 50 7/27 July 8/16 98 August 9/27 161 September 10/17 210 October 11/26 308 November 12/31 437 Employees promoted in grades effective: June 1 9 7/9 July 1 7/27 52 August 1 8/29 117 Harrison, George L., elected Governor to succeed Governor Strong11/26 315 Appointment effective immediately and salary to be same until Dec. 31 11/27 322 Salary of $50,000 recommended 12/21 418 Jones, J. W., leave of absence on account of illness granted 9 7/9 Kenzel, E. R., to be invited to meet with FRBoard to consider proposals affecting acceptance business 94 8/15 Unable to come to Washington 95 8/16 Logan, Walter L.: (See National banks, Straus National Bank and Trust Co.) McGarrah, Gates W., designated Acting Governor 10/916 207 (See also FRAgents) Rounds, L. R.: 344 Functional expense report, to be continued in present form 12/4 Snyder, Carl, address before American Statistical Association, request for copy of 12/29 435 10/16 207 Strong, Benjamin, advice of death of Press statement issued by FRBoard on 10/17 212 Memorial on death to be prepared by committee of FRAgents and Governors 11/14 276 Payment of sum to estate of, referred to Counsel 11/10 258 Memo of Counsel that payment of salary is not prohibited by law but is legally unauthorized 11/26 315 Mr. Miller to prepare letter to FRBank of New York that matter will be referred to Attorney General if desired 12/17 386 Letter submitted by Mr. Miller amended and approved 12/19 388 Stock: (See Stock) Suit to enjoin from engaging in open market operations, raising rediscount rate, etc., retention of Newton D. Baker for (Raichle Case) 8/9 81 PRBanks to share in expense of employing Mr. Baker 8/23 106 246 11/7 Complaint dismissed by United States District Court Conference of FRAgents 295 15 11/ by discussed Suit FRBank of Philadelphia: 10/1 169 Brokers loans information to be developed for Directors: (See Directors) 12/19 394 Dividend payment authorized 41 Pages FRBank of ?hilodelphia: (Continued) 12/19 Earnings and expenses, statement for year of Expenses of employees detailed to assist in examination 9/26 FRBank of New York, payment of of Luncheon to be given bankers of district during convention 9/17 American Bankers Association in Philadelphia Rates: (See Rates) Reserve requirements of outlying banks: (See Reserve requirements) 12/19 Salary schedule for 1929 approved Staff: Austin, R. L.: (See FRAgents) 12/3 Barnes, Howard M., designated special assistant to examiners Dewhurst, James F., designated to assist American representative 11/26 at Conference on Economic Statistics 12/3 Leave with pay during trip approved Employees granted extended sick leave during: 8/3 July 9/12 July and August 10/11 September 11/10 October 12/7 November Hill, E. C.: 12P1 Appointed Assistant FRAgent for 1929 Increase in salary postponed 7/9 Increase approved 7/30 12/3 Morris, Glenn K., designated special assistant to examiners 12/21 Post, Arthur E., appointed Assistant FRAgent for 1929 12/21 1929 for Rehfuss, J. Frank, appointed Acting Assistant FRAgent Stock: (See Stock) PBank of Richmond: Directors: (See Directors) 12/19 Dividend payment authorized 12/19 year for statement Earnings and expenses, D, under Regulation reserves in for deficiencies Penalties 12/8 questions raised by Rates: (See Rates) 12/19 Salary schedule for 1929 approved Staff: Employees granted extended sick leave during: 8/13 July 9/17 August 10/24 September 11/10 October 12/13 November 12/21 Fry, J. G., appointed Assistant FRAgent for 1929 12/17 Hoxton, W. W., redesignated FRAgent for 1929 12/21 Shepherd, R. L., appointed Acting Assistant FRAgent for 1929 Stock: (See Stock) PRBank of St. Louis: Directors: (See Directors) 12/19 Dividend payment authorized 12/19 year for statement Earnings and expenses, 394 152 141 389 326 312 324 72 132 200 260 355 417 11 65 326 417 417 396 396 361 389 83 141 215 260 369 417 381 417 401 1400 42 Pages FRBank of St. Louis: (Continued) Rates: (See Rates) Salary schedule for 1929 approved 12/19 Staff: Biggs, D. C., request not to be considered for reelection as Governor 12/13 Letter to express regrets of FRBoard 12/17 Employees granted extended leave on account of sickness during: July 8/5 August 9/12 September 10/11 October 11/7 November 12/10 Martin, William MeC.: (See FRAgents) Stock: (See Stock) FRBank of San Francisco: Directors: (See Directors) Dividend payment authorized 12/19 Earnings and expenses, statement for year 12/19 Rates: (See Rates) Salary schedule for 1929 approved 12/19 Staff: Employees granted extended leave on account of sickness during: July 8/2.9 August 9/12 September 10/17 October 11/14 November 12/13 Newton, Isaac B., redesignated FRAgent for 1929 12/17 examiner for 1929 redesignated P., 12/17 Read, J. Sargent, S. G.: Appointed Assistant FRAgent for 1929 12/21 Redesignated examiner for 1929 12/17 Sonne, H. A., redesignated examiner for 1929 12/17 Sproul, Allan, appointed Assistant FRAgent for 1929 12/21 Bond of 12/7 Stock: (See Stock) FRBanks: Assessment for expenses of FRBoard 12/21 Directors: (See Directors) Employees of statistical divisions, question of serving in Division of Research and Statistics of FRBoard for short periods 11/13 Payment or compensation to officers or employees who die while in service of banks 11/26 Letter submitted and ordered circulated 11/27 12/17 Letter discussed Plan of grade classification of personnel, committee to be 7/130 appointed to study Report of Mr. Smead that work of committee is proceeding and 12/19 plan will soon be submitted 389 371 379 79 131 200 244 363 405 405 389 117 131 210 275 369 384 379 418 379 379 418 357 416 270 316 323 336 66 390 43 Pages FRBanks: (Continued) Purchases of Government securities under resale agreement, statements on Rates: (See Rates) Salaries: Data to be furnished to Personnel Classification Board for study to be submitted to Congress to FRBoard before middle of December, submitted be to Officers, recommendation of Conference of Governors Proposed reply to Secretary of Conference that salaries must be fixed by incoming Board of Directors to be continued procedure Present Schedules approved Stock: (See Stock) Suits against, copy of bill to amend FRAct on venue of FRBoard: Annual Report, statement of Mr. Goldenweiser on delay in publication and given authority to include new tables Articles for publication in newspapers and other publications, circular to FRBanks on Budget for 1929, approved by committee as submitted by heads of Departments Approved by FRBoard Bylaws, meeting of two members as Executive Committee, no provision for Amendment to Article VI tentatively adopted Amendment providing for two members of Board to act as interim committee approved Committees: (See Committees) Division of Research and Statistics: Calculating machine, purchase approved Examinations of State member banks, responsibility in: (See Examinations) levying assessment on FRBanks for resolution Expenses, Expenses of members of Board and staff who attend funeral of Governor Strong approved Gold Settlement Fund, arrangements for audit of Invited to attend formal opening of Baltimore Branch Building Members: Cunningham, E. H.: Appointed member of Executive Committee for three months Expiration of term Letter favoring lower discount rate and opposing open market purchases at present time Salaries of lower grade employees of FRBoard, to make formal statement on To submit resolution at his convenience Statement explaining vote on application of Straus National Bank and Trust Co. to exercise fiduciary poners 10/1 8/16 167 101 12/3 330 12/3 12 12/19 334 349 389 12/13 370 7/17 32 12/10 366 12/21 12/21 411 412 7/2 7/10 1 22 7/30 68 7/3o 61 12/21 416 10/16 11/12 10/9 208 263 185 10/1 12/28 164 431 8/16 96 12/21 12/21 411 412 11/15 291 Pages FRBoard: (Continued) Members: (Continued) Hamlin, C. S.: Appointed member of executive committee for three months 12/28 Telegram on report of Open Market Investment Committee and favoring authority to committee to buy acceptances 8/16 Invitation to go on inspection trip to Havana Agency with directors of FRBank of Atlanta 11/13 Trip to be made after meeting of directors of FRBank on Jan. 12 12/27 James, George R.: Acceptances, preferential rates on: (See Acceptances) Appointed member of executive committee for three months 7/9 Expiration of term 10/1 Objection to certain statements being released to press, especially retail trade statement 10/11 Footnote to statement approved 10/30 Resolution that information on brokers loans be developed for FRBank of Philadelphia 10/1 Miller, A. C.: Bill rates at FRBank of New York, suggestion to advance those on shorter maturities 1o/31 Expiration of term as member of Executive Committee 7/9 Opinion that change in rate at Chicago should be taken up at meeting on July 10 7/2 Rates on crop marketing paper: (See Crop marketing Paper) Resolution on spread between rediscount rates and rates for stock exchange loans and influence on use of Federal Reserve credit facilities 12/31 To be invited to attend dinner given by Baltimore Clearing House Association on Oct. 17 10/9 Invitation extended by Messrs. Wilcox and Newcomer and accepted by Messrs. Platt, Hamlin and McIntosh 10/12 Salaries: (See Staff of FRBoard) Staff: (See Staff of FRBoard) Statistical and reporting service, Messrs. Goldenweiser and Parry present to discuss statements in retail trade release 10/11 Wording of footnote to statement approved 10/30 Travel orders for members to be signed by Acting Administrative Officer 9/12 FRBulletin: Amendment to RegulationA to extend limit of rediscounts to Federal Intermediate Credit Banks to be published in 10/24 Article on Switzerland and the gold standard by Dr. Bachmann of Swiss National Bank not to be published 10/26 Digest of Rulings, statement on new edition to be published in 8/29 Reserves, provisions of State laws relating to, to be published in 8/3 Ruling of eligibility of paper rediscounted for Federal Intermediate Credit Banks as security for FRnotes to be 10/24 published in 430 96 272 422 6 164 198 234 169 241 6 2 438 185 198 198-2°° 23)4 136 217 227 118 73 217 45 Pages FRBulletin: (Continued) September, material for publication in Statement on basis of retail trade statistics to be published in November issue Wording of footnote on sales of mail order houses aporoved Federal Reserve Club of FRBank of Minneapolis, budget for 1929 approved Federal Reserve credit: (See Credit) Fanotes: FRBank of Minneapolis, reserve for expense of printing new size not necessary letter from Assistant Secretary Bond on New size currency, status of program for Orders to be placed with Bureau of Engraving for fiscal year beginning July 1, 1926, letter to all FRBanks notes for fiscal year ordered size new of Printing New designs approved Notes rediscounted for Federal Intermediate Credit Banks can be used as collateral security for, ruling on niuciary powers: Amoskeag National Bank, Manchester, N. H., permission to act as executor First National Bank of Osmond, Nebr., application approved First National Bank, Plainfield, Ind., application approved First National Bank, Yankton, S. D., application approved Hyde Park National Bank, Chicago, Ill., application approved Industrial National Bank of New York, apnlication to be approved when ratified by Directors Monterey County Bank, Salinas, Calif., application approved Pennsylvania national banks: Investment of small cash balances of trust estates Letters to certain banks referred to Comptroller of the Currency Reply of Comptroller approving drafts of letters Right to act as treasurers of corporations Opinion of Comptroller of the Currency that bank has right under authority to receive deposits Peoples National Bank, Patchogue, N. Y., not to receive subscriptions to stock of insurance company until granted trust powers Policy of waiting one year after organization before approving application, memos of Governor and Counsel on Action postponed Memo of Governor referred to Conference of FRAgents Memo approved by Conference of FRAgents Any rulings on time of granting trust powers rescinded, and action on memo of Counsel deferred Conference of Governors favorable to memo of Governor Recommendation of Conference of Governors discussed Straus National Bank and Trust Co., New York City: Application for, Governor of F2Board to meet with directors of FRBank of New York Report of Governor on Conference with directors of FRBank and request for report of Attorney General of New York 8/23 106 10/11 10/30 10/1 200 234 166 12/10 363 7/2 3 3 7/2 7/12 7/30 26 62 9/27 160 8/23 7/30 11/12 8/29 8/29 104 61 264 115 115 7/27 12/3 334 7/17 34 7/30 3/9 66 so 11/13 268 11/15 281 9/12 135 11/7 11/10 11/12 11/14 250 255 261 276 11/15 11/15 144 284 294 342 10/31 238 11/7 248 53 46 Pages Fiduciary powers: (Continued) Straus National Bank and Trust Co., New York City: (Continued) Request of attorneys for organizers to submit additional information 11/10 Counsel of FRBank to try to secure copy of report of Attorney General 11/12 Counsel of FRBank of New York to confer with Attorney General of State on report, action on application to await information obtained 11/15 Report of Mr. Logan on visit to office of Attorney General, apnlication then approved 11/15 11/16 Further report of Mr. Logan with additional information Union National Bank, Jersey Shore, Pa., action on application deferred 9/26 Statements: Financial Affiliated corporations, provisions of Regulation A on filing of separate 12/4 Endorsers of note only not sufficient, statement of maker also required 10/1 Notes secured by chattel mortgages and growing sugar beet crops, required with 11/12 Telegram from FRBank of Kansas City on size of such loans and reply of FRBoard 11/13 First Federal Foreign Banking Corporation: (See Foreign banking corporations) First Federal Foreign Investment Trust: (See Foreign banking corporations) Florida: II Mortgage loan company granted charter with word reserve" in title, on 7/27 memo of Counsel Secretary of State of, reply to letter that use of word "national" is prohibited to banks other than national 8/23 banks Foreign Banking and Investment Corporation: (See Foreign banking corporations) Foreign Banking corporations: Equitable Eastern Banking Corporation: Branch in Tientsen, China, permission to establish not necessary 9/5 Reserves against deposits and acceptances, request for 9/26 permission to use certain loans as Allowed to use demand loans against acceptances as reserves, but not demand loans against stock exchange 10/10 collateral 7/10 Reserves against deposits received in the United States Federal International Banking Company, New Orleans: Articles of association, request of Fraser, Myers, and Manley 7/0 for, granted 11/13 on Caldwell company, letter Mr. to of Liquidation Report of Managing Liquidator that liquidation is not yet 11/26 completed title new York, Banking New Corporation, Federal International requested by organizers of Federal 11/10 International Investment Trust 254 265 286 290 301 149 345 168 262 269 56 108 127 155 193 21 63 26$ 313 259 1 47 Pages Foreign Banking Corporations: (Continued) Federal International Banking Corporation: (Continued) Memo of Counsel on request for change in title 103 Change in title approved but attention called to almost similar title 11/26 Reservation of title approved and other titles mentioned are available 12/4 Federal International Investment Trust, title approved and reserved for thirty days 9/12 Articles of association and organization certificate submitted 9/26 Withdrawal of Franklin D. Roosevelt as head of corporation and 10/11 action held up until new head is chosen 10/11 Prospectus for sale of stock, objection to wording of Approval of title reconsidered and committee appointed to 11/7 study use of words "investment trust" Change in title to Federal International Banking Corporation requested by organizers 11/10 Memo of Counsel on request for change in title 11/13 Change in title approved but attention called to almost 11/26 similar title Reservation of title approved and other titles mentioned are available 12/4 First Federal Foreign Banking Association: Title reserved in 1924, now released 11/26 First Federal Foreign Banking Corporation, title reserved by 11/26 First Federal Foreign Investment Trust First Federal Foreign Corporation, use of word "Federal" in title 11/26 to be referred to Attorney General First Federal Foreign Investment Trust: Articles of Association, amendment to increase number of 7/9 directors to fifteen Committee to study use of words "investment trust" in such 11/7 titles Governor to communicate with President of corporation on 11/10 title Report of Governor on conversation with Mr. Lisman and 11/12 probable change in title Title "First Federal Foreign Banking Corporation" 11/26 reserved request for debentures, to security "Market value" as applied for interpretation of section of Regulation K 11/13 Letter from Deputy Governor of FRBank of New York 12/3 referred to Law Committee 7/9 branch but no maintained in Havana Representative Poreign Banking and Investment Corporation, title of Foreign 11/26 Discount and Investment Trust changed to , Reservation of title extended for thirty days 12P7 zoreign Discount and Investment Trust, title reserved instead of 7/17 Federal Discount and Investment Trust 8/23 Reservation of title continued for thirty days Extended for thirty days 9/17 Extended for thirty days 10/24 268 313 338 153 201 202 247 259 268 313 338 313 313 314 11 247 259 261 313 271 331 12 314 424 34 106 142 217 Pages )43 Foreign Banking Corporations: (Continued) Foreign Discount and Investment Trust: (Continued) Stock Prospectus and proposed change in title to Foreign 11/7 Banking and Investment Trust Report of committee discussed and Governor to discuss with President of Foreign Trade Securities Co., Ltd.11/10 11/12 change in title to organizers suggest to Governor to is ?agreeable chan, e , Klopstock in Paul Report that Mr. title and is conferring with counsel on 11/14 prospectus of corporation and Banking n Investment Corporatio Foreign Change in title to 11/26 approved and title reserved by raised question Inc., examiners International Acceptance Bank, 11/10 on security for acceptances n, 11/13 of memo on Counsel corporatio Amendment to agreement with that FRBoard will not Governor Reply to be prepared by interfere with plan approved by Former 11/26 Governor Harding n: Corporatio International American Banking Application of Mr. Julius Spiegel for reservation of title 8/23 approved on 10/1 e organizati and submitted n certificat associatio Articles of International Banking Corporation: Borden, D. C., permission to serve as Comptroller of corporation 11/26 and also of National City Bank n of Bank, title asked reservatio Exchange Mercantile International by Mr. Julius Spiegel, Regulation K to be 7/10 revised n, in petition case Corporatio Financing Foreign States United against FRBoard dismissed 7/9 8/29 in case approved Baker D. Fee of Newton Foreign Banks: Bank of England: FRBank of New York requested to take over $40,000,000 of securities 11/19 Plans of FRBank for disposing of securities Letter from Deputy Governor of FRBank confirming telephone 11/26 conversation Report of sales by Open Market Committee totaling amount of securities taken over 12/3 Bank of France: 10/24 Account with FRBank of New York, increase in New monetary law, copy being sent to FRBoard with text of 7/9 agreements relating to its application Copies of translations sent by Deputy Governor of FRBank 7/130 of New York months 11/16 or four three for to earmarked gold be of 00 $100,000,0 Cablegram to Bank of France to draw down balances from 11/19 correspondents to $25,000,000 Bank of Poland: Cro-flt extended by FRBank of New York extended for one year Renewal of credit agreed to by participating banks, and copy of agreement 247 258 261 275 314 257 270 316 109 166 312 13 11 113 30010 311 329 21g 12 64 300 304 9/18 145 10/24 215 49 Pages Foreign Banks: (Continued) National Bank of Bulgaria, account opened with FRBank of New York, other relations established Copies of communications with Bank outlining terms and conditions of arrangenent National Bank of Rounania, central bank credit to be participated in by FRBank of New York Letter sent by FRBank of New York to other FRBanks offering pro rata participation in credit Report of Conference of Governors on relations with, status of stabilization Prograns Foreign branches: (See Branch banks, foreign) Foreign Discount and Investnent Trust: (See Foreign banking corporations) Foreign Trade Securities Co., Ltd.: (See Foreign banking corporations, Foreign Discount and Investment Trust) Forms: 11/26 306 12/3 328 10/25 224 12/27 424 12/4 341 105 and 107, report of coamittee of FRAgents Conference on revision 11/14 279 Condition report of State member banks with instructions, approved as revised 9/26 152 Condition reports, earnings and expenses reports, and examination reports, action of Conference of FRAgents on modification of 353 Earnings and dividends, statement of Yr. &read to Conference of FRAgents on 282 Fraser; Myers, and Manley, request for copy of articles of association of Federal International Banking Corporation of New Orleans 7/30 63 Prenuh Monetary law, copy being sent to FRBoard 12 7/9 Copies of translations sent by Deputy Governor of FRBank of New York 7/30 64 :krictional expense reports, report of comaittee referred to Conference of Governors 11/15 292 Report approved by Conference of Governors 344 12/4 "G" 2!teral Mills, Inc., eligibility of paper for rediscount certificate circulation to be maintained at about one billion dollars Gold: Bank of France, cablegram to FRBank of New York to earmark $100,000,000 for three or four months 00,,Earmarked, figures to be published in 1927 Annual Report Go.tcL Settlement Fund, arrangements for audit of vernment securities: 'Is only collateral for war loan deposits recommended by Conference of Governors Purchases by FRBanks under resale agreement, memo of Mr. Smead on (See also Committees, Open Market Investment) n°1-s Conference: (See Conferences) •-• 4. oft 7/17 12/4 35 347 11/16 300 7/17 32 11/12 263 12/4 10/1 347 167 50 Harris, Beach and Matson, fee for legal services in Carson et al., v. FRBank of Ner York Hearings: FRAgent at St. Louis: American Bank and Trust Co., Paris, Ark., on forfeiture of membership continued until March 12, 1929 FRBoard: Howell, Vann M., to present additional information on permit to serve interlocking directorates Walnut Ridge, Ark., postponed to Bank, County Lawrence Feb. 5, 1929 Outlying banks in Philadelphia which have filed applications for reduction in reserve requirements Representatives of banks to meet with FRBoard on Dec. 13 Hearings of representatives of banks, no action on applications at present Philadelphia Clearing House Association on applications of banks in outlying sections for reduction in reserve requirements Hearing postponed because of absence of Governor Young and Mr. James Representatives of Clearing House present at meeting and opPosed to reduction in reserve requirements Idaho, Bank Commissioner of, criticism to State member banks on cost of membership by loss of interest on reserve deposits Memo of Mr. Van Fossen on Installment paper, advances by First Federal Foreign Investment Trust against, interpretation of Regulation K Referred to Law Committee Interdistrict time schedule: (See Time schedules) Interlocking directorates: Amendment to Clayton Act, Law Committee of FRBoard to confer with FRAgent at New York on definition of "public interest" Applications approved: Alcock, John L. Allen, Claude L. Allerton, Robert Ardrey, J. Howard Arnold, C. Russell Aufder Heide, Oscar L. Baker, Ralph D. Baldwin, A. M. Banki, J. A. Bard, Geo. W. Barker, Harold O. Pages 11/13 267 9/26 153 9/5 127 B/29 119 11/26 12/3 317 328 12/13 371 9/17 142 10/9 1g5 10/24 21g 9/5 9/12 126 136 11/13 12/3 271 331 lo/o 231 253 11/7 11/26 31, 5 10/24 221 9/18 1)41 13 7/9 10/24 7/27 12/31 12/13 372 7/17 251 11/7 220 59 414 3g 51 Pages Interlocking Directorates: (Continued) Applications approved: (Continued) Barlow, George H. Barry, E. E. Bayrd, Frank A. Belk, W. H. Bell, Laurence S. Bellingrath, W. A. Bernard, Edgar B. Bertolet, Israel M. Billman, C. L. Binns, William H. Blair, Algernon Bloodsrorth, Harry Bovard, H. F. Borman, W. C. Boynton, Herbert F. Brabson, Thos. D. Briggs, Charles L. Buckner, E. H. Burnley, Harry Burpee, David Byers, J. Frederic Caldrell, Rogers Campbell, R. W. H. Casper, A. G. Chandler, Franklin Cochrane, John T. Collins, M. J. Cooper, Henry E. Correll, W. H. Crone, Arthur E. Crowley, L. T. Cutler, Bertram Cutler, John C. Daniels, Oscar Davidson, William J. Davis, J. Lee Dickey, John L. Dillon, John T. Dimmick, S. D. Dockreiler, Isidore B. Doris, G. E. Dunham, Charles A. duPont, Lammot Einstein, J. R. Eisler, Charles Ellison, James H. Erwin, T. C. Feyler, Ernest Fisher, Fred J. Flandreau, Theodore F. 7/2 4 10/24 220 8/9 82 38 7/17 12/4 53 12/31 11/15 8/23 10/17 7/27 440 296 110 213 8/9 12/31 10/1 7/27 82 440 242 59 12/31 44o 10/24 220 10/9 11/7 7/17 8/3 58 190 251 40 77 10/1 172 10/24 220 7/9 14 11/7 251 8/3 77 9/27 163 7/27 59 9/18 17 9/27 12/19 163 406 103 147 39 190 313 213 426 39 89 376 253 13 213 846 9/18 7/17 10/9 11/26 10/17 12/27 7/17 8/13 12/15 11/7 7/9 10/17 11/14 2E0 12/7 358 7/27 57 8/13 89 7/9 14 8/23 110 7/9 15 52 Interlocking Directorates: (Continued) Applications approved: (Continued) Fletcher, M. L. France, Jacob Freeburn, Thomas I. Fuller, Samuel L. Gerard, E. A. Garcelon, William F. Gaston, J. L. Gault, Harry R. Gendron, Joseph E. Gieske, Alfred W. Girdler, Tom M. Gosdorfer, Louis C. Gottlieb, Harry N. Graff, Peter, 3rd Graham, Albert Graham, Kelley Greene, S. Harold Griffin, John H. Grubbs, A. K. Hallas, Joseph Jr. Hann, George R. Hardy, John K. Hawkins, Frank Heely, Augustus V. Hill, Albert P. Hill, Robert C. Hobbie, R. M. Hoffman, J. G., 3rd Holland, M. B. Hoyt, Richard F. Hubbell, DeWitt Iselin, Ernest, Jr. Jacobs, Louis N. Jameson, E. C. Jeffery, Elmore B. Jeflin, Abraham Johnson, C. Harry Johnson, O. W. Johnson, J. Ford, Jr. Jones, Ploy C. Jones, Robert McK. Junell, John Kahn, Sidney H. Kaye, Joseph Kershaw, Nelson Keys, C. Y. Knox, P. B. Kraemer, Louis F. Lamberton, Chess Lamberton, Harry PETes 9/27 163 10/24 219 11/26 319 11/7 12/21 8/13 12/31 10/25 11/26 11/7 8/13 252 419 88 440 225 318 253 89 12/15 377 15 7/9 10/25 8/13 10/9 9/5 225 89 190 129 7/27 9/27 7/17 10/24 12/31 9/27 12/19 7/27 58 163 40 10/5 12/31 12/7 11/26 11/7 12/19 8/3 7/17 10/26 11/7 7/9 7/9 12/13 11/7 10/25 12/31 7/27 7/9 8/3 10/24 11/7 8/16 y/26 9/5 9/5 219 440 162 407 58 180 441 357 319 252 407 77 39 229 253 15 13 372 252 226 4240 58 jU 77 220 252 103 153 129 129 53 Pages Interlocking Directorates: (Continued) Applications approved: (Continued) Lamberton, Robert Laughlin, George M., Jr. Lawler, Oscar Leuly, Albert Lewis, Harry S. Ligon, R. F. Long, Perry R. Love, Edward L. Lutz, J. Milton MacPherson, Frank Marlowe, Thomas A. McClure, David B. McKenna, John A. McKown, J. Boyd Mekiver, Harry J. Managh, James Harry Marvin, Benjamin Mentzer, Walter C. Metz, Herffan A. Formally approved Meyers, Harry Mitchell, C. S. Mitchell, James Mizell, Everett Mongan, Charles E. Morten, Dwight C. Morris, Ray Moulton, Wm. A. Mudge, E. W. Muir, Wm. Murray, M. J., Jr. Newton, Maurice Nichols Frank C. Noyes, C. F. Olivier, Stuart Orr, J. B. Page, James R. Painter, George E. Parker, Dale M. Parshall, William W. Pelzer, Arthur Perry, Albion A. Pettit, W. S. Philbrick, C. A. Philleo, R. M. Pond, Harry H. Pratt, Herbert L. Reney, H. B. Rapelye, John A. Reed, Nathan P. Rhodes, Frank B. 9/5 129 9/17 143 12/31 440 12/3 7/9 12/31 336 13 441 7/17 4o 11/15 296 lo/24 219 12/31 14140 12/27 422 8/9 10/24 9/27 7/17 32 220 162 9/1g 12/15 11/26 9/12 40 147 376 318 134 10/9 3/9 7/9 11/15 9/27 11/26 10/17 7/9 12/21 7/9 182 82 14 297 163 318 213 10 419 14 7/17 7/17 11/7 11/7 10/26 11/7 12/7 11/26 12/15 11/7 7/27 12/31 11/15 12/27 12/10 12/10 12/19 9/18 11/26 12/15 11/26 7/17 39 39 251 253 229 253 357 319 376 252 59 441 297 426 367 367 407 147 319 376 318 40 54 Interlocking Directorates: (Continued) Applications approved: (Continued) Rhodes, Samuel N. Richards, Josiah Riley, Walter J. Rine, E. M. Robertson, Charles E. Roe, Frank 0. Rothschild, Leon D. Rugg, Robert B. Runkle, Delmer Scanlon, M. J. Scarborough, William B. Schlesinger, B. F. Schuler, Henry J. Shank, W. C. Shapleigh, A. L. Shelton, T. M. Sirrine, J. E. Smith, C. L. Smith, Frank H. Somers, Henry W. Stang, John E. Stayer, Harry B. Stecher, Henry W. Steiner, Robert E., Jr. Steuart, George H., Jr. Stone, W. E. Straus, Arthur W. Straus, Melvin L. Straus, Samuel J. T. Straus, Simon W. Straus, Simon W. Sullivan, R. Livingston Swenson, Fred Taylor, Clyde C. Taylor, William H. Thatcher, Raymond C. C. Thompson, M. A. Thun, Ferdinand Truax, A. R. Tuft, Frank H. Vance, H. E. Vanderbilt, Arthur T. Vanderpool, WYnant D. Verlenden, J. S. Wakefield, Charles T. Wallace, F. M. Ward, Hugh H. Weller, 0. E. Wier, R. W. Pages 7/17 11/7 9/5 7/5 7/17 12/7 9/5 4o 252 129 13 39 357 129 8/29 121 7/17 10/24 39 11/7 221 252 7/17 11/26 7/7 12/31 7/5 7/27 11/26 12/19 10/1 7/5 11/26 39 319 59 439 lo 5g 319 407 173 13 320 8/129 12/131 7/27 12/27 7/5 7/5 7/9 7/9 11/15 7/27 7/2 12/15 8/16 10/1 11/26 7/17 12/7 8/3 12m7 5/26 8/13 10/17 11/7 8/23 10/24 12/10 12/19 121 441 55 426 15 15 3.4 14 291 59 I 3 376 103 241 319 35 35/ 7/ 426 159 SS 213 251 110 219 g/ / 55 Pages interlocking directorates: (Continued) Applications approved: (Continued) Wiess, H. C. Williams, Parker S. Williams, Thomas M. Willard, Henry Augustus, 2nd Willard, William Bradley Williamson, H. L. Winslow, Bernard B. Woodrow, John A. Woolfolk, A. S. Wright, T. A., Jr. Wrigley, William, Jr. Yeasting, William H. Zieber, Philip S. Applications refused: Ledbetter, Joe, draft of letter advising of refusal Letter from Mr. Ledbetter to reconsider, referred to FRAgent at St. Louis Application not to be reconsidered Mays, Ben, draft of letter advising of refusal Letter from Mr. Ledbetter to reconsider, referred to FRAgent at St. Louis Application not to be reconsidered Letter advising of action of Board Morrill, George E. Morrow, George K. Miscellaneous: Bremer, Otto, members of advisory board of national bank not subject to Clayton Act Colt, S. Sloan, action deferred Unfavorable recommendation by FRAgent at New York Duerr, Edward, action on application deferred Firms in New York City to be classed as "private bankersu and applications to be required to serve other banks Geier, Fred A., action deferred pending passage of amendment to Clayton Act Houston, David F., application to be approved for three of four banks listed Howell, Herbert F., action deferred Howell, Vann M., application refused and hearing on revocation of permit previously granted Revocation of permit and to sever connection with certain banks at end of year Humphrey, A. L., action deferred Ickelheimer, Henry R., action deferred To be approved upon resignation from one bank Lanahan, W. W., action deferred Laughlin, George M., Jr., application referred back to FRAgent Application approved 11/7 lip 12/10 7/27 7/27 11/26 9/14 11/26 12/31 8/13 10/24 8/9 7/17 251 251 366 58 58 319 139 320 441 89 220 82 38 7/9 10 7/27 8/16 7/9 55 101 10 7/27 55 8/16 101 127 9/5 up 246 8/23 109 360 12/8 10/26 229 11/15 288 7/27 55 10/17 211 7/27 54 12/21 416 10/26 229 9/5 127 11/12 7/10 10/26 11/15 12/27 8/3 9/17 263 20 229 288 423 75 143 Pages 56 Interlocking directorates: (Continued) Miscellaneous: (Continued) Lehman, Robert, action deferred To be approved upon resignation from certain banks Symmes, F. W., application not necessary Morris Plan Companies in California are banks under Clayton Act International Acceptance Bank: (See Foreign banking corporations) International American Banking Corporation: (See Foreign banking corporations) title by foreign banking corporations, of Trust, use Investment committee appointed to study Report of members of committee discussed end Governor to take up matter with President of company Report of Governor on developments Joint Stock Land Bank at Kansas City, request that RBank of Kansas City act as custodian for safekeeping of securities for receiver Julian Petroleum Corporation: (See Violations of Federal Statutes) Kean, Taylor, and Co., request for dates of meetings of directors of FRBanks, to be secured from FRBanks Kent, Fred I., suggestion that FRBoard revoke ruling on balances due from foreign banks in figuring required reserves Revocation to be referred to Fall Conference of Governors and FRAgents and to next meeting of Federal Advisory Council Topic for discussion by Federal Advisory Council Revocation of ruling recommended by Federal Advisory Council Report of special committee of FRAgents against change in ruling Revocation disapproved by Conference of Governors Mr. Kent at meeting of FRBoard to discuss effect of ruling Klein, Julius: (See Canadian Currency) Klopstock, Paul, reservation of title amended to read Foreign Discount and Investment Trust Report that organizers of Foreign Discount and Investment Trust are agreeable to change in title (See also Foreign Banking Corporations) 229 286 7"?; 314 11/7 247 11/10 11/12 258 261 10/5 179 12/3 329 7/10 20 7/30 8/29 10/1 11/14 12/4 12/15 64 120 170 277 346 375 7/17 34 11/14 275 7/17 32 q. C., fee for services in connection with assessment of taxes on Havana Agency by Cuban Government League of Nations: Conference of Economic Statistics, representation by FRBoard referred to Governor with power Letter to Secretary of State on representation by FRBoard approved Lamer, rr. L. 10/26 11/15 8/3 11/26 10/A0 11fi 57 Pages League of Nations: (Continued) Department instructions to E. Dana Durand, American representative, and to be assisted by James F. Dewhurst Leave of absence with pay approved for Mr. Dewhurst during trip Leased Wire System, report of committee on supply of new code books and prorating cost Letter from Governor of FRBank of Chicago on report and on increased volume of transfers over New YorkChicago wire Legislation: (See also FRAct) Amendment to FRAct making it discretionary to assess cost of examining member banks against banks examined, resolution on Resolution requesting prompt action by Congress, adopted Amendment approved by Conference of FRAgents Bill to amend sec. 5219 of Revised Statutes on taxation of national banks by States, letters to Banking and Currency Committee of House and Senate Clayton Act: (See Interlocking directorates) French monetary law, copies being sent to FRBoard Copies of translations sent by Deputy Governor Harrison National Bank Act, amendment on appointment of liquidation agents of national banks, recommended by FRAgents Pension bill, report of committee to Governors Conference, to have new bill introduced Resolution for erection of building for Los Angeles Branch, inquiry on present status of Advice from Committee on Banking and Currency of House that it will come up after first of year Revised Statutes: (See Revised Statutes) S. 4662, to amend FRAct with respect to venue of civil suits against FRBanks Lewi Liv-s, S. C.: (See Violations of Federal Statutes) y a stock, notes secured by: (See Rediscounts) Brokers: Borrowings by member banks in Dallas District maintaining loans in call market Letter from Governor of FRBank of Dallas on FRBank of Philadelphia, information to be developed similar to New York and Chicago Member banks in Chicago to report also on loans "for account of others" Relation of spread between rediscount rate and rates for stock exchange loans to improper use of credit facilities of FRBanks for Reporting by all member banks, discussed by Conference of Governors Recommendation of Governors Conference approved Tabulation by reporting member bans in New York City showing new series of figures Call) extent to which Federal Reserve credit is being used in support of 11/26 12/3 312 324 12/4 343 12/17 385 10/9 10/10 11/13 190 195 273 12/3 332 7/9 12 7/30 64 11/15 283 12/4 343 12/27 425 12/28 427 12/13 370 12/15 374 12/20 408 10/1 169 12/21 417 12/31 438 11/15 12/4 292 340 12/13 370 9/27 162 58 Loans: (Continued) Call: (Continued) Rates on, influence of increase in buying rates of YRBanks on (See also Rates) acceptances and stock exchange collateral, request against Demand of Equitable Eastern Banking Corporation to use as reserves Allowed to use loans against acceptances but not loans against stock exchange collateral in small loan business, classification received Partial payments for reserve purposes (See also Rediscounts) Loeb, H. A.: (See Philadelphia Clearing House Association) Luncheon to be given bankers of district by FRBank of Philadelphia during Convention of American Bankers Association Pages 12/31 438 9/26 155 10/10 193 7/30 65 9/17 141 Mail order houses, sales of, objection of Mr. James to wording of 10/11 retail trade statement 10/30 approved statement to footnote of Wording Market value, interpretation of: (See Regulation K) Massachusetts, Commissioner of Corporations and Taxation, reply to letter on use of words "trust co." and "savings bank" by corporations not 8/23 organized under State law to proposed amendment notes, l collatera bank member Maturity on 7/30 Regulation A fixing minimum limitation on 8/29 Council Advisory Federal by n discussio Topic for Governor of FRBank of Boston to bring up for discussion at meeting 9/12 of stockholders of FRBenk 10/1 to ns amendment regulatio to opposed Council Federal Advisory 11/13 Conference of FRAgents opposed to fixing minimum proposed n and regulatio opposed, also Governors of e Conferenc 11/15 fixing minimum disapproved by FRBoard and discussed action Governors of e Conferenc of Recommendation 12/4 noted banks) member State Banks; National (See banks: Member Minneapolis and St. Paul, computations of reserves to be made on 7/27 Tuesdays and Fridays Members, FRBoard: (See FRBoard) Membership in FRSystem: American Trust Co., Richmond, Va., application approved with 12/29 special conditions 2/29 1 Action approved by Mr. Cunningham to be Continental-Illinois Bank and Trust Co., Chicago, Ill., 9/17 formed by consolidation of two member banks of Memo of Mr. Herson and Mr. Gilbert recommending approval 9/26 consolidation and membership Idaho State member banks, criticism of State Bank Commissioner on loss of interest on reserve deposits carried by 9/5 9/12 Memo of Mr. Van Fossen on 19g 234 107 65 120 133 171 274 293 340 51 433 1135 1143 157 126 136 i 59 Pages Membership in FRSystem: (Continued) Mountain City Trust Co., Altoona, Pa., extension of time for accepting conditions of membership National banks: (See National banks) State member banks: (See State member banks) Union Trust Co., Newark, Ohio, application for membership approved Withdrawals from: (See Withdrawals) Mergers: (See Consolidations) Morrill, Chester: (See Joint Stock Land Bank at Kansas City) Morris Plan Companies in California are banks under Clayton Act 118tional, use of word in titles of corporations other than banks, reply to Secretary of State of Florida National Bank Act, amendment on appointment of liquidation agents of national banks, recommended by FRAgents National bank note circulation, retirement discussed lietional Bank of Bulgaria: (See Foreign banks) National Bank of Roumania: (See Foreign banks) National banks: Addison National Bank, Chicago, Ill., reduction in reserve requirements recommended Approved American-First National Bank, Oklahoma City, Okla., permission to accept to 100 per cent of capital and surplus American National Bank, Richmond, Va., to convert into American Bank and then to merge into American Trust Co. Amoskeag National Bank, Manchester, N. H., permission to act as executor National Association, New York, permission to Bank of America accept to 100 per cent of capital and surplus Bonds, circulation, advice of no applications received for sale: During second quarter During third quarter Citizens and Southern National Bank, Savannah, Ga., permission to accept to 100 per cent Citizens National Bank, Hope, Indiana, continued deficiencies in reserves Citizens National Bank, Point Pleasant, W. Va., application for stock in FRBank of Richmond approved City National Bank, Albany, Ga., application for stock in FRBank of Atlanta approved Collin County National Bank, McKinney, Texas, action on application for additional stock rescinded Commercial National Bank and Trust Co., New York, application for stock in FRBank of New York approved Condition reports: Call as of June 30 Call as of Oct. 3 Continental National Bank and Trust Co., Chicago, Ill., to consolidate with Illinois Merchants Trust Co. under State charter 7/27 57 9/26 149 11/26 314 8/23 108 11/15 12/28 283 431 9/12 9/17 132 143 9/5 126 12/29 433 8/23 104 11/7 245 7/10 10/4 20 175 7/27 52 9/26 152 8/23 104 7/27 47 10/24 216 11/7 243 7/9 10/9 5 181 9/17 143 60 National Banks: (Continued) Continental National Bank and Trust Co., Chicago, Ill.: (Continued) Memo of Mr. Herson and Mr. Gilbert recommending approval of consolidation and membership Reduction in capital incident to consolidation Reduction in capital to $1,500,000 approved Dunbar National Bank, New York, N. Y., application for stock in FRBank of New York approved Examinations of twelve in Richmond District, analysis showing impaired capital (See Examiners) Examiners: Fiduciary powers, policy of waiting one year after organization before approving applications, memos of Governor and Counsel on postponed Action Memo of Governor referred to Conference of FRAgents Memo approved by Conference of FRAgents Rulings on time of granting trust powers rescinded and action on memo of Counsel deferred Conference of Governors favorable to memo of Governor Recommendation of Conference of Governors discussed Fiduciary powers: (See Fiduciary Powers) First National Bank, Anderson, Texas, reduction in capital stock approved First National Bank, Bellerose, N. Y., application for stock in FRBank of New York, approved First National Bank, Benson, N. C., reduction in capital stock approved First National Bank of Brooklyn, merger into Bank of the Manhattan Co. First National Bank, Denton, Mont., deficiency in reserves Cancellation of charter recommended by FRAgent, Governor to secure more information Reserves adjusted and action to be suspended for present First National Bank, Douglasville, Ga., application for stock in FRBank of Atlanta approved First National Bank, Ennis, Texas, reduction in capital approved First National Bank, Frostburg, Md., continuous borrowing on Government bonds by Copies of correspondence with bank on paying off of rediscount No definite date for liquidation of rediscount, but payment expected by middle of November First National Bank, Houston, Texas, application to accept to 100 per cent of capital and surplus approved First National Bank, Jacksboro, Texas, reduction in capital stock approved First National Bank, Kinston, North Carolina, reduction in capital stock approved Fla., revolving currency fund extended Miami, Bank, National First to Jan. 1, 1929 Letter from President of bank on fund and possible designation of Miami as reserve city Fund to be discontinued Jan. 15, 1929 Pages 9P6 157 356 12/7 360 12/8 8/29 115 7/10 21 11/7 11/10 11/12 11/14 250 255 261 276 11/15 11/15 12/4 284 294 342 11/26 310 8/29 115 10/17 210 10/9 10/4 182 175 10/26 11/7 225 247 8/9 7/10 715 11 7/10 9/27 15 162 10/1 164 10/1 165 12/28 427 7/9 9 8/16 99 12/3 12/28 332 42g 61 Pages National Banks: (Continued) First National Bank, Mt. Pleasant, Texas, application for 11/26 stock in FRBank of Dallas approved First National Bank, Nevada, Texas, redaction in capital stock 11/26 approved First National Bank, Osmond, Nebr., application for fiduciary 7/0 powers approved 7/27 First National Bank, Paris, Ill., reduction in capital approved First National Bank, Paw Paw, Mich., reduction in capital approved 12/31 First National Bank, Plainfield, Ind., application for fiduciary 11/12 powers approved First National Bank, Paultney, Vt., application for stock in FRBank of Boston approved 12/3 First National Bank, Reeder, N. Dak., continued deficiencies in reserves 10/4 First National Bank, Robstown, Texas, reduction in capital stock approved 11/26 First National Bank, Rotan, Texas, change in method of reducing capital stock approved 11/26 First National Bank, Shenandoah, Iowa, liberty bonds deposited for safekeeping, suit against FRBank of Chicago by Jennie E. and I. T. Bull for recovery of 9/26 First National Bank, Winnebago, Minn., application for stock in FRBank of Minneapolis approved 11/26 First National Bank, Yankton, S. D., application for fiduciary Powers approved 8/29 First National Bank of Connierce of Tarpon Springs, Fla., reduction in capital stock approved upon consolidation 7/17 Front Royal National Bank, Front Royal, Va., deficiency in reserves for six consecutive months 8/13 Globe National Bank, Woonsocket, R. I., to be absorbed by Rhode Island Hospital Trust Co. 12/13 Hyde Park National Bank, Chicago, Ill., application for fiduciary powers approved 8/29 Hyde Park National Bank, Scranton, Pa., application for stock in FRBank of Philadelphia approved 8/3 Industrial National Bank of New York, application to exercise fiduciary powers approved if ratified by Board of Directors 7P7 Lefcourt-Normandie National Bank, New York, application for stock in FRBank of New York approved 12/3 Merchants National Bank, Mobile, Ala., permission to accept to 100 per cent of capital and surplus 8/3 Nassau National Bank, Brooklyn, N. Y.: Accept to 100 per cent of capital and surplus, permission granted 12/27 Eligibility of bills accepted for Standard Rolling Mills, Inc. 11/13 National Bank of Commerce, Houston, Texas, reduction in borrowings of 11/12 Borrowings while maintaining loans in call market 12/15 Letter from Governor of FRBank on 12/20 307 310 61 52 437 264 324 175 310 309 157 307 115 36 84 369 115 70 53 324 73 422 270 263 74 1408 62 National Banks: (Continued) National City Bank of New York: Foreign branches: Canal Zone, Balboa and Ancon, application approved Colombia, Armenia, Barranquilla, Bogota, Buenaventura, Cali, Cartegena, Manizeles, Medellin, and Pereria, application for Application approved Neoga National Bank, Neoga, Ill., case brought by depositors against FRBanks willing to share expense of employing Newton D. Baker as Counsel FRBank of Chicago dismissed from suit Bill of Newton D. Baker covering fee and expenses approved New Jersey National Bank and Trust Co., Newark, probable absorption of Colonial Trust Co., and Vailsburg Trust Co. Note circulation, retirement discussed Pacific National Bank, Seattle, Wash., application for stock in FRBank of San Francisco approved Pennsylvania: Investing small cash balances of trust estates Letters to certain banks referred to Comptroller of the Currency Reply of Comptroller approving drafts of letters Right to act as treasurers of corporations Opinion of Comptroller of the Currency that bank has right under authority to receive deposits Peoples National Bank, Patchogue, New York, not to receive stock subscriptions for Suffolk Fire Insurance Co. without permission to exercise fiduciary powers Security National Bank, Bowie, Texas, reduction in capital stock approved Seventh National Bank of New York, contemplated merger with Municipal Bank and Trust Co. of Brooklyn Stewardson National Bank, Stewardson, Ill., application for stock in FRBank of Chicago approved Straus National Bank and Trust Co., New York City, application to exercise fiduciary powers, Governor to confer with directors of FRBank of New York of Governor on conference with directors and request for Report report of Attorney General of New York Request of attorneys for organizers to submit additional information and report by Counsel of FRBank on investigation by Attorney General of State Counsel of FRBank to try to secure copy of report of Attorney General Action on application to await result of conference of Counsel of FRBank with Attorney General of State Application approved after report of Mr. Logan on visit to office of Attorney General of State Further retort of Mr. Logan on investigation with additional information Pages 12/3 7/9 329 10 7/30 63 7/30 62 5/23 9/17 10/24 106 142 216 11/7 12/25 245 431 5/23 104 7/17 34 66 8/9 SO 11/13 265 11/15 281 9/12 135 11/26 311 10/11 201 /3 70 10/31 23g 11/7 245 11/10 254 11/12 265 11/15 256 11/15 290 11/1; 301 63 Pages National Banks: (Continued) Taxation by States, bill pending to amend section of Revised Statutes on 12/3 Union National Bank, Jersey Shore, Pa., action on application for fiduciary powers deferred 9/26 United States National Bank, Galveston, Texas, permission to accept to 100 per cent 7/27 lest Toledo National Bank, Toledo, Ohio, application for stock in FRBank of Cleveland approved 11/26 Woonsocket, Union Trust Co. of Providence cannot Purchase assets and operate as branch and still retain membership 12/3 Investment in stock of national bank does not violate Pct or Regulations 12/10 Letter to FRAgent of Boston transmitting opinion of Counsel, views not to be made public 12/13 Yuma National Bank, Yuma, Ariz., report on action taken by directors to remedy deficient reserves 11/26 l ational Foreign Trade Council to hold convention in Baltimore in April, 1929, advice of 10/24 Ilevada, Secretary of State of, reply to letter that use of words United States, Federal, etc., in titles does not apply to ordinary business corporations 8/23 tiewcomer, Waldo, present at meeting to invite members of FRBoard to attend dinner to be given by Baltimore Clearing House Association 10/12 liew Orleans Clearing House Association, request for preferential discount rates on notes secured by Government obligations and reply of FRBoard 8/29 liewsPaper clippings on the Trans-America Corporation, a holding company for Bank of Italy interests 11/13 York Evening Post, request of Governor of MBank of Dallas to prepare article for publication on business outlook for 1929 12/3 New York Journal of Commerce, contributions by chief of Agents statistical division of FRBank of Dallas not favored 7/30 No ruternber banks: sank of Glendale, Borough of queens, proposed merger with Globe Exchange Bank of Brooklyn 11/10 Colonial Trust Co., Newark, N. J., probable absorption by New Jersey National Bank and Trust Co. 11/7 Cosmopolitan Bank, New York City, proposed merger with Bank of United States 8/13 Discount for member banks of bills bearing endorsement of, suggested amendment to Regulation A 9/14 Letter to Governors and FRAgents requesting consideration of amendment 9/26 Recommendation of FRAgents Conference on 11/14 Action of Conference of Governors, no amendment to Regulation necessary at present 12/4 Farmers State Bank of Fairfield, Iowa, taken over by Iowa State Savings Bank 12/13 332 149 52 307 331 365 370 312 216 108 198 112 272 327 62 260 245 84 138 154 278 345 369 64 Nonmember banks: (Continued) Lake County Reserve Co., Mt. Dora, Fla., word "reserve" dropped from title and no action necessary Mechanics Savings Bank, Woonsocket, R. I., to be absorbed by Rhode Island Hospital Trust Co. Vailsburg Trust Co., Newark, N. J., probable absorption by New Jersey National Bank and Trust Co. Bankers, Butte, Mont., assets to be Brother, & Clark A. W. purchased by Metals Bank and Trust Co. Washington Savings Bank, Cleveland, Ohio, assets purchased by Guardian Trust Co. Washington Trust Co., Newark, N. J., merger with Franklin Bank and Trust Co. by, referred to Standing Committee on requested transfers Wire Collections for report on uniform procedure Notes: (See Rediscounts) Open market investment account, figures on volume of securities in, to be published in Annual report Open market operations: (See Committees, Open Market Investment) Pages f0 12/13 369 11/7 245 8/16 100 8/3 73 7/30 61 12/4 7/17 Partial payments received by member banks in small loan business, 7/30 classification for reserve purposes Pennsylvania national banks: Authority to exercise trust powers, right to act as treasurers of 11/13 corporations bank that has right under Opinion of Comptroller of Currency 11/15 authority to receive deposits of trust balances estates Manner of investing small cash 7/17 Letters to certain banks referred to Comptroller of the 7/30 Currency of drafts letters approving 8/5 Reply of Comptroller Pension bill, report of committee to Governors Conference, to have new 12/4 bill introduced of cooperation and FRBoard Board, in FRBadks Classification Personnel securing data on salaries for report to be submitted to Congress 8/16 date for on hearing Association, House applications Clearing Philadelphia of outlying banks for reduction in reserve requirements of absence of Governor and Mr. James because He ring postponed A4 100/ Representatives of Clearing House opposed to reduction bank Philadelphia Sunday Transcript, inquiry on how FRSystem prevents 10/10 failures and form of reply Philippine funds on deposit at Mercantile Trust Co. of St. Louis, not 7P7 exempt from reserve requirements eliminate to FRAct to amendment proposed Postal savings deposits, 12/10 reserve against, disapproved 74 3)47 32 309 26g 281 34 66 go 343 101 142 a g; 193 365 65 Pages Press statements: Preferential discount rates on notes secured by Government obligations, letter from New Orleans Clearing House Association end reply 8/29 of FRBoard Retail trade in the United States, statements on mail order business 10/11 to be explained in FRBulletin 10/30 Wording of footnote to statement apnroved 10/17 Strong, Benjamin, death of PlIblic relations work of FRBanks, recommendation of Conference of 11/14 FRAEents on 12/4 Recommendation noted, without action Publications: Article for Dallas Newspaper by FRAgent 7alsh on agricultural and commercial conditions in district 9/26 Cambridge Associates, article furnished by Governor Geery on conditions in Ninth District 12/17 Digest of rulings, statement about new edition to be published in FRBulletin 8/29 Permission to distribute copies to Counsel of FRBanks 11/26 FRBulletin: (See FRBulletin) Operations of Federal Reserve System, reissue of pamphlet distributed at convention of American Bankers Association requested 11/26 Request for articles for newspapers, etc., letter to Governor of FRBank of Dallas on 12/3 Circular letter to all FRBanlcs on 12/10 112 198 234 212 279 352 151 385 118 309 317 327 366 UQU questionnaire on Canadian currency outlining matters to be discussed by Committee Rates: 12/4 342 12/15 12/15 375 V. FRBank of New York: (See Court cases) Acceptances, advance in buying rates by dealers Motion of Mr. Miller to advance rates defeated Bankers bills and Government securities after, raise in discount rates, discussed by Conference of FRAgents BlVing, advisability of increase in Cell loan: Effect on rates paid for commercial funds Influence of increase in buying rates on Relation to FRSystem, topic for discussion by Federal Advisory Council Form of letter to President of Council on Form of letter approved Report of Governor on transmittal of letter FRBank of Atlanta: Rediscount, increase to five per cent approved Reasons for increase in rate 374 11/15 283 12/1 43g 9/27 162 12/31 438 10/26 10/30 10/31 11/10 232 235 240 259 7/13 7/27 27 50 66 Pages Rates: (Continued) FRBank of Atlanta: (Continued) Schedule of discount and purchase 7/13 8/3 8/13 9/17 27 70 83 7/13 7/27 43 50 2g 47 60 140 10/17 209 11/10 259 12/17 37g FRBank of Boston: Rediscount, increase to five per cent approved Reasons for increase in rate Schedule of discount and purchase 7/17 7/27 7/30 8/16 9/17 9/27 10/11 10/25 11/10 11/26 12/7 12/27 FRBank of Chicago: Rediscount, increase to 5 per cent voted by directors, no action until meeting on July 10 approved Increase Redaction moved by Mr. James, motion lost Schedule of discount and purchase FRBank of Cleveland: Rediscount, increase to five per cent approved Reduction to 144 per cent to be considered Schedule of discount and purchase: 3514. 420 1 7/2 7/10 16 8/16 96 7/1333 301 78 8/9 8/13 83 8/29 I 10/1 10/30 233 11/26 307 12/31 436 /3 9P6 7/9 7/17 7/30 8/13 9/17 10/9 11/10 12/8 FRBank of Dallas: Schedule of discount and purchase: 98 140 161 '200 222 259 306 7/17 7/27 7/0 8/9 70 114 5 29 60 83 140 181 259 359 2g iq 60 78 9/12 131 67 Pages Rates: (Continued) FRBank of Dallas: (Continued) Schedule of discount and purchase: (Continued) 10/17 209 10/24 215 PRBank of Kansas City: Schedule of discount and purchase: FRBank of Minneapolis: Schedule of discount and purchase PRBank of New York: Bill rates, suggestion of Mr. Miller to advance those on shorter maturities Discussed at meeting of directors and increase disapproved Purchases of acceptances, opinion of Governor on proposed increase in Rediscount, increase to five per cent approved Senior officers to give reasons for increase Letter from Mr. Case stating reasons for increase Suit brought by Raichle to enjoin FRBank from raising (See Court cases) Schedule of discount and purchase: 11/10 260 12/8 359 7/9 7/17 7/27 7/30 8/13 8/29 9/17 10/1 10/12 10/26 11/10 11/26 12/7 12/27 5 30 48 60 83 115 140 164 204 229 260 307 354 420 7/17 7/27 30 14. 10/214 12/13 214 368 10/31 241 11/16 300 11/15 7/12 7/12 7/17 7/9 292 24 25 30 5 7/17 28 7/27 48 71 8/3 8/13 8/23 8/29 9/5 9/12 9/17 10/1 10/5 10/12 10/24 10/26 83 104 115 124 131 1140 164 177 204 214 229 6g Pages Rates: (Continued) FRBank of Nevi York: (Continued) Schedule of discount and purchase: (Continued) 11/7 243 259 11/16 300 11/26 307 11/10 21 2-// 7 323785 1112,17 FRBank of Philadelphia: Rediscount, increase to five per cent approved Reasons for increase in rate Schedule of discount and purchase 12/27 12/28 420 427 7/27 7/27 7/5 49 50 7/27 7/27 8/3 9/5 5/26 10/4 5 us 49 71 124 149 174 209 11/10 259 10 1/:6 7 307 12/7 12/27 420 FRBank of Richmond: Rediscount, increase to five per cent approved Senior officers to give reasons for increase Letter from Governor Seay stating reasons for increase Schedule of discount and purchase: FRBsnk of St. Louis: Rediscount, increase to 5 per cent approved Reasons for increase in rate Schedule of discount and purchase: 7/12 24 7/12 25 7/17 30 7/17 29 7/27 4$ 7g 8/9 9/17 140 10/24 214 8 69 11/10 r 12/13 7/18 44 7/27 50 5 7/9 29 7/17 7/27 49 . 7! 8/3 9/12 13.1 0/ V ; 19 10/24 214 11/10 11/26 0151 12/7 354 12/27 420 69 Pages Bates: (Continued) FRBank of San Francisco: Schedule of discount and purchase: 7/27 7/27 8/3 8/23 9/8 9/26 10/5 10/24 11/7 11/26 12/7 12/27 FRBanks: Seasonal crop marketing paper, special rate suggested by Mr. Miller and discussed with Open Market Committee 8/13 Proposals of Mr. James and Mr. Miller discussed and motion of Mr. Miller lost 8/15 Conversation with Mr. Warburg reported and report of Open Market Committee approved 8/16 Rediscount: Between PRBanks to be fixed at rate of borrowing bank 8/29 Effect of change in one district on other districts, discussed at Conference of FRAgents 11/14 Discussed by FRBoard 12/4 Effect of prevailing rates on business, topic for discussion by Federal Advisory Council 8/29 Recommendation on 10/1 Majority of members present, if not less than three, may approve increases until authority is revoked 7/10 Resolution revised to give authority to executive officer present to approve five per cent rate for thirty days 7/17 Resolution approved by Board 7/18 Authority extended until revoked 8/13 Authority rescinded 10/26 Notes secured by Government obligations, request of New Orleans Clearing House Association for preferential rate on 8/29 Notice of changes to be accompanied by statement of reasons for change 9/26 Letter to all FRAgents approved 10/5 Reasons for making changes, FRAgent at New York to furnish main facts only 11/10 Rediscount, spread between, and rates for stock exchange loans, and relation to use of credit facilities of FRSystem for speculative Purposes 12/31 Telegram to FRBanks on rates as deterrent to business, replies to 9/12 47 48 71 104 130 149 177 214 243 307 354 420 85 92-94 95-98 112 279 353 120 170 22 7 14.5 85 230 112 148 179 258 438 136 70 Pages Reel Estate: Condition of membership of Lycoming Trust Co., Williamsport, Pa., 10/25 for disposal extended to July 1, 1929 no that committee of tion recommenda currency, fit un Redemption of 11/13 change be made in present procedure Rediscounts: Acceptances issued by Shawmut Association, eligibility for 10/25 purchase by PRBanks or purchase for rediscount eligible not are Ruling that they 11/7 by FRBanks to amendment companies, warehouse Acceptances of elevator and 10/9 Regulation A on eligibility of 10/24 FRBulletin in Amendment to be published 11/15 of FRAgents Conference by discussed Attitude of member banks of nonmember banks, t endorsemen Bills of exchange bearing suggested amendment to Regulation A to 9/14 allow discount for member banks of ion considerat requesting FRAgents and Governors Letter to 9/26 amendment 11/1)4. Recommendation of FRAgents Conference on Action of Conference of Governors, no amendment to Regulation 12/4 A necessary at present Collateral notes, amendment to regulations to fix seven days as 7/30 minimum maturity 8/29 Topic for discussion by Federal Advisory Council Governor of FRBank of Boston to bring up for discussion at 9/12 meeting of stockholders of FRBank 10/1 Federal Advisory Council opposed to amendment to regulations 11/13 Conference of FRAgents opposed to fixing minimum Conference of Governors also opposed and proposed regulation 11/15 disapproved by FRBoard Recommendation of Conference of Governors discussed and action 12/4 noted te Credit Federal Intermediate Credit Banks: (See Federal Intermedia Banks) First National Bank, Frostburg, Md., continuous borrowing on 7/10 Government bonds 9/27 of off rediscount on paying bank with ence Copies of correspond No definite date for liquidation of debt, but payment expected lo/1 by middle of November amount monthly of average report District, Chicago in Member banks by States with daily report on banks in Chicago 12/20 and Detroit of portfolio adequate to maintain advised be to banks Members eligible paper, topic for discussion by 8/23 Governors and FRAgents 11/1)4 on of FRAgents Conference of Recommendation 11/15 Recommendation of Conference of Governors approved for prepared to be article and discussed Recommendation 12/4 FRBulle tin bills of y eligibilit Y., N. Brooklyn, Nassau National Bank, 11/13 accepted for Standard Rolling Mills, Inc. 222 271 2211. 250 184 217 282 138 154 273 345 65 120 f 133 1 171 274 293 310 149 109 278 293 340 270 71 Pages Rediscounts: (Continued) Notes offered to FRBank of Dallas and not accompanied by financial statement of maker, statement of endorser in lieu of Notes secured by chattel mortgages on live stock and growing sugar beet crops, requiring of financial statements with Telegram from FRBank of Kansas City on size of such loans and reply of FRBoard Paper of General Mills, Inc., eligibility at FRBank of Minneapolis 4egulations, FRBoard: A: Advances on promissory notes secured by eligible paper or Government securities, proposed new section limiting Topic for discussion by Federal Advisory Council Governor of FRBank of Boston to bring up for discussion at meeting of stockholders of FRBank Federal Advisory Council opposed to amendment Conference of FRAgents opposed to fixing minimum Conference of Governors also opposed and proposed amendment disapproved by FRBoard Recommendation of Conference of Governors discussed and action noted Amendment to Sec. XI on rediscount of bankers acceptances drawn by elevator or warehouse companies To be published in FRBulletin Discount for member banks of bills of exchange bearing endorsement of nonmember banks, suggested amendments to allow Letter to Governors and FRAgents requesting consideration of amendment Recommendation of FRAgents Conference on Recommendation of Conference of Governors, no amendment necessary at present Provisions on filing of separate financial statements by affiliated corporations Revision of Sec. VI to extend limit of discounts to Federal Intermediate Credit Banks Amendment to be published. in FRBulletin D, progressive penalties for deficiencies in reserve, questions raised by FRBank of Richmond Zzaminations of member banks: (See Examinations) a, amendment to eliminate authority to FRBanks to charge items to reserve account of clearing banks recommended by Conference of Governors Amendment adopted X: Interpretation of phrase "market value" in Section XI, request of First Federal Foreign Investment Trust Letter from Deputy Governor of FRBank of New York referred to Law Committee 10/1 16g 11/12 262 11/13 7/17 269 35 7/30 8/29 65 120 9/12 133 171 10/1 11/13 274 11/15 293 12/4 340 10/5 184 10/24 217 9/14 138 9/26 154 11/14 278 12/4 345 12/4 311.11. 8/30 122 10/24 217 12/8 361 12/4 346 12/10 364 11/13 271 12/3 331 72 Pages Regulations, FRBoard:(Contiaued) K: (Continued) To be revised to prohibit use of word "bank" in title of foreign banking corporations 7/10 Draft of amendment submitted, also to require word "foreign" or "international" in title 7/17 Memo of Counsel on amendment 7/3o Amendment approved 8/3 Reichsbank, General Council of, no objection to Mr. McGarrah serving until Oct. 1929 7/30 Resale agreements, purchases of Government securities by FRBanks under 10/1 "Reserve" use of word in title by mortgage loan company in Florida, letter to State authorities who grant charters advising of law 7/27 Memo of Counsel submitting replies of State authorities on use of words in titles 8/23 Reply to Commissioner of Corporations and Taxation of Mass. on use of words "trust co." and "savings bank" by corporations not organized under State law 8/23 to Reply Secretary of State of Nevada on application of statute to ordinary business corporations 8/23 Reply to Secretary of State of Florida on use of word "national" in titles of corporations not organized under Federal law 8/23 Charter issued by State Corporation Counsel of Virginia to "Reserve Finance Corporation" of Arlington, Va., draft of letter to Jesse C. Duke 8/23 Reply of attorney submitted 9/26 Reports of condition: (See Condition reports) Reserve Cities: Albany, application of member banks for termination of classification as 9/26 Letter from Deputy Governor of FRBank of New York that designation is no longer necessary 10/12 FRBoard not inclined to approve application but banks may present additional information 12/3 Letter from member banks in Albany on 12/20 Miami, possible designation of 12/3 Reserve Finance Corporation, letter to attorney of corporation on wording of title 8/23 of attorney submitted and matter referred to Attorney General Reply of United States 9/26 Reserve requirements: Addison National Bank, Chicago, Ill., reduction recommended 9/12 Approved 9/17 Applications for reduction In, recommendation of Conference of FRAgents on deciding outlying banks 11/14 11/15 Recommendation amended 11/15 Memo again considered at Conference Report to be laid on table until after hearing of outlying 12/4 banks at Philadelphia 18 64 74 68 167 56 107 107 108 108 108 156 152 205 ?p;..92 332 108 156 132 143 278 283 295 351 i 73 Pages Reserve requirements: (Continued) Balances due from foreign banks, suggestion of Mr. Fred I. Kent that FRBoard revoke ruling on figuring of Revocation of ruling to be referred to Fall Conference of Governors and FRAgents and to Federal Advisory Council Topic for discussion by Federal Advisory Council Recommendation of Federal Advisory Council that ruling be revoked Report of special committee of FRAgents against change in regulation Conference of Governors opposed to revocation of ruling Mr. Kent present at meeting to discuss effect of ruling Citizens National Bank, Hope, Ind., continued deficiencies in Computations by member banks in Minneapolis and St. Paul to be made on Tuesdays and Fridays Deposit by interior bank in London Branch of New York City Bank not to be deducted from balances &Lie to banks in computing reserves Equitable Eastern Banking Corporation: Against deposits and acceptances, request for permission to use certain loans as Allowed to use demand loans against acceptances but not demand loans against stock exchange collateral Against deposits received in the United States First National Bank, Denton, Mont., continued deficiency in Cancellation of charter recommended by FRAgent, Governor to secure more information Reserves adjusted and action to be suspended for present First National Bank, Reeder, N. Dak., continued deficiencies in First State Bank, Abernathy, Texas, report that deficiencies are now made up First State Bank, Idalau, Texas, report that deficiencies are now made up Front Royal National Bank, Front Royal, Va., deficiency for six consecutive months reported Letters of credit, reserves against, to be discussed by Federal Advisory Council Member banks: Calculating on daily instead of semi-weekly basis, brief on Liability created by purchase of Federal Reserve exchange and issuing cashier's check, classified as "money borrowed" Outlying member banks in reserve and central reserve cities, memo referred to Conference of FRAgents and to Federal Advisory Council Recommendation of Conference of FRAgents on Recommendation laid on table until after hearing to be held by FRBoard Partial payments received by member banks in small loan business, classification of Penalties for deficiencies under Regulation D, questions raised by FRBank of Richmond 7/10 20 7/30 64 8/29 120 10/1 170 11/14 277 12/4 346 12/15 375 9/26 152 7/27 51 8/16 100 9/26 155 10/10 193 7/10 10/4 21 175 10/26 11/17 10/4 228 247 175 12/17 379 12/17 379 8/13 84 9/12 134 7,/0 67 8/16 101 11/13 272 11/14 278 12/14 351 7/)0 12/8 65 361 74 Reserve requirements: (Continued) Philadelphia outlying banks, hearing granted Philadelphia Clearing House Association on reduction in Hearing postponed on account of absence of Governor Young and Mr. James Representatives of clearing house present at meeting and opposed to reduction in reserve requirements Hearing to be granted applicant banks if desired Representatives of banks to meet with FRBoard on December 13 Hearing of representatives of banks, no action on applications at present Letter setting forth attitude of directors of FRBank on applications to be forwarded to FRBoard Philippine funds on deposit in Mercantile Trust Co. of St. Louis not exempt from Postal Savings deposits, amendment to FRAct to eliminate reserve against, disapproved Report of committee of FRAgents to Conference of FRAgents on Report opposes suggested amendment to FRAct to give authority to FRBoard to raise reserve requirements to control credit Southern Bank and Trust Co., Miami, Fla., FRBoard cannot waive maintenance of required reserves but can waive assessment of penalties State laws relating to, analysis to be published in FRBulletin State member banks in Idaho, criticism of State Bank Commissioner on loss of interest because of Memo of Mr. Van Fossen on Weekly adjustment by member banks in FRBank and Branch cities, resolution of American Bankers Association Resolution endorsed by National Bank Section Yuma National Bank, Yuma, Ariz., action taken by directors on deficient reserves Resolutions: American Bankers Association: Reserves of member banks, computation of Resolution endorsed by National Bank Division, letter from Mr. Mountjoy and reply Congressional: Building for Los Angeles Branch, inquiry on present status to be made by Vice Governor Advice from Chairmen of Committee on Banking and Currency of House that it will come up after Jan. 1 FRBank of Atlanta: Inviting members of FRBoard to accompany committee of directors on trip to Havana Revolving currency fund at First National Bank, Miami, Fla., extended to Jan. 1, 1929 collection of non-cash items at FRBank and discontinue To branches Committee of directors of FRBank to discuss with FRBoard Messrs. Newton and Black in Washington but to delay discussion with FRBoard Pages 9/17 10/5 142 185 10/24 215 11/26 317 32$ 12/ 12/13 371 12/20 409 7/27 56 12/10 365 11/14 275 12/4 352 7/10 8/3 73 19 9/5 9/12 126 136 12/3 12/27 333 425 11/26 312 12/3 333 12/27 425 12/27 425 12/28 427 11/13 272 8/16 99 8/13 9/26 155 10/5 171 75 Pages Resolutions: (Continued) FRBank of Philadelphia: Reserves of member banks in Philadelphia be maintained at ten per cent against demand deposits, rescinded FRBoard: Assessment of costs of examinations against member banks, proposed arendment to FRAct Form in which finally adopted Approved by Conference of FRAgents Assessment on FRBanks for expenses of FRBoard Brokers loans information to be developed for FRBank of Philadelphia similar to New York end Chicago Credit use by member banks making speculative loans, FRBoard to ascertain iwproper use of Examination of State member banks, responsibility of FRBoard in Amended so as to omit investigations Memo of Governor on changes in rules and regulations as result of Examiners of FRBanks assisting in examinations of another FRBank, payment of sum in addition to expenses authorized Rediscount rates, committee of three members of Board given authority to approve increases to five per cent to give authority to Executive Officer revised Resolution of Board present Resolution approved by FRBoard Authority extended until revoked Authority rescinded Regulation A, revision of Section VI to extend limit of discounts to Federal Intermediate Credit Banks Amendment to be published in FRBulletin Regulation J, amendment to eliminate authority to FRBanks to charge items to reserve account of clearing banks Amendment adopted Stodkholders Association of the FRBank of Dallas that conference be held each year by FRBoard with directors of all FRBaaks (See also Conferences) Ileta il trade in United States, statements on mail order business to be explained in FRBulletin ilev,Vlording of footnote of statement approved 4.6ed Statutes: 8111 pending to arend section on taxation of national banks by States, committees of Congress requested to defer action Re Violations of: (See Violations) , currency fund: (See Currency stations) A00sev "elt, Franklin D., withdrawal 83 head of Federal International Investment Trust Roo sevelt and O'Connor, attorneys for Federal International Investment Trust: (See Foreign banking corporations) 12/20 406 150 10/5 10/10 154-195 11/13 273 12/21 416 10/1 169 12/31 10/5 10/10 438 189 156 10/11 202 12/8 360 7/10 22 7/17 37 45 7/1g 85 8/13 10/6 230 8/30 122 10/24 217 12/4 12/10 314-6 5/18 145 3614 10/11 158 10/30 234 12/3 332 10/11 201 76 Pages Roumania, stabilization program, FRBank of New York to participate in central bank credit 10/25 Other FRBanks offered pro-rata participation in credit 12/27 Rulings, FRBoard: Acceptances of Shawmut Association not bankers acceptances and not eligible for rediscount by FRBanks 11/7 Acceptances, domestic bankers, report of committee to Conference of Governors to request FRBoard to liberalize 12/4 Balances due from foreign banks in figuring required reserves, suggestion of Mr. Fred I. Kent to revoke 7/10 Revocation of ruling to be referred to Conference of Governors and FRAgents and to Federal Advisory Council 7/30 Topic for discussion by Federal Advisory Council 8/29 Recommendation of Federal Advisory Council that ruling be revoked 10/1 Report of special committee of FRAgents against change in ruling11/14 Action of Conference of Governors opposing revocation of ruling 12/4 Mr. Kent Present at meeting to discuss effect of ruling 12/15 Digest of rulings, statement on new edition to be published in FRBulletin 8M9 Permission to distribute copies to Counsel of FRBanks 11/26 Notes rediscounted for Federal Intermediate Credit Banks can be used as collateral security for FRNotes 9/27 Ruling to be published in FRBulletin 10/24 Runs on banks, answers to questions by officers of FRBanks, discussed by FRAgents 11/15 Safekeeping, request that FRBank of Kansas City act as custodian for receiver of Joint Stock Land Bank 10/5 Salaries: Data to be secured by Personnel Classification Board for submission to Congress, cooperation of FRBoard and FRBanks requested 8/16 FRBanks: (See FRBanks) FRBoard: (See Staff of FRBoard) Seasonal crop marketing paper: (See Crop marketing paper) Secretary of Treasury: Assistant Secretary Bond, letter on program for reducing size of currency notes 7/2 Order for printing notes for fiscal year placed with Bureau of Engraving and Printing 7/12 Shawmut Association, eligibility of acceptances issued by, for rediscount or purchase by FRBanks 10/25 11/7 Ruling that they are not eligible for rediscount or purchase South Carolina, letter from D. R. Coker on banking and agricultural 11/12 conditions in Speigel, Julius, correspondent for International American Banking Corporation: (See Foreign banking corporations) Staff of FRBoard: Counsel's Office: Bane, Vivian Dee, transferred from Division of Research and 8/29 Statistics 224 424 250 3114 20 64' 120 170 277 346 375 11g 309 160 217 294 179 101 3 26 224 250 262 116 77 Pages Staff of FRBoard: (Continued) Counsel's Office: (Continued) Bane, Vivian Dee: (Continued) Salary increased Croghan, 011ie M., salary increased DeHart, Mildred, transferred to Office of Governor for temporary employment Dyer, Sara A., salary increased Hooff, Wilson Lee, salary increased Memoranda of: (See Counsel, General) Seitz, S. Earl, salary increased Stenographer, employment of one in place of Miss DeHart authorized Wingfield, B. M., salary increased Division of Bank Operations: Callahan, Frank J., salary increased Caskey, Merret P., salary increased Chapin, Emma L., salary increased Clark, Helen, salary increased Clary, Mrs. Helen Bowie, resignation as clerk Conover, Esther W., salary increased Devereux, Flora S., salary increased Dorsey, William B., salary increased Foster, Meredith IP., appointment and salary as clerk Salary increased Fugitt, Rita S., salary increased Goheen, Loretta M., salary increased Greene, M. Virginia, salary increased Horbett, J. E., salary increased Hurley, John J., salary increased Jones, Marjorie F., salary increased McCarthy, Minnie, appointed clerk to succeed Miss Rice Resignation accepted and authority granted to employ successor Maey, Felipe Moss, appointment as comptometer operator made permanent Salary increased Mitchell, Willis H., salary increased Morrissette, O. B., salary increased Myrick, L. S., salary increased Patterson, Thelma C., salary increased Ramsey, Thomas E., resignation as clerk Rice, Gladys, resignation as stenographer Scudder, Dilver, salary increased ' Smead, E. L: . Functional expense report to be continued in present form Report on progress of committee working on classification of employees of FRBanks Statement on revised form of earnings and dividends of State member banks made to Conference of FRAgents Sullivan, Libbie L., appointed clerk Salary increased 12/21 12/21 415 415 8/9 12/21 12/21 81 415 415 12/21 415 8/5 12/21 81 415 12/21 12/21 12/21 12/21 10/12 12/21 12/21 12/21 9/26 12/21 12/21 12/21 12/21 12/21 12/21 12/21 11/26 414 14.114 414 414 204 414 414 414 150 414 414 414 414 414 414 414 308 12/7 354 8/5 79 12/21 12/21 12/21 12/21 12/21 9/26 10/26 12/21 414 414 414 414 14.114 150 230 11.114 12/4 344 12/19 390 11/15 282 10/12 204 12/21 14114 78 Pages Staff of FRBoard: (Continued) Division of Bank Operations: (Continued) Walker, F. A., salary increased 1 114 Williams, Mary C., salary increased 1. 4 1 .1 414 Van Fossen, John R., salary increased 12/21 Division of Examination: Barker, C. S., salary increased 12/21 415 Bartz, Charles H., salary increased 1415 1V/21 Bobb, J. A., salary increased 2 )415 Brett, Rolfe H., salary increased 12/21 415 415 12/21 salary increased Comley, Lorne C., 415 Cooke, Robert W., salary increased 12/21 Dougal, W. D., salary increased Drinnen, Frank J., salary increased lal 1411155 Farrell,E. A., salary increased 12/21 415 Furbershaw, James F., salary increased Heising, John D., salary increased 1 25 W/21 45 Herson, J. F., directed to make at least one examination of each FRBank during year 12/27 Konpang, H. O., salary increased Leonard, R. F., salary increased 5 Ringen, George M., salary increased RI 15 1415 Siems, L. A. A., salary increased 12/21 1t1; Wilkes, M. R., salary increased 12/21 Winkler, F. H., resignation as Assistant Examiner 10/24 2i Wishart, Harvey, appointed Assistant Examiner 10/12 20 Division of Issue and Redemption: Budget increased to provide for two appointments 12/27 421 Durnbaugh, W. K., salary increased 12/21 1415 Galles, George A., salary increased 12/21 415 Gott, Alys E., resignation as money counter 337 12/4 Budget increased to provide for appointment of successor 12/27 421 Poston, Mary C., salary increased415 12/21 Tucker, W. J., salary increased 12/21 415 Wedderburn, Mrs. Helen P., advice of death of 12/4 Budget increased to provide for appointment of successor 12/27 Division of Research and Statistics: Assistants needed, question of bringing employees of FRBanks I0 F to Division for short periods transferred to Dee, Office Vivian of Bane, Counsel Baur, Helene F., salary increased 12/21 174 Carson, W. J., resignation accepted 10/4 15 Caskey, Franc S., salary increased4 12/21 1415 Cockerille, Gladys, salary increased 12/21 Cohen, Louise, temporary appointment terminated 8/23 105 salary increased Raymond, Collier, 12/21 44 12/21 414 Cummings, John, salary increased salary increased 12/21 415 Deeds, Dorothy R., DeHart, Mildred, temporary appointment as stenographer for two months 8/29 116 243 11/7 Temporary appointment extended to Feb. 15, 1929 415 12/21 Dyer, Helen R., salary increased F21 TA 79 Pages Staff of FRBoard: (Continued) Division of Research and Statistics: (Continued) 12/21 Elder, Nora V., salary increased 1 2/21 Entriken, Everett, salary increased 12/21 Evans, Mary Sibley, salary increased 12/21 Gardner, Walter R., salary increased 11/27 Givens, Meredith B., appointment of Goldenweiser, E. A.: Extent to which funds have been zithdrawn from market due 7/10 to exportation of gold 9/26 Statement to FRBoard on business and credit conditions Statistical reporting service of FRBoard, present at 10/11 meeting for discussion of 10/30 approved Wording of footnote to retail trade statement Haigh, Mrs. Julia, appointment as clerk-stenographer made 8/29 permanent 12P1 Salary increased 8/29 Hanold, Elsie, temporary appointment extended for three months 11/14 permanent Appointment made 12/21 Salary increased 12/21 Joy, Aryness I., salary increased messenger appointment as permanent 7/9 Kline, William A., 12/21 Salary increased 9/17 Maroney, Mary M., temporary appointment made permanent 12/21 increased Salary 12/21 Mascn, Helen L., salary increased 12/21 increased salary Moss, Joyce W., Murphy, Mildred D., temporary appointment as stenographer 11/7 extended to Feb. 15, 1929 12/21 increased salary Parry, Carl E., 11/14 permanent appointment made Hanold), Plitt, Mrs. Elsie H. (nee 12/21 Salary increased 11/15 division of work discuss FRAgents to Conference of Present at 12/21 Rackstraw, Elsie, salary increased 12/21 Rhodes, Thomas B., salary increased 12/21 Riefler, Winfield, salary increased 12/21 Robinson, Harvey, salary increased 12/n. Stark, W. R., salary increased 12/21 Sutton, Blanche L., salary increased 12/21 Taylor, Alice M., salary increased Thomas, Woodlief, request that he accompany representative of Government to Conference on Economic 10/30 Statistics 11/27 Resignation of Verlez, Charles E., appointment as Research Assistant 11/32 disapproved 12/21 Vincent, Helen, salary increased 11/27 Wall) Norman J., resignation of Piscel Agent: 12/21 Lally, Josenhine E., salary increased Gald Settleirent Division: 12/21 Baldwin, Wm. N., salary increased Ferrell, John R., salary increased 12/21 415 415 415 414 321 17 148 198 234 116 415 116 275 415 414 415 140 415 415 415 243 414 275 415 282 414 41 41 415 414 415 415 236 321 264 415 321 415 414 414 SO Staff of FRBoard: (Continued) Gold Settlement Division: (Continued) Sherfy, R. E., salary increased Stone, Harry B., salary increased Strang, Elmer M., Jr., employed as typist on night force Stutler, Oscar, relieved from regular assignment and to serve as extra man on night force Messengers: Banks, Essex, salary increased Carter, Beverly, increase in salary of Dyson, Nelson S., salary increased Dyson, Seaton, salary increased Hargett, Edward L., salary increased Hunley, John H., salary increased Marlowe, Ernest, salary increased McDowell, Henry, salary increased Piper, Robert, salary increased Simms, R. N., salary increased Skinner, Carl M., salary increased Trescott, Charles G., appointment made permanent Salary increased Washington, LaFayette, salary increased Watkins, F. L., salary increased Wheeler, Rutledge R., salary increased Office of Mr. Cunningham: Beller, Leona M., selary increased as Secretary Office of Governor: Carpenter, S. R., salary increased as Secretary DeHart, Mildred, employed during absence of Mr. Carpenter on vacation Hamlin: Mr. Office of Laning, Margaret A., salary increased as Secretary Office of Mr. Miller: Picks, L. G., salary increased as Secretary Salaries recommendations approved by committee as submitted Approved by FRBoard Secretary's Office: Buckley, Thomas N., salary increased Carter, Aubrey B., salary increased Coe, Madison P., salary Increased Murdock, Frank J., salary increased Ott, T. V., Mail Clerk, leave with pay on account of illness extended to Sept. 1 Granted extended leave for one month with pay Granted leave without pay on account of illness effective Oct. 1 salary increased A., Margaret Rice, Richardson, L. C., sal&ry increased Stone, A. M., salary increased Swan, Nene, salary increased Taylor, Victrin M., salary increased Twomey, Raymond C., salary increased Watson, Mary H., salary increased pages 12/21 414 12/21 414 7/9 7/9 12/21 12/1 12/21 12/21 12/21 12/21 12/21 12/21 12/21 12/21 1 3 20 2; 10 12/21 414 436 414 414 414 414 414 414 414 414 3-4, 4 23 144 12/21 43).i 414 41 414 12 12/21 413 12/21 413 6/9 61 3/3 71 12/21 12/20 12/21 12/21 413 1/ /1 1 413 41 13 1 '; ; 12 8 31 413 72 124 9/5 10/4 12/21 j 12/21 12/21 12/21 12/21 12/21 12/21 114 413 143.3 1413 41.) 413 413 81 Pages Staff of FRBoard: (Continued) Supervisor of Examinations: Gilbert, Claude: Function of FRBoard in examination of State member banks, detailed memo to be prepared on 9/26 Memo of Mr. Gilbert on scope of work 10/4 Scope of work discussed and resolutions introduced by Messrs. Hamlin, James, and Cunningham 10/9 (See also Examinations) Resignation accepted 12/3 Hornstein., Rose, granted extended leave to Jan. 15 when resignation will be tendered 12/27 Telegraph Office: Buckley, T. N., appointed relief telegraph operator for July and August 7/2 Buettner, C. J., employed as vacation relief messenger for two months 7/9 Messenger relief for work during July and August authorized 7/2 Stezo -ard Rolling Mills, Inc., eligibility of bills accepted by Nassau National Bank of Brooklyn for 11/13 State bank membership, reasons for losses in, discussed by Conference of FRAgents 11/15 (See also Membership) St member banks: American Bank and Trust Co., Paris, Ark., condition improved and hearing on forfeiture of membership continued 9/26 Bank of Europe Trust Co., New York City, violation of provisions 7/10 of Revised Statutes by someone connected with 538-141c of Manhattan Co., New York City, merger of First National Bank 10/9 of Brooklyn into Bank of 'United States, New York City, proposed merger with Cosmopolitan Bank 8/13 California, State Superintendent of Banks not cooperating with FRAgent in examinations of 10/1 Canal Bank and Trust Co., New Orleans, La., to take over assets and assume liabilities of Marine Bank and Trust Co. 7/2 Commerce Trust Co., Kansas City, Mo., employees of FRBank designated to assist in credit investigation at 9/26 Condition reports: Call as of June 30 7/9 Call as of Oct. 3 10/9 , Revised form with instructions for preparation, approved 9/26 4°caminations of five in Richmond District, analysis showing impaired capital 7/10 caminations: (See Examinations) ;irat State Bank, Abernathy, Texas, deficient reserves now built up 12/17 ret State Bank, Idalou, Texas, deficient reserves now built up 12/17 4°rms for condition reports, earnings and expenses, and examination reports, action of Conference of FRAgents on modification of 12/4 Prgn1,1 Bank and Trust Co., Newark, N. J., merger with Washington 7/30 Trust Co. 158 175 186-190 326 420 3 g 3 270 295 153 18 182 34 172 3 151 5 181 152 21 379 379 353 61 82 Pages State member banks: (Continued) Globe Exchange Bank of Brooklyn, N. Y., proposed merger of Bank of Glendale, Borough of Queens11/10 2_0 A Guaranty State Bank, Knoxville, Iowa, status of bank and cancellation of FRBank stock FRAgent at Chicago to communic with atebanki State banki ng authorities re bank :3: 1 10/2: 8/2 Guardian Trust Co., Cleveland, Ohio, permission to purchase assets of Washington Savings Bank and branch 73 8/3 Gunnison Valley Bank, Gunnison, Utah, consideration of cancellation of membership and question of additional rediscounts 7/17 36 Telegram to FRAgent on procedure for forfeiture of membership 7/27 57 Reduction in capital approved and forfeiture of membership deferred 126 9/5 Idaho, criticism by Bank Commissioner on cost of membership in 126 FRSystem by loss of interest on reserve deposits9/5 Memo of Mr. Van Fossen on Illinois Merchants Trust Co., Chicago, Ill., to consolidate with Continental National Bank and Trust Co. under State charter 9:7 9 ::: Memo of Mr. Herson and Mr. Gilbert recommending approval of consolidation and membership 9/26 157 To become liable for obligations of Continental National Bank and Trust Co. 12/7 357 Reduction in capital of national bank approved 361 12/8 Industrial Trust Co., Providence, R. I., cannot establish branch in 33o Woonsocket and continue membership 12/3 Interstate Trust Co., New York, N. Y., application to accept to 100 per cent approved 7/17 34 Fairfield, Iowa, has taken over Farmers State Bank, Savings Iowa State Bank of Fairfield 12/13 369 Lake Erie Trust Co., Cleveland, Ohio, consolidation with United Banking and Trust Co. 165 10/1 Lawrence County Bank, Walnut Ridge, Ark., hearing on forfeiture of membership postponed 8/29 119 Lycoming Trust Co., Williamsport, Pa., condition of membership to dispose of real estate extended to July 1, 192910/25 222 Marine Bank and Trust Co., New Orleans, La., assets to be taken over and liabilities to be assumed by Canal Bank and Trust Co. 3 7/2 Membership in FRSystem: (See Membership) Mercantile Trust Co., St. Louis, deposits of Philippine funds not 56 regarded as public moneys 7/27 Metals Bank and Trust Co., Butte, Mont., to purchase assets of W. A. Clark & Brother, Bankers 8/16 1° County Bank, Salinas, Calif., application to exercise Monterey fiduciary powers approved 331/ 12/3 Municipal Dank, Brooklyn, N. Y., name changed to Municipal Bunk and Trust Co. and location chrnged 8/23 106 Contemnlated merger of Seventh National Bank of New York with 10/11 2o1 83 Pages State member banks* (Continued) Pacific Southwest Trust and Savings Bank: (See Examinations) Rhode Island Hospital Trust Co., Providence: Refusal to furnish trust department balance sheet requested in call report To absorb Globe National Bank and Mechanics Savings Bank of Woonsocket and merge into present branch Wash., defalcation by Assistant LaCrosse, Security State Bank, Cashier not to be reported Southern Bank and Trust Co., Miami, Fla., FRBoard cannot waive maintenance of required reserves but can waive assessment of penalties Tracy Loan and Trust Co., Salt Lake City, Utah, classification of certain deposits R. I., cannot purchase national bank Providence, Union Trust Co., to operate as branch and retain Woonsocket in membership Investment in stock of national bank does not violate FRAct or Regulations Letter to FRAgent of Boston transmitting opinion of Counsel, views not to be made public United Banking and Trust Co., Cleveland, Ohio, consolidation of Lake Erie Trust Co. with Withdrawals from FRSystem: (See Withdrawals) '"graphic record of proceedings of FRAgents Conference to be discontinued Action ratified by Conference St° ek, capital: Continental National Bank and Trust Co., Chicago, Ill., reduction incident to consolidation approved $1,500,000 Reduction to First National Bank, Anderson, Texas, reduction approved First National Bank, Benson, N. C., reduction approved First National Bank, Ennis, Texas, reduction approved First National Bank of Jacksboro, Texas, reduction approved Pirst National Bank of Kinston, N. C., reduction approved Pirst National Bank, Nevada, Texas, reduction approved Pirst National Bank, Paris, Ill., reduction approved First National Bank, Par Paw, Mich., redaction approved Pirst National Bank, Robstown, Texas, reduction approved with conditions First National Bank, Rotan, Texas, change in method of reduction approved First National Bank of Commerce, Tarpon Springs, Fla., reduction approved upon consolidation Gum14 Gunnison, Utah, reduction approved and Bank, J-son Valley forfeiture of membership deferred Sec1,4, -- luY National Bank, Bowie, Texas, reduction approved z,) PRBank: Cancellation by banks in process of liquidation, amendments to FRkct aid National Bank Act recommended by FRAgents 10/25 223 12/13 369 8/9 go 7/10 19 7/30 66 12/3 331 12/10 365 12/13 370 10/1 165 11/10 256 11/13 273 356 12/7 12/8 360 11/26 310 10/17 210 17 7/10 12/28 427 9 7/9 11/26 310 7/27 52 12/31 437 11/26 310 11/26 309 7/17 36 9/5 126 11/(26 311 11/15 283 $11. Pages Stock, Mank: (Continued) FRBank of Atlanta: 147 City rational Bank, Albany, Ga., application approved 7P7 First National Bank, Douglasville, Ga., application approved 8/5 7g FRBank of Boston: 12/3 324 First National Bank, Poultney, Vt., application approved FRBank of Chicago: Guaranty State Bank, Knoxville, Iowa, status of bank and 8/29 118 cancellation of stock recommended Letter to FRAgent at Chicago to communicate with State 10/26 230 banking authorities re bank Stewardson National Bank, Stewardson, Ill., applic t on 70 aoproved 8/3 FRBank of Cleveland: 9/26 159, Union Trust Co., Newark, Ohio, application approved 11/26 301 West Toledo rational Bank, Toledo, Ohio, application approved FRBank of Dallas: Collin County National Bank, McKinney, Texas action on 216 application for additional shares rescinded 301 First National Bank, Mt. Pleasant, Texas, application approved Malik of Minneapolis: 11/26 301 First National Bank Winnebago, Minn., application approved. MBank of New York: Commercial National Bank and Trust Co., New York, application 243 approved 11/7 115 8/29 Dunbar National Bank, New York City, application approved 8/29 115 First National Bank, Bellerose, N. Y., application approved Lefcourt-Normandie National Bank, New York, N. Y., application approved 12/3 324 FRBank of Philadelphia: 70 8/3 Hyde Park rational Bank, Scranton, Ps., application approved Ma)* of Richmond: 12P9 433 American Trust Co., Richmond, Va., application approved Point Bank, Pleasant, National W. Va., apPlication Citizens approved 8/23 104 FEBank of San Francisco: 8/23 104 Pacific National Bank, Seattle, Wash., application approved Stockholders Advisory Committee of FRBank of Boston, resolution to eliminate reserve against postal savings deposits3 12/10 65 Stockholders Association of FEBank of Dallas: Resolution that conference be held by FRBoard with directors of FRBanks each year 9/18 145 Not considered desirable by Conference of FRAgents 7416 A 12/ Action of Conference of Governors approving attitude of FEBoard 14 Boston: Stockholders of FRBank of Collateral notes, amendment to regulation fixing seven days as minimum maturity on discount of, to be 9/12 133 discussed at meeting Suffolk Fire Insurance Co., Peoples National Bank not to receive stock subscriptions without permission to exercise 9/12 13 fiduciary powers 85 Pages !,lite against FRBanks, copy of bill to amend FRAct on venue of mitzerland and the Gold Standard, article by Dr. Bachmann not to be published in FRBulletin 12/13 370 10P6 Tax levied on Havana Agency by Cuban Government, fee for services of 7/17 Dr. Lamar and Randolph and Parker tmcEaiorl of national banks by States, committees of Congress requested to defer action on bill to amend Revised 12/3 Statutes Tellriessee, Commissioner of Finance of, request that Open Market Investment Committee purchase issue of notes 8/29 of State, disapproved Time Schedules, Inter-District: 9/12 Buffalo to San Antonio, changed from four to three days Chicago and Dallas districts to other FRBanks and branches 7/27 Cleveland and branches to other FRBanks and branches, changes 11/7 approved Philadelphia to Portland and Seattle, .change approved 10/5 St. Louis to Cleveland, changed to one day 7/17 v„San Francisco and branches, Changes approved 9/12 "les of corporations doing banking or similar business, circular to State authorities granting charters on provisions of law 7/27 Replies received from aathorities in certain States submitted by 8/23 Couneel Reply to Commissioner of Corporation of Massachusetts on use of words °trust Co.", and "savings bankif by 8/23 corporations not organized under State law Reply to Secretary of State of Nevada on application of statute 8/23 to ordinary business corporations Reply to Secretary of State of Florida on use of word "national" by corporations not organized under Federal 8/23 law Charter issued by State Corporation Counsel of Virginia to "Reserve Finance Corporation", draft of letter 8/23 to Jesse C. Duke Reply of Mr. Duke submitted 9/26 Tr elle-America Corporation, organized as holding company for Bank of 11/13 Italy interests, newspaper clippings on Trevel orders for members of FRBoard to be signed by Acting 9/12 Administrative Officer -.. aurer of the United States, advice of no applications for circulation bonds received from national banks: During second quarter 7/10 Tre During third quarter 10/4 atilrers of corporations, right of national banks in Pennsylvania 11/13 to act as °Pinion of Comptroller of the Currency that bank has right under 11/15 authority to receive deposits 227 32 332 114 133 53 244 183 31 133 56 107 107 108 108 108 156 272 136 20 175 268 281 66 Pages Treasury Department: Method of selling obligations of Government, possible change in 12/28 11.31 Trowbridge, Alexander B., fee for services in construction of Baltimore Branch building 11/13 267 Trust Conmany as part of title of corporations not organized under State law 8/23 107 Trust departments of State member banks, right of FRBoard to require balance sheets in reports of condition 10/25 223 Trust powers: (See Fiduciary powers) "U" United States Acceptances Corporation, possible violation of law reported to Attorney General United States Foreign Financing Corporation: (See Foreign banking corporations) 10/1 169 nip Violations of Federal Statutes by officers of Pacific Southwest Trust and Savings Bank, report on 179 10/5 Copies of letter to District Attorney to be transmitted to 10 Department of Justice 10/5 Violations of Revised Statutes by someone connected with Bank of Europe Trust Co., New York lg 7/10 Virginia, State Corporation Counsel of, charter issued to "Reserve Finance Corporation", use of title to be taken up with attorney for corporation 8/23 log Reply of Jesse C. Duke, attorney for corporation, matter referred to attorney General of United States 5/26 156 Warburg, Paul M., opinion requested on proposals affecting acceptance market and rate on bills Report of telephone conversation on proposals Warehouse company, acceptance of: (See Acceptances) Welfare and educational work of FRBanks, expenditures for: June July August September October White and Case, attorneys for organizers of Straus National Bank and Trust Co., New York: (See National banks) at meeting to invite members of FRBoard to present Wilcox, Henry B., attend dinner to be given by Baltimore Clearing House Association Withdrawals from FRSystem: Amendment to FRAct proposed to waive six months notice of intention Topic for discussion by Federal Advisory Council Amendment opposed by Conference of FRAgents Amendment favored by Conference of Governors and to be recommended to Congress $p.5 s/16 911. , 97 73 8/3 8/25 115 9p7 3.63. 10/25 222 11/26 30g 10/12 195 10/10 193 10/17 211 11/14 271 12/4 342 87 Pages Ilithdrawala from FRSystem: (Continued) American Bank and Trust Co., Paris, Ark., hearing continued on account of improvement in condition Gunnison Valley Bank, Gunnison, Utah, cancellation of membership considered Telegram to FRAgent on procedure for forfeiture of membership Reductien in capital approved and action on forfeiture deferred Lawrence County Bank, Walnut Ridge, Ark., hearing on forfeiture of memberihip postponed 131132C) Arthur W.: (See Department of State) 9/26 153 . 7/17 7P7 9/5 36 57 126 8/29 119
@FedFRASER