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KEY TO 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, Nonmenber Banks, and Membership Stock of lerttianks and Member Banks, see Stock INDEX September - October, 1933 "A" Pages Conference of ComGovernors' Abrasion on gold coin, appointment by mittee of Governors Fancher, Martin and McKinney to discuss reimbursement of FRBanks with Treas10/12 337 ury and FRBoard Executive order contains no provision for reimbursement, Treasury unwilling to go beyond limit of tolerance, 10/12 346 FRBanks should not assume any abrasion loss Treasury's reply as to reimbursement and as to necessity for 10/12 360 FRBanks to determine amount 10/16 389 Absorption, advice to FRBanks that they should not assume Absorption of banks: (See Consolidations) Advertising: Federal Home Loan Bank System, reply to FRBoard that similarity in symbols should not be confusing, Governor 10/19 435 Black to take up matter further Advisory Council: (See Federal Advisory Council) Affiliates: Amalgamated Trust and Savings Bank, Chicago, Ill., Board cannot grant extension of time for filing of reports of, 9/28 238 unless good cause is shown Amalgamated Clothiers' Union, reply that publishing report of, will not prejudice right to seek reconsideration of ruling that Chicago Joint Board is hold10/17 396 ing company affiliate of bank (See also Holding company affiliates, Amalgamated Clothing Workers of America) Attorney General's opinion of Sept. 7 on furnishing reports of, affiliate relations and examinations, to be 105 published in FRBulletin Augusta Mortgage Co., organized by Union Trust Company of Maryland, Baltimore, in reorganization plan, in9/22 134-9 volved in membership application (See also Membership in FRSystem, Union Trust Company of Maryland) Bank of Montreal, San Francisco, Calif., ownership of stock by Bank of Montreal, Canada, latter subject to 9/28 241 provisions of Banking Act of 1933 (See also State member banks) Broadwell Corporation, question of affiliation with StatePlanters Bank and Trust Co., Richmond, Va., reply to Governor Seay 94/22 158 Building and loan association, some of whose officers are directors also of national bank, reply to Mr. James 10/30 529 on affiliation with Central Co., Oakland, Calif., reply that it appears not to be affiliate of Central Bank of Oakland, condition report need not be published if explanation showing termination of affiliation is published 9/22 176 2 Pages Affiliates: (Continued) Commerce Trust Company of Kansas City, Lo., reply to Mr. McClure that reports of four nonmember affiliates must be published, corporations operating safety deposit boxes are also affiliates and corporation holding Government securities may be 9/26 Condition reports: National and State member banks, time for filing to be extended again 9/12 Proposed press release and modification of requirements as to kind of report 9/13 State member banks: Publishing for large group of member banks and nonmember affiliates, reply to Ur. Timberlake on 9/26 Revised forms and instructions transmitted to FRBanks 10/25 Draft of proposed letter to FRAgents transmitting affiliate forms for next call, approved 10/25 Unlicensed member bank, reply to FRBank of San Francisco in connection with necessity for publishing 9/30 David Sears Real Estate Trust, reply to New England Trust Company on request for permission not to publish condition report of 9/26 Extension of credit, position of Comptroller of Currency that promissory note of, for purchase of assets from national bank constitutes, affirmed by FRBoard 9/22 General Property Co., Lincoln Bank and Trust Co., Louisville, Ky., will not be required to publish condition report as it has been liquidated 10/30 Green River Mills, Inc., question of affiliation with StatePlanters Bank and Trust Co., Richmond, Va., reply to Governor Seay 9/22 Holding company affiliates: (See Holding company affiliates) Liberty Safe Deposit Co., affiliate of Liberty Bank of Chicago, latter must publish condition report 9/2 Loans to, by member banks, on security of real estate mortgages, ruling to be published in FRBulletin 9/9 Member bank, reply to Ur. Sibley that ownership of more than 50% of stock of, and of corporation by independent investors constitutes affiliation 10/30 Old Colony Trust Company of Boston, Mass., reply to Mr. Stockton giving Attorney General's opinion as to affiliation of corporation, stock of which is held by bank as executor or trustee 9/22 Richmond Mortgage and Loan Corporation, Richmond, Va., request of State-Planters Bank and Trust Co., for waiver of publication of report, and whether Virginia Fire and Marine Insurance Corporation is affiliate 9/2 State Bank, Winfield, Kansas, reply to Ur. McClure that trusteeship formed for erecting annex to bank is not affiliate 9/28 State-Planters Bank and Trust Co., Richmond, Va., reply to Governor Seay on affiliation of Virginia Fire & Marine Insurance Co., the Broadwell Corporation and the Green River Mills, Inc., and other organizations 9/22 Unlicensed State member banks, reply to Ur. Sargent on publishing condition report of 9/30 203 76 89-92 201 481 482 268 211 173 528 158 10 38 531 175 12 240 158 268 3 Pages Affiliates: (Continued) Virginia Fire & Marine Insurance Co., reply to Governor Seay on question of affiliation with State-Planters Bank and Trust Co., Richmond, Va. 9/2 Further reply to Governor Seay 9/22 Zion's Savings Bank and Trust Co., appears to be affiliate of Utah Trust and Savings Bank, Salt Lake City, Utah 9/26 Further information submitted, more definite info/nation needed for ruling as to whether bank is holding company affilidbe 9/30 Board disagrees with opinion of FRBank that trust company is not affiliate of Utah Trust and Savings Bank 105 Agencies, FRSystem: Havana: Charge alleged to be made for cashing salary checks of foreign service personnel, reported by Mr. Carr, Agency only cashed checks during banking holidays and at par, opinion that they should not cash such checks 9/19 Commission charged on transfer of funds between United States and Cuba, reply to Mr. Carr that Board does not favor suggested waiver in connection with Treasury checks for foreign service personnel 10/19 American Bankers Association: Christmas Club accounts, reply to Mr. Mountjoy on inclosed letter from Provident Savings Bank and Trust Co., Cincinnati, relative to payment of interest on 9/28 Convention, report of Governor Black on 9/9 Kentucky tax, ruling of FRBoard in reply to Mr. Paton with reference to inquiry of Montgomery National Bank, that absorption -would constitute indirect payment of interest on demand deposits 9/22 Argentine Government, query from Embassy regarding payment of interest on deposits of, by National City Bank, J. P. Morgan and Co., and others, FRBoard desires views of member banks concerned before replying 9/26 Articles for publication: Kent, Fred I., FRBank of New York, letter expressing regret at results of article in "Literary Digest" and copy of statement sent to "Forum" Assistant F.Agents: (See FRAgents) Atlanta Clearing House Association, absorption of exchange on cheeks on non-par points, conclusion that it is not permitted under Banking Act of 1933 9/16 (See also Clearing and collection, Nonpar items) Attorney General: (See Department of Justice) 13 158 204 266 489 108 426 235 53 178 206 21 103 "Btt Bailey, George R.: (See National banks, Harrisburg hational Bank) Bank Stabilization Act of Washington, reply to FRBank of San Francisco on eligibility of nonmember banks, and retention by State member banks of membership under 9/9 32 4 Pages Bank for International Settlements: Directors: Harrison, G. L., FRBank of New York, letter concerning acceptance of directorship, requesting Board's attitude, referred to Counsel for opinion 10/25 461 Hague convention granting certain immunities to, request of Ur. Feis for Board's views on adherence to 10/25 454 FRBoard cannot agree to advisability of United States becoming party to convention as export of gold is prohibited 10/31 541 National Bank of Hungary, advice to FRBank of New York of suggested new formula for partial repayment of credit, Board offers no objection 10/9 318 Bankers code: (See Code) Barber, D.: (See National banks, Chase National Bank) Barrett, Edward J.: (See Reorganization of banks, Illinois) Beretta, J. K.: (See Interlocking directorates, National Bank of Commerce) Bloede, C. S.: (See Membership, Union Trust Company of Maryland) Bolton, Congressman Chester C.: (See Branch banks, domestic, Establishment) Bonds: Government: (See Government securities) Surety: Oberwortmann, i. R., as Assistant FRAgent at Kansas City 10/31 543 Branch banks, domestic: American Trust Co., San Francisco, Calif.: Albany, request for information as to branch established in 1932 10/25 496 Sacramento, action deferred on application pending opinion of Attorney General, current examination report necessary and question of sufficient capital 10/25 494 Cleveland Trust Co., Cleveland, Ohio: South Euclid Village, Ohio, withdrawal of application for establishment of branch and request for permission to absorb South Euclid Bank and consolidate with branch in adjoining village, no objection 10/30 Citizens Bank of Onancock, Va., question of mainShore Eastern tenance of branches in connection with eligibility for membership 9/26 Establishment in same county as parent bank, letter from Congressman Bolton urging expedition of ruling on, in connection with Ohio banks, Mr. Miller to reply 9/12 (See also infra- Out-of-town, Ohio) Guilford Trust Co., Guilford, fie.: Monson, insufficient capital for retention in connection with membership 9/22 Bangor, Ye., eleven branches operated, Comp Co., Merrill Trust troller will approve in connection with reorganization and membership application 10/30 National banks, request of Comptroller for opinion of Attorney General on establishment of branches and in California 10/25 521 194-6 74 143 512 488 5 Pages Branch banks, domestic: (Continued) Ohio: (see infra Out-of-town) Out-of-town: Ohio, ruling on establishment by State member banks, letter from Congressman Bolton urging expedition 9/12 Opinion of Mr. Vest, feeling of Mr. Thomas, vote to concur in position of Comptroller that branches may be established and letters to F...Agent and Senator Bulkley 9/13 Procedure for handling applications of State member banks, approved by Comptroller and request for most recent examination report, letter previously approved amended and sent to FRAgents 9/12 Ruling of Attorney General as to establishment by national banks and in California, request of Comptroller for 10/25 Removal would constitute establishment of new branch and Peoples Bank and Trust Co., Tupelo, Miss., would not be eligible for membership without complying with requirements for national bank branches 104/25 Spokane and Eastern Trust Co., Spokane, 1A.sh.: Cheney, Wash., proposed establishment, information requested 00 State Exchange Bank of Culver, Ind., reply to Mr. Stevens in reference to correspondence with Congressman Durgan that Argos branch may not be maintained in connection with membership 9/19 Reply to Congressman Durgan that action has been deferred 9/26 Reply to bank and to Congressman Durgan that bank may become member and keep branch only by complying with requirements of national bank branches 1Q/5 Branch banks, Faystem: Buffalo: Personnel classification plan, changes approved 9/15 Cincinnati: Personnel classification plan, changes approved 9/9 Continuance of, belief of Mr. Miller that definite decision should be reached before action on discontinuance of Helena and Spokane branches, action deferred 10/ 4 26 Denver: Personnel classification plan, changes approved 9/19 Detroit: Examination reveals that settlement for shortage in gold of temporary tellers has not been received Staff: Bowen, F. L., expectation that services as Assistant Auditor will be discontinued, request advice of date 9/12 Eubank, William A., appointment and salary as Assistant Auditor upon advice of transfer of stock of Guardian Detroit Union Group, Inc. to another nominee 02 El Paso: Personnel classification plan, changes approved 08 Helena: Continuance, request of Montana Bankers Association that it be continued, Mr. Peyton's report delayed pending discussion with FRBank of San Francisco on simultaneous discontinuance of Spokane Branch 9/12 74 82-5 69 488 496 259 126 196 288 94 27 506 118 224 61 60 221 58 6 Pages Branch banks, FRSystem: (Continued) Helena: (Continued) Continuance: (Continued) Proposed letter to :Jr. Peyton concerning report as to continuance and question of discontinuance of Spokane Branch, action deferred 10/26 506 Safekeeping, no objection to holding securities for nonmember banks have membership applications on file or in process of merging with member bank 10/5 295 Houston: Personnel classification plan, changes approved 9/28 221 Little Rock: Personnel classification plan, changes approved 9/15 95 Los Angeles: Staff: Heim, H. B., designation as Assistant Examiner 9/28 222 Louisville: Personnel classification plan, changes approved 9/15 95 Memphis: Personnel classification plan, changes approved 9,/15 95 Oklahoma City: Personnel classification plan: "Guard", new position approved 9/2 1 Changes approved 9/15 95 Changes approved 10/16 377 Omaha: Personnel classification plan: "Assistant registered mail clerk",new position approved 9/2 1 San Antonio: Personnel classification plan, changes approved 9/28 221 Spokane: Discontinuance, question of, in event of discontinuance of Helena Branch 9/12 59 Proposed letter to 'Ir. Newton requesting study of possibility of discontinuance, action deferred 506 Branch banks, foreign: Chase National Bank: London, request of Chase Bank to purchase stock of Chase National Executors and Trustees Corporation, Ltd., from Chase Corporation 9/22 162 San Juan, Puerto Rico, reply to Mr. Barber on application for establishment, letters to Comptroller and Secretary of Aar and to Mr. Case 9/13 88 Replies received and application approved 9/26 185 International Banking Corporation: Barcelona, report of examination transmitted to directors of Corporation and letter to Comptroller 9,/12 62 Madrid, report of examination transmitted to directors of Corporation and letter to Comptroller 9/12 62 Paris, France, National City Bank of New York: Boulevard Haussmann Branch, report of examination transmitted to directors of Corporation and letter to Comptroller 9/12 62 Champs Elysees Branch, report of examination transmitted to directors of Corporation and letter to Comptroller 9/12 62 7 Pages Branch, group and chain banking: Committee, recommendation of Governors' Conference that it be reconstituted to amend report for eventual 10/12 publication Question discussed, copy of report sent to Senator Glass now in hands of Mr. 'Willis, another copy requested for Brookings Institute, estimate of cost of 10/19 bringing up to date to be submitted Brandwen, M.: (See State member banks, Amalgamated Bank of New York) Brewster, B. H., Jr.: (See Membership in FRSystem, Union Trust Company of Maryland) Brawn, Paul P.: (See North Carolina Bankers Association) Bruere, Henry, present at President's conference on purchase of gold 10/31 in world market 10/9 Conferences, liquidation of assets of closed banks Building and loan associations: Affiliation with national bank, reply to Liz.. James on, in connection with association, some of whose directors 10/30 are also directors of national bank New York, reply to Wilber National Bank that they are not mutual savings banks 9/28 Pennsylvania, reply to Harrisburg National Bank, Harrisburg, Pa., that they are not mutual savings banks 9/22 Building sites: FRBanks: (See FRBanks, Real estate) Bulkley, senator Robert J.: (See Branch banks, domestic, Out-of-town) Business and credit conditions, review of Dr. Goldenweiser before Wio Governors' Conference 337 434 554 311 529 237 174 329 cif California: Branches of national banks, request of Comptroller for opinion 10/25 on establishment of Canada: Fiduciary powers, First National Bank of Seattle may exercise trusteeship of property in, if not in contra9/12 vention of local law Canal gone, reply to Chase National Bank that ruling that it is not 10/17 foreign country cannot be changed Capital stock: (See Stock, capital) Carr, Wilbur J., Assistant Secretary of State: (See Department of State) Chamber of Commerce Building: (See Quarters of FRBoard) Charge offs: Farmers State Bank, Winner, S. Dak., request for reconsideration of membership condition requiring reduction in 10/ 4 5 value of banking house, amended Chase Corporation, request of Chase Bank for permission to purchase entire issue of stock of Chase National Executors and Trustees Corporation, London, from 9/22 Christmas club accounts: (See Deposits) Circulars, FRBoard: Abrasion on gold and shipping charges on cold certificates, advice to FRBanks that they may not assume first, but may assume shipping costs 10/16 488 66 398 285 162 389 8 Pages Circulars, FRBoard: (Continued) Absorption of exchange and collection charges on non-par items, Board to state position clearly and request all FRAgents to seek to have clearing houses voluntarily prohibit 9/22 Copy of letter sent to all FRAgents, advice to Mr. Newton 10/9 (See also Clearing and collection, Nonpar items) Bonds, security for postal savings deposits, request for views and suggestions of FRBanks on keeping for banks, at request of Treasurer of U. S. 10/19 Condition reports of affiliates of State member banks, revised forms and instructions transmitted to FRBanks 10/25 Condition reports of State member banks, new schedule Q to be included in next report to secure information on deposit balances for use of F.D.I.C., letter approved transmitting forms and affiliate forms 10/25 Deferred certificates of deposit, liability on, no objection to Lir. Case furnishing copies of X-7598-a in similar cases 10/5 Directors of FRBanks and branches, request FRAgents to investigate application of Sec. 8A of Clayton Act before elections and appointments 10/31 Examiners, appointment of new, Secretary requested to prepare letter to FRAgents that all recommendations be submitted to Chief of Board's Division of Examinations for investigation and recommendation 9/9 Letter on procedure to be followed, presented and approved 9/22 Holding company affiliates, advice to all FRAgents that time for subsidiary member banks to obtain agreements on FRB form P-5 is extended to November 1 9/30 Indebtedness and outside business relations, advice to FRAgents that principles of previous circular be applied to appointments to examining forces 10/16 Interdistrict time schedules, advice of changes in 9/26 Idembership in FRSystem, general policy of FRBoard in considering applications, letter to FRAgents inclosing revised and amplified statement 9/12 Out-of-town branches of State member banks, procedure for handling applications, letter previously approved amended and sent to FRAgents 9/12 Reclassification of member banks for electoral purposes deferred, advice to FRAgents 9 /26 Regulation L, revised, transmitted to FRAgents for local printing 10/25 Reserves of member banks in outlying districts carrying reduced, requirement that applicant shall have been a member for a year rescinded, outline of procedure and information to be furnished in future 10/5 Salaries of executive officers and directors under S.R. 75, reply to FRBank of Dallas on reporting for consolidated banks 9/2 Treasury Department stand on shipment of gold by FRBanks to former at its expense, reimbursement for abrasion on gold, holding gold and gold certificates in joint custody, policy as to silver dollars, etc. 10/12 159 327 426 481 482 300 546 48 155 264 379 198 61 69 198 444 298 9 359 9 Pages Circulars, FABoard: (Continued) Trust examiners, advice to FRBanks that recommendations of appointments of, be referred to Mr. Paulger with 9/9 information on experience and qualifications Circulars, Treasury: Customers paper, recommendation of Governors' Conference that it be eliminated from loo. 92 as eligible collateral 10/12 for war loan deposits Fiscal agency expenses of FRBanks, letter requesting curtailment, FRBank of Cleveland objects and FRBank of Dallas will object, matter taken up with FRBanks without 9/9 notifying FRBoard Clearing and collection: Absorption of exchange and collection charges: Bankers' code of fair competition, reply to Lir. Hale that Board has not ruled on question, under provi10/12 sions of Nonpar items, advice of Mr. Young of conclusion of Atlanta banks and Clearing House that it is illegal and 9/16 request for ruling to protect banks Board to state position clearly and request FRAgents to seek to have clearing houses adjust conflicting practices voluntarily, to present statement to 9,/16 Federal Advisory Council Previous practices of Atlanta banks constitute indirect payment of interest on demand deposits, Board will 9/22 expect clearing houses to prohibit Copy of letter sent to all FRAgents, advice to lir. 10/9 Newton Conference to be called of southeastern bankers to seek action similar to that of Atlanta Clearing House 9/22 Resolution of Conference, Board cannot make general ruling, clearing houses should consider practices, no objection to furnishing circular to member 10/9 banks Explanation of action of Atlanta Clearing house in reply 9/28 to Hibernia National Bank in New Orleans Reply to Mr. Hecht that Board cannot rule on, and letter to FRAgent calling attention to practices of banks in connection with railroads, express 10/16 companies, etc. Second FRDistrict, advice from Mr. Case that clearing house 10/18 practices are not in conflict with law Charge for cashing salary checks of foreign service personnel by 9/19 Havana Agency, alleged in letter from Ia.. Garr Reply to Mr. Carr that Board does not favor suggested waiver 10/19 in connection with Treasury checks Federal reserve exchange and transfer drafts, recommendation of Governors' Conference that latter be abolished and former continued pending further considera10/12 tion 9/26 Interdistrict time schedules, advice of changes in Postal savings system, request of Mr. Erwin that FRBank of Richmond accept drafts drawn on postmaster at Ashe9/28 ville, N. C., for collection 48 336 44-5 364 103 104 159 327 160 327 234 387 415 108 426 336 198 229 10 Pages Clearing house associations in Second FRDistrict, advice from 1,1r. Case that practices on absorption of exchange or collection charges are not in conflict with law 10/18 (See Wisconsin Bankers Association) Coapman, W. G. Code, Bankers, of Fair Competition: Absorption of exchange charges under provisions of, reply to Mr. Hale that Board has not ruled on 10/12 Draft of code approved by A.B.A. submitted to Board by iIr. ':leisiger for consideration and suggestion, FRBoard should cooperate and Mr. Wyatt to take copy to North Carolina to confer with Governor Black 9/30 North Carolina Bankers Association, reply to Mr. Brown with regard to interest to be paid on deposits under, refusing to rule 00 Collins, Charles: (See Holding company affiliates, Northwest Bancorporation) Commissioner of Internal Revenue, letter seeking information concerning R.C. Mauch in connection with investigation of organizers of national bank at Bethlehem, Pa. 9/28 Commissioner of Labor Statistics, Governor Black authorized to send copy of letter to Secretary of Labor to, that cost of living study is not applicable to employees of FRBoard 9/26 Committees: Branch, group and chain banking: (See Branch, group and chain banking) Federal Open Market: Meeting, to be held while Governors are in Washington 10/10 Open market policy, memorandum of 10/12 No objection to submission to Secretary of Treasury and President 10/12 Resolution that authority for purchase of Government securities be reaffirmed, report of purchase of 35,000,000 and feeling of little need for continued purchases except in event of emergency 10/12 Approved and telegram to Governor Harrison that Board will have matter under review for adjustments 10/12 FR.Bank of Boston: Committee on Reserve Bank Directors, desire of FRBank to reimburse for attending meetings, referred to Committee on District No. 1 9/9 Report of Mr. Hamlin and action deferred pending visit of Governor Young to Washington 9/19 Report of LI.. hemlin on discussion with Governor Young, no objection to reimbursement for expenses 10/17 FRBank of Richmond: Messrs. Delano, Rieman and Reed, to consider purchase of additional property, meeting with FRBoard 9/26 FRBoard: Applications for membership, Messrs. Thomas and Szymczak appointed to determine steps for speeding up of work in connection with consideration of 10/9 District No. 1, desire of FRBank of Boston to reimburse Committee on Reserve Directors for attending meetings, referred to 9/9 415 364 271 263 226 186 329 339 341 338 342 46 114 405 181-5 324 46 11 Pages Committees: (Continued) FRBoard: (Continued) District No. 1: (Continued) 9/19 Action deferred pending visit of Governor Young Young, Governor with discussion Report of Mr. Hamlin on 10/17 no objection to reimbursing for expenses at Law Mr. District No. 5, selection of successor to 9/9 Charlotte Branch referred to District Lo. 7: Examiners alloted to F.D.I.C. by FRBank of Chicago, increases in salaries, explanation of Mr. Paulger, 9/30 referred to Governor at FRBank of Chicago, report on salary of Mr. Preston and selection of, action deferred until 9/19 meeting of directors on Sept. 22 (Sec also FRBank of Chicago) Mayer, Meyer, Austrian and Platt, question of retention as counsel at FRBank of Chicago and securing full 10/19 services of Mr. Dunn, referred to as question Penningroth, W. J., indebtedness of, raises 9/30 to appointment as examiner, referred to District No. 10: Class C director at FRBank of Kansas City, Mr. James in accord with policy of selecting from Kansas City recommends Mr. Caldwell, Mr. Thomas opposed and favors Mr. Doolin, committee enlarged to include 9/19 Mr. Szymczak and poll of Board on policy Districts 1 to 12: Recommendations of appointments of Board members by 10/9 Governor Black Members of Board appointed according to recommendations 10/17 10/26 Examinations, Mr. Thomas appointed chairman Executive: Suggestion of Mr. James that Committee designate nember for fourth Quarter, provisions of by-laws called to attention, Mr. Szymczak designated manber and chairman but concurrence of Secretary of Treasury 9/30 and Comptroller necessary before effective 10/9 Designation concurred in System of rotation for appointment of members, referred 10/17 to Governor Black Membership applications, Messrs. Thomas and Szymczak ap10/9 pointed to determine steps to expedite work on 10/26 Salaries and Expenditures, Mr. Szymczak appointed member Governors' Conference: Abrasion on gold, Governors Fancher, Martin and McKinney appointed to discuss reimbursement of FRBanks with 10/12 FRBoard and Treasury Executive order contains no provision for reimbursement, Treasury will not go beyond limit of tolerance, FRBanks should not assume any abrasion loss or 10/12 shipping charges Extraordinary expenses incident to banking holiday, Messrs. Fancher, Martin and McKinney appointed to dis10/12 cuss reimbursement with FRBoard and Treasury 114 405 42 254 111 438 252 112-4 308 402 500 273 328 402 323 500 337 346 337 12 Pages Committees: (Continued) Governors Conference: (Continued) Extraordinary expenses: (Continued) Information from FRBanks to be assembled and reimbursement sought from Treasury in accordance with Douglas' letter 10/12 Fiscal agency expenses, Governors Fancher, Lartin and McKinney appointed to discuss reimbursement for FRBanks with FRBoard and Treasury 10/12 FRBanks should be reimbursed and understanding sought with Treasury, Mr. Smead to work out uniform formula for expenses and date showing expenses absorbed in 1932 and amount estimated for this year 10/12 Intermediate credit bank debentures, Messrs. iiorris and Burgess appointed to report on policy in handling subscriptions to 10/12 Pension, recommendation of Conference that c;5,000 be granted for completion of work 10/12 President's Banking: Recapitalization plan for nonmember banks being held in abeyance 10/9 Report of Governor Black on activities of, that FRAgents have been requested to submit estimate of amount needed to restore capital of nonmember banks and that committee will work in close harmony with F.D.I.C. 9/9 Review of activities on survey of capital needed to restore licensed banks to soundness and plans made for R.F.C. to aid banks so that F.D.I.C. will commence operations with sound banks 10/10 Special Industrial Recovery Board, proposed committee to study effects of contemplated plans, request that Dr. Goldenweiser be appointed alternate for Sr.A Sprague, not favored 9/9 Community Chest, 14r. Noell designated chairman to supervise activity of Board's organization 10/26 Comptroller of the Currency: Branch banks, request for opinion of Attorney General on establishment by national banks, and in California 10/25 Extension of credit, acceptance of promissory note from affiliate for assets purchased from national bank, held to be, affirmed by FRBoard 9/22 Receiver of national bank, reply to iii'. Worthington on Comptroller's wire that FRBank honor checks and drafts, question of trust funds, further instructions 9/30 Condition reports: Affiliates: Member banks, statement of O'Connor that delay in opinion of Attorney General necessitates further postponement, approved 9/12 Proposed press release concerning and modification of requirements as to kind of report 9/12 National banks, Comptroller to extend time for filing 9/12 Proposed press release concerning and modification of requirements as to kind of report 9/12 344 337 344 336 337 311 53 331 54 505 488 173 262 76 89-92 76 89-92 13 Pages Condition reports: (Continued) Affiliates: (Continued) State member banks: Publishing of reports for large group of member banks and nonmember affiliates, reply to 1.1r. Timber9/26 lake as to reports bank member that Reply to LIr. Timberlake should be published at same time as affiliates 10/12 even though law does not require 105 FRBanks to Revised forms and instructions transmitted Unlicensed member bank, reply to FRBank of San Francisco requesting further information in connection with 9/30 necessity of publishing Amalgamated Trust and Savings Bank, Chicago, Ill., request for extension of time for furnishing, of affiliates, 9/28 refused affiliates, of Attorney General's opinion on condition reports 9/16 to be published in FRBulletin need Central Bank of Oakland, Calif., report of Central Company not be published if explanation showing termina9/22 tion of affiliation is published Mr. McClure to Commerce Trust Company of Kansas City, Mo., reply that reports must be published by bank, corporations operating safety deposit boxes are also affiliates and corporation holding Government 9/26 securities may be First Bankstock Corporation, reply to contention that as reports of member banks were published in July they need not be published again with reports of affi1iates10/12 Hamilton Trust Co., Paterson, L. J., book value of capital stock changed so as to permit surplus and undivided 9/22 profits items in report Indiana State Banking Department, State banks required to submit annually separate schedules of market value of 10/12 assets Kentucky Title Trust Co., Louisville, Ky., preferred stock on which premium of 10% is due if retired should be 10/30 carried at par Liberty Safe Deposit Co., Chicago, Ill., Liberty Bank of Chicago must secure, and publish Lincoln Bank and Trust Co., Louisville, Ky., will not be required to publish with report of affiliate which has 10/30 been liquidated Marine Midland Corporation, extension of time for filing of, of 10/5 affiliates of each subsidiary member bank Eational banks: Call reports, recommendation of lIr. Snead that banks be required to show market value of investments on next call, and on the succeeding one, the ap9/22 praised value of loans and real estate Reconsideration by Comptroller of market value of assets, memo of Jr. Smead, groundwork for reports should be laid, position of Comptroller, action deferre110/12 Principle sound but would be burdensome at present, form 10/17 of next report referred to Governor with power 201 362 481 268 238 105 176 203 362 157 349 521 10 528 300 157 349 405 14 Pages Condition reports: (Continued) National banks: (Continued) Call reports: (Continued) Call as of October 25 10/31 Deposit balances, Comptroller to include new schedule to secure information on size of, for use of F.D.T.C. 10/25 Trust Co., Boston, Mass., reply to request for perEngland New mission not to publish report of affiliate 9/26 Northwest Bancorporation, reply to contention that as reports of member banks were published in July they need not be published again with reports of affiliates 10/12 Richmond Mortgage and Loan Corporation, State Planters Bank and Trust Co. must publish report 9/2 Savings Investment and Trust Co., East Orange, L. J., book value of capital stock changed, reducing surplus and eliminating undivided profits in stated amount 9/22 State member banks: Call reports, recommendation of Mr. Smead that banks be required to show market value of investments on next call, and appraised value of loans and real estate on succeeding call 9/22 Reconsideration by Comptroller, memo of Mr. Smead, groundwork for such reports should be laid, position of Comptroller, action deferred 10/12 Principle sound but -would be burdensome at present, form of next report referred to Governor with power 10/17 Memo of Governor Black that they are not to be called for prior to December, 1933, call 10/25 Call as of October 25, 1933 10/31 New schedule Q to be included in next report as to size of deposit balances for use of F.D.I.C. and letter approved transmitting forms and affiliate forms 10/25 ":ieekly statement of FRBanks as of Oct. 11, to be issued Oct. 13 10/5 Weekly statement of reporting member banks in central reserve cities as of Oct. 11, to be issued Oct. 13 10/5 Conferences: Bankers of southeastern cities, discussion of absorption of exchange or collection charges and resolution lq/9 FRAgents: Minutes, tentative draft, reply to Mr. Stewart suggesting changes 9/9 of Mr. Stevens that joint meeting be held with Suggestion Governors, to be informed that plan should be postponed 9/26 Governors: Advisability ofmeeting discussed with Governor iiarrison by Governor Black, latter authorized to call meeting for Oct. 10 9/26 Suggestion of Mr. Stevens that joint meeting be held with FRAgents, to be informed that plan should be postponed 9/26 Meeting with FRBoard, meeting of Federal Open Market Committee to be held, review of business and credit conditions by Dr. Goldenweiser 10/10 542 481 211 362 13 158 157 349 405 482 542 481 296 296 327 38 188 187 188 329 15 Pages Conferences: (Continued) Governors: (Continued) ijeeting: (Continued) Outline of conditions facing FRBoard, interpretations of Banking Act of 193$ and expected increase in applications for membership because of desire to lo/lo benefit from F.D.I.C. on Committee Banking Review of activity of President's survey of capital needed to restore licensed banks to soundness and plans of R.F.C. to aid banks so F.D.I.C. will commence operations with 1Q/10 sound banks of release to expedite plan Engagement of jr. Bruere and closed banks' deposits by formation of emergency corporation, opinion of Governors that plan is 4 10 10/ desirable and workable 1Q/12 topics various on Actions taken by Conference Fiscal agency operations, abrasion on gold and out-ofpocket expenses for banking holiday, Governors Fancher, :artin and McKinney appointed to dis10/12 cuss reimbursement with Board and Treasury Conference) Governors Committees, (See also Pension committee, recommendation that 5,000 be grant10/12 ed for completion of work on harrision Governor of Open market operations, report resolution that purchase authority be reaffirmed, and of purchase of35,000,000 of Government 10/12 securities for Government securities, feeling of advisability reducing holdings with discretion to operate as conditions develop and memo of open market pol10/12 icy Governor to Resolution approved and telegram 10/12 Harrison Recommendations of: Branch, group and chain banking committee, that it be reconstituted to amend report for eventual 10/12 publication Treasury from eliminated be it Customers paper, that circular 92 as eligible collateral for war loan 10/12 deposits continbe they that separated, Rmployees of long service 10/12 ued on payrolls to benefit from pension (See also FRBanks, Employees) FRBank notes, FRBanks not having amount in circulation 10/12 up to 10,) of FRnotes should arrange for latter that drafts, Federal reserve exchange and transfer be discontinued and former continued pending 10/12 further consideration Mchinney and Gold abrasion, Governors Fancher, LIartin appointed committee to discuss reimbursement for, 10/12 with FRBoard and Treasury (See also Abrasion) Intermediate credit bank debentures, policy in handling subscriptions to, Messrs. Lorris and Burgess 10/12 appointed committee to report on 330 330 332-4 336-8 337 337 337 339 342 337 336 337 337 336 337 336 16 Pages Conferences: (Continued) Governors: (Continued) Recommendations of: (Continued) Loans, that provisions of Sec. 10(b) of FRAct be extended to Larch 4, 1934 10/12 Membership applications, that FRBanks cooperate with FRAgents and FRBoard in expediting handling 10/12 Pension committee, that 5,000 be granted for completion of work 10/12 Reimbursement by Treasury for extraordinary expenses incident to banking holiday 10/12 Topics for discussion: Employees, question of policy raised by request of Jr. 1.1osher that he be continued on payroll of FRBank of Minneapolis to maintain status under insurance policy and possible pension benefits 9/28 Liquidation of assets of closed banks, Governor Black, Messrs. Bruere, Robert, Broderick, Buckner, and ":ioodin, proposed emergency corporation for sale of preferred stock to R.F.C., Messrs. Martin and :lorrillto cooperate with Mr. Bruere on details 10/9 Monetary and Econo:Lic: Hague convention granting certain immunities to Bank for International Settlements, request for Board's attitUde toward adherence by United States 10,/25 Reply that as export of gold is prohibited, IRBoard cannot agree to advisability of U. S. becoming party to 10/31 President's, purchase of gold in world market, report of Governor Black on, attended by Messrs. Bruer°, Kent, Crane, Warren, Rogers, :.:Orgenthau, Jones, Acheson and Governors Black and Harrison 10/1 (See also FRBank of New York, Fiscal Agent) Seventh International Conference of American States at idontevideo, Uraguay, request of State Department for attendance of Mr. Gardner, referred to Governor with power 1Q/25 Connor, Lawrence B.: (See National banks, Agricultural National Bank) Consolidations: Va., agreerent for Kanawha ValCapital City Bank, Charleston, ley Bank to take over assets and liabilities 10/16 Cleveland Trust Co., Cleveland, Ohio, request for permission to absorb South Euclid Bank and consolidate with branch in adjoining town, no objection 10/30 First National Bank, Wellington, Ohio, agreement whereby liabilities would be assumed by First Wellington Bank 10/25 First Trust and Savings Bank, Harrisburg, Ill., no objection to absorption of Raleigh State Bank, Raleigh, Ill, 10/25 First Wellington Bank., W.ellington, Ohio, agreement whereby liabilities of First National Bank would be assumed for note collateraled by all assets 10/25 Kanawha Valley Bank, Charleston, W. Va, agreement to take over assets and liabilities of Capital City Bank 10/16 Minnesota Loan and Trust Co., Minneapolis, Minn., proposed merger with iorthwestern National Bank 9/30 (See National banks, Northwestern National Bank and Trust Co.) 336 338 337 337 219 311 454 542 534-6 453 383 521 479 474 479 383 259 17 Pages Consolidations: (Continued) North St. Louis Trust Co., St. Louis, Mo., merger with Water Tower Bank resulted in no change in functions 9/30 Northwestern National Bank, Minneapolis, Idinn., proposed merger with Minnesota Loan and Trust Co., necessity for Northwest Bancorporation to secure voting permit 9/30 (See also National banks, Northwestern National Bank and Trust Co.) Raleigh State Bank, Raleigh, Ill., nonmember, proposed absorption by First Trust and Savings Bank, harrisburg, I11.10/25 Security National Bank, Cheney, wash., proposed absorption by 9/30 Spokane and Eastern Trust Co. South Euclid Bank: (See supra Cleveland Trust Co.) Spokane and Eastern Trust Co., Spokane, Wash., proposed take-over of Security National Bank of Cheney, request agreements and necessity for Northwest Bancorpora9/30 tion to secure voting permit Water Tower Bank of St. Louis, Mo., merged with North St. Louis Trust Co. under charter of latter 9/30 Conversions: Mercantile National Bank at Dallas, Texas, application for fiduciary powers approved only in specific trusts of Mercantile Bank and Trust Co. at time of conversion into 9/22 Cook County, Ill., payment of interest on demand deposits of, statements of Mr. Wyatt and :dr. Szymczak on, FRAgent to be advised that payment is lawful 10/9 Cooperative banks, interest on deposits in member banks, ruling to 9/9 be published in FRBulletin Counsel, General: Additional membership conditions, recoLurlendation of Mr. Boatwright that they be prescribed if application of 10/30 Merrill Trust Co., Bangor, Me., is approved Branch banks in Ohio, opinion of Mr. Vest on right of State 9/13 member banks to establish out-of-town Devaluation of dollar, opinion prepared and copies to be furnished to members of Board 10/9 Statement on close and difficult questions involved in determining whether payment of interest on demand deposits of public moneys is required under States' 10 laws Counterfeit FRnotes, letter to Mr. Acheson concerning refusal of Treasurer to redeem for FRBanks of Minneapolis and NEYW York, attention called to letter from 9/28 Mr. Dewey to Governor Crissinger Credit agencies, Mr. Bruere aiding President in correlating aid to banks 10/9 Currency exchanges: (See State member banks, Valley Bank & Trust Co.) Currency: FRbank notes: (See FRbank notes) FRnotes: (See FRnotes) Navy paymasters, reply to Acting Secretary of the Navy and Mr. Hewes that Board will advise FRBank of San Francisco that there is no objection to furnishing new currency in original and sealed packages to 9/28 Silver dollars, policy of Treasury as to those i:eld by FRBanks 10/12 Cushing, C. L.: (See National banks, Dawns National Bank) 255 259 474 258 258 255 148 319-22 38 412 83 310 320 229 311 228 351 18 Pages HD!, Daiger, J. M.: (See Quarters of FRBoard) Debentures and capital notes: Capital necessary for membership in FRSystem, ruling on inclusion to be published in FRBulletin g/9 38 Intermediate credit banks, Messrs. Norris and Burgess appointed Committee by Governors' Conference to report on policy in handling 10/12 336 Reconstruction Finance Corporation: (See FRBank of New York, Fiscal agent) Definitions: Savings deposits, to be published in FRBulletin 1Q/12 359 Shareholders, as used in Banking Act of 1933 g/26 213 Department of Justice Attorney General: Affiliates, opinion of Sept. 7 on publishing condition reports, affiliate relations, and examinations to be published in FRBulletin 9/16 104 Branch banks, request of Comptroller for opinion on establishment by national banks and also in California 10/25 488 Western Reserve Mortgage Co., Cleveland, Ohio, attention called to use of "Reserve" in title 17 9/2 Department of State: Gardner, Walter R., request for attendance at Seventh International Conference of American States at Montevideo, 10/ 4 25 453 Uraguay, referred to Governor with power Hague convention granting certain immunities to Bank for International Settlements, request for Board'sv_i ews by Mr. Feis on adherence to 10/25 454 Reply that as export of gold is prohibited, FRBoard cannot agree to advisability of United States becoming party to convention 1Q/31 541 Havana Agency, charge alleged to be made for cashing checks of foreign service personnel, reported by Mr. Carr 9/19 108 Commission charged on transfer of funds between U. S. and Cuba, reply to Mr. Carr that Board does not favor suggested waiver in connection with Treasury checks of foreign service personnel 10/19 426 Deposits: Argentine Government, auery from Lmbassy as to payment of interest on, by National City Bank and others, Board desires to obtain views of member banks involved before replying 9/26 206 Atlantic National Bank, Jacksonville, Fla., reply to Jr. ;Talker on classification of savings deposits under Regulation Q 9/19 131 Bank of America National Trust and Savings Association, Santa Cruz, Calif., reply that bank may not pay in excess of 3% on time certificate of deposit 10/25 491 Canal Zone, reply to Chase National Bank that ruling that it is not foreign country cannot be altered 10/17 398 Certificates of indefinite maturity, reply to FRBank of Chicago on payment of interest on those in which bank reserves right to require 30 days notice of withdrawal 9/28 243 19 Pages Deposits: (Continued) Certificates of indefinite maturity: (Continued) Comments of Governor Seay on tentative draft of regulation in connection with banks which have reserved right to require 30 days' notice before repay9/28 ment Chemical Bank and Trust Co., New York, ii. Y., reply to '1,1r. Perkins that loan made on security of time certificate of deposit in case cited is not violation 10/5 of Regulation Q Christmas Club accounts, reply to :Jr. Mountjoy on inquiry of Provident Savings Bank and Trust Co., Cincinnati, 9/28 Ohio, concerning payment of interest on City of Chicago, opinion of City Comptroller that law requires payment of interest on deposits of, opinion of 10/25 FRBank and of Mr. Vest, interest must be paid Closed banks, outline by Mr. Bruere before Governors' Conference of plan to expedite release of deposits through 10/10 emergency corporation Cook County, Ill., proposed telegram that interest payment is not lawful on demand deposits of, feeling of 'Ir. Szymczak that situation is identical with that of State, FRAgent to be advised that payment is 10/9 lawful Cooperative banks in member banks, interest on, ruling to be 9/9 published in FRBulletin beferred certificates of, outline of plan involving issue by re9/2 organizing banks in Illinois, Board's attitude Reply to Mr. Case that there is no Objection to furnishing copies of Board's letter (X-7598-a) with regard 10/5 to liability of banks on, in similar cases Demand, reply to Governor 1,:chinney that interest may not be paid on certificate of deposit containing proviso that if not withdrawn within specified time it 9/26 becomes time deposit Excess of maximum interest rate on, reply to Mr. McClure on time certificates issued after June 16, with no provision for change in rate of interest on issu9/30 ance of Regulation Q First National Bank, Luray, Va., desire of retiring certificates 9/9 of deposit before maturity 9/12 Illinois funds, payable on demand, interest must be paid Interest on: (See Interest) Irving Trust Co., New York, U. Y., opinions of Mr. Cook and Logan that interest may be paid on funds held as custodian, receiver and/or trustee in bankruptcy 10/5 proceedings and deposited prior to June 16 Insurance: (See Federal Deposit Insurance Corporation) Jenkintown Bank and Trust Co., Jenkintown, Pa., reply to Jr.1 Locker on payment of interest on demand deposits 9/9 of County of Montgomery hentucky, absorption of State tax would constitute indirect payment of interest on demand deposits, reply to :Jr. 9/22 Paton on inquiry of Montgomery National Bank Lonergan, Senator Augustine, reply on amount of money on deposit by average depositor and number to be protected 9/26 by insurance feature of Banking Act of 1933 230 302 235 458 332-4 319-22 38 7 300 207 270 42 71 302 39 178 209 20 Pages Deposits: (Continued) Merchants and Planters Lational Bank, Sherman. Texas, reply to Li-. Omohundro as to payment of interest on demand, that oral understanding does not seem definite 9/9 Mutual Savings Central Fund, Inc., ruling of counsel for FRBank of Boston that it is not mutual savings bank, concurred in by FRBoard and not exempt from prohibition on payment of interest on demand deposits 10/18 Nebraska, letter from Bankers Association on payment of interest on deposits of public moneys, referred to FRBank of Kansas City 9/2 Payment of interest on funds obtained by sale of Government securities under repurchase agreement by member bank, question raised by FRBank of Boston as to whether it constitutes payment of interest on demand deposits 10/5 Pennsylvania, Montgomery County, interest may not be paid on demand deposits of, except sinking funds 9/9 Postal savings funds, amendment to regulation intended to change into time deposits, views of FRBoard expressed in letter to Postmaster General before ruling 9/12 Reply to Mr. Eilenberger that amended regulations make deposits time deposits 9/22 Reply to Mr. Hale, FRBank of San Francisco that Postmaster General has amended regulations and that Board is delaying ruling on payment of interest pending any further amendment 9/26 Reply to Mr. Eilenberger that time certificates cannot legally be paid before maturity 9/28 Bonds as security for, views and suggestiens of FRBanks on holding for member banks requested by Treasurer of U. S. 10/19 Bankers AssociaPublic moneys, interest on, inquiry of .Nebraska tion referred to FRBank of Kansas City 9/2 San Francisco Clearing House Association, reply regarding payment of interest, defining savings deposits, and other phases of Regulation Q 9/2 Savings deposits, definition to be published in FRBulletin 10/12 Savings pass book, caataining provision that deposits made before fifth day of month will receive interest from first day, reply to FRBank of Kansas City 9/28 Service charges on demand deposits, reply to FRAgent that deduction practice in Tenth FRDistrict is indirect payment of interest lq/16 Spokane and Eastern Trust Co., Spokane, 'Wash., reply as to presentation of pass book on withdrawal of savings 10/25 Time certificates of deposit: Downs National Bank, Dawns, Kansas, reply that they may not be paid before maturity even though interest is withheld, and certificate maturing in six or twelve months probably may not be paid in nine 9/28 Forms 1 and 2 comply with Regulation Q and incorporation of Board's suggestions would make No. 3 comply, reply to Mr. Williams 10/17 State National Bank, Frankfort, by., reply that bank may not pay interest between maturity and renewal 10/25 40 414 11 300 39 65 165-7 208 233 426 11 11 359 242 388 490 245 395 497 21 Pages Deposits: (Continued) 9/9 Trust funds, interest on, ruling to be published in FaBulletin Waiver of notice of withdrawal of all or part of savings account, reply to Mr. Peyton that classification of other 9/28 savings deposits is not affected Wallkill National Bank, Wailkill, N. Y., reply that bank may modify contracts prescribing *"/' interest, attor10/5 ney states bank is obligated 10/30 Reconsideration requested, Board reaffirms position Viar loan, recommendation of Governors' Conference that customers' paper be eliminated from Treasury circular 92 as eligible collateral for 10/12 Western Saving Fund Society of Philadelphia, Pa., reply that deposits comply with regulations as "savings 10/16 deposits" with one exception Wisconsin Bankers Association, reply to Mr. Coapman as to allowance of credit for balance in checking account to arrive at cost to charge depositor, question 9/9 of indirect payment of interest Devaluation of dollar: (See Dollar) Directors: Bank for International Settlements: Harrison, G. L., FRBank of Kew York, letter concerning acceptance of directorship, requesting Board's 10/25 attitude, referred to Counsel for opinion Directors, FaBank: Clayton Act, Sec. 8A, application to, FRAgents requested to in10/31 vestigate before appointments and elections Conservator or receiver of member bank, no objection to service as Class A director, reply to Lir. Newton 10/25 MBank of Boston: Committee on Reserve Bank Directors, question of reimbursement of expenses for attending meetings, referred 9/9 to Committee on District No. 1 Report of Mr. Hamlin and action deferred pending visit of Governor Young to Washington Report of Mr. Hamlin on discussion with Governor Young, 10/17 no objectionkto reimbursement for expenses FRBank of Kansas City: ' Caldwell, R. B., recommended by Mr. James as Class C to succeed Mr. Langworthy 9/19 Class C, policy of selecting from Kansas City, attitude of hr. James and Mr. Thomas on, committee on District No. 10 enlarged and poll of Board on policy 9/19 Doolin, John B., recommended by Mr. Thomas for appointment as 9/19 Class C to succeed Mr. Langworthy Magee, Wayland W., statement of Mr. James that if policy of appointment is changed he would be inclined to 9/19 recommend as Class C FaBank of Richmond: Delano, Frederic A., meeting with FRBoard to consider purchase of additional property by FRBank 9/26 Graham, E. C., resignation tendered because president of new national bank, special election to be held 9/30 Reed, Charles C., meeting with FRBoard to consider purchase of additional property by FRBank 9/26 38 232 304 530 336 386 41 461 546 487 46 114 405 112 112-4 113 113 181 254 181 Pages 22 Directors, FRBank: (Continued) FRBank of Richmond: (Continued) Rieman, Charles E., meeting with FRBoard to consider purchase of additional property by FRBank 9/26 Nomination and election, reply to hr. Peyton that a holding company affiliate controlling one or more banks in each electoral group may appointment one of such banks in each group to participate in 9/30 Ruling to be published in FRBulletin 10/12 Reclassification of member banks for electoral purposes deferred, advice to FRAgents 9/26 Directors, FRBranch banks: Charlotte: Law, John A., resignation, prompted by liquidation of Central National Bank of Spartanburg, selection of successor referred to Committee on District No. 5 9/9 Clayton Act, Sec. 8A, application to, request FRAgents to investigate before appointments 10/31 Directors, national bank: Ruling that they may serve as director of savings bank which does not make loans secured by stocks and bonds even though empowered to do so, reply to Mr. O'Beirne 9/22 Discount rates: (See Rates) Dollar, devaluation of, opinions prepared by 1.1r. Wyatt and Dr. Goldenweiser, copies to be furnished Board members lr Dolling, H. J.: (See State member banks, Spokane and Eastern Trust Co.) urgan, Congressman George R.: State Exchange Bank of Culver, Ind., question of admission to membership while maintaining branch at Argos 9/19 Consideration deferred pending views of Counsel for FRBank 9/26 Letter stating bank cannot be admitted unless it discontinues branch or complies with national bank branch requirement 181 269 359 198 43 546 176 310 125 196 288 11E11 Employees: FRBanks: FRBoard: Erwin, VI% if., Evans, A. W.: (See FRBank of (See Staff of FRBoard) Acting Director: (See Postal Savings System) (See Interlocking directorates, Mechanics Building and Loan Association) Examinations: Affiliates, opinion of Attorney General, to be published in FRBulletin 9/16 105 FRBank of Chicago, matters criticized in report, request action 9/15 96 Inquiry in shortage of R.F.C. collateral still in progress, no settlement for gold shortage at Detroit Branch and Detroit Savings Bank has not accepted charge for countefeit notes, advice requested 9/28 224 First National Bank, Emory, Texas, loan to Mr. LIcCallon criticized in report 10/30 316 International Banking Corporation, hew York, h. Y.: Branches at Barcelona, Madrid and Paris, reports of examination transmitted to directors of Corporation and letter to Comptroller 9/12 62 23 Pages Examinations: (Continued) North St. Louis Trust Co., St. Louis, Mo., unsatisfactory condition revealed by report 9/30 State Bank of Winfield, Kansas, report of credit investigation reveals unsatisfactory condition, action deferred 9/26 Examiners: Federal Deposit Insurance Corporation: Employment of six by FRBank of Chicago within stated salary range so they may be included in list for transfer to, approved 9/19 Advice of appointment 10/16 FRBank of Boston: Brown, G. J., temporary appointment and salary as assistant 10/25 Groot, B. F., temporary appointment and salary as assistant 10/25 Reed, John A., appointment and salary 9/9 White, H. C., temporary appointment and salary as assistant 10/25 FRBank of Chicago: Anderson, E. H., listed as examiner rather than assistant 106 Correct title is Assistant Examiner 10/30 Appointment of two temporarily, permission requested, approved and request for infornation regarding 9/22 Cox, Harold H., temporary appointment and salary, and transfer to F.D.I.C., action deferred pending report of any indebtedness 10/16 Appointment and salary approved 10/30 Crays, H. C., temporary appointment and salary as examiner and transfer to F.D.I.C., action deferred pending further information on indebtedness 10/16 Board will consider appointment further on receipt of information relative to indebtedness 10/30 Dearborn, Harry, no information concerning appointment or employment, advice requested 10/16 Assigned temporarily to F.D.I.C., as assistant examiner, is employee of bank's credit department 10/30 Federal Deposit Insurance Corporation, increases in salaries of examiners alloted to, explanation of iJr. Paulger, referred to Committee on District No. 7 9/30 Hudson, Harold G., report of indebtedness, further information requested 9/30 Temporary appointment and salary and transfer to F.D.I.C. action deferred pending further information on indebtedness 10/16 Appointment and salary approved 10/30 Kimlin, A. B., temporary appointment and salary as examiner approved on assumption that it was covered by previous authority 10/5 Knudson, Arthur S., temporary appointment and salary as exiner approved, covered by previous authority 10/5 Transferred to F.D.I.C. on October 2 10/30 Penningroth, W. J., report of indebtedness, question of policy raised as to appointment, referred to Committee on District ho. 7 9/30 Temporary appointment and salary as examiner and transfer to F.D.I.C., action deferred pending information on indebtedness 10/16 Board will consider appointment further on receipt of information concerning indebtedness 10/30 255 193 116 378 468 468 27 468 379 516 141 378 515 378 516 379 515 254 252 378 515 276 276 515 252 278 516 24 Pages Examiners: (Continued) FRBank of Chicago: (Continued) Peterson, Roy, transferred temporarily to F.D.I.C. as assistant examiner 10/30 Sadler, Herbert W., temporary appointment and salary as examiner and transfer to F.D.I.C., action deferred pending further information on indebtedness 10/16 Board notes that he has not been transferred to F.D.I.C., and will consider appointment further on receipt of information relative to indebtedness 10/30 Sorenson, Lyman C., temporary appointment and salary as examiner and transfer to F.D.I.C. 10/16 Recalled from service of F.D.I.C. 10/ 4 30 Temporary employment of six examiners, request from Mr. Stevens for permission for, so that they may be included in transfer to F.D.I.C., approved 9/19 Advice of appointment, review of indebtedness 10/16 Tomer, Henry, transferred temporarily to F.D.I.C. as assistant examiner 10/30 FRBank of Cleveland: Townsend, Miles W., appointment and salary, to be employed as trust examiner 10/25 FRBank of Kansas City: Ainsworth, Dale, temporary appointment and salary, understood that he is to be loaned to F.D.I.C. 9/22 Friedebach, J. K., temporary appointment and salary, understood that he is to be loaned to F.D.I.C. 9/22 Mills, L. F., increase in salary approved 10/5 Wilson, WM. M., temporary appointment and salary, understood that he is to be loaned to F.D.I.C. 9/22 Wooley, D. 'N., temporary appointment and salary, understood that he is to be loaned to F.D.I.C. 9/22 FRBank of Minneapolis: Bakken, L. H., appointment approved as assistant and advice to Mr. Peyton that appointments should be submitted for Board's approval before becoming effective 10/5 Carlander, John, appointment and salary as assistant 9/19 Horn, H. R., appointment as assistant approved and advice to Mr. Peyton that appointments should be submitted to Board for approval before becoming effective 10/5 Hodgson, Thomas Haley, appointment and salary as examiner 9/28 Norum, George, appointment and salary as assistant approved and advice to Mr. Peyton that appointments should be submitted for Boards approval before effective 9,/19 FRBank of New York: Bullock, Herbert W., designation as assistant 9/22 Bullock, Robert W., name shown as Herbert, FRBoard records changed to Robert 10/16 Carpenter, Oscar P., designation as assistant 9/30 Dickinson, Philip L., designation as assistant examiner 9/30 Identification card, reply to Mr. Case as to revision of 10/25 Judd, Orrin R., recommendation of Mr. Case as trust examiner, referred to Mr. Paulger 9/9 Memo of Mr. Paulger on reasons he should not be appointed, authorized to continue discussions with Ia.. Case 9/30 515 378 516 278 515 116 378 515 469 141 141 277 141 141 277 116 277 221 116 139 376 255 255 382 47 251 25 Pages Examiners: (Continued) FRBank of New York: (Continued) 9/30 Keirsey, John, designation as assistant 9/22 Kilduff, J. Lawrence, designation as assistant 9130 Lee, -William H., designation as assistant 9/30 Mitchell, Arthur 'W., designation as assistant 10/16 Robinson, Charles A., designation as assistant 10/16 Slyer, George 'S., designation as assistant Titles, advice to Mr. Case that there should be clear disW22 tinction between FRBoard and FRBank examiners 9/22 Turkus, S. Herbert, designation as assistant FRBank of Philadelphia: 4 16 10/ Eichmann, H. V., appointment and salary as assistant 10,/25 Lavin, Martin J., appointment and salary 10/16 Powers, L. C., appointment and salary as assistant FRBank of Richmond: 10/12 Gerbig, William J., temporary designation as examiner 9/9 Smith, Edmund J., appointment and salary as examiner 9/12 liheelvtight, 1. h., Jr., appointment and salary as examiner FRBank of St. Louis: Grindon, Leger, appointment and salary, conditioned upon liquidation of debt to Mississippi Valley Trust 10/5 Co. FRBank of San Francisco: 9/28 Dike, G. A., designation as assistant 9/28 Heim, H. B., designation as assistant 9/28 Shortt, W. D., designation as assistant 9/22 Starbuck, M. 111., temporary appointment and salary of desirability on Newton Li-. to reply examiner, Trust 9/9 employment of /26 9 salary and appointment 0., Voget, H. FRBanks: Identification cards, letter to Mr. Case inclosing draft of 10/25 text of, and suggestion that cards be revised of previous principles that FRAgents to advice Indebtedness, circular be applied to appointments, that heavi10/16 ly indebted men should not be employed appointand in selecting future in followed be to Procedure 9/22 ing new examiners, advice to FRAgents Titles, advice to FRBank of New York that there should be clear distinction between FRBoard and YRBank 9/22 examiners apfor recornendations submit to FRAgents to advice Trust, pointments to Mr. Paulger with full and detailed 9/9 information as to experience and qualifications FRBoard: 9/19 Folsom, George H., appointment and salary as assistant from changed headquarters Hagler, Herbert H., assistant, 10/12 Washington, D. C.,to Nashville, Tenn. 9/19 as salary assistant and Hostrup, Clarence C., appointment 9/26 assistant as salary and McClelland, Warren J., appointment 10/25 assistant as and salary appointment Radford, John R., Jr., Slams, L. A. A., headquarters changed from 'Washington, D. C. 9/26 to Baltimore, Md. 255 139 255 255 376 376 140 139 376 468 376 352 27 60 276 222 222 222 142 27 192 482 379 155 140 48 115 351 110 189 467 191 26 Pages Federal Advisory Council: Resolution that Securities Act and Banking Act of 1933 be amended so as to enable industries to obtain capital funds, sent to FRBanks for distribution to member banks, Board refuseS to permit distribution 9/28 Topics for discussion: Absorption of exchange on checks drawn on non-par points, endeavors to have clearing house associations cooperate 9/16 Credit conditions, extension of credit, inflation, F.D.I.C., Recovery Program, long term investments, reopening of banks, etc., letter to be sent to Secretary of 9/15 Federal Deposit insurance Corporation: Examiners alloted to, by FRBank of Chicago, increases in salaries, explanation of Mr. Paulger, referred to Committee on District ho. 7 Kansas laws do not permit participation in, extension of time granted to Sylvan State Bank, Sylvan Grove,to comply with membership conditions lo/5 President's committee to viork in close cooperation with 9/9 Capital needed to restore licensed banks to soundness for F.D.I.C. to commence operations with sound banks, outline for Governors' Conference 10/10 Staff: Cox, Harold i., transfer from FRBank of Chicago as examiner, action deferred 1Q/16 Appointment and salary approved 1Q/30 Crays, H. E., transfer from FRBank of Chicago as examiner, action deferred 1Q/16 Board to consider appointment further on receipt of information relative to indebtedness 10/30 Dearborn, Harry, temporary assignment from FRBank of Chicago as assistant examiner 10/ 4 30 Hudson, Harold G., transferred from FRBank of Chicago as examiner, action deferred 106 Appointment and salary approved 1Q/30 Knudson, Arthur S., transferred from FRBank of Chicago as examiner on Oct. 2 1Q/30 Gberwortmann, 1. R., request that FRBank of Kansas City lend services to, no objection 9/26 Penningroth, 'J. J., transferred from FRBank of Chicago as examiner, action deferred 106 (See also FRBank of Chicago, Staff) Peterson, Roy, transferred temporarily from FRBank of Chicago as assistant examiner 1Q/30 Sadler, Herbert VI., transferred from FRBank of Chicago as examiner, action deferred 106 Board notes that he has not been transferred to 10/30 Sorenson, Lyman C., transfer from FRBank of Chicago as examiner 106 Recalled from service of, by FRBank of Chicago 1Q/30 Tesmer, Henry, transferred temporarily from FRBank of Chicago as assistant examiner 10/30 216-8 104 97 254 285 53 331 378 515 378 516 515 378 515 515 188 378 515 378 516 378 515 515 27 Pages Federal Deposit Insurance Corporation: (Continued) State member banks, reply to 1Ir. Walsh that they must qualify for membership in, before insurance becomes 107 effective Tenth FRDistrict, reply to Mr. McClure that it is possible to secure benefits for banks by rebuilding capital 9/22 by issuance of preferred stock or debentures Voting permits for holding company affiliates, request of Mr. Bennett that Board grant for sole purpose of issuing preferred stock, Board to expedite permits Federal Emergency Administrator of Public Works: (See Public Works) Federal Home Loan Bank Board: Advertising symbol similar to that of FRBanks, expression of belief that it should not be confusing, Governor 10/19 Black to carry matter further FRAgents: Assistants: Mosher, C. L., FRBank of Minneapolis, continuation of services on nominal salary or year's leave without pay to preserve pension rights, referred to Mr. 9/12 Peyton Question of policy involved, made topic for Governors' 9/28 Conference (See also FRBanks, Employees) Oberwortmann, N. R., resignation as Assistant Cashier at 9/26 1,ansas City and appointment and salary as 9/26 Loan of services to F.D.I.C., no objection 10/31 Bond of Austin, R. L. vABank of Philadelphia: Connection with Theodore Presser Co. should be terminated but may retain trusteeship in Presser Foundation 9/9 Business connections severed, Board had no information on affiliation with Ditson Co., to continue as director of insurance company until directors meeting 10/30 Case, J. H., FRBank of New York: Membership applications, reply to suggestion they either be forwarded promptly to FRBoard whether favorable 10/5 or not or that banks promptly withdraw San Francisco: FRBank of Isaac B., Newton, 10/5 Business connection with Union Oil Co. should be ended 10/ 4 30 Advice of resignation FRbank notes: FRBank of Atlanta, request of Assistant Treasurer that number of unfit, new series be wired to Treasurer, forces 9/30 of all FRBanks may have to be increased circulation up to 10 of FRnotes, in amount FRBanks not having recommendation of Conference of Governors that 102 they arrange for of on preparation Plates, draft of reply to Treasury Department new, textual changes to be discussed with Depart107 ment if no objection, no action PRBank of Atlanta: Absorption of abrasion loss and shipping charges on gold and gold 10/25 certificates, FRBank should not assume 397 167-9 74 435 73 219 191 188 544 28 517 286 279 518 261 337 406 483 28 Pages FRBank of Atlanta: (Continued) FRbank notes, unfit, new series, request from Assistant Treasurer that Treasurer be informed by wire of number, forces of FRBanks may have to be increased Fiscal agent for Reconstruction Finance Corporation in distribution of debentures for purchase of sold in world market, authorized to act as 101 (See also FRBank of New York, Fiscal Agent) Mississippi Cottonseed Products Co., Jackson, Miss., direct loan of ,;i250,000 to, approved 9/15 Morris Plan banks, reply to 1.:r. Conniff that Board is of opinion they are not eligible for direct loans under Sec. 404 of Act of March 9 9/26 Rates: (See Rates) Stock: (See Stock) FRBank of Boston: Abrasion, reply that FRBank should not assume any loss or shipping charges on gold, but no objection to assuming shipping charges on gold certificates 10/12 Committee on Reserve Bank Directors, desire to reimburse for attending meetirgs, referred to Committee on District No. 1 9/9 Action deferred pending visit of Governor Young to Washington 9/19 Report of Mr. Hamlin on discussion with Governor Young, no objection to reimbursing for expenses 10/17 Interest on demand deposits, payment by member bank on funds obtained by sale of Government securities under repurchase agreement, question as to whether it constitutes 10A Rates: (See Rates) Staff: Brawn, George 'J., temporary appointment and salary as assistant examiner 10/25 Groot, Benjamin F., temporary appointment and salary as assistant examiner 10/25 Reed, John A., appointment and salary as examiner 9/9 White, Harold C., temporary appointment and salary as assistant examiner 10/25 State member banks, Sec. 8A of Clayton Act nobapplicable to 9/12 Ruling to be published in FRBulletin 10/12 Stockholders' meeting, reimbursement for one member of each bank for railroad fare and pullman approved 10/12 Voting permit applications, objection to necessity of executive committee passing on, Board will accept reconrendation of membership committee 10/18 FRBank of Chicago: Examination report, attention called to matters subject to criticism or comment, request for advice of action 9/15 Inquiry as to shortage in R.F.C. collateral, no settlement for gold shortage at Detroit Branch and Detroit Savings Bank has not accepted charge account of counterfeit notes 9/28 Governor: Mr. McKay not aspirant for position, Jr. Talley not favored by directors and likelihood of election of 11r. Preston, recommendation of Committee, appointment of acting Governor 94/9 261 540 93 196 346 46 114 405 300 468 468 27 468 67 359 351 413 96 224 52 29 Pages FRBank of Chicago: (Continued) GovOt.nor: (Continued) Committee recommendation that action be deferred on salary increase of D.. Preston until after directors' meeting on Sept. 22, approved and presentation of 11r. Talley's decision to decline governorship Indebtedness of officers and employees: (See Indebtedness) Irregularities in handling Government securities: Letter reporting to Attorney General, statement of iJr. 1:brrill that 1:.r. Harlan intends to expedite action 9/9 Letter reported Jost by Mr. Hewes, ifir. Morrill to reconstruct letter with additional reports, proper to send to Attorney General 10/12 Rates: (See Rates) Staff: 10/16 Anderson, E. h., listed as examiner rather than assistant 10/30 Correct title is Assistant Examiner Cox, Harold M., temporary appointment and salary as examiner and transfer to F.D.I.C., action deferred pend10/16 ing report of any indebtedness approved 10/30 salary Appointment and Crays, H. C., temporary appointment and salary as examiner, and transfer to F.D.I.C., action deferred pending further information on indebtedness 10/16 Board will consider appointment further on receipt of information relative to indebtedness 10/30 Dearborn, Harry, no information concerning appointment or employment, request advice 10/16 Assigned temporarily to F.D.I.C., as assistant examiner, 10/30 is employee of bank's credit department Dunn, Charles B., desire of securing services as counsel permanently and requesting additional compensation 10/19 Examiners: Request permission to appoint two temporarily, approved and information requested 9/22 Request permission to employ six temporarily, immediate approval requested so that they may be included in transfer to F.D.I.C., approved 9/19 Advice of appointment, review of information concerning indebtedness 10/16 Salaries, increases of those transferred to F.D.I.C., explantion of Mr. Paulger, referred to 9/30 Committee on District No. 7 Selection of heavily indebted men, Board feels they should not be appointed and request for further information on transfer of Mr. Sadler and certain 10/16 assistant examiners to F.D.I.C. Hudson, H. G., examiner, report of indebtedness 9/30 Date of temporary appointment and salary and transfer to F.D.I.C., action deferred pending further information regarding indebtedness 10/16 Appointment and salary approved 10/30 Kimlin, A. B., temporary appointment and salary as examiner approved on assumption that it was covered by previous authority 10/5 43 348 379 516 378 515 378 516 379 515 436-8 141 116 378 254 379 252 378 515 276 30 Pages FRBank of Chicago: (Continued) Staff: (Continued) Knudson, Arthur S., temporary appointment and salary as examiner approved on assumption that it was covered lo/5 by previous authority lo/3o Transferred to F.D.I.C. on October 2 Layer, Meyer, Austrian and Platt, Counsel, desire of FRBank to secure permanent services of Hr. Dunn, question of latter severing connection with firm or 10/19 retaining other counsel McDougal, J. B.,Governor: Directors vote to extend leave of absence with full compensation until January 1, 1934, noted 9/28 Action approved 10/9 McKay, C. R., Deputy Governor, not aspirant for Governorship 9/9 Patterson, B. K., not to be pressed for liquidation of debts 9/9 Penningroth, 11.J., report of indebtedness, question of policy raised as to large indebtedness, referred to 9/30 Committee on District Lo. 7 Date of temporary appointment as examiner and transfer to F.D.I.C., action deferred pending further information regarding indebtedness 1Q/16 Board will consider appointment further on receipt of information concerning indebtedness 10/30 Peterson, Roy, transferred temporarily to F.D.I.C. as assistant examiner 1Q/30 Pitman, C. L., memo from, relative to indebtedness 9/2 reasonliquidated in Ho further action contemplated if 9/9 able time Preson, H. P., Acting Governor, likelihood of election as Governor 9/9 Salary increase, recommendation that it be deferred until 9/19 after directors' meeting, approved Directors vote to ask FRBoard to hold salary recommendation in abeyance, noted 9/28 Sadler, Herbert IT., temporary appointment and salary as examiner and transfer to F.D.I.C., action deferred pendi!g further information on indebtedness 10/16 Board notes that he has not been transferred to F.D.I.C. and will consider appointment further on receipt of additional information on indebtedness 10/30 Sorenson, Lyman C., temporary appointment and salary as examiner, transfer to F.D.I.C., approved 1Q/16 Recalled from service of F.D.I.C. 10/3o Talley, Lynn P., possible election as governor not favored by directors 9/9 Presentation of decision to decline possible offer 9/19 Tesmer, Henry, transferred temporarily to F.D.I.C. as assistant examiner 10/30 Stock: (See Stock) FRBank of Cleveland: Certificates of deposit, reply to Mr. Williams that forms 1 and 2 conform with Regulation Q and suggested changes would make ho. 3 comply 104/17 276 515 436-8 219 322 52 30 252 378 516 515 2 30 52 111 219 378 516 378 515 52 111 515 395 31 Pages FRBank of Cleveland: (Continued) FRBoard accounts, plan of procedure for audit, reply to la.. Williams inclosing memo of Mr. amead on suggestions of Mr. Grayson, request for audit by auditor of 9/12 FRBank and letter to Mr. hoxton 9/9 Personnel classification plan, changes approved Personnel loan fund, appropriation of 08,000 as addition to fund approved but to be reduced to not more than 1Q/18 0.0,000 Staff: Foster, A. G., Assistant Auditor, appointment and salary as Assistant Cashier, in charge of R.F.C. Custodies 10/5 Department plan of accounts, FRBoard Auditor, audit of Grayson, F. V., procedure, memo of Zr. &mead referring to sug9/12 gestions of Townsend, Miles Vf., appointment and salary as examiner, to 104/25 be employed as trust examiner FRBank of Dallas: Demand deposits, reply to Governor McKinney that interest may not be paid on certificates issued with proviso that if not withdrawn within specified period it becomes time deposit, Board has no knowledge of 9/26 eastern banks handling deposits in this way Deposit insurance, reply to Mr. Walsh that member banks must qualify for membership in F.D.I.C. before effective 10/17 Federal Reserve Employees Savings and Investment Association, reply that Board cannot recede from position that 9/28 loans should be limited to FRBank employees Letter presented and approved 10 /5 Indebtedness of officers and employees: (See Indebtedness) 9/28 Personnel classification plan, changes approved Rates: (See Rates) Salaries of executive officers of member banks, advice to FRAgent 9/2 on reporting under S.R. 75 for merged banks Staff: McCallon, H. 0., indebtedness to national banks, temporary appointment should be ended if unable to meet requirements, possibility of criminal violation 10/30 Stock: (See Stock) FRBank of Kansas City: Directors: (See Directors) Indebtedness of officers and employees: (See Indebtedness) Personnel classification plan: "Clerk-typist" in custody department and changes at Oklahoma 9/2 City and Omaha branches approved "Typist-clerk", "typist and entry clerk", and "typist-clerk", 9/22 changes approved "Typist-clerk (credits)", change in title suggested to indicate nature of mork and request for necessity for 9/19 change in salary range 105 Changes approved Rates: (See Rates) Receiver of national bank, reply to Mr. Worthington concerning Comptroller's wire that FRBank honor all checks 9/30 and drafts of, and question of trust funds 63 27 409 275 63 469 207 397 220 297 221 9 516 1 142 117 469 262 32 Pages FRBank of Kansas City: (Continued) Staff: Ainsworth, Dale, temporary appointment and salary as examiner, understood that he is to be loaned to F.D.I.C. 9/22 Campbell, J. h., outside business connections have been or will be severed, desires to retain one until January, not favored 9/13 Clark, J. C., Jr., indebtedness to member bank will be liquidated by September 20 9/13 Friedebach, J. K., temporary appointment and salary as examiner, understood he is to be loaned to F.D.I.C. 9/22 Hamilton, G. H., Governor, should resign as director of Kansas Gas and Electric Co. L. F., examiner, increase in salary approved 10/5 Moore, E. L., outside business connections have been or will be severed 94/13 Oberwortmann, N. R., Assistant Cashier: Request of F.D.I.C. for services, no objection 94/26 Resignation as Assistant Cashier and appointment and salary as Assistant FRAgent 9/26 Bond of 10/31 Phillips, John, Jr., outside business connections have been or will be severed Sherman, E. U., outside business connections have been or will be severed 9/13 Taylor, James R., to transfer indebtedness to nonmember bank /13 Wilson, UM. M., temporary appointment and salary as examiner, understood he is to be loaned to F.D.I.C. Wboley, D. ;T., temporary appointment and salary as examiner, understood he is to be loaned to F.D.I.C. 9,/22 Stock: (See Stock) FRBank of Minneapolis: Counterfeit FRnote, letter to 1,1r. Acheson concerning refusal of Treasurer to redeem, attention called to letter from Mr. Dewey to Governor Crissinger 94/28 Indebtedness of officers and employees: (See Indebtedness) Personnel classification plan: Appointments provided for do not need specific approval of FRBoard, some appointments do not seem to be provided for, revised sheets should be submitted 9/19 Rates: (See Rates) Safekeeping, no objection to holding for nonmember banks applying for membership or merging with member bank, securities with Helena Branch being withdrawn 10/5 No objection to holding securities for bank which has surrendered FRBank stock, for reasonable time, and no objection to holding for benefit of employees credit union 10/25 Staff: Bakken, L. H., appointment and salary as assistant examiner, appointments should be submitted to FRBoard before becoming effective, advice to 2.1r. Peyton 10/5 Brudvik, G., ownership of stock and official position in Renville County Bank of Mohall, N. flak. 10/5 Burke, Marguerite, appointment and salary as stenographer, specific approval unnecessary 9/19 141 87 87 141 87 277 87 188 191 544 87 87 87 161 141 229 117 295 486 277 278 116 33 Pages FRBank of Minneapolis: (Continued) Staff: (Continued) Carlander, John, appointment and salary as assistant examiner 9/19 116 Examiners, advice to FRAgent that appointments should be sub9/19 117 mitted to FRBoard before becoming effective Grangaard, B. C., appointment and salary as clerk, position 9/19 116 not covered by personnel classification plan Heinen, A. P., appointment and salary as field man, position 9/19 116 not covered by personnel classification plan Hodgson, Thomas Haley, appointment and salary as examiner 9/28 221 Horn, H. R., appointment and salary as assistant examiner, advice to Mr. Peyton on appointment of examiners 10/5 277 Iverson, I. J., appointment and salary as utility clerk, personnel classification plan covers, appointment 10/5 277 does not need Board's approval Mosher, C. L., letter requesting continuance of services on nominal basis or without pay to preserve pension 9/12 73 Presents question of policy and to be considered by Governors' Conference 9/28 219 (See also FRBanks, Employees) Nelson, V. A., reimbursement for hospital expenses because of interference of banking holiday with securing 10/31 542 benefit of Veterans Administration Norum, George, appointment and salary as assistant examiner, appointments should be submitted to Board before becoming effective, advice to Mr. Peyton 9/19 116 Indebtedness to suspended bank, advice as to possibility of liquidation requested 9/28 222 Ogden, Margaret, appointment and salary as stenographer, specific approval not necessary 9/19 116 Swanson, E. 1., designation to act as alternate for Messrs. Bailey and Powell in currency duties, approved but bond necessary 99 Stock: (See Stock) Waiver of notice of withdrawal of all or part of savings account by member bank, reply to Mr. Peyton that classification of other savings deposits is not affected 9/28 232 PRI3ank of New York: Counterfeit FRnotes, letter to :;:r. Acheson concerning refusal of Treasurer to redeem, attention called to letter of Mr. Dewey to Governor Crissinger 9/28 229 Fiscal agent for Reconstruction Finance Corporation in purchase of gold in world market, President's conference on, and proposed mechanism for operation 10/31 534 Views of Governors Black and Harrison, question of legality of purchase of R.F.C. debentures by FRBFInk of New York, mechanism can work through member bank 10/31 535 Resolution of directors authorizing FRBank to act in capacity requested and agreeing to procedure, contains all necessary authority 10/31 536-7 Statement of Governor Harrison that President desired only views on mechanism, prefers operation through member bank, to study policy and Governor Black to study law involved 10/31 537-9 Governor Harrison reports collaborating with Mr. Jones on letter to FRBank and latter would desire opinion on legality of debentures, Board votes authority FRBank to act as fiscal agent to 10/31 540 34 Pages FRBank of New York: (Continued) Fiscal agent: (Continued) FRBank of Atlanta authorized by FRBoard to act for R.F.C. in distribution of debentures 10/31 York, New N. Co., Y., Trust applicaHarriman National Bank and tion for eancelation of FRBank stock approved but FRBank desires to retain part of proceeds pending determination of further claims 9/9 National Bank of Hungary, advice from Bank for International Settlements of suggested new formula for partial repayment of credits of, Board offers no objection 10/9 Rates: (See Rates) Real estate, desire to purchase remainder of block, letter of Governor Harrison, and additional facts present10/9 ed by latter Statement of estimate for additional building, Messrs. Woodin 10/ 4 9 and O'Connor invited to consider matter Directors had considered approving purchase without submission to Board, no express provision in FRAct re10/9 quiring submission Motion of Mr. James that FRBanks be informed that it is not 10/9 within province of FRBoard, carried Reconsideration and Mr. Miller opposed to action, Mr. Wyatt desirous of studying, further consideration de1Q/9 ferred and Governor Harrison to be notified Decision that Board has authority to require submission to 10/ 4 10 it, proposed purchase disapproved Reemployment agreement, request advice as to situation with respect to surplus employees from discontinuance of share-the-work plan 9/2 Staff: 9/22 Bullock, Herbert W., designation as assistant examiner Bullock, Robert 71., records changed to show correct surname 10/16 9/30 Carpenter, Oscar P., designation as assistant examiner Case, J. H., FRAgent: Application for membership, reply to suggestion that they either be forwarded to FRBoard promptly or that applicant withdraw if unfavorable 10/5 Crane, J. E., present at President's conference on purchase of gold in world market 1Q/31 Dickinson, Philip L., designation as assistant examiner 9/30 Examiners, identification cards, reply to 1:r. Case as to revision of 10/25 Harrison, G. L., Governor: Directorship in Bank for International Settlements, referred to Counsel for legality 10/25 Present at meeting of FRBoard in connection with prospective purchase of additional real estate 1Q/9 (See also supra Real Estate) Present at President's conference on purchase of gold in world market 101 (See also supra Fiscal agent) Judd, Orrin R., recommendation of appointment as trust examiner, referred to :42.. Paulger 9/9 Report of Mr. Paulger and disapproval of appointment 9/30 540 35 318 312-6 316 318 319 324 335 2 139 376 255 286 534 255 482 461 312 534 47 251 35 Pages FRBank of New York: (Continued) Staff: (Continued) Keirsey, John, designation as assistant examiner 9/30 Kent, Fred I., letter to FRBoard expressing regret at results of article in "Literary Digest" and copy of statement sent to "Forum", Governor authorized to discuss termination of services 9/2 Present at President's conference on purchase of gold in world market 10/31 Kenzel, E. R., Deputy Governor, reply to Mr. Sailer on amount bank should pay to estate of 9/28 Kilduff, J. Lawrence, designation as assistant examiner 9/22 Lee, William H., designation as assistant examiner 9/30 Mitchell, Arthur X., designation as assistant examiner 9/30 Robinson, Charles A., designation as assistant examiner 10/16 Siver, George 1W., designation as assistant examiner 10/16 Titles of examiners, advice to 11r. Case that there should be clear distinction between titles of FRBoard and FRBank examiners 9/22 Trust examiner: (See supra Judd) Turkus, S. Herbert, designation as assistant examiner 9/22 Stock: (See Stock) FRBank of Philadelphia: Building: Air conditioning, request for permission to install additional, approved without setting precedent 10/17 Indebtedness of officers and employees: (See Indebtedness) Rates: (See Rates) Staff: Austin, R. L., FRAgent: Connection with Theodore Presser Co. should be terminated, may continue trusteeship of Presser Foundation 9/9 Business connections severed, Board had no information on affiliation with Ditson Co., to continue as insurance company director until directors meeting 10/30 Eichmann, H. V., appointment and salary as assistant examiner 10/16 Hill, E. C., Assistant FRAgent, business connections and indebtedness, no report 10/30 Lavin, Martin J., appointment and salary as examiner 10/25 Powers, L. C., appointment and salary as assistant examiner 10/16 Stock: (See Stock) FRBank of Richmond: Directors: (See Directors) Fiscal agency department, "padding" subscriptions, transactions of Western National Bank, attitude of Board toward questionable practices, request action 9/15 North Carolina statutes providing for deposit by stockholders in lieu of double liability, to be invested in bonds question of deposit of bonds with FRBank and as to compliance with capital requirements of Board 9/19 Payment of interest on certificates of deposit of indefinite maturity, comments of Governor Seay on draft of regulation concerning payment when banks reserve right to require 30 days' notice of withdrawal 9/28 255 21 534 227 139 255 255 376 376 139 139 402 28 517 376 517 468 376 96 129 230 36 Pages FRBank of Richmond: (Continued) Postal savings system, request of Mr. Erwin that FRBank accept for collection drafts drawn on postmaster at Asheville 9/28 229 Rates: (See Rates) Real estate, committee of directors meet with FRBoard concerning purchase of additional, Mr. James opposed because of principle of policy, purchase disapproved 9/26 181-5 Staff: Gerbig, William J., temporary designation as examiner 10/12 352 Smith, Edmund J., appointment and salary as examiner 9/9 27 Wheelwright, William H., Jr., appointment and salary as examiner 60 9/12 Stock: (See Stock) FRBank of St. Louis: Four-Four Savings and Loan Club, report of Mr. Mueller on loan policies of 31 9/9 Indebtedness of officers and employees: (See Indebtedness) Mississippi Cottonseed Products Co., Jackson, Miss., direct loan 9/15 93 of 4 250,000 approved 9/15 95 Personnel classification plan, changes approved Rates: (See Rates) Staff: Cannapell, Frank, report on indebtedness to be forwarded 9/9 31 Grindon, Leger, appointment and salary as examiner approved on condition that he liquidate debt to Mississip10/5 pi Valley Trust Co. 276 Mueller, F. J., report on loan policies of Four-Four Savings and Loan Club 9/9 31 To1mie, Mary E., FRAgent to inform Board as to purpose of indebtedness 9/9 31 Stock: (See Stock) FRBank of San Francisco: Indebtedness of officers and employees: (See Indebtedness) Navy paymasters, reply to Acting Secretary of Navy and Mr. Hewes that Board will advise FRBank that there is no objection to furnishing new currency in original sealed packages to 9/28 228 Postal savings funds, reply to Mr. Hale that Postmaster General has amended regulations and Board is delaying ruling on interest payment on, pending any further changes 9/26 208 Rates: (See Rates) Staff: Dike, G. A., designation as assistant examiner 9/28 222 Heir, H. B., employee of Los Angeles Branch, designation as assistant examiner 9/28 220 Newton, Isaac B., FRAgent: Business connection with 'Union Oil Co. should be ended, advice requested as to connections of officers and employees not in FRAgent's department 104/5 279 Advice of resignation from oil company 10/30 518 Shortt, W. D., designation as assistant examiner 9/28 222 Starbuck, M. W., temporary appointment and salary as examiner 9/22 142 Trust examiner, reply to Mr. Newton on desirability of employment of 9/9 28 37 Pages FRBank of San Francisco: (Continued) Staff: (Continued) Voget, H. 0., appointment and salary as examiner 9/26 Stock: (f-,ee Stock) Washington State Bank Stabilization Act, reply on eligibility for, and retention by member banks, of membership if reorganized under 9/9 FRBanks: Abrasion on gold: (See infra Reimbursement) Advertising symbol, similarity of device used by members of Federal Home Loan Bank System should not be confusing according to its officials, Governor Black to carry matter further 10/19 Directors: (See Directors) Employees of long service, recommendation of Governors Conference that they be retained on payroll when services are discontinued to preserve pension rights 10/12 Right of FRBanks to continue on payrolls, referred to Counsel 10/19 Examiners: Indebtedness, etc., advice to FRAgents that principles of previous circular should be applied to appointments, that heavily indebted men should not be employed 10/16 Procedure to be followed in future in selecting and appointing new examiners, advice to all FRAgents 9/22 Extraordinary expenses of banking holiday: (See infra Reimbursement) FRbank notes, request of Assistant Treasurer that number of unfit, new series, be wired to Treasury, FRBank of Atlanta states forces of all FRBanks may have to be increased 9/30 Fiscal agency expenses of: (See infra Reimbursement) Fiscal agency operations: (See FRBank of New York) Public Works, advice that proposed agreement has been amended and that Treasury Department has agreed to procedure pending establishment of centralized disbursing organization 9/2 Transmittal to FRBanks of certain changes in proposed memorandum of agreement 9/2 Rates: (See Rates) Real estate, purchase of additional by FRBank of New York, question of right of FRBoard to require submission, no express provision in FRAct, motion that FRBanks be notified that approval is unnecessary, carried 10/9 Reconsideration and lir. Miller opposed to action, further consideration deferred, Governor Harrison to be notified 10/9 Decision that Board has authority to require submission to it, and proposed purchase by FRBank of New York disapproved 10/10 Reimbursement: Abrasion on gold, appointment of committee of Governors Fancher, Martin and McKinney to discuss with FRBoard and Treasury 10/12 192 32 435 337 435 379 155 261 15 16 317 324 335 337 38 Pages FRBanks: (Continued) Reimbursement: (Continued) Abrasion: (Continued) Executive order contains no provision for reimbursement, Treasury unwilling to go beyond limit of toler10/12 ance, FRBanks should assume no abrasion loss Extraordinary expenses of banking holiday, committee of Governors Fancher, Martin and Mcr‘inney appointed by Governors' Conference to discuss with Treasury 10/12 and FRBoard Information from FRBanks to be assembled and reimbursement sought in accordance with Mr. Douglas' 10/12 letter Fiscal agency expenses for Treasury Department, letter requesting curtailment and advice that FRBanks 9/9 should absorb certain expenditures FRBank of Cleveland objects and FRBank of Dallas will object, matter was taken up with FRBanks without 9/9 notifying FRBoard Financing operations entail large expenditures, Ir. Wyatt to give opinion on authority to require FRBanks to absorb expenditures and replies of FRBanks to 9/9 be obtained Committee of Messrs. Fancher, Martin and McKinney appointed by Governors' Conference to discuss reimburse10/12 ment with FRBoard and Treasury FRBanks should be reimbursed and definite understanding sought with Treasury, summary of replies of 102 FRBanks Mr. Smead to work out uniform formula for determining expenses and data showing expenses absorbed in 1932 and additional amount that will be absorb10/12 ed this year Stock: (See Stock) FRBoard: Accounts, audit, plan of procedure, reply to Mr. Williams inclosing memo of Mr. Smead on suggestions of Mr. Grayson, approving plan in memo of Messrs. Smead and Paulger, request for audit and letter to la-. 9/12 Hoxton Administration: Vouchers, authorization for approval by assistant secretary of certain, amended to include other routine vouchers 9/16 Applications for membership, discussion of delay in handling by Board, Messrs. Thomas and Szymczak appointed to determine steps to expedite work 10/9 Report of Governor Black that arrangements are being made to handle expeditiously 10/30 (See also Membership in FRSystem) Committees: (See Committees) Employees: (See Staff of FRBoard) 10/19 Furniture, additional chairs for Board room to be secured Gold, purchase in world market, vote to authorize FRBank of New York to act as fiscal agent for Reconstruction Finance Corporation 10/31 (See also FRBank of New York, Fiscal agent) 346 337 345 44 45 46 337 344 345 63 102 323 330 439 540 39 Pages FRBoard: (Continued) Hague convention, granting certain immunities to Bank for International Settlements, request of Mr. Feis for 10/25 Board's views on adherence to FRBoard cannot agree to advisability of United States becom10/31 ing party as export of gold is prohibited Members: Black, Eugene R., Governor: Closed banks, liquidation of assets of, present at confer10/9 ence to consider plan for President's report of market, world Gold purchase in 10/31 conference on planned to discuss open marVisit to FRBank of Chicago ket operations and to bring Continental Illinois National Bank and Trust Co. case to attention 10/19 of directors 9/9 Miller, A. C., report of trip to San Francisco and Chicago Szymczak, i.. S.: Committee on Salaries and Expenditures, appointed member 1Q/26 Executive Committee, designated member and chairman for fourth quarter, not effective until concurred in 9/30 by Secretary of Treasury and Comptroller Concurred in by Secretary of Treasury and ComptrolIr 10/9 Thomas, J. J., appointed chairman of Committee on Examina10/ 4 26 tions Minutes: Executive committee meetings, approved and actions ratified: 9/9 August 9 and 21 9,/13 September 2 and 5 10/18 September 30 10/25 October 5 August 1, 28, and Meetings of July 13, 21, 22, 25, 27 and 9/9 2, 3, 4, and 15, approved 9/13 approved Meetings of August 29 and 30 approved 9/22 Meeting of September 9 10/16 Meetings of September 19, 22, 26 and 28 approved Committee on July 20 and Market Meetings with Federal Open 9/9 21, approved Meetings with FRAgents' Conference, August 15 and 16, 9/9 approved Quarters of FRBoard: (See Quarters) Resolution that eligible banks take advantage of Emergency Banking Act to rebuild capital, submitted by Mr. Jones, amended and adopted and latter authorized to use in speech before American Bankers Associ9/5 ation Staff of: (See Staff of FRBoard) FRBulletin: Attorney General's opinion of Sept. 7, concerning affiliates of 06 member banks to be published in savings mutual distinguished from Buildint, and loan association 104/12 bank, ruling to be published in Clayton Act, Sec. 8A: Building and loan associations, ruling on application to be published in 10/12 Corporations which do not actually make loans on stock or 102 bond collateral, ruling to be published in 454 541 311 534 434 54 500 273 328 500 25 86 409 462 25 86 139 375 25 25 23 104 359 359 359 40 Pages FRBulletin: (Continued) Clayton Act, Sec. 8A: (Continued) Effect of, as amended by Sec. 33 of Banking Act of 1933, ruling to be published in 9/9 38 Permits covering services authorized under Sec. 8, ruling on necessity for obtaining under Sec. 8A to be published in 10/12 359 State member banks, ruling on application to be published in 10/12 359 Cooperative banks, interest on deposits made in member banks, ruling to be published in 38 9/9 Corporation whose stock is held by a member bank as executor or trustee as an affiliate, ruling to be published in 10/12 359 Debentures not considered "capital" in determining eligibility 9/9 38 for membership, ruling to be published in Directors of FRBanks, election by member banks affiliated with same holding company, ruling to be published in 10/12 359 Extension of credit by member banks to their affiliates, ruling to be published in 10/12 359 Interest from first day of month on savings deposits received few days thereafter, ruling to be published in 10/12 359 Loans by member banks to affiliates on security of real estate mortgages, ruling to be published in 38 9/9 Non-assessable stock, issuance by State member banks, ruling to be published in 9/9 33 Payment of interest on certificates of deposit on which bank reserves right to require notice of withdrawal, ruling to be published in 10/ 4 12 359 Regulation L, revision to be printed in 10/25 445 Regulation R to be printed in 10/26 501 Savings deposit, definition to be published in 10/12 359 Trust funds, interest on deposits of, ruling to be published in 9/9 38 Federal Reserve Employees Savings and Investment Association : (See FRBank of Dallas) Federal reserve exchange and transfer drafts, recommendation of Governors' Conference that latter be abolished and former continued pending further consideration 10/21 336 FRnotes: Counterfeit, letter to Mr. Acheson on refusal of Treasurer to redeem for FRBanks of Minneapolis and New York, attention called to letter from Mr. Dewey to Governor Crissinger 9/28 220 Feis, Herbert: (See Department of State) Fiduciary powers: American National Bank at Indianapolis, Ind., application approved with warning that trusts of Fletcher American National Bank should be carefully examined 10/5 292 Bergen County National Bank of Hackensack, N. J., application disapproved 9/22 147 Canada, First National Bank of Seattle, Wash., may exercise trusteeship of property in, if not in contravention of local law 9,42 66 Carthage National Exchange Bank, Carthage, N. Y., request for permission to act in a fiduciary capacity under authority previously granted, refused 104/5 294 City National Bank of Baton Rouge, La., Board unwilling to approve application 10/25 477 41 Pages Fiduciary powers: (Continued) Commercial National Bank of Chattanooga, Tenn., action on application withheld because of litigation involving 00 officers of preceding institution No ill effects from lawsuit involving officers of First National Bank, application approved with warning 10/19 against trusts of right doubt concerning Ill., Elliott State Bank, Jacksonville, of Illinois banks to secure trust funds in commercial department by deposit of securities in 9/22 trust department Libertyville, applicaIll., First Lake County National Bank at tion approved in specific trusts of old First Lake County National Bank, action on full powers deferred 10/5 First National Bank of Baker, Ore., application approved 10/31 First National Bank of Bay City, Texas, application approved 10/19 First National Bank of Freeport, Ill., application disapproved La:, Gretna, authorat Parish Jefferson First National Bank of ized to act only in specific trusts of Gretna 10/31 Trust and Savings Bank First National Bank of McComb City, McComb, Miss., additional lq/16 powers approved First National Bank of Seattle, Wash., reply to Mr. Randle that bank may act as executor of estate of Lr. lbc_cFee and if not in contravention of local law, exer9/12 cise trusteeship of property in Canada approved, application Ill., First National Bank of Springfield, 10/12 letter to Comptroller on under-capitalization organizers/ First National Bank and Trust Co., Keyser, W. Va., 10/18 application, no action First National Bank and Trust Co., New Egypt, N. J., surrender of trust powers condition of stock reduction and assumption that Comptroller will require elimina9,/19 tion of "and Trust Co." from title secure trust Illinois, doubt as to right of State member banks to funds in cormercial department by deposit of securities in trust department Manufacturers National Bank of Detroit, Mich., application 9/28 approved year FRBoard to one waive Ind., Marion, Marion National Bank, requirement and consider application after next 9/19 examination on act until application Board feels that it should not 10/30 after forthcoming examination and reconsideration Mercantile National Bank at Dallas, Texas, application approved in specific trusts of Mer9/22 cantile Bank and Trust Co. Board cannot accede to suggestion that new trusts be submit10/12 ted to FRAgent for approval 10/25 National Bank of Jackson, Mich., application approved National Bank of Lima, Ohio, application, subscription for preferred stock by Reconstruction Finance Corporation conditioned upon approval, approved, without 9/2 setting precedent Northwestern National Bank and Trust Co., Minneapolis, Minn., application approved when authorized to commence 10/25 business 256 438 161 257 294 545 422 544 384 66 354 413 122 161 224 121 522 148 355 478 18-20 456 42 Pages Fiduciary powers: (Continued) Red River National Bank of Grand Forks, N. Dak., certificate of surrender of right to exercise 1Q/30 Security National Bank of Greensboro, N. C., questions of policy involved in application, all stock owned by public agencies, approved 06 Tradesmens National Bank of New Haven. Conn., application, no action because of insufficient capital and surplus to comply with State law 9/9 Union National Bank in Kansas City, 1.1o., application approved and national bank examiner to aid in determining which trusts of Fidelity National Bank and Trust Co. may be detrimental 10/16 Union National Bank and Trust Company of Bloomington, Ill., application, advice that organization of bank is unlikely, no action 9/19 Fiscal agency operations of FRBanks: (See FRBank of New York) Foreign banking corporations: Chase Bank, New York, N. Y.: Chase National Executors and Trustees Corporation, Ltd., London, no objection to purchase of stock of, from Chase Corporation 9/22 International Banking Corporation: Barcelona, Madrid and Paris branches, examination reports transmitted to directors of Corporation and letter to Comptroller 9/12 Foreign banks: Banco de Ponce, Puerto Rico: (See Membership in FRSystam) Bank of Montreal, Canada, ownership of stock of Bank of Montreal, San Francisco, provisions of Banking Act of 1933 applicable to 9/28 Chase National Executors and Trustees Corporation, Ltd., London, request of Chase Bank to purchase entire issue of stock from Chase Corporation, no objection 9/22 National Bank of Hungary, advice to FRBank of New York from Bank for International Settlements of suggested new formula for partial repayment of credits 10/9 Foreign countries: Canal Zone, reply to Messrs. Shearman and Sterling giving citations of court cases bearing on ruling that it is not 9/28 Philippine Islands, reply to Shearman and Sterling giving citations of court cases bearing on ruling that it is not 9/28 Puerto Rico, reply to Shearman and Sterling giving citations of court cases bearing on ruling that it is not 9/28 Forms, FRBoard: Condition reports of affiliates of State member banks, revised, transmitted to FRBanks 10/25 Condition reports of State member banks, to include new schedule Q for next call to secure information on size of deposit balances for use of F.D.I.C. 10/25 (See also Condition reports) Regulation L, revised forms 94, 94a and 94b, approved 10/25 Four-Four Savings and Loan Club: (See FRBank of St. Louis) Frank, W. E.: (See National banks, First National Bank, Luray, Va.) 523 100-2 36 385 120 162 62 241 162 318 235 235 235 481 481 444 43 Pages Furniture and equipment, FRBoard, Secretary's office to secure additional chairs for Board room 10/19 439 ttGit Gold: Abrasion, Governors Fancher, 1:Iartin and LicKinney appointed committee by Governors' Conference to discuss reimbursement for FRBanks with FRBoard and Treasury 10/ 4 12 Executive order contains no provision for reimbursement, Treasury wi..11 not go beyond limit of tolerance, 10/12 FRBanks should not assume any abrasion loss Treasury's reply as to reimbursement and letter to FRBanks 10/12 on position of Advice to FRBank of Boston and all other FUBariks that they should not assume abrasion but may assume shipping charges on gold certificates 10/16 Losses and shipping charges on gold and gold certificates, reply to FRBank of Atlanta that they should not be assumed 10/25 Purchase in world market: (See FRBank of New York, Fiscal agent) Treasury's reply as to shipment by FRBanks of gold coin at its expense, reimbursement for abrasion, whether FRBanks must determine amount of loss, holding of coin and certificates in joint custody, cancelation and shipping of fit gold certificates 10/12 Government securities: Irregularity in issue, exchange and redemption at FRBank of Chicago: (See FRBank of Chicago) Payment of interest on funds obtained by sale of, by member bank under repurchase agreement, question of payment of interest on demand deposits 10/5 Guardian Detroit Union Group: (See Holding company affiliates) 337 346 359 389 483 359 300 liague convention, granting certain immunities to Bank for International Settlements, request of Mr. Feis for views of Board on adherence to 10/25 454 Export of gold prohibited, FRBoard cannot agree to advisability of United States becoming party to convention 10/31 542 !!"ht, R. S.: (See National banks, Hibernia National Bank) 'Iemingway, L.: (See State member banks, Mercantile-Commerce Bank and Trust Co.) Julien H.: (See State member banks, State-Planters Bank and Trust Co.) 1-1°1dine company affiliates: Agreement to accept conditions and limitations, advice to 1r. Newton that filing with FRAgent will comply with Sec. III of Regulation P 9/26 206 Agreements, advice to all FRAgents that time for obtaining on FRB Form P-5 by subsidiary member banks is extended to November 1 9/30 264 44 Pages Holding company affiliates: (Continued) Amalgamated Clothing Workers of America: Amalgamated Bank of New York, organization is holding campany affiliate of bank, time for execution of agreement 10/31 extended of Chicago apthat it Chicago Joint Board, reply to FRBank pears to be holding company affiliate of Amalga9/26 mated Trust and Savings Bank of Chicago Amalgamated Trust and Savings Bank of Chicago, Ill., Board cannot grant extension of time for filing of condition reports of affiliates 9/28 Reply that bank may publish report of Amalgamated Clothiers' Union without prejudice to reconsideration of ruling that Joint Board is holding company affiliate, time for securing agreement not extended 10/17 Ruling that organization is holding company affiliate of bank reaffirmed, time for execution of agreement 10/31 extended Atlas Corporation, must execute agreement on form P-5 and obtain 9/28 permit to vote stock of American Trust Co. Bank of Montreal, Canada, ownership of stock of Bank of Montreal, San Francisco, Banking Act of 1933 applicable to 9/28 City Certificates Corporation, Baltimore, Md., stock of Union Trust Co. proposed to be turned over to, in 10/16 reorganization plan Certificates of beneficial interest proposed to be issued by, 10/25 may create liability for trust company (See also Membership in FRSystem) Directors of FRBanks, reply to Mr. Peyton that holding company affiliate controlling one or more banks in each electoral group may designate one of such banks in each group to participate in nomination and 9/30 election 10/12 Ruling to be publithed in FRBulletin First Bankstock Corporation, reply to contention that as condition reports of member banks were published previously they need not be published with report 10/12 of holding company affiliate First National Associates: (See infra Trust Company of Georgia) First National Bank of Boston, Mass., stock of Old Colony Trust Co. held by trustees for shareholders of, to furnish agreement and question of trustees executing agreement Foreign corporations, reply to Mr. Newton that provisions of Banking Act of 1933 are applicable to 9/28 Guardian Detroit Union Group, court refuses to allow receiver to file voting permit application, not necessary 9/28 Hartford-Connecticut Co.: (See infra Hartford-Connecticut Trust Co.) Hartford-Connecticut Trust Co., Hartford, Conn., controls through Hartford-Connecticut Co. stock of four national banks, is holding company affiliate and both organizations must secure voting permits 10/26 Individual or "estate", reply to Mr. Stevens that Board will not hold organization holding stock as trustee or executor as holding company affiliate 9/26 547 200 238 396 547 241 241 371-2 460 269 359 362 265 241 239 509 199 45 Pages Holding company affiliates: (Continued) Investment and Securities Co., Spokane, Wash., ownership of stock of Old National Bank and Union Trust Co., question of issuing voting permit in connection with stock reduction of latter 9/9 (See also National banks, Old National Bank and Union Trust Co.) Marine Midland Corporation, reply to Mr. Schneckenburger on whether banks controlled are affiliates and definition of "shareholders" and information on condition reports 9/26 Extension of time in which subsidiary member banks may file condition reports of their affiliates 10/5 Mormon Church, appears to be holding company affiliate of Utah Trust and Savings Bank, Salt Lake City 9/26 Request for opinion of counsel for FRBank of San Francisco as to whether Church is holding company affiliate, should execute agreement pending determination 9/30 Board in agreement with opinion of FRBank that it is holding company affiliate of Utah Trust and Savings Bank 10/25 Northwest Bancorporation, Minneapolis, Minn.: Condition reports of member banks published previously, reply to contention that they need not be published again with report of 10/12 Voting permit application, reply to Mr. Peyton an filing in each district in which subsidiary is located, and in connection with Northwestern National Bank, Security National Bank and Spokane & Eastern Trust Co. 00 Voting permit applications, reply to Mr. Collins on photostats of exhibits "I" and "J" and necessity of filing in each district in which subsidiary is located 10/19 Voting permit, limited, for voting stock in merger of Northwestern National Bank of Minneapolis and Minnesota Loan and Trust Co., approved 10/25 (See also National banks, Northwestern National Bank) Old National Corporation, question of granting voting permit in stock reduction of Old National Bank and Union Trust Co., Spokane, Vash. 9/9 (See also National banks, Old National Bank and Union Trust Co.) Pacific Eastern Corporation, must execute agreement on form P-5 in connection with affiliation of American Trust Co., and obtaining voting permit 9/28 Peoples Trust Co., in liquidation, owns stock of Peoples Bank of Little Rock, Ark., voting permit and agreement not necessary 9/30 Shawmut Association, owns stock of County Bank and Trust Co., Cambridge, Mass., must secure voting permit before membership application can be considered 9/22 Southwost Bankshares Corporation, reply to Mr. McClure that voting permit is not necessary to vote stock of Citizens National Bank of Okmulgee, Okla., as Corporation is in hands of receiver 9/28 49 213 300 204 266 489 362 259 427 455 49 241 265 145 240 46 Pages Holding company affiliates: (Continued) Trans America Corporation, home office in Delaware but majority of business transacted in California, should file 10/30 voting permit application at San Francisco well as as company, First Ga., Atlanta, Georgia, Trust Company of National Associates, is holding company affiliate of national banks, and both must secure voting 10/25 permits on Korb Mr. necessity to Union Trust Co., Pittsburgh, Pa., reply of supplying requested information on voting per10/31 mit application on Sargent necessity Unlicensed State member banks, reply to Mr. 9/30 for publishing condition report of Voting permit applications, objection of FRBank of Boston to necessity of executive committee passing on, Board will accept recommendation of membership commit10/18 tee is it holding that possibility Zion's Savings Bank and Trust Co., company affiliate of Utah Trust and Savings Bank, Salt Lake City, should execute agreement pending 9/30 determination 10/25 Board rules it is affiliate of Utah Trust and Savings Bank 528 492 548 268 413 266 489 Illinois: Interest on demand deposits of State funds, opinion that it must be paid under State law, dissension of FRBank of Chicago's counsel, telegram stating that it is 71 9/12 required, approved Reorganization of banks: (See Reorganization of banks) Trust funds, doubt raised by Elliott State Bank as to legality of securing funds in commercial department by deposit 9/22 161 of securities in trust department Indebtedness and outside business relations: FRBank of Chicago: FRAgent's department, reply to suggestion that two years be allowed to clear up indebtedness, Messrs. Pitman 29 9/9 and Patterson not to be pressed 2 9/2 Pitman, C. L., memo from, relative to indebtedness 30 9/9 Not to be pressed for liquidation Reports of H. G. Hudson and W. J. Penningroth, newly appointed examiners, indebtedness of latter to nonmember banks raises question of policy, referred to Committee on District No. 7 9/30 252 Dates of temporary appointment as examiners, action deferred pending further information on debts 10/16 378 Appointment of Mr. Hudson approved, Board to consider :r. Penningroth's appointment on receipt of information on debts 10/30 515-6 FRBank of Dallas: Federal Reserve Employees Savings and Investment Association, reply to Mr. Walsh that Board cannot recede from position that loans should be limited to FRBank 9/28 220 employees, letter to be revised 10/5 297 Letter presented and approved 47 Pages Indebtedness and outside business relations; (Continued) FRBank of Dallas: (Continued) Report on indebtedness of 1,:r. :,cCallon, possibility of criminal violation in loans 10/30 FRBank of iSansas City: Indebtedness of Mr. Clark to be liquidated, Mr. Taylor to transfer indebtedness to nonmember bank and Governor Hamilton should terminate directorship 9/13 ..essrs. Phillips, Sherman, Campbell and Moore have, or will resign positions outside, Mr. Campbell desires 03 to defer resignation FRBank of Minneapolis: Reports of officers and employees, connection of Mr. Brudvik and request confirmation of assumption that relations of certain employees are without scope of Board's position 10/5 Statements of Mr. Norum and four other employees, request for plans of Mr. Norum for liquidation of debt 9/28 FRBank of Philadelphia: Austin, R. L., advised to terminate connection with Theodore Presser Co., but may retain trusteeship in Presser Foundation 9/9 Severance of connections, Board had no information on affiliation with Ditson Co. 10/30 Reports, none from Mr. Hill and other personnel occupying responsible positions 10/30 FRBank of St. Louis: Report to be made on Mr. Cannapell, indebtedness of Miss Tolmie and memo of Mr. Mueller on loan policy of Four-Four Savings and Loan Club 9/9 FRBank of San Francisco: Affiliation of la-. Newton with Union Oil Co., advice requested on connections of officers and employees not 10/5 in FRAgent's department Mr. Newton's connection severed, request report of Governor Calkins on business relations regardless of resolution 10/30 Indiana State Banking Department, requirement that State banks annually submit separate schedules showing mar10/12 ket value of assets Ingram-Richardson Investment Co.: (See National banks, Farmers National Bank of Beaver Falls) Illsurance business: Home State Bank, South Milwaukee, Wis., request reconsideration of membership condition that bank not engage in 10/5 I nterest: Bankers Code of Fair Competition, reply to North Carolina Bankers Association with regard to interest to be paid on deposits under, refusing to rule Certificates of deposit of indefinite maturity, reply to FRBank of Chicago on payment where bank reserves right to require 30 days' notice before withdrawal 9/28 City of Chicago, opinion of City Comptroller that law requires payment on demand deposits, opinions of Mr. Vest and FRBank, letter approved on previous rulings in Illinois that it must be paid 10/25 516 86 86 278 222 28 517 517 31 279 518 349 283 263 243 458 48 Pages Interest: (Continued) Cook County, Ill., payment of, statement of Mr. Wyatt, feeling of Er. Szymczak that situation is identical with that of State, payment on demand deposits of, ruled 319-22 10/9 lawful Cooperative banks, deposits in member banks, ruling to be pub38 9/9 lished in FRBulletin Excess of maximum rate on time certificates issued since June 16, and with no provision for revison of rate on is9/30 270 suance of Regulation Q, reply to [Jr. McClure Irving Trust Co., New York, N. Y., opinions of .1r. Cook and „Ir. Logan as to payment on certain trust funds held, 10/8 302 Board concurs that it may be paid Jenkintown Bank and Trust Co., Jenkintown, Pa., reply to Er. Locker on payment on demand deposits of County of 39 9/9 Montgomery Kentucky, absorption of State tax would constitute indirect payment, reply to Mr. Paton on inquiry of Montgomery National Bank, Mt. Sterling, Ky. 9/22 178 Merchants and Planters National Bank, Sherman, Texas, reply to Mr. Omohundro as to payment on demand deposits, oral understanding does not appear definite 40 9/9 Nebraska, letter from Bankers Association on payment on deposits of public moneys, referred to FRBank of Kansas 11 City 9/2 Payment on funds obtained by sale of Government securities under repurchase agreement, question of indirect payment 10/8 300 of interest on demand deposits Pennsylvania, Montgomery County, may not be paid on demand de39 posits except sinking funds 9/9 San Francisco Clearing House Association, reply regarding payment, defining savings deposits and other phases of Regulation Q 11 9/2 Savings deposits subject to provision that interest will be paid as of first of month if deposited before fifth day, interest may be paid only for actual time on deposit 9/28 242 Service charge deduction plan in Tenth FRDistrict, reply to FRAgent that it constitutes indirect payment on demand deposits 10/16 388 Statement of Mr. ayatt on close and difficult legal questions involved in determining 'whether payment on demand deposits is required by States' laws 10/9 320 State National Bank, Frankfort, by., reply that bank may not pay on time certificate of deposit for period between maturity and renewal 10/25 497 Trust funds, on deposits of, ruling to be published in FRBulletin 9/9 38 Wallkill National Bank, Wallkill, N. Y., reply that bank may modify contracts calling for 3% on deposits, attorney states bank is obligated 304 10/5 Reconsideration requested, Board reaffirms position 10/30 530 Wisconsin Bankers Association, reply to Mr. Coapman on allowance of credit for balance in checking account for determining cost to charge depositor, question of indirect payment of 41 9/9 49 Pages Interlocking directorates: Applications approved: Fannin, H. G. 9/2 Clayton Act: Corporation which took over loans of employees secured by own stock, reply to Governor Geery that Sec. 8A is not applicable to directors if no now loans are made 10/30 Director of national bank may serve as director of savings bank which does not make loans secured by stocks and bonds even though empowered to do so, reply to Mr. O'Beirne 9/22 Effect of Sec. 8A, ruling to be published in FRBulletin 9/9 State member banks, Sec. 8A not applicable 9/12 Ruling to be published in FRBulletin 10/12 Directors of FRBanks and branches, request FRAgents to investigate application of Sec. 8A to, before elections and appointments 10/31 Fealmers National Bank of Beaver Falls, Pa., directors serving Ingram-Richardson Investment Co., question of application of Secs. 32 and 33 of Banking Act 10/25 Massachusetts cooperative banks, reply to Mr. Connor that director of national bank bank may serve as president of, without violation of Clayton Act 9/22 Massachusetts Hospital Life Insurance Co., Boston, Mass., provisions of Sec. 8A applicable to, and Board has no power to grant permits for directors 10/25 Mechanics Building and loan Association, Chambersburg, Pa., reply to Mr. Evans that Sec. 8A of Clayton Act does not prevent director of national bank from serving also Miscellaneous: Hollis, George C., permit necessary to serve national bank and Banco Mbrcantil de Monterrey, Mexico 9/12 Reply to Ur. Walsh that application may be submitted immediately 10/17 Lane, Edward W., permit now in force covers three national banks, question of service to other banks 10/17 Marble, A. L., officer of national bank, director of five connercial banks and joint stock land bank, procedure to be followed 9/19 McDermott, A. R., service to national bank and other organizations, does not come under Sec. 8A 10/25 Peabody, W. Rodman, reply to Mr. Curtiss that action had been deferred pending revision of Regulation L 9/28 , Walker, John T., new permit not necessary 9/19 Lational Bank of Commerce, San Antonio, Texas, director serving another national bank also and San Antonio branch, Mr. Beretta director of another national bank, permits necessary 9/19 Regulation L: (See Regulations) Relations with dealers in securities: (See Relations with dealers in securities) 80e. 32 of Banking Act of 1933: (See Relations with dealers in securities) State member banks, Sec. 8A of Clayton Act not applicable to 9/12 Ruling to be published in FRBulletin 10/12 22 532 176 38 67 359 546 485 164 483 68 64 393 394 127 489 226 131 126 67 359 Pages 50 Intermediate credit banks: Debentures, L:essrs. Norris and Burgess appointed committee by Governors' Conference to report on policy in hand10/12 ling Investment and Securities Co.: (See National banks, First National Bank of Ritzville) Issue, exchange and redemption of Government securities: (See Government securities) James, C. Clinton, reply on a 'filiation of building and loan associations, some of whose directors are also directors 10/30 of national bank National Bank, State banks, Frankfort) Jones, Larry D.: (See National Jones, Thaddeus II.: (See Membership in FRSystem, Prince Georges Bank and Trust Co.) Kansas, laws do not permit participation in F.D.I.C., extension of time granted Sylvan State Bank, Sylvan Grove, to complete membership conditions 10/5 Kentucky, absorption of State tax would constitute indirect payment of interest on demand deposits, reply to Mr. Paton relative to inquiry of Liontgomery National Bank 9/22 336 529 285 178 tILIt Legislation: Banking Act of 1933: Federal Advisory Council, resolution that amendment be made so as to enable industries to obtain capital funds, FRBoard refuses to permit FRBanks to distribute to member banks 9/28 216-8 Interpretations relative to holding company affiliates, requests largein volume, time for subsidiary member banks to obtain agreements extended 9/30 264 "Shareholders", definition of, reply to idarine Midland Corporation 9/26 213 Maine, expectancy of enactment at special session of law under which Merrill Trust Co. can be organized, doubts as to constitutionality 10/30 512 North Carolina statute providing for deposit by stockholders in lieu of double liability, to be invested in bonds, questions arising under 9/19 129 Securities Act: Federal Advisory Council, resolution that amendment be obtained to enable industries to secure capital funds, Board refuses to permit FRBanks to distribute to member banks 216-8 9/8 dashington State Bank Stabilization Act, reply to FRBank of San Francisco on eligibility of nonmember banks, and retention by member banks, of membership if reorganized under 32 9/9 51 Pages Licenses: State Bank of Cuba, Ill., question of issuing for reopening in 9/22 153 regard to liability under reorganization plan Lichtenstein, Walter: (See Federal Advisory Council) Loans: Advances under Sec. 10(b) of FRAct, recomendation of Governors' Conference that provisions be extended to March 4, 10/12 336 1934 Chemical Bank and Trust Co., New York, K. Y., reply to Mr. Perkins that loan made on security of time certificate of deposit in case cited is not violation 10/5 302 of Regulation Q that promissory Comptroller position of Extension of credit, note of affiliate for assets purchased from 9/22 173 national bank constitutes, affirmed by Board Mississippi Cottonseed Products Co., Jackson, Miss., direct loan of 250,000 each by FRBanks of Atlanta and St. 9/15 93 Louis approved Morris Plan banks,reply to FRBank of Atlanta that they are inelig9/26 196 ible for loans under Sec. 404 of Act of March 9 Real estate of banks applying for membership, reply to Mr. Viood that conformity with Sec. 24 of FRAct would be 10/5 287 desirable, but not necessary Locker, W. T.: (See State member banks, Jenkintown Bank and Trust Co.) Loner&an, Senator Augustine, reply on amount of deposits by average depositor and number to be protected by insur9/26 209 ance feature of Banking Act of 1933 Lynch, Thomas C.: (See National banks, Carthage National Exchange Bank) "H" Massachusetts Hospital Life Insurance Co., Boston, Mass., provisions of Sec. 8A of Clayton Act applicable to, and 10/25 483 Board has no power to grant permits 1114110h, R. C., copy of letter to Commissioner of Internal Revenue requesting information in investigation of organizers of new national bank in Bethlehem, Pa., 9/28 226 sent to Secretary of Treasury McDermott, A. M.: (See Montana Bankers Association) . Mechanics Building and Loan Association, Chambersburg, Pa., reply that Sec. 8A of Clayton Act does not prevent 78 director of national bank serving as director of 9/12 Member banks: 9/26 198 Reclassification for electoral purposes, action deferred Membership in FRSystem: Applications: Directors and management, reply to Mr. Wood that there should be substantial stake in bank but stock ownership requirement of Banking Act of 1933 is not yet in effect 9/28 225 FRBanks, recommendation of Governors' Conference that they cooperate with FRBoard and FRAgents to expedite handling 10/12 338 FRBoard, delay in handling, Messrs. Thomas and Szymczak appointed to determine steps to expedite 10/9 323 52 Pages Membership in FRSystem: (Continued) Applications: (Continued) FRBoard: (Continued) Report of Governor Black that arrangements are being made to handle expeditiously lo/lo Policy, letter to all FRAgents inclosing revised and amplified statement embodying suggestions of FRAgents 9/12 Procedure, reply to Mr. Case on suggestion that he either forward promptly to FRBoard or have bank withdraw if unfavorable 10/5 Real estate loans, reply to Mr. Wood that it would be desirable for applicants to conform to Sec. 24 of FRAct, but not necessary 10/5 Banco de Ponce, Puerto Rico, application should be handled by FRBank of New York, if bank desires to benefit from deposit insurance, it should determine eligibility from F.D.I.C. 10/9 Bank of Alpena, S. Dak., application approved 10/25 Bank of Forest, Misc., application approved 10/5 Bank of Raleigh, Beckley, W. Va., reconsideration of application requested, Board reaffirms position 9/13 Bank of Slidell, La., application approved 10/25 Blue Hill Bank & Trust Co., Milton, Mass., application approved 10/25 Citizens Bank, Hartford, Ky., application approved 10/16 Citizens Bank, Marshall, E. C., application approved 10/5 Citizens Bank of Mount Blanchard, Ohio, application approved 10/31 Citizens Bank of Tolono, Ill., application approved 10/25 Citizens State Bank of St. Charles, Minn., application approved I0/25 Commercial Bank, Grand Island, Nebr., extension of time for compliance with conditions of 9/19 Coudercial State Bank, Afton, Iowa, application approved 10/5 County Bank and Trust Co., Cambridge, Mass., stock owned by Shawmut Association, necessary for latter to obtain voting permit before consideration of application 9/22 Debentures, ruling on inclusion in capital for, to be published in FRBulletin 9/9 Directors of applicant banks, reply to Mr. Wood that they should have substantial stake in bank but they need not comply with Banking Act requirements until they become effective 9/28 Eastern Shore Citizens Bank of Onancock, Va., question of maintenance of branches in regard to eligibility 9/26 Eligibility: Capital requirement, reply to FRAgent at Kansas City on 9/26 Debentures not considered "capital" in determining, ruling to be published in FRBulletin 9/9 Moving of State bank, reply to Mr. McClure on eligibility of bank moving to another locality in connection with relation of capital to population 10/25 Washington State banks, reorganized under Bank Stabilization Act, reply to FRBank of San Francisco on admittance of nonmember banks 9/9 Farmers and Mechanics Bank, Galesburg, 131., application approved 9/28 Farmers and Merchants Bank Co., Christiansburg, Ohio, application approved 10/30 330 61 286 287 309 470 281 87 470 471 381 280 544 470 471 119 280 145 38 225 194-6 212 38 493 32 223 520 53 Pages Membership in FRSystem: (Continued) Farmers and Merchants State Bank, Presho, S. Dak., application 10/30 approved 9/19 Farmers State Bank, Winner, S. Dak., application approved Reconsideration requested by Er. Rahn of condition requiring 10/5 charge off on banking house, amendment to First State Bank of Wykoff, Minn., application approved 10/12 9/2 Fordyce Bank & Trust Co., Fordyce, Ark., application approved Proposal to set up accrued interest as reserve against depreciation under condition 16, reserve to be pro9/16 vided from actual earnings and/or contributions Guilford Trust Co., Guilford, Me., application, insufficient cap9/22 ital for retention of branch at Monson Guthrie County State Bank, Guthrie Center, Iowa, application 10/25 approved Home State Bank of South Milwaukee, Ms., application approved 94/2 Reconsideration requested of condition forbidding insurance dealing, question involves whether bank or Cash10/5 ier Logan benefits from operation of agency Manufacturers Bank and Trust Co., St. Louis, Mo., action deferred on application pending determination of question of general policy involved, applicable to 10/5 numerous banks which may apply 10/25 Merchants Bank of Winona, llinn., application approved 10/25 Merchants State Bank, Freeman, S. Dak., application approved Merrill Trust Co., Bangor, Me., call of Messrs. Shumway and Osgood on Board, bank to be reorganized, Board cannot commit itself, FRAgent to forward certain 10/25 information on receipt of formal application Application, deposits have stopped and new bank desirous of prompt action, report may be made tomorrow, Executive Committee authorized to act on application 10/26 Bank to be organized under special legislation, question of constitutionality, Comptroller to approve branch 10/30 operation, application approved Mohawk State Bank, Mohawk, Ind., application approved 10/25 Monterey County Trust and Savings Bank, Salinas, Calif., action delayed on application because of only one copy of voting permit application of First Securities Corporation and necessity of waiting for opinion 10/25 of Attorney General on branch banks pending action is deferred that Newton Further advice to Mr. 10/25 Attorney General's opinion New Britain Trust Co., New Britain, Conn., application approved 9/26 10/25 Extension of time for completion of membership north Carolina bank, willing to maintain capital and surplus in accordance with condition 15 but increase in capital would increase taxation, Board willing 10/16 to admit if surplus is increased North Carolina statute providing for deposit by stockholders in lieu of double liability, to be invested in 9/19 bonds, capital and surplus status under North Philadelphia Trust Co., Philadelphia, Pa., business largely in connection with real estate, request attitude 9/2 of Board toward possible application Peoples Bank of Indianola, Miss., application approved 9/2 520 119 285 352 3 100 143 470 3 283 282 470 470 472 500-1 512-4 470 488 495 192 471 381 129 6 4 54 Pages Membership in FRSystem: (Continued) 10/25 Peoples Bank of Montross, Virginia, Inc., application approved Peoples Bank and Trust Co., Tupelo, Miss., reply to Ur. Whitesides that removal of branch would constitute establishment of new branch and bank would be ineligible unless it complied with national bank branch requirements 10/25 Planters Bank and Trust Co., Farmville, Va., extension of time 10/5 for increase in capital and method of Policy, question of general application to numerous banks which may make application, involved in case of Manufacturers Bank and Trust Co., St. Louis 10/5 Prince Georges Bank and Trust Co., Hyattsville, :.Id., reply to Mr. Jones that bank is not eligible while operating branch at Mt. Rainier 9/30 Principles: No. 10, reply to Mr. Wood that directors of applicant bsnks should have stake in bank but they need not comply with Banking Act requirement until effective 9/28 Reduction in capital stock by State member banks, may not reduce below national bank organization requirement, bank may withdraw and apply for readmittance 1Q/30 Sedalia Bank and Trust Co., Sedalia, Mo., application approved 9/9 Silsbee State Bank, Silsbee, Texas, application approved 1Q/12 Southern Arizona Bank and Trust Co., Tucson, Ariz., application approved 9/9 Extension of time for compliance with conditions of 9/28 FUrther extension granted due to difficulty in organizing company to take over real estate and insurance 1Q/26 Title of company to take over real estate and insurance, no objection to use of "Arizona Realty and Trust Co." but suggest elimination of "and Trust" 10/31 Southington Bank and Trust Co., Southington, Conn., application approved 10/5 Springfield Marine Bank, Springfield, Ill., application approved 10/30 State Bank of Alcester, S. Dak., application approved 9/19 State Bank of Aurora, Minn., doubt as to whether bank is legally a corporation and question of capitalization if new charter is secured 10/25 State bank desirous of knowing application of Sec. 8A to State member banks before applying for, reply to FRBank of Boston 9/12 State Exchange Bank of Culver, Ind., letters between Board, bank and Congressman Durgan, question of retention of Argos branch if admitted to FRSystem 9/19 Reply to Congressman Durgan that further consideration is pending views of counsel for FRBank of Chicago 9/26 Letter to Mr. Osburn that bank must comply with national bank branch requirement to be eligible and similar letter to Congressman Durgan 10/5 State Savings Bank, Fontanelle, Iowa, application approved 9/2 Sylvan State Bank, Sylvan Grove, Kansas, further extension of time for compliance with conditions because Kansas laws do not permit participation in F.D.I.C. 10/5 Underwriters Trust Co., New York, N. Y., unfavorable recorilnendation by FRBank, withdrawal to be suggested 10/18 470 496 282 282 260 225 527 32 352 32 223 507 544 280 520 118 475 67 125 196 288 3 285 410 55 Pages Membership in FRSystem: (Continued) Union Trust Company of Maryland, Baltimore, Md., legal difficulties under proposed reorganization plan to meet membership requirements, letters to Mr. Bloede 9/22 on hearing, and to Mr. Hoxton and :dr. Jones Hearing granted Ma.. Brewster on Oct. 16 and advice to 10/12 Bloode that he may attend Meeting of two delegations with Board, reorganization plan involving Cities Certificates Corporation, membership, request for briefs from each delegation and 10/16 statements of delegates Briefs discussed, present plan cannot be approved, Governor Black and Mr. Thomas to meet informally with representatives of company and Dissenters 10/25 committee "Usual commercial banking powers", reply to Mr. Walsh that Board has not attempted to define, exposition of matter 10/19 and attention called to General Principles Washington State banks, reorganized under Bnnk Stabilization Act, reply to Mr. Newton on eligibility of nonmember 9/9 banks for, and retention of, by member banks 9/2 Watkins Banking Co., Faunsdale, Ala., application approved 10/5 Western Security Bank, Sandusky, Ohio, application approved West McHenry State Bank, West McHenry, Ill., Board unwilling to approve application, to suggest that it be with10/5 drawn, but papers to remain in Board's files West New Brighton Bank, West Lew Brighton, N. Y., application 9/26 approved Mississippi Cottonseed Products Co., Jackson, Miss., direct loans of 3250,000 each by FRBanks of Atlanta and St. Louis 9/15 approved 1:Iontana Bankers Association, vote to request FRBoard to continue 9/12 Helena Branch, transmitted by :a.. McDermott Llorgenthau, Henry, Jr., present at President's conference on purchase 10/31 of gold in world market lormon Church: (See Holding company affiliates) plan banks, ruling that they are not eligible for direct loans from FRBanks under Sec. 404 of Act of March 9, 06 reply to FRBank of Atlanta ','°unt, A. J.: (See State member banks, Central Bank of Oakland) ntjoy, E. E.: (See American Bankers Association) 1 savings banks: New York, reply to Wilber National Bank that building and loan associations are not Pennsylvania, reply to Harrisburg hational Bank that building 9/22 and loan associations are not Llutual Savings Central Fund, Inc., opinion of counsel for FRBank of 10/18 Boston that it is not a mutual savings bank 134-9 353 369-74 459-6 424 32 3 280 281 192 93 58 534 196 tiaa Niltional banks: Agricultural National Bank, Pittsfield, Mass., reply to Mr. Connor that director may also serve cooperative bank in Massachusetts under Clayton Act 9/22 237 174 414 164 56 Pages National banks: (Continued) American National Bank of Denver, Colo., application for reduction of stock approved in amended plan involving sale of preferred stock to R.F.C. 10/30 American National Bank at Indianapolis, Ind., fiduciary power application approved with warning against trusts of Fletcher American National Bank lq/5 Atlantic National Bank, Jacksonville, Fla., reply to Mr. Walker with regard to Regulation Q 9/19 Bank of America National Trust and Savings Association, Santa Cruz, Calif., bank may not pay interest in excess of 3 on time certificates issued to Mr. Pedersen 105 Bergen County National Bank, Hackensack, N. J., application for fiduciary powers disapproved 9/22 Bethlehem, Pa., investigation of organizers of new national bank, letter to Secretary of Treasury inclosing copy of letter to Commissioner of Internal Revenue requesting information on R. C. Mauch 9/28 Capital reductions, question of responsibility of FRBoard in approving reorganization plans, opinion of Counsel desirable and opinion of Comptroller's counsel 9/30 Position of Board in case of Montgomery County National Bank, Rockville, Md., called to attention of Board in connection with responsibility 10/17 (See also infra National Bank of America) Capital requirements, reply to FRAgent at Kansas City on amount for new bank and limit of reduction for organized bank 94/26 Carthage National Exchange Bank, Carthage, N. Y., reply to Mr. Lynch on request for permission to act in a fiduciary capacity under previously granted authority 10/5 Central National Bank of London, Ohio, stock reduction approved in plan involving sale of preferred stock, condition will still be unsatisfactory 10/9 Central National Bank, Oakland, Calif., stock of Central Co. issued to individuals as trustees for stockholders 9/22 Central National Bank of Spartanburg, S. C., resignation of Mr. Law as director of Charlotte Branch because of failure to reopen 9/9 Chase National Bank, New York, N. Y.: Argentine Government deposits, request of FRBoard for views as to payment of interest on 9/26 Canal Zone, reply to request for reconsideration of ruling that it is not foreign territory 10/17 San Juan, Puerto Rico, application from Mr. Barber for establishment of branch, letters to Comptroller, Secretary of War and Mr. Case on desirability 9/13 Replies received and application approved 9/26 Chicago bank, advice of tentative plan of reorganization involving stock reduction and issuance of preferred stock, may be early call for approval 10/12 525 292 131 491 147 226 249- 404 212 294 326 176 43 206 398 88 185 347 57 Pages National banks: (Continued) Citizens and Southern hational Bank, Atlanta, Ga., report of Mr. Young that Atlanta banks had concluded that absorption of exchange charges on checks drawn on 9/16 nonpar points violatesBanking Act of 1933 (See also Clearing and collection, Nonpar items) Citizens-Farmers National Bank, Chickasha, Okla., stock reduction 10/5 approved in reorganization plan Citizens National Bank, Okmulgee, Okla., not necessary for Southwest Bankshares Corporation to secure permit to vote stock to place in liquidation because corp9/28 oration is in hands of receiver City National Bank of Baton Rouge, La., Board unwilling to approve application for fiduciary powers Coast National Bank in Fort Bragg, Calif., new application for 9/9 FRBank stock approved and previous one revoked Commercial National Bank of Chattanooga, Tenn., fiduciary power application, action withheld because of suit in9/30 volving two officers of preceding bank No ill effect from lawsuit involving officers of First National Bank, application approved with warning against 10/19 trusts of CoLmercial National Bank, Kansas City, 'Kansas, stock reduction approved in plan involving sale of preferred stock to Reconstruction Finance Corporation, 10/5 condition will still be unsatisfactory Condition of stock reduction amended so articles of Incorporation will not have to be changed to provide 10/17 for replacement of preferred stock Compton National Bank of Compton, Calif., stock reduction approved in plan involving sale of preferred stock 9/2 to Reconstruction Finance Corporation Condition reports: (See Condition reports) Condition reports of affiliates: (See Condition reports) Continental Illinois National Bank and Trust Co., Chicago, Ill., plan involving stock reduction and issuance of preferred stock to R.F.C., approved by Comptrolkr1Q/17 Governor Black to prepare letter to Comptroller setting forth 10/17 views of Board and for presentation to FRBank Letter presented, approval of application would be tantamount to approval of reorganization plan, need for strong management, bank's condition, ques10/18 tion of additional capital, to revise letter Revised letter Emended, opinions of Messrs. Morrill, Paulger and Wyatt, application approved, desirable to 10/19 bring letter to attention of bank suggesprocedure, changes in suggesting Await Reply from 'Mr. tion of Governor Black on presentation of letter to directors of FRBank of Chicago, question of 10/25 additional capital Cushing that Mr. to Kansas, reply Downs National Bank, Dawns, time certificate of deposit may not be paid before maturity, that certificate maturing in six or twelve months probably cannot be paid in nine 9/28 Extension of credit, position of Comptroller that promissory note of affiliate for purchase of assets from, consti9/22 tutes, affirmed by FRBoard 103 292 240 477 36 256 438 291 392 8 399 400-1 416-9 428-34 443 245 173 58 Pages National banks: (Continued) Farmers National Bank of Beaver Falls, Pa., directors serving Ingram-Richardson Investment Co., question of application of Secs. 32 or 33 of Banking Act 10/25 First Lake County National Bank at Libertyville, Ill., fiduciary powers granted only in specific trusts of old First Lake County National Bank 9/30 First National Bank of Baker, Ore., application for fiduciary powers approved 10/5 First National Bank of Bay City, Texas, authorized to exercise fiduciary powers 10/31 First 'National Bank of Boston, Lass., stock of Old Colony Trust Co. held by trustees for shareholders of, to furnish agreement and question of trustees executing agreement also 00 First National Bank, Bradenton, Fla., action on stock reduction deferred until determination of eligibnity for voting permit of First National Co., which will become holding company in recapitalization plan 10/12 First National Bank of Brockport, N. Y., FRAgent to make report and recommendation if receiver does not apply for cancelation of FRBank stock 10/19 First National Bank of Chattanooga: (See supra Commercial National Bank of Chattanooga) First National Bank of Collinsville, Ala., stock reduction approved in plan involving sale of preferred stock 10/25 First National Bank, Emory, Texas, loan to Hr. McCallon criticized in examination report 10/30 First National Bank of Freeport, Ill., application for fiduciary powers disapproved 10/19 First National Bank, Hempstead, N. Y., stock reduction approved in recapitalization plan, advisability of waiver of assessment of stockholders or liquidation 9/19 First National Bank of Jefferson 'Parish at Gretna, La., authorized to exercise fiduciary powers only in specific trusts of Gretna Trust and Savings Bank 10/31 First National Bank of Lewiston, Lie., stock reduction approved in plan involving sale of preferred stock to Reconstruction Finance Corporation 10/30 First National Bank, Luray, Va., reply to Mr. Frank on desire to retire certificates of deposit before maturity 9/9 First National Bank of McComb City, McComb, Miss., additional fiduciary powers approved 10/16 First National Bank of Meadville, Pa., report of continued deficiency in reserves 10/25 First National Bank of Norway, Mich., stock reduction approved in plan involving sale of preferred stock to Reconstruction Finance Corporation 10/30 First National Bank of Ocilla, Ga., to reduce capital stock and sell preferred, latter not made condition 10/30 First National Bank of Okanogan, Wash., application to reduce capital stock and issue preferred, Board desires current information as to condition 10/26 First National Bank of Ritzville, Wash., capital reduction approved in plan involving sale of eliminated assets to Investment and Securities Co. 10/5 485 257 294 545 265 357 424 480 516 422 124 544 526 42 384 473 525 524 508 290 59 Pages National banks: (Continued) First National Bank of Salamanca, N. Y., stock reduction approved in plan involving sale of preferred stock to Reconstruction Finance Corporation, management to be made satisfactory 10/12 First Hatdonal Bank of Seattle, Wash., reply to Mr. Randle that bank may act as executor of estate of J. G. McFee and if not in contravention of local law, exercise trusteeship of property in Canada 9/12 First National Bank of Springfield, Ill., application for fiduciary powers approved and letter to Comptroller on undercapitalization 10/12 First National Bank, Wellington, Ohio, unlicensed, agreement whereby liabilities mould be assumed by First Wellington Bank for note collateraled by all assets 10/25 First National Bank and Trust Co., Covington, Hy., approval of stock reductionsmended to eliminate additional contribution by old stockholders 94/2 First National Bank & Trust Co., Helena, Mont., withdrawing Securities in safekeeping of Helena Branch 10/5 First National Bank and Trust Co., Keyser, 7T. Va., organizers' application for fiduciary powers, no action until after year's operation and examination 10/18 First National Bank and Trust Co., New Egypt, N. J., stock reduction approved only on surrender of trust powers 9/19 Flat Top National Bank, Bluefield, W. Va., report of continued deficiency in reserves due to inability to restore 10/5 Groveton National Bank, Groveton, N. H., new application for FRBank stock Tproved and previous one revoked 10/ 4 19 Harriman National Bank and Trust Co., New York, N. Y., application for cancelation of FRBank stock approved but FRBank desires to retain part of proceeds pending determination of further claims 9/9 FRBoard to be advised in cancelation of FRBank stock as soon as possible 10/19 Harrisburg National Bank, Harrisburg, Pa., reply to Mr. Bailey that Pennsylvania building and loan associations are not mutual savings banks 9/22 Hibernia National Bank in New Orleans, La., reply to Mr. Hecht explaining action of Atlanta Clearing House in ceasing to absorb exchange or collection charges 94/28 Reply to Mr. Hecht that Board cannot issue ruling which would cover all cases of absorption of exchange, etc. 10/16 Iowa National Bank, Ottumwa, Iowa, extension of time for Union Bank and Trust Co. to eliminate note of directors of, involved in consolidation 10/18 Idanufacturers National Bank of Detroit, Mich., application for fiduciary powers approved 9/28 Liarion National Bank, Marion, Ind., FRBoard to waive one year requirement and consider full powers after next examination 9/19 Board feels that it should nct act on application for full powers until after coming examination 10/30 356 66 354 479 9 295 413 122 290 423 35 424 174 234 387 411 224 121 522 60 Pages National banks: (Continued) Medford National Bank, Medford, Ore., amended applicAion for 9/2 FRBank stock approved, previous one revoked Liercantile-Cornerce National Bank in St. Louis, Mo., report of meeting of Governor Black with 1,:r. Hemingway on disposal of stock of, by Mercantile-Commerce 9/12 Bank & Trust Co. (See also State member banks, Mercantile-Commerce Bank Trust Co.) Mercantile National Bank at Dallas, Texas, reconsideration of fiduciary power application, approved in specific 9/22 trusts of Mercantile Bank & Trust Co. of Texas Board cannot accede to suggestion that new trusts be submitted 10/12 to FRAgent for approval Merchants and Planters National Bank, 6herman, Texas, reply to Mr. Omohundro on payment of interest on demand deposits that oral understanding does not appear 9/9 sufficiently definite Montgomery County National Bank of Rockville, L1d., attention called to position of Board in considering stock 10/17 reduction in reorganization plan Montgomery National Bank, Mt. Sterling, Ky., reply to Mr. Paton on inquiry of, that absorption of Kentucky tax 9/22 would be indirect payment of interest National Bank of America, Paterson, N. J., stock reduction in reorganization plan, city over-banked, question of policy raised as to reopening for benefits of F.D.1.C., request opinions as to scope of Board's 9/30 and Comptroller's responsibility Opinions of Mr. Await and ,Tr. Case, also feeling that action should be prompt, Board's responsibility, action 10/17 deferred 10/18 Application disapproved National Bank of Commerce, San Antonio, Texas, director is serving another national bank and San Antonio Branch and Mr. Beretta is also director of another national bank, permits under Clayton Act necessary 9/19 National Bank of Jackson, Mich., application for fiduciary powers 10/25 approved National Bank of Lima, Ohio, application for fiduciary powers, condition of preferred stock subscription by R.F.C., approved without setting precedent 9/2 National City Bank of New York, N. Y., Argentine Government deposits, request of FRBoard for views on payment of interest on 9/26 Northwestern National Bank, Minneapolis, Minn., proposed merger with Minnesota Loan and Trust Co., necessity for Northwest Bancorporation to secure voting permit 9/30 Northwestern National Bank and Trust Co., Minneapolis, Minn., limited voting permit granted Northwest Bancorporation in consolidation of horthwestorn National Bank and Minnesota Loan and Trust Co. into, cap10/25 ital added 10/25 Fiduciary power application approved 5 76 148 355 40 404 178 246-0 403 419 126 478 18-2° 206 259 454-'6 456 61 Pages National banks: (Continued) Old National Bank and Union Trust Co., Spokane, Viash., stock reduction in plan involving sale of preferred stock to subsidiary of Old National Corporation which 9/9 owns stock of, question of voting permit Reduction approved and United voting permit to be issued to 9/19 Old National Corporation Stock reduction approved, management to be changed, voting permit to be granted solely for reorganization, 9/22 limited voting permit approved Philadelphia National Bank, Philadelphia, Pa., acquisition by In10/16 tegrity Trust Co. of stock of Red River National Bank of Grand Forks, N. Dak., certificate of 10/30 surrender of trust powers Security National Bank, Cheney, lash., proposed absorption by Spokane and Eastern Trust Co. and necessity of 9/30 voting permit for Northwest Bancorporation of policy questions C., N. Greensboro, of Security National Bank in connection with fiduciary power application as stock is owned by public agencies, approved State National Bank, Frankfort, hy., reply to Mr. Jones that bank may not pay interest for period between maturity 10/25 of time deposit and renewal Stock Growers National Bank, Cheyenne, Wyo., President Marble is director of five conmorcial banks and of Omaha Branch, and joint stock land bank, procedure 9/19 under Clayton Act for application Conn., Haven, New Tradesmens National Bank of fiduciary powers, no action because of insuffic9/9 ient capital and surplus under State law powers approved, fiduciary Union National Bank in Kansas City, Mo., national bank examiner to assist in selecting 10/16 trusts Union National Bank and Trust Co. of Bloomington, Ill., application for fiduciary powers, advice from Comptrol9/19 ler that organization is not likely, no action Terwilliger Mr. Y., reply to N. Wallkill National Bank, Wallkill, that bank may modify contracts prescribing 32=i13 10A interest an deposits 10/30 position Board reaffirms Request for reconsideration, subscriptions Md., "padding" of Baltimore, Aestern National Bank, for Government securities revealed in special report of fiscal agency department of FRBank of 9/15 Richmond Rose that Wilber National Bank, Oneonta, N. Y., reply to Mr. building and loan associations organized under 9/28 laws of New York are not mutual savings banks iktional Recovery Administration: Bankers, code: (See Code) 110.1.7 Department: Paymasters, no objection to FRBank of San Francisco furnishing with currency in original sealed packages, reply 9/28 to Acting Secretary of Navy liebraska Bankers Association, request for ruling on payment of interest on public moneys of Nebraska, referred to 9/2 FRBank of Kansas City 49-52 109 149-53 382 523 258 100-2 497 127 36 385 120 304 530 96 237 228 10 62 Pages New York: Building and loan associations are not mutual savings banks, reply to Wilber hational Bank 9/28 Nonmember banks: Capital City Bank, Charleston, W. Va., assets and liabilities to be taken over by Kanawha Valley Bank, no objection 10/16 Minnesota Loan and Trust Co., Minneapolis, Minn., proposed merger with Northwestern National Bank 9/30 Raleigh State Bank, Raleigh, Ill., proposed absorption by First Trust and Savings Bank, Harrisburg, Ill. 10/25 Safekeeping, suggestion of FRBank of Eirneapolis that FRBank and branch be permitted to hold securities for, which have membership applications on file or are merging with member bank 10/5 South Euclid Bank,South Euclid Village, Ohio, permission to Cleveland Trust Co. to absorb and consolidate with branch in adjoining village 10/30 Washington State banks reorganized under Bank Stabilization Act, reply to FRBank of San Francisco on eligiblity for membership 9/9 Western Saving Fund Society of Philadelphia, Pa., reply that deposits appear to comply with Board's regulations as "savings deposits" with one exception 10/16 Zion's Savings Bank and Trust Co., appears to be affiliate of Utah Trust and Savings Bank, Salt Lake City 9/26 Further information submitted not definite enough to rule whether bank is holding company affiliate 9/30 (See also Holding company affiliates) North Carolina Bankers Association, reply to iii'. Brawn that Regulation Q applies only to member banks, Board cannot rule 9/50 North Carolina statute providing for deposit by stockholders in lieu of double liability, to be invested in bonds, reply to Governor Seay on questions arising under 9/19 North Dakota Bankers Association, reply to suggestion that explanation be given in press of interpretation and regulation on payment of interest on deposits 10/12 "0" O'Beirne, E.J., reply on service under Clayton Act 9/22 Ohio: Branch banks: (See Branch banks, domestic, Out-of-town) Omohundro, L. S.: (See National banks, Merchants and Planters National Bank, Sherman) Open market operations: Governor Black to visit FRBank of Chicago to discuss 10/19 Purchase of 335,000,000 of Government securities, reported by Governor Harrison 10/12 Authority to purchase up to one billion dollars of Government securities, resolution of Federal Open Market Committee that it be reaffirmed 10/12 Feeling of little need for continued purchase, but committee should retain full discretion in case of emergency 10/12 Resolution approved and telegram to Governor harrison 10/12 237 383 259 474 295 521 32 386 204 266 263 129 361 176 434 338 338 338 342 63 Pages Orders: (See Resolutions) Osburn, W. 0.: (See Membership in FRSystem, State Exchange Bank, Culver) Patons Thomas B.: (See American Bankers Association) Payments: FRBank of Minneapolis: Nelson, V. A., reimbursement for hospital expenses approved because of interference of banking holiday with benefits of Veterans' Administration 10/31 FRBank of New York: Kenzel, E. R., reply to Mr. Sailer on amount which should be paid to estate of 9/28 Pe nnsylvania: Building and loan associations, reply to Mr. Bailey of Harrisburg National Bank that they are not mutual savings banks 9/22 Interest on deposits of Montgomery County, may not be paid except on sinking funds 9/9 Pension Committee: (See Committees, Governors' Conference) Perkins, Gilbert h.: (See State member banks, Chemical Bank and Trust Co., New York) Pos4,a1 savings funds: Bonds, security for, ask views and suggestions of FRBanks on safekeeping, at request of Treasurer of U. S. 109 Deposits of, amendment in regulations intended to change to tine deposits, views of FRBoard expressed in letter to Postmaster General before ruling 9/12 Reply to Mr. Eilenberger that amended regulation makes deposits time deposits, request assurance that there will be no further changes and there appears to be no conflict as to interest rate 9/22 Reply to ijr. Eilenberger that time certificates of deposit cannot be legally paid before maturity 9/28 Drafts drawn on postmaster at Asheville, E. C., request from Er. Erwin that FRBank of Richmond accept for collection 9/28 Regulations modified by Postmaster General, reply to :a.. Hale and that Board is delaying ruling pending any further change 9/26 Press statements: Condition reports of affiliates of member banks, proposed to be issued concerning further postponement of time for filing and modification of requirements 9/13 Condition of FRBanks, as of Oct. 11, to be issued on Oct. 13 10/5 aeekly reporting member banks in central reserve cities as of Oct. 11, to be issued Oct. 13 10/5 Proposed agreement with Federal Emergency Administrator of, amended, Treasury Department has agreed to procedure, no objection to FRBanks entering into 9/2 Transmittal to FRBanks of changes in memo of agreement 9/2 1°tIert0 Rico: Banco do Ponce, application for membership 10/9 (See also Membership in FRSystem) 542 227 274 39 426 65 165 233 229 208 89-92 296 296 15 16 309 Pages 64 ttQl1 Quarters of FRBoard: Chamber of Commerce building, not for sale, according to Llr. Dalger, opinion of Governor Black that thought should 10/25 be given to eventual construction of building 442 Questionnaires: Secretary of Labor, cost of living study, Governor Black authorized to reply that it does not apply to employees of FRBoard, copy to Commissioner of Labor 9/26 Statistics 186 ttRtt Rahn, W. if.: (See MeMbership, Farmers State Bank, Winner) Randle, H. R.: (See National banks, First National Bank of Seattle) Rates: FRBank of Atlanta: 9/9 Effective buying rates, establishment of schedule Schedule of discount and purchase 9/9 1Q/16 FRBank of Boston: 1Q/19 Advances to individuals, etc., established at 4% 1Q/19 Advances to nonmember banks, established at 4% lq/19 Advances under Sec. 10(b) of FRAct, established at 4% Schedule of discount and purchase 9/9 9/22 1Q/5 1Q/19 Chicago: FRBank of 1Q/16 Advances to individuals, etc., established at 4% 4% at nonmember banks, 1Q/16 established Advances to 10/16 Advances under Sec. 10(b) of FRAct, established at 4% Effective buying rates, establishment of schedule 10/26 Rediscount rate, established at 1q/25 Schedule of discount and purchase 9/22 1Q/26 10/30 FRBank of Cleveland: Advances to individuals, etc., established at 4% 1Q/25 Advances to nonmeMber banks, established at 4% 1Q/25 Advances under Sec. 10(b) of FRAct, established at 4,5 1Q/25 Rediscount rate, established at 2'?..i5 1Q/25 Schedule of discount and purchase 9/9 10/9 FRBank of Dallas: Schedule of discount and purchase 9/12 1Q/9 FRBank of Kansas City: 1Q/26 Effective buying rates, establishment of schedule Schedule of discount and purchase 9/15 9/28 10/16 1Q/26 1Q/30 26 26 375 420 420 420 25 139 275 420 375 375 376 50 464 139 607 514 465 465 465 464 25 325 59 325 507 94 221 375 507 514 65 Pages Rates: (Continued) FRBank of llinneapolis: Effective buying rates, establishment of schedule Schedule of discount and purchase 10/26 4 9 10/ 1Q/26 FRBank of New York: 10/9 Advances to individuals, etc., reduced to 4% 10/9 Advances to nonmember banks, reduced to 4% 10/9 Advances under Sec. 10(b) of FRAct, reduced to 4% Effective buying rates, repurchase rate of T'eo shown in Lir. Sproul's letter, apparently effective Oct. 20, 10/30 but not shown in telegram on that date estabschedule acceptances, bankers on Llinimum buying rates lished and FRBoard notes rate of 112% for purchase at or above which currently effective mini10/25 mum rates may be fixed by officers 10/19 approved 2%, at established Rediscount rate rates buying that noting and approval Letter confirming on trade bills and Government securities under repurchase agreements were reduced to rediscount 10/25 rate R.F.C. in reduction of because rates Reduction of certain rates and feeling that rates should be uniform 10/9 on loans established securities, Government on Repurchse agreements at 2% and Board notes reduction to discount rate 10/25 9/2 Schedule of discount and purchase Q/9 9/15 Q/22 Q/30 4 9 10/ 10/16 4 19 10/ 104/25 1Q/30 reduction notes FRBoard Trade bills, established at 2% and 104/25 to discount rate FRBank of Philadelphia: 10/19 Advances to individuals, etc., established at 10/19 4% at established Advances to nonmember banks, 10/19 4% at Advances under Sec. 10(b) of FRAct, established 9/22 Schedule of discount and purchase 1Q/5 4 19 10/ FRBank of Richmond: 9/15 Schedule of discount and purchase 1Q/16 PRBank of St. Louis: 10/25 Advances under Sec. 10(b) of FRAct, established at 4% 104/26 Effective buying rates, establishment of schedule 9/22 Schedule of discount and purchase 10/5 1Q/25 10/26 507 325 507 322 322 322 514 463 441 462 322 463 1 25 94 139 255 325 375 441 463 514 463 421 421 421 94 275 421 94 375 465 507 139 275 466 507 66 Rates: (Continued) FRBank of San Francisco: Advances to individuals, etc., established at 4; . 7 Advances to nonmember banks, established at 45 Advances under sec. 10(b) of FRAct, established at 4% Effective buying rates, establishment of schedule Minimum buying rate, establishment of Schedule of discount and purchase Pages 10/25 466 10/25 466 10/25 466 10/26 507 10/26 507 25 9 /9 9/22 139 10/9 325 10/25 466 10/26 507 Real estate: FRBanks: (See FRBanks) Loans of banks applying for membership, reply to Mr. Wood that conformity with Sec. 24 of FRAct would be desirabre, but not necessary 10/5 Loans by member banks to affiliates secured by mortgages, ruling to be published in FRBulletin 9/9 Reconstruction Finance Corporation: FRBank of Chicago, examination reveals inquiry as to shortage in Liberty Loan bonds, collateral of 9/28 FRBank of New York, fiscal agent in purchase of gold in world market: (See FRBank of New York, Fiscal agent) Members: Jones, Jesse: Present at President's conference on purchase of gold in world market 10/31 Resolution on issuance of preferred stock by eligible banks, submitted to Board and adopted, authorized to use in speech before A.B.A. 9/5 Plan to aid banks so F.D.I.C. will commence operations with sound banks, report of Governor Black to Governors' Conference 10/10 Rediscounts: Customers paper, recommendation of Governors' Conference that it be eliminated from Treasury circular 92 as eligible collateral for war loan deposits 10/12 Regulations, FRBoard: Q, Interest on deposits: Comments from Governor Seay relative to certificates of deposit of indefinite maturity with right reserved to require 30 days' notice before payment 9/28 L, Interlocking directorates: Draft of revised regulation considered, report that Mr. Miller agrees with interpretation and to be sent to FRBanks for suggestions 9/12 Removal of misgivings of Mr. Miller and desire to be recorded as approving 9/13 Revised draft presented with forms, approved, ordered sent to FRAgents for printing and distribution 10/25 R, Relations with dealers in securities: Draft considered, to be sent to FRBanks for suggestions 9/12 Removal of misgivings of Mir. Miller and desire to be recorded as approving 9/13 287 38 224 534 23 331 335 230 69 85 444 69 85 1 67 Pages Regulations, FRBoard: (Continued) R: (Continued) Final draft presented and approved, to be printed in FRBulletin and in pamphlet form and to be sent to 10/26 FRAgents for distribution Relations with dealers in securities; Continental Bank and Trust Co., New York, N. Y., reply to Vase, Shepard and Houghton as to application of Sec. 32 of Banking Act of 1933 to directors affiliated 10/31 with stock exchange firms Farmers National Bank of Beaver Falls, Pa., directors serving Ingram-Richardson Investment Co., question of 10/25 application of Secs. 32 and 33 of Banking Act Regulation R: (See Regulations) Reopening of banks: State Bank of Cuba, Ill., question of recommending license if 9/22 there is liability under reorganization plan Reorganization of banks: Capital stock reductions, question of responsibility of FRBoard in approving in plans, opinion of Counsel desirable 9/30 and also of counsel for Comptroller Position of Board in case of Montgomery County National Bank of Rockville, Ed., called to attention of Board 10/17 in connection with responsibility (See also National banks, National Bank of America) Chicago national bank, plan involves reduction of capital and issuance of preferred stock may be early call 10/12 for Board's approval Illinois banks, outline of plan involving issue of deferred certificates of deposit, Board's attitude toward, conference can be arranged with State banking 9/2 authorities Advice to Ir. Young that Board has under consideration plan of State Bank of Collinsville, involving issue 9/22 of deferred certificates of deposit Letter to Mr. Barrett, Auditor of Public Accounts, Board's views on license to reopen or admission to 9/22 FRSystem, suggested courses of procedure Plan of State Bank of Collinsville not favored because of 102 liability on deferred certificates of deposit Washington State Bank Stabilization Act, reply to FRBank of San Francisco on eligibility for membership of nonmembers and retention of, by State member banks 9/9 if reorganized under Reserve, attention of Attorney General called to use of word in 9/2 title by Western Reserve Mortgage Co. Reserves: First National Bank, Lieadville, Pa., report of continued defic10/25 iency in Fiat Top National Bank, Bluefield, W. Va., report of continued 10/5 deficiency, due to inability to restore Reduced, of member banks in outlying districts, requirement of 10/5 year's membership before applying, rescinded Resolutions: Federal Advisory Council, that Securities Act and Banking Act be amended to enable industries to obtain capital funds, Board refuses to permit FRBanks to 9/28 distribute to member banks 501 549 485 153 249-51 404 347 7 155 169-72 365 32 17 473 290 298 216 68 Pages Resolutions: (Continued) Federal Open Market Committee: Purchase of up to one billion dollars of Government securties, vote that authority be reaffirmed 10/12 Resolution approved and telegram to Governor Harrison 10/12 FRBank of New York: Fiscal agent for Reconstruction Finance Corporation for Purchase of gold in world market, granting bank necessary authority 10/31 (See also FRBank of New York) FRBoard: Eligible banks should take advantage of Emergency Banking Act to strengthen capital, presented by Ur. Jones and amended and adopted, Mr. Jones authorized to use 9/5 in speech before A.B.A. San Juan, Puerto Rico, authorizing Chase -Aational Bank of New York to establish a branch in 9/26 North Dakota Bankers Association, that FRBoard give explanation of Banking Act of 1933 and Regulation Q to public 10/12 Rogers, Prof. J. H., present at President's conference on purchase of gold in world market 10/ 4 31 Rose, Lewis F.: (See National banks, Wilber National Bank) Rulings, Attorney General, opinion regarding affiliates to be published in FRBulletin 9/16 Rulings, FRBoard: Absorption of exchange and collection charges under provisions of bankers code of fair competition, reply to 1,1r. Hale that Board has not ruled 10/12 Building and loan associations, in New York State, are not mutual savings banks, reply to Wilber National Bank 9/28 Ruling to be published in FRBulletin 10/12 Canal Zone, ruling that it is not foreign territory cannot be changed 10/17 Clayton Act: Building and loan associations, application of Sec. 8A to, to be published in FRBulletin 10/12 Corporations -which do not actually make loans on stock or bond collateral, application of Sec. 8A to, to be published in FRBulletin 10/12 Director of national bank may serve as director of savings bank which does not make loans secured by stocks and bonds even though empowered to do so, reply to Mr. O'Beirne on applicabilit:. of Sec. 8A 9/22 Effect of Sec. 8A, as amended by Sec. 33 of Banking Act of 1933, to be published in FRBulletin 9/9 Permits, necessity for obtaining under Sec. 8A covering services authorized by permits under Sec. 8, to be published in FRBulletin 10/12 State member banks, Sec. 8A not applicable to 9/12 Ruling to be published in FRBulletin 10/12 Corporation whose stock is held by a member bank as executor or trustee as an affiliate, ruling to be published in FRBulletin 10/12 Debentures, ruling that they may not be included in capital necessary for membership, to be published in FRBulletin 9/9 338 342 526 23 186 361 534 104 364 237 359 398 359 359 176 38 359 67 359 359 38 , • 69 Pages Rulings, FRBoard: (Continued) Directors, FRBank, a holding company affiliate controlling one or more banks in each electoral group may designate one of such banks in each group to participate in nomination and election of Class A and B 00 To be published in FRBulletin 10/12 Extension of credit, position of Comptroller that promissory note of affiliate for purchase of assets from national bank constitutes, affirmed by FRBoard 9/22 To be published in FRBulletin 10/12 Foreign corporations awning majority of stock of member banks, provisions of Banking Act of 1933 applicable to 9/28 Holding company affiliates in hands of receiver, voting permit for subsidiary member banks not necessary 9/28 Illinois funds payable on demand, interest must be paid on 9/12 Interest: Certificates of deposit on which bank reserves right to require notice of withdrawal, payment on, to be published in FRBulletin 10/12 Cooperative banks, ruling on payment on deposits of, to be published in FRBu11et3n 9/9 Demand deposits in Kentucky, absorption of State tax would constitute indirect payment on 9/22 Savings deposits, interest from first day of month on deposits received within few days thereafter, ruling to be published in FRBulletin 10/12 Time certificates of deposit, excess of maximum rate may not be paid on those issued subsequent to June 16 with no provision for revision of rate on issuance of Regulation Q 00 To be published in FRBulletin 10/12 Trust funds, payment on deposits of, ruling to be published in FRBulletin 9/9 Loans by member banks to affiliates on security of real estate mortgages, to be published in FRBulletin 9/9 Massachusetts Hospital Life Insurance Co., Boston, Mass., providons of Sec. 8A of Clayton Act applicable and Board cannot issue permit 10/25 Morris plan banks, reply to FRBank of Atlanta that they are not eligible for direct loans under Sec. 404 of Act of Larch 9 9/26 VUtual Savings Central Fund, Inc., Board concurs in opinion of FRBank of Boston counsel that it is not mutual savings bank 10/18 Ne1 York building and loan associations, not mutual savings banks 9/28 N°nassessable stock, issuance by State member banks, ruling to be published in FRBulletin 9/9 Ohio, branch banks outside of city limits, establishment by State member banks, held legal 9/13 (See also Branch banks, domestic, Out-of-town) Payment of interest: (See supra Interest) Pennsylvania building and loan associations, not mutual savings banks 9/22 Philippine Islands and Puerto Taco, nal:considered foreign countries and status of Canal Zone 9/28 269 359 173 359 241 239 71 359 38 178 359 270 359 38 38 483 196 414 237 38 84 174 235 70 Pages Rulings, FRBoard: (Continued) Real estate of FRBanks, Board has right to require submission of 10/10 proposed purchases for approval FRBanks) (See also Savings deposits: 10/12 Definition of, to be published in FRBulletin fifth that deposits made before provision Pass book containing day of month will receive interest from first, 9/28 may only be paid for actual time of deposit all or part, by member for Waiver of notice of withdrawal bank, classification of other savings accounts 9/28 not affected State meMbir banks, application of Sec. 8A of Clayton Act to, to 10/12 be published in FRBulletin Trusteeship formed for erecting annex to State Bank, iiinfield, Kansas, reply to Yr. McClure that it is not affiliate 9/28 335 359 242 233 359 239 Safekeeping: FRBank of Minneapolis, no objection to holding for nonmember banks having applications for menbership on file or in process of merger with member bank, noted that se295 10/5 curities in Helena Branch are being withdrawn surrendered FRBank Holding of securities for banks which have 10/25 486 stock and on holding for benefit of employees Helena Branch: (See supra FRBank of Minneapolis) Postal savings deposits, bonds securing, request views and suggestions of FRBanks on keeping for banks, at re10/19 426 quest of Treasurer of U. S. Salaries of executive officers and directors of FRBanks and member banks under S. R. 75, reply to FRBank of Dallas on reporting for consolidated banks 9/2 San Francisco Clearing house Association: (See Interest) Savings deposits: (See Deposits) Schneckenburger, W. (See Holding company affiliates, Marine Midland Corporation) Secretary of Labor, Governor Black authorized to reply that questionnaire on study of cost of living is not applicable to Board's employees 9/26 186 Hewes that Board will Secretary of Navy, Acting, reply to and to Er. advise FRBank of San Francisco that there is no objection to furnishing Navy paymasters with new currency in original sealed packages 9/28 226 Shareholders, definition of, as used in Banking Act of 1933 9/26 213 Shearman & Sterling, reply giving citations of court cases considered in ruling that Philippine Islands, Puerto Rico and Canal Zone are not foreign countries 9/28 235 Sibley, John A., reply that ownership of more than 50% of stock of member bsrar and corporation by independent investors constitutes affiliation 10/30 531 (See also Voting permits, Trust Company of Georgia) Silver: Treasury's policy in regard to silver dollars held by FRBanks 10/12 361 71 Pages Simpson, Thatcher and Bartlett: (See State member banks, American Trust Co., San Francisco) Special Industrial Recovery Board, to establish committee to study effect of Proposed plans, and request that Dr. Goldenweiser be appointed alternate for Dr. 9/9 Sprague, not favored Department) Treasury Dr. Sprague, 0.M.W.: (See Staff of FRBoard: Cost of living, reply to Secretary of Labor and copy to Commissioner of Labor Statistics that study is not 9/26 applicable to Counsel's Office: Carroll, Jeanne Howard, appointment and salary as steno9/9 grapher salary as Assistant and appointment Cherry, Alfred k., 10/16 Counsel 10/17 stenographer as salary Lana, S. Anne, appointment and Offut, James R., appointment and salary as clerk-stenograph10/17 er Division of Examinations: Bangs, Mrs. Olga W., transferred to, from Office of Gover9/13 nor, to be Secretary to la.. Leonard 10/25 stenographer Brown, Arch B., appointment and salary as 10/25 Dolan, Helen V., appointment and salary as stenographer Assistant as Folsom, George H., appointment and salary 9/19 Examiner changed Hagler, Herbert H., Assistant Examiner, headquarters 10/12 to Nashville, Tenn., from 7lashington Hostrup, Clarence C., appointment and salary as Assistant 9/19 Examiner 9/26 Lanston, Marjoie, appointment and salary as stenographer McClelland, vlarren J., appointment and salary as Assistant 9/26 Examiner 9/19 Myers, Edward S., appointment and salary as stenographer Radford, John R., Jr., appointment and salary as Assistant 10/25 Examiner 9/26 Root, Mrs. Rose D., appointment and salary as file clerk Siems, L. A. A., Examiner, headquarters changed from Wash 9/26 ington to Baltimore, ;al. Stone, Harold F., appointment and salary as stenographer9/26 clerk Division of Research and Statistics: Barcalow, Elizabeth, leave without pay granted for period 10/25 necessary to attend illness in family Gardner, Walter R., request of State Department that he be permitted to attend Seventh International Conference of American States in Montevideo, Uraguay, 10/25 referred to Governor with power Goldenweiser, E. A., Director: Alternate for Dr. Sprague on Special Industrial Recovery Board Committee, desire of n.. Acheson to desig9/9 nate as, not favored Business and credit conditions reviewed before Governors 1Q/10 Conference Devaluation of dollar, opinion prepared and to be furnish10/9 ed to members of Board 54 186 26 376 405 405 86 467 467 115 351 115 190 189 116 467 190 191 190 467 453 54 329 310 72 Pages Staff of FRBoard: (Continued) Division of Research and Statistics: (Continued) Terborgh, George, resignation accepted 9/12 Examiners: (See supra Division of Examinations) Gavernor'S Office: Bangs, Mrs. Olga 71., transferred to Division of Examinations 9/13 Martin, H. Warner, Assistant to Governor: Liquidation of assets of closed banks, requested to cooperate with :r.Bruere in consideration of proposed emergency corporation for 10/9 Painters, Mr. Morrill authorized to employ for painting of Governors Office 9/2 Authority granted to employ to paint Mr. Bethea's office 9/15 Secretary's Office: Morrill, Chester, Secretary: Liquidation of assets of closed banks, requested to cooperate with Mr. hruere on consideration of emergency corporation for 10/ 4 9 Noell, J. C., Assistant Secretary, designated chairman of Board's organization for activities of Community Chest 10/26 State Department: (See Department of State) State member banks: Affiliation with corporation, reiply to Llr.Sibley that ownership of more than 5410 of stock of member bank and corporation by independent investors constitutes 10/30 Amalgamated Bank of New York, N. Y., ruling that Amalgamated Clothing Workers of America is holding company affiliate of, time for execution of agreement extended, 1,1r. Brandwen to be advised 10/31 Amalgamated Trust and Savings Bank, Chicago, Ill., reply to FRBank of Chicago that Chicago Joint Board, Amalgamated Clothing Workers of America, appears to be a holding company affiliate of 9/26 Request for extension of time for furnishing reports of affiliates refused 9/28 Reply that condition report of affiliate can be published -without prejudice to reconsideration of ruling that labor union is holding company affiliate, time for securing agreement not extended 10/17 Chicago Joint Board, ruling that it is holding company affiliate reaffirmed and time for execution of agreement extended 10/31 American Trust Co., San Francisco, Calif.: Affiliate of three organizations, reply to Simpson, Thatcher, and Bartlett 9/28 Branch at Sacramento, action on application deferred pending opinion of Attorney General, request information as to Albany branch 10/25 Bank of Alpena, S. Dak., application for membership approved 10/25 Bank of Commerce, Clayton, Ala., no objection to stock reduction in plan involving sale of preferred stock to Reconstruction Finance Corporation 10/25 Bank of the Manhattan Co., New York, L. Y., efforts to dispose of stock of three banks, outlined by FL/Agent, extension of 90 days for disposal 9/2 60 86 311 1 94 311 505 531 547 200 238 396 547 241 494 470 479 5 73 Pages State member banks: (Continued) Bank of Montreal, San Francisco, Calif., is affiliate of Bank of Montreal, Canada, provisions of Banking Act of 9 /28 1933 applicable to latter immediate Waiver of six months notice and permission for 1Q/12 withdrawal from FRSystem 1Q/25 Bank of Slidell, La., application for membership approved 10/25 Beaver Trust Co., Beaver, Pa., no objection to stock reduction Belleville Savings Bank, Belleville, Ill., -waiver of notice and permission for immediate withdrawal from 104/25 FRSystem Blue Hills Bank & Trust Go., Milton, Mass., application for 1Q/25 membership approved Canal Bank and Trust Co., New Orleans, La., application of Messrs. Thompson and Finke for cancelation of 1Q/5 FftBank stock approved Capital stock reduction, reply to :r. Clerk that bank may not reduce below organization requirement for national bank, could withdraw from membership and 1Q/30 apply for readmittance Central Bank of Oakland, Calif., reply to Mr. Mount that Central 9/22 Co. does not appear to be affiliate of Chemical Bank and Trust Co., lieW York, N. Y., reply to 1.1r. Perkris that loan made on security of time certif4 5 icate of deposit is not violation of Regulation 10/ Chesaning State Bank, Chesaning, Liich., notice waived and permis9/22 sion for immediate withdrawal from FRSystem Citizens Bank of Mount Blanchard, Ohio, application for member1Q/31 ship approved Citizens Bank of Tolono, Ill., application for membership 105 approved Citizens Bank and Trust Co., Blackstone, Va., improvements in condition, own stock held, should be disposed of 9/19 Citizens State Bank of St. Charles, Minn., application for men10/25 bership approved Clayton Act, Sec. 8A not application to, reply to FRBank Qf 9/12 Boston 10,/i2 Ruling to be published in FRBulletin Cleveland Trust Co., Cleveland, Ohio, withdrawal of application for branch in South Euclid Village, request permission to absorb South Euclid Bank and consoli1Q/30 date with neighboring branch, approved Coranerce Trust Company of Kansas City, Mo., reply to Jr. McClure that condition reports of four nonmember affiliates must be published by bank, other affiliates 9/26 Condition reports: (See Condition reports) Condition reports of affiliates: (See Condition reports) Continental Bank and Trust Co., New York, N. Y., reply to Wise, Shepard and Houghton on application of Sec. 32 104/31 to directors serving stock exchange firms also Cooperative banks, interest on deposits of, ruling to be pub9/9 lished in FRBulletin Detroit Savings Bank, Detroit, Mich., examination of FRBank of Chicago reveals that bank has not accepted 9/28 charge account of counterfeit notes 241 354 470 478 471 471 296 527 176 302 147 544 470 120 471 67 359 521 203 549 38 224 74 Pages State member banks: (Continued) Directors, FRBank, advice to FRAgents that reclassification of member banks for electoral purposes will be deferred 9/26 Elliott State Bank, Jacksonville, Ill., doubt concerning right of Illinois banks to secure trust funds in commercial department by deposit of securities in trust department 9/22 Fairbank State Bank, Fairbank, Iowa, waiver of notice and permission for immediate withdrawal from FRSystem 9/15 Farmers and Mechanics Bank, Galesburg, Ill., application for membership approved 9/28 Farmers and Merchants Bank Co., Christiansburg, Ohio, application for membership approved 10/30 Farmers and Merchants State Bank, Presho, S. Dak., application for membership approved 10/30 Farmers and Merchants State Bank, Seneca, Wis., waiver of notice and permission for immediate withdrawal from FRSystem 10/30 Farmers State Bank, Charter Oak, Iowa, waiver of notice and permission for immediate withdrawal from FRSystem 109 Farmers State Bank, Winner, S. Dak., application for membership approved 9/19 First State Bank, Milford, Mich., waiver of notice and permission for immediate withdrawal from FRSystem 106 First Trust and Savings Bank, Harrisburg, Ill., proposed absorption of Raleigh State Bank, Raleigh, Ill. 10/25 First Wellington Bank, Wellington, Ohio, proposed agreement for assumption of liabilities of First National Bank 10/25 Fordyce Bank and Trust Co., Fordyce, Ark., application for membership approved 9/2 (See also Membership in FRSystem) Guthrie County State Bank, Guthrie Center, Iowa, application for membership approved 10/25 Hamilton Trust Co., Paterson, N. J., book value of capital stock as shown in condition report changed to permit showing of surplus and undivided profits 9/22 Home State Bank of South Milwaukee, Wis., application for membership approved 9/2 Illinois, doubt as to right of securing trust funds in commercia] department by deposit of securities in trust department 9/22 Integrity Trust Co., Philadelphia, Pa., acquisition of stock of national bank and fire insurance company, must be disposed of 10/16 Irving Trust Co., New York, D. Y., opinions of :r. Cook and of Mr. Logan that interest may be paid on funds held as custodian, receiver and,/or trustee in bankruptcy proceedings and deposited with itself 10/5 Jenkintown Bank and Trust Co., Jenkintown, Pa., reply to Mr. Locker as to payment of interest on Montgomery County funds 9/9 Kanawha Valley Bank, Charleston, W. Va., proposed agreement to take over assets and liabilities of Capital City Bank of Charleston, no objection 10/16 Kentucky Title Trust Co., Louisville, Ky., preferred stock on which premium of 10 is due if retired should be carried on condition report at par 10/30 197 161 95 223 520 520 520 421 159 381 474 479 3 470 157 3 161 382 302 39 383 52/ 75 Pages State member banks: (Continued) Liberty Bank of Chicago, 113., Liberty Safe Deposit Co. is affil9/2 iate and former must publish condition report be requirwill not Lincoln Bank and Trust Co., Louisville, Ky., ed to publish condition report of affiliate 10/ 4 30 which has been liquidated Loans to affiliates on security of real estate mortgages, ruling 9/9 to be published in FRBulletin Mercantile-Commerce Bank and Trust Co., St. Louis, Mo., report of meeting of Fir. Hemingway with Governor Black, on disposal of stock of Mercantile-Commerce National 9/12 Bank, to meet with FRBoard Review of case by Governor Black, Mr. Hemingway's statement, no responsibility as to alleged approval by former Comptroller and Governor, motion for extension 9/13 of six months lost, granted until Dec. 15 Merchants Bank of Winona, Minn., membership application approved 10/25 Merchants State Bank, Freemen, S. Dak., application for member10/ 4 25 ship approved Merrill Trust Co., Bangor, de., application for membership approved subject to conditions imposed by Division 10/30 of Examinations and Legal Division (See also Membership in FRSystem) Midwood Trust Co., Brooklyn, N. Y., no objection to FRAgent deferring cancelation of FRBank stock for further 10/19 period Mississippi Valley Trust Co., St. Louis, Mo., appointment of Mr. Grindon as examiner at FRBank of St. Louis approved on condition he liquidate indebtedness to 10/5 Mohawk State Bank, Mohawk, Ind., membership application approved 10/25 New Britain Trust Co., New Britain, Conn., application for member9/26 ship approved New England Trust Co., Boston, Mass., reply to request for permission not to publish condition report of David 9/26 Sears Real Estate Trust North St. Louis Trust Co., St. Louis, Ho., merger with Water Tower Bank, no change in scope of functions, unsat9/30 isfactory condition disclosed in examination Old Colony Trust Co., Boston, Lass., reply to Jr. Stockton giving Attorney General's opinion as to affiliation of corporation, stock of which is held by bank as 9/22 executor or trustee Holding company agreement to be secured from First National Bank of Boston and question of obtaining from trustees holding stock for shareholders of nation9/30 al bank Out-of-town branches, procedure for handling applications, approved by Comptroller and request for copy of most recent examination report, letter previously ap9/12 proved amended and sent to FRAgents (See also Branch banks, domestic) Peoples Bank of Indianola, Lass., application for membership approved 9/2 Peoples Bank, Little Rock, Ark., stock held by Peoples Trust Co., which is in liquidation, voting permit and agree9/30 ment not necessary 10 528 38 76 79-82 470 470 512-4 423 276 470 192 211 255 175 265 69 4 265 76 Pages State member banks: (Continued) Peoples Bank of Montross, Va., Inc., application for membership 10/25 approved Minn., failure to capiincrease Peoples State Bank, Plainview, tal, FRAgent to consider termination of member10/17 ship Perth Amboy Trust Co., Perth Amboy, N. J., reply to 1,!.r. Case that as there was no stock reduction, there was 9/26 no violation of membership condition Planters Bank and Trust Co., Farmville, Va., extension of time for compliance with membership condition that 10/5 capital be increased Provident Savings Bank and Trust Co., Cincinnati, Ohio, reply to A.B.A., on inquiry of bank as to payment of in9/28 terest on Christmas Club accounts Raritan Trust Co., Perth Amboy, 11. J., reply to Mr. Case that as there was no stock reduction, there was no viola9/26 tion of membership condition Reserves, reduced of banks in outl7ing districts, requirement that bank shall have been mnmber for year rescind10/5 . ed under directors S.R. officers and 75, reSalaries of executive ply to IRBan2 of Dallas on reporting for consolidated banks 9/2 Savings Investment and Trust Co., East Orange, 1%. J., book value of capital stock changed, reducing surplus and eliminating undivided profits in condition report 9/22 Sedalia Bank and Trust Co., Sedalia, Mo., application for membership approved 9/9 Southern Arizona Bank and Trust Co., Tucson, Ariz., application for membership approved 9/9 (See also Membership in FRSystem) Spokane and Eastern Trust Co., Spokane, ash.: Branch at Cheney proposed, request agreements as to take over of Security National Bank, necessity for 14orthwest Bancorporation to secure voting permit 9/30 Savings pass book, reply to i,tr. Dolling on presentation of, for withrawal of savings deposits 10/25 Springfield Marine Bank, Springfield, Ill., application for membership approved 104/30 Stamford State Bank, Stamford, Texas, waiver of notice and permission for immediate withdraws.] from FRSystem 10/12 State Bank of Alcester, S. Dak., membership application approved 9/19 State Bank of Collinsville, Ill.: Reorganization plan involving issuance of deferred certificates of deposit, Board considering, and to address letter to Auditor of Public Accounts 9/22 Letter presented and approved 9/22 Plan not favored because of liability on certificates 10/12 Withdrawal from FRSystem, waiver of six months notice and permission for irmediate 10/25 State Bank of Cuba, Ill., question of recommending license to reopen as to liability under reorganization plan 9/22 Townsend, of Mont., capital to be reduced, no objecState Bank tion 9/12 470 391 193 282 235 193 298 9 158 32 31 258 490 520 354 118 155 169.'0 365 471 155 61 77 Pages State member banks: (Continued) State Bank of Winfield, Kans.: Credit investigation report, highly unsatisfactory condition, action deferred 9/26 Trusteeship formed to erect annex to bank is not affiliate 9/28 State-Planters Bank and Trust Co., Richmond, Va., request of Sr. Hill for waiver of publication of condition report of Richmond Mortgage and Loan Corporation and query on affiliation of Virginia Fire and Marine Insurance Corporation 9/2 Reply to Governor Seay on affiliation of insurance corporation, Broadwell Corporation and Green River Mills, Inc. 9/22 State Savings Bank, Fontanelle, Iowa, application for membership approved 9/2 Stock, non-assessable, issuance by, ruling to be published in FRBulletin 9/9 Trust Company of Georgia, Atlanta, Ga., ruling of FRBoard that trust company as well as First National Associates is holding company affiliate of national banks and both must make application for voting permit 10/25 Union Bank & Trust Co., Helena, Mont., withdrawing securities in safekeepirg of Helena Branch 10/5 Union Bank and Trust Co., Ottumwa, Iowa, directors' note reduced, time extended for elimination 10/18 Union Trust Co., Pittsburgh, Pa., voting permit application, reply to Mr. Korb on necessity for supplying required information 10/31 Unlicensed, reply to Mr. Sargent requesting further information on necessity for publishing reports of affiliate, or holding company affiliate of 9/30 Utah Trust and Savings Bank, Salt Lake City, Utah, Mormon Church appears to be holding company affiliate and Lion's Savings Bank & Trust Co. an affiliate 9/26 Further information, not definite enough to determine relations, agreements should be executed 9/30 Board disagrees with opinion of FRBank that Zion's bank is not affiliate and agrees that Mormon Church is holding company affiliate 10/25 Valley Bank and Trust Co., Phoenix, Ariz., should comply with conditions applicable to national bank branches with respect to "currency exchanges" 10/12 Washington State, reply to FRBank of San Francisco on retention of membership of banks organized under Bank Stabilization Act 9/9 'Water Tower Bank, St. Louis, Mo., merged with florth St. Louis Trust Co. under charter of latter 9/30 ';iatkins Banking Co., Faunsdale, Ala., application for membership approved 9/2 'West New Brighton Bank, West 1:ew Brighton, N. Y., application for membership approved 9/26 capial: American llational Bank, Denver, Colo., reduction approved in amended plan involvIng issue of preferred stock 10/30 193 240 13 158 3 38 492 295 411 548 268 204 266 489 363 32 255 3 192 525 78 Pages Stock, capital: (Continued) Bank of Commerce, Clayton Ala., no objection to reduction, 10/25 and sale of preferred stock Bank of the Manhattan Co., New York, N. Y., outline of efforts to dispose of stock of Corning Trust Co., North Side State Bank and County Trust Co., extension 9/2 of 90 days' time for disposal 10/25 Beaver Trust Co., Beaver, Pa., no objection to reduction Central National Bank of London, Ohio, reduction approved in 10/9 plan involving sale of preferred stock plan reorganization tentative of Chicago national bank, advice involving reduction, and sale of preferred stock, 10/12 may be early call for approval own Va., stock held, Blackstone, Co., Citizens Bank and Trust 9/19 should be disposed of Okla., apChickasha, reduction Bank, National Citizens-Farmers 10/5 proved in reorganization plan approved Kansas, reduction City, Kansas Bank, Commercial National 10/5 in plan involving sale of preferred stock will not have incorporation of articles so amended Condition to be changed in replacement of preferred stock 10/17 Bank, Compton, Calif., reduction approved in National Compton 9,/2 plan involving sale of preferred stock Continental Illinois National Bank and Trust Co., Chicago, Ill., recapitalization plan involving reduction, and sale of preferred stock, plan made public, Governor to prepare letter to Comptroller and for pre10/17 sentation to FRBank correcuntil Letter presented, Mr. James opposed to approval tions are made, Mr. Leavell's statement on condition and loans of personnel, operations in bank's stock, strong management, additional capital, 10/18 Governor Black to revise letter Messrs. Morrill, Paulger of opinions Revised letter amended, and Wyatt, application approved, letter to be sent to FRBank and desirable that it be brought 10/19 to attention of national bank directors in suggested changes proceand of Acknowledgement Mr. Await dure, suggestion of Governor Black on presentation of letter to FRBank, question of contribu10/25 tions for increasing capital that Board request grant Federal Deposit Insurance Corporation, voting permits solely for issuance of preferred 9/12 stock to rebuild capital of banks First National Bank, Bradenton, Fla., approval of reduction deferred pending determination of eligibility of 10/12 First National Co. for voting permit First National Baal': of Collinsville, Ala., reduction approved in 5 plan involving sale of preferred stock / 1/159 First National Bank, Hempstead, N. Y., reduction approved First National Bank of Lewiston, Me., reduction approved in plan 10/30 involving issue of preferred stock plan First National Bank of Norway, Mich., reduction approved in 10/30 involving issue of preferred stock 479 5 478 326 347 120 292 291 392 8 399'411 418-9 428 41 443 74 357 480 124 526 525 79 Pages took, capital: (Continued) First National Bank of Ocilla, Ga., stock reduction approved in plan involving issue of preferred stock, latter 10/ 4 30 not made condition of reduction First National Bank of Okanogan, Wash., application for reduction in plan involving sale of preferred stock, action 10/ 4 26 deferred pending current information First National Bank, Ritzville, Wash., reduction approved in plan involving sale of eliminated assets to 10/5 Investment and Securities Co. First National Bank, Salamanca, N. Y., reduction approved 10/12 First National Bank and Trust Co., Covington, Ky., approval of reduction amended to obviate need of additional 9/2 cash contribution First National Bank and Trust Co., New Egypt, N. J., reduction cannot be approved unless trust powers are 9/19 surrendered Hamilton Trust Co., Paterson, E. J., book value changed on condition report, to permit surplus and undivided 9/22 profits Integrity Trust Co., Philadelphia, Pa., acquisition of stock of Philadelphia National Bank and insurance company, 10/16 must be disposed of Membership requirement, reply to FRAgent at Kansas City on 9/26 amount necessary for admission Mercantile-Commerce National Bank in St. Louis, meeting of Ur. Hemingway and Governor Black on disposal of stock of, held by Mercantile-Commerce Bank and Trust 9/12 Co. (See also State member banks, Zercantile-Commerce Bank and Trust Co.) National Bank of America, Paterson, N. J., application for reduc00 tion, action deferred, question of policy Opinions of Messrs. Await and Case, question of Board's re10/17 sponsibility, action deferred 10 / 4 18 Reduction disapproved amount necesKansas City on National banks, reply to FRAgent at sary for new bank and limit for reduction for 9/26 organized bank Non-assessable, issuance by Ste member banks, ruling to be 9/9 published in FRBulletin Old National Bank and Union Trust Co., Spokane, discussion of methods of effecting stock reduction with or 9/9 without issuing voting permits Approved, involving issue of preferred stock, management to be changed and limited voting permit granted to Old 9/22 National Corporation Peoples State Bank of Plainview, 'ann., failure to increase in 10/17 accordance with membership condition Perth Amboy Trust Co., Perth Amboy, N. J., advice from 1,1r. Dillistin that there was no reduction in reorganization 9/26 Philadelphia National Bank, Philadelphia, Pa., acquisition of 10/16 stock of, by Integrity Trust Co. Planters Bank and Trust Co., Farmville, Va., request extension 10/5 of time to increase capital 524 508 290 356 9 122 157 382 212 76 248-51 403 419 212 38 49-52 149-53 391 193 382 282 80 Pages Stock, capital: (Continued) Raritan Trust Co., Perth Amboy, N. j., advice that there was no reduction in reorganization A6 Reduction by State member banks, may not reduce below national bank organization requirements, bank may withdraw from FRSystem and apply for readmittance 1Q/30 Reductions, question of responsibility of FRBoard in approving in reorganization plans, opinion of Counsel desirable and opinion of Comptroller's counsel 9/30 Position of Board in case of Montgomery County National Bank of Rockville, Md., called to attention as position Board took on responsibility 1Q/17 (See also supra National Bank of America) Savings Investment and Trust Co., East Orange, N. J., book value of stock changed, reducing surplus and eliminating undivided profits in stated amount in condition report 9/22 State Bank of Townsend, Mont., no objection to reduction 9/12 State member banks, reduction, reply to Mr. Clerk that bank may not reduce below amount necessary for organization of national bank, that bank could withdraw from membership and apply for readmittance 1Q/30 Tenth FRDistrict, reply to Er. McClure relative to letters addressed by him to State Banking departments of Missouri and Colorado on rebuilding of capital of banks in classes three and four, information on issue of preferred stock, debentures, etc. 9/22 Union Trust Co., Baltimore, Md., proposed to be turned over to City Certificates Corporation in reorganization plan 10/16 Stock, FRBank: FRBank of Atlanta: Bank of Forest, Miss., application approved 1Q/5 Bank of Slidell, La., application approved 1Q/25 Canal Bank and Trust Co., New Orleans, La., application of Messrs. Thompson and Finke for cancelation approved 1Q/5 Capital National Bank, Jackson, Miss., surrender approved 9/12 Citizens National Bank of Morgan City, La., application 1Q/16 Farmers & Merchants National Bank, headland, Ala., surrender 10/25 First National Bank at Bessemer, Ala., application approved 9/13 First National Bank in Bessemer, Ala., surrender approved a/28 First National Bank, Bradenton, Fla., application approved 1Q/17 First National Bank, Claxton, Ga., surrender approved 9/9 First National Bank, Eutaw, Ala., surrender approved a/28 First National Bank, Gadsden. Ala., surrender approved 9/9 First National Bank, Oberlin, La., surrender approved 10/5 First National Bank, Tampa, Fla., surrender approved W30 Hamilton National Bank, Johnson City, Tenn., surrender 9/30 Tr -County National Bank, Oliver Springs, Tenn., surrender 10/5 Watkins Banking Co., Faunsdale, Ala., application approved a/2 FRBank of Boston: Athol National Bank, Athol, Mass., surrender approved 1Q/12 Blue hills Bank & Trust Co., Milton, Mass., application 1Q/25 Durfee Trust Co., Fall River, ::ass., surrender 1Q/12 Central National Bank, Rutland, Vt., application approved 1Q/6 193 527 249-51 404 158 61 527 167-9 371-2 281 470 296 78 390 498 92 246 407 66 246 56 306 273 274 306 3 367 471 367 306 81 Pages Stock, FIBank: (Continued) FRBank of Boston: (Continued) Danvers National Bank, Danvers, Mass., application approved Essex National Bank, Haverhill, Mass., surrender approved Farmers National Bank in Moulton, Me., application approved First National Bank of ,Zeading, Mass., application approved Groveton National Bank, Groveton, N. h., application New application approved and previous one revoked Merchants National Bank, Manchester, N. H., application Millbury National Bank, Millbury, Mass., application Millers River National Bank, Athol, Mass., surrender National Bank of Calais, Me., application approved New Britain Trust Co., New Britain, Conn., application Peoples National Bank, Southbridge, LAss., application Presque Isle National Bank, Presque Isle, ie., surrender Rockland National Bank, Rockland, Tie., surrender approved Rutland County National Bank, Rutland, Vt., surrender Safe Deposit National Bank, New Bedford, Mass., surrender Somerville National Bank, Somerville, :Ass., application Southington Bank and Trust Co., Southington, Conn., application approved Union Trust Co., Ellsworth, Me., application approved Waltham National Bank, Waltham, Mass., application approved Webster National Bank, Webster, Mass., application approved Windsor County National Bank of Windsor, Vt., application FRBank of Chicago: American Home Security Bank, Grand Rapids, Mich., surrender American National Bank of Kalamazoo, Mich., application Citizens Bank of Tolono, Ill., application approved Citizens National Bank, Boone, Iowa, application approved Citizens National Bank, Brazil, Ind., surrender approved Citizens National Bank, Romeo, Mich., surrender approved Commercial State Bank, Afton, Iowa, application approved Farmers and Mechanics Bank, Galesburg, Ill., application Farmers and Merchants National Bank & Trust Co., Benton Harbor, Mich., surrender approved First National Bank, Audubon, Iowa, surrender approved First National Bank, Beason, Ill., surrender approved First National Bank, Clintonville, Ms., surrender approved First National Bank, Coal City, Ill., surrender approved First National Bank, Crescent City, Ill., surrender approved First National Bank, Everly, Iowa, surrender approved First National Bank, Greencastle, Ind., surrender approved First National Bank, Hoopeston, Ill., surrender approved First National Bank in Humboldt, Iowa, application approved First National Bank, Lebanon, Ind., surrender approved First National Bank in New Castle, Ind., application First National Bank in Paxton, Ill., application approved First National Bank, Paxton, Ill., surrender approved First National Bank, Peru, Ind., surrender approved First National Bank at Pontiac, Mich., surrender approved First National Bank, Ridgefarm, Ill., surrender approved First National Bank, Sidell, Ill., surrender approved First National Bank, -jest Bend, Wis., application approved First National Bank and Trust Co., Baraboo, .:;is., surrender First National Bank and Trust Co., Cambridge City, Ind., surrender approved 9/9 12/12 1Q/18 10/ 4 5 10/5 1Q/19 10/5 1Q/30 1Q/12 9/26 9/26 9/9 9/26 1Q/12 9/26 9/26 10/5 55 367 419 305 305 423 306 532 367 215 192 55 215 367 215 215 305 1Q/5 9/9 10/5 9/22 10/5 280 55 306 179 306 104/25 104/9 10/25 10/17 1Q/12 10/26 10/5 9/28 499 328 470 407 367 510 280 223 9/28 9/16 1Q/12 9/12 10/5 10/25 9/9 02 9/9 9/9 9/12 10/12 10/9 10/26 9/22 9/22 10/25 10/25 02 9/22 246 107 367 78 306 498 56 78 56 55 78 366 328 510 179 179 499 499 77 179 10/17 408 82 Pages Stock, FRBank: (Continued) FRBank of Chicago: (Continued) Fort Vlayne National Bank, Fort Wayne, Ind., application 1Q/25 Grand Rapids National Bank, Grand Rapids, Mich., surrender 9/19 Grand Rapids Savings Bank, Grand Rapids, Mich., surrender 10/5 Grundy County National Bank, Morris, Ill., application 9/9 Guthrie County State Bank, Guthrie Center, Iowa, application 10/25 Hillsdale State Savings Bank, Hillsdale, Mich., application 10/17 Home State Bank of South Milwaukee, Wis., application 9/2 Mohawk State Bank, Mohawk, Ind., application approved 1Q/25 Montgomery County National Banic of Red Oak, Iowa, application 9/26 National Bank of Adrian, Mich., application approved 1Q/30 National Bank, Covington, Ind., surrender approved 10/ 4 25 National Bank of Richmond, Mich., application approved 9/28 National Bank of Ypsilanti, Mich., application approved 9/28 Oshkosh National Bank of Oshkosh, fis., application 1Q/17 Oswego State Bank, Oswego, Ill., surrender approved 10/5 Peoples National Bank of Grand Rapids, Mich., application 10/9 Rosedale National Bank, Aosedale, Ind., surrender approved 10/26 Springaold Y.arine Bank, Springfield, Ill., application 10/30 State Savings Bank, Fontanelle, Iowa, application approved 9/2 Union and Peoples National Bank, Jackson, Mich., surrender 2,/2 Uptown State Bank, Chicago, Ill., surrender approved 1Q/12 Whiteland National Bank, :lhiteland, Ind., surrender approved 10/17 FRBank of Cleveland: Citizens Bank of Mount Blanchard, Ohio, application approved 10/31 Cleves National Bank, Cleves, Ohio, application approved 9/13 Farmers and Merchants Bank Co., Christiansburg, Ohio, application approved 10/30 Farmers National Bank, Bryan, Ohio, surrender approved 10/12 First National Bank, Eeallsville, Ohio, surrender approved 1Q/17 First National Bank, Bruin, Pa., surrender approved 10/5 First National Bank, Burnside, Ky., surrender approved 9/28 First National Bank at Canonsburg, Pa., application approved 10 First National Bank, Clairton, Pa., surrender approved 9/9 First National Bank of Dennison, Ohio, application approved 10/12 First National Bank at Derry, Pa., application approved 9/26 First National Bank, Dunkirk, Ohio, surrender approved 10/25 First National Bank, Elmore, Ohio, surrender approved 10 First National Bank, Fleming, Ky., surrender approved 08 First National Bank of Freeport, Pa., application approved 10/25 First National Bank in Harrisville, Pa., application 10/25 First National Bank, Hicksville, Ohio, surrender approved 9/19 First National Bank, Kansas, Ohio, surrender approved 9/19 First National Bank, Mt. Vernon, Ohio, surrender approved 10/5 First National Bank, New Eatamoras, Ohio, surrender approved 104/12 First National Bank, Scottdale, Pa., application approved 9/12 First National Bank, Sharon, Pa., application approved 10/9 First National Bank, Stockport, Ohio, surrender approved 9/19 First National Bank, Verona, Pa., surrender approved 9/22 First National Bank at 'ailkinsburg, Pa., application 10/30 Lincoln County National Bank, Stanford, Ky., surrender 10/12 Louisa National Bank, Louisa, Ky., surrender approved 9/30 Midway National Bank, Midway, Pa., surrender approved 9/26 Orrville National Bank, Orrville, Ohio, surrender approved 9/26 Peoples City Bank, McKeesport, Pa., application approved 10/5 498 133 306 56 470 407 3 470 215 533 499 246 246 407 306 328 510 520 3 22 367 408 544 92 520 367 408 306 246 305 56 366 215 498 306 246 498 498 132 132 306 367 77 328 132 179 533 367 273 215 215 306 83 Pages Stock, FRBank: (Continued) FRBank of Cleveland: (Continued) Peoples National Bank, Ellwood City, Pa., surrender approved Van Wert National Bank, Van Vert, Ohio, application approved Western Security Bank, Sandusky, Ohio, application approved West Toledo National Bank, Toledo, Ohio, surrender approved FRBank of Dallas: Belton National Bank, Belton, Texas, surrender approved Citizens National Bank, Abilene, Texas, surrender approved Farmers National Bank of Belton, Texas, application approved First National Bank, Atlanta, Texas, surrender approved First National Bank, Cameron, Texas, surrender approved First National Bank, Gainesville, Texas, surrender approved First National Bank of henrietta, Texas, application First National Bank of Temple, Texas, application approved Kosse National Bank, Kosse, Texas, surrender approved Madison National Bank, Tallulah, La., surrender approved National Bank of Commerce, Amarillo, Texas, surrender Silsbee State Bank, Silsbee, Texas, application approved Southern Arizona Bank and Trust Co., Tucson, Ariz., application approved State National Bank, Alpine, Texas, surrender approved FRBank of Kansas City: Citizens lqitional Bank, Okmulgee, Okla., surrender approved City National Bank, York, Nebr., surrender approved Colorado Bank & Trust Co., Delta, Colo., application Colorado National Bank, Denver, Colo., application approved Cornercial National Bank, Kansas City, Kansas, application First National Bank in Albuquerque, N. Mex., application First National Bank, Carnegie, Okla., surrender approved First National Bank in Cement, Okla., surrender approved First National Bank, Clay Center, Kansas, surrender approved First National Bank, Ellis, Kansas, surrender approved eirst National Bank, Frederick, Okla., surrender approved First National Bank, Garden City, Kansas, surrender approved First National Bank, Kingfisher, Okla., surrender approved First National Bank, La Harpe, Kansas, surrender approved First National Bank, Mankato, Kansas, surrender approved First National Bank, Oakley, 'Kansas, surrender approved Liberty National Bank, Oklahoma City, Okla., application Montezuma Valley National Bank, Cortez, Colo., surrender National Bank of Doniphan, Nebr., surrender approved Security National Bank of Kansas City, Kansas, application Stock Yards National Bank, Denver, Colo., surrender approved FRBank of Minneapolis: Bank of Alpena, S. Dak., application approved Citizens State Bank of St. Charles, Minn., application Farmers and Merchants State Bank, Presho, S. flak., application approved Farmers National Bank in Chinook, Mont., application approved First National Bank in Grand Forks, N. flak., application First National Bank at Hubbell, Mich., application approved First National Bank, Ironton, Minn., surrender approved First National Bank, Williston, N. flak., surrender approved First State Bank of liykoff, Minn., application approved 10/12 10/5 10/ 4 5 10/17 367 305 280 408 9/22 9/2 10/5 10/26 9/16 10/5 10/18 9/9 10/17 10/26 10/31 10/12 179 22 305 510 107 307 419 55 408 510 550 352 9/9 10/26 32 510 10/25 10/25 9/16 10/ 4 5 9/30 105 9/28 10/25 10/12 9/12 9/28 09 0.6 10/ 4 25 10/12 10/12 9/16 107 104/25 10/12 9/26 499 499 107 306 273 498 246 499 368 78 246 133 107 499 368 368 107 408 499 367 215 10/25 10/ 4 25 470 471 10/30 520 10/ 4 30 9/12 10/12 10/25 9/22 10/12 533 77 367 499 179 352 84 Pages Stock, FRBank: (Continued) FRBank of Minneapolis: (Continued) 10/25 Merchants Bank of Winona, Minn., application approved 10/25 approved application Dak., S. Freeman, Bank, Merchants State 9/19 State Bank of Alcester, S. Dak., application approved FRBank of New York: 10/26 Central National Bank, New Rochelle, N. Y., surrender 10/26 approved Y., surrender N. Tuckahoe, Crestwood National Bank, 107 approved application Conn., Danbury National Bank, Danbury, Douglaston National Bank, New York, N. Y., surrender approved 10/17 First National Bank of Brockport, N. Y., FRAgent to make report and recommendation if receiver does not 10/19 file application for cancelation surrender approved 9/2 Y., First National Bank, Franklin, N. cancelN. York, Y., New Co., Trust Harriran National Bank and ation approved but FRBank desires to retain part of proceeds pending determination of possible 9/9 further claims 109 possible as soon as cancelation of advised FRBoard to be 9,/2 Journal Square National Bank, Jersey City, N. J., surrender whose banks absorbed or suspended of Memorandum shoving status FRBank stock has not been canceled, report and 10/19 recommendations to be made FRAgent to objection no Y., N. Midwood Trust Co., Brooklyn, 10/19 deferring cancelation for further period 10/17 approved application N. Y., National Bank of Vernon, Y., National Chautauqua County Bank, Jamestown, N. 10/17 application approved application N. Y., National Ulster County Bank, Kingston, 1 1V26 ower City Trust Co., Niagara Falls, N. Y., surrender 9/26 Y., application N. West New Brighton Bank, West New Brighton, FRBank of Philadelphia: 9/26 Exchange National Bank, Marietta, Pa., surrender approved 10/12 approved J., surrender First National Bank, Newfield, N. 10/12 First National Bank, Williamsport, Pa., surrender approved approved application Pa., First National Bank, Windsor, 9/2 Maple Shade National Bank, 'Maple Shade, N. J., surrender surPa., Stroudsburg, East Monroe County National Bank of 10/5 render approved approved surrender Pa., Peoples National Bank, Delta, 9/22 United States National Bank in Johnstown, Pa., application of Richmond: FRBank American National Bank & Trust Co., Danville, Va., applica9/9 tion approved approved 9,/12 surrender W. Va., Bank of Harpers Ferry, 9/26 approved surrender Va., W. Boone National Bank, Madison, 10/5 Citizens Bank, Marshall, N. C., application approved 9/19 application Citizens National Bank in Gastonia, N. C., 06 Citizens National Bank of Hampton, Va., application approved 9/28 Citizens National Bank of Petersburg, Va., application District National Bank, Washington, D. C., surrender approved 9/9 Federal-American National Bank and Trust Co., -iiashington, 9/9 D. C., surrender approved C., appliN. City, Elizabeth First & Citizens National Bank, 9/9 cation approved 9/9 approved application lid., First National Bank, Aberdeen, 470 470 118 509 510 407 408 424 22 35 424 22 423 425 407 407 0 1P 55 192 215 367 367 2 4r 306 179 56 77 215 260 132 107 246 56 56 56 55 85 Pages Stock, FaBank: (Continued) FRBank of Richmond: (Continued) 10/5 First National Bank of Chestertown, Md., application 9/12 First National Bank, Fairmont, N. C., surrender approved 9/28 First National Bank in Fairmont, i. Va., application 9/30 First National Bank, Fries, Va., application approved 9/12 First National Bank, Louisa, Va., surrender approved 9/15 First National Bank in Marlinton, 1. Va., application approved 9/2 C., surrender N. Mebane, First National Bank, 9/9 First National Bank, Salisbury, N. C., surrender approved application 9/9 Va., Alta, W. Terra First National Bank, Va., Petersburg, Co., Trust First National Bank and 1Q/12 surrender approved 10/25 Md., surrender Frederick, Bank, Frederick County National 9/19 Garrett National Bank in Oakland, Md., application approved approved 9/19 surrender Md., Oakland, National Bank, Garrett 9/13 Hamilton National Bank, jashington, D. C., application 9/30 National Bank of Sanford, N. C., application approved 9/9 Patapsco National Bank in Ellicott City, Nd., application 10/25 .Peoples Bank of Montross, Virginia, Inc., application .4ashington County National Bank, Williamsport, Md., applica9/9 tion approved FRBank of St. Louis: 105 Arkansas National Bank, Hot Springs, Ark., application 1Q/16 approved application Ky., Hartford, Citizens Bank, approved surrender Ky., Monticello, Citizens National Bank, 1Q/5 104/25 C.P. Burnett ?- Sons, Eldorado, Ill., application approved 10/25 First National Bank, Carrier Mills., Ill., surrender 9/9 First National Bank in Columbia, Ill., application approved 9/28 approved application Mascoutah, Ill., First National Bank in 106 First National Bank, Nashville, Ark., surrender approved 1Q/26 First National Bank, Odin, Ill., surrender approved 10/ 4 5 First National Bank, Ripley, Tenn., surrender approved 9/2 application Ark., Fordyce, Co., Trust & Fordyce Bank 1Q/25 Lincoln National Bank, Hodgenville, Ky., application 0/2 approved application Miss., Indianola, Peoples Bank of 9/9 approved surrender No., Seymour, Bank, .uational Peoples 10/25 Salem National Bank, Salem, Ill., application approved 10/9 Security National Bank, Cairo, Ill., application approved 9/9 application Sedalia, No., Co., Trust Sedalia Bank ard 105 approved application Louis, Mo., Southwest Bank, St. Stone City National Bank, Bedford, Ind., application approved 9/30 10/25 Taylor National Bank, Campbellsville, Ky., application 10/25 approved application Tenn., Union City, Bank, Third National FRBank of San Francisco: 9/28 Bank of Kimberly, Idaho, surrender approved 9/9 approved surrender Bank of Woodburn, Ore., 1Q/12 City National Bank, Huntington Park, Calif., surrender application Coast National Bank in Fort Bragg, Calif., new 9/9 approved and previous one revoked 10/26 Compton National Bank, Compton, Calif., surrender approved 10/26 First National Bank, Astoria, Ore., surrender approved 10/26 approved surrender First National Bank, Ritzville, Wash., 10/30 Lewiston National Bank, Lewiston, Idaho, application application amended jedford National Bank, Medford, Ore., approved, previous one revoked 0 1Q/26 Surrender approved 305 77 246 273 77 98 22 56 56 367 498 132 133 92 273 55 470 56 498 380 307 498 499 55 246 510 510 307 3 498 4 56 498 328 32 498 273 498 498 247 57 368 36 510 510 510 533 4 510 86 Pages 1 Stock, FEBank: (Continued) FRBank of San Francisco: (Continued) Old National Bank and Union Trust Co., Spokane, Wash., surrender approved 1Q/26 Commercial Bank, Chico, Calif., surrender Peoples Savings 9/2 Stock, preferred: American National Bank of Denver, Colo., sale to Reconstruction Finance Corporation in amended plan involving common stock reduction 10/30 Bank of Commerce, Clayton, Ala., sale to Reconstruction Finance Corporation in plan involving common stock reduction 10/25 Central National Bank of London, Ohio, sale in plan involving common stock reduction 10/9 Chicago bank, tentative reorganization plan involving issuance 10/12 Closed banks, report of Governor Black on proposal to organize emergency corporation to sell, to Reconstruction Finance Corporation and liquidate assets of 10/9 Commercial National Bank, Kansas City, Kans., sale of Class A to Reconstruction Finance Corporation and Class B locally in plan involving common stock reduction 10/5 Condition amended to avoid changing articles of inccorporation in replacing 10/17 Compton National Bank of Compton, Calif., sale to Reconstruction Finance Corporation in plan involving common stock reduction 9/2 Continental Illinois National Bank and Trust Co., Chicago, Ill., sale to Reconstruction Finance Corporation in proposed reorganization plan 10/ 4 17 (See also National banks) First National Bank of Collinsville, Ala., sale in plan involvinc common stock reduction 10/25 First National Bank of Lewiston, Lie., sale to Reconstruction Finance Corporation in plan involving common stock reduction 10/30 First National Bank of Norway, Mich., sale to Reconstruction Finance Corporation in plan involving common stock reduction 10/30 First National Bank of Ocilla, Ga., issuance of, not made condition in capital stock reduction 10/30 First National Bank of Okanogan, Wash., proposed plan involving issuance of, and reduction of common stock, Board desires current information on condition 10/26 First National Bank of Salamanca, L. Y., sale to Reconstruction Finance Corporation in plan involving common stock reduction 10/12 Kentucky Title Trust Co., Louisville, Ky., preferred stock on mhich premium of 10% is due if retired should be carried at par on condition report 10/30 National Bank of Lima, Ohio, subscription of Reconstruction Finance Corporation for, conditioned on approval of fiduciary powers, approved 9/2 Old National Bank and Union Trust Co., Spokane, Wash., sale to holding company affiliate in plan involving col-IA.0n stock reduction, question of issuing voting permit 9/9 (See also National banks) 510 22 525 480 326 347 311 291 392 8 399 480 526 525 524 06 356 521 0! 49'52 87 Pages Stock, preferred: (Continued) Resolution that eligible banks take advantage of Emergency Banking Act by issuing, submitted by Jesse Jones, amended and adopted, latter authorized to use in speech before American Bankers Association 9/5 23 Tenth 7.-Wistrict, reply to Jr.A McClure on letters addressed to banking departments of Colorado and Missouri relative to rebuilding of capital of banks, information on issue of, and of debentures, etc. 9/22 167-9 Voting permits for holding company affiliates, request of F.D.I.0 that Board grant for sole purpose of acting in issuance of, Board to expedite 9/12 74 St ockholders meetings: FRBank of Boston, reimbursement for one member of each bank for railroad fare and pullman approved 10/12 $51 Stockton, Phillip: (See State member banks, Old Colony Trust Co.) Taxes: Kentucky, absorption by banks would constitute indirect payment of interest on demand deposits 9/22 Territory : Ilontana, possibility of movement to have transferred to 12th FRDistrict if Helena Branch is discontinued 9/12 (See also Branch banks, FRSystem, Helena) r williger, !:?r Charles E.: (See National banks, Walikill National Bank) '.1-111e schedules, changes in interdistrict, advice to FRAgents 9/26 Titles: Arizona Realty and Trust Co.", no objection to use by Southern Arizona Bank and Trust Co. for company organized to take over real estate and insurance business 10/31 Treasurer of the United States: Bonds, security for postal savings deposits, ask views of FRBanks on keeping at request of 10/19 Flibank notes, request of Assistant Treasurer that number of unfit, new series, be wired to, advice from FRBank of Atlanta that all FRBanks may have to increase forces 9/30 Trea8ury Department: Acheson, Dean, present at President's conference on purchase of gold in world market 10/31 . Counterfeit FRnotes, letter to Mr. Acheson on refusal of Treasurer to redeem for FRBanks of New York and Minneapolis, attention called to letter from Jr. Dewey to Governor Crissinger 9/28 FRBanks, reply on shipping gold at Treasury's expense, reimbursement for abrasion, whether FBanks must determine amount of loss, holding coin and certificates in joint custody, policy on silver dollars, etc. 10/12 Fiscal agency expenses of FRBanks, letter to FRBanks from, on curtailment of, that expenses not involving direct expenditures should not be claimed in reimbursement, continuing expenses, etc. 9/9 FRBank of Cleveland objections and FRBank of Dallas will object, matter taken up without notifying FRBoard 9/9 178 58 198 544 426 261 534 229 359 44 45 88 Pages Treasury Department: (Continued) Fiscal agency expenses of FRBanks: (Continued) Mr. Wyatt to give opinion on authority to require FRBanks to absorb expenditures and replies of F-LBanks to be 9/9 obtained reim. should Treasury Opinion of Governors' Conference that burse FRBanks for banking holiday expenses, to be taken up with Treasury on determination of cost 10/12 Reimbursement of FRBanks: (See FRBanks) Sprague, Dr. 0.:j.71., request that Dr. Goldenweiser be appointed alternate for, on committee to be appointed by 9/9 Special Industrial Recovery Board, not favored Trust funds: Illinois, doubt concerning right of Elliott State Bank to secure trust funds in commercial department by deposit of securities in trust department Interest on deposits of, ruling to be published in FRBulletin 9/22 9/9 Violations: National banks in Texas, loans to Mr. McCallon may violate FUct 10/30 Western Reserve Mortgage Co., Cleveland, Ohio, use of "Reserve" in title may be violation, letter to Attorney 9/2 General Voting permits: American Co., must obtain in connection with ownership of stock 9/28 of American Trust Co., San Francisco on Atlas Corporation, must obtain in connection with affiliati 9/28 with American Trust Co., San Francisco s, Federal Deposit Insurance Corporation, holding company affiliate Bennett that Board grant solely request of Jr.1 9/12 for action on issuance of preferred stock committee FRBank of Boston, objection to necessity of executive passing on applications, Board will accept recom10/18 mendation of membership committee of Georgia) First National Associates: (See infra Trust Company First National Co., Bradenton, Fla., action on stock reduction of First National Bank deferred pending determi10/12 nation of eligibility for p on applimembershi First Securities Corporation, action delayed cation of LIonterey County Trust and Savings Bank, Salinas, Calif., because of receipt of only one 10/25 copy of application to Guardian Detroit Union Group, court refused to allow receiver make application for, for mmber banks, not 9/28 necessary Trust ut Connectic Hartfordinfra (See Co.: necticut Hartford-Con Co.) ut Trust Co., Hartford, Conn., control of stock Connectic Hartfordof four national banks, through Hartford-Connecti10/26 cut Co., both must secure permits Investment and Securities Co., question of issuing in stock reduction of Old National Bank and Union Trust Co. 9/9 (See also National banks) 46 345 54 161 38 516 17 241 241 74 413 357 48 239 509 49 89 Pages 1/°ting permits: (Continued) Northwest Bancorporation, reply on filing applications in each district in which subsidiaries are located, and in connection with Northwestern National Bank, Security National Bank and Spokane and Eastern Trust Co. 9/30 Reply to hr. Collins as to use of photostatic copies of exhibits I and J and necessity for filing in each ERDistrict in which subsidiaries are located 10/19 Limited permit granted to vote stock of Northwestern National Bank of Ylinneapolis in merger with Linnesota Loan and Trust Co. 10/25 (See also National banks, i,.orthwestern National Bank and Trust Co.) Old National Corporation, question of issuing in stock reduction of Old National Bank and Union Trust Co. 9/9 Recommendation of Governor Black of approval of stock reduction in reorganization plan and issuance of limited permit to effect plan solely, approved 9/19 To be granted solely for purpose of effecting reorganization of Old National Bank and Union Trust Co., and other subsidiary banks, Board to approve on filing 9/22 PaCifiC Eastern Corporation, must obtain in connection with affiliated momber Bank, American Trust Co., San Francisco 9/28 Peoples Trust Co., in liquidation, oms stock of Peoples Bank, Little Rock, Ark., permit not necessary 9/30 Shaxmut Association, must secure, before action can be taken on membership application of County Bank and Trust Co., Cambridge, Lass. 9/22 Southwest Bankshares Corporation, reply to idr. LIcClure that permit is not necessary to vote stock of Citizens National Bank of Okmulgee, Okla., as corporation is in hands of receiver 9/28 Trans America Corporation, home office in Delaware but majority of business transacted in California, should file application at San Francisco 10/30 Trust Company of Georgia, Atlanta, Ga., and Arst National Associates are holding company affiliates and must obtain permit to vote stock of national banks 10/25 UrLion Trust Co., Pittsburgh, Pa., application,reply to 1,:r. Korb on necessity of supplying requested information in connection with 10/31 259 427 456 49 109 149-53 241 265 145 240 528 492 548 1`141ker, John T.: (See National banks, Atlantic National Bank of 48.r. Jacksonville) rOrl, Prof. George F., present at President's conference on ourchase of Gold in world market 10/31 4_ -guon State Bank Stabilization Act, reply to FRBank of San Francisco on eligibility for, of nonmember banks and retention of, by member banks of membership if reorganized under 9/9 14181-Cer, Cary L., Jr.: (See Code, Bankers) 534 32 90 Pages Western Reserve L'iortgage Co., Cleveland, Ohio, letter to Attorney General on use of "Reserve" in title 9/2 17 H. Parker: (See Branch, group and chain banking) Wisconsin Bankers Association: Allowance of credit for balance in checking account to arrive at cost to charge depositor, reply to Lls. Coapman 9/9 41 on question of indirect payment of interest Wise, Shepard & Houghton: (See Interlocking directorates, Continental Bank and Trust Co.) thitesides, V. S.: (See Membership in ESystern, Peoples Bank and Trust Co., Tupelo) Withdrawals from leRSystem: Bank of Montreal (San Francisco), San Francisco, Calif. waiver of notice and permission for immediate 10/12 354 Belleville Savings Bank, Belleville, Ill., waiver of notice and permission for immediate 10/25 471 Chesaning State Bank, Chesaning, Llich., waiver of notice and permission for immediate 9/22 141 Fairbank State Bank, Fairbank, Iowa, waiver of notice and permission for immediate 9/15 95 Farmers and Lerchants State Bank, Seneca, Ms., waiver of notice and permission for immediate 10/30 520 Farmers State Bank, Charter Oak, Iowa, waiver of notice and permission for immediate 10/19 421 First State Bank, Ylilford, Mich., waiver of notice and permission for immediate 10/16 361 1 Stamford State Bank, Stamford, Texas, waiver of notice and permission for immediate 10/12 364 State Bank of Collinsville, Ill., waiver of notice and permission for immediate 10/25 471 II ytt Young, H. Lane: (See National banks, Citizens and Southern National Bank)
@FedFRASER