Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Index, July to December 1929, Volume 16, Part 2

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KEY

INDEX

Branch Banks, Domestic, FRBanks, and
Foreign, see Branch Banks
Clayton Act Applications, see Interlocking Directorates
Directors of FRBanks and Branches,
see Directors
National Banks are listed under heading National Banks
State Banks are listed under State
Member Banks and Nonmember Banks
Stock of .bEBanks and Member Banks,
see Stock.

INDEX
JULY - DECEMBER, 1929
"A"

1
Pages

Absorption of banks: (See Consolidations)
Acceptances:
Bankers:
Rates on purchases, changes in: (See also rates)
361

FRBank of Atlanta

12/10

FRBank of Boston

7/16
22
8/9
75
10/24 224
11/2
265
11/16 312
11/22 323

Faank of Chicago

7/16
8/9
10/28
11/2
11/16
11/22

22
75
226
266
313
326

FRBank of Cleveland

7/16
8/15
10/28
11/5

22
83
226
273

FB3ank of Dallas

7/10
10/28
11/5
11/21
11/26

12
227
273
316
335

FRBank of Kansas City

7/16
10/28
11/4
11/21
11/26

22
226
269
316
335

FRBank of Minneapolis

22
7/16
83
8/15
11/16 313
11/26 335

FRBank of New York

7/16
8/9
10/24
11/2

21
75
223
265

Pages

Acceptances: (Continued)
Bankers: (Continued)
dates for purchases, changes in: (Continued)
FRBank of New York (Continued)

11/16
11/22

312
322

FRBank of Richmond

7/16
8/9
10/28
11/2
11/16
11/22

22
75
227
266
313
323

FRBank of 8t. Louis

7/16
8/9
10/24
11/2
11/16
11/22

22
75
224
266
313
323

FRBank of San Francisco

7/18
33
8/15
83
11/2
266
11/6
276
11/21 316
12/2
345

Regulations of FliBoard on use by foreign banking corporations,
inquiry of Federal International
Banking Company
Letter to Roosevelt and O'Connor to consult with
Mr. Kenzel and letter to Mr. Kenzel to
report to FliBoard after consultation
lialings recommended by General Committee on Bankers
Acceptances on granting of domestic
credits
One ruling adopted and one laid on table
Letter to FABanks and press statement approved
Ruling to be published in FRBulletin
Buying by FRBanks, resolution of Federal Advisory Council on
Dollar exchange: (See Dollar exchange)
Acceptances to 100 per cent of capital and surplus:
Baltimore Trust Co., Baltimore, Md., application approved
Commercial National Bank and Trust Co., New York, application
approved
First National Bank, Mobile, Ala., application approved
Harriman National Bank and Trust Co., New York, application
approved
International Germanic Trust Co., New York City, application
approved

9/5

129

12/2

349

10/15

206

10/31
11/8
11/26
9/19

253
294
339
145

12/2

347

8/16
9/10

95
133

9/10

132

11/21

319

3
Pages
Acceptances to 100 per cent of capital and surplus: (Continued)
Minn.,
Midland National Bank and Trust Co., ,,linneapolis,
application approved
Advertisements:
City National Bank, Auburn, Ind., complaint of Auburn State
Bank against
Comptroller of Currency to take up matter with national bank
Universal Mortgage Co., Portland, Oregon, bonds issued secured
by mortgages pledged with national bank as
trustee and advisability of publishing
statement in FBBulletin
Memo of Comptroller of the Currency on, and letter to
Attorney General to be transmitted
No objection by Department of Justice to publication and
statement to be published in FBBulletin
Agencies:
Currency stations: (See Currency stations)
Havana:
Personnel classification plan received and approved
Savannah:
Personnel classification plan received and approved
Agricultural and live stook paper, special rates on: (See Rates)
Allen, Senator Henry J., report of interview with Governor Young on
establishment of branch of FRBank of
Kansas City at Wichita and request for
hearing before FRBoard
Request that hearing be granted delegation from Wichita on
November 19, November 21 suggested by
FRBoard
Amendments to FRAct suggested: (See Legislation)
American Acceptance Council, annual dinner to be held November 11,
desire of Governors and FRAgents to attend
American Bankers Association:
Chain and branch banking, request of Economic Policy Commission
for information from FBBanks
Telegram to Governors of FitBanks to furnish information for
use of Commission only
Convention for suppression of counterfeiting securities, letter
from Acting Secretary General of League of
Nations referred to
Credit situation, copy of resolution on
Reply to letter of Mr. Shepherd on study of brokers loan
figures prepared by Mr. Miller
American fands held abroad, request for amount of short term
Letter from Governor of FEBank of New York that he would prefer
not to ask for figures at present
American Institute of Banking, request of Alexander Wall to reprint
Verification of Financial Statements in
textbook for use of
American Legion, letter from National Rehabilitation Committee on
advantages of Government insurance offered
to veterans of World War

12/17

390

7/30
8/9

45
72

7/18

7/30

8/15

12/20

412

12/20

412

9/5

127

10/30

243

9/3

118

9/4

125

9/5

128

9/10
12/17

135
390

12/20 419
10
7/5
7/10

7/30

8/9

Pages

Annual reports:
Comptroller of the Currency, may recommend to Congress that granting
of trust powers to national banks be
placed under his approval
11/6
Apfel case: (See Court cases, Foreign Financing Corporation)
Articles for end of year publication, FRBanks to be advised that
FEBoard still entertains views set out
in previoUb letter
2
1
12
Assessment on FRBanks for expenses of F
resolution levying
12 /liBoard, 20
Assistant FRAgents: (See FRAgents)
Association of State Bank Commissioners, to be invited to hold convention in Boston, expenditure by
FABank approved
9/19
Attorney General of United States: (See Department of Justice)

278

347
417

143

“Btt
Baker, Newton D.:
Foreign Financing Corporation case, fee and expenses in connection
with
Payment on account not to be made, letter to Mr. Baker and
reply
Fee and expenses approved for payment
Bank of Zngland: (See Foreign Banks)
Bank of Latvia, terms on which account will be opened for
Bankruptcy funds on deposit not public moneys and not exempt from
reserve requirements
Blease, Senator Cole, resolution introduced for investigation of
affairs of National Bank of Newberry,
S. C., by Department of Justice
Boden Credit Bank: (See Foreign Banks)
Bonds:
Circulation, advice of no applications from national banks:
During second quarter
During third quarter
Federal Land Banks, no objection to purchase of special short-term
bonds by FRBank of New York
First Federal Foreign Banking Corporation, cancellation of gold
notes approved
Mortgage:
Collateral loans secured by real estate, complaint of
Mr. Chindblom because not rediscountable
at FRBanks
Liberty Bank and Trust Co., Louisville, Ky., permission to
sell real estate bonds under certain
conditions
Lincoln Bank and Trust Co., Louisville, Ky., request for
hearing on sale in excess of amount
permitted under condition imposed
Hearing postponed until next month

7/16

8/9
10/23

73
217

11/26

342

10/4

168

10/17

213

7/16
10/4

25
168

10/1

163

12/19

410

10/28

230

8/9

7/16
8/9

27
71

5
Pages
Bonds: (Continued)
Mortgage: (Continued)
Lincoln Bank and Trust Co., Louisville, Ky. (Continued)
September 19 set as date for hearing
Representatives of bank present at meeting of board and
agreement as to issue of bonds made
Owned by national banks and delivered to trust department to
be held in revolving pool, and issuance of
participation certificates as investments
for trust funds
Right of national banks to invest trust funds in revolving
pool of, ruling on
Universal Mortgage Co., Portland, Ore., improper advertisements of bonds issued by, and pledged with
national bank as trustee
Memo of Comptroller of the Currency on, letter to
Attorney General to be transmitted
No objection by Department of Justice to publication of
statement, to be published in FABulletin
Municipal, inquiry of Mr. Fischer on why they are not eligible for
discount at FABanks
Surety:
Austin, R. L., as FRAgent at Philadelphia
Curtiss, Frederic H., as FRAgent at Boston
Hall, G. C., as Assistant FRAgent at Dallas
Heath, W. A., as FRAgent at Chicago
Post, Arthur E., as Assistant FRAgent at Philadelphia
Rehfuss, J. Frank, as Acting Assistant FRAgent at Philadelphia
Stewart, C. Li., as Assistant FRAgent at St. Louis
Walsh, O. C., as FRAgent at Dallas
Borrowings of member banks in Atlanta FEDistrict, conditions in
district and necessity for advances
in Chicago District, heavy demands expected
banks
member
by
Borrowings
by Governor McDougal
Branch banking: (See Chain and branch banking)
Branch banks, domestic:
Brooklyn Trust Co., Brooklyn, N. Y.:
State Bank of Richmond County, Port Richmond, to be
purchased and converted into branch
Equitable Trust Co., New York City:
Detroit, authorized by State Banking Department, unlawful
Opinion of Counsel that establishment of office contemplated is lawful, to be referred to
Attorney General of United States
Letter to Secretary of Treasury transmitting letter to
Attorney General for opinion
Examination simultaneously with head office, memo of Mr. Herson
that it is not practicable in large systems
Nashville Trust Co., Nashville, Tenn.: (See Membership in
FBSystem)
Branch banks, FRSystem:
Amarillo Texas, establishment proposed by W. H. Fuqua

9/3

117

9/19

140

10/15

197

11/26

340

7/18

7/30

8/15

11/26

343

11/5
11/13
7/2
11/8
11/5
7/16
12/10
7/2

274
304
2
292
274
25
362
2

7/2

10/30

237

11/4

270

8/22

107

10/31

253

11/6

277

12/2

346

7/18

6
Branch banks, FRSystem: (Continued)
Assistant FRAgents at: (See FRAgents)
Baltimore:
Building, charge off because of sale of property for less
than book value
Directors: (See Directors)
Examination report as of January 17, 1929, submitted
Staff:
Dudley, A. H., reappointed Managing Director for 1930
Birmingham:
Directors: (See Directors)
Examination report as of February 2, 1929
Personnel classification plan received and approved
Staff:
Bowron, Thomas, redesignated Acting Assistant FRAgent
for three months
dalker, A. E., reappointed Managing Director for 1930
Buffalo:
Building, charge off for repairs and alterations
Directors: (See Directors)
Charlotte:
Directors; (See Directors)
Examination report as of January 17, 1929, submitted
Staff:
Leach, Hugh, reappointed Managing Director for 1930
Cincinnati:
Directors: (See Directors)
Personnel classification plan received and approved
Staff:
Armour, Eaymond, redesignated Alternate Acting Assistant
FRAgent for three months
Faulkner, P. J., redesignated Acting Assistant FRAgent
for three months
McCombs, C. F., reappointed Managing Director for 1930
Denver:
Reserve stocks of Fanotes held in custody to be discontinued
and designation of Assistant FRAgents
to be terminated
Staff:
Olson, J. E., reappointed Managing Director for 1930
Territory, possible transfer of member banks in Wyoming from
Omaha Branch to
Detroit:
Directors: (See Directors)
Personnel classification plan received and approved
Staff:
Butzel, Henry M., resignation as Assistant Counsel
Levin, Capt. Isadore, appointed Assistant Counsel
Wilson, A. L., Acting Assistant FRAgent, resignation of
El Paso:
Directors: (See Directors)
Examination report as of March 6, 1929, submitted
FEBank of San Francisco, provision of by-laws that one director
of each branch reside outside of branch
city
waived for 1930

Pages

12/18

395

11/26

337

12/20 416

12/6
12/20

358
412

12/26 429
12/12 369
12/18 395

11/26

337

12/20

416

12/20

412

12/26

429

12/26 429
12/23 423

9/4

124

12/10

363

9/25

154

12/20

412

9/10
9/10
10/31

132
132
249

12/2

349

12/10

362

7
Pages
Branch banks, FilSystem: (Continued)
Helena:
Directors: (See Directors)
Houston:
Directors: (See Directors)
Examination report as of March 6, 1929, submitted
Jacksonville:
Directors: (See Directors)
Examination report as of February 2, 1929
Personnel classification plan received and approved
Staff:
McLarin, W. S., Jr., reappointed Managing Director
for 1930
Saussy, Fulton, redesignated Acting Assistant FAAgent
for three months
Little Aook:
Directors: (See Directors)
Examination report as of March 23, 1929, submitted
Staff:
Bailey, A. F., reappointed Managing Director for 1930
Los Angeles:
Directors: (See Directors)
Staff:
Prahl, John F., designation as Acting Assistant FAAgent
cancelled
Louisville:
Directors: (See Directors)
Examination report as of March 23, 1929, submitted
Staff:
Kinoheloe, W. P., reappointed Managing Director for 1930
Memphis:
Building, charge off to reduce bock value to replacement cost
Directors: (See Directors)
Examination report as of larch 23, 1929, submitted
Staff:
Glasgow, W. H., reappointed Managing Director for 1930
Nashville:
Directors: (See Directors)
Examination report as of February 2, 1929
Personnel classification plan received and approved
Staff:
Davis, Maclin P., redesignated Acting Assistant FAAgent
for three months
Fort, Joel B., Jr., reappointed Managing Director for
1930
New Orleans:
Directors: (See Directors)
Examination report as of February 2, 1929
Personnel classification plan received and approved
Staff:
E., redesignated Acting Assistant FliAgent
Miller,
for three months
Walker, J. A., redesignated special examiner

12/2

349

126
12/20

358
412

12/12

369

12/26

429

12/2

349

12/26

428

9/25

153

12/2

349

12/26

428

12/18

395

12/2

349

12/26

428

12/6
12/20

359
412

12/26

429

12/12

370

12/6
12/20

358
412

12/26
12/26

429
430

8
Branch banks, FRSystem: (Continued)
New Orleans: (Continued)
Staff: (Continued)
4alker, Marcus, Managing Director, vacation for one month
with full pay granted
Reappointed Managing Director for 1930
Oklahoma City:
Directors: (See Directors)
Reserve stocks of FRnotes held in custody to be discontinued
and designation of Assistant FRAgent to
be terminated
Staff:
Daniel, C. E., reappointed Managing Director for 1930
Omaha:
Directors: (See Directors)
Reserve stocks of FRnotes held in custody turned over to bank
and Assistant FRAgent to be discontinued
Staff:
plarhart, L. H., reappointed Managing Director for 1930
Territory, possible transfer of member banks in 'ayoming to
Denver Branch
Pittsburgh:
Building, tentative estimate for construction submitted
Directors: (See Directors)
Personnel classification plan received and approved
Purchase of property at Grant Street and Strawberry day
rescinded and purchase at Grant Street
and Ogle Way authorized
Staff:
Nevin, J. C., reappointed Managing Director for 1930
Johnson, A. Li., redesignated Alternate Acting Assistant
FRAgent for three months
Jones, T. LI., redesignated Acting Assistant FRAgent for
three months
Portland:
Directors: (See Directors)
Salt Lake City:
Directors: (See Directors)
San Antonio:
Directors: (See Directors)
Examination report as of March 6, 1929, submitted
Report of large and continuous indebtedness of Commercial
National Bank of San Antonio to
Seattle:
Directors: (See Directors)
Spokane:
Directors: (See Directors)
Wichita, Kansas, interview of Senator Allen on establishment and
request for hearing before FRBoard
Letter from Senator Allen on hearing for delegation from
Wichita, November 21 suggested
Date conflicts with meeting of directors of FR3ank and
branches, new date for hearing referred
to Governor

Pages

7/30
41
12/12 369

9/4

124

12/10

363

9/4

124

12/10

363

9/25

154

8/22

101

12/20

412

8/22

101

12/23 423
12/26

429

12/26

429

12/2

349

9/16

139

9/5

127

10/30

243

11/4

266

9
Pages
Branah banks, FRSystem: (Continued)
Wichita, Kansas,- (Continued)
November 25 fixed as date for hearing
Hearing postponed to December 16
Hearing to convene at 10:45 a.m. on Monday
Hearing held, statement by bankers and F2Bank of Kansas City
given ten days to file answer to brief of
petitioners
Statement of FABank in reply to brief filed by Wichita
representatives
Branch banks, foreign:
Bank of Italy National Trust and Savings Association, San
Francisco, Calif.:
London, England, No. 13 Moorgate, FRAgent at San Francisco
to make recommendation
Application recommended by FRAgent and approved
Equitable Trust Co., New York, opinion of Attorney General that
establishment of one in Paris is not legal
Letter to Acting Attorney General that Secretary of Treasury
has no objection to publication of opinion
Opinion to be published in PABulletin
National City Bank of New York:
Cuba:
Holguin, application approved
Vertientes, to be closed as of December 31, 1929
Java, Batavia, to be closed as of July 13
State member banks:
Amendment to Sec. 9 of FRAct to permit establishment of,
suggested
Opinion of Attorney General that establishment and
acquisition through consolidation since
Feb. 1927, are illegal
Letter to Acting Attorney General that Secretary of
Treasury has no objection to publication of
opinion
Opinion to be published in FRBulletin
Budget of FRBoard for 1930 approved
Buildings:
Baltimore Branch, charge off because of sale for less than book
value
Buffalo Branch, charge off for repairs and alterations
FRBank of Richmond, charge off on annex building
Letter to F23ank on reasons for depreciation and prospect
for disposal in near future
Committee of Directors to appear before FRBoard on Jan. 7 on
erection of annex to building
Reply of FRAgent on charge off, and prospects for disposal
of annex building
Memphis Branch, charge off to reduce book value to replacement
cost
Pittsburgh Branch, site purchase authorized and tentative
building estimates submitted

11/5
11/21
12/14

273
319
376

12/16

380

12/27

434

11/4
11/6

271
277

9/5

129

10/1
10/1

157
157

12/19
12/17
7/5

410
390
9

9/5

129

9/5

129

10/1
10/1
12/19

157
157
405

12/16
12/18
12/18

395
395
395

12/26

431

12/27

434

12/31

439

12/18

395

8/22

101

Pages

Bureau of Engraving and Printing:
Aequest to FABanks to render assistance to Bureau by filing additonal
orders for FEnotes
10/24
Aeplies of FBBanks agreeing to plan and orders to be placed
11/25
Business conditions, national summary of, release for publication
approved
12/21
By-laws:
FBBank of San Francisco, provision that one director of each
branch reside outside of branch city
waived for 1930
12/10
Byrd, Fred W., inquiry on use of title "Pacific Eeserve Company"
for corporation
10/8

California Reserve Co., information requested on
Canadian currency, report of committee on means of redemption of, to
be forwarded to Governors of FEBanks
for comment
Memo of Mr. Smead on report and motion of Mr. Miller for data
with view to FRSystem undertaking to
par Canadian currency
Memo of Mr. Smead submitting additional information
3tatement prepared by Committee revised by Mr. Miller and to be
circulated among members of FRBoard
Aeport of committee, circular letter to member banks, and press
statement approved
Telegram to Governors suggesting changes in press statement and
circular letter
Effective date of plan postponed, and press statement and letter
to be withheld until further notice
Capital stock: (See Stock)
Certificate of membership of State bank, form changed
Chain and branch banking:
Developments in, topic for discussion by Federal Advisory Council
Committee to be appointed to study, recommendation of
Federal Advisory Council
Appointment of special committee to study as recommended by
FEAgents and Federal Advisory Council
approved
Request of Economic Policy Commission of American Bankers
Association for information from Faanks
Telegram to Governors of FBBanks to furnish information for
use of Commission only
Chain stores, grocery and dry goods, Division of Research and
Statistics to make study of present
volume of buying for cash through

221
332
421

361
173

10/8

173

9/4

125

10/10
10/17

181
213

11/4

268

11/7

287

11/16

314

11/16

314

10/9

177

10/28

229

11/21

318

12/12

371

9/4

125

9/5

128

12/31

441

11
Pages
Charts in June issue of FRBulletin, permission to Prof. Charles
A. Dice to publish in book
Chindblom, Hon. Carl R., complaint of constituent because collateral
notes secured by real estate mortgages are
not rediscountable at FEBanks
Circulars, FRBank of New York:
Bill and discount transactions during past weak
Open market operations and policy for immediate future
Circulars, FRBoard:
Acceptances, rulings an: (See Rulings)
Canadian currency, redemption of: (See Canadian Currency)
Changes in member and nonmember banks in each district to be
reported monthly by FRBanks
Depositors of unremitted-for transit items, rights against
receivers of insolvent member banks
Items credited to depositor and forwarded to out of town banks
for collection, classification of
Postage stamps, sale of cancelled, to be discontinued by FRBanks
Rates an agricultural and livestock paper: (See Rates)
Recommendation of Standing Committee on Collections concurred
in by Conference of Governors, approved
Draft of letter approving report referred to Executive
Committee
Recommendation approved by Lxecutive Committee and ratified
by FRBoard
Civil Service Commission, reply to letters requesting report on
changes in personnel of FRBoard
Reply of Civil Service Commission and request for return of
letter, advised to write another letter
that first letter be disregarded
Request for report of changes for record purposes only, referred
to Governor and Mr. Hamlin with power
Report of personnel of FRBoard forwarded to
Clayton Act applications: (See Interlocking directorates)
Clearing and collection:
Depositors of unremitted-for transit items, rights against
receivers of insolvent member banks
Uniform policy recommended by Conference of Counsel and
adopted by Governors Conference approved
and amendments to Regulation J adopted
Letter from Governor Harding if policy prevents FRBanks from
making arrangements to secure payment of
checks in special cases
Letter to Governors of FRBanks for discussion at next
Conference
Inter-district time schedules:
Changes from Dallas, El Paso, and San Antonio to other points
approved
FRBank of Kansas City and branches and other cities, changes
in
Items credited to depositor and forwarded to out of town banks
for collection, classification of

7/30

10/28

230

8/22
12/6

103
354

11/5

275

10/15

202

8/16
7/10

96
14

10/15

206

10/31

251

11/4

270

7/30

8/16

8/22
9/3

103
116

10/1

160

10/15

201

10/31

256

11/6

280

8/22

108

12/17

389

8/16

Pages

Clearing and collection: (Continued)
Regulation J: (See Regulations)
Report of Standing Committee on Collections of Governors Conference
request for action by FRBoard on
10/11
Report approved and letter to FaBanks to be prepared by
Counsel
10/15
Draft of letter approving report referred to Executive
10/31
Committee
Recommendation approved by Lxecutive Committee and ratified
by FaBoard
11/4
Standing Committee on Collections, recommendation on sending
checks direct to drawee banks in other
10/31
districts for remittance
Commissioner of Public Debt:
Design of Fanotes, letter to FaBanks on change to substitute
letter for district number in circle
11/13
Committees:
Acceptances, General Committee on Bankers:
Rulings recommended to meet cases arising out of broadened
10/15
use of domestic acceptances
One ruling adopted and one laid on table
10/31
11/8
Letter to FaBanks and press statement approved
Ruling to be published in Faulletin
11/26
Branch, group, and chain banking systems in this and other
countries, etc., to be appointed by
iRBoard for study of
12/12
Canadian Currency, Redemption of: (See Canadian Currency)
expert Government Statisticians, desire of President to make
better use of existing statistics
12/20
FRBoard:
Appointments for 1930 renewed as existing
12/31
Lxecutive:
10/1
Cunningham, L. H., appointed for three months
7/10
James, George A., appointed for three months
Lxpiration of term
10/1
7/10
Miller, A. C., expiration of term
Governors Conference:
Standing Committee on Collections, action on report by
FaBoard requested
10/11
Report approved, letter to FaBanks to be prepared by
Counsel
10/15
Draft of letter to Governors and FEAgents approving
10/31
report referred to Lxecutive Committee
Standing Committee on Collections, recommendation that
FABanks conduct experiment in sending
checks direct to drawee banks in other
districts for remittance
10/31
Open Market Investment:
Meeting called for Sept. 24 to consider purchase of limited
9/19
amount of Government securities
Meeting with FaBoard, report presented and taken under
review
9/24

188
205
251
270

252

305

206
253
294
339

371

418
437
160
12
160
12

188
205
251

252

145
149

13
Pages
Committees: (Continued)
Open Market Investment: (Continued)
Meeting called for Sept. 24 - (Continued)
Letter to Chairman of Committee approving report and
program outlined
10/1
161
Meeting to be held Nov. 12, policy discussed with Governor
Harrison
11/11 296
Minutes of meeting
11/21 318
Reorganization of, previous discussion reviewed
12/11 368
Again discussed and made special order for date to be
fixed by Governor
12/12 372
Report of no change in account, and conditions in bill and
Government securities markets
10
7/5
Report of no change in account, and of conditions in
Government security and bill markets
23
7/16
Report of no ohange in account since last report but changes
have occurred in Government security and
bill markets
7/18
35
account,
and
no
changes
in
of
conditions
Report of
in
7/30
Government security and bill markets
42
Report of no change in account, and also conditions in
56
Government security and bill markets
8/6
Report of no change during week and of condition of Government
security and bill markets
74
8/9
8/16
98
Report of no changes during week
Report of increase in account as result of securities taken
over from FEBank of Dallas
8/22 110
Report of no change in account, and of conditions in
Government security and bill markets
9/3
112
Report of no change in account, and of increased activity in
Government security and bill markets
127
9/5
Report an status of account and conditions in Government
security and bill markets
9/19 145
Report of no change in total holdings
9/25 154
Letter approving report of Sept. 24 and giving authority to
purchase short-time Government securities
10/1
162
Resolution introduced by Mr. Cunningham for purchase of
bills only and reduction in bill rate,
motion lost
162
10/1
Report that holdings in account were unchanged, and of
changes in holdings of Government securities
and bills
178
10/9
Report of operations during week ending Oct. 23, and conditions in Government securities and bill
markets
10/28 228
Purchase of securities by FRBank of New York without
approval of Committee
10/29 232
Report of Governor Harrison on actual purchases and
10/30 237
attitude of FRBoard communicated to him
10/31 249
Report of operations during week and changes in account
10/31 257
Suspension of purchases for time being discussed
Report of operations for week ending Oct. 30
11/8
293
Report of committee submitted requesting authority to
purchase up to i?200,000,000 of securities a
11/12 298-301
week, action on motions deferred

Pages

Committees: (Continued)
Open Market Investment: (Continued)
Aeport of Committee submitted requesting authority-:(Cont'd)
Letter to Chairman of committee submitted by Mr. Miller
approved for transmittal and authority
for approval of purchase of securities
provided for
11/13
Aeport of operations during week ending Nov. 14, including
purchases of Governments and transfers to System account
11/21
Aeport on total amount of securities in account and on portfolio of FRBank of New York
11/22
Principles laid down by New York directors and by Open
Market Committee approved
11/25
operations
for week ending Nov. 27 and of
Aeport of
conditions in bill and securities markets 12/2
Copy of letter from Governor of FABank of New York to
Governors of other FABanks on recent market
purchases and future policy
12/6
Aeport for week ending Dec. 11, and on conditions in bill
and Government securities markets
12/14
Aaport of operations during week and conditions in bill and
Government securities markets
12/20
Report of operations for week and conditions in Government
securities and bill markets
12/31
Discussion of credit situation and open market policy over
tarn of the year
12/31
Comptroller of the Currency:
Advertising of bonds by Universal Mortgage Co.: (See Bonds)
Advertising of City National Bank of Auburn, Ind., complaint
7/30
of Auburn State Bank referred to
matter
up
with
8/9
Comptroller to take
national bank
Annual report, to recommend to Congress placing approval of trust
powers under his authority
11/6
Await, Deputy Comptroller, to work up information on purchase of
national bank stock by holding
companies and reduction of private
ownership
10/11
Assistant needed in work, to be done by Division of Bank
Operations of FRBoard
10/15
Examinations of all member banks placed under, form of amendment
to FBAct prepared for consideration
12/6
Examiners, National Bank: (See Examiners)
Suit for forfeiture of charter of national bank for deficient
reserves, opinion on
7/16
Condition reports:
First Federal Foreign Banking Corporation, market value of
collateral behind outstanding gold notes
10/11
National banks:
Call as of June 29, 1929
7/2
Call as of Oct. 4
10/8
State member banks:
7/2
Call as of June 29, 1929
Call as of Oct. 4
io/e

302

317
323
328-33(
346

354
374
418
442
443

45
72
278

188
190
353

188
1
171
2
171

15
Pages
Condition reports: (Continued)
Weekly FBBank statement, new Treasury bills to be
consolidated with Treasury
certificates for present
12/18 394
Conferences:
Auditors of FBBanks, letter to Acting Chairman of FAAgents
10
7/5
Conference on action taken at
Credit policy of FRSystem, representatives of FRBanks to be
7/2
6
called probably on July 17 or 24
Opinions of Governor Harrison and Mr. Miller on date for
15
7/10
proposed conference
Opinion of Mr. Miller that conference is not advisable at
20
7/16
this time
Governor Black or Deputy Governor Taylor to represent
7/16
23
FABank of Atlanta at Conference if called
Counsel:
Depositors of unremitted for transit items, report on rights
10/15 201
against receivers of insolvent member banks
(See also Clearing and Collection)
FRAgents:
9/3
118
Fall Conference to be held Nov. 13, 14, and 15
10/4
168
Program for conference submitted
11/2
265
Telegram to FBAgents postponing Conference approved
11/25 331
Dec. 11 suggested as date for Conference
Aecommendations of:
Branch and chain banking systems, appointment of committee
12/12 371
to study
Regulation on computing reserves of member banks to
change time for determining to opening of
12/12 370
business on following day
Topics for discussion:
Maturity date in body of customers notes, incorporation
10
7/5
of specific date
Governors:
9/3
118
Fall Conference to be held Nov. 13, 14, and 15
deport that postponement will not inconvenience Governors 10/30 243
11/2
265
Telegram to Governors postponing Conference indefinitely
11/25 331
Dec. 11 suggested as date for Conference
deport of Standing Committee on Collections, request for
10/11 188
action by FBBoard on
Report approved and letter to FBBanks to be prepared
10/15 205
by Counsel
Draft of letter approving report referred to Executive
10/31 251
Committee
Recommendations approved by Executive Committee and
270
11/4
ratified by FABoard
Special, to discuss credit situation and possible changes
8/2
53
in rates
Discussion of System credit policy and opinions of
various Governors especially on raise in
rediscount rate at New York and reduction in
8/7 58-61
minimum buying rates for acceptances
Report of Governors approved and increase in rate at
8/8 63-67
FABank of New York approved

16
Conferences: (Continued)
Governors: (Continued)
Topics for discussion, inquiry if FRBoard has any to be
Included in program
Check collections, right of FABank to take pledge of
collateral to protect itself as agent
in collection of checks on specific bank
Examinations of all member banks to be placed under
Comptroller of the Currency, form of
amendment to FRAct
Aegulation J, amendment to allow FRBanks to send checks
direct to drawee banks in other districts
for remittance
Governors and FRAgents, joint meeting with FABoard to be held in
United States Chamber of Commerce Building
on Friday afternoon
Congressional Legislative Service of Corporation Trust Co., subscription renewed
Consolidated Expanded Metal Companies: (See Vault construction)
Consolidations:
Baltimore Trust Co., Baltimore, Md., proposed merger with Century
Trust Co.
New application for membership approved
Bank of America National Association of New York, proposed merger
of Murray Hill Trust Co.
Brooklyn Trust Co., Brooklyn:
Negotiations to purchase and absorb Guardian National Bank
of New York
Purchase of State Bank of Richmond County, Port Richmond,
and operation as branch
Central National Bank, Cleveland, Ohio, with United Banking and
Trust Co., under title of Central
United National Bank of Cleveland
Central Savings and Trust Co., Akron, Ohio:
To take over Kenmore Banking Company of Akron
With Depositors Savings and Trust Co., to form Central
Depositors Bank and Trust Co.
Central Trust Co., San Antonio, Texas, permission to merge City
National Bank and Guaranty State Bank
not necessary
Chicago Trust Co., Chicago, Ill., formed by consolidation of
member and nonmember bank and not now
member of F3System
Surrender of stock in FRBank of Chicago by member bank
approved
Cleveland Trust Co., Cleveland, Ohio, merger of Pearl Street
Savings and Trust Co.
Corn Exchange Bank Trust Co., New York, proposed consolidation
with National City Bank of New York
Fidelity Trust Co., New York City, proposed merger with
Continental Bank
Fidelity Union Trust Co., Newark, N. J., plans for merger with
North Ward National Bank of Newark and
Equitable Trust Co. of Newark

Pages

10/9

177

11/6

280

12/6

353

10/31

252

12/11

367

12/10

365

11/22
11/26

321
334

10/23

216

11/4

270

11/4

270

11/8

293

9/3

114

10/23

217

9/3

115

8/15

9/19

142

10/17

211

9/25

153

10/15

192

12/19

409

17
Pages
Consolidations: (Continued)
First National Bank of Salem, Ore., to purchase business of
Salem Bank of Commerce
12/14
First National Trust and Savings Bank, Spokane, Wash., and
Fidelity National Bank, succession of
trust powers
10/15
First Trust and. Deposit Co., Syracuse, N. Y., to merge City
Bank Trust Co.
11/4
First Trust and Savings Bank, Akron, Ohio, to take over assets
and assume liabilities of National City
Bank of Akron under title of First-City
Trust and Savings Bank
8/15
Genesee Aiver National Bank of Mt. Morris, N. Y., with Bingham
State Bank to form Genesee diver National
12/2
Bank and Trust Co.
Home Bank and Trust Co., Chicago, Ill., with Hatterman and
8/22
Glanz State Bank, under new charter
International Acceptance Trust Co., New York, to purchase banking business and assets of Bank of
Manhattan Co.
11/6
International Germanic Trust Co., New York City, proposed
merger of Mutual Trust Co. and to assume
deposit liabilities of City Trust Co. of
7/2
New York
8/22
Merger effected on Aug. 12, report of
International Union Bank, New York, proposed merger of Madison
State Bank
8/15
Interstate Trust Co., New York City, proposed merger of Century
7/2
Bank into
Midtown Bank of New York, proposed merger into Prudential Bank
8/22
Advice of completion of merger and application for membership to be made
10/28
Cancellation of FABank stock approved
11/7
Mississippi Valley Trust Co. of St. Louis with Merchants-Laclede
National Bank and State National Bank
under title of Mississippi Valley Merchants
7/2
State Trust Co.
Nashville Trust Co., Nashville, Tenn., with Fourth and First
National Bank of Nashville
8/9
deduction of capital of Fourth and First National Bank in
connection with
8/22
Advice that merger may not be completed before January, 1930
9/3
National City Bank of New York, affiliation with Farmers Loan
7/2
and Trust Co.
Old Colony Trust Co., Boston, Mass., proposed affiliation with
First National Bank of Boston involving
10/31
organization of new national bank
Approval of applications to serve interlocking directorates
12/14
in connection with
Peoples National Bank, Fairmont, W. Va., proposed consolidation
with Fairmont Trust Co. and Home Savings
10/1
Bank to form Union National Bank

374

198
270

345
110

280

4
106
85
3
106
228
286

3
69
107
119
4

246
373

159

Pages

Consolidations: (Continued)
State Bank of ailbur, dash., to take over assets and assume
liabilities of Farmers state Bank
Contracts, future, for cotton, grain, hog products, etc., request
of Mr. Coker for investigation of
Memorandum from Dr. Goldenweiser referred to Mr. James, to be
mimeographed
Contributions:
FRBank of Kansas City to credit protection fund of National
Association of Credit Men
Conventions:
Association of State Bank Commissioners, expenditure for entertainment by FABank of Boston if held
in Boston approved
Corporation Trust
subscription to Congressional Legislative
Service of, approved
Cotton: (See Future contracts)
Counsel, General:
Memoranda of:
Acceptances, reply to Roosevelt and O'Connor on financing
to be undertaken by Federal International Banking Co.
Acceptances, rulings on: (See Acceptances)
Advertising of bonds issued by Universal Mortgage Co.,
and advisability of issuing statement
on advertisements of bond issues under
which national banks are acting as
trustees
Memo of Comptroller of the Currency, letter to Attorney
General to be transmitted
No objection by Department of Justice to publication,
statement to be published in F33ulletin
Andrews, ;todney ., new application to serve interlocking
directorates not necessary
Baker, Newton D., fee and expenses in Foreign Financing
Corporation case, legality of payment
Payment on account not to be made
Bank of Manhattan Co., New York, manner of surrendering
stock when banking business is
purchased by International Acceptance
Trust Co.
Brown,
A., necessary to dispose of stock in Morris Plan
Bank to qualify as Class C Director of
FEBank of Dallas
Certificate of membership of state bank, form changed
Certificates of deposit, wording to bring within classification as time deposits
Chaney, Clarence it., application to serve interlocking
directorates approved
Collateral loans secured by real estate mortgages not
rediscountable at FR3anks, letter to
Hon. Carl Chindblam on

8/15

10/15

192

11/7

287

12/2

346

9/19

143

12/10

365

12/2

349

Co.,

7/18

7/30

8/15

8/9

7/16
8/9

29
73

11/6

279

12/31
10/9

440
177

12/17

391

11/16

311

10/28

230

19
Pages
Counsel, General: (Continued)
Memoranda of: (Continued)
Congressional Legislative Service of Corporation Trust Co.,
subscription approved
12/10
Continental National Bank and Trust Co., Chicago, Ill., not
doing commercial banking business and
excepted under provisions of Clayton Act
12/10
Depositors of unremitted-for transit items, rights against
receivers of insolvent member banks
10/1
Uniform policy recommended by Conference of Counsel and
adopted by Governors Conference approved
and amendments to Regulation J adopted
10/15
(See also Clearing and collection)
Dime Bank-Lincoln Trust Co., Scranton, Pa., bankruptcy funds
on deposit not considered public moneys
and not exempt from reserve requirements
10/4
Eligibility requirements of FRAct in reply to inquiry of
Mr. Fischer as to why municipal bonds are
not eligible for discount
11/26
Equitable Trust Co., New York City, cannot maintain branch
in Detroit and remain member of FRSystem
8/22
Opinion of Counsel that office contemplated is legal,
to be referred to Attorney General
10/31
Equitable Trust Co., New York, opinion of Attorney General
on establishment of foreign branch by
State member bank
9/5
Letter to Acting Attorney General that there is no
objection to publication of opinion
10/1
Opinion to be published in Faulletin
10/1
Esdohr, Fred H., new application to serve interlocking
directorates not necessary
8/9
FRAct:
Amendment to Sec. 13 suggested by Congressman Hudspeth
on limit of rediscount on note of any
one borrower
10/15
Desirability of amending Sec. 13 to conform to Sec. 5200
of Revised Statutes
10/1
FRBulletin:
Recent rulings and decisions for publication in next
issue
10/23
Ruling on bankers acceptances to be published but other
matters submitted to be postponed
11/26
First Federal Foreign Banking Corporation:
Market value of collateral behind outstanding gold notes 10/11
Cancellation of gold notes approved
12/19
Opinion that corporation cannot convert into State
corporation but must dissolve as provided
by Sec. 25(a) of FRAct
8/15
First National Bank, Milledgeville, Ga., permission to act
as executor refused
10/17
First National Corporation, Boston, Mass., desire to discontinue making reports to F2Board
10/4

365

364
160

201

168

343
107
253

129
157
157
71

200
163

218
339
188
410

87
212
169

20
Counsel, General: (Continued)
Memoranda of: (Continued)
First National Corporation, Boston, Mass.-(Continued)
Further report on cancellation of agreement submitted by
Counsel
Agreement to be cancelled after adoption of resolution
by directors
Agreement cancelled
Fitch, Joseph 3., new application to serve interlocking
directorates not necessary
Foreign Financing Corporation, writ of certiorari filed in
Supreme Court of United States, now
in hands of Solicitor General
Petititon denied by Supreme Court, and fee and expenses
of Mr. Baker approved
Decision to be published in FABulletin
Hart, Francis A., application for interlocking directorates
formerly approved to include service
also as officer of bank
Holman, Ned, application to serve interlocking directorates
approved
International American Banking Corporation, letter to
Mr. Julius Spiegel an disposition of
organization papers
Items credited to depositor and forwarded to out of town
banks for collection, circular to
FABanks on classification of
Lakeport National Bank of Laconia, N. H., application for
certain fiduciary powers and increase
in capital suggested
Leslie, G. M., permit to serve interlocking directorates not
affected by consolidation of banks
Lincoln Bank and Trust Co., Louisville, Ky., hearing resale of excess of real estate
mortgage bonds
Macomber, John it., request for information in connection
with application to serve interlocking
directorates
Application approved
Midtown Bank of New York City, cancellation of stock as
result of merger approved
National Bank of Newberry, S. G., resolution introduced by
Senator Blease for investigation of
affairs of
National City Bank of New York, branch in Holguin, Cuba,
approved
Opinion of U. S. District Court for Western District of
South Carolina that provisions of
Sec. 22 of FAAct do not apply to State
bank examiners
Pacific Reserve Company, letter to F. W. Byrd on use of
title
Patents on usteelcreten, used in construction of bank
vaults, request to broaden patent to
permit free use by banks other than

FRBanks

Pages

11/21

320

12/2
12/14

350
375

8/9

9/10

134

10/23
10/23

217
218

11/7

285

7/30

11/7

286

8/16

7/16

12/27

434

7/16

7/16
8/22

30
108

11/7

286

10/17

213

12/19

410

11/26

338

10/8

173

7/16

21
Pages
Counsel, General: (Continued)
Memoranda of: (Continued)
Patents on "steeloreteu, used in construction-:(Continued)
Transfer of patents to Governor of FABoard and his
successors in office to be requested
Letter to Mr. Trowbridge on transfer of patents and to
Mr. Bruce on applications for licenses
Pennsylvania Warehousing and Safe Deposit Co. of
Philadelphia, opinion that it is bank
under provisions of Clayton Act
Philippine Government fund deposited with American Exchange
National Bank of Dallas, classification of
Ruling to be published in FRBulletin
Raichle v. FEBank of New York, opinion of U. S. Circuit
Court of Appeals to be published in
Faulletin
Real estate bonds and mortgages awned by national bank
delivered to trust department in trust
for commercial department and issuance
of participation certificates
Regulations of FABoard: (See Regulations)
Reserves against checks in process of collection, reply to
inquiry of American Trust Co. of New York
Reserves, proposed amendment to Regulation D to permit
unsorted checks to be considered as
deposits "due from" banks
Rulings recommended by General Committee on Bankers
Acceptances on granting of domestic
bankers acceptance credits
One ruling adopted and one laid on table
Saniand gravel as readily marketable staples, letters to
Secretary of Commerce and to Ohairman
of General Committee on Bankers
Acceptances for information on
Ruling that they cannot properly be classified as
readily marketable staples
S. 1247 fixing legal and contract interest rates between
residents of different States, letter for
signature of Secretary of Treasury that
discount rates of FEBanks be exempted
Revised letter prepared in office of Secretary of
Treasury approved
Security-Peoples Trust Co., Erie, Pa., option to purchase
stock of Erie Trust Co.
Sponable, Frank W., permission to serve certain directorates
not necessary
Standing Committee on Collections, draft of letter to
Governors and FRAgents approving report of
State laws relating to ownership of bank stocks by holding
corporations, digest to be furnished
FRAgents and Governors

10/15

204

10/28

230

12/6

357

10/15
10/23

199
218

7/30

10/15

197

9/4

123

9/4

123

10/15
10/31

206
253

9/10

134

10/9

7/18
10/9

179

35
179

8/15

12/31

439

10/31

251

10/31

255

22
Counsel, General: (Continued)
Memoranda of: (Continued)
Stone Mountain Memorial coins, whether lawful money under FBAct
Union Industrial Bank, Flint, Mich., certain irregularities
at, letters to Attorney General and
to FRAgent approved
University of the South v. FRBank of Atlanta, challenging
legality of Regulation J
Vann V. FRBank of Richmond, opinion rendered against FRBank
by U. S. District Court
Counterfeiting of securities other than paper money, letter from
Acting Secretary General of League of
Nations on proposed convention for
suppression of
Referred to American Bankers Association
Coupons redeemed for Federal Land Banks, difficulty of FRBanks in
securing prompt receipts for shipments
Court cases:
Foreign Financing Corporation case, fee and expenses of Newton D.
Baker in connection with
Payment on account to Mr. Baker not to be made
Writ of certiorari filed in Supreme Court of United States,
in hands of Solicitor General
Petition denied by Supreme Court, and fee and expenses of
Mr. Baker approved
Decision to be published in FRBulletin
Raichle v. FRBank of New York, opinion of U. S. Circuit Court of
Appeals to be published in FABulletin
United States District Court for Western District of South
Carolina, opinion that provisions of
Sec. 22 of FBAct do not apply to State
bank examiners
Letter to Attorney General on decision, to be revised and
resubmitted
University of the South v. FEBank of Atlanta, challenging legality
of Regulation J
Vann V. FRBank of Richmond, opinion rendered against FRBank by
U. S. District Court
Credit conference, on future policy of FRSystem, July 17 or 24
suggested as date for
Opinions of Governor Harrison and Mr. Miller on date for
Opinion of Mr. Miller that conference is not desirable at
present time
Governor Black or Deputy Governor Taylor to represent FRBank of
Atlanta at conference if called
Credit situation:
Review to be made at meeting on Wednesday
Mr. Goldenweiser present to discuss credit and business
developments, to present statement on
problem now before FRSystem
Credit problem now before FRSystem stated by Dr. Goldenweiser
General discussion of conditions
Resolution of American Bankers Association on

Pages

11/26

336

11/6

282

10/11

187

11/26

343

7/30
9/10

48
136

7/5

7/16
8/9

29
73

9/10

134

10/23
10/23

217
218

7/30

11/26

336

12/6

359

10/11

187

11/26

643

7/2
7/10

6
16

7/16

10/11

186

10/16
10/24
12/11
12/17

206
220
366
390

23
Pages

Currency:
Canadian: (See Canadian currenty)
Fiinotes: (See Flinotes)
National bank notes: (See National bank notes)
Stone Mountain Memorial coins, whether lawful money of United
States under FiiAct
United States issues, payment of old series denominations up
to be discontinued on Jan. 2
to 0.00
Currency stations:
Miami, establishment for six months authorized
Contract for fund not established and not to be put in
operation unless necessary
Tampa, establishment for six months authorized
Agreement for fund in joint control of First National Bank
and Exchange National Bank of Tampa,
approved
Custodian of securities, plan of FliBank of Dallas for acting in
capacity of
Custody of Fltnotes at branches: (See FEnotes)

11/26

338

12/20

419

7/16

9/3
7/19

117
19

8/22

109

7/16

12/20

418

12/10

363

9/10

134

ITU

Department of Commerce:
Committee of expert Government statisticians, letter on desire
of President to set up, meeting to be
held Dec. 23
Local office in Dallas to be furnished with information on
crop conditions, retail trade, etc.,
by FRBank
Sand and gravel as readily marketable staples, request for
information on
Information received from Department that they are not
readily marketable staples
Department of Justice:
Advertisements of Universal Mortgage Co., mortgage bonds issued
by: (See Advertisements)
Equitable Trust Co., New York City, legality of office to be
established in Detroit
Letter to Secretary of Treasury that he transmit one to
Attorney General for opinion on
legality of office
Foreign branches by State member banks, opinion on establishment of one by Equitable Trust Co. of
New York
Letter to Acting Attorney General that Secretary of
Treasury has no objection to publication
of opinion
Opinion to be published in FliBulletin

10/9

180

10/31

254

11/6

277

9/5

129

10/1
10/1

157
157

24
Department of Justice: (Continued)
National Bank of Newberry, S. C., resolution of Senator Blease to
investigate affairs of
10/17
Opinion of United States District Court for Western District
of South Carolina that provisions
of Sec. 22(a) of FEAct do not apply
to State Bank Examiners, letter to
Attorney General on
11/26
Letter to be revised by Governor and resubmitted
12/6
Pacific Southwest Trust and Savings Bank, Los Angeles, Calif.,
request for report of transactions
of S. C. Lewis and Julian Petroleum
Corporation as disclosed by
examination of
7/16
Letter from FEAgent at San Francisco on inquiry of District
Attorney at Los Angeles on
advisability of criminal prosecution
11/22
FEAgent advised to reply that Department of Justice is in
better position to determine
advisability of prosecution
11/25
Letter to FEAgent approved
11/26
Union Industrial Bank, Flint, Mich., certain irregularities to
be reported to Attorney General
11/6
Depositors of unremitted-for transit items: (See Clearing and
collection)
Deposits:
Bankruptcy funds under jurisdiction of Federal courts not
public moneys and not exempt from
reserve requirements
10/4
Certificates of, wording suggested by FRBank of Minneapolis
to bring within classification as
time deposits
12/17
Items credited to depositor and forwarded to out of town banks
for collection, circular on
classification of
8/16
Philippine Government funds with American Exchange National Bank
of Dallas, classification of
10/15
Ruling to be published in Faulletin
10/23
Public, bankers bills pledged to secure, FEBank of Dallas
acting as custodian of
7/16
Reserves on: (See Reserves)
Riggs National Bank and Commercial National Bank, Washington,
D. C., classification of certain
deposits as Government deposits for
reserve purposes requested
9/19
Memorandum submitted by Riggs National Bank and President of
Commercial National to be advised that
letter will be addressed to Secretary of
Treasury requesting his view
11/6
Advice that President Donaldson does not wish to submit
further data and letter to Secretary
of Treasury ordered transmitted
11/7
Destruction of unnecessary papers, documents, etc., letter to
Chief Clerk of Treasury Department on
9/10
Dice,
Prof.
Charles
A.,
permission
to
publish
charts
from
June

FR3ulletin in his book
7/30

Pages

213

338
359

327

332
341
282

168

391

96
199
218
28

142

281

290
133
42

25
Pages
Directors, FABanks:
Class C, appointments to be special order of business for
meeting on Dec. 9
Postponed until meeting on Tuesday, Dec. 17
Appointments made
Election of Class A and B, polls to be open Nov. 15 and group
classifications to remain unchanged
except for Atlanta
FRBank of Atlanta:
Group classifications of banks for election of Class A and B
Harris, George S., present at meeting of FABoard to discuss
conditions in Florida and establishment of
currency depots at Miami and Tampa
Kettig, W. H., redesignated Deputy Chairman for 1930
Newton, Oscar, reappointed Class 0 and redesignated FAAgent
Resolution recommending salary of 425,000 for FRAgent
Newton
Simon, Leon C., reelected Class B for three years
Ware, G. G., reelected Class A for three years
FABank of Boston:
Allen, Philip A., reelected Class B for three years
Curtiss, Frederic H., reappointed Class 0 and redesignated
FAAgent
Hollis, Allen, redesignated Deputy Chairman for 1930
Ripley, Alfred L., reelected Class A for three years
FABank of Chicago:
Feustel, Robert M., elected Class B for three years
Heath, W. A., redesignated FRAgent for 1930
Schaller, George J., elected Class A for three years
Simpson, James, reappointed Class C and redesignated
Deputy Chairman
FRBank of Cleveland:
Orabbs, George D., reelected Class B for three years
DeCamp, George, reappointed Class C and redesignated FAAgent
dardrop, Robert, reelected Class A for three years
Williams, L. B., redesignated Deputy Chairman for 1930
FABank of Dallas:
Brawn, Edw. A., appointed Class C for three years
Telegram from Mr. Linz congratulating Board on selection
of Mr. Braun
Necessary to dispose of stock in Morris Plan Bank and
resign as director to qualify as Class C
director
Class B, validity of nomination made by President of a bank
In a letter not on furnished form
Class C, appointment of new director to succeed Mr. Linz
being considered
Culbertson, J. J., reelected Class B for three years
Linz, Clarence E., report of committee that new director is
being considered for appointment in
place of
Telegram congratulating FRBoard on appointment of E. R.
Brawn to succeed him

12/2
12/6
12/17

345
352
383

9/16

138

9/16

138

7/16
12/17
12/17

19
385
384

11/13 305
356
12/6
355
12/6
12/6

355

12/17
12/17
12/6

383
383
355

12/2
12/17
12/2

348
385
348

12/17

385

12/6
12/17
12/6
12/17

355
384
355
384

12/17

386

12/19

409

12/31

440

11/13

304

12/6
12/6

352
356

12/6

352

12/19

409

Pages

26
Directors, FRBanks: (Continued)
FRBank of Dallas: (Continued)
Perkins, S. B., designated Deputy Chairman for 1930
Resolution on liquidation of indebtedness of Commercial
National Bank, San Antonio, Texas
Walsh, U. C., redesignated FRAgent for 1930
Williams, J. P., elected Class A for three years
FRBank of Kansas City:
McClure, U. L., reappointed Class C and redesignated FRAgent
Meeting not held because of lack of quorum
Mullaney,
reelected Class A for three years
Petrikin, William L., redesignated Deputy Chairman
Phillips, L. E., reelected Class B for three years
Sponable, Frank W., permission to serve as director of
three small National banks not
necessary
FRBank of Minneapolis:
Bassett, J. C., reelected Class A for three years
Clark, Homer P., redesignated Deputy Chairman for 1930
Holter, N. B., reelected Class B for three years
Mitchell, John R., reappointed Class 0 and redesignated
FRAgent
Myers, Paul N., Class B, advice of death of
FRBank of New York:
McGarrah, Gates W., redesignated FRAgent for 1930
Stephens, Thomas d., elected Class A for three years
Whitmarsh, Theodore F., reelected Class B for three years
Young, Owen D., reappointed Class C for three years and
redesignated Deputy Chairman
FRBank of Philadelphia:
Austin, A. L., reappointed Class 0 and redesignated FRAgent
Johnson, Alba B., redesignated Deputy Chairman for 1930
Regular meeting not held and no action on rates
Sewall, Arthur W., reelected Class B for three years
Wayne, Joseph, Jr., reelected Class A for three years
Faank of Richmond:
Coker, D. R.:
Request for investigation of future contracts for
cotton, grain, hog products, coffee,
etc.
Memorandum from Dr. Goldenweiser submitted and
referred to Mr. James, to be
mimeographed and furnished to all
members of FEBoard
Reelected Class B for three years
Committee consisting of Messrs. Delano, Nieman, and Graham
to appear before FRBoard on Jan. 7 on
erection of annex to building
Delano, Frederic A., redesignated Deputy Chairman for 1930
Hoxton, d. 4., reappointed Class C and redesignated FRAgent
Johnson, L. E., reelected Class A for three years
FRBank of St. Louis:
Boehne, John ii., reappointed Class C and redesignated
Deputy Chairman

12/17

387

10/15
12/17
12/6

192
387
356

12/17
7/30
12/6
12/17
12/6

386
38
356
386
356

12/31

439

12/2
12/17
12/2

348
386
348

12/17
12/10

386
363

12/17
12/6
12/6

383
355
355

12/17

383

12/17 383
12/17 384
124
9/4
12/6
355
355
12/6

10/15

192

11/7
12/2

287
347

12/27
12/17
12/17
12/2

434
384
384
347

12/17

385

27
Pages
Directors: (Continued)
FABank of St. Louis: (Continued)
Election of Class B to succeed Mr. Leroy Percy, polls
to be open Feb. 11
Lonsdale, John G., reelected Class A for three years
Percy, Leroy, reelected Class 3 for three years
Advice of death of
Wells, Rolla, redesignated FEAgent for 1930
FABank of San Francisco:
Dohrmann, A. B. C., reelected Class B for three years
McNaghten, Malcolm, elected Class B for unexpired term
Moore, Walton N., redesignated Deputy Chairman for 1930
Newton, Isaac B., reappointed Class 0 and redesignated
FAAgent
Aamsay, Thomas H., reelected Class A for three years
Sesnon, William T., advice of death of
Successor not to be elected until next regular election
of directors
Directors, FABranch banks:
Baltimore Branch:
Cohill, E. P., reappointed for three years
Dudley, A. H., reappointed Managing Director for 1930
Osbura, C. G., reappointed for three years
Birmingham Branch:
Crawford, W. W., reappointed for three years
Walker, A. E., reappointed Managing Director for 1930
Wells, Oscar, reappointed for three years
Branches of FABank of San Francisco, provision of by-laws that
one director of each branch reside outside of branch city waived for 1930
Buffalo Branch:
Cooley, F. B., reappointed for three years
Duerr, Edward A., resignation because not actively
connected with banking
Harriman, Lewis G., appointed for three years
Kleindinst, George, appointed for unexpired term of
Edward A. Duerr
Charlotte Branch:
Cannon, Charles A., reappointed for three years
Leach, Hugh, reappointed Managing Director for 1930
Aoddey, W. J., Sr., reappointed for three years
Cincinnati Branch:
Davis, T. J., reappointed for three years
McCombs, 0. F., reappointed Managing Director for 1930
Omwake, John, reappointed for three years
Denver Branch:
Davis, A. H., reappointed for three years
Olson, J. E., reappointed Managing Director for 1930
Swan, Henry, reappointed for three years
Detroit Branch:
Hull, Nathan P., reappointed for three years

12/31
12/6
12/6
12/26
12/17

438
356
356
427
385

12/6
12/6
12/17

356
356
387

12/17
12/6
7/2

387
356
2

7/30

12/17
12/20
12/20

384
416
416

12/12
12/12
12/17

369
369
385

12/10

361

12/17

383

8/6
12/20

55
416

8/16

12/17
12/20
12/20

384
416
416

12/23
12/23
12/17

422
423
384

12/17
12/10
12/10

386
363
363

12/17

385

Pages

28
Directors, FRBranch. banks: (Continued)
El Paso Branch:
Coles, A. P., reappointed for three years
Jones, A. F., appointed for three years
Managing Director, no action on appointment of
Helena Branch:
Kaufman, A. O., resignation of
MaKennan, Samuel, appointed to succeed Mr. Kaufman
Sieben, Henry, reappointed for two years
Houston Branch:
Meador, N. E., appointed for three years
Aeordan, Dwight P., reappointed Managing Director for 1930
Wilson, J. C., reappointed for three years
Jacksonville Branch:
Lane, E. 11., reappointed for three years
McLarin, a. 6., Jr., reappointed Managing Director for 1930
Saussy, Fulton, reappointed for three years
Little Aock Branch:
Bailey, A. F., reappointed Managing Director for 1930
Campbell, G. H., reappointed for three years
Wilson, Stuart, reappointed for three years
Los Angeles Branch:
Belcher, i. J., Jr., reappointed for two years
Voorhis, C. B., appointed for two years
Louisville Branch:
Black, William, reappointed for three years
Hoge, Eugene E., reappointed for three years
Kincheloe, W. P., reappointed Managing Director for 1930
Memphis:
Glasgow, U. H., reappointed Managing Director for 1930
Orgill, William, reappointed for three years
Uilliam, appointed for three years
Nashville Branch:
Davis, P. M., reappointed for three years
Fort, Joel B., Jr., reappointed Managing Director for 1930
Lindsey, E. A., reappointed for three years
New Orleans Branch:
Foote, F. W., reappointed for three years
Simon, L. C., reappointed for three years
Walker, Marcus, reappointed. Managing Director for 1930
Vacation for one month with full pay granted
Oklahoma City Branch;
Daniel, C. E., reappointed Managing Director for 1930
Miller, Austin, reappointed for three years
Ogden, H. H., appointed for three years
Aeport of Governor on inquiries re appointment of
Omaha Branch:
Davis, T. L., reappointed for three years
Sarhart, L. H., reappointed Managing Director for 1930
Hardy, William E., reappointed for three years
Pittsburgh Branch:
Eisaman, J. A., reappointed for three years
Humphrey, A. L., reappointed for three years
Nevin, J. Q., reappointed. Managing Director for 1930

12/17
12/17
12/17

387
388
388

10/23
10/23
12/17

216
216
386

12/17
12/17
12/17

388
388
387

12/12
12/12
12/17

369
369
385

12/26
12/17
12/26

428
386
428

12/20
12/17

416
367

12/17
12/26
12/26

385
428
428

12/26
12/17
12/26

428
386
428

12/17
12/12
12/12

385
369
369

12/12
12/17
12/12
7/30

369
385
369
41

12/10
12/17
12/10
12/6

363
386
363
352

12/10
12/10
12/17

363
363
386

12/23 422
12/17 384
12/23 423

29
Pages
Directors, FRBranch banks: (Continued)
Portland Branch:
Ainsworth, J. U., reappointed for two years
Strauss, Nathan, reappointed for two years
Salt Lake City Branch:
Barton, Charles H., reappointed for two years
Hanchett, Lafayette, reappointed for two years
San Antonio Branch:
Crow, Frank G., reappointed for three years
Groos, Franz C., reappointed for three years
Managing Director, no action on appointment of
Minutes of meeting commenting on large and continuous
indebtedness of Commercial National
Bank of San Antonio
Seattle Branch:
Arnold, M. A., reappointed for two years
Clarke, Charles H., reappointed for two years
Spokane Branch:
Toevs, G. I., reappointed for two years
Twohy, D. W., reappointed for two years
Dividends, payment approved:
FRBank of Atlanta
FRBank of Boston
FRBank of Chicago
FRBank of Cleveland
FRBank of Dallas
FRBank of Kansas City
FRBank of Minneapolis
FRBank of New York
FRBank of Philadelphia
FRBank of Richmond
FRBank of 3t. Louis
FABank of San Francisco
Donaldson, A. G.: (See Deposits, Riggs National Bank)
Dollar exchange, permission to accept drafts and bills of exchange
for furnishing:
Commercial National Bank and Trust Co., New York, application
approved
Pacific Trust Co., New York City, application approved
Whitney National Bank, New Orleans, La., application approved

12/20
12/17

416
387

12/20
12/17

416
387

12/17
12/17
12/17

387
388
388

9/16

139

12/20
12/17

416
387

12/17
12/20

387
416

12/18 400
12/18 397
12/18 401
12/18 399
12/18 403
12/18 403
12/18 402
12/18 398
12/18 396
12/18 399
12/18 401
12/18 404

8/16
10/28
9/3

95
228
114

ItElf

Earnings and expenses of FRBanks as of Dec. 31
4arnings of FRBanks, bill introduced by Senator Glass to change
distriuution of, topic for discussion by
Federal Advisory Council

12/18 394-404

10/28

229

30
Earnings of FRBanks-:(Continued)
Recommendation approving bill with certain changes
Resolution of Stockholders of FRBank of Boston an increased
participation in distribution by member
banks
Educational and welfare work: (See Welfare work)
Employees:
FEBanks: (See FRBank of--)
FBBoard: (Sea Staff of FRBoard)
Examinations:
Apple Creek Banking Co., Apple Creek, Ohio, credit investigation
to be made by FRBank
Atlantic Merrill Oldham Corporation of Boston, report as of
March 29, 1929
Not principally engaged in foreign business, Assistant
Secretary to ascertain present ownership
of stock
Central Savings and Trust Bank, Akron, Ohio, one examiner of
FRBank of Cleveland to assist in
Citizens Banking and Trust Co., Conneaut, Ohio, joint
examination because of unsatisfactory
condition
City Trust and Savin,
:s Bank, Youngstown, Ohio, credit investigation made by representative of FRBank
Dime Savings Bank Co., Canton, Ohio, credit investigation to be
made by ABank
Farmers Savings and Trust Co., Mansfield, Ohio, representative
of FABank to sit in with State bank
examiners
FRBank of Atlanta and branches, report as of Feb. 2, 1929
Report of Mr. Drinnen on unsatisfactory condition disclosed
FRBank of Boston, report as of Jan. 3, 1929
FRBank of Cleveland, report as of Sept. 21, 1929
FRBank of Dallas and branches as of Larch 6, 1929
FEBank of Kansas City, report as of Oct. 5, 1929
FRBank of Minneapolis, report as of April 13, 1929
FRBank of New York:
Expenses of employees detailed from FEBanks of Boston,
Philadelphia, Cleveland, and Richmond,
reimbursement to FRBanks approved
Report as of May 25, 1929
FRBank of Philadelphia, report as of May 4, 1929
FRBank of Richmond and branches, report as of Jan. 17, 1929
FRBank of St. Louis and branches as of March 23, 1929
FRBank of San Francisco, report as of July 20, 1929
FRBanks, advised that at least one will be made during 1930
First Bank and Trust Co., 4ashington, Pa., FRBank to make credit
investigation of
First Federal 2oreign Banking Corporation, conditions disclosed
by recent examination, letter to
Liss Blanche Jacobs on
Liibsonburg Banking Co., Gibsonburg, Ohio, correspondence in
connection with recent reports

Pages

11/21

318

12/6

352

11/4

270

12/6

358

12/26

431

8/9

9/19

144

10/4

167

11/4

270

10/4
167
12/6
358
12/23 424
11/26 337
12/12 370
12/2
349
12/31 442
12/10 365

7/5
8
12/10 365
12/10 365
11/26 337
12/2
349
12/12 370
12/20 417
12/23

422

7/30

9/19

144

31
Pages
Examinations: (Continued)
Home Banking Co., Gibsonburg, Ohio, Flthank of Cleveland to
make credit investigation
Member banks, proposed amendment to FilAct to place under
Comptroller of the Currency and expense to
be borne by FiiBanks
Ohio Savings and Trust Co., New Philadelphia, Ohio, credit
investigation by Faank of Cleveland
Pacific Southwest Trust and Savings Bank, Los Angeles, Calif.,
request of Department of Justice for
report on transactions of S. O. Lewis and
Julian Petroleum Corporation
Letter from Fgent at San Francisco on inquiry of District
Attorney at Los Angeles on advisability of
criminal prosecution
FliAgent advised to reply that Department of Justice is in
better position to determine advisability of
Letter to FRAgent approved
Shawmut Corporation of Boston, Mass., report as of Feb. 21, 1929
Simultaneous entry of member banks and branches, report of
Yr. Herson that it is not practicable in
large systems
State member banks:
Credit investigations of nine in Cleveland district to
be made
Credit investigations of six in Cleveland district to be
made by examiners of FilBank
furnish
FliAgents to
list each January of those not examined
during preceding calendar year
Steubenville Bank and Trust Co., Steubenville, Ohio,
correspondence in connection with recent
reports
Union Savings Bank and Trust Co., Steubenville, Ohio,
correspondence in connection with recent
reports
Wright Banking Co., Bellevue, Ohio, credit investigation to be
made by Fil3ank of Cleveland
Zxaminers:
F.thank of Atlanta:
Albertson, Ward, redesignated special examiner
Bowman, V. K., redesignated special examiner
Conniff, H. F., redesignated special examiner
Honour, J. W., redesignated special examiner
Johns, W. S., redesignated special examiner
Paris, E. P., redesignated examiner
iiadford, R. A., redesignated examiner
Taylor, Creed, redesignated special examiner
Fithank of Chicago:
Wilson, A. L., resignation of
Fithank of Cleveland:
Gilbert, E. I., salary approved
Faank of Philadelphia:
McDonald, Leo A., designated as special assistant
Ommerle, J. Clifford, designated special assistant

12/17

389

12/6

353

10/9

178

7/16

11/22

327

11/25
11/26
12/2

332
341
349

12/2

348

7/30

10/11

186

12/6

358

9/19

144

9/19

144

12/31

438

12/26
12/26
12/26
12/26
12/26
12/26
12/26
12/26

430
430
430
430
430
430
430
430

10/31

249

8/15

10/4
11/16

167
311

32
Examiners: (Continued)
FR3ank of Philadellohia: (Continued)
Wilgus, Richard G., designated special assistant
FRBank of San Francisco:
Hupp, C. A., reappointed for 1930
Prahl, John F., reappointed for 1930
Read, J. P., reappointed for 1930
Sargent, S. G., reappointed for 1930
Snow, G. A., reappointed for 1930
Sonne, H. A., reappointed for 1930
Swengel, Henry D., reappointed for 1930
FRBoard:
Connell, J. J., appointed Assistant Examiner
Drinnen, Frank J., examiner in charge pending appointment of
successor to Mr. Herson
liaising, John D., resignation as Assistant
Herson, James F., to accept position in New York and submit
resignation as Chief Examiner
Resignation accepted
Letter to FRBanks advising of resignation
National Bank, salaries:
List of thirty-three, approved
Bsldridge, W. H.
Beatty, Robert S.
Bryan, Charles A.
Bulk, Lysle S.
Crossen, Gail W.
Denton, Frank R.
Donovan, Leo D.
Finney, A. Gordon
Folger, W. P.
French, H. S.
Green, Aloysius W.
Harrison, H. G.
Hughes, William E.
Isaac, John
Laufer, Harold E.
Leyburn, Alfred P.
Lyon, Cecil W.
Robinson, Harold P.
Schechter, William J.
Shroyer, Raymond R.
Stover, Lloyd W.
Taylor, William
Williams, Thomas B.
Wray, Harold L.
New Orleans Branch:
Walker, J. A., redesignated special examiner
State bank, opinion of court in South Carolina that provisions
of Sec. 22(a) of FRAct an loans to
Examiners do not apply to
Letter to Attorney General on decision, to be revised and
resubmitted

Pages

11/16

311

12/31
12/31
12/31
12/31
12/31
12/31
12/31

438
436
438
438
438
438
438

10/15

191

12/20
9/19

418
144

11/4
11/6
12/20

272
283
418

7/10
7/16
12/2
8/6
10/1
11/13
7/16
8/6
11/4
11/4
9/16
6/16
9/3
8/22
7/2
12/10
9/4
9/16
7/30
7/2
7/30
7/18
9/4
8/22
10/1

13
24
346
54
160
303
25
54
269
269
138
95
114
105
2
362
124
137
40
2
40
34
124
105
160

12/26

430

11/26

338

12/6

359

33
Pages

Federal Advisory Council:
Alexander, James 6., to represent FRBank of New York at meeting
Sept. 17 in place of Mr. Potter
Meeting to be held Sept. 17, list of topics requested
Letter from FRBoard that no special topics are suggested
but wish views on rediscount and bill
rates and on Open Market Operations
Meeting to be held Nov. 19, notice of
Poole, John, reelected by FRBank of Richmond for 1930
Potter, dilliam C., unable to represent New York at meeting
Sept. 17, Mr. James S. Alexander
designated as substitute
Prince, George H., elected by FRBank of Minneapolis for 1930
Recommendations:
Branch, chain and group banking, and bank stock ownership
by investment trusts and holdiw:
corporations, committee to be appointed
to study
Discount rates, bill rates, and open market operations, no
recommendation
Earnings of FABanks, provisions of Senate Bill 5723 on
distribution of
Eligible paper, liberalizing requirements of FRAct for
rediscount of
Resolution approving recent increase in rediscount rate at
New York and reduction in buying rate
for bills and also the buying of
acceptances by FRBanks
Rieman, Charles E., designated alternate member by FRBank
of Richmond
Topics for discussion at meeting on Nov. 19:
Branch banking, development in chain and group
Discount rates, bill rates and open market operations
Earnings of FABanks, desirability of changing distribution
of
Paper eligible for rediscount by FEBanks, liberalizing
requirements of FEAct on
Rediscount and bill rates and open market operations,
views requested
Federal Farm Board:
Advances to Sun Maid Raisin (rowers Association, inquiry of
FABank of San Francisco on acting as
custodian in connection with
Uorrospondence from Fort Worth on advance in money rates in
territory and relation to FRBank
discount rate

9/10
8/22

131
110

9/16
10/23
12/20

138
218
416

9/10
12/23

131
423

11/21

318

11/21

318

11/21

318

11/21

318

9/19

145

12/20

416

10/28
10/28

229
229

10/28

229

10/28

229

9/16

138

9/3

116

8/15

34
Federal Land Banks:
Bonds, no objection to purchase of special short-term by FR3ank
of New York
10/1
Aeceipts for shipments of coupons redeemed, FRBanks to write
direct to Federal Farm Loan Board
7/5
FRAct: (See Legislation)
Constitutionality challenged in case of University of the South
v. FABank of Atlanta
10/11
FRAgents:
Assistant:
Armour, Raymond, redesignated alternate Acting at Cincinnati
Branch for three months
12/26
Albertson, Ward, redesignated at FRBank of Atlanta for 1930
12/26
Anderson, J. B., redesignated at FABank of Cleveland for
1930
12/26
Bailey, F. M., redesignated at FliBank of Minneapolis for
1930
12/26
Bailey, L. H., designated Acting at FRBank of St. Louis
12/26
Bowron, Moms, redesignated Acting at Birmingham Branch
for three months
12/26
Branches of FRBank of Kansas City, designation to be
terminated
9/4
Burgess, W. A., redesignated at FRBank of New York
12/26
Davis, Maclin P., redesignated Acting at Nashville Branch
for three months
12/26
Dillistin, William H., redesignated at FRBank of New York
12/26
Downs, Herbert S., redesignated at FRBank of New York
12/26
Evans, W. J., redesignated at FRBank of Dallas
12/26
Faulkner, P. J., redesignated Acting at Cincinnati Branch
for three months
12/26
Fletcher, dilliam H., redesignated at FRBank of Cleveland
12/26
Fry, J. G., redesignated at FR3ank of Richmond
12/26
Gettemy, Charles F., redesignated at FR3ank of Boston
12/26
Gregory, dilliam L., redesignated Acting at FABank of
St. Louis
12/26
Hall, C. J., FRBank of Dallas:
Bond of
7/2
Aedesignated for 1930
12/26
Hill, Ernest C., redesignated at FABank of Philadelphia
12/26
Jones, T. M., redesignated Acting at Pittsburgh Branch
for three months
12/26
Johnson, A. G., redesignated alternate Acting at Pittsburgh
Branch for three months
12/26
McAdams, A. ;I., redesignated at FRBank of Kansas City
12/26
Mosher, Curtis L., redesirnated at FABank of Minneapolis
12/26
Miller, W. E., redesignated Acting at New Orleans Branch
for three months
12/26
Post, Arthur E., FABank of Philadelphia:
Bond of
11/5
Redesignated for 1930
12/26
Powell, Oliver S., redesignated to perform certain
specified duties
12/26

Page0

163
10

187

429
429
429
429
429
429
124
429
429
429
429
430
429
429
429
426
429
2
430
429
429
429
430
429
429
274
429
429

35
Pages
FRAgents: (Continued)
Assistant: (Continued)
Prahl, John F., designation as Acting Assistant at Los
Angeles Branch cancelled
Aehfuss, J. Prank, Acting at FRBank of Philadelphia:
Bond of
Aedesignated for 1930
Sargent, 6. G., redesignated at FABank of San Francisco
Saussy, Fulton, redesignated Acting at Jacksonville Branch
for three months
Schelling, Carl, to act for FRAgent in receipt and delivery
of Linotes
Shepherd, Aobert L., redesignated Acting at FABank of
Richmond
Sproul, Allan, redesignated at FABank of San Francisco
Stewart, C. n., FliBank of St. Louis:
Bond of
Aedesianated for 1930
White, William H., redesignated at FABank of Chicago
Wilson, A. L., Acting at Detroit Branch, resignation of
Young, Clifford S., designated at TABank of Chicago
Austin, A. L., FR3ank of Philadelphia:
Bond of
Reappointed Class 0 Director and redesignated FRAgent
Curtiss, Frederic H., FR3ank of Boston:
Bond of
Redesignated for 1930
DeCamp, George; FABank of Cleveland:
Reappointed Class 0 Director and redesignated FAAgent
Vacation of three weeks to begin August 19
Heath, W. A., FRBank of Chicago:
Bond of
Redesignated for 1930
To attend convention of State Bank Commissioners and
American Bankers Association in
San Francisco
LicGarrah, Gates W., to attend November meeting of General Council
of Aeichsbank
Newton, Isaac B., reappointed Class C Director and redesignated
FRAgent at San Francisco
Newton, Oscar, FRBank of Atlanta:
Reappointed Class C Director and redesignated FRAgent
Salary for 1930, resolution of directors of FRBank fixing
at 425,000
Walsh, C. C., FABank of Dallas:
Bond of
Redesignated FRAgent for 1930
Vacation to begin on July 15
To start on July 22 instead of July 15
Wells, Rolla, FABank of St. Louis:
Redesignated for 1930
Vacation for two months

9/25

153

7/16
12/26
12/26

25
429
430

12/26

429

12/31

439

12/26 429
12/26 430
12/10
12/26
12/26
10/31
12/26

363
429
429
249
429

11/5
12/17

274
383

11/13
12/17

304
383

12/17
8/6

384
55

11/8
12/17

292
385

9/19

143

10/31

255

12/17

387

12/17

384

11/13

305

7/2
12/17
7/10
7/30

2
387
13
41

12/17
7/5

385
9

Pages

FRAgents Aedemption Fund, discontinuance recommended
7/16
FABank of Atlanta:
Conditions in district and necessity of making advances to
member banks that are continuous borrowers 7/2
Directors: (See Directors)
Dividends to be paid as of Dec. 31
12/18
Earnings and expenses as of Dec. 31
12/18
Examination report as of Feb. 2, 1929
12/6
Discussion of conditions by Yr. Drinnen, especially
participation in guarantee against loss
to Citizens and Southern National Bank
in absorption of Atlanta Trust Co.
12/23
Personnel classification plan received and approved
12/20
Aates: (See Aates)
Aediscounts of paper originating in nonmember banks in Florida
for Citizens Bank and Trust Co. of
Tampa, some of banks now closed
7/18
Salaries of employees for 1930 approved
12/20
Staff:
Albertson, dard:
Redesignated Assistant FRAgent
12/26
Redesignated special examiner
12/26
Black, Eugene A., to attend credit conference if called by
FABoard
7/16
Bowman, V. K., redesignated special examiner
12/26
Burke, John 11., salary as Special Representative of Failed
Bank Department
8/15
Conniff, H. F., redesignated special examiner
12/26
ilhployees granted extended sick leave during:
June
7/30
July
8/15
August
9/16
September
10/23
October
11/13
November
12/12
Hamilton, J. S., increase in salary as Head Teller
7/30
Harrison, H. N., increase in salary as clerk in Credit
Division
7/30
Honour, J. W., redesignated special examiner
12/26
Johns, d. S., redesignated special examiner
12/26
Newton, Oscar:
Reappointed Class G Director and redesignated FAAgent
12/17
Resolution of Directors fixing salary at 425,000
for 1930
11/13
Paris, E. P., redesignated examiner
12/26
Radford, A. A., redesignated examiner
12/26
Taylor, Creed:
Alternate for Governor Black to credit conference if
called
7/16
Redesignated Special Examiner
12/26
Stock: (See Stock)
University of the South v., legality of Regulation J questioned
10/11

5
400
400
358

424
412

33
412

429
430
23
430
85
430
41
85
136
216
304
369
40
40
430
430
384
305
430
430

23
430
187

37
Pages
FABank of Boston:
Directors: (See Directors)
Dividends to be paid as of Dec. 31
Earnings and expenses as of Dec. 31
Examination report as of Jan. 3, 1929, submitted
Expenditures for entertainment of Association of State Bank
Commissioners if convention is held
in Boston
Expenditure to reimburse any member bank for expenses of
representative at stockholders meeting
Personnel classification plan, certain positions designated as
appraised
Rates: (See Rates)
Salaries of employees for 1930 approved
Staff:
Curtiss, Frederic H., FRAgent:
Bond of
Redesignated for 1930
Employees detailed to assist in examination of FABank of
New York, reimbursement for expenses of
Employees granted extended sick leave during:
May
July
August
September
October
November
Gettemy, Charles F., redesignated Assistant PAAgent
Harding, W. P. G., Governor, report of conditions in
district, and that reserve position of
bank is good
Stock: (See Stock)
'ItBank of Chicago:
Borrowings by member banks in Chicago, heavy demands expected
by Governor McDougal
Directors: (See Directors)
Dividends to be paid as of Dec. 31
Earnings and expenses as of Dec. 31
Personnel classification plan received and approved
Rates: (See Aates)
Salaries of employees for 1930 approved
Staff:
Blair, J. H., amendment to Regulation J: (See Regulations)
Employees granted extended leave on account of sickness:
From May 24 to June 27
From June 28 to July 25
From July 26 to Aug. 22
From Aug. 23 to Oct. 24
From Oct. 25 to Nov. 21
Prom Nov. 22 to Dec. 26
Heath, W. A., FAAgent:
Bond of
Aedesignated for 1930

12/18
12/18
11/26

397
397
337

9/19

143

10/1

159

12/20

414

12/20

412

11/13
12/17

304
383

7/5

7/2
8/6
9/5
10/4
11/4
12/6
12/26

2
55
128
168
269
354
428

10/30

242

10/30

237

12/18
12/18
12/20

401
400
412

12/20

412

7/5
8/6
9/4
10/28
12/10
12/31

9
55
124
227
362
437

11/8
12/17

292
385

38
FABank of Chicago: (Continued)
Staff: (Continued)
Heath, W. A., FRAgent: (Continued)
To attend convention of State Bank Commissioners and
American Bankers Association in San
Francisco
Schelling, Carl, to act for FRAgent in receipt and delivery
of FAnotes
White, William H., redesignated Assistant FRAgent
Wilson, A. L., resignation as Examiner
Young, Clifford S., designated Assistant FRAgent
Stock: (See Stock)
FABank of Cleveland:
Directors: (See Directors)
Dividends to be paid as of Dec. 31
Earnings and expenses as of Dec. 31
Examination report as of Sept. 21, 1929
Personnel classification plan received and approved
Rates: (See Rates)
Representatives of Examination department to make credit
investigations of nine State member
banks at time of examination by State
authorities
Reserve computation period of reserve cities in district changed
to week ending Friday
Salaries of employees for 1930 approved
Staff:
Anderson, J. B., redesignated Assistant FRAgent
DeCamp, George:
Reappointed Class C Director and redesignated FRAgent
Vacation of three weeks to begin Aug. 19
Employees detailed to assist in examination of FRBank of
New York, reimbursement for expenses of
Employees granted extended sick leave during:
June
July
August
September
October
November
Fancher, S. A., Governor, report of conditions in district
and attitude of FABank toward liberal
rediscounts
Fletcher, William H., redesignated Assistant FRAgent
Gilbert, E. I., salary as Examiner
FABank of Dallas:
Credit policy, reply to letter from FRBoard and request for
probable date of proposed conference
Directors: (See Directors)
Dividends to be paid as of Dec. 31
Earnings and expenses as of Dec. 31
Examination report as of March 6, 1929, submitted
Information in connection with member banks in Oklahoma, request
of Prof. Westerfield in survey for
Senator Pine

Pages

9/17

143

12/31
12/26
10/31
12/26

439
429
249
429

12/18 399
12/18 399
12/12 370
12/20 412

7/30

7/2
12/20

5
412

12/26

429

12/17
8/6

384
55

7/5
7/16
8/15
9/16
10/9
11/13
12/10

8
25
85
136
178
304
362

10/30 241
12/26 429
8/15
84

7/2

12/18
12/18
12/2

403
403
349

9/10

133

39
Pages
FRBank of Dallas: (Continued)
Information on crop conditions,wholesale and retail trade,
etc., to be furnished to Hr. Young for
Department of Commerce
Plan and forms for acting as custodian of securities including
bills pledged to secure public deposits
with member banks
Rates: (See Rates)
Salaries of employees for 1930 approved
Salaries paid officers at other FABanks and branches, reply to
request for information on
Securities in open market investment account taken over
temporarily by other VABanks
Staff:
Doerner, G. H., leave on account of illness extended for
sixty days
Leave of absence extended for ninety days
'4mployees granted extended sick leave during:
June
July
August
September
October
November
Evans, W. J., redesignated Assistant FilAgent
Hall, C. G.:
Bond of
Redesignated Assistant FRAgent
Talley, Lynn P., to be invited to preliminary meeting with
FABoard on Aug. 6
General discussion of System credit policy, and special
commodity rate
Walsh, C. C.:
Bond of
Redesignated FRAgent for 1930
Vacation to begin on July 15
To start on July 22 instead of July 15
Stock: (See Stock)
F4Bank
of Kansas City:
Credit conditions during coming months discussed at meeting of
directors
Credit policy, reply to letter from RBoard on future, and
comments on conditions in district
Directors: (See Directors)
Dividends to be paid as of Dec. 31
Earnings and expenses as of Dec. 31
Examination report as of Oct. 5, 1929
Rates: (See Rates)
Salaries of employees for 1930 approved
Staff:
Bailey, .d. J., Governor, leave of absence for sixty days
on account of illness approved

12/10

363

7/16

12/20

412

12/31

441

8/22

110

9/16
11/13

137
304

7/10
8/6
9/10
10/8
11/5
12/10
12/26

13
55
132
172
273
362
430

7/2
12/26

2
430

8/2

8/6

7/2
12/17
7/10
7/30

2
387
13
41

7/16

7/2

12/18
12/18
12/31

403
402
442

12/20

412

12/26

428

Pages

FRBank of Kansas City: (Continued)
Staff: (Continued)
Employees granted extended sick leave during:
July
8/15
September
10/17
October
11/22
November
12/17
Helm, J. d., appointed Deputy Governor in addition to
appointment as Cashier
12/26
McAdams, A.
redesignated Assistant FRkgent
12/26
Wardell, S. A., no objection to assisting receiver of Kansas
City Joint Stock Land Bank in certain
accounting work
10/23
Subscription to credit protection fund of National Association
of Credit Men
12/2
FBBank of Ylinneapolis:
Directors: (See Directors)
Dividends to be paid as of Dec. 31
12/18
Earnings and expenses as of Dec. 31
12/18
Examination report as of April 13, 1929
12/10
Rates: (See sates)
Salaries of employees for 1930 approved
12/20
Staff:
Bailey, F. L., redesignated Assistant FRAgent
10/15
Geary, id. B., Governor:
Conditions in district regarding demands for rediscounts
and currency
10/30
Inquiry on giving out forecasts for 1930 for
publication
12/2
Mosher, Curtis L., redesignated Assistant FBAgent
12/26
Powell, Oliver S., redesignated to perform certain duties for
FRAgent
12/26
Stock: (See Stock)
FRBank of New York:
Bonds of Federal Land Banks, purchase of special short-term
approved if necessary
10/1
Charge off on Buffalo building for repairs and alterations
12/18
Circular letter to FRBanks on bill and discount transactions
during past week
8/22
Credit to National Bank of Roumania, to renew participation in
12/6
Credits to foreign banks: (See Foreign banks)
Directors: (See Directors)
Dividends to be paid as of Dec. 31
12/18
Earnings and expenses as of Dec. 31
12/18
Examination of:
Expenses of employees detailed from FABanks of Boston,
Philadelphia, Cleveland, and Sichmond,
reimbursement to FRBanks approved
7/5
_deport as of May 25, 1929
12/10
Foreign accounts, funds held in New York for: (See Foreign
accounts)
Liquidation of special sterling bill account maintained in
London for several months
11/26

85
211
324
389
428
430

216
346

402
401
365
412
429

242
347
429
429

163
395
103
359

398
398

8
365

343

41
Pages
FRBank of New York: (Continued)
12/20
Personnel classification plan received and approved
11/8
Policy of FRSystem for coming weeks, resolution on
Mr. Harrison present at meeting to discuss open market
11/11
purchases, etc.
Open market operations and policy for immediate future, copy
12/6
of letter to other FABanks
Purchases of securities by, and possibility of adopting
10/30
regulation to cover
Motion of Mr. James to explain purchase in weekly
10/31
statement disapproved
Purchase of sterling: (See Foreign banks, Bank of England)
Rates: (See Rates)
Staff:
12/26
Burgess, W. A., redesignated Assistant FRAgent
12/26
Dillistin, William H., redesignated Assistant FRAgent
12/26
Downs, Herbert J., redesignated Assistant FRAgent
Employees granted extended sick leave during:
7/30
June
8/15
July
9/19
August
10/17
September
12/2
October
2;mployees, promotions and other changes in positions and
7/30
grade classifications under salary plan
Harrison, George, L.:
Advised that it is unnecessary to come to Washington
7/16
at present to discuss credit situation
Present at meeting of FABoard to discuss banking and
11/11
credit conditions
Aequest to present certain information to FABoard and
8/1
meeting arranged for next morning
Discussion of possible courses of action in regard
to rates, requested to be present at
8/2
preliminary meeting on 2uesday
Discussion of present situation and future credit
policy and attitude of directors of Faank
8/6
of New York
Present at meeting of FABoard to discuss reported credit
to Bank of England and possibility of
8/15
purchase of sterling by FR3ank
(See also Foreign banks, Bank of England)
Discussion of present procedure in fixing bill rates and
8/15
establishing minimum and maximum rates
Aeport that meeting of directors had adjourned and action
on rates could not be taken until next meeting 8/16
Hartley, John H., increase in salary as Chief of Credit
8/22
Division
Kenzel, E. A.:
8/10
To come to Washington to discuss bill rates and policy
Discussion of present procedure and fixing of
8/15
minimum and maximum rates

412
294
296
354
237
262

429
429
429
41
85
143
211
347
40

20
296
50

89-91

91
99
106
80
91

42
FiiBank of New York: (Continued)
Staff: (Continued)
McGarrah, Gates U., General Council of Reichsbank, to attend
November meeting of
Promotions in grade, changes in organization, abolition of
positions and resignations reported
Stock: (See Stock)
FRBank of Philadelphia:
Directors: (See Directors)
Dividends to be paid as of Dec. 31
Earnings and expenses as of Dec. 31
Examination report as of Lay 4, 1929
Rates: (See sates)
Salaries of employees for 1930 approved
Staff:
Austin, R. L., F3Agent:
Bond of
Sedesignated for 1930
Employees detailed to assist in examination of F.t.Bank of
New York, reimbursement for expenses of
Employees granted extended sick leave during:
June
July
August
September
October
November
Hill, Ernest C., redesignated Assistant FliAgent
McDonald, Leo A., designated as special assistant to
examiners
Norris, G. W., Governor, report on conditions in district,
and demands for rediscounts and currency
Ommerle, J. Clifford, designated special assistant to
examiners
Post, Arthur E., Assistant F.AAgent:
Bond of
Aedesignated for 1930
Aehfuss, J. Frank:
Bond as Acting Assistant FAAgent
Aedesignated for 1930
Wilgus, Richard G., designated special assistant to
examiners
F2Bank of Richmond:
Charge off on annex building and old property of Baltimore Branch
Letter to FA3ank on reasons for depreciation in value of
annex building and prospect for disposal
in near future
Committee of Directors to appear before FABoard on Jan. 7
on erection of annex to building
Leply of FRAgent on charge off and prospects for disposal
of annex building
Directors: (See Directors)
Dividends to be paid as of Dec. 31
Earnings and expenses as of Dec. 31

Pages

10/31

255

10/17

211

12/18
12/18
12/10

398
398
365

12/20

412

11/5
12/17

274
383

7/5

7/10
8/6
9/10
10/9
11/6
12/6
12/26

13
55
132
178
276
354
429

10/4

167

10/30

241

11/16

311

11/5
12/26

274
429

7/16
12/26

25
429

11/16

311

12/18

395

12/26

431

12/27

434

12/31

439

12/18
12/18

399
399

43
Pages
Faank of Aichmond: (Continued)
11/26
Examination report as of Jan. 17, 1929, submitted
Aates: (See Aates)
Salaries of employees other than officers for 1930, approved12/23
Staff:
Employees detailed to assist in examination of FABank of
7/5
New York, reimbursement for expenses of
Employees granted extended sick leave during:
7/16
June
8/9
July
9/19
August
10/11
September
11/8
October
12/23
November
12/23
Faulhaber, Helen, granted leave with pay until Jan. 31, 1930
12/26
Fry, J. G., redesignated Assistant FAAgent
12/26
FAAgent
Assistant
Acting
Shepherd, Aobert L., redesignated
Stock: (See Stock)
Vann,receiver for First National Bank of St. George v.,
11/26
opinion rendered against FABank
Paank of St. Louis:
12/18
Charge off on Memphis building
Directors: (See Directors)
12/18
Dividends to be paid as of Dec. 31
12/18
Earnings and expenses as of Dec. 31
12/2
Examination report as of March 23, 1929, submitted
by
over
taken
Participation in Open market investment account
8/9
other FRBanks temporarily
Aates: (See Aates)
12/20
Salaries of employees for 1930 approved
Staff:
Bailey, L. H.:
12/26
Designated Acting Assistant FAAgent
Present at meeting of FABoard at hearing granted
Lincoln Bank and Trust Co. re issue of
9/19
mortgage bonds
during:
Employees granted extended sick leave
7/16
June
8/9
July
9/10
August
10/9
September
11/4
October
12/6
November
12/26
Gregory, ailliarn, L., redesignated Acting Assistant FAAgent
in
Martin, Al. McC., Governor, report of conditions
district regarding demands for rediscounts
and currency, especially in St. Louis and
10/30
Louisville
Stewart, U. 1.i., Assistant FAAgent:
12/10
Bond of
12/26
Aedesignated for 1930
Wells, Aolla, FAAgent:
12/17
Aedesignated for 19o0
7/5
Vacation for two months

337
423

8
25
69
143
186
292
422
422
429
429

343
395
401
401
349
74
412

429

140
25
69
132
178
269
354
429

242
363
429
385
9

44
FABank of St. Louis: (Continued)
Stock: (See Stock)
FRBank of San Francisco:
By-laws, provision that one director of each branch reside outside
of branch city waived for 1930
Credit, probable demand durin4 last half of year and adequacy of
FABank to take care of it
Custodian in advances by Federal Farm Board to Sunaid Raisin
Growers Association, inquiry re request
to act as
4Arectors: (See Directors)
Dividends to be paid as of Dec. 31
Earnings and expenses as of Dec. 31
Examination report as of July 20, 1929
Rates: (See Rates)
Salaries of employees for 1930 approved
Staff:
Bachelor, A. W., increase in salary as Research Assistant
Calkins, J. U., to be invited to preliminary meeting with
FABoard on Aug. 6
Report on conditions in district, and policy if demand
for rediscounts increases
Employees granted extended sick leave during:
June
July
August
September
October
November
Hupp, C. it., reappointed Examiner for 1930
Prahl, John P., reappointed Examiner for 1930
Read, J. P., reappointed Examiner for 1930
Sargent, j. G.:
Reappointed Chief Examiner for 1930
Redesignated Assistant FAAgent
Newton, Isaac B., reappointed Glass C Director and
redesignated FRAgent
Sherman, N. a., increase in salary as assistant head of
Division of Analysis and Research
Snow, G. A., reappointed Examiner for 1930
Sonne, H. A., granted leave of absence for sixty days to
assist Chief National Bank Examiner
Reappointed examiner for 1930
Sproul, Allan, redesignated Assistant FAAgent
Swengel, Henry D., reappointed Examiner for 1930
Stock: (See Stock)
FABanks:
Assessment for expenses of FABoard, resolution levying
Directors: (See Directors)
Earnings, expenses, and dividend payments as of Dec. 31
Educational and welfare work: (See Welfare and educational work)
Examinations, advised that at least one will be made during 1930
Franchise taxes to be paid as of Dec. 31
Insurance, amount of reserve carried for self-insurance by
each FABank

Pages

12/10

361

7/30

9/3

116

12/18
12/18
12/12

404
403
370

12/20

412

7/2

8/2

10/30

242

25
7/16
8/22 105
9/16 136
10/17 211
11/16 311
12/17 389
12/31 438
12/31 438
12/31 438
12/31
12/26

438
430

12/17

387

7/2
12/31

3
438

12/20
12/31
12/26
12/31

418
438
430
438

12/20

417

12/18

394'4'

12/20
12/18

417
395

12/18

396

45
Pages
FRBanks: (Continued)
Insurance-: (Continued)
Mr. Smead to recommend proper limits on reserves for
Losses possible as result of indebtedness of closed or over
extended banks
Personnel classification plans for certain banks and branches
approved
Rates: (See Rates)
Salaries of employees for all banks except New York and Richmond
for 1930 approved
Salaries paid to officers, request of FRBank of Dallas for range
at other FRBanks and branches
Stock in: (See Stock)
FRBoard:
Budget for 1930 approved
Committees for 1930, appointment renewed as existing
Destruction of unnecessary paper, documents, etc., letter to
Chief Clerk of Treasury Department on
Division of Bank Operations:
Stock of national banks owned by holding companies and
investment trusts, information to be
worked up
(See also Staff of 'RBoard)
Division of Research and Statistics:
Future contracts for cotton, grain, etc., investigation to
be made at request of Mr. D. R. Coker
Report of Mr. Goldenweiser submitted and referred to
Mr. James
Study of present volume of buying for cash through chain
grocery and drygoods stores
(See also Staff of FRBoard)
Sxpenses of, resolution levying assessment on FRBanks for
Meetings, special, to consider legal matters on docket
Members:
Cunningham, S. H.:
Appointed member of Executive Committee for three months
Resolution on report of Open Market Investment Committee
that purchases be confined to bills and
bill rates be reduced, motion lost
Special rates on seasonal agricultural and live stock
paper, proposed circular to FRBanks
Letter to be called up for consideration at next
meeting of Board
Statement on vote in opposition to increase of rediscount
rate at FBBank of New York
Hamlin, C. S.:
Regulation on open market purchase of securities,
resolution submitted
James, George It.:
Appointed member of Executive Committee for three months
Expiration of term
Purchases of securities by FRBank of New York without
reference to F2Board, motion for explanation
in weekly statement disapproved

12/18 404
12/18 396
12/20 412

12/20

412

12/31

441

12/19
12/31

405
437

9/10

133

10/15

190

10/15

192

11/7

287

12/31

441

12/20
10/11

417
188

10/1

160

10/1

162

8/10

78-80

11/25 331
8/8

10/29

233

7/10
10/1

12
160

10/31

262

46
F:iBoard: (Continued)
Members: (Continued)
James, George A.: (Continued)
Aegulation putting final approval of open market
operations with FaBoard suggested
Draft of regulation submitted
Miller, A. U.:
Attitude toward any increase in discount rate if it
should come up during his absence
Credit conference at present time not desirable, report
of discussion with Executive Committee
of FABank of New York
Expiration of term as member of Executive Coldmittee
Open Market investment procedure, letter to Chairman of
committee submitted
Letter approved for transmittal and authority for
approval of purchases provided for
Procedure with regard to determination of buying rates
on bills, memo on
Minimum and maximum rates fixed
Amendment to resolution on effective buying rates
suggested by Mr. Miller
Aegulation on open market purchases of securities
suggested
Statements for the press on results of Conference of
Governors of F.iBanks with iliBoard on
future System credit policy
Platt, Edmund:
Statement of views on purchase of securities by Open
Market Investment Committee
ktuarters, release of space occupied on second floor of
Treasury Building, and discussion of
future housing for entire force
Committee to be appointed from staff of Board to make
survey of requirements and make report
Staff: (See Staff of FABoard)
FABulletin:
Advertisements of bond issues under which national banks are
acting as trustee, publication of
statement suggested
Memo of Acting Comptroller of the Currency, letter to
Attorney General to be transmitted
No objection by Department of Justice to publication of
statement, publication approved
Charts in June issue, permission to Prof. Charles A. Dice to
publish in book
Digest of State laws relating to ownership of bank stocks by
holding companies not to be published in
Foreign branches of State member banks, opinion of Attorney
General that they can not be established
or acquired, publication approved
National summary of business conditions for January issue,
release approved
November, recent rulings, court decisions, etc., for
publication in

Pages

10/29
10/31

233
262

8/15

7/16
7/10

11/12

301

11/13

302

8/10
8/15

80
92

10/28

225

10/29

234

8/8

11/25

330

10/15

190

10/31

259

7/18

7/30

8/15

7/30

10/31

255

10/1

157

12/21

421

10/23

218

Pages
FRBulletin: (Continued)
Opinion of Circuit Court of Appeals in case of Frank G. Ralchle
v. FRBank of New York to be published in
deport of rlxperts Committee for Settlement of the Reparations
Problem, and synopsis prepared by Dr.
Goldenweiser, publication to be considered
again
Publication to be taken up at next meeting and attitude of
State Department to be ascertained
No objection to publication on part of State Department and
to be published in next issue
Review of month for next issue approved with changes
Review of month for November issue to be considered as special
order of business on November 4
Changes suggested, to be revised and resubmitted
Approved for publication as revised
Ruling on bankers acceptances to be published in, but amendment
to Regulation J and other matters
submitted not to be published yet
PRnotes:
Change in design, letter of Commissioner of Public Debt to
Governors on substitution of letter for
district number in circle
Custody at branches of FRBank of Kansas City to be discontinued
Detroit Branch, resignation of Acting Assistant F-Rgent and
arrangements for release of reserve stocks
of notes when needed
Los Angeles Branch, supply of unissued exhausted and designation
of Assistant FRAgent cancelled
Payments of old series in denominations up to and including ,i,100
to be discontinued on Jan. 2
Request that orders for printing be filed with Bureau of Engraving
and Printing for current fiscal year
Replies of FABanks agreeing to plan, orders to be placed
Retirement of, memo of Mr. amead on revised procedure for
Shipment of unfit to National Bank Redemption Agency to be
curtailed until large accumulation has been
worked off
l'iauciary nowers:
American National Bank and Trust Co., Valley City, N. D., action
on application deferred
Application discussed but no action taken
Application again discussed and no action taken
Application disapproved, action reconsidered and then
approved
Approval by Comptroller of the Currency instead of FABoard to be
recommended in his annual report
Central National Bank, Cleveland, Ohio, new permit not necessary
after consolid9tion with State bank under
title of Central United National Bank of
Cleveland
Citizens National Bank of Tell City, Ind., application approved

7/30

7/5

7/10

7/16
8/10

26
81

11/2
11/4
11/7

266
268
285

11/26

339

11/13
9/4

305
124

10/31

249

9/25

153

12/20

419

10/24
11/25
10/31

221
332
250

7/30

10/8
10/9
10/10

173
176
182

10/15

193

11/6

278

11/8
10/4

293
166

48
Fiduciary
First
First
First
First

Pages

powers: (Continued)
National Bank, Anadarko, Okla., application approved
7/16
National Bank, Boonville, Ind., application approved
10/31
National Bank, Jonesboro, ill., application approved
10/31
National Bank of Marshall County, Plymouth, Ind., action
on application deferred
10/17
First National Bank, L
- lilledgeville, Ga., permission to act as
executor refused
10/17
First National Bank of New Carlisle, Ind., application for
additional powers approved
12/31
First National Bank, New Milford, Conn., application approved
10/1
First National Bank of Primghar, Iowa, action on application
deferred
10/17
Application approved
10/31
First National Bank and Trust Go., Yankton, S. D., application
for supplemental powers refused
8/16
Aequest for reconsideration of application, action deferred and
referred to Comptroller of the Currency
11/4
Application approved
11/6
Genesee Aiver National Bank and Trust Co., ;It. Morris, N. Y.,
application approved upon consolidation
12/2
James _diver National Bank, Jamestown, N. D., application for
additional powers approved
10/31
Lakeport National Bank of Laconia, N. H., increase in capital
suggested in connection with application
for certain powers
7/16
National Bank of North Kansas City, Mo., application referred to
Comptroller of the Currency
10/1
Action deferred pending next examination
10/9
Application approved after certain conditions are met
10/31
National banks consolidating, right of one to handle trust
business previously handled by other
10/15
Natural Bridge Bank of St. Louis, Lo., application approved and
title change to Natural Bridge Bank and
Trust Co.
8/15
Palmer National Bank and Trust Co., Sarasota, Fla., application
approved
7/16
Plainview National Bank, Plainview, Texas, application approved
10/31
Policy in granting powers to national banks whose stock is owned
by holding company or investment trust
10/17
Puyallup State Bank, Puyallup, Wash., application approved
7/18
deal estate bonds and mortgages owned by national banks delivered
to trust department in trust for
commercial department and issuance of
participation certificates
10/15
Security National Bank of Brookings, J. D., action on application
deferred
11/6
Security National Bank and Trust Co., lied ding, Linn.,
application approved
11/26
Tipton National Bank, Tipton, Iowa, application for general
powers approved
7/16
Union National Bank, Fairmont, W. Va., application approved after
consolidation of banks to form
10/1

23
246
244
209
212
436
159
209
245
97
271
279
345
244

31
158
179
245
198

85
22
245
209
34

197
278
335
23
159

49
Pages
Fischer, A. O., inquiry on why municipal bonds are not eligible for
rediscount
Fleming, A. V.: (See Deposits, Riggs National Bank)
Florida, conditions discussed by Mr. Harris and establishment of
currency depots at Miami and Tampa approved
Foreign accounts, amount of short term funds held in New York for,
first monthly compilation
Letter from Governor FRBank of New York with regard to
Second monthly compilation transmitted by Deputy Governor of
FABank of New York
Third monthly compilation as of July 31 transmitted
Fourth monthly compilation as of Aug. 31
Monthly compilation as of Sept. 30
Foreign banking corporations:
Atlantic Merrill Oldham Corporation of Boston, examination
report as of Mar. 29, 1929
Not principally engaged in foreign business, Assistant
Secretary to ascertain present ownership
of stock
Federal International Banking Corporation, inquiry re
regulations on use of bankers acceptances
Letter to Roosevelt and O'Connor to consult with Mr. Kenzel
and letter to Mr. Kenzel to report to
PABoard on conference
First Federal Foreign Banking Corporation:
Cancellation of gold notes approved
Conditions disclosed by recent examination, letter to
Miss Blanche Jacobs an
Conversion of company to domestic investment trust company,
letter to stockholders on
Memo of Counsel that corporation cannot convert into
State corporation but must dissolve as
provided by Sec. 25(a) of FRAct
Letter from FRBoard that it be fully advised if any
change in character of business or corporate
structure is planned
Reply of Corporation that no definite plan to secure new
charter has been made and no change in
class of business
Market value of collateral behind outstanding gold notes
First National Corporation, Boston, Mass., desire to discontinue
making reports to FABoard
Report of Counsel on proposed cancellation of agreement,
ordered circulated
Letter to corporation that FABoard will cancel agreement
after adoption of resolution by directors
Agreement cancelled
Foreign Banking and Investment Corporation, reservation of title
extended for thirty days
days again granted
thirty
Extension of
extended
for thirty days and letter on prospects
Reservation
for completion of organization
Foreign
Trade Securities Co., LTD., approved
Letter to

11/26

343

7/16

7/5
7/10

10
14

7/30
8/22
9/25
10/17

42
110
155
212

12/6

358

12/26

431

9/5

129

12/2

349

12/19

410

7/30

8/9

8/15

8/22
10/11

109
188

10/4

169

11/21

320

12/2
12/14

350
375

7/30
8/22

46
107

9/25
10/1

153
157

50
Foreign Banking corporations: (Continued)
Foreign Banking and investment Corporation-: (Continued)
Aeply of Lir. Klopstock that formulation of company has been
suspended until after beginning of year
Foreign Financing Corporation, fee and expenses of Newton D.
Baker in connection with case
Payment on account not to be made, letter to LI'. Baker and
reply
drit of certiorari filed in Supreme Court of United States,
in hands of Solicitor General
Petition denied by Supreme Court, and fee and expenses of
Mr. Baker approved
Decision to be published in FABulletin
French American Banking Corporation, increase in capital of
International American Banking Corporation, letter to be
addressed to Mr. Julius Spiegel on
disposition of organization papers
dhawmut Corporation of Boston, Mass.:
Cancellation of agreement with FdBoard as stock held by
National Shawmut Bank has been trusteed
for shareholders
Corporation to be notified that agreement will be
cancelled upon adoption of resolution
Aesolution of Directors requesting cancellation of
agreement, agreement cancelled
Examination report as of Feb. 21, 1929
Foreign banks:
Bank of England:
Discount rate reduced to six per cent
Aeport of credit to be arranged through PABank of New York
and possibility of purchase of sterling
by FABank
Purchase of sterling authorized by directors of FABank,
more information to be secured by
Governor
Advice of purchase of sterling by Fd3ank, no objection
by FABoard to purchase up to ,,;25,000,000
deport of further purchase of sterling and also sales of
dollars by Bank of England, all to
prevent gold imports
Liquidation of special sterling bill account being
maintained by FABank of New York at
Bank of Japan, embargo upon export of gold from Japan to be
removed in January
Bank of Latvia, terms on which account will be opened for
Banque d'Athens, Greece, ownership of stock of Bank of Athens
Trust Co., as reason for disapproval of
application for membership
Boden Credit Bank, telegram from American Minister at Vienna,
Austria, that bank is solvent
Advice of proposed merger with Credit Bank for Commerce and
Trade
National Bank of Czechoslovakia, act to reestablish gold
standard passed

Pages

10/28

229

7/16

8/9

9/10

134

10/23
10/23
7/5

217
218
9

11/7

286

12/6

358

12/14

376

12/26
12/2

430
349

10/31

260

8/15

89-91

8/16

8/22

100

9/3

112

11/26

343

11/21
11/26

317
342

10/1

158

10/9

177

10/11

186

11/8

292

51
Pages
Foreign banks: (Continued)
National Bank of Hungary, copy of credit agreement in favor of
Advice that all FABanks have agreed to participate in credit
Renewal of credit for three months
Credit to expire on Dee, 31, 1929, advice of
National Bank of Aaumania:
Account to be opened by FABank of New York for
Faank of New York to renew participation in credit to
Reichsbank:
Discount rate reduced to seven per cent
General Council of, Mr. McGarrah to attend November meeting of
4re1gn branches: (See Branch banks, foreign)
roreign Trade Securities Co., Ltd. (See Foreign Banking Corporations,
Foreign Banking and Investment Corporation)
Forms:
Changes in member and nonmember banks to be reported monthly by
each FRBank
, FRBank of Dallas, for use in acting as custodian of securities
1141tchise taxes to be paid by FABanks as of Dec. 31
44Taa, W. H., present at meeting of FRBoard to discuss establiqhment
of branch of FABank in Amarillo, Texas.
!lands held in New York for foreign account: (See Foreign accounts)
rUture contracts for cotton, grain, coffee, etc., investigation
requested by D. A. Coker
Memo of Dr. Goldenweiser submitted and referred to Mr. James,
to be mimeographed and furnished to all
members of FRBoard

7/2
7/16
9/25
12/31

4
26
155
442

9/25
12/6

154
359

11/2
10/31

267
255

11/5
7/16
12/18

275
28
395

7/18

10/15

192

11/7

287

10/31

255

9/3
11/21

112
317

11/8

292

10/11
12/19
10/9

188
410
177

ft Glt

General Council of Aeichsbank, Mr. McGarrah to attend November
meeting of
Gold:
Imports, England, purchase of sterling or sale of dollars to
prevent
Japan, embargo upon export to be removed in January
National Bank of Czechoslovakia, act to reestablish gold standard
passed
GolA
notes of First Federal Foreign Banking Corporation, market
value of collateral behind
a
Cancellation of gold notes approved
r
c ld situation, memorandum prepared by Mr. Gardner presented
°verament securities, purchase of: (See Committees, Open Market
Investment)
Gov
ernors Conference: (4ee Conferences, Governors)

Pages
IIHI1

Hearings:
FRBank of Dallas on establishment of branch at Amarillo, Texas
Lawrence County Bank, Ualnut Ridge, Ark., on forfeiture of
membership, proceedings dismissed because
of improved condition
Lincoln Bank and Trust Co., Louisville, Ky., on sale of excess of
real estate mortgage bonds
Hearing on mortgage business requested by bank, postponed
until next month
Date of hearing fixed for Sept. 19
Messrs. Rush, Dale, and Bailey present at meeting of FRBoard
and agreement made on limit of mortgage
bonds
Wichita delegation on establishment of branch of FRBank, request
for hearing
Nov. 21 suggested as date for hearing
Date conflicts with meeting of directors of FRBank, new date
referred to Governor
Nov. 25 set as date for hearing
Postponed to Dec. 16
Hearing to be held at 10:45 a.m. on Monday
Hearing held, statements by bankers and FRBank of Kansas Gity
given ten days to file answer to brief
of petitioners
Statement of FRBank in reply to brief filed by Wichita
representatives
Holding companies:
Purchase of bank stock by, extent to which private ownership has
been reduced
Information to be worked up by Division of Bank Operations
Recommendation of Federal Advisory Council that committee be
appointed to study
Appointment of committee concurred in by Conference of
FBAgents and approved by FABoard
Compilation of State laws on ownership of bank stock by,
publication in FRBulletin deferred
Copy of digest to be furnished FRAgents and Governors
Holidays:
Christmas eve, executive order of President that Departments be
closed
Thanksgiving eve, employees excused at one o'clock
Hudspeth, Congressman, suggested amendment to Sec. 13 of FRAct on
limit of rediscount on note of any one
borrower

7/18

12/27

433

7/16

8/9
9/3

71
117

9/19

140

9/5
10/30

128
243

11/4
11/5
11/21
12/14

268
273
319
376

12/16

380

12/27 434

lo/11 lsa
10/15

190

11/21

318

12/12

371

10/23
10/31

218
256

12/17
11/26

388
336

10/15

200

53
Pages
Insurance:
Government, letter from National Rehabilitation Committee of
American Legion on advantages offered
to veterans of World War
Self, at FRBanks, reserves now carried and amount to be added
at end of year
Mr. Smead to recommend proper limits on reserves for
Interlocking directorates:
Applications approved:
Adams, C. F.
Agar, Calvin A.
Agassiz, Rodolphe Louis
Aldred, J. E.
Andrews, Frank
Barker, 0. W. Tillinghast
Barnett, D. M.
Barnett, R. F.
Bassett, Carroll P.
Bennett, E. G.
Bennick, Arthur S.
Berlinger, dm. G.
Blackford, Charles E. Jr.
Bohack, Henry C.
Bollinger, Charles
Boozer, W. 0.
Brady, Willi= Gage, Jr.
Bright, James G.
Buck, Nelson L.
Buckingham, John E.
Butler, Wm* C.
Cabell, Henry F.
Caldwell, Rogers
Campbell, Gordon R.
Garton, James D.
Catchings, Waddil
Chace, Malcolm G.
Chaney, Clarence A.
Childress, F. B.
Christopher, John G.
Church, A. F.
Comerford, Frank D.
Connor, W. 0.
Coolidge, T. Jefferson
Corbett, E. R.
Correll, W. H.
Cotting, Charles E.
Coventry, Graham
Cowden, 11. F.
Davenport, L. M.
Davidson, W. J.
Deming, E. B.
DeNormandie, P. Y.
Dew, Henry W.

8/9

12/18 396
12/18 404

8/9
9/19
12/26
12/17
9/4
7/30
12/10
7/10
9/19
12/31
10/31
9/19
8/19
9/25
10/10
12/2
7/30
9/19
12/23
7/10
12/31
8/9
12/20
8/9
8/1
9/19
12/14
11/16
12/2

sifi
11/13
12/14
10/23
10/31
8/9
9/4
12/14
12/2
9/4
7/10
12/14
12/31
10/31
12/2

77
147
432
393
126
48
366
17
147
443
247
147
76
155
183
351
49
147
425
16
445
77
420
76
51
148
379
311
351
51
307
379
219
247
77
126
373
351
126
17
379
444
247
351

54
Interlocking directorates: (Continued)
Applications approved: (Continued)
D'Olier, Franklin
Dillon, Clarence
Doramus, Cornelius
Eccles, Geo. S.
Eccles, U. S.
Eldridge, A. S.
Ellison, E. P.
Emmerson, Louis L.
Faircloth, Charles A.
Farina, Caesar
Florence, i. F.
Foster, Reginald
Frank, Jacob
Fulle, Charles A.
Gardner, G. P.
Gardner, G. Peabody, Jr.
Giles, Eugene
Girdler, 2. L.
Goldberg, Max
Gonser, Charles A.
Gott, E. R.
Greening, J. N.
Guernsey, Benjamin W.
Hale, P. U.
Hamilton, Willard
Hand, John A.
Hannahs, Lynn T.
Hannahs, Aaymond G.
Hardt, J. Wm.
Hardy, John K.
Harriman, Joseph J.
Harrison, Edwin W.
Hart, Francis A.
Permission to serve also as officer of bank approved
Hart, Francis A.
Hastings, a. 'us
Hauenstein, George
Hemphill, Wylie
Hendry, Charles
Henry, Archibald M.
Henry, L. C.
Henry, P. M.
Herrick, nobert F.
Heymann, Edgar
Hinsdale, G. S.
Holman, Ned
Holman, Ned
Hosley, H. Everton
Howe, James C.
Humphrey, Wolcott, J.
Isaacs, Lionel
Jacob, E. W.

Pages

7/10
7/30
10/31
12/31
12/31
12/31
7/30
12/23
11/6
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10/23
10/31
10/10
10/31
10/31
12/14
10/31
11/26
12/23
7/10
9/25
12/17
9/4
8/15
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8/9
10/1
7/18
9/19
9/19
10/1
7/10
10/31
11/7
12/14
11/6
10/10
8/22
9/10
10/17
12/31
12/31
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8/15
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7/30
12/26
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12/6
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17
49
263
444
443
445
49
426
284
185
219
247
184
263
247
378
263
344
426
18
156
393
126
93
351
76
164
37
147
147
164
16
247
285
377
284
184
111
135
214
444
444
379
93
377
43
432
164
247
360
183
320

55
Interlocking directorates:
(Continued)
Applications approved: (Continued)
Jaeger, Frank A.
Jarnagin, Vib. N.
Jefferson, Herbert E.
Jernberg, Carl L.
Kalman, U. O.
Karcher, L. J.
Keith, Harold U.
King, Elmer
Kluge, Albert
Kohn, Frank J.
Kommers, d. J.
Lane, Edward J.
Laycock, H. C.
Lenz, J. Mayo
Mackie, J. H.
MacNaughton, E. B.
Macomber, John R.
Mandel, Walter
McClintock, H. H.
McEwan, Robert B., Sr.
McGoldrick, J. P.
McMahon, James
McVay, J. T.
Merrill, Albert B.
Miller, August
Lills, A. L., Jr.
Mitchell, U. Stanley
Modarelli, Michael
Moriarty, Harris
Morrill, G. C.
Morris, Joseph H.
Moss, J. S., Jr.
Moynehan, Dennis B.
Murray, Frank J.
Newhall, H. H.
Norris, Frank d.
North, Herbert J.
Norton, U. W.
Nylin, E.
Otis, Stuart H.
Paine, J. L.
Parentini, Arthur J.
Parker, Wm. A.
Parker, Wm. A.
Peale, Richard
Pearsall, Willard H.
Pepe, Anthony
Pepe, Frank
Perkins, Thomas Nelson
Pflaum, Herbert S.
Pierae, Andrew G.

Pages

10/10
12/23
7/18
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9/3
9/19
7/10
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10/1
10/8

10/8
8/22
10/10
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7/10
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10/1
10/10
8/9
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184
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37
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32
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320
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351
307
155
76
275
93
284
146
426
17
183
135
378
77
174
295
295
378
93
378

56
Interlocking directorates: (Continued)
Applications approved: (Continued)
Poranto, H. E.
Price, William G.
Ramsey, William H.
Roguery, William H.
Rhodes, W. L.
Risteigen, T. P.
Rolapp, Henry H.
Ramfh, E. C.
Ramfh, G. B.
Rudden, Joseph P.
Schlesinger, A. W.
Schneider, Fred W.
Schreck, William F.
Scribner, Gilbert
Seaman, Benjamin 4.
Seaver, L. D.
Servo, Fred
Shanahan, David E.
Shill, Claude M.
Smith, Wendell L.
Souvay, Robert U.
Stevens, William H.
Stevenson, George S.
Stewart, Carter
Stimson, T.hos. D.
Stockton, Philip
Stockton, Philip
Storraw, James J., Jr.
Straub, Geo.
Strawbridge, Maxwell
Stuart, E. A.
Taber, John
Talbot, F. C.
Taylor, Hillsman
Thayer, Eugene V. R.
Twohy, E. P.
Tyler, D. M.
Walden, James H.
Weathers, Benjamin S.
Webb, Frank L.
Webster, Clarence A.
Weeks,Sinclair
Welch, E. Sohier
White, Mercer V.
Whitehead, Henry O.
Whittier, Charles W.
Wight, Charles A.
dileox, Roland E.
Williamson, H. L.
Wilson, Charles P.
Wilson, Clarence E.
Winsor, Robert, Jr*

Pages

12/23
7/10
7/18
8/15
12/31
12/31
10/1
11/26
12/6
7/18
9/19
10/10
10/10
12/23
7/10
10/31
10/10
12/23
8/9
11/13
10/10
10/31
12/14
8/22
12/31
10/31
12/14
12/14
10/10
7/10
12/31
7/10
12/31
12/2
12/23
7/10
12/17
10/31
9/19
12/23
9/19
12/14
12/14
9/19
10/31
12/14
7/10
8/9
10/31
12/23
7/18
12/14

425
17
37
93
444
443
164
344
359
37
146
184
184
425
17
247
184
426
76
307
183
263
378
111
445
247
378
377
183
16
444
16
444
351
426
17
393
263
147
426
146
378
377
148
263
377
16
76
263
426
36
377

57
Pages
LatEaqocklug directorates: (Continued)
APplications approved: (Continued)
Winston, B. M.
Woodson, W. W.
Wyld, E. A.
Miscellaneous:
Andrews, Rodney E., new application not necessary
Blair-Smith, Hugh, new application necessary because of
change in status of banks
Continental National Bank and Trust Co., Chicago, Ill.,
exception under provisions of Clayton Act
Esdohr, Fred B., new application not necessary
First National Bank of Boston and other institutions in
connection with a proposed consolidation
Fitch, Joseph E., new application not necessary
Leslie, G. /4., new permit not necessary because of
consolidation of banks but FRAgent to advise
FRBoard if public interest is affected
Former permit not affected by consolidation of banks
Macomber, John R., request for information in connection
with application
Application approved
Sponable, Frank W., permission to serve certain small
national banks not necessary
Pennsylvania Warehousing and Safe Deposit Co. of Philadelphia
is a bank under provisions of Clayton Act
Vestment trusts: (See Holding companies)

12/23 425
10/23 218
175
10/8
8/9

12/31 440
12/10
8/9

364
71

12/14
8/9

373
71

12/17
12/27

390
434

7/16
8/22

30
109

12/31 439
12/6

357

7/30
11/21

45
317

tfItt

cobs, Blanche, reply to letter on conditions disclosed by recent
examination of First Federal Foreign
Banking Corporation
rul, embargo upon export of gold to be removed in January
"
3.°zat custody of FRnotes: (See FRnotes)
Petroleum Corporation: (See Department of Justice)

"K"
tl
oPetock, Paul: (See Foreign Banking Corporations, Foreign
Banking and Investment Corporation)

League of Nations, letter on value of proposed convention for
suppression of counterfeiting
securities other than paper money
Referred to American Bankers Association
Legislation:
Cancellation of FRBank stock held by member banks in process of
liquidation, proposed amendment to FRAct
Letters to Banking and Currency Committees of Senate and
House recommending amendment
Examinations of all member banks be placed under Comptroller of
the Currency, form of amendment to
FRAct prepared
FRAct:
Sec. 9, amendment to permit establishment of foreign
branches by State member banks, efforts
for passage to be renewed
Sec. 13, desirability of amending to conform to Sec. 5200 of
Revised Statutes, memo of Counsel
Amendment suggested by Congressman Hudspeth on limit
of rediscount on note of any one
borrower
Resolution introduced by Senator Blease to investigate affairs
of National Bank of Newberry, S. C.
S. 1247, fixing legal and contract rates of interest between
persons, firms, etc., when residents
of different states, to prepare draft
of letter for signature of Secretary
of Treasury
Letter for signature of Secretary of Treasury on bill
approved as amended
Revised letter prepared in office of Secretary of Treasury
approved
S. 5723, changing distribution of earnings of FRBanks, topic
for discussion by Federal Advisory
Council
Bill recommended by Council with certain changes
S. X., Resolution 75, to require members of Congress and
Government employees to file with
Federal Trade Commission statement of
stocks, bonds, etc. owned
State laws relating to ownership of bank stocks by holding
corporations, publication of digest
in FRBulletin deferred
Copy of digest to be sent FRAgent and Governors for
discussion at next Conference
Lewis, S. C. (See Department of Justice)
Loans:
Brokers:
Comparison of those made by New York City weekly reporting
member banks since publication of
figures began

Pages

7/30
9/10

48
136

11/22

324

12/2

350

12/6

355

9/5

129

10/1

185

10/15

200

10/17

215

7/10

7/18

10/9

179

10/28 229
11/21 310

10/17

216

10/23 218
10/31

256

11/26

340

59
Pages
Loans: (Continued)
Brokers: (Continued)
Regulation M on loans to member banks having loans to,
introduced by Mr. Cunningham and lost
Aesolution of Southern Builders Supply Association an
restriction of
Collateral secured by real estate mortgages, complaint by
constituent of Mr. Chindblom because
not rediscountable at FR3anks
Development and significance of figures, reply to letter from
Manager of American Bankers Association
Real estate, telegram to the President on calling of, in
San Francisco
(See also Bonds, mortgage)

8/8

10/8

172

10/28

230

12/20 419
12/17

391

UMlf

11141 transfers from nonmember banks, FRBanks to decline to accept
with one exception, recommendation of
10/15
Standing Committee on Collections approved
10/31
Committee
Executive
Draft of letter approving report referred to
ratified
Committee
and
Recommendation approved by Executive
11/4
by FRBoard
Uaturity date in body of customers notes, incorporation of
definite date, request to be made of
American Bankers Association to take up
7/5
with commercial banks
tember banks:
Changes in each district to be reported monthly on
11/5
prescribed forms
(See
Examinations)
Examinations of:
10/31
Holdings of eligible paper, report of Governor on
transit
unremitted-for
of
Insolvent, rights of depositors
items against receivers for; (See
Clearing and collection)
Reserves, report of six in Atlanta District showing continued
8/9
deficiencies in
8/15
No action to be taken at present time
(See also National banks; State member banks)
Rembership in FiiSystem:
Baltimore Trust Co., Baltimore, Md., new application as result
11/26
of consolidation approved
Bank formed by consolidation of Home Bank and Trust Co.,
Chicago, and Hatterman and Glanz State Bank,
8/22
application being withheld
disapproval
of
Bank of Athens Trust Co., New York, N. Y.,
application recommended by FRBank of New York 10/1

205
251
270

275
256

71
87

334

110
158

Pages

Membership in F-iSystem: (Continued)
Cancellations of membership because of distribution of earnings
of 17-1Banks, regulations, etc., letter
from Assistant Cashier of Detroit Branch
on probability of
Central Depositors Bank and Trust Co., Akron, Ohio, to be
formed by consolidation of two member
banks
Certificate for State banks change in form of
Midtown Bank of New York, N. Y., new application for membership
as result of merger
Nashville Trust Co., Nashville, Tenn., application approved and
also consolidation with Fourth and First
National Bank
Aeport of purchase of controlling interest in two banks, and
request for postponement of effective
date of becoming member
Previous action rescinded and application to be considered
as pending
Letter from President of bank acknowledging receipt of
letter fram FAAgent at Atlanta
National banks: (See liational banks)
South Orange Trust Co., South Orange, N. J., conditions of
membership accepted with their interpretation of condition on purchase of
bank stock
Advised that they cannot purchase stock of another bank
even for investment purposes
State member banks: (See State member banks)
United Bank and .rust Co., St. Louis, Lo., to succeed United
States Bank, application approved
Miami: (See Currency stations)
Money Rates and Money Markets in the United States, study prepared
by Mr. Riefler, publication authorized
Mortgage bonds: (See Bonds)
Municipal bonds, inquiry from Mr. Fischer on why they are not
eligible for discount at FRBanks

12/31

441

10/23
10/9

217
177

10/28

228

6/9

9/3

118

9/4

121

9/16

138

11/7

290

11/13

306

12/31

436

12/11

367

11/26

343

12/2

346

11,
711

National Association of Credit Men, subscription to credit
protection fund by FABank of Kansas City
National bank notes:
Redemption of old size, revised plan proposed by Treasurer of
United States
Receipt of ,4),000,000 daily for redemption requested by
Treasury
Receipts of unfit by National Bank Redemption Agency so large
that counters are not available for
FAnotes
Reimbursing 5,0 redemption fund in connection with retirement of
old size notes

7/30

12/20

419

7/30

10/29

236

61
Pages
National Bank of Czechoslovakia, act to reestablish gold
standard passed
11/8
National Bank of Hungary: (See Foreign banks)
National Bank of Aommania: (See Foreign banks)
National Bank Redemption Agency:
FEBanks advised to discontinue shipments of their awn unfit
notes on account of large accumulation of
uncounted national bank notes and FEnotes
7/30
National banks:
Agricultural National Bank, Pittsfield, ;Ass., national bank
cannot borrow securities from trust
department to obtain loans from FEBank
10/4
American Exchange National Bank of Dallas, classification of
Philippine Government funds deposited with
10/15
Ruling to be published in Faulletin
10/23
American National Bank, Winter Haven, Fla., application for
stock in FABank of Atlanta approved
10/8
American National Bank and Trust Co., Valley City, N. D.,
action on application for fiduciary powers
deferred
10/8
Application discussed but no action taken
10/9
Application again discussed but no action taken
10/10
Application disapproved, action reconsidered and then
approved
10/15
Bank of America National Association of New York, prospective
merger of Murray Hill Trust Co.
10/23
Bank of Italy National Trust and Savings Association, San
Francisco, Calif., application for branch
at No. 13, Loorgate, London, England,
request to FEAgent to make recommendation
11/4
Application recommended by FRAgent and approved
11/6
Bonds, circulation, advice of no applications received for sale:
During second quarter
7/16
During third quarter
10/4
Brawn National Bank, Jackson, Minn., reduction in capital stock
approved
7/10
Carolina National Bank of Spartanburg, S. C., report of reserve
deficiencies at
11/26
Central United National Bank of Cleveland, Ohio, formed by
consolidation of Central National Bank and
a State bank, new permit for fiduciary
powers not necessary
11/8
Citizens and Southern National Bank, participation by FABank
in guarantee against loss in absorption
of Atlanta Trust Co.
12/23
Citizens National nank, Chicago Heights, Ill., application for
stock in FRBank of Chicago approved
9/16
Citizens National Bank, Colton, Calif., application for stock in
FEBank of San Francisco approved
7/30
Citizens National Bank of Tell City, Ind., application for
fiduciary powers approved
10/4

292

169
199
218
171

173
176
182
193-197
216

271
277
25
168
14
336

293

424
136
38
166

62
National banks: (Continued)
City National Bank, Auburn, Ind., complaint of Auburn State Bank
against advertisement of
Comptroller of the Currency to take matter up with national
bank
City National Bank, San Antonio, Texas, permission to Central
Trust Co. to merge not necessary
Commercial National Bank, San Antonio, Texas, report of large
and continuous indebtedness to San
Antonio Branch
Letter to FliAgent at Dallas on amending resolutions passed
by directors of Faank
Commercial National Bank, Washington, D. C.: (See Deposits)
Commercial National Bank and Trust Co., New York, permission to
accept to 100 per cent of capital and
surplus and also for furnishing dollar
exchange
Condition reports:
Call as of June 29, 1929
Call as of Oct. 4
Ensley National Bank of Birmingham, Ensley, Ala., reduction in
reserve requirements approved
Exchange National Bank, Tampa, Fla., agreement for joint control
of revolving currency fund
Fayette County National Bank, West Union, Iowa, reduction in
capital stock approved with new
conditions
Fidelity National Bank, Spokane, Wash., consolidation with First
National Trust and Savings Bank,
succession of trust powers
Fiduciary powers, policy to be pursued in granting to banks
whose stock is awned by holding companies
or investment trusts
Compilation of State laws on such ownership not to be
published in Faulletin
First National Bank, Anadarko, Okla., application for fiduciary
powers approved
First National Bank of Bardwell, Texas, reduction in capital
stock approved
First National Bank, Bishopville, S. 0., deficient in reserves
for six consecutive months but no action
to be taken at present
First National Bank, Boonville, Ind., application for fiduciary
powers approved
First National bank of Boston, Mass., proposed affiliation with
Old Colony Trust Co.
First National Bank of Clifton, Texas, reduction in capital
stock approved
First National Bank of Conrad, Mont., report of deficient
reserves
First National Bank, Davis, Okla., reduction in capital stock
approved
First National Bank, Jonesboro, Ill., application for fiduciary
powers approved

Pages

7/30

8/9

9/3

115

9/16

139

10/15

192

8/16

7/2
10/8

1
171

10/1

160

8/22

109

11/26

338

10/15

198

10/17

209

10/23

218

7/16
7/30

12/23 425
10/31

246

10/31

246

11/26

357

12/10

364

10/17

212

10/31

244

63
Pages
National banks: (Continued)
First National Bank of Killeen, Texas, application for
reduction in capital stock approved
First National Bank, Kingsport, Tenn., controlling interest
purchased by Nashville Trust Co.
To be adjusted in reconsideration of application of State
bank for membership
Marshall County, Plymouth, Ind., action
of
First National Bank
on application for fiduciary powers deferred
First National Bank, Milledgeville, Ga., permission to act as
executor refused
First National Bank, Mobile, Ala., application to accept to 100
per cent of capital and surplus approved
First National Bank of Morris, Ill., reduction in capital stock
approved
First National Bank, New Carlisle, Ind., application for
additional fiduciary powers approved
First National Bank, New Milford, Conn., application for fiduciary
powers approved
First National Bank of Primghar, Iowa, action on application for
fiduciary powers deferred
Application approved
First National Bank in Rockwall, Texas, application for stock in
Faank of Dallas approved
First National Bank of St. George, Va., opinion of court in
favor of receiver in case against FB3ank of
Richmond
First National Bank, Salem, Ore., to increase capital to
purchase aaother bank and then to reduce
capital
First National Bank, Tampa, Fla., agreement for joint control of
revolving currency fund
First National Bank and Trust Co., Yankton, S. D., application
for supplemental fiduciary powers refused
Request for reconsideration of application, action deferred
and referred to Comptroller of the Currency
Application approved
First National Trust and Savings Bank, Spokane, dash.,
consolidation with Fidelity National Bank,
succession of trust powers
Fourth and First National Bank of Nashville, Tenn.,
consolidation of Nashville Trust Co., with
Arrangements for merger not yet completed
Reduction in capital to nominal figure to administer trusts
approved
Genesee River National Bank & Trust Co., la. Morris, N. Y.,
application for fiduciary powers approved
upon consolidation
Guardian National Bank of New York,Brooklyn, negotiations by
Brooklyn Trust Co. to purchase and absorb
Harriman National Bank and Trust Co., New York, application to
accept to 100 per cent of capital and
surplus approved

11/26

337

9/3

118

9/4

122

10/17

209

10/17

212

9/10

133

12/10

364

12/31

436

10/1

159

10/17
10/31

209
245

12/6

353

11/26

343

12/14

374

8/22

109

8/16

11/4
11/6

271
279

10/15

198

8/9
9/3

68
119

8/22

107

12/2

345

11/4

270

9/10

132

Page

64
National banks: (Continued)
James Aiver National Bank, Jamestown, N. D., application for
additional fiduciary powers approved
haw Valley National Bank, Topeka, Kansas, reduction in reserve
requirements approved
Lakeport National Bank of Laconia, N. H., increase in capital
suggested in connection with application
for certain fiduciary powers
Merchants-Laclede National Bank, St. Louis, consolidation with
Mississippi Valley Trust Co.
Midland National Bank and Trust Co., Minneapolis, Minn.,
application to accept to 100 per cent of
capital and surplus approved
Bank
of
Alamance
of Graham, N. C., reduction in capital
National
stock approved
National Bank of New Bern, New Bern, N. O., application of
liquidating agent for surrender of stock
National Bank of Newberry, S. C., investigation of affairs by
Department of Justice, resolution
introduced by Senator Blease
National Bank of North Kansas City, Mo., application for
fiduciary powers referred to Comptroller
of the Currency
Action deferred pending next examination
Application approved after certain requirements are met
National City Bank of Akron, Ohio, assets to be taken over and
liabilities assumed by First Trust and
Savings Bank
National City Bank of New York:
Consolidation with Corn Exchange Bank and Trust Co.,
proposed
Foreign branches:
Cuba:
Holguin, application approved
Vertientes, to be closed
Java, Batavia, to be closed as of July 13
To take over commercial business of Farmers Loan and Trust
Co. and turn over trust business to City
Bank Farmers Trust Co.
National Shawmut Bank, Boston, Lass., stock of Shawmut
Corporation trusteed for benefit of
shareholders of
Shawmut Corporation to be notified that agreement with
FABoard will be cancelled upon adoption
of suitable resolution
Aesolution presented and cancellation of agreement approved
North Ward National Bank of Newark, N. J., plans for merger with
Fidelity Union Trust Co.
Old Colony National Bank, Boston, Mass., to be organized for
brief period in plan of affiliation of
Old Colony Trust Co. with First National
Bank
Application for additional stock
Palmer National Bank and Trust Co., Sarasota, Fla., permission
to exercise fiduciary powers

10/31

244

7/16

7/2

12/17

390

12/6

357

7/30

10/17

213

10/1

158
179 1
245

10/9
10/31

8/15

9/25

153

12/19
12/17
7/5

410
390
9

7/2

12/6

358

12/14 376
12/26 430
12/19

409

10/31
11/13

246
303

7/16

65
Pages
National banks: (Continued)
Peoples National Bank, Fairmont, d. Va., proposed consolidation
with other banks to form Union National Bank 10/1
159
Peoples National Bank and Trust Co., Chicago, Ill., application
281
11/6
for reduction in reserve requirements
11/13 305
Application approved
Plainview National Bank, Plainview, Texas, application for
10/31 245
fiduciary powers approved
Purchase of stock by holding companies: (See Holding companies)
Aed Aiver National Bank and Trust Co., Grand Forks, N. D.,
application for stock in FABank of
8/1
50
Minneapolis approved
.deserve deficiencies of, letter from Comptroller of the Currency
7/16
30
on suit for forfeiture of charter
Aiggs National Bank, dashington, D. O.: (See Deposits)
Security National Bank of Brookings, 0. D., action on application
for fiduciary powers deferred
11/6
278
Security National Bank and Trust Go., Aed ding, Minn.,
11/26 335
application for fiduciary powers approved
State National Bank, Idabel, Okla., validity of nomination for
Class B Director of FABank not made on
11/13 304
form furnished by FRBank
State National Bank, St. Louis, consolidation with Mississippi
3
7/2
Valley Trust Co.
Tipton National Bank, Tipton, Iowa, permission to exercise
23
7/16
general fiduciary powers
Trust funds, right to invest in revolving pool of real estate
mortgages, ruling not to be published in
11/26 340
FRBulletin
Union National Bank, Fairmont, W. Va., application for
fiduciary powers approved after consolidation
159
10/1
of banks to form
United States National Bank, Portland, Ore., mortgages pledged
by Universal Mortgage Uo. with as
trustee: (See Bonds)
Whitney National Bank, New Orleans, La., permission to accept
9/3
114
drafts for furnishing dollar exchange
Woodlawn-American National Bank, Birmingham, Ala., reduction
8/22 105
in reserve requirements approved
40nmember banks:
Auburn State Bank, Auburn, Ind., complaint against advertisement
7/30
45
of City National Bank of Auburn
8/9
72
Comptroller of Currency to take matter up with national bank
Bank of Kingsport, Tenn., controlling interest purchased by
9/3
118
Nashville Trust Co.
122
To be adjusted in reconsideration of State bank for membership 9/4
Bingham State Bank, Lt. Morris, N. Y., to consolidate with
12/2
345
Genesee Aiver National Bank
Century Bank, New York City, proposed merger into interstate
3
7/2
Trust Co.
Century Trust Co., Baltimore, Md., proposed merger with
11/22 321
Baltimore Trust Co.

Pages

66
Nonmember banks: (Continued)
Century Trust Co., Baltimore, Md.-: (Continued)
12/26
Application of Baltimore Trust Co. for membership approved
Changes in each district to be reported monthly on forms
11/5
prepared by Mr. Smead
Equitable Trust Co., of Newark, N. J., plans for merger with
12/19
Fidelity Union Trust Co.
Fairmont Trust Co., Fairmont, U. Va., proposed consolidation
10/1
with Peoples National Bank
Farmers Loan and Trust Co., New York, affiliation with National
7/2
City Bank effected
Farmers State Bank, Wilbur, Wash., assets to be taken over and
liabilities assumed by State Bank of
8/15
Wilbur
with
consolidation
Home
Hatterman and Glenz State Bank, Chicago,
Bank and Trust Co., application for
8/22
membership being withheld
with
consolidation
Home Savings Bank, Fairmont, d. Va., proposed
10/1
Peoples National Bank
by
over
taken
be
Kenmore Banking Co., of Akron, Ohio, to
9/3
Central Savings and Trust Co.
International
by
Madison State Bank, New York, proposed merger
8/15
Union Bank
transfers)
Mail
(See
from:
by
FRBanks
Mail transfers, acceptance
Mutual Trust Co., New York City, proposed merger by International
7/2
Germanic Trust Co.
8/22
Merger effected on Aug. 12, report of
Prudential Bank, New York City, proposed merger of Midtown Bank
8/22
of New York into
Advice of completion of merger and application for member10/28
ship to be made
State Bank of Richmond County, Port Richmond, to be purchased
by Brooklyn Trust Co. and converted
11/4
into branch
with
Chicago
Woodruff State Bank, Chicago, Ill., consolidation
8/15
Trust Co.
Northwest Bancorporation: (See National banks, American National
Bank and Trust Co., Valley City)
Notes, customers of commercial banks, incorporation of specific
maturity date in body of, referred to
7/5
Conferences of Governors and FRAgents
bank
notes)
National
Notes: (See Currency; FRnotes;

334
275
409
159
4

110
159
114
85

4
106
106
228

270
87

9Ott

Oklahoma, request for information on banks in connection with survey
of bank and credit conditions by Prof.
Westerfield for Senator Pine
Open market operations: (See also Committees, Open Market Investment)

9/10

133

67
Pages
Open market operations: (Continued)
Bill and discount transactions during past week, circular letter
from FEBank of New York to other FEBanks
Purchases of securities by FEBank of New York and possibility
of adopting regulation to cover
Regulation on purchases and sale of bills: (See Regulations)
Resolution of directors of FEBank of New York on policy of
FRSystem and FRBank
Circular letter to other FABanks on recent operations and
future policy
Topic for discussion at meeting of Federal Advisory Council
No recommendation made

8/22

103

10/30

237

11/8

294

12/6
10/28
11/21

354
229
318

10/8

173

10/15

197

12/6
12/20

357
412

10/15
10/23

199
218

9/10
7/10

133
14

7/10

8/8

12/2

347

12/11

367

etp“

P40ific Reserve Company, letter to Fred W. Byrd on use of title
Pacific Southwest Trust and Savings Bank: (See Department of Justice)
Participation certificates issued by national banks as investments
for trust funds, right of national banks
to deliver real estate mortgages to trust
department for use in revolving pool for
patents for vault construction: (See Vault construction)
Pennsylvania Warehousing and Safe Deposit Co. of Philadelphia is a
bank under provisions of Clayton Act
Personnel classification plans of certain FEBanks and branches
Philippine Government funds deposited in American Exchange National
Bank of Dallas, memo of Counsel that they
are demand deposits
Ruling to be published in FRBulletin
Pine, Senator W. B., survey of bank and credit conditions in
Oklahoma, request of Prof. Westerfield for
information from FEBank of Dallas
Postage stamps, FEBanks to discontinue sale of cancelled
POstmaster General, letter that FEBanks discontinue sale of cancelled
postage stamps to collectors
Press statements:
Acceptances, ruling on: (See Rulings)
Canadian Currency, redemption of: (See Canadian Currency)
Conference of Governors of FABanks with PEBoard on future System
Credit policy, plan developed at
Publications:
Articles giving out forecasts not to be made by officers of
FABanks, reply to Governors of FEBanks of
Minneapolis and Philadelphia
Paulletin: (See Faulletin)
Money Rates and Money Markets in the United States, study
prepared by Mr. Riefler to be published
Verification of Financial Statements, request of Will A. Beach
Printing Co., Sioux Falls, to print and
circulate

7/2

Page"
Itatt

Raichle v. FRBank of New York: (See Court cases)
Rates:
Bank of England, discount rate reduced to six per cent
Bill dealers in New York, reduced one-eighth of one per cent by
Bid and asked prices increased by one-eighth per cent
Report on rates and conditions in acceptances market
To be reduced one-eighth per cent by dealers
Reduction of one-eighth per cent reported
Reduction in bid and asked rates one-eighth per cent
Rate again lowered because of heavy demand in excess of
supply
Rate on acceptances reduced to 3 7/8 per cent and then to
3 3/4 per cent
Bid rates advanced on short maturities
Rates on 60 and 90 day maturities increased one-eighth
per cent
Buying, Executive Committee or Active Executive Officer
authorized to approve changes in
absence of quorum
Authority extended and minimum and maximum rates fixed for
each district
Motion of LI*. Miller to amend resolution adopted Aug. 15,
action deferred
Atlanta:
FRBank of
Rediscount, reduction to 4 1/2 per cent approved
Schedule of discount and purchase

FRBank of Boston:
Rediscount, reduction to 4 1/2 per cent considered at last
meeting of directors
Approved at 4 1/2 per cent
Confirmation of action and discussion of directors on
change
Schedule of discount and purchase

10/31 260
1
7/2
7
7/5
7/10
12
10/23 215
10/24 221
11/13 303
11/16

314

11/21
12/6

317
354

12/26

427

8/10

8/15

10/28

226

12/10 361
21
7/16
84
8/15
9/16 136
10/15 191
11/13 303
12/10 361

11/12 300
11/20 315
11/26 335
22
7/16
7/18
33
75
8/9
84
8/15
9/16 136
lo/1 159
10/10 lei
10/24 224
10/28 227
265
11/2
292
11/8
11/16 312
11/22 323
;553
12/6
12/19 408

69
Pages
Rates: (Continued)
FRBank of Chicago:
Rediscount, Mr. Miller opposed to increase if it should come
up in his absence
Opinion of directors that rate should be increased
but no action taken
Fixed at 4 1/2 per cent
Schedule of discount and purchase

PRBank of Cleveland:
Schedule of discount and purchase

Fiaank of Dallas:
Schedule of discount and purchase

PRBank of Kansas City:
Rediscount, rate of 4 1/2 per cent approved
Schedule of discount and purchase

8/15

8/22
11/22
7/2
7/16
7/30
8/9
8/22
9/3
9/10
9/16
9/25
10/1
10/28
10/28
11/2
11/16
11/22
12/31

104
326
1
22
38
75
104
113
131
136
152
159
226
227
266
313
326
437

7/16
7/16
8/15
8/15
9/16
10/4
10/28
11/5
11/13
12/10

21
22
83
84
136
166
226
273
303
361

7/10
9/10
10/8
10/28
11/5
10
11/21
11/26
12/10

12
131
172
227
273
292
316
335
361

12/20
7/2
7/16
7/16
8/9
9/3
9/16
10/1

415
1
21
22
69
113
136
159

70
Rates: (Continued)
FRBank of Kansas City: (Continued)
Schedule of discount and purchase: (Continued)

FRBank of Minneapolis:
Schedule of discount and purchase

Pages

10/15
10/28
10/28
11/4
11/8
11/21
11/22
11/26
12/6

191
226
227
269
292
316
322
335
354

7/10
7/16

12
22

8/15

84
8/15
9/10 131
11/16 313
11/26 335
12/17 388
FliBank of New York:
Buying rate for acceptances, minimum, reduction recommended
in connection with increase in rediscount rate
Action postponed
Schedule of rates noted with approval, after discussion
of present procedure in establishing
Deputy Governor Kenzel to come to dashington to discuss
procedure now in effect and plan
presented by Mr. Miller
Present procedure discussed by Ur. Kenzel and Governor
Harrison and minimum and maximum rates
fixed
Directors of FRBank had adjourned and action on rates
cannot be taken until next meeting
Resolution of Ur. Cunningham on reduction, disapproved
Reduction being considered b, directors of FRBank
Approval of five per cent as minimum on maturities from
one to ninety days
Report of 1.1r. Kenzel on situation in New York and
discussion of changes in rates, motion
of Mr. Miller to amend resolution on
procedure
Attitude of FRBoard to reduction requested by Governor
Harrison
Minimum buying rate reduced to 4 1/2 per cent by
directors, disapproved by FRBoard and
fixed at 4 3/4 per cent
Governor authorized to approve effective rate at not
less than minimum authorized rate
Reply to Governor Young that Board will support FABank
in reduction of bill rate
ianimum rate of 4 per cent approved

8/8
8/8

64
66

8/9

silo

8/15

8/16
10/1
10/24

99
162
221

10/24

223

10/28

225

10/30

238

10/31

261

10/31

262

11/14
11/14

308
309

71
Pages
Rates: (Continued)
aBank of New York: (Continued)
Rediscount:
Increase to six per cent suggested by Governor Harrison
Increase discussed by Governors of FRBanks in
conference with F,i3oard with simultaneous
reduction in minimum buying rate for
acceptances
Increase to six per cent voted by directors of FABank
and approved
Copy of resolution of directors increasing rate
Reduction discussed, FABoard in favor of
Reduction to be recommended to directors by
Governor Harrison
Report of no action by directors today out to be
considered tomorrow
Reduction discussed by FRBoard and views of each member
recorded, suspension of purchases of
government securities suggested
Reduction to 5 1/2 per cent voted by directors,
disapproved
Reduction to five per cent approved
Reduction at proper time, resolution of directors on
Reduction to 4 1/2 per cent, attitude of members of
PRBoard toward proposed recommendation
Rate of 4 1/2 per cent approved and also reduction in
minimum buying rate on acceptances
Letter confirming action of directors
Schedule of discount and purchase

FRBank of Philadelphia:
Schedule of discount and purchase

8/2

8/7

59-61

8/8
8/9
10/29

64
74
234

10/30

238

10/30

240

10/31

257

10/24
10/31
11/8

222
259
294

11/14

308

11/14
11/16
7/2
7/5
7/16
7/30
8/6
8/9
8/16
10/24
11/2
11/16
11/22
12/2
12/6
12/14
12/20
12/27

309
312
1
7
21
38
54
75
95
223
265
312
322
346
353
374
415
434

7/5
7
7/18
33
8/22 104
9/4
124
9/19 143
10/4
166
11/6
276
11/21 317
12/6
353
12/19 408

72
Rates: (Continued)
FABank of Aichmond:
Schedule of discount and purchase

Faank of St. Louis:
Schedule of discount and purchase

FABank of San Francisco:
Aediscount, rate of 4 1/2 per cent approved
Schedule of discount and purchase

Raanks:
Aaduction in lieu of purchases of Government securities
discussed

Pages

21
22
69
75
136

7/16
7/16
8/9
8/9
9/16
10/10
10/28
11/2
11/7
11/16
11/22
12/20

22/
266
285
313
323
415

7/5
7/16
8/9
915
9/19
10/4
10/17
10/24
11/2
11/7
11/16
11/21
11/22
12/6
12/19

7
22
75
128
143
166
210
224
266
265
313
31/
322
353
408

12/6
7/16
7/18
7/30
8/6
8/15
8/16
9/10
9/25
10/4
10/23
11/2
11/6
11/8
11/21
11/22
12/2
12/20

353
21
33
38
54
83
95
131
152
166
215
266
276
292
316
322
345
415

11/12

300

181

73
Pages
Aates: (Continued)
Interest, bill fixing legal and contract rates between persons,
firms, etc., in different States, to
prepare letter for signature of Secretary
of Treasury
Memo of Counsel with letter for signature of Secretary of
the Treasury that it not apply to
discount rates of Faanks
Revised letter prepared in office of Secretary of Treasury
to Committee on Banking and Currency of
Senate
Money, in Texas, advance in and relation to FRBank discount
rate
Rediscount:
Attitude of Mr. Miller opposing any increase that might be
recommended during his absence
Increase discussed by Governor Harrison, all Governors of
Faanks to be invited to a Conference on
Aug. 7
Increase discussed by all Governors in Conference
Action reviewed for Mr. Mellon and again discussed
Report of Governors adopted and increase in rate at
Faank of New York approved
Governor or active executive officer authorized to approve
rate of 4 1/2 per cent established by
anY FRBank
Topic for discussion at meeting of Federal Advisory Council
recommendation made
ReichsbanK, discount rate reduced to seven per cent
Special rates on seasonal agricultural and live stock paper,
circular to Faanks proposed by
Mr. Cunningham
Letter to be called for consideration at next meeting,
copies to be furnished all members of
FRBoard
Revised letter presented, Governor and Mr. Cunningham
to make further revision
aeal estate loans, calling of, in San Francisco, telegram to
President referred to FABoard
4e
,ai
estate mortgages: (See Bonds, mortgage)
Aedemption fund, FRAgents, memo of Mr. Smead and letter to
Secretary of Treasury on discontinuance of
aedemption fund of national banks, plan for reimbursement in
connection with retirement of old size
notes
(See also National bank notes)
Rediscounts:
Amendment to Sec. 13 of FRAct to conform to provisions of
Revised Statutes on limit to one borrower
recommended by Mr. Hudspeth
secured
by real estate mortgages, complaint of
loans
Collateral
constituent of Mr. Chindblom because not
rediscountable at FRBanks

7/10

7/18

10/9

179

8/15

8/2
52
8/7 58-61
62
8/8
8/8

63-67

11/22 326
10/28 229
11/21 318
267
11/2

8/10

78-80

11/25

331

11/26

340

12/17

391

7/16

10/29

236

10/15

200

10/28

230

74
Rediscounts: (Continued)
FRBank of Atlanta for Citizens Bank and'2.rust Co. of Tampa, Fla.,
of paper originating in certain nonmember banks, some of which are now closed
Liberalizing requirements of FRAct on eligible paper, topic for
discussion by Federal Advisory Council
Recommendation on
Municipal bonds, inquiry of Mr. Fischer on why they are not eligible
for discount at FRBanks
Sand and gravel as readily marketable staples, letters to Secretary
of Commerce and to Chairman of General
Committee on Bankers Acceptances for
information an
Ruling that they cannot be classified as readily marketable
staples under Regulation A
Regulations, FRBoard:
D, proposed amendment to permit unsorted checks to be considered as deposits "due from" banks in
computing reserves
J:
Amendment to be considered at Conference of Governors to allow
FRBanks to send checks direct to drawee
banks in other districts for remittance
Amendments to Paragraphs 4 and 6 of Sec. V adopted, on
collection of unremittea for transit items
Letter from FRBank of Chicago on protection against claims
not covered by Paragraph 6
Memo of Counsel that further amendment is unnecessary,
referred to Governor
Publication of amendments to be postponed
Report of Governor that letter of Deputy Governor
Blair
and memo of Counsel be sent to Governors
of all FRBanks
rIffective date of amendments postponed indefinitely and
Counsel to prepare letter to FRBanks on
Draft of letter to FRBanks on postponing effective date,
action deferred
Revised letter submitted, action again deferred
Legality challenged in ease of University of the South v.
FRBank of Atlanta
M, loans to member banks having loans to brokers, etc., introduced
by Mr. Cunningham and defeated
Open market purchases and sales of bills, etc., discussed but no
action taken
Promulgation suggested by Governor Young to Governor Harrison
as result of purchases by FRBank of
New York
Draft of regulation submitted and made special order for Nov. 5
Regulation adopted in form submitted by Governor, draft of
letter of transmittal to be prepared
Draft of letter to FRBanks on regulation, to be resubmitted
after revision
Legality of regulation doubted by General Counsel, another form
to be submitted by Governor

Pages

7/18
10/28
11/21
11/26

9/10
10/9

9/4

10/31
10/15
10/28
11/22
11/26
31
11/26
12/17
12/19
12/20

4!
If

10/11
8/8
10/29

10/30
10/31
11/5
11/6
11/7

Aegulations, FdBoard:
(Continued)
deserves of member banks, to change time for determining to
opening of business on following day, proposed
4eich5bank:
(See Foreign banks)
Reparations settlement, report
of committee of experts and synopsis
by Dr. Goldenweiser, publication in
FABulletin discussed
To be taken up at next meeting and attitude of State Department
to be ascertained
No objection by State Department to publication and to appear
in next issue of Bulletin
deports:
Changes in member and nonmember banks in each district to be
reported to idBoard monthly
Condition: (See Condition reports)
Reserve cities:
Computation periods of certain cities in Cleveland District
changed
Reserves:
Carolina National Bank of Spartanburg, J. C., report of
deficiencies for six consecutive months
Checks in process of collection, reply to inquiry of American
Trust Co. of New York
Chicago Trust Co., Chicago, ill., formed by consolidation of
member and nonmember bank and not a member
of FdSystem
Deposits of Riggs National Bank and Commercial National Bank,
Washington, D. C., request for classification
as Government deposits
Memo submitted by Riggs National Bank and letter to be
addressed to Secretary of Treasury for view
Advice that President Donaldson does not wish to submit
further data, letter to Secretary of Treasury
ordered transmitted
Dime Bank-Lincoln Trust Co., Scranton, Pa., bankruptcy funds an
deposit not public moneys and not exempt
from requirements
Ensley National Bank of Birmingham, Ensley, Ala., application for
reduction approved
Farmers State Guaranty Bank, Valliant, Okla., deficiencies
reported but now above requirements and no
action to be taken
FliBanks against losses as result of indebtedness of closed or
overextended banks
First National Bank of Conrad, Mont., report of deficient
First National Bank of Bishopville, S. C., deficiencies reported
for six consecutive months but no action to
be taken at present
Items credited to depositor and forwarded to out of town banks
for collection, classification for
computing
Kaw Valley National Bank, Topeka, Kansas, reduction approved

Pages

12/12

370

7/5

7/10

7/16

11/5

275

7/2

11/26

336

9/4

123

8/15

9/19

142

11/6

281

11/7

290

10/4

168

10/1

160

9/3

117

12/18
12/10

396
364

12/23

423

8/16
7/16

96
25

Pages

76
Reserves: (Continued)
Member banks, proposed regulation to change time for determining
to opening of business on following day
Member banks in Atlanta District, report of six that were
deficient in
No action to be taken at present time
National bank deficient for continued period, opinion of
Comptroller of the Currency an suit for
forfeiture of charter
Peoples National Bank and Trust Co., Chicago, Ill., application
for reduction in
Application approved
Revision of requirements necessary to insure control of growth
of credit, view of Dr. Goldenweiser on
Self-insurance, amount carried by each FRBank
Mr. Smead to recommend proper limit on
Stone Mountain Memorial coins as lawful money against deposit
liabilities, referred to Secretary of
2reasury
Unsorted checks, proposed amendment to Regulation D to permit
to be considered as deposits "due from"
banks in computing
doodlawn-American National Bank, Birmingham, Ala., reduction
approved
Resolutions:
American Bankers Association:
Credit situation, copy of
Reply to letter of Mr. Shepherd on study of brokers
loan figures prepared by Mr. Miller
and approved
Federal Advisory Council:
Approving increase in rediscount rate at New York and
reduction in buying rate for bills and
also the buying of acceptances by
FABanks
FRBank of Atlanta:
Currency revolving funds to be established at Miami and
Tampa, Florida
iiecommending salary of 425,000 for FRAgent Newton
FRBank of Dallas:
Liquidation of indebtedness of Commercial National Bank,
San Antonio, Texas.
FRBank of New York:
Policy of FRSystem and FEBank to keep plentiful supply of
money in market by purchase of bills,
etc.
FRBoard:
Assessment on FRBanks for expenses of FABoard
Currency revolving funds at Miami and Tampa authorized
Purchase of bills by Open Market Investment Committee and
reduction in bill rate, introduced by
Mr. Cunningham and disapproved
Southern Builders Supply Association, requesting passage
of laws and enforcement of regulations
to
restrict speculative loans

12/12

370

8/9
8/15

70
86

7/16

11/6
11/13

281
305

10/24
12/18
12/18

220
396
404

11/26

338

9/4

123

8/22

105

12/17

390

12/20

419

9/19

145

7/16
11/13

19
305

10/15

192

11/8

294

12/20
7/16

417
20

10/1

162

10/8

172

77
Pages
Resolutions: (Continued)
Stockholders of FRBank of Boston on increased participation by
member banks in earnings of FRBanks
Review of month for FRBulletin:
August, approved with changes
November, to be considered as special order of business Nov. 4
Changes suggested, to be revised and resubmitted
Submitted in revised form and approved for publication
Revised Statutes:
Sec. 5200, desirability of amending Sec. 13 of FRAct to
conform to
Letter from Congressman Hudspeth to Secretary of Treasury
on
Roosevelt and O'Connor,Attorneys for Federal International
Banking Co., inquiry re regulations on use
of bankers acceptances by such corporations
aeply of FRBoard that they confer with Mr. Kenzel and letter
to Mr. Kenzel to report to FRBoard after
consultation
Rulings, FRBoard:
Acceptances, recommended by General Committee on Bankers, to
meet cases arising out of broadened use
of domestic
One ruling adopted and one laid on table
Letter to ABanks and press statement approved
Ruling to be published in FRBulletin
Federal Reserve funds purchased to be treated as obligations
for borrowed money regardless of how
purchased, proposed
Philippine funds deposited in member bank, classification as
time or demand deposits
Right of National bank to borrow securities from trust
department to obtain loans at iRBank
Sand and gravel as readily marketable staples, lettersto
Department of Commerce and General
Committee on Bankers Acceptances for
information on
Ruling that they cannot be classified as readily marketable
staples under Regulation A
Trust funds of national banks, right to invest in revolving
pool of real estate mortgages

12/6

352

8/10
11/2
11/4
11/7

81
266
268
265

10/1

163

10/15

200

9/5

129

12/2

349

10/15
10/31
11/8
11/26

206
253
294
339

11/26

341

10/23

218

10/23

218

9/10

134

10/9

179

11/26

340

Sand and gravel as readily marketable staples, letters to
Department of Commerce and General Committee
9/10
on Bankers Acceptances for information on
Ruling that they cannot properly be classed as readily
10/9
marketable staples

134

I'S,,

179

78
Salaries of employees for 1930 approved for all FRBanks except
New York and Richmond
(See also FRBank of ---, Staff)
Securities,counterfeiting of: (See Counterfeiting)
Shearman and Sterling: (See National banks, National City Bank of
New York)
Shepherd, F. N.: (See American Bankers Association)
Smith, Alex J., possible violation of Revised Statutes not to be
reported to Department of Justice
Southern Builders Supply Association, resolution on passage of laws
or enforcement of regulations to
restrict speculative loans
Staff of FRBoard:
Changes in personnel, reply to letters from Civil Service
Commission requesting report of
Reply of Civil Service Commission and telephone request for
return of letter, advised to write
another letter
Request for report of changes for record purposes only,
referred to Governor and Mr. Hamlin
with power
Report of personnel forwarded to Commission
Chief Clerk's Office:
Stenographer, authority to employ to fill vacancy
Comptroller of the Currency:
Braxton, Henry, Messenger, name added to Board's payroll
Griffiths, Irs. D. S., stenographer, name added to Board's
payroll
Kimball, S. E., Private Secretary, name removed from
payroll of FRBoard
Counsel's Office:
Bane, Vivian D., salary increased
Hargett, Edward L., salary increased
Hooff, Wilson Lee, salary increased
Vest, George B., salary as Assistant Counsel approved
Wingfield, B. M., salary as Assistant Counsel approved
Wyatt, Walter, salary as General Counsel approved
(See also Counsel, General)
Division of Bank Operations:
Bryan, Evelyn, appointed Comptometer Operator
Clark, Helen, salary increased
Crump, Frances, salary increased
Foster, Meredith F., salary increased
Fugitt, Rita S., salary increased
Horbett, J. L., salary increased
Hurley, John J., salary increased
Iverson, Kenneth it., salary increased
Johnson, Miss Geraldine, temporary appointment as
Comptometer Operator extended for
three months
Appointment made permanent
McKey, Felipa, resignation as Comptometer Operator
Morrissette, O. B., salary increased
Myrick, L. S., salary increased

Pages

12/20

412

11/6

283

10/8

172

7/30

8/16

8/22
9/3

103
116

7/5

12/19 407
12/19 407
12/19 407
12/19 405
12/19 405
12/19 405

11/26
12/19
12/19
12/19
12/19
12/19
12/19
12/19

336
407
407
407
407
407
407
407

39
7/30
10/31 248
11/26 336
12/19 407
12/19 407

79
Pages
Staff of FRBoard: (Continued)
Division of Bank Operations: (Continued)
Patterson, Thelma C., salary increased
Sullivan, Libbie L., salary increased
Van Fossen, Tohn R., salary increased
Walker, F. A., salary increased
Smead, E. L.:
Canadian Currency, report of committee on redemption
of: (See Canadian Currency)
FRAgents redemption fund, MOW on discontinuance
Retirement of FRnotes, revised procedure for
Salary as Chief of Division approved
To represent FRBoard at meeting of expert Government
statisticians
Division of Examination:
Bartz, Charles H., salary increased
(See also Examiners)
Division of Issue and Redemption:
Assistant Tellers, expenditure for employing two for
remainder of year
Agnew, Alyce A., employed as money counter
Andrews, Mrs. Daisy M,, employed as money counter
Beattie, Helen M., salary increased
Bicknell, Margaret IL, resignation as money counter
Brinker, Mrs. Henrietta T., salary as money counter
Cassedy, Mrs. Lillian, salary as money counter
Conner, Yrs. Irene L., employed as money counter
Connor, Mrs. Lida L., appointed temporary money counter
Cranmer, Elsie L., salary increased
Dashiell, Searing T., salary increased
Dingier, Roman F., salary as messenger
Appointment made permanent and salary increased
Durnbaugh, W. K., salary increased
Ellis, Mrs. Charlotte, salary as money counter
Resignation as money counter
Evans, Mrs. Christina, appointed money cOunter
Finotti, Mrs. Ellen, appointed money counter
Forbes, Mrs. Mary F., salary as money counter
Gailes, George A., salary increased
Gililland, Mrs. Colette A., salary as money counter
Gorman, Mrs. Kathryn, appointed temporary money counter
Gray, Ruthette P., salary increased
Helm, Mrs. Lydia Mills, appointed money counter
Hopkins, Mrs. Florence R., appointed money counter
Howard, Mrs. Frances F., salary as money counter
Knopp, Mrs. Frederick, employed as money counter
TAPorte, Miss May E., salary as money counter
Matthews, Mrs. Amanda, salary as money counter
McCuen, W. B., salary as Assistant Teller
Appointment as Assistant Teller made permanent
Salary increased
McFarland, Mrs. Mary A., appointed money counter
Messengers, expenditure for employing two for remainder of
year

12/19
12/19
12/19
12/19

407
407
407
407

7/16
26
10/31 250
12/19 405
12/20 418
12/19

408

7/5
7/18
7/30
12/19
10/15
7/16
7/30
8/6
10/23
12/19
12/19
7/16
12/19
12/19
7/16
7/30
7/30
7/30
7/16
12/19
7/24
10/23
12/19
7/30
8/22
7/24
8/6
7/16
7/16
7/16
11/16
12/19
7/30

8
33
39
408
191
24
39
54
215
408
408
24
408
408
24
39
39
39
24
408
24
215
408
39
105
24
54
24
24
24
311
408
39

7/5

80
Staff of IMBoard: (Continued)
Division of Issue and Redemption: (Continued)
Money counters, expenditures for employing five for day
and 25 for night work for remainder
of calendar year
Moore, Mrs. Emma N., employed as money counter
rhrray, Thomas L, salary increased
Noone, Mrs. N. Marjorie, salary as money counter
Resignation as money counter
Pearce, Mrs. Sophia, salary as money counter
Penn, Mrs. Elizabeth, salary as moneY counter
Plitt, Mrs. Ida B., appointed money counter
Post, Mrs. Helen K., employed as money counter
Reinohl, Mrs. Aimee S., salary as money counter
Ridgon, rrs. Catherine, appointed money counter
Schaeffer, Miss Hilda V., appointed money counter
Scott, Mrs. Hilda, salary as money counter
Sithens, Mrs. Sarah, salary as money counter
Temporary appointment made permanent
Smith, Mrs. Mary L., employed as money counter
Smoot, Mrs. Irma L., increase in salary as money counter
Salary increased
Snyder, Mrs. Mary L., salary as money counter
Stanley, Mrs. Florence M., appointed money counter
Stewart, Mrs. Marguerite, salary as money counter
Todd, Edna L., salary increased
Tucker, W. T., salary increased
Walsh, Miss Margaret, employed as money counter
Whittaker, Mrs. Ruth, appointed money counter
Appointment made permanent and salary increased
Division of Research and Statistics:
Armstrong, Corliss E., resignation accepted
Barcalow, Elizabeth M., temporary appointment as
stenographer made permanent
Salary increased
Barker, Edith, probationary appointment as clerk
Baur, Helene, leave without pay for nine days approved
Blattner, George W., salary increased
Cohen, Louise Slavin, salary increased
Collier, Raymond, salary increased
Copeland, Morris A., expiration of temporary appointment
Ellis, Margaret, temporary appointment made permanent
Salary increased
Entriken, Everett, salary increased
Gardner, W. R.:
Gold situation, memorandum prepared on
Salary increased
Garfield, Frank R., salary increased
Goldenweiser, E. A.:
Present at Board meeting to discuss recent credit and
business developments
Again present at meeting to discuss credit problem now
confronting YESystem
Salary as Director approved

Page°

7/5

8/6
12/19
7/16
10/23
7/16
7/16
7/30
8/6
7/16
7/30
8/22
7/16
7/16
10/4
7/30
7/16
12/19
7/16
7/30
7/16
12/19
12/19
8/6
8/22
12/19

a
54
408
24
215
24
24
39
54
24
39
105
24
24
167
39
24
408
24
39
24
408
408
54
105
408

11/22 324
8/22
12/19
12/19
7/2
12/19
12/19
12/19
9/25
9/25
12/19
12/19

104
407
409
3.
407
407
407
152
152
407
407

177
10/9
12/19 407
12/19 407

10/16

208

10/24
12/19

220
405

81
Pages
Staff of PRBoard: (Continued)
Division of Research and Statistics: (Continued)
Goldenweiser, E. A.: (Continued)
Summary of report of Experts Committee for Settlement
of Reparations, publication of
Referred to Department of State
No objection by Department of State to publication
of report and summary
To represent FABoard at meeting of expert Government
statisticians
Haigh, Julia, salary increased
Hamilton, Mrs. E. Bess, resignation as Statistical Clerk
Hanford,Eleanor S., salary increased
Joy, Aryness I., salary increased
Kline, William A., salary increased
Maroney, Mary M., salary increased
Lewis, Mrs. Katherine, appointed Statistical Clerk
Mohan, Mrs. Effie, resignation as Statistical Clerk
Moss, Mrs. Joyce W., resignation as Statistical Clerk
Parry, Carl E., salary increased
Perry, Mrs. Kathleen B., resignation as Statistical Clerk
Plitt, Elsie H., salary increased
Porter, Ruth H., salary increased
Rhodes, Thomas B., salary increased
Riefler, Winfield, salary increased
Study prepared on Money Rates and Money Markets in
the United States, publication authorized
Robinson, Harvey, salary increased
Stark, Walter A., resignation as Research Assistant
Sutton, Blanche L., salary increased
Thompson, Donald 8., appointed on research staff
Vincent, Helen, salary increased
Employees receiving salary of 42,500 ormore,report to be made
to White House on form furnished on
formal request
Written request refused and Governor authorized to comply
with verbal request
Employees excused from duty at 1:00 o'clock on Wednesday,
Nov. 27
Executive order of President that departments be closed
Dec. 24
Examiners:
Barker, U. S., salary increased
Bobb, J. A., salary increased
Brett, Rolfe H., salary increased
Brown, Willis G., salary increased
Comley, Lorne 0., salary increased
Connell, J. J., appointed Assistant Examiner
Cooke, Robert W., salary increased
Dougal, W. D., salary increased
Drinnen, F. J., salary increased
Designated Examiner in Charge until appointment of
successor to Mr. Herson

7/5
7/10

11
15

7/16

12/20
12/19
8/15
12/19
12/19
12/19
12/19
12/19
12/6
10/31
12/19
8/22
12/19
12/19
12/19
12/19

418
407
84
407
407
407
407
409
357
248
407
104
407
407
407
407

12/11
12/19
10/31
12/19
11/22
12/19

367
407
248
407
324
407

8/16

8/22

102

11/26

336

12/17

388

12/19
12/19
12/19
12/19
12/19
10/15
12/19
12/19
12/19

408
408
408
408
408
191
408
408
408

12/20 418

82
Staff of FABoard: (Continued)
Examiners: (Continued)
Drinnen, F. J.: (Continued)
Present at Board meeting to discuss examination of
FABank of Atlanta
Farrell, E. A., salary increased
Furbershaw, James F., salary increased
Heising, John D., resignation as Assistant Examiner
Herson, James F., to accept offer of position in New York
and resignation to be submitted
Resignation submitted and accepted
FABanks advised of resignation
Koppang, H. O., salary increased
Leonard, R. F., salary increased
Siems, L. A. A., salary increased
Wilkes, 1,1. R., salary increased
Wishart, Harvey J., salary increased.
Fiscal Agent:
Imlay, W. —
salary approved
Messengers:
Braxton, Henry, name added to Board's payroll
Dyson, Nelson S., salary increased
Dyson, Seaton, salary increased
McDowell, Henry, salary increased
Trescott, Charles G., salary increased
Washington, Simi°, appointed for probationary period
Salary increased
Wheeler, .Autledge A., salary increased
Office of Mr. Cunningham:
Beller, Leona M., salary increased as Private Secretary
Office of Governor:
Stone, A. M., transferred from Office of Secretary to be
Private Secretary
Salary increased as Private Secretary
Office of Mr. Hamlin:
Nagle, Margaret L., Inc ease in salary as Private Secretary
Secretary's Office:
Burrows, Frederick G., salary increased
Carpenter, S. R., transferred from Office of Governor
Salary increased
Coe, Ladison P., salary increased
Eddy, Walter L., former action rescinded and to be paid.
full salary to May 31, 1930
Letter from Mrs. Eddy expressing appreciation of action
of Board
Elected Secretary for 1930 and salary approved
Farrell, John A., salary increased
Fletcher, Wilson 2., salary increased
Hacker, Anne B., employed as Stenographer in 'Chief Clerk's
Office
Appointment made permanent
MoClelland, E. M., salary increased as Assistant Secretary
Miles, Maria D., salary increased
Moore, A. A., salary increased

Pages

12/23
12/19
12/19
9/19

424
408
408
144

11/4
272
283
11/6
12/20 418
12/19 408
12/19 406
12/19 408
12/19 408
12/19 408
12/19

405

7/5
12/19
12/19
12/19
12/19
10/8
12/19
12/19

8
406
406
406
406
171
406
406

12/19

406

8/15
89
12/19 406
8/9

12/19 406
8/15
89
12/19 406
12/19 406
11/11

296

11/21 319
12/19 405
12/19 406
12/19 406
7/10
13
10/8
171
12/19 405
12/19 406
12/19 406

83
Pages
Staff of FRBoard: (Continued)
Secretary's Office: (Continued)
Murdock, Frank J., salary increased
Noell, J. C., salary as Assistant Secretary approved
Rowan, William I., salary increased
Sherfy, R. E., salary increased
Stone, Harry B., salary increased
Taylor, Victrin M., salary increased
Truehart, Lynwood, salary increased
Westergren, Ruth A., salary increased
Wright, Leroy, salary increased
Telegraph Office:
Anderson, E. F., salary increased as Operator
Bennett, Y. A., dropped from roll as Operator
Buckley, T. N., appointed Operator in place of X. A. Bennett
Salary increased
March, G. L., salary increased as Operator
Mooney, T. J., Chief Operator, salary increased
Unger, B. n, salary increased as Operator
Wright, Leroy, appointed Messenger
Salary increased
Stansbury and Company, Chicago, Ill., inquiry on examination of First
Federal Foreign Banking Corporation and
conversion into domestic investment trust
company
Memo of Counsel that corporation cannot convert into State
corporation but must dissolve as
provided by Sec. 25(a) of RAct
State Department:
Report of American Minister at Vienna, Austria, that Boden Credit
Bank is solvent and will have support of
other banks in Vienna
Memo of State Department advising of proposed merger of bank
with Credit Bank for Commerce and Trade
Report of Experts Committee for Settlement of Reparations and
summary of Dr. Goldenweiser, no objection
to publication of
State laws, compilation on ownership of bank stock by holding
corporations, publication in FRBulletin
deferred
State member banks:
American Trust Co. of California, violation of Revised Statutes
by Alex T. Smith, an employee, not to be
reported to Department of Justice
American Trust Co. of New York, reply to inquiry re reserves
against checks in process of collection
Apple Creek Banking Co., Apple Creek, Ohio, credit investigation
to be made by FRBank
Baltimore Trust Co., Baltimore, Md., proposed merger with Century
Trust Co., and to make new application for
membership
New application for membership approved
Application to accept to 100 per cent of capital and surplus
approved

12/19
12/19
12/19
12/19
12/19
12/19
12/19
12/19
12/19

406
405
406
406
406
406
406
406
406

12/19
9/10
9/10
12/19
12/19
12/19
12/19
9/16
12/19

409
132
132
409
409
409
409
137
406

8/9

8/15

10/9

178

10/11

186

7/16

10/23 218

11/6

283

9/4

123

11/4

270

11/22
11/26

321
334

12/2

347

84
State member banks. (Continued)
Bank of Manhattan Co., New York, banking business to be purchased
by International Acceptance Trust Co.,
manner of terminating membership
Branches of: (See Branch banks)
Brooklyn Trust Co., Brooklyn, N. Y., negotiations to purchase
and absorb Guardian National Bank of
New York
To purchase State Bank of Richmond County and convert
into branch
Central Savings and Trust Co., Akron, Ohio, one examiner of
FRBank of Cleveland to assist in
examination of
To take over Kenmore Banking Co. of Akron
To consolidate with Depositors Savings and Trust Co.
Central Trust Co., San Antonio, Texas, permission to merge
City National Bank and Guaranty State
Bank not necessary
Chicago Trust Co., Chicago, Ill., consolidation with Woodruff
State Bank, a nonmember
Surrender of stock in FRBank of Chicago approved
Citizens Banking and Trust Co., Conneaut, Ohio, joint examination
arranged because of unsatisfactory
condition
Citizens Bank and Trust Co., Tampa, Fla., advice of closing and
also certain nonmember banks whose
paper was rediscounted by Fitiolank of
Atlanta
City Bank Farmers Trust Co., New York, to take over trust
business of National City Bank and
affiliated institution and to withdraw
from membership
City Bank Trust Co., Syracuse, H. Y., to merge with First Trust
and Deposit Co.
City Trust and Savings Bank, Youngstown, Ohio, credit
investigation made by representative
of FRBank
Cleveland Trust Co., Cleveland, Ohio, merger of Pearl Street
Savings and Trust Co.
Condition reports:
Call as of June 29, 1929
Call as of Oct. 4
Continental Bank, New York City, proposed merger with Fidelity
Trust Co.
Corn Exchange Bank and Trust Co., New York, proposed
consolidation with National City Bank
of New York
Depositors Savings and Trust Co., Akron, Ohio, to consolidate
with Central Savings and Trust Co.
IAMB Bank-Lincoln Trust Co., Scranton, Pa., bankruptcy funds on
deposit not public moneys and not exempt
from reserve requirements
Dime Savings Bank Co., Canton, Ohio, credit investigation to be
made by MBank

11/6

279

11/4

270

11/4

270

8/9
9/3
10/23

70
114
217

9/3

115

8/15
9/19

87
142

9/19

144

7/18

7/2

11/4

270

10/4

167

10/17

211

7/2
10/8

2
171

10/15

192

9/25

153

10/23

217

10/4

168

11/4

270

85
Pages
State member banks: (Continued)
Equitable Trust Co., New York City:
Branch in Detroit, unlawful to maintain and remain member
Opinion of Counsel that office contemplated is lawful,
to be referred to Attorney General
Letter to Secretary of Treasury transmitting letter to
Attorney General for opinion
Foreign branch in Paris, opinion of Attorney General on
establishment of
Letter to Acting Attorney General that there is no
objection to publication of opinion
Opinion to be published in Faulletin
Examinations, FEAgents to furnish list each January of those not
examined during preceding calendar year
(See also Examinations)
Farmers Savings and Trust Co., Mansfield, Ohio, representative
of FliBank to assist in examination of
Farmers State Guaranty Bank, Valliant, Okla., deficient in
reserves but now above requirements and
no action to be taken
Fidelity Trust Co., New York City, proposed merger with
Continental Bank
Fidelity Union Trust Co., Newark, N. J., plans for merger with
North Ward National Bank and Equitable
Trust Co.
First Bank and Trust Co., Washington, Pa., credit investigation
to be made by Faank
First Trust and Deposit Co., Syracuse, N. Y., to merge City
Bank Trust Co.
First Trust and Savings Bank, Akron, Ohio, to take over assets
and assume liabilities of National City
Bank of Akron under title of First-City
Trust and Savings Bank
Foreign branches: (See Branch banks, foreign)
Gibsonburg Banking Co., Gibsonburg, Ohio, correspondence in
connection with recent examination reports
Guaranty State Bank, San Antonio, Texas, permission to Central
Trust Co., to merge not necessary
Home Bank and Trust Co., Chicago, termination of membership
because of consolidation
Surrender of FliBank stock approved
Home Banking Co., Gibsonburg, Ohio, FABank to make credit
investigation of
International Acceptance Trust Co., New York, to purchase banking business of Bank of Manhattan Co. and
to be known as Bank of Manhattan Trust Co.
International Germanic Trust Co., New York City, proposed
merger of Mutual Trust Co. and to take over
deposit liabilities of City Trust Co. of
New York
Merger effected on Aug. 12, report of
Application to accept to 100 per cent approved
International Union Bank, New York, proposed merger of Madison
State Bank

8/22

107

10/31

253

11/6

277

9/5

129

10/1
10/1

157
157

12/6

358

10/4

167

9/3

117

10/15

192

12/19

409

12/23 422
11/4

270

8/15

9/19

144

9/3

115

8/22
9/3

110
113

12/17

389

11/6

280

7/2
8/22
11/21

4
106
319

8/15

86
State member banks: (Continued)
Interstate Trust Co., New York City, proposed merger of Century
Bank into
Lawrence County Bank, Walnut Aidge, Ark., hearing on forfeiture
of membership, proceedings dismissed
because of improved condition
Liberty Bank and Trust Co., Louisville, Ky., permission to
sell real estate mortgage bonds under
condition
Lincoln Bank and Trust Co., Louisville, Ky., request for
hearing on sale of excess of real estate
mortgage bonds
Hearing on real estate mortgage business postponed
Sept. 19 fixed as date for hearing
Messrs. itush, vale, and Bailey, present at meeting of Board
and agreement reached an limit of
mortgage bonds
Madison-Kedzie State Bank of Chicago, Ill., report of
irregularities at, full report requested
Membership in FliSystem: (See Membership)
Midtown Bank of New York, proposed merger into Prudential Bank
Advice of completion of merger
Cancellation of FABank stock approved
Mississippi Valley Trust Co. of St. Louis, merger with
Ilerchants-Laclede National Bank and
State National Bank
Murray Hill Trust Co., New York City, prospective merger into
Bank of America National Association
of New York
Natural Bridge Bank of St. Louis, Mo., application for fiduciary
powers approved and title changed to
Natural Bridge Bank and Trust Co.
Ohio Savings and Trust Co., New Philadelphia, Ohio, credit
investigation to be made by FABank of
Cleveland
Old Colony Trust Co., Boston, Mass., proposed affiliation with
First National Bank of Boston
Pacific Trust Co., New York City, permission to accept for
furnishing dollar exchange
Pearl Street Savings and Trust Co., Cleveland, Ohio, merger
into Cleveland Trust Co.
Puyallup State Bank, Puyallup, Wash., application to exercise
trust powers approved
State Bank of Wilbur, Wash., to take over assets and assume
liabilities of Farmers State Bank
Steubenville Bank and Trust Co., Steubenville, Ohio,
correspondence in connection with recent
examination reports
Union Industrial Bank, Flint, Mich., certain irregularities at,
letters to Attorney General and
F.AAgent on
Union Savings Bank and Trust Co., Steubenville, Ohio,
correspondence in connection with
recent examination reports

Page 1

7/2

12/27

8/9

433

7/16
8/9
9/3

27
71
117

9/19

140

11/14

309

8/22
10/28
11/7

106
226
286

7/2

10/23

216

8/15

10/9

178

10/31

246

10/28

228

10/17

211

7/18

8/15

86.

9/19

144

11/6

9/19

282

144

87
Pages
State member banks: (Continued)
Withdrawals from FASystem: (See Withdrawals)
Wright Banking Co., of Bellevue, Ohio, credit investigation to be
12/31 438
made by FABank
York Trust Co., York, Pa., ownership of stock by a subsidiary
10/11 187
corporation
Statements for the press: (See Press statements)
Statisticians, desire of President to set up committee of expert
Government, Messrs. Smead and Goldenweiser
12/20 418
to attend meeting
Sterling, purchase of: (See Foreign Banks, Bank of England)
Stock, capital:
Bank of Athens Trust Uo., New York, ownership by Banque
d'Athens of Greece as reason for
10/1
158
disapproval of application for membership
Bank of Kingsport, Tenn., controlling interest purchased by
9/3
118
Nashville Trust 00.
To be adjusted in reconsideration of application for
9/4
122
membership
14
7/10
Brawn National 3ank, Jackson, :ann., reduction approved
Erie Trust Co., Erie, Pa., option held by Security Peoples
8/15
89
Trust Co. of ;.rie for purchase of
Committee appointed by directors of member bank to make
114
9/3
disposition of stock
Fayette County National Bank, West Union, Iowa, reduction
11/26 338
approved with new conditions
7/30
43
First National Bank of Bardwell, Texas, reduction approved
11/26 337
First National Bank of Clifton, Texas, reduction approved
10/17 212
First National Bank, Davis, Okla., reduction approved
11/26 337
First National Bank, Killeen, Texas, reduction approved
First National Bank, Kingsport, enn., controlling interest
118
9/3
purchased by Nashville Trust Co.
To be adjusted in reconsideration of application of State
9/4
122
bank for membership
12/10 364
First National Bank of Liorris, Ill., reduction approved
First National Bank of Salem, Ore., to increase capital to
12/14 374
purchase bank and then reduce capital
Fourth and First National Bank, Nashville, Tenn., reduction to
8/22 107
nominal figure to handle trust accounts
7/5
9
French American Banking Corporation, increase in
12/6
357
National Bank of Alamance of Graham, N. C., reduction approved
Purchase by holding companies and investment trusts and
10/11 188
reduction in private ownership
10/15 190
Information to oe worked up by Division of Bank Operations
Policy of granting trust powers to national banks whose
10/17 209
stock is so held
Compilation of State laws on ownership of bank stock by
holding companies, publication deferred
10/23 218
Digpst of laws to be furnished to Governors and FAAgents
but not to be published
10/31 255
Aecommendation of Federal Advisory Council that committee
be appointed to study
11/21 318
Appointment of committee concurred in by Conference of
FAAgents and approved by FABoard
12/12 371

88
Stock, capital: (Continued)
Shawmut Corporation of Boston, trusteed for benefit of shareholders
of National Shawmut Bank, cancellation
of agreement as result of
12/6
Shawmut Corporation to be notified that agreement will be
cancelled upon adoption of resolution
12/14
Resolution presented and cancellation of agreement approved 12/26
York Trust Co., York, Pa., ownership of stock by York
Securities Co., a subsidiary
10/11
Stock, FRBank:
FABank of Atlanta:
American 1:ational Bank, dinter Haven, Fla., application
approved
10/8
Nashville Trust Co., Nashville, Tenn., application approved
8/9
FRBank of Boston:
Old Colony National Bank, Boston, Mass., application for
additional stock approved
11/13
FRBank of Chicago:
Chicago Trust Co., Chicago, Ill., surrender approved
9/19
Citizens National Bank, Chicago Heights, Ill., application
approved
9/16
Home Bank and Trust Co., Chicago, ill,, application for
surrender approved
9/3
FRBank of Dallas:
First National Bank in Rockwall, Texas, application approved 12/6
FABank of Minneapolis:
Red River National Bank and Trust Co., Grand Forks, N. D.,
application approved
8/1
FABank of New York:
Midtown Bank of New York City, cancellation as result of
merger approved
11/7
FRBank of Richmond:
Baltimore Trust Co., Baltimore, 21d., application approved
11/26
National Bank of New Bern, New Bern, N. C., application
of liquidating agent for surrender of
7/30
FRBank of St. Louis:
United Bank and Trust Co., St. Louis, Mo., application
approved
12/31
United States Bank, St. Louis, Mo., surrender approved
12/31
FRBank of San Francisco:
Citizens National Bank, Colton, Calif., application
approved
7/30
FABank:
Cancellation of that held by member banks in process of
liquidation or not doing business,
amendment to FRAct suggested
11/22
Letters to Committees on Banking and Currency of House
and Senate recommending amendment to
FRAct
12/2
Stockholders of FRBank of Boston:
Member banks to be reimbursed for expenses of one representative
to mooting an Nov. 8
10/1
Resolution an increased participation by member banks in
earnings of FABanks
12/6

Pages

358
377
430
187

171
69

303
142
136
113
353

286
334
38

436
437

324

350

159
352

89
Pages
Stocks, bonds, etc., owned by Government employees, S. J.
Resolution 75 to require filing of sworn
statement with Federal Trade Commission
Stone Mountain Memorial Coins, inquiry of aBank of Atlanta if
they are lawful money of United States
under FRAct
811/14daid Aaisin Growers Association, inquiry of FRBank of San
Francisco re acting as custodian in
advances made by Federal Farm Board to

10/17

213

106 338

9/3

116

12/18

395

9/25

154

12/17

389

8/22

108

12/18

394

10/4

169

11/26

340

10/11

187

IfTlf

Tampa: (See Currency stations)
franchise, amounts to be paid to Government by FABanks as
Ten Eyck, O. W.: (bee Vault construction)
Territory:
Omaha Branch, possible transfer of member banks in Wyoming to
Denver Branch
Time schedule, Inter-district:
Between FEBank of Kansas City and Branches and other points,
changes in
Changes from Dallas, El Paso and San Antonio to other points
approved
Treasury bills, to be consolidated with certificates in weekly
statement of condition of FABanks
Trowbridge, Alexander: (See Vault contruction)
Trust funds of national banks:
Cannot borrow securities from trust department to obtain
loans from iABank
Right to invest in revolving pool of real estate mortgages,
not to be published in FliBulletin
(See also Fiduciary posers)
Tax,

ItUlt

Universal Mortgage Co. (See Advertisements)
University of the South v. FABank of Atlanta, legality of
Regulation J challenged

Pages

Vault construction, patents on use of "steelcrete", request to permit
use by banks other than FABanks
Transfer of patents to Governor of FRBoard and his successors
in office to be requested
Draft of letter to Mr. Trowbridge on transfer of patents and
to Mr. Bruce on applications for
licenses
Aevised letters to Messrs. Trowbridge and Bruce eliminating
reference to licenses
Verification of Financial Statements, request of Will A. Beach
Printing Co. to print and circulate
Aequest of Alexander dall to reprint in textbook for American
Institute of Banking
Violations of statutes:
Madison-Kedzie State Bank, Chicago, Ill., report of alleged
irregularities at
Pacific Southwest Trust and Savings Bank, irregular transactions
with S. U. Lewis and Julian Petroleum
Corporation, request for report of
Inquiry of U. . District Attorney on probable criminal
prosecution
Aeport of Governor on conference with Comptroller of the
Currency, Governor to prepare reply to
F‘iAgent
F.liAgent to advise United States Attorney that he is in
better position to determine
advisability of prosecution
Smith, Alex J., employee of braneh of American Trust Co. of
California, not to be reported to
Department of Justice
Union Industrial Bank of Flint, Mich., irregularities to be
reported to Attorney General

7/16

10/15

204

10/28

230

10/31

249

7/2

7/30

11/14

309

7/16

11/22

327

11/25

332

11/26

341

11/6

283

11/6

282

W"tt

Wall, Alexander, request for permission to reprint Verification of
Financial Statements in textbook
Weekly statements:
Condition of FABanks, new Treasury bills to be included with
certificates
Welfare and educational work of FABanks, expenditures for:
June
July
August
September
October

7/30

12/18

394

7/18
8/22
9/19
10/31
11/26

34
108
144
248
336

91
Pages
Westerfield, Professor at Yale University, request that FEBank of
Dallas furnish information on member banks
9/10 133
in Oklahoma
buying
of
volume
present
of
investigation
for
request
H.,
P.
17haleY,
for cash through chain grocery and dry12/31 441
goods stores
White House, request for report an employees receiving salary of
98
8/16
412,500 or more
comply
to
authorized
Governor
and
Written request refused
8/22 102
with verbal request
Branch
Banks,FiiS)
(See
at:
FliBank
of
branch
Wichita, establishment of
Will A. Beach Printing Co., Sioux Falls, request to print and
circulate Verification of Financial
4
7/2
Statements
Withdrawals from FiiSystem:
Bank of Ilanhattan Co., New York, manner of termination of
279
11/6
membership discussed
earnings
of
distribution
of
because
Cancellations of membership
of FABanks, regulations an rediscounting,
12/31 441
etc., letter on probability of
City Bank Farmers Trust Co., New York, to file notice of
4
7/2
intention to withdraw
memberof
termination
Ill.,
Chicago,
Home Bank and Trust Co.,
8/22 110
ship because of consolidation
113
9/3
approved
stock
FABank
Surrender of
veterans
offered
insurance
of
advantages
World War Veterans Act,
72
8/9
under amendment to

York Securities Co., York, Pa., ownership of
Co., legality of
Young, H. U., information gathered by F.iBank
conditions, etc., to
use of Department of

stock in York Trust
of Dallas on crop
be furnished for
Commerce

10/11

187

12/10

363

Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Index, July to December 1929, Volume 16, Part 2

FRASER