1940_v27_part 1-4 index.pdf

INDEX TO MINUTES

OF

BOARD OF GOVERNORS

OF THE

FEDERAL RESERVE SYSTEU

1940

Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

KEY TO INDEX

Branch Banks, Domestic, FRBanks and

Foreign, see Branch BanksClayton Act, see Interlocking Director-

atesDirectors of FRBanks and Branches, see

DirectorsNational Banks are listed under heading

National BanksSection 32 of Banking Act of 1933, see

Relations with Dealers in SecuritiesSecurities Exchange Act, see Securities

Exchange AdministrationState Banks are listed under State

Member Banks, Nonmember Banks andMembership

Stock of FRBanks and Member Banks, seeStock


INDEX

1940

If All

Acceptances:French American Banking Corporation, New York, N. Y.:

Formal limit upon amount of acceptances cannot be changed

at present, but no objection to exceeding limitfor time being under specified conditions

Addresses:Szymczak, M. S.:

Pages

4/9 486

Development of Federal Reserve Banking, FRBanks may get

copies of reprint upon request 12/ 5 1553Advisory Commission to Council of National Defense:

Bureau of Research and Statistics, establishment brought to at-tention of Board in letter from Mr. Stacy May 7/ 3 995

Cooperation of Government with private industry for constructionof plants for production of defense supplies,telegram to FRBanks and branches accompanied by

letter and form of contract fromAdvice to Commission that telegrams, letters and copies of

contracts have been transmittedResults of survey sent Commission and copy of Commission's

announcement sent FRBanks and branchesCoordinator of National Defense Purchases:

Boothe, Gardner, services loaned for limited time to helpwork out procedure for purchasing supplies

Duties under Internal Revenue Code, memoranda sent FRBanks and

members of Advisory CouncilEmergency plant facilities contract, copy of form to provide

cooperation between Government and private in-

dustry re defense supplies transmitted to FRBanksand branches along with letter from AdvisoryCommission

Advice to Commission that telegrams, letters, and copies of

contracts have been sent FRBanks and branchesResults of survey sent Commission and copies of Commission's

announcement sent FRBanks and branchesDefense Commission employees to be requested to answer

questions for Advisory Council membersBoard commended by Advisory Council for helping develop

form, and assistance in passage of bill topermit assignment of claims as collateral forloans

Loan rates on plant contracts discussed at Advisory Councilmeeting

Advice to Council that Defense Commission employees willbe present at meeting if Council so desires

9/20 1229

9/21 1236

9/25 1240

10/ 4 1279

10/19 1363

9/20 1229

9/21 1236

9/25 1240

10/ 7 1283

10/ 7 1288

10/ 7 1289

10/ 7 1290Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2Pages

Advisory Commission to Council of National Defense: (Continued)Emergency plant facilities contract: (Continued)

Defense Commission employees to be present at meeting to-

morrow 10/ 7 1297

Present at meeting to discuss and answer questions 10/ 8 1299

Draft of contract presented by Mr. Eaton and discussed 10/ 8 1299

Employees of Board granted leave of absence until January 1,

1941, to accept appointment 6/14 883

Equipment for national defense, plan to prevent contractors hav-

ing ownership without cost of facilities con-

structed during emergency and paid for by Gov-

ernment, Mr. Vest to analyze plan 10/ 9 1318

Expenses necessary in preparing and servicing offices in Board's

building for use by Commission authorized in-

curred 5/31 823

FRSystem gathering information needed by, question of tender-

ing services and facilities to President to be

investigated by Mr. Szymczak with view to pre-

paring communication to President 6/18 907

Letter to President of United States 6/19 920.Financing national defense program, advice that Commission con-

templated it would be done by commercial banks

Information needed by commission can best be obtained by con-

tacting Dr. Goldenweiser, advice to Mr. Stacy

May, Bureau of Research and Statistics

Information re supplies and materials that armed forces are

going to buy, information should be gotten

11/18

7/ 3

1485

995

quickly into field 12/10 1583

Liaison officer at FRBanks between Commission and private in-

dustry, statement at Advisory Council meeting

that plan was being worked out 10/ 8 1301

Mr. Draper to call FRBanks to see if they would cooperate 10/14 1330

Advice that they would cooperate 10/14 1331

Press statement and letter from Commission read, list of

suggested officers ordered prepared 10/25 1383

Designated officers to be asked to Washington for meeting 10/25 1384Mr. Draper to work with Commission and FRBanks in plan 10/25 1386

Reply to Commission ordered prepared stating actions taken

in response to letter 10/25 1386

Meeting in Washington set for November 17 and request for

names of representatives 11/ 1 1431

Cost of two days luncheons to be borne by Board 11/12 1455Results of conference reported at Advisory Council meeting 11/18 1484Another conference contemplated 12/10 1580

Loans by Reconstruction Finance Corporation would nullify ef-

forts to have national defense financed by com-

mercial banks 11/19 1489

Members:Davis, Chester C., advice to U. S. Information Service that

he is serving as member 6/27 952Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

3

Advisory Commission to Council of National Defense: (Continued)Office space in Board's building, appreciation for making

Pages

available to Commission, and Board's reply 12/28 1707Small business activities:

Government contracts, FRBanks requested to send copies ofall circulars to Director of Small BusinessActivities 12/13 1603

Nelson, Donald M., appointed director 10/25 1383Spot-check information on conditions in particular industries,

FRBanks requested to furnish from time to timefor 8/10 1116

Staff:Chittum, Amanda, Secretary to Mr. Porter, placed temporarily

on pay roll of Board and salaryDavidson, Lewis G., chauffeur, placed temporarily on

Board's pay rollEaton, F. M., emergency plant

quested to answercil members

Advice that he will be present if CouncilTo be present at Council meeting tomorrowPresent at meeting

Folsom, Marion B., advice to U. S. Informationhe is serving on staff

Lininger, Fred T., receptionist, placed on Board'suntil funds are available

May, Stacy, suggested he confer with Dr. Goldenweiser re in-formation which the Commission may desire fromthe Board

T. B., advice that he had been appointedand could aid in working out plansing FRSystem to assist

Present at Board meeting to discuss letterof United States offering servicesto aid commission

Advice to U. S. Information Service thaton staff

McDonnell, Mary, leave of absence from Boardtion with

Additional leave of absence from Board to work withMehornay, R. L., present at meeting of FRBank Chairmen with

Board to discuss participation of small businessin national defense

Myrick, L. S., temporary assignment from Board's staff andMrs. Ontrich assigned to assist

Neel, Samuel E., present at Advisory Council meeting to an-swer questions on emergency plant facility con-tracts

Nelson, Donald M.:Appointed director of small business activities

McCabe,

facilities contract, to be re-questions for Advisory Coun-

S 0 desires

Service that

payroll

to stafffor utiliz-

to Presidentof FRSystem

he is serving

to accept posi-

6/15 890

6/17 903

10/ 7 128310/ 7 129010/ 7 129710/ 8 1299

6/27 952

6/5 850

7/3 995

6/18 908

6/19 920

6/27 952

7/ 8 100112/19 1649

12/10 1580

12/23 1676

10/ 8 1299

10/25 1383Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

4Pages

Advisory Commission to Council of National Defense: (Continued)Staff: (Continued)

Nelson, Donald M.: (Continued)Present at meeting of FRBank Chairmen with Board to

discuss participation of small business in na-

tional defense program 12/10 1580

Ontrich, Neva, temporary assignment from Board's staff to

assist Mr. Myrick 12/23 1676

Palmedo, Roland, emergency plant facilities contracts, to

1283129012971299

850

Porter, Paul A., executive assistant, placed temporarily on

payroll of Board and salary 6/15 889

Sloan, Lida B., given leave of absence from Board to take

position with 6/15 890

Additional leave of absence from Board to work with 12/19 1649

Stevens, Robert T., advice to U. S. Information Service that

he is serving on staff 6/27 952

Thompson, Robert K., Administrative Assistant to Mr. Davis,

appointment and salary and name left on Board's

pay roll with understanding that Board will be

reimbursed 7/ 1 965

Affiliates: Additional leave of absence from Board to work with 12/19 1649

Chestnut Street Realty Company, Philadelphia, Pa., absorption

by Girard Trust Co., letter approving ordered

revised 10/ 8 1303

Revised letter approved 10/ 9 1312Condition reports, forms for next call sent FRBanks 6/11 869

Elwha Theatre Company, Port Angeles, Wash., stock cannot be

classified by Union Bond & Mortgage Company as

readily marketable assets 11/15 1475First Holding Corporation, Pasadena, Calif., condition report

of First Trust & Savings Bank of Pasadena need

not be published 2/16 260

First Security Bank of Idaho, Boise, Idaho, new general voting

permit should be secured by holding company in

connection with conversion of affiliate into

national bank 10/30 1423

First Wisconsin National Bank of Milwaukee, Wis., relationshiparising out of collateral loan agreement with

corporation, information requested from FRBankof Chicago 10/19 1361

be requested to answer questions for Advisory

Council membersAdvice that he will be present if Council so desires

To be present at Council meeting tomorrow

Present at meetingPerkins, George K., page, placed on Board's pay roll until

funds are made available

10/ 710/ 710/ 710/ 8

6/ 5


5Pages

Affiliates: (Continued)1400 South Penn Square Corp., Philadelphia, Pa., absorption by

Girard Trust Company, letter approving ordered

revised 10/ 8 1303

Revised letter approved 10/ 9 1312Highway Thirty Realty Company, Fenton, Mo., relationship exists

between company and Farmers & Merchants Bank of

Fenton 10/18 1357Leader Department Stores, Inc., Port Angeles, lAash.:

Investment in stock by Union Bond & Mortgage Company without

permission of Board is violation of voting11/15 1475agreement

Stock cannot be classified by Union Bond & Mortgage Company

as readily marketable assets 11/15 1475Real estate corporation organized to hold real estate acquired

by bank, bank may invest in stock of 12/ 9 1568State member banks, condition reports, forms and instructions

sent FRBanks for next call 12/13 1603Travis Securities Company, Houston, Texas, dissolution not

necessary for membership of Guardian Trust Com-

pany, Houston 10/23 1378Agencies, FRSystem:

Savannah:Retention, justification discussed, and increase in maximum

salary for guard disapproved 2/ 2 189

Staff:Bowden, J. H., Manager, salary approved if fixed by

Atlanta directors 5/10 667

Guard, increase in maximum salary disapproved, due to

feeling that increase in cost of operating

agency is not justified 2/ 2 189

Looney, E. M., Assistant Manager, increase in salary

approved, letter to FRBank of Atlanta ordered

prepared 5/ 7 633

Letter to FRBank 5/10 666Agreements:

Nonmember banks failing to file with Board under Securities Ex-

change Act of 1934, FRBank of Chicago requested

to communicate with Wisconsin Dept. of Securities

.re whether loans constitute violation 7/11 1017

AaT cultural credit:i

Legislation proposed, Mr. Davis to work with staff in preparing

statement to be presented to committees of

CongressAir conditioning:

FRBank of Chicago, expenditure for air conditioning eleventh

floor of building approved 7/10 1013FRBank of New York:

No objection to expenditure for bank building 8/27 1180

3/27 416


6Pages

Air conditioning: (Continued)FRBank of New York: (Continued)

No objection to expenditure in connection with installation

of additional equipment 11/26 1521

Deferring of work until national defense emergency has

passed, Mr. Eccles to discuss with Mr. Ruml

when in Washington 12/26 1689

FRBank of Richmond, no objection to expenditure 12/23 1682Alabama:

Officers of banks, no objection to American Institute of Banking

publishing statistics showing number in form

of statement enclosed 8/13 1131Alexander Rieger Investment Company, Kansas City, Mo., ruled not to

be holding company affiliate 7/ 3 993Allied Charities of Kansas City, Mo., contribution by FRBank of

Kansas City not approved 4/10 492MT. Szymczak to call Mr. Caldwell and explain reasons for

Board's position 4/30 591American Bankers Association:

Bank Management Commission:Numbering of checks to facilitate sorting and routing, mat-

ter to be taken up with, to ascertain whetherABA would undertake to limit numbering systemto banks on par list 4/ 5 467

Check numbering plan, revision of, letter to FRBanks that Con-

ference of Presidents had approved and request

for advice whether FRBanks feel that any changes

should be made in branch territorial lines be-fore revision is made 4/26 582

Department of Justice Committee on Administrative Procedure,

Board to ask committee to send card notifyingof public hearing 6/ 4 845

Earnings and expenses of State member banks for 1939, ABA mayhave data when completed 5/14 684

Eastern haveConference on Savings and Commercial Banking,each Board member to determine whether he wouldattend, and members of staff to be authorizedto attend after submission of memorandum set-ting forth reasons for attendance 2/13 227

Messrs. Wyatt and Vest authorized to attend 2/23 287Mr. Frederick C. Dirks authorized to attend 3/ 4 333Mr. J. E. Horbett authorized to attend 3/ 4 333

Excess profits tax, advice from Mr. Ransom of discussions with

representatives of, re effects of pending pro-posals 8/27 1179

Survey on new loans by member banks covering period of last sixmonths of 1939, advice that it would soon beready 2/20 271

American Institute of Banking:Convention at Boston, Mr. Szymczak to attend and Mr. Davis to

attend if possible 5/ 8 648Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

7

American Institute of Banking: (Continued)Statistics showing bank officers in Alabama and Colorado, no

objection to publication in form of statement

Pages

enclosed 8/13 1131American Scientific Congress:

Eighth Congress celebrating fiftieth anniversary of Pan AmericanUnion, Messrs. Wyatt and Gardner to attend asrepresentatives 5/9 657

Amortized Mortgages, Inc.:Circular stating that recent declines in security prices have

impaired capital accounts of banks, FHA re-quested to discourage such statements infuture 6/7 857

Anderson, Luis, cost of luncheon in Board's dining room to be borneby Board 9/19 1228

Anderson, Mr., of firm of York and Sawyer, cost of luncheon to beborne by Board 9/18 1223

Anniversaries:First National Bank of Atlanta, Georgia, congratulations upon

occasion of celebration of seventy fifth 9/17 1220Annual reports:

Board of Governors:1939, draft approved subject to changes of form and ordered

sent to Congress when printed, and given suchfurther distribution as approved by Mr. Davis 3/12 368

Federal Advisory Council, recommendations and resolu-tions adopted during 1939 ordered published in 1/18 95

Statistical manual containing material previously publishedin, publication to be joint project and containstatistics of Board, FDIC and Comptroller, Mr.Blattner appointed to supervise 3/29 428

Holding company affiliates, forms sent FRBanks for reportingyear 1940 12/ 9 1568

Republic National Bank of Dallas, Texas, report on Form F.R.437, period since date of banks recent applica-tion for voting permit should be covered by

Architect: items 4(a) and 7 on page 9 1/3 15

Addition to Board's building, advice to Paul Cret that his un-derstanding of Board's letter is correct 11/ 2 1435

Arrangement approved as outlined by Mr. McKee, and letter or-dered prepared if arrangement is approved byMr. Szymczak 10/29 1407

Meeting reported by Mr. Eccles, Board should act on matter atits next meeting

Archivist10/25 1386

of the United States:FRAgents' records, Congressional authority to be obtained to

destroy certain records, and form letter ad-dressed to Archivist 3/12 374


Armstrong, Elmon, copy of book copyrighted by re exchange-trusts,

borrowed from Library of Congress and ordered

8Pages

sent FRBank of Dallas 7/2 979Arthur, Henry B., authority to tender temporary appointment given

to Mr. Goldenweiser in connection with gold,

idle money and stabilization of prices 6/18 906Assessments:

FRBanks for expenses of Board for last half of 1940 6/19 916FRBanks for expenses of Board during first six months of 1941 12/27 1693

Assessor for District of Columbia:Tax on Board's building, advice to Mr. Dent that Board is Gov-

ernmental organization and that Counsel will

discuss with Corporation CounselWater Registrar asked to defer action on free use of water

until tax question is settledRecommendations of Mr. Wyatt approved and letter to Commis-

sioners of District of Columbiagnment of claims against U. S. as collateral for loans to small

businesses, suggested that Advisory Councilgive further consideration to

Recommendation of Advisory Council read and ordered further con-sidered at separate meeting

Amendment to Sec. 3477 to permit, Counsel's Office to make rec-ommendation to Board

Advice to Advisory Council that recommendation will be con-sidered when review is completed

Memo of Mr. Vest referred to Mr. McKee to take matter up with

Government agencies and to get their viewsMessrs. McKee and Szymczak to discuss with Advisory Council mem-

bersAdvice to Committee on the Judiciary, House of Representatives,

that Board favors H.R. 10365 to permitBoard approves enactment of S. 4340Report of Mr. Williams on S. 4340Board commended by Advisory Council for part in passage of billStatement ordered published in FRBulletinProcedure under Act of 1940, statement ordered published in

FRBulletinReassignment of claims and waiving government's right to set

Audits:Board of Governors:

Accounts, FRBank of Atlanta requested to make during cal-endar year 1940, with understanding that

thereafter auditors will be designated toaudit transactions covering period of two con-secutive calendar years

off, recommended by Board to Secretary of 1,arfor inclusion in circular describing opera-tions under

7/24 1063

7/25 1074

8/12 1125

5/20 725

5/21 729

5/24 788

6/3 830

6/4 844

8/ 2 1086

8/21 11549/14 121310/ 1 126910/ 7 128910/18 1358

12/18 1634

12/23 1674

2/14 249


QPages

Audits: (Continued)Trust departments:

Lincoln National Bank & Trust Company of Syracuse, N. Y.,

information as to compliance with RegulationF sent to FRBank of New York for reply to Pres-

ident W. B. Unbehend 2/27 311Austin, W. L.: (See Bureau of Census)Austin Bros. Bridge Company, Atlanta, Ga., loan by FRBank of Atlanta,

no objection to FRBank charging off loss 1/13 63Automobiles:

Chrysler limousine purchased to replace 1937 limousine, budgetordered increased to cover 5/ 8 653

Await, F. Gloyd, to be advised that Board cannot express opinion on

legislation to confine depositors of London

branch of National City Bank of New York to as-

sets of branch alone 7/ 2 972

Bailey, F. J.: (See Bureau of the Budget)Balderston, C. C., advice that Mr. McCabe anticipated recommending

to Chairmen for employment to make study of

salaries of officers of FRBanks and that he

would like to have Messrs. Karl Bopp and Wil-liam H. Newman as assistants 4/ 2 435

Report on survey of salaries of FRBank officers will be sub-

mitted in near future, no objection to addi-

tional expenditureBank credit, increased demand for, no likelihood seen by Advisory

B Council

ank •debits, weekly and monthly statements amendedBank debits,

International Settlements:LiicKittrick, T. H., Jr., appointment as chairman of board of di-

rectors, Counsel requested to look into legal

situation as to such appointments and report

findings to BoardBoard offers no objection if elected in usual course

National Bank of Hungary, credit by FRBank of New York, reply

proposed to be made by FRBank to Bank for Inter-

national Settlements re maturing credit, ap-

provedRenewal of central bank credit, reply by FRBank of New York

to, approvedBan k relations report:Excerpts to be sent directors of all FRBanks each monthSummary for July sent FRBanks with statement that practice of

circularizing reports will be continuedi‘ang Act of 1935, statements by Advisory Council on H.R.5357

called to attention of Counsel by Mr. Ecclesin connection with Council's recommendation reeasy money policy

12/10

2/203/19

5/75/8

4/29

7/10

7/25

8/22

5/21

1570

271391

636649

587

1013

1065

1158

746Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Banking and credit field, increase since 1933 in powers of Treasuryand other Government agencies and what actionshould be taken by FRSystem, referred to by Mr.Eccles at Conference of Presidents

Banking and monetary problems: (See Banking studies)Banking quarters:

Bank of America N.T. & S.A., San Francisco, Calif.:Carrying values of premises acquired during last ten years

in connection with merger of banks with Bankof America, Mr. Clerk to request additionalinformation re history of, from Mr. Day

Appraisal of bank buildings, Messrs. Eccles and McKee au-thorized to act for Board in connection withviolation of agreement

Bank of Carmel, Calif., expenditures approved retroactively byBoard on condition that program of provision for

depreciation in premises and fixtures be main-tained

Brooks Bank and Trust Company, Torrington, Conn., expenditurefor purchase of adjoining land, no objection

Buffalo Branch, reserve for depreciation not approved for termrecommended

Charlotte Branch, purchase of site approved and plans and speci-fications to be prepared

Construction of building, no objection to expenditureErection of building, Messrs. Lassiter and Leach to be asked

to Washington to discuss delayingCitizens Bank & Trust Company, Big Timber, Montana, no objection

to expenditures for purchasing additional prop-erty and remodeling premises

Condition of membership requiring reserves for depreciation inbanking house and furniture and fixtures not tobe prescribed in future and supervision left toFRBanks

County Bank & Trust Company, Cambridge, Mass., purchase ofproperty and expenditure for alterations andimprovements, no objections

Detroit Branch, charge off on building not approved atEug-gested rate

Fall River Trust Company, Fall River, Mass., purchase of build-ing, no objection

FRBank of Chicago, charge off not approved at suggested rateFRBank of Cleveland, reserve for depreciation approvedFRBank of New York, reserve for depreciation in banking premises

not approved for term recommendedPRBank of Philadelphia, alterations and additions to building,

expenditure approvedFRBank of Richmond, enclosing floor space, no objection to ex-

penditureHutchinson State Bank, Hutchinson, Kansas, alterations and im-

provements, no objection to expenditures

10Pages

5/28 803

1/29 156

12/19 1648

3/ 1

8/29

12/23

7/2510/18

12/26

329

1186

1667

10691357

1687

4/25 567

6/14 883

1/30 166

12/23 1668

1/13 6212/23 166812/23 1667

12/23 1667

7/3 990

12/23 1682


Banking quarters: (Continued)Industrial Trust Company, Idlmington, Delaware, increase in in-

vestment in premises due to absorption of CityBank & Trust Co., approved

Monterey County Trust & Savings Bank, Salinas, Calif., expendi-ture to house and equip branch on Fort Ord

Military Reservation in Monterey County ap-proved

Ronan State Bank, Ronan, Montana, expenditure for purchase of

site and erection of building, no objectionUnion and New Haven Trust Company, New Haven, Conn., purchase

of banking quarters now occupied by Hamden,Conn. branch, no objection

Union Trust Company of Maryland, Baltimore, Md., condition of

membership requiring reserves for depreciationin banking house and furniture and fixtureswaived until 1942

Washington Loan & Trust Company, Washington, D. C., improvingand enlarging Nest End branch, no objection to

expenditureIncrease in proposed expenditure approved

Writing down book value by using net earnings, suggested astopic for Presidents ' Conference

Banking statistics: Federal and State, Robert B. Martin and Mildred Miles employed

by Board to bring together for publication,FDIC to reimburse Board for salaries

Banking studies:Appointment of Miss Marie Butler as editorial assistantCommittee consisting of Messrs. Goldenweiser, Thurston, and

11

Pages

9/ 5 1194

11/18 1483

8/13 1130

2/15 256

6/7 855

5/24 7937/2 978

11/ 7 1448

7/11 1015

5/15 690

Hammond named to consider suggestions received,

make changes, give editorial revision, make rec-

ommendations as to use of studies, etc. 2/21 283Copies to be sent to Federal Advisory Council members for com-

ments and suggestions 2/20 269Copies ordered sent to Chairmen of FRBanks for their comments

and suggestions 2/26 305Copies ordered sent to Senate Banking and Currency Committee

when printed 5/24 786Federal Advisory Council requested to advise Board when commit-

tee has been appointed to consider 6/3 830Inq uiry-to be made whether Advisory Council members, chairmen

or presidents have any suggestions to make 5/3 624Publication authorized and committee ordered to choose editor

for employment by Board 5/3 622Wagner Resolution, suggested that Board and Advisory Council

designate committees to discuss togetherBarber,

5/20 720Andrew: (See Union National Bank & Trust Co. of Joliet,

Ill.)


Barber Shop:Agreement with Willis M. Boling for operation

Barton, Representative Bruce:List of reports regularly procured by Board from banks sent to,

in answer to request for questionnaires re-cently sent out by Board

Bates, Dean:Bank of America hearing on order to show cause why examination

report should not be published, advice thatComptroller was contemplating, but could notbe held unless Board agreed not to make exami-nation, memo to be prepared from correspondenceand reports and submitted to Board

Advice that Comptroller was planning Sec. 30 proceeding in

Beauty Shop: addition to order to show cause

Insurance covering liability for malpractice, operator may re-

iu duce limits

Belgm:Executive order and Treasury regulations governing transfers of

property, statement ordered published in FRBul-letin

Benedict, Frederic P., advice as to method of handling stock trans-action under Regulation T

Be (See also Burroughs & Brown, New York, N. Y.)

rckmans, Bruce, cost of lunch in Board's dining room to be borne

12Pages

1/ 6 24

4/ 3 452

1/ 9 42

1/10 49

4/30 595

5/17 711

4/ 3 446

11/12 1455Bethlehem

by BoardMunicipal Water Authority bonds, ruled to be exempted se-

Boa curities under Regulation T 5/ 8 651rd of Governors: Administration:

Routine reports and memoranda circulated to Board members,reduction in, Board members to indicate any ma-terial he is not interested in seeing regularly 10/17 1346

Salaries of deceased employees, Fiscal Agent authorized tomake payment to person reasonably authorizedto receive it, Counsel's Office to be consultedin doubtful cases 11/ 2 1435

Administrative procedure, revised report of Mr. Salant orderedsent to FRBanks and Advisory Council members 2/13 232

Advisory Commission to Council of National Defense:Board to place on its pay roll persons employed by commis-

sion and be reimbursed when funds are appro-priated 6/ 5 849

Employees of Board granted leaves of absence up to Jan. 1,1941 to accept appointment to commission andmay retain status in Retirement System by pay-ing own and Board's contributions 6/14 883


Board of Governors: (Continued)Advisory Commission: (Continued)

Advice to Ir. Stacy May that any needed information may be

obtained best by contacting Dr. GoldenweiserAnnual Report:

Draft approved subject to changes of form and ordered sentto Congress when printed, and given such fur-

ther distribution as approved by Mr. DavisFederal Advisory Council, recommendations and resolutions

adopted during 1939 ordered published inStatistical manual containing material previously contained

in, publication to be joint project and contain

statistics of Board, FDIC and Comptroller, and

Mr. Blattner appointed to superviseAudit of accounts, FRBank of Atlanta requested to make during

calendar year 1940, with understanding that

thereafter auditors will be designated to audit

transactions covering period of two consecutive

calendar yearsAutomobiles:

Chrysler limousine purchased to replace 1937 limousine,

budget increased to coverof America, agreed that Board should continue with formula-

tion of its own program of procedure since

nothing has been heard from Comptroller re pro-

posed program to be worked out by Board, FDIC

and ComptrollerBarber shop, agreement with Willis M. Boling for operationBeauty shop, insurance covering liability for malpractice, op-

erator may reduce limits

Bank

Budget:1941, adoptedIncreases by Divisions:

Building:Addition

Paul

(See Budget)

by closing court yards and erection of annex, con-

tract to be negotiated with Paul Cret for prepa-

ration of drawings, plans, and specificationsCret authorized to prepare drawings with understand-

ing that filling in of wings would not be con-

13Pages

7/ 3 995

3/12 368

1/18 95

3/29 428

2/14 249

5/8 653

1/29 1551/6 24

4/30 595

12/31 1712

6/4 846

sidered unless space could not be had in some

other manner 7/2

Messrs. Livingston and Cret present to discuss prelim-inary drawings, matter to be taken up with Mr.

969

Davis upon his return 9/10 1202Counsel to report on liability to Paul Cret in case con-

tract to prepare plans and drawings is breached 10/ 1 1268Advice that Mr. Harrison was surprised to hear of plans

for construction of 10/ 1 1270

Report of Counsel re liability to Paul Cret, committee

to meet with Mr. Cret 10/ 9 1309Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Board of Governors: (Continued)Building: (Continued)

Addition: (Continued)Report by Mr. Eccles on meeting with architect, Board

14

Pages

should act on matter at its next meeting 10/25 1386Arrangement with architect approved as outlined by Mr.

McKee and letter ordered prepared if arrangementis approved by Mr. Szymczak 10/29 1407

Committee consisting of Messrs. McKee and Szymczak ap-pointed to act on questions in connection withfinal plans and specifications, Mr. Morrill toact as secretary 10/29 1411

Letter to Mr. Paul Cret that his understanding ofBoard's letter is correct 11/ 2 1435

Advice that President had no objections, no action tobe taken at present on requesting architect toaccelerate completion of plans and specifica-tions 11/14 1466

Advisory Commission to Council on National Defense, ex-penses necessary in preparing and servicingoffices to be occupied by Commission author-ized incurred 5/31 823

Appreciation for making office space available to, andreply of Board 12/28 1707

Taxes and water charges, Mr. Wyatt to discuss question ofexemption with Corporation Counsel of Districtof Columbia 7/17 101:5

Advice to Assessor for District of Columbia that Counselwill discuss with Corporation Counsel 7/24 1063

Water Registrar asked to defer action on free use ofwater until tax question is settled 7/25 1074

Recommendations of Mr. Wyatt approved and letter to Com-missioners of District of Columbia 8/12 1125

Advice to Commissioners of District of Columbia of offi-cials who will attend hearing on behalf ofBoard 8/26 1174

Review by Mr. Ransom of meeting with Commissioners andCorporation Counsel 9/10 1204

Advice that Commissioners of D. C. had decided to adhereto position that property is taxable 10/ 1 1270

Water charges and taxes, Mr. Wyatt to discuss with Corpora-tion Counsel of District of Columbia the ques-tion of exemption

W ater Registrar of District of Columbia requested to de-fer action on free water use pending discussionwith Corporation Counsel re taxability of realestate

7/17

7/25

1045

1074Recommendations of Mr. Wyatt approved and letter to Com-

missioners of District of Columbia 8/12 1125


Board of Governors: (Continued)Building: (Continued)

Water charges and taxes: (Continued)Assumed no action will be taken toward collection until

tax question is settled, advice to Water Regis-

trarCafeteria:

Agreement with Welfare and Recreational Association, pro-

posed revision in management fee including bonusto manager and assistant manager

Proposal for revision accepted provided Association

15

Pages

11/ 4 1438

10/25 1386

continues handling accounts in service dining

roomsCivil Service, classification of Board's staff under, no action

to be taken on H.R. 960 at present timeCounsel's Office:

12/ 5

4/19

1554

530

Bank of America N. T. & S. A., memo covering history of in-

stitution to be prepared by 1/2 5Budget, increase for non personal services 10/14 1332

Division of Bank Operations:. Budget, increase for non personal services 10/14 1332Division of Examinations:

Bank of America N. T. & S. A., Me= covering history of in-

stitution to be prepared by 1/ 2 5Budget, printing and binding item increased 6/25 948

Increase for non personal services 10/14 1332Division of Research and Statistics:

Budget:Amount added to Telephone and Telegraph item in 1939

budget 1/11 57Sum added to furniture and equipment item 6/27 952Sum added to miscellaneous expenses in 1940 non personal

budget 8/20 1152Increase for non personal services 10/14 1333

Easy money policy, division requested to prepare statementthat can be published at same time that AdvisoryCouncil statement is published 5/24 738

Gold, idle money and price stabilization program, Mr. Gold-

enweiser given authority to tender temporary

appointments 6/18 906Industrial production index, computation of, division di-

rected to make statement at January 16 meetingas to procedure followed 1/10 52

Spot-check information on conditions in particular indus-tries, division authorized to make arrangementswith FRBanks to furnish for Advisory Commissionto Council of National Defense

Division of Security Loans:Budget increased to take care of additional printing and

binding

8/10 1116


Board of Governors: (Continued)Employment of married women, no action taken on question of gen-

eral policy with understanding that Miss Mason'scase would not be interpreted as setting out an

16Pages

inflexible policy 6/28 958Expenses, assessment on FREanks to cover expenses:

During last six months of 1940 6/19 916During first six months of 1941 12/27 1693

Federal and State banking statistics to be published by Board,FDIC and Comptroller, two clerks employed byBoard to assemble and FDIC to reimburse Boardfor salaries 7/11 1015

Fiscal Agent:Budget, increase for non personal services 10/14 1333

Sum added to item Printing and Binding for current year 4/15 512Deceased employees, authorized to make payment to person

reasonably entitled to receive it, Counsel's

Office to be consulted in doubtful cases 11/ 2 1435Holding company affiliates, supervision of, testimony during

hearings on Investment Co. and Investment Ad-visers Acts sent FRBanks to emphasize responsi-bility 10/ 7 1284

Liability to Paul Cret in case contract to prepare plans for

alterations and erection of addition to Board's

building is breached, ordered prepared 10/ 1 1268Report of Counsel, committee to meet with him 10/ 9 1309

Meetings:Presidents and Federal Advisory Council with Board 12/17 1614Sea Island with Chairmen, program and procedure for holding 4/ 2 436

Members:American Bankers Association, Eastern Regional Conference on

Savings and Commercial Banking, each member to

determine whether he would attend 2/13 227Davis, Chester C.:

Advisory Commission to Council of National Defense, ad-vice to U. S. Information Service that he ismember of 6/27 952

American Institute of Banking convention at Boston, toattend if possible to arrange plans 5/ 8 648

Condition report call for State member banks, telegramto FRBanks that Board contemplates no immediatecall referred to Messrs. Davis and Smead for de-

cision re sending out 10/ 9 1307Jones Farm Credit Act of 1940, to work with staff on

preparation of statement for Banking' and Cur-rency Committees 3/27 417

Draft of statement presented, agreed that beforestatement should be used Mr. Davis would ar-range for meeting of Secretary V;allace, Messrs.

Currie, Eccles, Davis, and Morrill to discuss 4/ 1 433


17Pages

Board of Governors: (Continued)Members: (Continued)

Davis, Chester C.: (Continued)Jones Farm Credit Act: (Continued)

Authorized to testify before House Agriculture Com-mittee if called 4/23 541

Reappointed by President for fourteen-year term fromFeb. 1, 1940, and oath of office administered 3/ 8 355

St. Louis directors' meeting with branch directors, toattend if possible to arrange plans 4/26 575

Draper, Ernest G.:Designated to work with National Defense Advisory Com-

mission and FEBanks in carrying out small busi-ness plan 10/25 1386

Easy money statement of Advisory Council, appointed onBoard committee to meet with Advisory Councilcommittee 10/29 1412

Mr. Ransom to serve in place of 11/14 1466Industrial loans, S. 3839 to amend Sec. 13b of FRAct to

refer to previous report submitted by Board ifcalled by Senate Banking and Currency Committeeto testify 6/11 866

Regulation L, statement giving reasons for not favoringamendment extending effective date for terminat-ing interlocking directorates 2/ 1 181

Undermargined loans, proposed amendments to RegulationsT and U laid on table until called for by 6/ 4 842

Eccles, Marriner S.:Conference at Treasury on Bank of America, authorized to

attend 1/ 8 31-2Easy money statement of Advisory Council, appointed on

Board committee to meet with Council committee 10/29 1412

Industrial loans, S. 3839 to amend Sec. 13b of FRAct,to refer to previous report submitted by Boardif called by Senate Banking and Currency Commit-tee to testify 6/11 866

Reappointed by President for unexpired portion of eight-year term from Feb. 1, 1936, and redesignatedChairman of Board 3/ 8 355

Report of telephone conversation with office of Mr.Steagall on status of Steagall and Byrnes bills 4/ 5 462

McKee, John K.:Building addition committee, appointed on committee to

act on questions in connection with final plansand specifications

Conference at Treasury on Bank of America, authorizedto attend

Directors' meeting at Richmond with branch directors,to attend if plans can be arranged

10/29

1/ 8

4/30

1411

31-2

596


18Pages


McKee, John K.:Directors of FRBank of Cleveland meeting at Columbus

with certain guests, Mr. McKee to attend 5/ 3 627Membership in FRSystem, applications of small banks,

to be discussed with FRBank of San Francisco 12/23 1670Personnel Committee, appointed to serve for year ending

March 31, 1941 3/26 407Plan to visit FRBank of San Francisco and to discuss

applications of small banks for membership 12/23 1670Statement on increases in staff by Division of Research

and Statistics 8/ 2 1087Ransom, Ronald:

Absent from Board meeting because of attendance atCapitol in connection with bill relating toforeign balances 11/26 1519

Easy money statement of Advisory Council, appointed onBoard committee in place of Mr. Draper to meetwith Council committee 11/114 1466

Legislation, vote on report reserved because of wishnot to approve further piecemeal legislationin absence of emergency 5/22 770

Miners First National Bank of Ishpeming, Mich., reasonsfor not approving fiduciary power application 2/13 228

Personnel Committee, appointed to serve for one yearending March 31, 1941 3/26 407

S. 3839 to amend Sec. 13b of FRAct re industrial loans,voting "no" because of piecemeal legislation 5/31 821

Vice Chairman, designated for additional four-year termby President 7/24 1060

Routine reports and memoranda circulated to, reduction in,members to indicate any material he is not in-terested in seeing regularly 10/17 1346

Szymczak, M. S.:Address on development of Federal Reserve Banking,

FRBanks may get copies of reprint on request 12/ 5 1553American Institute of Banking convention at Boston, to

attend 5/ 8 648Building addition committee, appointed on committee to

act on questions in connection with final plansand specifications 105//298 1411

Chairman pro tern, elected for meeting 644Elected for meeting 5/10 660

Directors' meeting at Richmond with branch directors, toattend as Board's representative 4/30 596

Easy money statement of Advisory Council, appointed on Board committee to meet with Advisory Councilcommittee 10/29 1412

St. Louis directors' meeting with branch directors, au-thorized to attend 4/26 575


19Pages


Visits by Messrs. Piser and Edmiston to New York and othercities to study investment policies of largeGovernment securities holders, suggested thatBoard member accompany on visits

Minutes:Meetings of Board approved:

December 28December 29January 2January 3January 4January 6January 8January 9January 10January 11December 5January 13January 15January 16January 17January 18January 19January 23January 24January 25January 26January 27January 29January 30January 31February 1February 2February 3February 6February 7February 8February 10February 12February 13 (two)February 14February 15February 16February 19February 20, with Federal Advisory CouncilFebruary 21February 23

4/23

1/21/21/31/41/61/81/91/101/111/131/151/151/161/171/181/191/231/241/251/261/291/291/301/312/12/22/62/62/72/ 82/102/122/132/142/152/162/192/212/212/232/26

550

6611182132445355596969808794103114120138145157157164171184194202202206214216221234241253257263278

'278285303


Board of Governors: (Continued)Minutes: (Continued)

Meetings of Board approved:F

(Continued)February 24 February 26February 27February 29March 1March 4March 5March 7March 8March 9March 12March 13March 15March 19March 22March 25March 26March 27March 28March 29April 1April 2April 3April 5 (two)April 8April 9April 10April 11 (two)April 15April 18April 19April 22April 23April 24April 25April 26April 29April 30May 1May 3May 4May 7May 8May 9May 10May 13May 14May 15

20Pages

2/26 3032/27 3092/29 3163/1 3263/ 4 3323/5 3403/7 3523/8 3593/9 3613/12 3713/19 3903/19 3903/19 3903/22 3933/25 4003/26 4083/28 4223/28 4223/29 4274/ 3 /1/11 4/ 3 AO /3 4414/5 4694/8 4724/ 9 4844/10 4914/11 4974/15 5124/18 5134/19 5344/23 5574/23 5574/24 5614/25 5674/26 5754/29 5854/30 6015/1 6035/3 6275/7 6385/7 6395/8 6515/9 6545/10 6655/13 6735/14 6845/15 6905/16 700


21Pages


Meetings of Board:5/17 708May 16

(Continued)

May 17 5/18 7135/21 753May 18 5/21 753May 20, with Federal Advisory Council5/22 771May 215/22 771May 21, with Federal Advisory Council5/23 776May 22

May 23 5/211 7905/25 795May 24 5/27 801May 25

May 27 5/2 8088 May 28 55/A9 121

824May 29May 31

6666//// 35?7 8881993

June 3June 4June 5June 7 6/10 859JJune 10June 11

6/11 8676/12 876

June 1266/134

878885June 13

June 14 665,

0

889June 15

g 99103

6/

June 17June 18 (two) 6/19 912June 19 6/21 926June 20 6/21 926June 21 6/22 936

6/25 941June 22June 25 6/27 950June 27 6/28 960June 28 6/29 962

7/ 1 965June 29July 1

71% 3 99 7868'July 2 7/ 5 998July 3 7/6 999July 57/ 8 1001July 6 7/ 9 1008July 8 7/10 1010July 97/11 1014July 10

July 11 7,7//1 10211028July 12

July 13 777///1,678 1036July 16July 17 10044:July 18 7/19 1050



Meetings of Board approved: (Continued)July 19 July 20July 22July 24July 25July 26July 30August 1August 2August 5August 7August 9August 10August 12August 13August 15August 16August 20August 21August 22August 23August 24August 26August 27August 29September 5September 6September 9September 10September 11September 13September 14September 16September 17September 18September 19September 20September 21September 24September 25September 28September 30October 1October 3October 4October 7October 7, with Federal Advisory CouncilOctober 8October 8, with Federal Advisory Council

22Pages

7/20 10557/24 1060

7/A 100707 27/26 1076

78/31 100g8/ 2 10898/ 5 10988/ 7 1103

V/190 1118/12 11228/13 ::::8/15 11348460 1138

8/21 11538/22 11578/23 11608/26 11688/26 1168

88/279 11V

/ 1

99/ 99

99 1199

9/ 9 1199

99% 12061208

91/166 12161216

9/16 12169/17 11:1285

99/19 ::::99/A 1232

9/27 12469/27 12469/27 12469/30 126210/ 1 127110/ 3 127410/ 4 127810/ 7 128410/ 8 130410/ 8 130410/ 9 131810/ 9 1318



October 9 (Continued)Meetings of Board approved:

October 10October 11October 12October 14October 15October 16October 17October 18October 19October 21October 22October 23October 24October 25October 26October 28October 29October 30October 31November 1November 2November 4November 5November 6November 7November 8November 12November 13November 14November 15November 16November 18November 18, with Federal Advisory CouncilNovember 19November 19, with Federal Advisory CouncilNovember 20November 22November 23November 26November 27November 28November 29December 2December 3December 4December 5December 6December 7December 9

23Pages

10/10 132210/11 132610/12 132810/15 133510/15 133510/16 133810/17 134610/19 136010/19 136010/21 136610/22 137110/25 139010/25 139010/25 139010/26 139410/28 140410/29 141310/30 141910/31 142611/ 1 143011/ 2 143411/ 4 143711/ 5 144011/ 6 144311/ 7 144811/ 8 145111/12 145411/13 145711/14 146811/15 147011/16 147911/18 148211/19 149711/20 150311/20 150311/20 150311/22 151011/23 151611/26 152011/27 152311/28 152912/ 2 153812/ 2 153812/ 3 154012/ 4 154712/ 5 155212/ 6 155612/ 7 155912/ 9 156512/11 1588



Meetings of Board approved: (Continued)December 10, with ChairmenDecember 11December 12December 13December 14December 16December 17, with Federal Advisory Council and Presi-

dentsDecember 18December 19December 20December 21December 23December 26December 27December 28December 30

New York World's Fair, personnel for information booths inFederal Building cannot be furnished

Offices to be closed on Christmas EveP olicies, offer by Advisory Council to explain to operating

12/1112/1212/1312/1412/1612/18

12/1812/1912/2012/2112/2312/2612/2712/2812/3012/31

4/2312/19

24Pages

158815961600160516101632

1632164816531655167616891692170517091712

5481652

heads of banking institutions throughout thecountry 5/20 719

Questionnaires recently mailed out, list of reports regularlyprocured by Board from banks sent to Bruce

SeBarton in answer to request for questionnaires 4/ 3 452

cretary' s note: Bank of America, advice that FDIC was in agreement with

Board's decision not to have representativepresent at hearing on order to show cause 2/13 240

Banking studies under Wagner Resolution, advice that Messrs.Davis and Eccles approved decision to publishand to authorize committee to recommend editorfor employment by Board 5/ 3 624

Correspondence and Publications Section created with Mr. Hammond as Chief, increase in budget for aecre-tary's Office and transfer of employees author-ized 3/ 1 323

Easy money policy, advice that Mr. Eccles had called atten-tion of Advisory Council to statement made byCouncil at time of passage of Banking Act of1935, in connection with Council's recommenda-tion re easy money 5/21 746

Federal Home Loan Bank bill, S. 4095, advice that reporthad been revised and handed to Chairman Wagner 6/11 863

Inflation checks, legislation recommended by Board, presi-dents and Advisory Council, advice that commit-tees had made changes in form of statement andwould present it to Secretary of Treasury 12/17 1626Digitized for FRASER

http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Board of Governors: (Continued)Secretary's note: (Continued)

Leach, Hugh, FRBank of Richmond, note that date for visit

to Washington to discuss transfer of North

Carolina banks to Charlotte Branch had been

changed to April 26, 1940Liaison officer at FRBanks and branches between Defense Com-

mission and private industry, report of Mr.

4/19

25Pages

534

Draper that he had talked with FRBanks and that

they would cooperate 10/14 1331National Bank of Hungary, loan by FRBank of New York, ad-

vice re approval of participation by other

FRBanks not to be sent until loan actually

made 11/13 1458National defense, advice that letter from Advisory Commis-

sion had been received and telegram sent FRBanks

and branches 9/20 1232Copy of announcement by Advisory Commission re results

of survey conducted by FRBanks and branches 9/25 1242National defense loans by RFC, copy of letter from RFC to

War and Navy Departments obtained for Advisory

CouncilRansom, Ronald, approval of report on H. R. 9843 even

11/19 1495

though piecemeal legislation in character 5/22 770Trading with Enemy Act, amendment re Norwegian and Danish

balances in U.S., Board need not have repre-

sentative at meeting of Mr. Bell with Banking

and Currency Committees 4/23 556Vatican State shipping gold to FRBank of New York for safe-

keeping, advice that Mr. Morrill had advised

Mr. Harrison that Board offers no objection 5/22 764Secretary' s Office:

Budget:

Secretarial and Administrative, increase for non per-

sonal services 10/14 1333Service Function, increase for non personal services 10/14 1333Sums added to items of Repairs and Alterations and

Traveling Expenses 7/19 1054Stock room:

Secretary's Office authorized to purchase such supplies

necessary to meet requirements of organizationSummer schedule authorizing maintenance of skeleton force on

12/31 1712

Saturdays approved subject to same regulationsas in force last

Vice Chairman:Ransom, Ronald, designated for additional four-year term by

President

yearTe lephone are direct to FRBank of New York, installation of ad-

ditional wire authorized for period of war emer-

gency, cost to be divided between Board and

FRBank

4/26 583

5/10 671


Bogert, G. G., advice that Regulation F permits funds held by bankas co-fiduciary to be invested in common trust

B funds

gbso 7 , B. C., cost of luncheon in Board's dining room to be borne

Boling by Board

,Bolivia:

Willis M., agreement for operation of Barber Shop

Gold shipment by FRBank of New York to Central Bank of Bolivia,

telegram from FRBank re possible courses of ac-tion received, Messrs. Ransom and Wyatt to dis-cuss with Mr. Sumner Welles

Letter ordered sent FRBank that Board hopes wishes of Gov-ernment can be carried out and Mr. Ransom todiscuss appropriate legislation with State and

Treasury DepartmentsBolivian-dollar exchange:Stabilization, representative of FRBank of New York to be given

access to memoranda on establishment of Inter-American Bank, in connection with request byBolivian representative on Inter-American Ad-visory Committee for attitude of FRBank towardsadvancing credit to stabilize Bolivian-dollarexchange

Advice that Mr. nlliams would come to Washington to seememorandaBond

financing, demands could be met easier by banks if they couldbe given function of secondary underwriters,view of Advisory Council

Bonds:Baby bonds, issuance approved by Advisory Council, and question

of restricting amount that might be bought byone customer, discussed

Bankers blanket, revision ofBethlehem Municipal Water Authority bonds and Pennsylvania

26Pages

12/19 1650

6/27 9531/6 24

6/12 873

6/17 893

1/25 134

1/26 142

2/20 272

2/20 273

Turnpike Commission bonds are exempted securi-ties under Regulation T

Pennsylvania Turnpike Commission 3-3/4% bonds, SEC requested foropinion re whether they are exempted securitiesunder Securities Exchange Act

Sur:7 ds are exempted securities under Regulation T

Anderson, Lee Emrich, as FRAgent's Representative at Rich-

5/8

4/255/8

651

568651

mond 1/15 70Barnett, Genevieve M., as Alternate Assistant FRAgent at

Atlanta 3/22 394Brainard, George C., as FRAgent at Cleveland 2/12 221Bullock, Robert W., as Alternate Assistant FRAgent at New

York 2/1 185Caldwell, Robert B., as FRAgent at Kansas City 3/29 428Clark, James Calvin, Jr., as FRAgent's Representative at

Kansas City 3/29 428


Bonds: (Continued)Surety: (Continued)

Coffey, Walter Castella, as FRAgent at MinneapolisCooper, Norman C., as Alternate Assistant FRAgent at New

YorkCurtiss, F. H., as FRAgent at BostonDiercks, W. R., as Alternate Assistant FRAgent at ChicagoEddy, Walter L., as Assistant FRAgent at BostonFRAgents, amount reduced to $10,000FRAgents, Assistant, amount reduced to P10,000Force, Raymond C., as FRAgent at San FranciscoFrancis, Charles Elliott, as FRAgent's Representative at

RichmondFricek, Elmer F., as Alternate Assistant FRAgent at Cleve-

landGibson, Terrice C., as Alternate Assistant FRAgent at

RichmondGoldschmid, Jack Powell, as FRAgents Representative at

Memphis BranchGowland, Clement Paul, as FRAgent's Representative at DallasHagedorn, William John, as Alternate Assistant FRAgent at

St. LouisHall, Charles Clifton, as Assistant FRAgent at DallasJohnson, John, as Alternate Assistant FRAgent at Minne-

apolisLane, Jasper A., as Alternate Assistant FRAgent at BostonLassiter, Robert as FRAgent at RichmondLinks, John August, as FRAgent's Representative at Little

Rock BranchMarblehead Bank Company, Marblehead, Ohio, required to ar-

range for coverage for two inactive officers inconnection with membership

27Pages

5/ 3 627

2/ 1 1851/26 1461/22 1091/26 1461/ 2 91/ 2 94/11 500

1/15 70

2/12 221

1/15 70

2/ 8 2142/29 316

2/ 8 2142/29 316

4/22 5381/26 1461/15 70

2/ 8 214

1/19 103Matter, Norman R., as Assistant FRAgent at Cleveland

I! jr84

McCabe, Thomas B., as FRAgent at PhiladelphiaMcConnell, Harold G., as Assistant FRAgent at MinneapolisMcCravey, J. R., Jr., as Assistant FRAgent at AtlantaMerritt, James Hansel, as FRAgent at DallasMetze, Joe Douglas, as FRAgent's Representative at Houston

BranchMorrissey, Clifford F., as Alternate Assistant FRAgent at

BostonNardin, William T., as FRAgent at St. LouisNeely, Frank H., as FRAgent at AtlantaPage, Grover Cleveland, as FRAgent's Representative at

DallasParker, Frank Spencer, as Assistant FRAgent at St. LouisPost, Arthur E., as Assistant FRAgent at PhiladelphiaRaether, Bernard L., as FRAgent's Representative at ChicagoReed, Iova James, as FRAgent's Representative at DallasRehfuss, Frank, as Alternate Assistant FRAgent at Phila-

delphia

2/29 316

10/ 4 1278

1/26 146

30103394

2/29 3162/ 8 2142/15 2531/22 1092/29 316

2/15 253


28Pages

Bonds: (Continued)Surety: (Continued)

Reid, C. Margaret J., as Alternate Assistant FRAgent at

Philadelphia 2/15 253

Reif, G. W., as FRAgent's Representative at San Francisco 2/13 234

Rhodes, Harry Herbert, as Assistant FRAgent at Kansas City 3/29 428

Robb, Thomas Bruce, as Alternate Assistant FRAgent at

Kansas City 3/29 428

Salver, Dana D., as Alternate Assistant FRAgent at Boston 1/26 146

Schelling, Carl, as Assistant FRAgent at Chicago 1/22 109

Shepherd, Robert L., as Assistant FRAgent at Richmond//13 25 349Shortt, W. D., as Assistant FRAgent at San Francisco

Sonne, H. A., as Alternate Assistant FRAgent at San Francisco 2/13 234

Stryker, Jere V. D., as Assistant FRAgent at New York 2/ 1 185

Thaxton, Emmett Albert, as Alternate Assistant FRAgent at

Dallas 2/29 316

Thornton, Ira Arthur, as FRAgent's Representative at Kansas

City 3/29 428

Timberlake, Harold C., as Alternate Assistant FRAgent at

Minneapolis 4/22 538

Walker, Laurie Turner, as FRAgent's Representative at Louis-

ville Branch 2/ 8 214

Wood, R. E., as FRAgent at Chicago 1/ 3 111/22 109

Young, Owen D., as FRAgent at New York 3/25 400Young, William Russell, as FRAgent's Representative at Kansas

City 3/29 428

Zehner, Edward Albert, as Alternate Assistant FRAgent at

St. Louis 2/ 8 214U. S. Savings Bonds:

Deposit in trust department of national bank to take place

of trust funds deposited in commercial depart-

ment, advice to Mr. Bell that in Board's opinion

no difficulties will arise if receiver is ap-

pointed for bank 1/29 157

B°nnel (See also Government securities)

l, Robert 0.: (See Nonmember banks, Public Bank of Maryland,

BoPp Baltimore, Md.), Karl, advice that Mr. C. C. Balderston would like to have him

as assistant if proposed study on salaries, of

officers of FRBanks is undertaken by Chairmen

Bost of FRBanks 4/ 2 436

on Stock Exchange:Ruling on obtaining payment for purchase of securities in cash

account under Regulation T sent to, and copies

sent all FRBanksBranch,

7/19 1052

group and chain banking:Statement showing names and principal offices, members of group

or chain, and changes during 1939, FRBank ofBoston requested to obtain for 1939 records of

Board, and similar letter sent to all FRBanks 2/ 2 196


29Pages

Branch banks, domestic:American Trust Company, San Francisco, Calif.:

Berkeley, Calif., removal of branch does not result in estab-lishment of new branch and Board's approval notrequired 4/18 515

Bank of Sturgeon Bay, Wis.:Ephraim, Wis., establishment of seasonal agency approved if

approved by State authorities 4/18 514Bronx County Trust Company, New York City, N. Y.

Bronx, Borough of, no objection to purchase of three branchesfrom National City Bank of New York 4/26 579

Plans changed, Board will be glad to reconsider whennecessary 5/ 1 605

Advice that negotiations for purchase of three branchesfrom National City Bank had been terminated 5/13 676

California Bank, Los Angeles, Calif.:Santa Monica, deposits of American National Bank to be

transferred to, after absorption of nationalbank 11/29 1536

Capital requirements of State member banks with out-of-townbranches, reply to Senator Sherman Minton 8/ 5 1099

County Trust Company, White Plains, N. Y.Hartsdale, New York, establishment of branch approved in

connection with absorption of Hartsdale Na-tional Bank, Hartsdale, N. Y. 5/21 757

Pleasantville, N. Y., establishment approved in connectionwith absorption of Mount Pleasant Bank & TrustCompany 7/10 1012

Downtown branches established by bank having permission to carry reduced reserves, any such cases should bebrought to attention of Board 12/16 1612

First Trust & Deposit Co., Syracuse, N. Y.:Baldwinsville, N. Y., establishment approved in connection

with merger of Baldwinsville State Bank into 3/28 423Industrial Trust Company, Wilmington, Delaware, premises of

City Bank & Trust Company to be used as branchafter absorptionLincoln-Alliance Bank & Trust Co., Rochester, N. Y.

9/ 11945

Brighton, N. Y., establishment approved 11/16 1480Greece, N. Y., establishment approved 11/16 1480

Marine Trust Company of Buffalo, New York:Holley, N. Y., establishment approved in connection with

absorption of State Exchange Bank of Holley 11/16 1480Ihilliamsville, N. Y., establishment approved in connection

with absorption of Bank of lvilliamsville 7/18 1046Monterey County Trust & Savings Bank, Salinas, Calif.:

Fort Ord Military Reservation, Monterey County, Calif., es-tablishment approved 11/18 1483

National City Bank of New York, N. Y.:Bronx, Borough of, no objection to purchase of three branches

by Bronx County Trust Company 4/26 579Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Branch banks, domestic: (Continued)National City Bank of New York, N. Y.: (Continued)

Bronx, Borough of: (Continued)Plans, changed, Board will reconsider when necessary 5/ 1

30Pages

605Advice that negotiations for sale of three branches to

Bronx County Trust Company had been terminated 5/13 676Ogdensburg Trust Company, Ogdensburg, N. Y.:

St. Regis Falls, N. Y., establishment approved in connectionwith absorption of St. Regis Falls National Bank 3/28 423

Union and New Haven Trust Company, New Haven, Conn.:Hamden, Conn., purchase of quarters occupied by branch 2/15 256

Washington Loan & Trust Company, Tashington, D. C.West End branch, no objection to expenditure for improving

and enlarging 5/24 793Westfield Trust Company, Westfield, N. J.

Scotch Plains, N. J., establishment in connection withmerger with First State Bank of Scotch Plains

Branch bank approved

sstem:, FRSy6/13 878

Baltimore:Staff:

Cupit, J. R., Cashier, salary approved 5/28 809Hagner, D. F., Assistant Cashier, salary approved 5/28 809Johnston, J. A., Assistant Cashier, salary approved 5/28 809Milford, W. R., Managing Director, salary approved 5/28 809

Birmingham:Staff:

Beavers, P. L. T., Managing Director, salary approvedif fixed by directors of Atlanta Bank 5/10 667

Starr, Leo W., Assistant Cashier, salary approved 4/24 561Salary approved if fixed by directors of Atlanta

Bank 5/10 667Urquhart, H. J., Cashier, salary approved if fixed by

Buffalo: directors of Atlanta Bank 5/10 667

Quarters, reserve for depreciation, not approved for term

Staff: recommended 12/23 1667

O'Hara, Robert M., Managing Director, salary approved 4/ 8 474Snow, Halsey W., Cashier, salary approved 4/ 8 474

Bylaws, Vlltse, Reginald B., Assistant Manager, salary approvedchanges to correspond to Board's regulation governing

4/ 8 474

Charlotte: operation, requested 3/ 5 343

Offices to be closed on December 26 12/19 1652Quarters, building site and building, no objection to

FRBank of Richmond looking into matter and pre-paring preliminary sketches and estimates ofcost 4/26 574

Letter to be prepared authorizing purchase of site andpreparation of plans after commission problemhas been cleared up 7/25 1069


Cincinnati:Staff:

Geers, P. J., Assistant Cashier, salary toif recommended by directors

Johnson, R. G., Assistant Cashier, salary to beif recommended by directorsB. J., Managing Director, salary to beif recommended by directors

H. N., Cashier, salary to be approved ifmended by directors

Denver:

Lazar,

Ott,

Branch banks, FRSystem: (Continued)Charlotte: (Continued)

Quarters: (Continued)Purchase of property notwithstanding slight questions

as to title approvedNo objection to expenditure for construction of build-

ingErection of building, Messrs. Lassiter and Leach to be

asked to Washington to discuss delayingStaff:

Brooks, L. D., Assistant Cashier, salary approvedCherry, R. L., Cashier, salary approvedClements, W. T., Managing Director, salary approved

Territory:

31Pages

9/28 1259

10/18 1357

12/26 1687

North Carolina counties, transfer of 26 from head officeto, discussed, Mr. Leach to be invited to Wash-ington to discuss

Mr. Leach requested to come to WashingtonTransfer of sixteen counties from head office ter-

ritory approved if ten counties remaining inhead office territory have no objection

Any announcements to be made by FRBank of Richmondand not by Board

Transfer of sixteen counties from head office

be approved

approved

approved

recom-

PRnotes, Series of 1928, permission to cancel new notes andship to Washington for destruction, because oflack of vault space

Personnel classification plan, Supervisor in RFC and PWACustody Department, increase in maximum salaryfor position

Staff:Brown, S. A., Cashier:

5/285/285/28

809809809

4/15 5114/19 533

4/26 571

4/26 5735/18 717

4/10 492

4/10 492

4/10 492

4/10 492

h/ 9 487

1/23 114

Increase in salary, Mr. Szymczak to discuss withMr. Caldwell before letter is sent to FRBankof Kansas City 5/7 634

Letter to FRBank 5/10 668Salary approved 5/29 813

Olson, J. E., Managing Director, salary approved if

fixed by Kansas City directors 5/10 668


Branch banks, FRSystem: (Continued)Denver: (Continued)

Staff: (Continued)Phillips, Wm., Assistant Cashier, salary approved if

fixed by Kansas City board of directorsStempel, H. L., Assistant Cashier, salary approvedYoung, V:. R., FRAgent's Representative, salary approved

for 1940Detroit:

Quarters, building, charge off not approved at suggestedrate

Staff:Buss, R. H., Managing Director, salary for 1940 ap-

provedChalfont, H. J., Cashier, salary for 1940 approvedGeorge, John, name removed from list of those designated

special assistant examiners

32Pages

5/10 66811/15 1471

2/1/4 242

12/23 1668

3/ 9 3623/ 9 362

2/21 278Raether, L. Bernard, FRAgent's Representative, salary

approvedSmith, Wayne, designated special assistant examiner to

lend clerical assistance

12/30

2/21

1710

278El Paso:

Staff:

Hermann, J. L., Managing Director, salary approved 5/24 783Sayles, Allen, Cashier, salary approved 5/24 783

Territory:Presidio County, transfer of Marfa National Bank, Marfa,

Texas from San Antonio BranchHelena:5/ 3 628

Staff:

Hoerr, A. A., Cashier, salary approved 4/24 562Larson, C. J., Assistant Cashier, increase in salary 4/19 532

Salary approved 4/24 562

Houston: Tovle, R. E., Managing Director, salary approved 4/24 562

Staff:

DeMoss, H. R., Cashier, increase in salary 5/24 783Gentry, W. D., Managing Director, salary approved if

fixed by board of directors 5/24 783Metze, Joe Douglas, FRAgent's Representative:

Temporary appointment only and will resign upon re-turn of Mr. Reed 10/ 1 1272

Bond of 10/ 4 1278Jacksonville:Personnel classification plan, change creating positions

Staff: in Cafeteria Department 7/10 1011

Lanford, T. A., Cashier, salary approved if fixed byAtlanta directors 5/10 667

Pike, W. F., Assistant Cashier, salary approved if fixedby Atlanta directors 5/10 667


Los Angeles:Staff:

Ambrose, W. NCraft, H. M.,McRitchie, M.Meyer, L. C.,L

ouisville:Staff:

33Pages

Branch banks, FRSystem: (Continued)Jacksonville: (Continued)

Staff: (Continued)Vardeman, G. S., Jr., Managing Director, salary ap-

proved if fixed by directors of Atlanta bankLiaison officer between Defense Commission and private in-

dustry, statement at Advisory Council meeting

5/10 667

that plan was being worked out 10/ 8 1301Mr. Draper to call FRBanks to see if they would cooperate 10/14 1330Advice that they would cooperate 10/14 1331Press statement and letter from Commission read, list of

officers ordered prepared 10/25 1383Designated officers likely to be asked to 1;ashington for

meeting 10/25 1384Mr. Draper to work with Commission and FRBanks on plans 10/25 1386Reply to Commission ordered prepared stating actions in

response to letter 10/25 1386Meeting in Washington set for November 17 and request for

names of representatives 11/ 1 1431Cost of two days' luncheons to be borne by Board 11/12 1455Results of conference reported at Advisory Council meeting 11/18 1484Another conference contemplated

Little Rock:12/10 1580

Bylaws, amendment changing meeting date from Tuesday toFriday

Personnel classification plan, changes inStaff:

Bailey, A. F., Managing Director, salary approved iffixed by St. Louis directors

Childers, Clay, Assistant Cashier, salary approvedLinks, John August, FRAgent's Representative, bond ofWood, Clifford, Cashier, salary approved

The Differentia, published by branch, no objection to publi-cation of excerpt from MBank of Dallas bank re-lations report

., Managing Director, salary approvedAssistant Manager, salary approved, Assistant Manager, salary approvedAssistant Manager, salary approved

Burton, Fred, Cashier, salary for 1940 approvedSalary approved if fixed by St. Louis directors

Jenks, S. B., Assistant Cashier, salary approved iffixed by St. Louis directors

Schacht, Charles A., Managing Director, appointment andsalary

Salary approved if fixed by St. Louis directors

2/13 2367/ 3 989

5/15 6875/15 6862/8 2145/15 686

3/ 4 337

4/19 5314/19 5314/19 5314/19 531

3/22 3955/15 687

5/15 687

2/19 2635/15 687


Branch banks, FRSystem: (Continued)Louisville: (Continued)

Staff: (Continued)Talker, Laurie Turner, FRAgent's Representative, bond

ofMemphis:

Personnel classification plan, change to provide for crea-tion of position of Accounting Clerk

Staff:

Belcher, S. K., Cashier, salary approved if fixed bySt. Louis directors

Glasgow, V. H., Managing Director, salary approved iffixed by St. Louis directors

Goldschmid, Jack Powell, PRAgent's Representative, bondof

Martin, C. E., Assistant Cashier, salary approved iffixed by directors at St. Louis

Frank j., designated specialto lend clerical assistance

Fort, J. B., Jr., Managing Director,fixed by Atlanta directors

Harrison, E. R., Cashier, salary approvedAtlanta directorsJesse, designated specialfor one examination

McGee, S. H., designated specialone examination

Miller, M. L., designated specialfor one examination

Newson, Curtis, designated specialfor one examination

Nashville:Staff:

Davis,

Hooper,

New Orleans:

afPersonneli classification plan, change creating new positionS

Clark, L. M., Managing Director, increase in salary ap-

proved, Letter to FRBank of Atlanta orderedprepared

Letter approvedShaw, M. L., Cashier, increase in salary approved, let-

ter to FRBank of Atlanta ordered preparedLetter to FRBank

Vasterling, F. C., Assistant Cashier, salary approved

Oklahoma City: if fixed by Atlanta directors

PRnotes, Series of 1923, permission to cancel new notes andship to liashington for destruction, because oflack of vault space

assistant examiner

salary approved if

if fixed by

assistant examiner

assistant examiner for

assistant examiner

assistant examiner

34Pages

2/ 8 214

1/16 81

5/15

5/15

2/ 8

5/15

637

687

214

687

3/22 394

5/10 667

5/10 667

3/22 394

3/22 39!,

3/22 394

3/22 39L

2/2 139

5/ 7 6335/10 666

5/ 7 6335/10 666

5/10 667

4/ 9 487


Branch banks, FRSystem: (Continued)Oklahoma City: (Continued)

Personnel classification plan:FRAgent's Representative, increase in maximum salary

approved, and advice to bank that prior ap-proval of Board must be obtained before chang-ing salaries of Assistant FRAgents, AlternateAssistant FRAgents or FRAgents' Representa-tives

Change increasing maximum salary for one positionStaff:

Clark, J. C., Jr., FRAgent's Representative, salary ap-proved for 1940

Daniel, C. E., Managing Director:ResignationSalary approved if fixed by Kansas City board of di-

rectorsMathes, R. L., Assistant Cashier, salary approved if

fixed by directors of Kansas City bankPipkin, G. H., Managing Director, transferred from

35Pages

1/23 1147/13 1029

2/14 242

7/13 1028

5/10 668

5/10 668

FRBank of Kansas City and salary approved iffixed by directors 7/13 1028

Wunderlich, R. O., Cashier, salary approved if fixed byKansas City directorsOmaha:

5/10 668

FRnotes, Series of 1928, permission to cancel new notes andship to Washington for destruction, because oflack of vault space 4/ 9 487

Personnel classification plan, changes increasing maximum

Staff: salaries 12/ 4 1543

Cordill, O. P., Assistant Cashier, increase in salaryapproved, letter to FRBank of Kansas City or-dered prepared 5/7 634

Letter to FRBank 5/10 668Earhart, L. H., Managing Director, salary approved if

fixed by Kansas City directors 5/10 668Gregory, G. A., Cashier, salary approved if fixed by

Pittsburgh: Kansas City directors 5/10 668

Staff:

Bolthouse, C. J., Assistant Cashier, salary increase,Board will approve if directors of ClevelandBank after further consideration feel there areadequate reasons for adhering to recommendation 4/5 461

Advice that recommendation had been withdrawn 4/ 5 467Salary to be approved if recommended by directors 4/10 492

Brown, P. A., Managing Director, salary to be approvedif recommended by directors 4/10 492


Branch banks, FRSystem: (Continued)Pittsburgh: (Continued)

Staff: (Continued)Clouser, D. B., Cashier, salary to be approved if recom-

36Pages

mended by directors 4/10 492Cobun, F. E., Assistant Cashier, salary increase, Board

will approve if directors of Cleveland Bankafter further consideration feel there are ade-quate reasons for adhering to recommendation 4/ 5 461

Advice that recommendation had been withdrawn 4/ 5 467Salary to be approved if recommended by directors 4/10 492

Portland:Personnel classification plan, changes increasing maximum

Staff: salaries of two positions 4/3 444

Blanchard, J. P., Assistant Manager, salary approved 4/19 531Davis, D. L., Managing Director, salary approved 4/19 531MacEachron, S. A., Assistant Manager, salary approved 4/19 531

Regulations of Board covering operation sent to FRBanks withrequest that bylaws of branches be changed tocorrespond to 3/5 342

Salt Lake City:Personnel classification plan, changes increasing maximum

salary of Utility Clerk in Chief Clerk's De-partment 4/ 3 444

Staff:

Leisner, J. M., Assistant Manager, salary approved 4/19 531Partner, W. L., Managing Director, salary approved 4/19 531Scott, W. M., Assistant Manager, salary approved 4/19 531

San Antonio:Staff:

Crump, M., Managing Director, salary approved 5/24 783Eagle, E., Cashier, salary approved 5/24 783

Territory:Presidio County, transfer of Marfa National Bank, Marfa,

Texas to El Paso branchSeattle:

5/3 628

Personnel classification plan, changes increasing maximumsalaries for one position 4/ 3 444

Changes creating six new positions, approved 4/ 3 444Changes approved 12/ 3 1546

Staff:Bold, F. C., Assistant Manager, salary approvedEverson, R. E., Acting Assistant Manager, salary ap-

4/19 531

proved 4/19 531Luby, Leonard D., designated special assistant examiner 1/4 18Russell, B. A., Assistant Manager, salary approved 4/19 531Shaw, C. R., Managing Director, salary approved

Territory4/19 531

nu-ering of checks, revision of ABA plan, letterto FRBanks requesting advice whether any changesshould be made in branch territorial lines be-fore revision is made 4/26 582Digitized for FRASER


Branch banks, foreign:Belligerent nations during present war, applications to be

given special consideration by all Board mem-bers in Washington at time

Chase Bank, New York, N. Y.:France, Board will give consideration to establishment at

any places where operations are such as to con-stitute operation of branch

First National Bank of Boston, Mass.:Buenos Aires, Argentine Republic, establishment of, resolu-

tion adoptedGuaranty Trust Company of New York, N. Y.:

Vichy, France, order authorizing establishmentNational City Bank of New York, N. Y.:

Havana, Cuba, no objection to opening temporary teller'swindow in connection with convention of Rotar-ians and Lions Club

Extension of time within which teller's window may bekept open for convenience of Rotarians

London, England, legislation confining right of depositorsto assets of branch only, matter is one on which

Brant) Robert A.: Board cannot express opinion

(See Nonmember banks, Title Insurance & TrustCompany, Los Angeles, Calif.)

Erokerage firms:Foreign branches of American firms cannot be allowed to reduce

margin requirements on business of foreign or-

Brookings InstitutionlinIndustrial loan information may be furnished by FRBank of St.

Broo",_ Louis, copy of letter sent FRBanksRobert E., cost of luncheon to be borne by BoardBr'cr, Col. Hiram, cost of luncheon to be borne by Board

Bro2' E., Jr., cost of luncheon to be borne by Boardcost of luncheon to be borne by Board

(See National Industrial Conference Board)get, Board of Governors:1941, adoption of2?unsel's Office, increase for non-personal services1')1vision of Bank Operations, increase for non-personal services-vision of Examinations:

Non-personal services, increase forPrinting and binding, increase in item for 1940 budget

'lvision of Research and Statistics:Amount added to telephone and telegraph item in 1939 budgetFurniture and equipment, sum added to item in 1940 budgetIncrease for non-personal servicesSum added to miscellaneous expenses in 1940 non-personal

budget

37Pages

7/25 1067

8/23 1163

3/9 363

7/25 1066

4/9 485

5/25 797

7/2 972

12/13 1602

11/ 6 14463/19 391

11/12 14556/18 9116/18 911

12/31 171210/14 133210/14 1332

10/14 13326/25 948

1/11 576/27 95210/14 1333

8/20 1152


Budget, Board of Governors: (Continued)Division of Security Loans, increase in printing and binding

itemFiscal Agent:

Increase for non-personal services

Secretary's Office:

Printing and binding, sum added to item for current year

Increase for non-personal services in Secretarial and Ad-ministrative and Service Functions

Sums added to items of Repairs and Alterations and Travel-

Budgets: ing Fxpenses

FRBank of Boston:Examination department, not approved

Budget approved, Board would like to discuss operationsTith Mr. Young when in Washington

PRBank of San Francisco:Examination department, not approved

Budget approved, Board will discuss operation with Mr.

PRBanks: Day when in Washington

Examination departments, budgets approved with exception ofBoston and San Francisco

Statistical and analytical functions, approved for 1940Senator. T. J., advice that matter of applicability of

Clayton Act to services of Karl Goldsmith isreceiving attention through FRBank of Minneap-

Bureau of Budget: oils1/30

Census reports, legislation proposed by Attorney General allow-ing inspection by other Federal agencies, ad-vice to Bureau that Board is in accord withrecommendation of special committee of CentralStatistical Board on Returns Made by the Pub-lic to the Federal GovernmentMead bill (S. 3867) to control undue credit expansion, advicethat bill in present form will not assure suchcontrol

Quarterly reporting service to furnish infornation on new, re-vised or discontinued report forms of Federalagencies, circular from Bureau sent to FRBankswith request that they submit to Board for ad-vance approval any new or revised report formsfor use in collecting statisticsReal estate loans by national banks for period of 15 years, billamending FRAct, draft of reply presented and or-dered placed on docket for considerationCoun sel directed to redraft reply along lines of discussionat meeting

Draft of reply approved

38Pages

6/13 880

10/14 13334/15 512

10/14 1333

7/19 1054

4/26 583

5/17 709

4/26 583

5/17 710

4/26 5835/ 3 627

169

1/24 123

6/22 939

1/22 112

5/3 626

5/7 635

5/ 8 644


Bureau of Census:Reports, inspection by other Federal agencies, legislation pro-

posed by Attorney General to allow, advice toBureau of the Budget that Board is in accordwith recommendation of special committee ofCentral Statistical Board on Returns Made bythe Public to the Federal Government

Retail installment paper held by State member banks on calldate, statistics broken down by selected cities,letters to FRBanks of San Francisco, Boston, NewYork, Philadelphia, Cleveland, Richmond, Atlanta,and Chicago stating that Census Bureau wishes

supplementary information from certain bankshaving out-of-town branches

Retail installment paper held by State member banks, Bureau maypublish data furnished by Board in any form at

Bureau of any time it desires

Engraving and Printing:PRnotes:

FRBank of Chicago, special order for printingFRBank of Cleveland, special order for printing

Comptroller requested to place special order withFRBank of New York, Comptroller requested to place order

for additional notes to be printedSpecial order for additional 1934 notes for

FRBank of San Francisco, Comptroller requested to placespecial order with

Order for printing for fiscal year placed withBureau Printing requirements for year ending June 30, 1942 sent to

Internal Revenue:Atlantic Trust Company, Jacksonville, Fla., certification of

earnings devoted to acquisition of readilymarketable assets during 1936

Barnett National Securities Corp., Jacksonville, Fla., earningscertified as devoted to acquisition of readilymarketable assets

Certification of earnings devoted to acquisition of readilymarketable assets during 1937

Marine Midland Corporation, Jersey City, N. J., earnings de-voted to acquisition of readily marketable as-sets during 1936 certified toBur

roughs & Brown, New York, N. Y., registered nonexempted securi-ties received by broker and loaned in loancrowd, application of Regulation T to paymentsby broker in connection with premiums re-ceived, payment of cash and stock dividends,

Business and credit and increase in value of stockconditions, review by Mr. Goldenweiser, advicethat he would be present at preliminary meetingbetween Board and Advisory Council and that sub-sequent discussions with Council could be heldat any mutually convenient time

39Pages

1/24 123

1/6 23

4/26 581

5/27 8017/18 1048

12/11 1594

3/22 3994/18 518

12/12 15996/19 9185/21 759

5/9 656

4/29 587

7/17 1044

7/24 1062

4/24 562


Business prospects for next 90 days and whether they justify changein System's banking and monetary policies, sug-gested as topic for discussion by Advisory Coun-cil

Topic for Advisory Council sent to ERBanks for consideration by

boards of directorsReplies of FRBanks to letter from Board sent to Advisory Coun-

cil membersBYlaws:

FRBranch banks, changes to correspond to Board's regulation gov-

erning operation, requestedLittle Rock Branch, meeting dates, amendment changing meeting

day from Tuesday to Friday

ITCH

Cables:

Bank of England to FRBank of New York re protecting EnglishGovernment deposits in U. S. against attachmentby enemy, discussed

Ned by

Bank to FRBank of New York transferring account toDutch Government and instructing FRBank not toexecute transactions unless requested throughBank of EnglandCafeterias:

Board of Governors:Agreement with Welfare and Recreational Association, proposed

revision in management fee including bonus to

manager and assistant managerProposal for revision accepted provided Association con-

tinues to handle accounts in service dining

Cer ,un Peter G.:

rooms(See State member banks, West Branch Bank &

Canada: Trust Co., Williamsport, Pa.)

ec0unt with FRBank of New York, opening approved"count of Government with FRBank of New York, funds trans-

ferred to from Bank of Canada account and cap-tion in weekly statement changed

C. I.: (See State member banks, First Security Company,

Census re Ogden, Utah)

ports, inspection by other Federal agencies, advice to

Bureau of Budget that Board is in accord with

recommendation of special committee of Central

Statistical Board on Returns Made by the Publicto the Federal GovernmentCentral bank credit:

National Bank of Hungary, renewal of, reply by FRBank of NewYork to Bank for International Settlements ap-

proved

40Pages

4/23 543

4/30 593

7/12 1026

3/5 343

2/13 236

5/14 679

5/14 681

10/25 1386

12/ 5 1554

8/17 1147

9/ 5 1195

1/24 123

7/10 1013


Central Housing Committee:Research person to work for several months for Committee on

Economics and Statistics cannot be furnishedby Board

Central Statistical Board:Committee on Returns Made by the Public to the Federal Govern-

ment, advice to Bureau of Budget that Board isin accordance with Committee recommendation reallowing inspection of census reports by otherGovernment agencies

Condition reports of State member banks, changes may be made byMr. Smead as recommended by

Quarterly reporting service to furnish information on new, re-vised or discontinued report forms, letter fromStatistical Board sent to FRBanks with requestthat any new or revised report forms for col-lecting statistics be submitted to Board forprior approval9er

tificates of deposit: (See Deposits)uhaa n banking:

Statement

Change

Char

counte

ge offs:FRBank of Atlanta, loan to Austin Bros. Bridge Company,

FR Ga., charge off of loss, authorizedBank of Chicago, building, not approved at suggested rate

FRBank of Minneapolis, closed banks, charge off to reducevalue of assets acquired in settlement ofclaims account approved

of Richmond, real estate, charge off approved

State Bank, Mohawk, Ind., expiration, FDIC granted per-mission to examine in connection with organiza-tion of new bank to take over

New application for membership in connection with expira-Charts tion of charter

Index of industrial production, charts to be incorporated intobook for sale to public

130ardof Governors:Address by M. S. Szymczak on Development of Federal Reserve

Banking, FRBanks may obtain copies of reprintupon request

Administrative procedure of Board, report prepared by Mr.Salant for Committee on Administrative Procedureof Department of Justice, copies ordered sent toFRBanks

rs,

FRBank"cirters:

140hawk

showing names and principal offices, members ofchain and changes during 1939, FRBank of Bostonrequested to obtain for 1939 records of Board,and similar letters sent to all FRBanks

operation by Hoxie State Bank, Hoxie, Kansas, tobe watched in connection with membership

Atlanta,

41Pages

5/7 643

1/24 123

11/29 1535

1/22 112

2/2 196

5/15 697

1/13 6312/23 1668

12/27 170312/23 1668

4/23 559

5/25 795

7/26 1079

12/ 5 1553


42Pages

Circulars: (Continued)Board of Governors: (Continued)

Advisory Commission to Council of National Defense, duties

under Internal Revenue Code, memoranda sent

FRBanks and Advisory Council members 10/19 1363

APPointments of chairmen, deputy chairmen and directors of

FRBanks and branches will be released to press

on January 2 12/31 1718Bank relations reports, excerpts to be sent directors of all

FRBanks each month 7/25 1065July summary sent FRBanks with statement that practice

of circularizing will be continued 8/22 1158Branch, group or chain banking, FRBank of Boston requested

to obtain statements showing names and principal

offices, changes during 1939, etc., and similarletters sent to FRBanks 2/ 2 196

Business prospects for next 90 days, topic for Advisory

Council meeting sent FRBanks for considerationby boards of directors 4/30 593

Replies of FRBanks to letter from Board sent to Advisory

Council members 7/12 1026Cash items accepted for collection without description, let-

ter to presidents on, and on results of check

collection circular 3/22 397Cash on delivery transactions, ruling re, copy of press

statement and article for Bulletin sent FRBanks 10/26 1396Chairmen and deputy chairmen, matter of when advice of ap-

pointments should be sent left to Personnel

Committee 12/19 1644Advice to be sent December 26 12/23 1674

Check collection circulars of FRBanks, mimeographed tabula-

tion of replies from FRBanks ordered sent

FRBanks 5/13 677Check count on telegrams containing code words, amendment

to instructions making count same as that for

accounting procedure, advice to Presidents

that recommendation had been approved 10/22 1372

Condition reports:Holding company affiliates, forms sent FRBanks for re-

porting year 1940 12/ 9 1568

Member banks for 1927-37 may be destroyed where trans-

cripts have been made and all others need be

kept only one year 12/26 1690

State member banks, pledged balances due from banks

and pledged time deposits on deposit should be

included in item 4 of Schedule D, letter toFRBanks 1/24 125

Forms transmitted to FRBanks for use in next call 6/11 869



Condition reports: (Continued)State member banks: (Continued)

Call not immediately contemplated by Board, ques-

tion of sending telegram to FRBanks referred

to Messrs. Davis and SmeadForms and instructions sent FRBanks for next call

Currency exchanges, results of test case by Department of

Justice will be sent to FRBanksDeficiencies in reserves, report need not be submitted in

view of large volume and wide distribution of

excess reservesDepreciation in banking house and furniture and fixtures,

condition of membership requiring reserves

not to be prescribed in future and supervision

left to FRBanksDirectors, FRBanks and branches, matter of when advice of

appointments should be sent left to Personnel

Committee_ Advice to be sent December 26Earnings and expenses of FRBanks, manual governing prepara-

tion of reports, revised pages sent to FRBanksEasy money, causes, desirable actions and probable conse-

quences, topic for Advisory Council meetingsent FRBanks with request that boards of di-

rectors considerReplies of FRBanks to letter from Board sent Advisory

Examination Council membersdepartment heads of FRBanks, conference to be

43Pages

10/ 9 130712/13 1603

9/27 1249

6/11 869

6/14 883

12/19 164412/23 1674

1/ 9 45

4/30 593

7/12 1026

held on February 7, 1940, copies of programs tobe sent out at early date 1/18 95

FRBranch banks, regulation covering operations sent to

FRBanks with request that branch bylaws be

FRBull changed to correspond to

etin, copies will be sent clearing house examiners 3/ 5

342

upon request, FRBanks asked to advise and send

Board number employed by each clearing house 10/14 1333

Complimentary copies to be sent State bank examinersand FRBanks requested to send names 12/ 5 1552

Pees to FRBank counsel, letter to FRBanks stating and ex-

plaining plan for special and regular counsel 3/ 4 334F°rms, FRSystem, quarterly reporting service to furnish in-

formation on new, revised or discontinued forms,

circular from Bureau of Budget and Central Sta-

tistical Board sent to FRBanks with request that

any new or revised report forms for collecting

statistics be submitted to Board for advance ap-

proval 1/22 112

Holding company affiliates, Board's supervision over, testi-

mony from hearings on Investment Co. and In-

vestment Advisers Acts of 1940 sent FRBanks to

emphasize responsibility 10/ 7 1284Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

44Pages


Housing authority loans and deposits, method of showing incondition reports, draft of letter to FRBankssent FDIC and Comptroller for approval 10/ 3 1274

Industrial loans, S. 3839 to amend Sec. 13b of FRAct, let-ter ordered prepared transmitting copies to

FRBanks 4/30 594

transmitted in form approved by Mr. 5/ 3 624

Letter ordered transQuestion of sending letter placed on docket

Draper 5/ 7 636

Information on applications for advances and for commit-

ments requested from FRBanks, and forms sent to

expedite 5/13 676H.R. 9530 to amend Sec. 13b of FRAct, copies sent

FRBanks with request for comments on Mead-Ford

proposals and Frank proposals 5/17 710

S. 3839 to amend Sec. 13b of FRAct, copies of JesseJones' letter to Senate Banking and CurrencyCommittee and Board's reply, together with tes-timony at hearing, ordered sent FRBanks 6/17 900

Letter approved and ordered sent FRBanks and others 6/19 912Telegram to FRBank of Minneapolis that approval will

be given schedule enabling charge of same rateon participation as charged by financing insti-tution, copy sent FRBanks 10/17 1347

Information may be furnished Brookings Institution byFRBank of St. Louis, copy of letter sent FRBanks 11/ 6 1446

Uniformity in, Mr. Draper to take up with staff thematter of drafting letter to FRBanks and makefurther recommendation to Board 8/ 9 1112

Insurance for FRBank employees called into military service,letter to FRBanks suggesting procedure for re-imbursing premiums 12/14 1608

Procedure approved by Board contemplates reimbursement

paper:premiums on term plan 12/19 1650

In stallment Personal and retail, State member banks to be requested

to report in end-of-year call report 12/19 1651Retail, held by State member banks on call date, sta-

tistics broken down by selected cities, lettersto FRBanks of San Francisco, Boston, New York,

Philadelphia, Cleveland, Richmond, Atlanta,and Chicago requesting that supplementary in-

formation be obtained from certain banks havingout-of-torn branches

Liaison officers at FRBanks between Defense Commission and

industry, copy of letter and press statementfrom Commission sent FRBanks 10/25 1383

1/6 23


Cireulars: (Continued)Board of Governors: (Continued)

Liaison officers at FRBanks: (Continued)Meeting in Washington set for Nov. 17 and request for

names of representativesLoose-Leaf Service, distribution to FRBanks, letter to Mr.

Young advising that sets are being sent to him,

similar letters sent to presidents of all otherFRBanks

Membership applications:Material prepared shoving applications received to be

sent directors of all FRBanks, copies of lettersent presidents

Memorandum to accompany applications revised and copiessent FRBanks

Received by Board during 1940, table sent FRBanksMilitary leave, procedure adopted by Presidents committee

for uniform treatment approved and copies oftelegram to Mr. Peyton sent FRBanks

Mortgage investment funds, amendment to Regulation F permit-ting operation by national banks adopted andcopies ordered sent to FRBanks

National Bank of Hungary, loan by FRBank of New York, ad-vice re approval of participation by otherFRBanks not to be sent until loan actually made

National defense, cooperation of Government with private

industry for construction of plants for sup-plies, telegram to FRBanks and branches accom-panied by letter from Advisory Commission and

form of contractAdvice to Commission that they had been transmittedResults of survey sent Commission and copies of Commis-

sion's announcement sent FRBanks and branchesNational securities exchange members carrying no margin ac-

counts for customers need report only semi-an-nually

New England towns, letter to FRBanks giving instructionswhether contiguous or adjacent when such townsare incorporated cities

N°rwegian and Danish balances in connection with war, re-imbursement to FRBanks for expenses, telegramto FRBank of Cleveland approved, similar tele-

gram ordered sent to all FRBanks when approvedby Messrs. Heffelfinger and Bell

Telegram revised by Mr. Bell and ordered transmitted,

similar telegram to be sent all FRBanksNumbering of checks, revision of ABA plan, letter to FRBanks

requesting advice whether banks feel any changesshould be made in branch territorial lines be-

fore revision is made

45Pages

11/ 1 1431

3/12 374

7/25 1065

5/29 8178/22 1158

10/29 1417

5/ 3 612

11/13 1458

9/20 12299/21 1236

9/25 1240

12/13 1602

7/13 1030

4/23 546

4/26 581

4/26 582


46Pages


Obtaining payment for purchase of securities in cash account,ruling sent Boston Stock Exchange and copiessent FRBanks 7/19 1052

Officers' checks of FRBanks or checks drawn on FRBanks andcertified by them, issuance where they are tobe held for period by other banks, monthly re-

port of such checks requested on inclosed formF.R. 494 for information of Board and FDIC 1/24 126

Offices of Board to be closed on Christmas Eve and Charlotte

branch to be closed on December 26 12/19 1652Operating ratios of member banks, Form F.R. 456 to be sent

FRBanks when approval is received from Presi-

dents' Conference Committee on Member Bank Op-erating Ratios 7/26 1078

Personnel practices, FRBank of New York given permissionto furnish information requested in NationalIndustrial Conference Board's questionnaire,similar permission given to all FRBanks 5/ 7 641

Problem banks, draft of letter to presidents of FRBanksasking for list, presented, Mr. Paulger torevise and resubmit when all Board membersare present 4/ 9 484

Letter presented and approved and ordered transmittedwhen approved by Mr. McKee, similar list likelyto be procured on nonmember banks 4/23 543

Rates on industrial loans, review to determine justifica-tion and question of uniformity, made topicfor Presidents' Conference and advice sentFRBanks 8/30 1190

Records of FRAgents, destruction of, list of those namedin H.R. 2775 that should not be destroyed 11/ 7 1449

Regulation F, amendment permitting operation of mortgageinvestment funds by national banks adopted andcopies ordered sent to FRBanks 5/ 3 612

Regulation L, amendment extending effective date for ter-minating relationships, letter to FRBanks thatBoard does not feel it should extend date, ap-proved, with understanding that other inquirieswould be answered along same lines 1/27 149

Amendment approved, and press statement ordered sentto FRBanks by telegraph 2/ 1 184

Regulation U, administration as applicable to member and

nonmember insured banks, advice to FRBanks that

44 State Bank Supervisors have agreed to coop-erate 6/ 3 829

Advice to FRBanks that supervisors of all States will

cooperate 8/ 5 1101


47Pages

Cir-'44-ars: (Continued)

Board of Governors: (Continued)Regulation U: (Continued)

Proposed amendment re hypothecation of customers secur-ities by brokers and dealers sent FRBanks and

Advisory Council for suggestions 12/ 7 1561Reserves of banks in outlying sections of central reserve

or reserve cities carrying reduced, reports

need only be furnished at three-year intervals 12/16 1612Salaries of FRBank employees for 1940, lists approved and

FRBanks notified 2/14 242Service charges in noncash circulars, report of Standing

Committee on Collections increasing number of

items not subject to, approved by Board, let-ter to FRBanks 11/ 1 1432

Small business, Government contracts with, FRBanks requestedto send copies of all circulars to Director ofSmall Business Activities 12/13 1603

Spot-check information on conditions in particular indus-tries, FRBanks requested to furnish from timeto time for Advisory Commission to Council ofNational Defense 8/10 1116

Stock, FRBank, reviews of member bank holdings to be an-nually hereafter, supply of F.R. 533 sentFRBanks, and advice of issuance of stock tonew national banks may be discontinued

and monetary problems under Wagner Reso-

lution, copies ordered sent to Chairmen of

FRBanks for comments and suggestions 2/26 305Suret- bonds of FRAgents reduced to '10,000, letters to

FRBanks 1/ 2 9Uniform size of paper for regulations, circulars and general

letters of Board and FRBanks, advice to E. W.

Pollock that suggestion is being studied, and

request that Mr. Harrison make it topic for dis-

cussion by Presidents' Conference 1/31 173Letter to FRBanks that Board has noted action taken by

Conference of Presidents 4/26 582Vice

president of bank who has authority to sign checks,deeds and other documents in absence of presi-dent is executive officer 12/11 1592

Check collection, letter to presidents on results obtained

by issuance 3/22 398

Mimeographed tabulation of replies from FRBanks ordered

sent to FRBanks, Mr. Smead to confer with Mr.

Szymczak re manner of bringing about greater

uniformity 5/13 67714°11cash collection circulars, service charges, report of

Standing Committee on Collections increasing

number of items not subject to, approved by

Board 11/ 1 1432Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

48Pages

Circars: (Continued)

PRBanks: (Continued)Small business, Government contracts with, FRBanks re-

quested to send copies of all such circularsto Director of Small Business Activities 12/13 1603

Uniform size of paper for regulations, circulars and gen-eral letters of Board and FRBanks, advice toE. Y. Pollock that suggestion is being studied,and request that it be made topic for discus-

sion at Presidents' Conference 1/31 173Letter to FRBanks that Board has noted action taken by

Conference of Presidents 4/26 582Federal Housing Administration:

Amortized Mortgages, Inc., request that such statements be

Pr discouraged in future 6/ 7 357oc urement Division:Contracts covering purchases under national defense program,

provisions to be included under Assignment of12/23 1674War

Department: Claims Act of 1940

Assiomment of Claims Act of 1940, reassignment of claimsand waiving government right of set off recom-mended by Board for inclusion in manual describ-ing operations under 12/23 1674

mr,2ervice:'tics/ mention made of bills providing for extension to em-

ployees of Board and possible inclusion ofFRBank employees

Ramspeck bill, memo of Mr. Vest discussed, request he preparememo for use by Chairman in discussing matterwith President should bill become law

Draft of letter to President ordered prepared for use by Mr.

4/ 5 459

3/1 323

Eccles together with letter to Civil Service

Staff of Board: Commission for signature by President

Extension to employees, mention made of bills providing for,and for possible inclusion of FRBank employees

No action to be taken at present on H.R. 960Review by Mr. Yeilliams, Counsel's Office to keep Board

advisedPossibility referred to by Mr. Eccles with statement

Tre it might conceivably extend to FRBanks'ILI toward extension to all agencies of Government referred

s to by Mr. EcclesR,uervice Commission:'uspec

k bill, draft of letter to Commission for signature ofelea-.

1-ing and collecjo President ordered prepared

Abso rPtion of out-of-pocket charges by National Bank of Com-

merce, Lincoln, Nebraska for country bank de-positors, advice to Comptroller that no actionhas been taken

11/26

4/ 54/19

10/ 1

12/10

12/10

11/26

9/25

1519

459530

1269

1572

1572

1519

1244


Clear.ug and collection: (Continued)Accounts with nonmember banks, policies of FRBanks re main-

tenance of, to be discussed at Conference of

Cash it Presidents

ems accepted for collection without description, letter 6/14 885

to presidents on, and on results of check col-

lection circular 3/22 397Check collection circular of FRBanks, letter to Presidents on

results obtained 3/22 398Mimeographed tabulation of replies from FRBanks ordered

sent to FRBanks, Mr. Smead to confer with Mr.

Szymezak re manner of bringing about greateruniformity among FRBanks 5/13 677

EXchange charges, solution of, letter from Mr. Peyton pre-

Nom:ash sented, Messrs. Vest and Smead to make analysis 4/30 593

items:

49Pages

Regulation G, adoption of, entry approved for policy record 1/30 169Service charges, report of Standing Committee on Collections

increasing number of items not subject to, ap-proved by Board 11/ 1 1432

Nonmember banks, refusal to clear checks through FRSystem un-less name of member bank through which clear-ance takes place is printed on check, letter

N to David S. Ludlum 11/27 1526 umbering of checks to facilitate sorting and routing, advice

from Mr. Smead that subcommittee would refermatter to Standing Committee on Collections,then to transit conference, and to ABA

Matter to be discussed with Bank Management Commission ofABA to determine whether ABA would undertaketo limit use of numbers to banks on par list

Referred to in connection with transfer of North Carolinacounties from head office to Charlotte branch

Question raised as to advisability to make inquiry atFRBanks as to whether they know any changeslikely to be presented for considerationR evision of ABA plan, letter to FRBanks that Conference ofPresidents has approved and request for advicewhether FRBanks feel any changes should be madein branch territorial lines before revision

4/ 5

4/5

4/15

h/15

4/26

466

467

511

511

582pocket expenses, absorption by National Bank of Commerce,

Lincoln, Nebraska and other banks in vicinity,

advice to Comptroller that he would be furnished

Refus,, copy of any communication sent to bank 1/19 108'I- to clear nonmember bank checks through FRSystem unless

name of member bank through which clearancetakes place is printed on check, letter to

Standi, David S. Ludlumug Committee on Collections, report increasing number of

items not subject to service charges in noncash

circulars, approved by Board

11/27

11/ 1

1526


50Pages

Clearing houses:as...Examiners: (See Examiners, Clearing houses)'fiduciary funds held by bank may be invested in common trust

fund-ns, Charles W., statement of Mr. Wyatt that he had telephone

conversation with re controversy between Bankof America and Comptroller

C°1°rado:°facers of banks, no objection to AIB publishing statistics

12/19

1/18

1650

91

C°11mthia Countryshowing number in form of statement enclosed

Club:corion!nr?,er for Chairmen, cost to be borne by Board

sloner of Internal Revenue:barnett National Securities Corp., Jacksonville, Fla., FRBank

of Atlanta requested to obtain additional in-formation on income tax credit so that Boardcan certify toCitizens & Southern Holding Company, Savannah, Ga., certifica-tion of earnings or profits devoted to acquisi-tion of readily marketable assets during 1936

Certification of earnings devoted to acquisition of readilymarketable assets during 1937

4orthwest Bancorporation, Minneapolis, Minn., certification ofearnings devoted to acquisition of readilymarketable assets during 1938, in connection

. with income tax exemptions:81-oners of District of Columbia:

and water bills on Board's building, letter to, approvedAdvice that General Counsel, Assistant General Counsel and

Mr. Ransom will represent Board at hearingby Mr. Ransom of meeting withthat Commissioners were adhering to position that

property is taxable and that report would beprepared

ReviewAdvice

e°rIarnittees:

AdIllinistrative Procedure of Department of Justice, reviseddraft of statement prepared by Mr. Salant on,administrative procedure of Board, copies or-dered obtained and sent to FRBanks and AdvisoryCouncil members

hearings, Board to ask committee to send cards toFRBanks, Advisory Council and certain otherorganizations

Currency Committee of House:Deposit Insurance Act, H.R. 8638 and S. 1318 to

amend, letter to be sent to committee that billsshould be made part of studies under Wagner Res-olutionnot to be sent committee but Chairman to advise

Mr. Steagall that Board would like to be heardbefore bill is reported out by committee

Public

13411k1ng andFederal

Letter

8/13 1131

12/ 9 1569

6/27 951

6/22 938

8/ 7 1105

11/26 1521

8/12 1125

8/26 11749/10 1204

10/ 1 1270

2/13 232

6/4 845

3/27 415


51

C°ramittees: (Continued) Pages

Banking and Currency Committee of House: (Continued)Federal Deposit Insurance Act: (Continued)

Advice that Chairman had called Mr. Steagall, who wasout of city, and that Board would be advised ifCommittee took up bills 4/ 5 462

Home Owners Loan Act, etc., H.R. 6971 to amend, Advisory Council to be advised to send statement to Com-mittee immediately 4/ 5 463

Advice that bill will be taken up and that AdvisoryCouncil had sent statement to Committees 4/ 9 476

H.R. 8230 re industrial loans, request for report sent in-advertently to Board instead of to RFC 6/11 869

H.R. 8638 to amend Federal Deposit Insurance Act, Messrs.Vyatt, Goldenweiser and Morrill to prepare memoexpressing views of Board 3/19 390

Indemnifi cation of FRBanks against expense or loss result-ing from accounts held for foreign governments,draft of bill approved and letter ordered de-livered to 6/20 923

Investment Company Act of 1940, Mr. 1%ingfield to prepareletter to 3/27 413

Letter prepared, Mr. McKee to confer with Mr. Wingfieldand if desirable discuss with SEC re suggestedamendment, and to make further recommendationif amendment is not agreed to 4/ 2 439

Jones Farm Credit Act of 1940, preliminary study to be madeand draft of statement prepared for Banking andCurrency Committee, Mr. Davis to work with staff 3/27 416

Draft of statement presented, agreed that before state-ment should be used Mr. Davis would arrangefor meeting of Secretary INallace, Messrs.Currie, Eccles, Davis, and Morrill 4/ 1 433

S' 3343 to amend Sec. 13b of FRAct, advice from Mr. Eccles

T that he had discussed with Mr. Steagall 4/23 545radiat; with Enemy Act, amendment re Norwegian and Danish

balances in U.S., Counsel to study and if de-sirable Mr. Ransom and members of staff to at-tend meetings of Mr. Bell with 4/23 545

Board not to have representative at meeting and staffneed not immediately prepare statement of

Ba.nk• Board's position 4/23 552hand Currency Committee of Senate:

Assignment of claims against U.S. as collateral for loans,Board approves enactment of S. 4340

ral Deposit Insurance Act: 9/14 1213Pede

H.R. 8638 to amend, Messrs. Wyatt, Goldenweiser, andMorrill to prepare memo expressing views ofBoard for transmission to 3/19 390

H.R. 8638 and S. 1318 to amend, letter ordered sent tocommittee that bills should be made part of

studies under Wagner Resolution 3/27 415


52Pages

Committees: (Continued)13anicing and Currency Committee of Senate: (Continued)

Federal Deposit Insurance Act: (Continued)H.R. 8638 and S. 1318: (Continued)

Letter not to be sent to committee but Chairman to

advise Mr. Steagall that Board would like tobe heard before bill is reported out by com-

mittee 4/ 1 432Advice that Chairman had called Mr. Steagall, and

that Board would be advised if Committee took

Federal up bills

Home Loan Bank bill, S. 4095, draft of report ap- 4/ 5 462

ed and handed to Chairman Wagner 6/11 863H

provearings:

Banking and monetary problems under Wagner Resolution,committee consisting of Messrs. Goldenweiser,Thurston, and Hammond named to consider sugges-tions received and make changes, give editorialrevision to studies, make recommendations as touse of studies, etc.

Studies to be sent to Advisory Council members forcomments and suggestions

Home Owners Loan Act:H.R. 6971 to amend, Advisory Council to be advised to

send statement to Committee immediatelyAdvice that bill would be taken up this week and

that Advisory Council had sent statementS. 2098, report submitted on July 7, 1939, read, Mr.

Dreibelbis to revise and furnish copies toBoard members, with understanding it would beheld in Secretary's Office until dispatch tocommittee

Revised report approvedIn •demnification of FRBanks againsting from accounts helddraft of bill approved

Draft of proposed amendment to1111::;agner approved

Industrial loans:S. 3343 to amend Sec. 13b, Mr. Eccles to request Repre-

sentative Ford to ask Committee for reportAdvice that Representative Ford agreed to pro-

cedureS. 3839 to amend Sec. 13b of FRAct, Messrs. Eccles or

Draper to refer to previous report submittedby Board if called to testify by committee

Copies of Jesse Jones' letter to committee and

Board's reply, together with testimony at hear-ings, ordered sent to FRBanks

Letter approved and ordered sent FRBanks and others

expense or loss result-for foreign governments,and ordered delivered tobill and letter to Chair-

2/21

2/20

263

269

4/ 5 463

4/9 476

4/ 5 4644/ 9 476

6/20 923

7/2 971

4/19 528

4/23 545

6/11 866

6/17 900

6/19 912


conit tees: (Continued)Banking and Currency Committee of Senate: (Continued)

Investment Company Act of 1940, Mr. Wingfield to prepareletter to

Letter prepared, Mr. McKee to confer with Mr. Wingfieldand if desirable discuss with SEC re suggestedamendment, and to make further suggestion toBoard if amendment is not agreed to

Letter re amendment excluding holding company affil-

iates with general voting permits from defini-

tion of investment trusts, ordered transmitted

upon completion of correspondence with SECAdvice that exchange had taken place and letter had

been transmittedJones Farm Credit Act of 1940, preliminary study to be made

and draft of statement sent to committee, Mr.Davis to work with staff

Draft of statement presented, agreed that before state-ment is used Mr. Davis arrange for meeting ofSecretary Wallace, Messrs. Currie, Eccles, Davisand Morrill to discuss

Suggested by Mr. Davis that Board submit report to Com-mittee when bill comes before it for considera-tion, and advice that report is now being pre-pared

3* 785, to discontinue purchases of silver from foreign countries, resolution of Advisory Council ap-

53Pages

3/27 413

4/2 439

4/19 522

4/23 548

3/27 416

4/ 1 433

4/ 9 483

proving bill, ordered sent to committee 2/20 275S. 2098, Federal Home Loan Bank bill, revised report or-

dered transmitted to 6/ 4 8363839 to amend Sec. 13b of FRAct re industrial loans,

draft of letter to, ordered transmitted afterredrafting to include changes

Letter to committee commenting on letter from ActingSecretary of Treasury Bell

S. --u '2047 authorizing Board to limit volume of deposits inbanks, Counsel to draft report for transmissionto

S. 3938, real estate loans by national banks, with sameprovisions as prior bill to permit real estate

loans by national banks, report approved and

ordered sent to committee on May 13 by mes-

T sengerr •adlng with Enemy Act, amendment re Norwegian and Danish

balances in U. S., Messrs. Dreibelbis and Wyatt

to study and if desirable Mr. Ransom and members

of staff to attend meeting of Mr. Bell withBoard not to have representative at meeting and staff

need not immediately prepare statement of

Board's position

6/18 909

6/25 946

5/8 647

5/10 660

4/23 545

4/23 552


Committees: (Continued)Banking and Currency Committee of Senate: (Continued)

1Nagner Resolution, copies of press statement issued by com-mittee handed to Advisory Council members

Copies of studies ordered sent to committee when printedand Senator Wagner to be advised that Board'srepresentatives would meet withBoa, rd of Governo

Alterations and addition to Board's building, Messrs.

54Pages

5/20 726

5/24 784

Eccles, McKee and Morrill appointed to conferwith Paul Cret re liability for drawings 10/ 9 1312

Building addition committee, Messrs. McKee and Szymczakappointed to act on questions in connectionwith final plans and specifications, Mr.Morrill to act as secretary 10/29 1411

Ea sY money policy, joint committee of Board and AdvisoryCouncil to be recommended to publish statementon which both could agree 10/ 7 1282

Recommendation that joint committee of Board and Ad-visory Council work out statement on whichboth could agree to be considered at meetingof Council tomorrow 10/ 7 1295

Advice that Council committee had been appointed andstatement that Board committee would meet attheir convenience 10/ 8 1300

Mr. Eccles authorized to appoint committee 10/ 9 1314Messrs. Eccles, Szymczak, and Draper appointed Board

committee, Board meeting to be held on No-vember 7 or 8 to give instructions to 10/29 1412

Meeting with Council committee set for November 18 andspecial report re monetary and credit problemsto be discussed 11/14 1465

Mr. Ransom to serve in place of Mr. Draper 11/14 1466Committees authorized to discuss proposed reports to

Congress 11/18 1486Recommendation of committees that publication be de-

ferred adopted at Council meeting and draft ofPee.report to Congress ordered prepared

rsonn Classification, to be continued as permanent11/19 1490

standing committee 3/27 418Pe rsonnel Committee:Messrs. McKee and Ransom appointed for year ending March

S 31, 1941

Salary procedure and policy, report of committee re3/26 407

Studies adoption of permanent procedureon banking and monetary legislation under Wagner

3/27 417

Resolution, Messrs. Goldenweiser, Thurston,and Hammond named to consider suggestions re-ceived and make changes, give editorial re-

vision to studies, make recommendations as touse of studies, etc. 2/21 283


55Pages

'tees: (Continued)Department of Justice Committee on Administrative Procedure,revised draft of statement prepared by Mr.Salant on administrative procedure of Board,

copies ordered obtained and sent to FRBanksand Advisory Council members 2/13 232

Mr. Ransom to state to Chairman Acheson that Board under-

stands committee is not considering recommenda-

tions re changes in bank supervisory agenciesand hence does not desire to be heard at publichearings 6/ 4 846

money policy: (See supra Board of Governors)omics and Statistics, research person to be loaned to, only

one employee of Board devotes time to housingbe spared 5/ 7 643

Pederal Adviso ryargulhlecirot

APpointments of Council members not becoming effective un-til first meeting in 1941 so that special com-mittee may finish work not favored by Board andChairmen

Ea SY money policy, joint committee of Board and Advisory

Council to be recommended to publish statementon which both could agree

Recommendation of Board that joint committee of Boardand Advisory Council work out statement on whichboth could agree to be considered at meeting of

Council tomorrowAdvice that Council committee had been appointed to

meet with Board committeeMr. Eccles authorized to appoint Board committeeMessrs. Eccles, Szymczak, and Draper appointed Board

committee to meet withMeeting set for November 18 and special report to

Congress re monetary and credit problems tobe discussed

Mr. Ransom to serve in place of Mr. DraperCommi ttees authorized to discuss proposed report to

CongressRecommendation of committees that publication be de-

ferred adopted at Council meeting and draft ofreport to Congress ordered prepared

3Pecial committee members may serve beyond present term in

Pe order to complete workd'21 Open Market:'-Aecutive, repercussions in Government securities market,

12/10 1574

10/ 7 1282

10/ 7 1295

10/ 8 130010/ 9 1314

10/29 1412

11/14 146511/14 1466

11/18 1486

11/19 1490

12/10 1574

members informed in case called to serve on 4/10 489cY record covering actions taken during 1939 approved,

addition suggested by Mr. Harrison to entry

covering meeting of Dec. 13 not to be made 3/12 369Representation of FRBanks on, Board has not had opportunity

to study question 12/10 1578Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

56Pages

coMmitt ees: (Continued)Federal Open Market: (Continued)

Reserve requirements, increase in, granting of such powerto Committee discussed in connection with adop-tion by Board, Advisory Council and presidentsof statement recommending inflation checks toCongress 12/17 1615

Report re meeting of committee with Secretary of Treas-ury 12/19 1645

Staff:Rouse, Robert G., Manager, memoranda prepared by Mr.

Piser on Government security market, no objec-tion to sending to 1/16 82

System Open Market Account, accounting procedure, memo ofMr. Piser recommending change in, request thatMessrs. Piser and Smead or Van Fossen preparerecommendation for next Open Market meeting 2/13 228

Memorandum prepared by Messrs. Piser and Parry, or-dered revised and sent to Committee membersand placed on docket for consideration at nextCommittee meeting 2/13 229

Memorandum prepared by Messrs. Piser and Smead placedon docket for discussion at Open Market meetingtomorrow 3/19 389

Topics for discussion:Accounting procedure, memo of Mr. Piser recommending

change, request that Messrs. Piser and Smeador Van Fossen prepare recommendation for nextopen market meeting

Memo prepared by Messrs. Smead and Piser placed ondocket for tomorrow's meeting

Government securities market and System account, memo-randum of Messrs. Piser and Parry ordered re-vised and sent to members of Committee, andplaced on docket for next Committee meeting

'.8Yetem:Retirement Committee, contributions by those entering mili-

S • tary service, procedure approvedelf-Insurance for FRBanks, Messrs. Smead and Wyatt ap-

11011c,- pointed to represent Boardof Representatives:

Agriculture:

2/13

3/19

2/13

11/26

8/24

228

389

230

1521

1166

Jones Farm Credit Act, suggested by Mr. Davis thatBoard not undertake to make report on bill to 4/ 9 483

B Mr. Davis authorized to testify before, if called 4/23 541anking and Currency: (See supra Banking and Currency Com-

mittee of House)Judiciary:

H.R. 10365 to permit assignment of claims against U.S.

as collateral for loans, advice that Board

favors 8/21 1154Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Committees: (Continued)Industrial Advisory:

PRBank of Atlanta:French, W. W., reappointed for 1940Lockett, A. M., reappointed for 1940Milner, I. C., reappointed for 1940Sanford, John E., reappointed for 1940Winship, George, reappointed for 1940

PRBank of Boston:Carter, Winthrop L., reappointed for 1940Creighton, Albert M., reappointed for 1940Dennett, Carl P., reappointed for 1940Draper, Paul A., reappointed for 1940Graham, Edward M., reappointed for 1940

PRBank of Chicago:Epstein, Max, appointed for 1940Harnischfeger, Walter, appointed for 1940Kennelly, Martin H., appointed for 1940Monroe, R. R., appointed for 1940Moxley, G. Barrett, appointed for 1940

PRBank of Cleveland:Davies, Daniel R., reappointed for 1940Folsom, Edward C., reappointed for 1940Neff, Herman R., reappointed for 1940Smythe, F. A., reappointed for 1940Swander, Dan C., reappointed for 1940

FRBank of Dallas:Cullum, T. M., reappointed for 1940Ferguson, Lewis R., reappointed for 1940Marsh, W. B., reappointed for 1940Moore, C. R., reappointed for 1940°usleY, Clarence, reappointed for 1940

PRBank of Kansas City:Berkowitz, Walter J., reappointed for 1940Forrester, D. Bruce, reappointed for 1940Gray, R. L., reappointed for 1940Miller, Ed S., reappointed for 1940

, Rooney, L. F., reappointed for 1940rRBank of Minneapolis:

Bush, John M., reappointed for 1940Follett, C. 0., reappointed for 1940Miller, Albert, reappointed for 1940Wood, Sheldon V., reappointment for 1940

Bank of New York:Beach, Herman K., reappointment for 1940Nelson, Arthur G., reappointed for 1940Noble, Edward J., advice that he was not reappointed

for 1940 and that place had not been filled

pending further study for choosing successor

Appointment for unexpired portion of term ending

February 28, 1941

57Pages

2/14 2432/14 2432/14 2432/14 2432/14 243

1/11 561/11 561/11 561/11 561/11 56

1/31 1711/31 1711/31 1711/31 1711/31 171

2/7 2072/7 2072/7 2072/7 2072/7 207

2/14 2442/14 2442/14 2442/14 2442/14 244

1/24 1211/24 1211/24 1211/24 1211/24 121

1/26 1461/26 1461/26 1461/26 146

2/10 2172/10 217

2/10 217


Committees: (Continued)Industrial Advisory: (Continued)

FRBank of New York: (Continued)

58Pages

Pouch, William H., reappointed for 1940 2/10 217Reynolds, Francis B., reappointed for 1940 2/10 217

FRBank of Philadelphia:Butterworth, J. Ebert, appointed for 1940 2/8 215Chipman, John S., appointed for 1940 2/8 215McDade, John T., appointed for 1940 2/8 215Mechling, B. F., appointed for 1940 2/8 215Powlison, Keith, appointed for 1940 2/8 215

FRBank of Richmond:Baldwin, Ludlow H., advice of appointment to fill unex-

pired term 4/22 538Dennis, Overton D., reappointed for 1940 2/14 243Holtzclaw, J. G., reappointed for 1940 2/14 243Manning, William L., reappointed for 1940 2/14 243Probest, George E., Jr., reappointed for 1940 2/14 243

Notice of resignation 4/22 538Stuart, Walker D., reappointed for 1940 2/14 243

FRBank of St. Louis:Finch, M. E., reappointed for 1940 2/14 243Gray, Henry S., appointment of successor deferred 2/14 244Norris, William K., reappointed for 1940 2/14 243O'Brien, E. J., appointed for 1940 2/27 310VanDyke, Jacob, reappointed for 1940 2/14 243Weil, Maurice, reappointed for 1940 2/14 243

FRBank of San Francisco:Hayes, Edmund, designated for 1940Inter -American Financial & Economic Advisory Committee:

3/7 353

PRBank of New York representative to be given access tomemoranda on establishment of Inter-AmericanBank, in connection with request by Bolivianrepresentative on committee for attitude ofFRBank toward advancing credit to stabilizeBolivian-dollar exchange 1/25 134

Advice that Mr. Williams would come to Washington to

Mc)rtgage see memoranda 1/26 142

Investment Funds of Pennsylvania Bankers Association,letter from, re amendment to Regulation F per-

mitting common trust funds composed principallyof mortgages, and draft of revision of amendmentsent to FDIC and Comptroller for comments 2/16 261

Board will consider amendment to Regulation F when report

4ew York is received from Comptroller 4/ 5 465

11,_ Bankers' Foreign Exchange Committee:ecornmendation re Danish and Norwegian balances and other

property in U. S. in connection with EuropeanWar, discussed in connection with issuance of

Executive Order 4/11 501


59Pages

cormat tees: (Continued)Presidents' Conference:

Bankers' Acceptances, hog cholera serum as readily market-able staple, request for ruling should be sub-mitted to committee instead of Board of Gover-nors 8/30 1190

Legislative, meeting called to consider military leave and

pay to employees of FRBanks 8/27 1178Member Bank Operating Ratios, Form F.R. 456 to be sent

FRBanks when approval is received from commit-

tee 7/26 1078Military leave and salary payment for employees drafted for

service, left in hands of subcommittee composed

of Messrs. Peyton, Young, and Schaller 9/28 1255

Recommendations of Mr. McKee approved by Board and willbe discussed with 10/17 1343

Procedure adopted by committee approved and copies oftelegram to Mr. Peyton sent FRBanks 10/29 1417

Similar procedure adopted for Board employees with cer-tain changes 11/14 1461

Retirement System, dismissal wages and special contribu-tions, general modification in authority toFRBanks not desirable until committee reporthas been received 10/31 1428

Standing Committee on Collections:Numbering of checks to facilitate sorting and routing,

memo of Mr. Smead that subcommittee had agreed

upon system, which would be submitted to Stand-ing Committee and then to transit conference ofFRBank representatives, and that matter wouldbe taken up with Bank Management Commission ofAmerican Bankers Association 4/ 5 466

Revision of, letter to FRBanks that conference has approved revision and request for advice whetherFRBanks feel that any changes should be made inbranch territorial lines before revision ismade 4/26 582

Report, letter to FRBanks that Board concurs in actiontaken by Conference 4/26 582

Report increasing number of items not to be subject to

C041,1111service charge in noncash circulars approved by

Board 11/ 1 1432r itY Chest of Kansas City, Kansas:c hest

by FRBank of Kansas City not approved 4/10 492

Cco„„ Szymczak to call Mr. Caldwell and explain reasons for

-*Y 4/30 591

Credit Corporation:Board's position

4-1gations may be purchased by State member banks without re-

• gard to limitations of Sec. 5136 R.S. 5/15 698


c'mmodity Credit Corporation: (Continued)Obligations may be classed as exempted securities, request that

Comptroller permit Board to publish ruling inFRBulletinCom

ptroller of the Currency:8ank of America N.T. & S.A., Sec. 30 proceeding, Ir. Eccles to

advise Comptroller that Board's staff will en-deavor to analyze information, that conference

would be helpful, and copies of Collin's let-

ters to be inclosed, and memo covering historyof bank ordered prepared by Counsel's Officeand Division of Examinations

Hearing on order to show cause why examination report shouldnot be published, advice that hearing was con-templated but could not be held unless Boardagreed not to make examination, agreed thatmemo be prepared by staff covering corres-pondence and reports and submitted to Board

Advice that Comptroller was planning Sec. 30 proceeding inaddition to order to show cause

CoPy of resolution of board of directors approving letterfrom Mr. Collins to Board requesting an examina-tion of bank, ordered sent to

Proposed program to be worked out by Federal Deposit Insur-ance Corporation and Board with, to end contro-versy, Messrs. Eccles and McKee to determinemembers of Board's staff who would attend con-

Advice that ference in case Comptroller agreesComptroller could not give answer to sugges-tion that conference be held to arrange program,until January 22

liemo of Mr. Dreibelbis re procedure to be followed byBoard in case Comptroller does not agree toconference, presented, no decision pendingreceipt of advice whether Comptroller wouldagree to conference

C°Pies of memo may be made available to Comptroller and Sec-

Ad retary of Treasury

vice that nothing had been heard from ComptrollerAdvice that nothing had been heard from Comptroller and

agreed that Board should continue with formula-tion of its own program of procedure

Requirements of Comptroller presented and set forth inminutes, Messrs. Eccles and McKee to preparememo for consideration by Board as basis forposition to be taken by Board's representativesat meeting at Treasury on February 7Memo

approved with minor changes, with understanding thatit would be submitted to conference

60Pages

6/19 916

1/ 2 3

1/ 9 40

1/10 49

1/15 67

1/18 90

1/19 98

1/19 100

1/19 1021/25 136

1/29 155

2/ 3 198

2/ 7 208


C°4411°n trust

Board to

Comptroller of the Currency: (Continued)Bank of America: (Continued)

United front of Board, Comptroller and FDIC believed mostdesirable procedure, with understanding that ifComptroller did not desire to participate, therepresentatives of Board and FDIC would meetwith representatives of bank

Advice that agreement had been reached between agencies representation of program by Comptroller, and re-port of Mr. McKee as to conference of agencieswith representatives of bank

Conference to be attended by Messrs. McKee and Eccles,Comptroller to bring no lawyers or technicians

Program of Comptroller discussed, Chairman to advise Mr.Bell that Board will join with other agencies topresent united front in support of requirements,but that requirements should not be allowed tofail because bank won't agree to full limit ofparagraph two

that resolution had been sent to Mr. Delano andthat Mr. Delano was sending copy of require-ments to Mr. Giannini

Advice

Agreement signed by Comptroller, FDIC and Board presentedand set forth in minutes, Secretary of Treasuryto consult RFC and SEC, no public announcementof agreement to be made

funds composed principally of mortgages, letterfrom Pennsylvania Bankers Association re amend-ment to Regulation F, and revision of amendment,sent to, for comments

consider when report is received from Comptrolleron brief submitted by Pennsylvania Bankers Asso-ciation Committee

1°n report call as of fall months, letter ordered prepared

61Pages

2/7 213

2/13 232

2/13 237

2/24 289

2/27 306

3/7 347

2/16 261

4/5 465

asking reasons for wishing to omit and suggest-ing consultation with Board before reaching de-

Let ter ions as to future calls

approved 8/ 9

8/1211071120

siffetter to Comptroller asking for reply to previous letter 10/ 9 1308Lett approved 10/16 1339

...bc:03 Preston, cost of luncheon to be borne by Board 5/28 810Profits tax, advice from Mr. Ransom of discussions with,

'3cerliPted re effects of pending proposals

securities, request that Comptroller permit Board to8/27 1179

publish ruling that obligations of CommodityPeder_., Credit Corp., RFC, etc., may be classed as'1 and State banking statistics, joint publication of

Board, FDIC, and Comptroller, two clerks em-ployed by Board to assemble

6/19 916

7/11 1015


Comptroller of the Currency: (Continued)FRnotes, placing of orders for: (See FRnotes)Rousing

authority loans and deposits, national banks showing incondition reports, draft of letter to FRBankssent to, for approval

Out- of-pocket expenses, absorption by National Bank of Commerce,Lincoln, Nebraska in connection with clearingand collection, advice that copy of any com-munication sent to bank would be furnished tohimStatistical manual containing material previously published inBoard's Annual Report, to be made joint projectand statistics of Board, FDIC and Comptroller

Temp published in°rarY loan notes of local housing authorities floated under

U.S.H.A. plans, letter to re proper method ofCOnr14 showing in condition reports

-4-61on reports:Affiliates:Forms for next call sent FRBanks,o

mmonwealth Trust Company of Pittsburgh, Pa.:Published report may be accepted despite differences in ar-

rangement, provided amounts of items agree withcorresponding items of report filed with FRBank

No objection to acceptance of statements published in man-ner followed, provided the revised groupings ofthe items is made for purpose of complying withState requirements

EID(3,1:111a, rit balances, correct manner of showing in'"ton-Taylor Trust Company, St. Louis, Mo., reports of Delk

Investment Corporation and Laclede Bond and

Niank Company need not be publishedweekly statement:

Balance of Netherlands Government to be carried againstcaption "Other deposits"

Bank of England balance with FRBank of New York to be

F carried under caption "Other deposits"Foreign accounts held by FRBanks to be carried under new

caption if H.R. 10127 passesCaption changed to "Deposits-Foreign"First -Owensboro Bank & Trust Co., Owensboro, Ky., assets segre-

gated in accordance with State laws do not con-

stitute pledged assets and are not required to

Pirls",b,.lT be reported as such

T3 & Savings Bank of Pasadena, Calif.:First

Holding Corporation, Pasadena, Calif. need not publishForm_ reports on

and instructions for next call sent to State member banks

62Pages

10/ 3 1274

1/19 108

3/29 428

5/22 771

6/11 869

1/24 122

3/510/19

3421362

1/23 116

6/3 830

7/13 1031

7/13 10319/ 5 1195

3/25 405

2/16 2603/19 391


Condition reports: (Continued)Banking Corporation, report shows that liabili-ties exceed limit provided for in agreement andmust be corrected, advice to corporationshows that there was no violation of agreementwith Boardaffiliates, forms sent FRBanks with request thatreports be obtained for year ending December 31,1940

French American

Explanation

Holding company

Housing authority notes and deposits, method of showing in,draft of letter to FRBanks sent Comptroller andFDIC for approval

,nv Proper method of showing in, letter to FRBank of Atlanta-L estment and Securities Company, Spokane, Wash., requested

Member banks: filed for 1940

Destruction after holding for one year authorizedNew loans, advice from Advisory Council that it was diffi-

cult to define term in such way as would resultin submission of accurate information as tonumber of new loans, and that American BankersAssociation survey for last six months of 1939would soon be ready

copies may be destroyed where transcripts have beenmade, and keeping for one year in future is suf-ficientNat tonal banks:

Call as of December 30, 1939Call as of March 26, 19409.all as of June 29, 1940eails, letter ordered prepared suggesting that Comptroller

1927-37,

consult Board before reaching decisions as tofuture calls and asking reasons for wishingto omit fall call

Letter approvedLetter to Comptroller

ter

0l Letter approved d National Corporation,

State 1940member banks:9a.11 as of December 30, 1939

Call as of March 26, 1940Call as of June 29, 1940'all not immediately contemplated by Board, telegram to

FRBanks referred to Messrs. Davis and Smeadfor decision whether it should be sent out 10/ 9Farmer

loans, showing in reports, copy of proposed sched-ule sent Department of Agriculture with requestthat copies be printed and sent to Board 5/28

asking for reply to previous let-

Spokane, Wash., requested filed for

63Pages

2/16 260

3/1 330

12/ 9 1568

10/ 3 127410/24 1380

12/27 1701

12/26 1690

2/20 271

12/26 1690

1/3 113/28 4227/2 976

8/ 9 11078/12 1120

10/ 9 130810/16 1339

12/27 1701

1/3 113/28 4227/2 976

1307

810


64Pages

C°11clition reports: (Continued)State member banks: (Continued)

FDIC may use data obtained in June call in press statementon condition of all insured commercial banks 8/23 1161

Form F.R. 105, amendment to provide for correct reportingof items called for under Schedule D Miscel-laneous 1/31 174

Amended as recommended 5/16 703Forms sent to FRBanks for next call 6/11 869Forms and instructions for next call sent FRBanks 12/13 1603Instalment paper, personal and retail, data to be requested

in end-of-year call and Mr. Smead authorizedto make changes in form as recommended by Cen-tral Statistical Board

Banks to be requested to report in end-of-year call re-port

Pledged balances due from banks and pledged time depositson deposit should be included in item 4 of

T Schedule D, letter to FRBanks

em-porary loan notes of local housing authorities, letters

11/29

12/19

1/24

1535

1651

125

to Comptroller of Currency and FDIC re proper

Studies method of carrying on reports 5/22 771on capital structures of banks, effect of decline in se-

curities market on, information sent to AdvisoryCouncil for recommendation whether study would

Conf. be helpful 3/ 4 338

Allied.ocal Officials of Pennsylvania, advice that ruling ofBoard that deposits of political subdivisionscannot be classified as savings deposits cannot

Chairmen: be modified 1/ 8 34

121-nner at Columbia Country Club, cost to be borne by Board 12/ 9 1569Directors of FRBanks:

Advisory Council members, should not be appointed as 12/10 1575Reappointment of Class C directors after six years con-

secutive service, views of Chairmen requested' 12/10 1578Federal Advisory Council, rotation in membership of, no

objection to resolution adopted by Council fortransmission to

Rotation in membership to provide for three new memberseach year, Chairmen will carry out proposalrecommended by Council

Fe _ Board in sympathy with rotation plan

Fedde eral Advisory Council should be composed only of bankersral Open Market Committee, representation of FRBanks

on, Board has not had opportunity to studyquestion

Industri al loans, FRBanks are in advantageous position tomake for defense purposes

11/19 1491

12/10 157312/10 157512/10 1575

12/10 1578

12/10 1578,Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Conferences: (Continued)Chairmen: (Continued)

Meeting at Sea Island with Board, program and procedure for

65Pages

holding 4/2 436Report by Board members attending conference 4/15 508Felt by Chairmen to have created better understanding

between them and Board 12/10 1577Meeting to discuss role of FRBanks under national defense

to be deferred until after meeting of liaisonofficers appointed at FRBanks 10/25 1385

Meeting on December 9th and 10th is satisfactory to Board 11/27 1527eeting with Board 12/10 1570

Meeting WashingtonBoard once a year at place outside ashingtonand one meeting in Washington discussed byChairmen and Board 12/10 1577

Minutes, preliminary draft, no objection to making avail-able to President Peyton or board of directors,advice to Mr. Coffey, FRBank of Minneapolis 1/3 14

Presidents and First Vice Presidents of FRBanks, appoint-ments when appointee would be nearing 70 atend of term discussed by Chairmen and Board 12/10 1578

Salaries of FRBank officers:Study, no objection to Chairmen appointing persons to

make study, cost to be borne by BoardSecretary to prepare reply to Mr. Curtiss' letter that

board of directors was not in sympathy with studyReply that Board does not feel that study is inconsist-

ent with responsibilities of boards of direc-tors, or is review of past actions of boards

Advice that Cleveland directors wanted salary increasesfor Messrs. Fleming, Zurlinden, etc., passedupon without waiting for study to be completed

Report will be submitted in near future, no objectionto additional expenditure required to complete

ama11 business in national defense, cooperation of FRBanksDi, discussed by Board and Chairmen.i.ectors:

Meeting to discuss role of FRBanks under national defenseto be deferred until after meeting of liaison'

4,4mi officers appointed at FRBanksnation department heads of FRBanks, meeting to be held on

February 7, 1940, copies of program to be sent

4rIll out at early date

Credit Act of 1940, meeting of Secretary Wallace andMessrs. Currie, Eccles, Davis, Morrill and

Lim others to be arranged...so,'1 officers at FRBanks between Defense Commission and in-

dustry, advice that meeting will be held inWashington

Meeting in Washington set for November 17 and request fornames of representatives

4/2 435

4/2 436

4/ 3 /10

4/5 456

12/10 1570

12/10 1580

10/25 1385

1/18 95

4/1 433

10/25 1383

11/ 1 1431


66

Conf erences: (Continued)Liaison officers at FRBanks: (Continued)

Pages

Cost of two days' luncheons to be borne by Board 11/12 1455Results of conference reported at Advisory Council meeting 11/18 1484Another conference contemplated 12/10 1580

Operating officers of FRBanks to be asked to come to Washingtonfor consultation re Federal banking laws in con-

Presidents: nection with 16agner Questionnaire 10/17 1350

Bankers' Acceptances Committee:Hog cholera serum as readily marketable staple, request

for ruling should be submitted to committee in-• stead of Board 8/30 1190

Banking and credit field, increase since 1933 in powers ofTreasury and other Government agencies and whatFRSystem should do about it, referred to by Mr.Eccles 5/28 803

BasY money policy, discussed with special emphasis on pos-sible solutions of problem 5/28 804

Suggested by Mr. Eccles that Presidents prepare state-ment and ask Board to release it to press orsend it to Treasury or Congress 5/28 806

Industrial loans, spread in rates and fixing rate at thatagreed upon by local bank and borrower sug-gested by 9/28 1252

Inflation checks, statement recommending legislation toCongress adopted by Board, Advisory Council andPresidents 12/17 1627

Report of meeting of committee with Secretary of Treas-

Meeti u ry ng with Board prior to regular meeting of Presidents

12/19 1645

to be offered for consideration at next meet-ing in connection with subsequent conferences 3/12 371

Meeting with Board of Governors 5/28 803!Ileeting with Board and Advisory Council 12/17 1614Military leave and salary payment for employees drafted for

military service, matter left by Presidents inhands of subcommittee with power to act 9/28 1252

Recommendations of Mr. McKee to be discussed with com-mittee of 10/17 1343

Procedure adopted by committee for uniform treatment ofemployees approved and copy of telegram to Mr.Peyton sent FRBanks 10/29 1417

Similar procedure adopted for Board employees with cer-tain changes 11/14 1461

Num •bering checks, revision of ABA system, letter to FRBanks

that conference had approved and request foradvice whether FRBanks feel that any changesshould be made in branch territorial lines be-fore revision is made 4/26 582


67Pages

Conferences: (Continued)Presidents: (Continued)

Recommendations:Check count on telegrams containing code words, recom-

mendation that instructions be amended makingcount same as that for accounting purposes ap-proved by Board 10/22 1372

Retirement System:Separation allowances and special contributions, general

authority to FRBanks not to be modified pendingreport of committee of 10/31 1428

Self insurance for FRBanks, letter ordered prepared fortransmission to, suggesting that committee beappointed to formulate plan 7/25 1068

Standing Committee on Collections:Numbering of checks to facilitate sorting and routing

through clearing system, memo of Mr. Smead thatsubcommittee had agreed upon system, that itwould be submitted to Standing Committee andthen referred to transit conference of repre-sentatives from FRBanks, and that matter wouldbe taken up with Bank Management Commission ofABA 4/ 5 466

Revision of, letter to FRBanks that conference had approved and request for advice whether FRBanksfeel that any changes should be made in branchterritorial lines before revision is made 4/26 582

Report increasing number of items not subject to ser-vice charges in noncash circulars approved byBoard 11/ 1 1432

TePic for discussion:Clearing accounts with nonmember banks, policies of

FRBanks re maintenance of, to be discussed at6/14 885

Earnings of meeting

ngs of FRBanks, use in writing down book value ofpremises suggested as 11/ 7 1448

Federal Deposit Insurance Corporation, H.R. 8638 to re-move Comptroller from board of directors, in-crease insurance and reduce deposit assessmentrate, request that it be put on docket, andcopies of analysis ordered sent to Mr. Kimball 3/12 370

J°int meeting of Presidents with Board prior to Presi-

dents' regular meeting, to be considered at

next meeting 3/12 371Military leave and salary payment to employees of Board

and FRBanks called for active service, made

topic for 8/27 1178Profits from sale of Government securities, placing in

reserve for contingencies, suggested as 11/28 1532


Conferences: (Continued)Presidents: (Continued)

Topics for discussion: (Continued)Quarters of FRBanks, use of earnings to write down

book value suggested asRates on industrial advances, review to determine jus-

tification and question of uniformity, sug-

gested asUniform size of paper for regulations, circulars and

general letters of Board and FRBanks, Mr.

Harrison requested to put on list of topicsUniform size of paper for all regulations and circulars

of Board and FRBanks, letter to FRBanks that

Board has noted action taken byWagner sa,_Resolution, form of statement and program discussed

Y•kngs and commercial banking, ABA Eastern Regional Conference,

each Board member to determine whether hewould attend, and members of staff to be au-thorized to attend after submission of memo-randum stating reasons for attendance

ABA Eastern Regional Conference, Messrs. Wyatt and Vest au-

thorized to attendFrederick C. Dirks authorized to attendJ. E. ”

norbett authorized to attend'uslt managers:

Numbering of checks to facilitate sorting and routing, memoof Mr. Smead that matter would be referred to

conference of FRBank representatives after con- con-aneol" i.

_2e ns:Amesideration by Standing Committee on Collections 4/ 5 466

'°4-1datio

1-J- an National Bank of Santa Monica, Calif., absorption by

California Bank, Los Angeles, Calif., approved 11/29 1536Califor •Ilia Bank, Los Angeles, Calif., absorption of American

CitY - National Bank of Santa Monica approved 11/29 1536iNaDonal Bank of Kankakee, Ill., application for supple-

mentary fiduciary powers approved upon consol-

idation of City Trust & Savings Bank of Kankakee,

jai_ Trust Company, New York, no objection to absorption of 4/18 515Colon — III., into

C°Inmerce Kingsboro National Bank of Brooklyn in New York 5/24 793

Trust Company, Kansas City, Mo., absorption of UnionConizerce Avenue Bank of Commerce, Kansas City 6/21 931

Union Bank, Nashville, Tennessee, absorption of

Broadway National Bank, Board will insist upon

C(31nt rp no action at this time 8/27 1181A15: -rust Company, White Plains, N. Y.:sorption of Hartsdale National Bank, Hartsdale, N. Y. and

Abs establishment of branch in Hartsdale 5/21 757orption of It. Pleasant Bank St Trust Company, Pleasant-

ville, N. Y. 6/18 910Establishment of branch at Pleasantville 7/10 1012

68Pages

11/ 7 1448

8/30 1190

1/31 173

4/26 5825/28 807

2/13 227

2/23 2873/4 3333/ 4 333


69Pages

Consolidations: (Continued)First Bank & Trust Company of Utica, N. Y., absorption of First

Citizens Bank & Trust Co. in connection with

Fmembership application 6/21 929

irst National Bank of Pleasantville, N. Y., absorption ofMount Pleasant Bank & Trust Company, Pleasant-ville, N. Y., FDIC granted permission to ex-amine State bank in connection with 1/17 88

First National Bank of Southampton, N. Y., absorption of South-

ampton Bank, FDIC granted permission to examineState member bank in connection with loan byFDIC to national bankFirst National Bank & Trust Co. of Port Chester, N. Y., adviceof contemplated sale to new bankFirst State Bank of Scotch Plains, N. J. with Westfield TrustCompany, Westfield, N. J., permission to FDICto examine Westfield Trust Company in connec-tion with

Firs Trust & Deposit Co., Syracuse, N. Y.:Baldwinsville State Bank, Baldwinsville, N. Y., merger into,

establishment of branch at Baldwinsville ap-Gi rard

Trust Coin connection with

irust Company, Philadelphia, Pa., absorption of two realestate holding companies, letter approving or-

4/ 8 474

6/18 910

3/29 430

3/28 423

dered revised so as to not approve fixed as-sets investment or dividend policy

,1.,771-sed letter approvedDividend policy matter left to discretion of FRBank of

Philadelphia, examination should be made as

fldUstriai soon as possible

Trust Company, Wilmington, Delaware, absorption ofCity Bank and Trust Company, Wilmington, no

144rills objection

Trust Company of Buffalo, N. Y., absorption of Bank ofWilliamsville, N. Y. and establishment of branchin WliamsvilleAbsorpt il

Ion of State Exchange Bank of Holley, N. Y. and es-

14011ntPleasan tablishment of branch there

Pleasant Bank & Trust Co., Pleasantville, N. Y., absorp-tion by First National Bank of Pleasantville,FDIC granted permission to examine State bank

Absorption in connection withby County Trust Company, White Plains, N. Y.and establishment of branch at Pleasantville

Trust Co. of Westchester Co., Port Chester, N. Y.:,u1c granted permission to examine in connection with pur-

10/ 810/ 9

10/19

9/ 5

7/18

11/16

1/17

7/10

13031312

1362

1194

1046

1480

88

1012

chase by new bank 6/18 910


0 .°Ilovaadations: (Continued)Mutual Trust Co. of "iestchester Co.: (Continued)

Merger with First National Bank & Trust Co. of Port Chester,Board willing to assist FDIC and copy of lettersent FRBank of New York

of Westfield, N. J., absorption of WestfieldTrust Company, advice to Ur. Gidney that FDIC

will not proceed further against trust companyunder citation for unsafe practices, in antici-pation of absorption

°gdeasburg Trust Company, Ogdensburg, N. Y., absorption of St.Regis Falls National Bank, establishment ofbranch at St. Regis Falls approved in connection

SPra with

gue State Bank, Caledonia, Minn., absorption of First Na-

State t.,..._ tional Bank of Caledonia, no objection12xchange Bank of Holley, N. Y., absorption by Marine Trust,

Company of Buffalo, N. Y. and establishment ofbranch in Holley approved

Stillwater National Bank, Columbus, Mont., purchase of assetsand assumption of liabilities by YellowstoneBank, Columbus, Mont.

SWedesb oro National Bank, Swedesboro, N. J., purchase of assetsand assumption of liabilities by SwedesboroTrust Company

urchase of assets and assumption of liabilities of Swedes-

SAva, • boro National Banknla Savings Bank Company, Sylvania, Ohio, absorption of

Farmers & Merchants Bank Company, Sylvania,tJai-

b Ohioou

anking and Trust Company of Du Bois, Pa., assumption ofdeposit liabilities of Peoples State Bank, Du

Westfi Bois, Pa., no objections-Jd Trust Company, Westfield, N. J., absorption by Na-

tional Bank of Westfield, advice to Mr. Gidneythat FDIC will not proceed further against trustcompany under citation for unsafe practices, in

C• anticipation of absorption°nsolidation with First State Bank of Scotch Plains, N. J.,

permission to FDIC to examine Westfield TrustAbCo. in connection withsorption of First State Bank of Scotch Plains, N. Y. and

establishment of branch approveder Trust Company, Windber, Pa., purchase of assets and as-

sumption of liabilities of Merchants & MinersBank, Paint Borough, Pa., no objection to trans-

action as consummatedBank, Columbus, Montana, purchase of assets and as-

sumption of liabilities of Stillwater National

Bank, Columbus

National Bank

.Yell'wstone

70Pages i

12/ 3 1543

1/3 12

3/28 423

7/2 981

11/16 1480

12/27 1703

2/21 283

2/21 283

7/ 8 1005

5/13 676

1/3 12

3/29 430

6/13 878

2/14 245

12/27 1703


Contributions:FRBank of Kansas City:

Community Chest and other charities, contributions not ap-

proved 4/10 492Letter from Mr. Caldwell urging approval read, Mr.

Szymczak to call Mr. Caldwell and explain

reasons for Board's position 4/30 591Downtown Committee of Chamber of Commerce, no objection to

PRBank s _ contribution to improve business district 5/17 711to charitable, philanthropic or benevolent institutions,

S. 4022 amending FRAct to permit referred to at

meeting 4/30 592trember banks to charitable, benevolent or philanthropic institu-

tions, S. 4022 to amend FRAct and permit, re-

ferred to at meeting 4/30 592National banks to charitable, benevolent or philanthropic in-

stitutions, S. 1964 to permit, referred to at

71Pages

War 4/30 592 0meetingrelief fund of American Red Cross, contribution by FRBank

Conlientions. of St. Louis and branches not approved 7/19 1053

American Institute of Banking, meeting at Boston, Mr. Szymczak

Lio to attend and Mr. Davis to attend if possibleno Club at Havana, Cuba, permission to National City Bank

of New York to open temporary teller's window

e°41%!rsione: in Havana to accommodate visitors

sank of America N.T. & S.A., San Francisco, Calif., statement

of Mr. Eccles that he had advised Comptroller

that only information received by Board as to

threat of bank to convert into State bank was

that received from newspapersStatement by Mr. Eccles that he had advised Comptroller

that if bank decided to convert the Board would

have to determine conditions of membership that

Advice would be prescribedfrom FRBank of San Francisco that bank had not been

approached by Bank of America re conversionRe approachedby Mr. Eccles re telephone conversation with L. M.

Giannini and that he advised a communication to

FRBank of San Francisco requesting an advance

commitment as to whether the Bank would be ac-

Review ceptable for membership in FRSystemby Mr. McKee of telephone conversation with FRBank

of San Francisco and what Board thought FRBank

should require in case application for member-

ship was received, decision on question whether

Mr. Clerk should be asked to come to Washington

deferred until after meeting at Treasury

5/ 8 648

4/ 9 485

1/10 48

1/10 49

1/15 65

1/16 77

1/17 83


72

Pages

Corry..,r.sions: (Continued)

Bank of America: (Continued)Advice that Mr. Clerk was holding himself in readiness to

come to Washington when required 1/18 92Advice from Mr. Day that State charter would be issued to-

day and that bank was going to take positionthat membership application was not necessary 1/25 136

Letter from Mr. Giannini that bank wished to follow planof First Commercial Bank of Pontiac, Mich. sothat application would not have to be submitted,and statement of Mr. Wyatt that bank could notsuccessfully take position that applicationneed not be submitted 1/26 143

Outline by Mr. Clerk of conditions that he felt should beimposed on bank in case of application for mem-bership 1/29 155

Citizens & Southern National Bank of South Carolina, Charleston,S. C., fiduciary power application approved uponconversion from Citizens 8: Southern Bank ofSouth Carolina

First Security Bank of Idaho, Boise, Idaho:New general voting permit should be secured by bank's hold-

ing company affiliate in connection with

1/19 106

con-version into national bank 10/30 1423

Security Bank of Idaho, National Association, Boise, Idaho,

Nat* conversion from First Security Bank of Idaho 12/23 16801°nal banks converting into State member banks, applica-

tions for membership must be submitted in usual

West mannerern National Bank, Cicero, Ill.:Western State Bank of Cicero to be converted into and au-On

1/29 156

9/30 1264& Savage, Albany, N. Y., advised to communicate with

(34'xs, E, thority given to exercise fiduciary powers

FRBank of New York re steps to be taken by Al-bany Morris Plan Bank to make Clayton Act in-applicable

Booth r of National Defense Purchases:e, Gardner, services loaned for limited time to help work

00 (See out procedure for purchasing suppliesrPor "so Advisory Commission to Council of National Defense)A ate ,

bona study:4c1diti°nal contribution by Board to study by National Bureau of

Economic Research authorized, part may be used

2/19 265

10/ 4 1279

for salaries and expenses of persons other thanmembers of Board's staff

'1gs5/ 8 646

to be made available if funds are not provided byCoh-'Poratl," W. P. A., Mr. Goldenweiser to look into 5/ 8 647

Taztes7 Counsel of District of Columbia:rid water charges for Board's building, Mr. Wyatt to dis-

cuss question of exemption with 7/17 1045Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

C°1130ration Counsel of District of Columbia:Taxes and water charges: (Continued)

(Continued)

73Pages

Advice to Assessor that Counsel will discuss with 7/24 1063Water Registrar requested to defer action on water charges

pending discussion with, re taxability of realestate 7/25 1074

Recommendations of Mr. Wyatt approved and letter to Commis-sioners of District of Columbia 8/12 1125

Review by Mr. Ransom of meeting with1- coespondence:Sec •tlon of Secretary's Office created for handling correspond-

9/10 1204

FRBanks: ence of general character 3/1 323

Agnew A. C., retainer by FRBank of San Francisco approved for

Holt, Rob 1940

ert N., and Mayer, Meyer, Austrian & Platt, employment1/11 57

Ketch by FRBank of Chicago approved-um, Phillips, retainer by FRBank of Boston for 1940 ap-

5/13 677

proved 1/11 56PaYment of bill for services of local counsel employed by,

Mace for case of Ford v. FRBank of Boston, approved 7/12 1022°Y, Brittain, Evans & Lewis, retainer by FRBank of Phila-

delphia approved 1/11 57Payment of fee by FRBank of Philadelphia for IP,yoming Valley

Collieries Company case approved 3/26 410Payment of fee in addition to annual retainer, approved 4/19 536Payment of bill by FRBank of Philadelphia in connection

with bankruptcy of Thomas Devlin Manufacturing

Mav.e- Company approvedMeyer, Austrian & Platt, and Robert N. Holt, employment

Squi— by FRBank of Chicago approvedSanders S: Dempsey, retainer by FRBank of Cleveland ap-

001,-use, proved04.ueneral, Memoranda of:

llation of State law requirements re capital of banks, trust

12/30

5/13

1/10

1710

677

53

companies, etc., statement ordered published in41.18ei, FRBulletinpees Special, FRBanks:liarr! -Letter to FRBanks stating and explaining uniform plan

13, James P., payment of fee by FRBank of Philadelphia doesnot require approval of Board since it does notexceed 1)1,000Pitney,

Hardin & Skinner, payment by FRBank of Philadelphia in

11/19

:3/4

3/26

1502

334

410

connection with bankruptcy of Thomas Devlin Man-

e(3114ta, FRBank Yof New ork approved

ufacturing Company approvedStimson Putnam and Roberts, payment by FRBank of

New York for services in case of Schmoll V.

Ruth, may reduce limits of liability insurance on beauty

parlor covering malpractice 4/30 595

12/30 1710

12/31 1718


Court cases:

Armand Schmoll, Inc., v. FRBank of New York, payment of fee byFRBank of New York to Winthrop, Stimson, Putnam

Currenc and Roberts approved

y exchanges, test case instituted by Department of

Justice, FRBanks will be advised of outcomeFirst Commercial Bank of Pontiac, Mich. v. Talbert, case re-

ferred to by Mr. Giannini in letter to Board re

Bank of America having to submit application for

membership in converting from national to State

bankPord •FRBank of Boston, payment of bill submitted by Phillips

Ketchum for services of local counsel employed

Tho by him, approvedmas Devlin

byCompany, Burlington, N. J., payment

of counsel fees by FRBank of Philadelphia in

"YO ?fling with bankruptcy of, approved

ming Valley Collieries Company, payment of fee by FRBank ofPhiladelphia to James P. Harris, approval of

OrJ Board not necessaryJay, advice of retention by Treasury to handle foreign ex-

change situation due to war in Norway and Den-

Credit: markLon, ,'eml, increased demand for, no likelihood seen by Advisory

Credits. expansion:

Council

3867 (Mead bill) to control undue expansion, advice to Mr.

Oreri Lauchlin Currie that bill in present form will

unio not assure such control

EMPlo- deesi welfare funds used to establish, FRBank of St. Louis

Cl ite o t4ati fgn

art for advice as to steps already taken 8/30 1191orei

°nal Bank of Hungary, reply proposed to be made by FRBank of

4et New York to Bank for International Settlements

3 al 11 re maturing credit, approved 4/29 587Philippe, contract to be negotiated with for preparation

of plans and specifications for closing court

411thor. yards and erection of annex to Board's building 6/ 4 846Preae ized to prepare drawings for enlarging Board's building 7/ 2 969

nt at meeting of Board to discuss preliminary drawingsfor alteration of Board's building by enclosing

Altera,, courts and erecting annex 9/10 1203'1°ns to Board's building and erection of addition, Coun-

sel to report on liability of Board in case con-

RePorttract to prepare plans and drawings is breached 10/ 1 1268of Counsel re liability to, committee appointed to meet

with 10/ 9 1309°II to Board's building, advice that his understanding of

Board's letter is correct 11/ 2 1435

74Pages

12/31 1718

9/27 1249

1/26 144

7/12 1022

12/30 1710

3/26 410

4/15 508

2/20 271

6/22 939


11111111i/1gs Brothers, Inc., Syracuse, N. Y., broker acting on behalfof FDIC and selling unregistered securitiespayable in installments, transaction exempt

from Regulation TClirrency:

Exchanges, test case institutedFRBanks will be

(See FRnotes)Greenbacks issuance, repeal of

izes, suggestedmoney policy

Turnover, stimulating rate of,Walker

encY funds:First National Bank of Scranton, Pa., discontinuance, FRBank of

by Department of Justice,advised of outcome

Thomas amendment which author-

as means of correcting easy

reply to letter from George R.

Inflation

ell4hing, 0. K.,

Advice that

011stQaers debit

Philadelphia asked to take necessary stepsLauchlin, advice that Mead Bill (S. 3867) to control undue

credit expansion will not in its present formassure such control

checks, legislation recommended to Congress by Board,

Advisory Council and Presidents, report of Mr.Eccles re discussion with

advice from Mr. Day that he had been employed byBank of America as special counsel, and wouldcome to Washington

'11/431-c7ment by Bank of America announced in letter from Mr.

Achil Everard to Comptroller-LA3e that he would leave San Francisco today

ments had been made for him totroller re Bank of Americahad conference with Comptroller on legal aspectsof order to show cause, and desired appointmentwith either Messrs. Eccles or McKee

balances, data to be released to press as soon asavailable instead of being published in FRBul-letin

134111a, T.

he

IIDIT

and that arrange-confer with Comp-

L., advice that Board merely fixes maximum rates of inter-

est on savings and time deposits, and that low-

ering of rates in Nebraska must be left to(See State action_

Nitta -1-60, National banks, First Nationalraska)) Tho "

ba. ma° 11., cost of luncheon in Board's3 Jam_ borne by Board", letter re extension of effective

(4e.. approved4180, Boston Safe Deposit and Trust Company, Boston, Mass.)

Bank of Omaha, Neb-

dining room to be

date of Banking Act

of 1935 re interlocking directorates, referredto, and statement that reply had been drafted

75Pages

11/20 1507

9/27 1249

5/28 806

12/30 1711

7/18 1047

6/22 939

12/19 1647

1/25 136

1/26 144

2/ 2 191

2/7 212

10/19 1363

3/ 4 336

2/8 215

5/22 7655/22 773Digitized for FRASER


tleathe:Bartholomew, C. M., San Antonio Branch, expressions of sympathy

to family and colleaguesLongley, Elizabeth F., refund for unearned annual leave taken

before death not to be requiredMiddleton, John D., Class B director, FRBank of DallasNeal

John W., director of Houston Branch--LarY earned but unpaid, Fiscal Agent authorized to make pay-

ment to person reasonably entitled to receive

it, when in doubt Counsel's Office to be con-

sultedSPonable, Frank W., as Class A director at FRBank of Kansas

nebetrk CityF:'Irss and capital notes:

kis 'rst State Bank, Kerrville, Texas, no objection to retirementano, F. A..

Addition to Board's building, advice that Mr. Eccles plannedto confer with

Preston: (See Comptroller of Currency)Inds .

in U. S. belonging to, report of incidents prior to issu-ance of Executive Order prohibiting withdrawal

from country, and procedure to effectuate its

provisionsLie m° of Mr. Ransom re recent events, advice that Jay Crane

would handle foreign exchange situation for

Reimb Treasury and outline of procedure

ursement to FRBanks for expenses, telegram to FRBankof Cleveland re submitting vouchers approved,similar telegram to be sent to all FRBanks

Tel when approved by Messrs. Bell and Heffelfingeregram revised by Mr. Bell and ordered transmitted, simi-

lar telegram to be sent FRBanksndment to Trading with Enemy Act, Messrs. Wyatt and

Dreibelbis to study and if desirable Mr. Ransomand members of staff to attend meetings of Mr.Bell with Banking and Currency Committees

Board to have representative at meeting and staff

Derv, need not immediately prepare statement ofBoard's position

-va,rtzen-t•,:p (See Assessor for District of Columbia)o AgrieUltUre:

h4 to farmers, proposed schedule sent to department for

printing and return to Board for inclosure with

N13artrtient condition report forms of State member banksCottlmitt°f Justice:

e? on Administrative Procedure:Hearings Board to ask committee to send cards to Advisory

Council, FRBanks and other organizations

76Pages

9/25 1245

10/22 13726/21 9289/ 9 1201

11/ 2 1435

6/25 944

12/23 1681

10/29 1410

4/11 501

4/15 508

4/23 545

4/26 581

4/23 547

4/23 552

5/28 810

6/4 845


Board

lar telegram ordered sent FRBanksAnlendment to Trading with Enemy Act, Messrs. Wyatt and

Dreibelbis to study and if desirable Mr. Ransomand members of staff to attend meetings of Mr.Bell with Banking and Currency Committees

not to have representative at meeting and statement'of Board's position need not be prepared imme-diately by staff

Starr •to Investigate authority of FRBank of New York to

transfer funds to credit of Norges Bank to ac-count in name of Norwegian minister

rneY to be sent to FRBank of New York to assist in work

under Executive Order and regulations of Treas-

ury governingEnglish Government deposits from enemy attachment,

cable from Bank of England discussed, staff to

study possible steps for recommendation if neces-sary

Protecting

DePartment of Justice: (Continued)Committee on Administrative Procedure: (Continued)

Revised report prepared by Mr. Salant on administrative

procedure, copies ordered sent to FRBanks and

Currency to Advisory Council members

exchanges, test case instituted by, FRBanks will be ad-

IDeP08its: vised of outcome

Conf •inlng right of depositors of London branch of National City

Bank of New York to assets of branch only,

Dormant balances

Board cannot express opinion on legislation 7/ 2 972

9ondition reports, correct way of showing in 10/19 1362Peoples Savings Bank Company, Mt. Gilead, Ohio, correct way

of showing in condition reports 10/19 1362?aim° unt State Bank, Fairmount, Ind., certificate issued by

Marion National Bank, Marion, Ind., is not inPore

_ign conformity with Regulation Q 7/10 1011

countries in U. S., report of incidents prior to issu-ance of Executive Order prohibiting withdrawalof funds owned by Norway or Denmark from country,

Report ofre 4/11 501

cent events re war in Norway and Denmark, ad-and procedure to effectuate its provisions

vice that Jay Crane would handle foreign ex-change situation for Treasury and outline ofprocedure 4/15 508

Reimb ursement of FRBanks for expenses, telegram to FRBankof Cleveland re submitting vouchers approved,similar telegram ordered sent to all FRBanks

Tel when approved by Messrs. Bell and Heffelfinger 4/23 545egram revised by Mr. Bell and ordered transmitted, simi-

4/26 581

77Pages

2/13 232

9/27 12149

4/23 545

4/23 552

5/ 7 637

5/10 664

5/14 679


DePos•

78Pages

tits: (Continued)°reign countries in U. S. (Continued)

Nederlandsche Bank account transferred to Dutch Governmentand FRBank of New York requested not to execute

transactions unless requested through Bank of

Government: England 5/14 681

Transfer from member to FRBanks suggested by Advisory

Council as means of reducing excess reservesby Board of volume carried in, Counsel requested to pre-

10/ 7 1292

pare report on S. 3867 for transmission toSenate Banking and Currency Committee

Mati°nal City Bank of New York, N. Y.:London branch, legislation confining right of depositors to

assets of branch only, matter is one on which

Sav Board cannot express opinionings accounts:Assignment to trust department to satisfy requirement that

bank deposit collateral in,__ Assignment would not satisfy requirementsrlIzank of Kansas City, discontinuance of form for collect-

ing data from selected banksInterest rates in Nebraska, advice to T. L. Davis that

5/8

7/2

11/2712/23

1/31

647

972

15241682

175

Board fixes rates and that lower-merely maximuming of rates must be left to individual StatesPar

tnership operated for profit, deposits cannot be classi-fied as

Political subdivisions' deposits, request for modificationof ruling that they cannot be so classified,cannot be granted, advice to Conference ofAllied Local Officials of Pennsylvania

Trustee account agreements as used by Bank of America N.T.& S.A., banks position is merely that of debtor

Withand not trustee in handling

drawal notice in pass books issued by Commercial Bankof Spanish Fork, Utah, correction to be made in

Time: phraseology

Certificates of deposit proposed by City National Bank ofWinston-Salem, N. C., deposit evidenced by such

certificate may be classified asinterest

3/4 336

10/26 1395

1/8 34

12/12 1598

12/11 1593

8/12 1122

rates in Nebraska, advice to T. L. Davis that Board

merely fixes maximum rates and that lowering of

rates is up to Statesaccount agreements as used by Bank of America N.T. & S.A.,

3/ 336a

bank's position is merely that of debtor and not

-.Lover trustee in handling 12/12 15983 stimulating rate of, reply to letter from George R.

Walker 12/30 1711


Destruction ofConditionCondition

FRAgents,

„ers:

Amer jean Institute of Banking convention at Boston given by

FRBank of Boston for representatives of FRSys-

records:reports of member banks need be kept only one year

reports of member banks for 1927-37, may be destroyed

where transcripts have been madeCongressional authority to be requested for permis-

sion to destroy certain records listed, and

form letter addressed to Archivist of United

StatesRAgents records:

H'R. 2775 giving authority for destruction, list of records

listed therein that should not be destroyed

79Pages

12/26 1690

12/26 1690

3/12 374

11/ 7 1449

tem, Mr. Szymczak to attend and Mr. Davis if

Chat possiblermen of FRBanks, cost of dinner at Columbia Country Club

5/8 648

of ,.ector to be borne by Board

the Budget:rkuctition to Board's building, advice that President has no ob-

tilree(jo jections

!e a_aso Bureau of Budget)

12/ 9

11/14

1569

1466

Small Business Activities:circulars re Government contracts with small business,

ettors: FRBanks requested to send copies to 12/13 1603

?Rank of Atlanta:Harris, Rufus C., Class C, reappointed for three-year termiNeely,

Frank H., Class C, redesignated Chairman and FRAgentfor 1941

Porter, Joe Frank, Class C, redesignated Deputy Chairman

12/19

12/19

1638

1638

PRBank for 1941of Boston:

12/19 1638

Creighton, Albert M., suggested as Class C director and

CurtisChairman and FRAgents, Frederic H., Class C, action on redesignation as

12/23 1671

Chairman and FRAgent deferred pending further,consideration 12/19 1642

Appointment for 1941 not desired, willing to retire as

Class C director if other Class C director will

not accept appointment as Chairman 12/23 1671D Designated Chairman and FRAgent for 1941ennison, Henry S., Class C, action on reappointment as

deputy chairman deferred pending further con-

sideration

12/31

12/19

1715

1642Suggested as possible appointee as Chairman and FRAgent 12/23 1671APPointment authorized tendered to 12/23 1672Zilling to accept appointment as Chairman but feels Mr.

Curtiss should continue to serve, Messrs. Eccles

and Ransom to discuss with Messrs. Curtiss and

Dennison 12/26 1686Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

4rectOrs: (Continued)FRB aak of Boston: (Continued)Dennison, Henry S.: (Continued)

Redesignated Deputy Chairman for 1941Election of Class A and B directors, classification, no

changes contemplatedHarriman, Henry I., Class C, reappointed for three-year

term

80Pages

12/31 1716

8/26 1174

12/19 1636Study of salaries of FRBank officers by Chairmen, Secretary

to prepare reply to Mr. Curtiss' letter that

directors were not in sympathy with 4/ 2 436Reply that Board does not feel that study is inconsistent

with responsibilities of boards of directors,or is review of past actions of boards of di-

PRBa 1,tl,, rectors 4/ 3 441

of Chicago:Gregor,,d Clifford V., Class C, appointed Deputy Chairman

subject to acceptance 12/23 1673Leland, Simeon E., Class C, appointed for unexpired portion

of term subject to acceptance 12/23 1673Expenses of trip to Washington re prospective service

as, to be reimbursed 12/27 1703Lewis, Frank J., Class C, reappointed for three-year term 12/19 1639

Appointed Chairman and FRAgent subject to acceptance 12/23 1673Wood, R. E., Class C, resignation as director and Chair-

man, action on selection of successor deferred 12/19 1644of Cleveland:

FRB

Brainard, G. C., Class C, present at Board meeting to dis-cuss salaries of FRBank officers

Reappointed for three-year term and redesignated Chair-man and FRAgent for 1941 12/19 1637

lag e5, R. E., Class C, present at Board meeting to discuss

14_ salaries of FRBank officers

1 Reappointed Deputy Chairman for 1941 12/1; 16537ir'eting at Columbus, Mr. McKee to attend 5/ 3 627-4cDowell, H. B., Class A, present at Board meeting to dis-

cussSto salaries of FRBank officers 4/ 5 456Stone,

James C., Class C, resignation, letter to be pre-pared accepting 8/12 1120

Letter approved(.;1.t

of 8/15 1135

Dallas:PRBan

va r.,ss -0, holding company affiliate and subsidiaries in same

COzzo , electoral group get only one vote 10/10 1324J.I/er ., . B., Class C, reappointed for three-year term 12/19 1640

rltt, James H., Class C, redesignated Chairman and

FRAgent for 1941 12/19 1640, ttleton, John D., Class B, death of 6/21 928Illtarli,"°r, Jay, Class C, reappointed Deputy Chairman for 1941 12/19 1640

Kansas City:aldw 1e 1, Robert B., Class C, reappointed for three years

and redesignated Chairman and FRAgent for 1941 12/19 1640Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Direct, ors: (Continued)Raank of Kansas City: (Continued)

Dines, T. A., Clayton Act status of Messrs. Kassler and

81Pages

Kendrick, reply of Board to letter from 5/23 778Sponable, Frank W., Class A, death of 6/25 944Thomas, John J., Class C, reappointed Deputy Chairman for

FRBank 1941of Minneapolis:

12/19 1640

Cochran, W. D., Class C, reappointed for three-year term 12/19 1639CoffeY, Walter C., Class C, redesignated Chairman and

FRAgent for 1941Shepard, R. B., Class C, appointment as Deputy Chairman for

12/19 1639

1940 approved by Board if recommended by Per-sonnel Committee

Appointed Deputy Chairman for remainder of 1940pil8a Reappointed Deputy Chairman for 1941

rik of New York:Class C, appointee to be suggested by Messrs. Ruml and DayaY, E. E., Class C, appointment as Deputy Chairman, Mr.

Eccles to ascertain whether he would acceptDesignated Deputy Chairman for 1941May have to resign as director at end of 1941 due to

other demands on timeElection of Class A and B, classification changednuml, Beardsley, Class C, Mr. Eccles to ascertain whether

he would accept appointment as Chairman

Stevens, Designated Chairman and FRAgent for 1941'evens, Robert T., Class B, advice to U. S. Information

Service that he is serving on staff of Advisory

Stewart, Commission to Council of National DefenseStev

Walter W., Class C, Mr. Eccles to ascertain whetherhe would accept appointment

Unable to accept appointment as Class CYoung, Owen D., Class C, unable to serve as director and

Chairman after expiration of present term, ac-tion on selection of successor deferred

Letter to be prepared thanking him for services toFRSystem since he desires not to be reap-pointed of

Philadelphia:McCabe, T. B., Class C, advice that he had been appointed

to staff of Advisory Commission to Council of

National Defense and could aid in utilizing

FRSystem to assist CommissionAdvice to U. S. Information Service that he is serving

on staff of Advisory Commission to Council of

National Defensenede signated Chairman and FRAgent for 1941

3/8 3563/12 371

12/19 1639

12/26 1686

12/23 167212/26 1685

12/26 168511/ 5 1/1/11

12/23 167212/26 1685

6/27 952

12/23 167212/26 1685

12/19 1645

12/26 1686

6/18 908

6/27 95212/19 1637


Direc4re: (Continued)

ank of Philadelphia: (Continued)Whittier, Warren F., Class C, per diem allowance and trans-

portation expenses allowed because of distancefrom city

Reappointed for three-year termWilliams, Alfred H., Class C, reappointed Deputy Chairman

FRP for 1941--,nk of Richmond:Lassiter, Robert, Class C, reappointed for three-year term

and redesignated Chairman and FRAgent for 1941Meeting with branch directors at Richmond, Mr. Szymczak to

'YS or, attend and Mr. McKee to attend if possible

William G., Class C, reappointed Deputy Chairman for

1941PaBank of St. Louis:Election of Class A and B, classification, no changes con-

templatedJohnston, Osca-r. G., Class C, reappointed for three-year

termMee+--lng with branch directors in St. Louis, Mr. Szymczakto attend and Mr. Davis and other Board membersto attend if possibleNa

rdin, William T., redesignated Chairman and FRAgent for1941

of San Francisco:Fees for 1940 approved

FOrce, Raymond C., Class C, appointed for unexpired portionof term ending December 31, 1941

Designated Chairman and FRAgent for remainder of 1940a Redesignated Chairman and FRAgent for 1941olden, St. George, Class C, reappointed for three-year

PRZanks: term and redesignated Deputy Chairman for 1941

Bank relations reports, excerpts to be sent to directorseach monthChairmen,

studies on banking and monetary problems underWagner Resolution, ordered sent to, for com-ments and suggestions

Chairmen and Deputy Chairmen, matter of when advice of ap-

82Pages

1/22 10912/19 1637

12/19 1637

12/19 1637

4/30 596

12/19 1638

8/29 1186

12/19 1639

4/26 575

12/19 1639

1/11 57

3/8 3573/12 369

12/19 1641

12/19 1641

7/25 1065

2/26 305

pointments should be sent left to PersonnelCommittee

Advice to be sent December 26Chai rmen, Deputy Chairmen and Class C directors, appoint-

ments will be released to press on January 2,

telegram to FRBanksClass 0.

12/1912/23

12/31

16441674

1718

APpointments of, mPtter of when advice should be sent

left to Personnel Committee 12/19 1644


41'ect ors: (Continued)

171Banke: (Continued)

83Pages

Class C: (Continued)Appointments of: (Continued)

Advice to be sent December 26 12/23 1674Appointments will be released to press on January

2 12/31 1718Reappointment after six years consecutive service, views

of Chairmen requested 12/10 1578Elections of Class A and B:

Holding company affiliate and subsidiaries in sameelectoral group get only one vote for Class B

director 10/10 1324

Statement ordered published in FRBulletin 10/18 1358Voting rights of member bank and its subsidiaries,

statement ordered published in FRBulletin 10/18 1358Fed eral Advisory Council meetings with directors before as

well as after Advisory Council meetings, dis-cussed 5/20 726

Fed eral Advisory Council members, directors should not be

Fees appointed members of, statement of Mr. Ecclesand allowances, special allowance for transportation

to Warren F. Whittier, Class C director at

12/10 1575

Philadelphia, because of distance from city 1/22 109Inflation checks, statement recommending legislation to

Congress should not be first presented to di-rectors because it would result in delay and

Me destroy confidential nature

mbership applications, copies of material prepared each

month showing applications received, to be sentto all directors

12/17

7/25

1620

1065-anch banks:APPointnents of, matter of when advice should be sent left

to Personnel Committee 12/19 1644Advice to be sent December 26 12/23 1674

/31,APPointments will be released to press on January 2imore:

12/31 1718

Roberts'

W. Frank, reappointed for three-year term 12/19 1638Aolrmingham:

Norton Edward L., reappointed for three-year term 12/19 1638

Folsom, Marion B., advice to U. S. Information Servicethat he is serving on staff of Advisory Commis-sion to Council of National Defense 6/27 952

Kei--1 ogg, Howard, reappointed for three-year term 12/19 1636Appointment tendered since he has not had six or

more years of continuous service 12/26 1689


Dire2,!?rs: (Continued)'Itbranch banks: (Continued)

Charlotte:Creech, Charles L., Sr., appointed for unexpired por-

tion of three-year termHarris, George S., resignation because of removal from

branch territoryWright, George M., reappointed for three-year term

Cincinnati:Brown, Frank A., reappointed for two-year term

Denver:

Appointments to fill vacancies discussedMitchell, A. K., not reappointed because of political

Detroit: activities

Avery, Clarence U., appointed for three-year term sub-ject to acceptance

Marshall, A. C., not reappointed because of six years

El Paso: service and to be thanked for services

Martin Jack B., reappointed for three-year termHelena: '

Cunningham, Alex, reappointed for two-year termH°u8ton:

Chance, George G., reappointed for three-year termNeal, John W., expression of sympathy on death of%J

acksonville:

84Pages

12/19 1643

5/18 71412/19 1638

12/19 1637

12/26 1687

12/19 1644

12/23 1673

12/19 1644

12/19 1641

12/19 1640

12/19 16419/ 9 1201

APpointments to fill vacancies discussed 12/26 1687Haynes, Bayless W., not reappointed because of six

Lit years service and to be thanked for services 12/19 1644

tle Rock:

MBarnett, I. N., Jr., reappointed for three-year term 12/19 1639

eetings, amendment to bylaws changing date from Tuesdayto Friday 2/13 236

Penick, James H., no objection to continued service as

8 A Ch airman of Arkansas State Planning Board 5/ 7 642

ngeles: Lo

Fees for 1940 approved 1/11 57

ulsville:,0

1.

osecrans, W. S., reappointed for two-year term 12/19 1641

Boomer, G. 0., appointment for unexpired portion ofterm ending December 31, 1942 2/14 241

May continue to serve as member of Louisville Bridge 4/ 8 475Commission

ines, Perry B., reappointed for three-year term 12/19 1639hacht, Charles A., Managing Director, appointment and

salary 2/19 263


DireeFR( Continued)Brach banks: (Continued)MemPhis:

Alexander, Vance J., service to State Civil Service Com-mission, no objection

Branch, Rufus C., reappointed for three-year termPalmer, E. W., reappointed for three-year term

New Orleans:Billington, E. F., reappointed for three-year term

Oklahana City:Clinton, Lee, not reappointed because of six years ser-

vice and to be thanked for servicesDaniel, C. E., resignation as Managing DirectorFerguson, Phil, appointment for three-year termPipkin, G. H., appointment and salary as Managing Di-

rectorpittSs=erg, W. H., reappointed for three-year term

porttliccic: George T., reappointed for two-year term

Engbretsen,A. E., reappointed for two-year termFees for 1940 approved

Salt Lake City:Fees for 1940 approvedRich, R. C., appointed for unexpired portion of term

ending December 31, 1940Reappointed for two-year term

Thomas, John, resignation to accept appointment as U.S.Senator from Idaho

San Antonio:Bartholomew, C. M., expressions of sympathy to family

, term

and colleagues on death ofsea4lieroe Dolph, reappointed for three-year

Fees for 1940 approvedIriter.2elsen, Fred, reappointed for two-year term

srican Bank, statement to be inserted in minutes of

Method P committee on method of appointment

-"4.asal -- 04 appointment discussedpi _Wages:aabied employees, not desirable to make general modification

in authority given FRBanks pending report ofPresidents' Conference committee but Di individ-ual cases will be acted upon by BoardT 01- Columbia:a.)c asq

'ciend --ess°r: (See Assessor for District of Columbia)toli 8:

',/fal" State Bank Company, Bolivar, Ohio:Iles+ •kirictions imposed by depositors agreement should be

endorsed on stock certificates

85Pages

1/13 6012/19 163912/19 1638

12/19 1638

12/19 16447/13 1028

12/12 1596

7/13 102812/19 1640

12/19 1637

12/19 16411/11 57

1/11 57

3/7 35212/19 1641

2/14 241

9/25 124512/19 1641

1/11 5712/19 1641

4/8 4745/15 688

10/31 1428


NAld ,,enQs: (Continued)rtl3anks:

Payment for six months ending June 30, 1940Payment for last six months of 1940 authorized

Girard Trust Company, Philadelphia, Pa., policy not approved

and letter to bank re absorption of real estate

holding companies ordered revised to stateRevised letter approvedMatter left to discretion of FRBank of Philadelphia, exami-

Dov„• nation should be made as soon as possibleprehe:/ aobert H.: (See Nebraska State Department of Banking)

') Fred L., director of Bank of America, letter to Comptroller

inquiring re order to show cause why examina-

tion report should not be published, copy en-

closed in letter from ComptrollerJ. L.: (See State member banks, First Security Bank of

D4L

Idaho, Boise, Idaho)aurence: (See State Department)' J• H-: (See National banks, National City Bank of New

York, N. Y.)

PRBanks:arters

aFRBanks, use to write down value suggested as topic

for Presidents' Conference 11/ 7 1/448nd dividends of State member banks:

uer River County Bank, Broadus, Montana, report for calendar

year 1939 accepted in lieu of usual semi-annual

.r1 report-gsp c.nd expenses:

ks:

1939, preliminary statement, with corresponding figures for

1938, approved and issuance of press statement

Ma authorizednual of instructions governing preparation of reports, re-

membervised pages sent to FRBanksbanks for 1939, data will be furnished to American

money: Bankers Association when completed

Cause ,s desirable actions and probable consequences, suggested

as topic for discussion by Federal Advisory

CouncilTesirable actions and probable consequences, topic for dis-

cussion by Advisory Council sent FRBanks with

Pecieral A request that board of directors consider

-dvisory Council statement and recommendation discussed

and question of publishing in FRBulletin de-

ferred

86Pages

6/21 93212/23 1665

10/ 8 130310/ 9 1312

10/19 1362

1/26 144

2/6 204

1/4 20

1/9 45

5/14 684

4/23 543

4/30 593

5/21 732


taayr1!),IleY: (Continued)egeral Advisory Council's attention called to statements made

by Council at time of passage of Banking Actof 1935, in connection with recommendations asto easy money

Federal toCouncil statement, request for publication

withdrawn and will be reconsidered at September

meetingReport ,01 FRBank of Boston will not be completed until addi-

Feder tional two-week periodal Advisory Council statement, letter to Mr. Lichtenstein

tilde ordered prepared-Lon of Research and Statistics requested to prepare state-

ment that can be published at same time that Ad-visory Council statement is published

Governors, suggested that Presidents prepare state-ment and ask Board to release it to press orsend it to Treasury or Congress

at Conference of Presidents with special emphasis onpossible solutions of problem

C°nferences,

48eUssed

Federal

Repije

Federal

Advisory Council statement, publication of, advice toCouncil that Mr. Lichtenstein's memo had beenbrought to attention of Board

of FRBanks to letter from Board sent to Advisory Councilmembers

Advisory Council statement, Board will publish answer

87Pages

5/21 746

5/21 753

5/22 765

5/24 787

5/24 788

5/28 806

5/28 804

6/3 830

7/12 1026

if released and appointment of joint committeeto be recommended to publish statement on whichboth could agreeRe emmendation of Board that joint committee be appointedto work out statement on which both could agree

Advwill be considered by Council tomorrow

ice that Council committee had been appointed and would

Ec meet with Board committeeto„ cles authorized to appoint Board committeevPointment of Messrs. Eccles, Szymczak, and Draper to

10/

10/

10/10/

7

7

89

Board committee, Board meeting to be held on

Me November 7 or 8 to give instructions toet• lng with Council committee set for November 18 and

special report to Congress re monetary and

Mr, n- credit problems to be discussed

00 iloinsom to serve in place of Mr. Drapermmittees authorized by Board and Advisory Council to dis-

Re - cuss report to Congresscummendation of committees that publication be deferred

adopted at Council meeting and draft of reportto Congress to be prepared

1281

1295

13001314

10/29 1412

11/14 146511/14 1466

11/18 1486

11/19 1490


tasIr'ip'4,c'n.eY: (Continued)

seems to Mr. Young to be reversed by adoption of state-ment recommending legislation to check infla-tion and resolution should be adopted 12/17 1619

Presidents do not favor adoption of such resolution 12/17 1622Belief of Mr. Young that adoption changes policy and gen-

Eckert, r eral consensus to contrary 12/17 1626-,11.gene A., cost of luncheon in Board's dining room to be

borne by Board 5/23 780°11 strong & Company:

on exchange-trusts borrowed from Library of Congress andCon • sent to FRBank of Dallas 7/ 2 979

1-Y-right of title, charter, etc., of National Exchange-Trust

.rgencYSystem made by 9/27 1249

co_ P ant facilities contract:tjl

0f1

form to provide cooperation between Government andprivate industry re defense supplies transmittedto FRBanks and branches along with letter fromAdvisory Commission 9/20 1229

Advice to Commission that telegrams, letters and copies ofcontracts have been sent FRBanks and branches 9/21 1236

Results of survey sent Commission and copies of Commission'sannouncement sent FRBanks and branches 9/25 1240

efense Commission employees to be requested to answer

Boa -A questions for Advisory Council members 10/ 7 1283"I commended by Advisory Council for helping develop

form, and assistance in passage of bill topermit assignment of claims as collateral for

Loa loans 10/ 7 1288n rates on plant contracts discussed at Advisory Council

meeting 10/ 7 1289Ad vice to Council that Defense Commission employees willTobe present if Council so desires 10/ 7 1290

Pr—be present at meeting tomorrow 10/ 7 1297

D -ent at meeting to discuss and answer questions 10/ 8 1299oyeesTt of contract presented by Mr. Eaton and discussed 10/ 8 1299

-Lunds at FRBanks, FRBank of St. Louis requested for ad-vice of status and plans for ultimate disposi-

ti e to tionestablish credit unions, FRBank of St. Louis requested

'erltto advise of steps already takenfor national defense, plan to prevent contractor having

ownership without cost of facilities constructedduring emergency and paid for by Government,

Don D Ur. Vest to analyze plan'elipe A., cost of luncheon in Board's dining room to be

borne by Board

88Pages

7/20 1057

8/30 1191

10/ 9 1318

11/22 1514


89Estonia: Pages

Gold under earmark and correspondent accounts at FRBank of NewYork, advice that FRBank had been requested totransfer them to State Bank of the Union of So-

Elerard' R cialistic Soviet Republics

e P. A . (See National banks, Bank of America, N.T. &

4anlinat*A 1°118:

S.A., San Francisco, Calif.)

eilr On

ff.a State Bank, Avoca, Iowa, FDIC granted permission to exam-ine in connection with withdrawal from FRSystem

Bank of and continuation as insured bankAmerica N.T. & S.A., San Francisco, Calif.:

Board making examination as requested by bank, advice thathearing contemplated by Comptroller re orderto show cause why July examination reportshould not be published could not be held un-less Board agreed not to make examinationS

tatement of Mr. Eccles that Comptroller was planning forSection 30 proceeding in addition to order toshow causeS

tatement by Mr. Eccles that threat of bank to convert in-to State institution made it all the more neces-sary that Board make no commitment not to ex-amine the bankStaff of Board requested to recommend whether examination

Mr.Morri • should be madell requested to obtain from Comptroller any fur-

COPY ofdocuments needed by staff 51

resolution passed by board of directors approvingletter from Mr. Collins requesting that Boardmake, ordered sent to Mr. Day and copy orderedsent to Comptroller

Report of Mr. Eccles as to conversation with Comptrollerand that he had stated that there appeared tobe no reason for prompt decision by Board sinceorder to show cause why examination report

Advice should not be published had already gone outthat morning meeting at Treasury had been for purpose

of requesting Board not to make examinationStatement by Mr. Eccles that request would be held in abey-

ance if agencies worked out programof Great Neck, N. Y., condition is shown to be unsatisfac-

tory and FRBank of New York directed to attempt

7/25 1072

12/31 1716

1/ 9 40

1/10 49

1/10 50

1/10 51

1/101/10 51

1/15 66

1/16 75

1/18 90

1/18 92

}3tInite or

improvement 6/11 867ganized prior to June 16, 1933 are not required to be

entitled to benefits of insurance under Sec.12B of FRAct, and examination by FDIC not neces-

ke Sta sary for admission to membership in FRSystem 4/19 535te Bank, Burke, S. D., FDIC granted permission to ex-

amine in connection with withdrawal from FRSys-tem and continuation as nonmember insured bank 2/26 304


elltione: (Continued),2e Bank, New York, N. Y., report sent to Mr. Aldrich

Coerce Union Bank, Nashville, Tennessee, employees of Nash-ville Branch designated special assistant exam-iners to assist in

ount State Bank, Fairmount, Ind., certificate of depositissued by Marion National Bank, Marion, Ind. asshown by examination is not in conformity with

PRBank Regulation Qof Atlanta, report, Mr. Neely requested to advise Board

when report has been considered by directors,

Namk and to make such comments as he desiresof Chicago, report, request that Mr. Wood offer comments

or suggestionsRequest for comments or suggestions onnk of Cleveland, copy of report sent to Chairman Brainard

with request for comments and suggestionsRequest for comments or suggestions on copy of report left

PRBazik at bank01- Dallas, report, request to be advised when report has

been considered by directors and for any com-Nal* of ments made

Kansas City, request for advice whether report hasbeen considered by board of directors, and

Patarat any comments Mr. Caldwell might like to makeof Minneapolis, report, request for comments or sugges-

tionsof New York, confirmation of certain foreign accounts not

Nank ofto be requestedPhiladelphia, report, request for comments or sugges-

tions onof St. Louis, report, request for comments or sugges-

k of tionsSan Francisco, report left for chairman and directors

with request for comments or suggestions8/ 1941, Mr. Paulger directed to make at least one exami-

c; nation of each bank4.tizens Bank & Trust Company of Utica, N. y., FDIC

"rard granted permission to examineTrust Company, Philadelphia, Pa., should be made as soon

Rold4Company

as possible, advice to FRBank of Philadelphia-ampany affiliates, data concerning the affiliate and

10, other affiliated banks should be contained inopen section

--L.e Trust Company, Louisville, Ky., trust funds depositedin commercial department as shown by examina-

tion, real estate mortgage loans cannot qualifyas valid security

?Rank

90Pages

1/24 121

3/22 394

7/10 1011

3/13 379

2/12 2238/ 9 1114

1/8 33

8/20 1151

5/9 654

3/29 430

6/25 944

10/25 1392

10/18 1358

7/16 1037

5/28 809

12/21 1659

6/3 828

10/19 1362

11/15 1475

5/9 655


91Pages

nat )f, , ons: (Continued)4,zraiDer banks:

Housin authority notes and deposits, proper method of

showing in reports of 10/24 1380Relation of FRBank of Minneapolis president to examination

department, Board concurs in opinion of Counsel

Ueland that President is responsible for ac-

Mid- • tionsCltY Trust Company, Plainfield, N. J., report shows unsat-

isfactory condition and retirement of preferred

Mohawk stock should be deferred 4/23 558State Bank, Mohawk, Ind., FDIC granted permission to ex-

amine in connection with organization of new

bank to take over at expiration of corporate

charter 4/23 5591101111t p

leasant Bank & Trust Company, Pleasantville, N. Y.,FDIC granted permission to examine in connec-tion with absorption by First National Bankof Pleasantville 1/17 88

Mount p leasant Bank & Trust Company, Pleasantville, N. Y., FDIC

granted permission to make in connection with

absorption by County Trust Company, White

Plains, N. Y. 6/18 910'rust Co. of Westchester Co., Port Chester, N. Y., FDIC

granted permission to examine in connection with

National sale to new bank 6/18 910Bank of Commerce, Lincoln, Nebraska, violation of Regu-

lation Q by absorption of out-of-pocket chargesfor country bank depositors, advice to Comptrol-

Sandbora ler that no action has been taken 9/25 1244Banking Company, Sandborn, Ind., FDIC examination not

necessary for admission to membership in FRSys-tem 4/19 535

4eill'itY State Bank, McIntosh, S. D., FDIC granted permission to

make, in connection with withdrawal from FRSys-

ShelbY Loan tern and continuance as nonmember insured bank 2/27 310

Ex. Trust Company, Shelbyville, Ill., check up exami-

nation suggested after bank has been member of

8°11th ni _ FRSystem for six months 6/22 937uPtn Bank, Southampton, N. Y., FDIC granted permission to

make in connection with absorption by First Na-

tional Bank of Southampton and loan by FDIC to

Zrr.ac national bank 4/ 8 474Use Trust Company, Syracuse, N. Y., FDIC not granted per-

mission since matter has been closed 5/23 777-,pany of Georgia, Atlanta, Ga., results of next examina-

tion to be sent SEC in connection with practices

in sales and purchases of securities for cus-

tomers 8/16 1144

5/1 607


,tions: (Continued)"lc'n Bond & Mortgage Company, Port Angeles, Wash., answer to

questions re examination report of17estrield Trust Company, 'Westfield, N. J., FDIC granted permis-

sion to examine in connection with merger with

ners First State Bank of Scotch Plains, N. J.

Boa,.of Governors:

Barker, Clarence S., assistant examiner, headquarterschanged from Atlanta to Washington

Boysen, John T., assistant examiner, salary increasedCagle, C. E., examiner, designated to inspect returns filed

by holding company affiliates in connection withcredits to be allowed for income tax purposes

Conkling-, Gerald M., examiner, designated to make inspectionof returns filed by holding company affiliatesin connection with credits for income tax pur-posesCo

92Pages

11/15 1475

3/29 430

1/ 8 324/30 598

2/14 249

2/14 248nnell, John J., examiner, appointment and salary 11Z 152r°31DY, Joseph B., examiner, resignation

W. D., examiner, salary increased 4/30 598441g1i8h, J. Fred, selected to attend Graduate School of

Banking for 1940 session, allowed leave withpay, travel expenses from point where stationed,

Fra tuition fees 3/22 395Goorrtni, John C., assistant examiner, salary increased 4/30 599Hi -wan, Glenn M., examiner, salary increased 4/30 599Hog

-i-!!field, Carroll, assistant examiner, salary increased 4/30 598

H0P ns, Julia B., assistant examiner, salary increased 4/30 59986rup, C. C., examiner, designated to make inspection of

returns filed by holding company affiliates inconnection with credits for income tax purposes 2/14 248

How Salary increased 4/30 599jol„!rd, Thomas P., assistant examiner, salary increased 4/30 599j;n, Edwin J., assistant examiner, salary increased 4/30 599"e8, Laurence H., examiner, designated to make inspection

of returns filed by holding company affiliatesin connection with credits for income tax pur-poses 2/14 248

%1213aag, H. 0., examiner, salary increased 4/30 598141! And rew w., assistant examiner, salary increased 4/30 599one, C. T., examiner, designated to make inspection of

returns filed by holding company affiliates in

Masse connection with credits for income tax purposes 2/14 249

mcci:, E. Ralph, assistant examiner, salary increased 4/30 59914t11:4-land, W. J., examiner, salary increased 4/30 599

a-rd, E. R., examiner, granted sick leave with per diem

tiurpp allowance'13 Gordon R., examiner, salary increased

8/ 7 11034/30 598


93

43z:triertiuoa.rci

Pp

s: (Continued)of Governors: (Continued)

Myers, Edward S., assistant examiner, salary increasedNelson, F. A., examiner, salary increased

Transferred to Secretary's Office as Assistant Secretary

with no change in salaryNewman, Harold J., assistant examiner, salary increased

Promoted from assistant examinerResignation to accept position as examiner for FRBank of

ChicagoNo 11---', J. C., transferred from Assistant Secretary to exami-

ner and given authority to examine banksPollard, W. B., examiner, salary increasedRadford, J. R., Jr"

examiner, designated to make inspection

of returns filed by holding company affiliatesin connection with credits for income tax pur-poses

Salary increasedSiolems, L. A. A., headquarters changed from Baltimore to

WashingtonSk 'es, Laurence E., examiner, designated to inspect returnsfiled by holding company affiliates in connec-

4/304/30

6/34/305/13

7/22

6/34/30

2/144/30

3/4

2/145/14/30

2/2

9/ 510/31

10/14

12/27

Pages

598599

826599673

1058

826599

249599

332

249603599

195

11921427

1333

1695

tion with credits for income tax purposesTlarnbull, Joseph A., assistant examiner, resignationWinkl er, P. J., examiner, salary increased'1thart, Harvey J., assistant examiner, granted additional

leave with payZid ek Louis, assistant examiner, transferred from Secre-

tary's Office to road force for temporaryperiod

AApointment made permanent and salary increased:slng houses**Dui,

et . •

l in, copies will be sent to upon request, and FRBanksrequested to send number of examiners employed

15

each houseof A

lz, tlant

arber, Ernest James, assistant examiner, appointment ap-proved

t-twrood, W. H., Jr., designated special assistant exami-

nerForbesHa , James B., designated special assistant examinerrw711, N. B., assistant examiner, appointment approved

Jo liPpointment approved11'8, Carl E., designated special assistant examiner14,

iile'22Y, Nathan N., appointment approvedwi”e, Justin M., designated special assistant examiner,Z-Liamson, Fred L., designated special assistant examiner

of Boston:rrett, John J designated special assistant examiner to

lend clerical assistance

3/22 3943/22 394

1615 139

/5 9433/22 394

71/282 1C3t.3/22 394

7/ 9 1009


Z1s: (Continued)"L'3a-nk of Boston: (Continued)

Brady, Charles H., designated special assistant examiner tolend clerical assistance

Brown, George W., name removed from list of those designatedspecial assistant examiners

Buckner, William J., designated special assistant examinerto lend clerical assistance

Deans, Robert, designated special assistant examiner tolend clerical assistance

Harris, Frederick A., name removed from list of those desig-

nated temporary assistant examinersHenry,

Raymond E., designated special assistant examiner to

Macy lend clerical assistanceMacKenzie, Duncan P., name removed from list of those desig-

natedMa special assistant examinersMaher, James L., designated special assistant examiner to

lend clerical assistanceMcFadden, Francis L., designated special assistant examiner

Mu to lend clerical assistanceMuse, Roger C., designated special assistant examiner to

lend clerical assistanceRich, Edwin A., designated special assistant examiner to

lend clerical assistanceSaunders, Curtis, designated special assistant examiner to

Shea, lend clerical assistance

ea, Alfred E., designated special assistant examiner tolend clerical assistance

--Leton, Lloyd A., designated special assistant examiner

ilk 0Cl

f Chica :04: lend clerical assistance

ark, John M., designated special assistant examiner tolend clerical assistance

Appointment as assistant examiner approvedS. T., appointment approved as examinerHard,

Roland, designated special assistant examiner to lend

Ibach clerical assistancey Herbert F examiner, appointment approveduohnsLyncl,

LI, Matthew Francis, appointment as assistant examiner

tlec, approved-ue, Fred Jordan, assistant examiner, appointment ap-

provedNewma, H. J., examiner, appointment approved

Harold L., designated special assistant examinerAppointment as assistant examiner approved

14Zer_son, I. J., assistant examiner, appointment approvedIpj?"Pf, Carl, examiner, appointment approved4-Ls, Walter Wade, assistant examiner, appointment ap-

proved

on, Herschel R., appointment approved

94Pages

7/ 9 1009

7/ 9 1009

7/ 9 1009

7/ 9 1009

7/ 9 1009

7/ 9 1009

7/ 9 1009

7/ 9 1009

7/ 9 1009

7/ 9 1009

7/ 9 1009

7/ 9 1009

7/ 9 1009

7/ 9 1009

2/27 30910/30 14207/11 1016

7/ 8 10029/10 12064/9 485

4/9 485

12/ 37/223/225/217/ 85/21

8/23

15411059394754

1002754

1161


FluIrs: (Continued)ank of Chicago: (Continued)Whitney, William C., designated special assistant examiner

to lend clerical assistanceFR Bank of

Cleveland:, Andrew Robert, appointment approvedkiav augh, John William, promotion from assistant approvedLippert, G. D., appointment approvedUcEnteer, Ben, Jr., examiner, promotion from assistant ex-

aminer approvedPolan

Fpza d, R. L., examiner, appointment approvednk of Dallas:lepancellor, E. A., examiner, appointment approvedesignation of ten employees as special assistant examiners

Dunn to lend clerical assistance

--gan, J. C., assistant examiner, appointment approved-ore, Charles, designated special assistant examiner to

Tenn. lend clerical assistance

--lson,

Harry 0., designated special assistant examinerto lend clerical assistance

N„, Appointment as assistant examiner approvedu1c of New York:Anderson Eystein L., examiner, appointment approvedBoone, Frank F., appointment approvedraun, William H., Jr., designated special assistant exami-

nerClifford, Daniel J., assistant examiner, appointment ap-

provedpi-ar, Samuel J., assistant examiner, appointment approvedi;echer, Charles B., designated special assistant examiner14-4Z3er,s,John K., appointment approved

Angus A., Jr., assistant examiner, appointment ap-proved

APpointment as examiner approved''Lldner, Curtis E., assistant examiner, appointment ap-

Pie provedrce, John F designated special assistant examiner

Tie-Yrs, Richard A., appointment approvedrneY, Joseph F., assistant examiner, appointment approvedTrlaesdell, George E., assistant examiner, appointment ap-

provedWelstead, Dudley L., designated special assistant examiner

aqk to lend clerical assistancePhilt of adelphia:

a-)rn rl •1114;:: 11, Paul B., appointment as examiner approvedCl. t!tt, Charles V., designated special assistant examinercr:".lord, H. Leland, designated special assistant examinerpr:,4g, Howard F., designated special assistant examiner", Joseph, designated special assistant examiner

95Pages

2/27 309

2/15 2533/28 423

10/26 1395

8/ 9 111312/ 3 1541

7/12 1023

4/15 5127/12 1023

10/ 3 1274

7/ 6 10007/12 1023

1/30 1649/11 1209

9/11 1209

2/7 2079/11 12099/11 12097/ 8 1002

2/7 2077/ 8 1002

9/11 12099/11 12097/ 8 10022/7 207

9/11 1209

2/7 207

5/10 6698/27 11818/27 11818/27 1181

8/27 1181


Its: (Continued)nk of Philadelphia: (Continued)!Cress, Gustav A., designated special assistant examiner,,?ler, John E., designated special assistant examinerrall, Gordon J., designated special assistant examinerk of Richmond:Armistead, N. L., examiner, appointment approvedArmstrong, B. F., designated special assistant examiner to

lend clerical assistanceDodd, James W., Jr., appointment approved, effective date

Eubank, P. H.,and photograph requested from FRBank

appointment approved, effective date andphotograph requested from FRBank

Gerbig, Wm. J., designated special examinerMalcom, Wm. H., Jr., appointment approved, effective date

and photograph requested from FRBankMills, U. H., appointment approved, effective date and pho-

Shelb tograph requested from FRBank

urne, Clarence D., designated special assistant exami-ner to lend clerical assistance

s APpointment as assistant examiner approvedraart, R. H., appointment approved, effective date and pho-

tograph requested from FRBank!atkins, W. Royden, appointment approved.eates, Rutherford, appointment as assistant examiner ap-

provedim of St. Louis:1!!aggott, George I., examiner, appointment approveduennett, Marvin L., designated special assistant examiner to

Be lend clerical assistancerthold, Harold J., designated special assistant examiner

BOU to lend clerical assistance

Paul W., designated special assistant examiner to lend

Chapin clerical assistance, Earl H., assistant examiner, appointment approved

,rcirtmeister, Louis A., examiner, appointment approvedmueller, William R., designated special assistant examiner

to lend clerical assistance

Shell, OlindW., designated special assistant examiner to

n telend clerical assistance

of Sa Francisco:8Ignation of fifteen employees as special assistant exami-

Lub- ners approved814, Leonard D., designated special assistant examinerykirle, H. F., designated special examiner'r°n, William Francis, assistant examiner, appointment

approved, insured loan on house to be placedwith nonmember bank

96Pages

8/27 11818/27 11818/27 1181

12/ 9 1565

5/13 674

7/10 1010

7/10 10107/10 1010

7/10 1010

7/10 1010

8/ 9 111212/27 1695

7/10 10103/29 429

12/27 1695

5/16 700

5/21 754

5/21 754

5/21 7545/16 700

11/ 8 1452

5/21 75411/ 8 1452

5/21 754

11/19 14981/4 188/29 1186

7/30 1081


97Pages

(Continued)Of San Francisco: (Continued)

lleat, R. B., designated exPminer in connection with assign-ment to supervise examination department ofFRBank 6/25 944

plitalXs.1:erg, Weston Fay, appointment approved 3/29 429

Loan by member bank on house should be transferred to non -

ranch banks: member bank 7/30 1081FRB

Detroit:George, John, name removed from list of those designated

special assistant examinersSmith, Wayne, designated special assistant examiner to

Nashville: lend clerical assistance

Davis) Frank J., designated special assistant examinerfor one examination

Hooper, Jesse, designated special assistant examiner forone examination

McGee, S. H., designated special assistant examiner toassist in one examination

Miller, M. L., designated special assistant examiner toassist in one examination

Newson, Curtis, designated special assistant examiner

Seattl for one examination

e:

2/21

2/21

3/22

3/22

3/22

3/22

3/22

278

278

394

394

394

394

394

Nati LubY, Leonard D., designated special assistant examiner 1/ 4 18onal banks:Pitzg erald, George J., letter written to Comptroller stating

that First National Bank of Battle Creek, Mich.,has not been relieved from all duties as fidu-ciary in view of law suit now pending 5/ 1 606

P°1ger, W. P., Chief Examiner, cost of luncheon in Board'sState banks. dining room to be borne by Board 3/12 375

Fptrcomplimentary copies to be sent to, and FRBanksrequested to send names 12/ 5 1552

Profits tax, advice from Mr. Ransom of discussions with rep-

resentatives of American Bankers Association

ge-Trusta. and Comptroller re effects of pending proposals 8/27 1179CcPY of book copyrighted by Elmon Armstrong St Company borrowed

from Library of Congress and sent FRBank of

,)tt 11West;_e... Dallas79//27 1927499kutIve Go-Lion has been made by FBI, advice to FRBanks

officers:L•, Farmers National Bank of Great Bend, Kansas, addi-

tional data requested from Comptroller before

Board can rule as to whether he is executive

officer 3/13 381Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

4ecuti,6 officers: (Continued)

-unn, L. L.: (Continued)Not necessary for Board to express opinion since he is no

longer member of discount committeeInactive president participating in operating management

of bank as, statement ordered published inFRBulletin

48-ns to:Exceptions relating to, statement ordered published in

FRBulletinLiberty National Bank, Weatherford, Okla., discussion of

whether loan to wife of President McBurney isin violation of Regulation 0

Stockholders' loan fund not within provision of Section22(g) of FRAct unless person borrowing is ex-ecutive officer and loan constitutes borrowingfrom member bank

''ent and vice president of First State Bank of Olmstead,Ill., in connection with membership application,

Vice FRBank to consider questionpresident who has authority to sign checks, deeds and

other documents in absence of president is

kre executive officerof national bank officer, loan secured by mortgage on

residence property, suggested to Comptrollerthat he have examiner investigate during courseof next examination

vice

41_7 orders:'glum, Netherlands, and Luxembourg, statement re transfer of

Eccles property, ordered published in FRBulletinNrid, ' M- S., designation as Chairman of Board for four years„ U. S. belonging to Norway or Denmark, proclamation pro-

hibiting export or withdrawal from country offunds except under license, report of incidentsprior to issuance and procedure to effectuate

114480/2 its provisionsRonald, designated Vice Chairman of Board for additional

term of four yearsM Property, transfer of, order and regulations on trans-

fer, statement ordered published in FRBulletin-es, foreign, order prohibiting dealings in, statement

War in ordered published in FRBulletinEurope, order governing transactions in foreign

and securities, attorney to be sent byFRBank of New York to assist in work

/liteZ(A)rt Bank:zun-srican Bank, copy of Board's letter to Mr. Berle, or-

dered sent to President of

exchangeBoard to

98Pages

4/10 495

12/18 1634

2/14 252

5/16 704

1/8 37

12/18 1634

12/11 1592

4/18 517

5/17 7113/8 355

4/11 501

7/24 1060

10/18 1358

8/13 1132

5/10 664

3/27 412


"F"PeArre—pede_r) Clarke L.: (See Federal Home Loan Bank Board)4:a-1-Advisory Council:

P414nistrative procedure of Board, copies of report prepared byMr. Salant for Committee on Administrative Pro-cedure of Department of Justice, ordered sent

Advis to members 2/13°rY Commission to Council of National Defense, duties under

Agenda: Internal Revenue Code, memoranda sent to 10/19

Copies requested in advance of meeting for consideration

Assi by Board members, letter to Mr. Lichtensteingmment of claims against U. S. as collateral for loans to

small businesses, suggested that Council givefurther consideration toRe cmmendation of Council read and ordered further consid-ered at Council's separate meetingA •dvloe to Council that recommendation will be considered

Me when review is completed"rs. McKee and Szymczak to discuss legislation with mem-

ersbBoardkb,,rb commended for part in passage of bill

°rids, issuance approved, and question of restrictingamount that might be bought by single pur-chaser, discussed

of 1935, statements by Council at time of passagecalled to their attention by Mr. Eccles in con-nection with Council's statement re easy money

policyunder Wagner Resolution, suggested that Boardand Council appoint committees to discuss to-getherCO

asked to inform Board when committee has been ap-pointed to consider

'8 conditions for next 90 days, to be discussed if suffi-cient time is had

8" prospects, replies of FRBanks to letter from Board

OA•-Pltal sent to Advisory Council membersstructure of banks, effect of decline in securities

market on, discussed at meeting, and view ofMr. Brown that survey should be made to deter-

Int mine°rmation sent to Edward E. Brown, President of Advisory

De Council, with request for opinion as to whether

Partme,+ study would be helpfulof Justice Committee on Administrative Procedure

asked to send card to Council notifying of pub-

lic hearings

Banking Act

Ban •king studies

99Pages

232

1363

1/27 149

5/20 725

5/21 729

6/3 830

8/ 2 108610/ 7 1289

2/20 273

5/21 746

5/20 720

6/3 830

5/20 720

7/12 1026

2/20 272

3/ 4 338

6/4 845


Peder,t,I14.Advisory Council: (Continued)'43Y money policy, statement that Council was preparing state-

mentStatement presented and discussed, question of printing

deferredSta tements by Counsel at time of passage of Banking Act

of 1935 called to their attention by Mr. Eccles

in connection with statement on easy moneyRequest for publication of statement withdrawn and will be

reconsidered at September meetinglAraft of letter to Mr. Lichtenstein ordered prepared'IVice to Council that memo of Mr. Lichtenstein had been

brought to attention of BoardRePlies of FRBanks to letter from Board sent to Advisory

B Council members

oard will publish answer if released and appointment ofjoint committee to be recommended to publishstatement on which both could agree

Recommendation of Board that joint committee work outstatement on which both could agree will be

considered by Council at meeting tomorrowAdvice that Council committee had been appointed to meet

with Board committeeEccles authorized to appoint Board committee

'PPointment of Messrs. Eccles, Szymczak and Draper to Boardcommittee, Board meeting to be held on November

Me 7 or 8 to give instructions to•etlng with Council committee set for November 18 and

special report to Congress re monetary and

Mr. credit problems to be discussedRansom to serve in place of Mr. Draper

mmittees authorized by Board and Council to discuss con-

Rec templatedreport to Congresselltnendation of committees that publication be deferred

adopted at Council meeting and draft of report

to Congress to be preparedcY plant facilities contract:

PY of form to provide cooperation between Government and

private industry re defense supplies transmitted

to FRBanks and branches along with letter from

Advisory CommissionAdvice to Commission that telegrams, letters and copies

of contracts have been sent FRBanks and branches

Results of survey sent Commission and copies of Com-

mission's announcement sent FRBanks and branches

Defense Commission employees to be requested to answer

questions for Advisory Council members

100Pages

5/20 720

5/21 732

5/21

5/215/24

6/ 3

7/12

746

753787

830

1026

10/ 7 1281

10/ 7 1295

10/ 8 130010/ 9 1314

10/29 1412

11/14 146511/14 1466

11/18 1486

11/19 1490

9/20 1229

9/21 1236

9/25 1240

10/ 7 1283


Feder,z,!-L Advisory Council: (Continued)--utergen -oJ plant facilities contract: (Continued)

CoPY of form: (Continued)Board commended by Advisory Council for helping develop

form, and assistance in passage of bill to

permit assignment of claims as collateral for

loansLoan rates on plant contracts discussed at Advisory

Council meetingAdvice to Council that Defense Commission employees

will be present if Council so desiresTo be present at meeting tomorrow

4._ Draft of contract presented by Mr. Eaton and discussed'ess reserves, Council requested to assist in formulating

legislation to deal withlpede_ uon favored with certain means advanced

ra-1 Home Loan Act, Home Owners Loan Act, etc., H.R. 6971 to

101Pages

10/ 7 1288

10/ 7 1289

10/ 7 129010/ 7 129710/ 8 1299

2/20 27310/ 7 1292

amend, Council to be advised to send statement

Adu4 to Banking and Currency Committees immediately--ce that bill will be taken up this week, and that Ad-

visory Council had sent statement to Commit-

4/5 463

Pl°tat teesi°n of securities by means of loans by member banks, dis-

Porei cussed at

4/9

2/20

476

2716" deposits and property in U. S. in connection with war

abroad, statement of Mr. Eccles that matter was

Filnetio being handled by Treasuryne, extracts from Congressional Committee reports on

5/20 723

Gold, original FRAct read by Mr. Szymczak at meeting 5/20 726Purchase should not be discontinued and gold should not

Gold be put into circulation, opinion of Council 5/21 746circulation at present price would have no material

effect on problem of excess reserves, but might

G017e v.- encourage investment of capital,Lurtent deposits, transfer from member to FRBanks suggested

Gove— as means of reducing excess reserves.i"!nent securities:'°ng-term obligations, comment of Mr. Eccles re policy of

Ma.ric Treasury in issuinget', exercise of stabilizing influence stated by Mr.

Eccles to be primary responsibility of FRSystem,

2/20

10/ 7

2/20

276

1292

273

Sale and review of purchases since outbreak of warto investors other than banks, advice that Council was

5/20 723

preparing recommendation, and subject discussed 10/ 7 1291ecommendation re 10/ 8 1299

Recommendation ordered sent Treasury Department 10/ 9 1313Letter to Secretary of TreasuryReply

10/15 1336from Secretary of Treasury sent members and copy

1101(411 of letter and enclosures sent FRBanksg8 of securities not needed for earnings, disposal recom-

mended

10/24

5/21

1381


.ece.*L-LAdvisory Council: (Continued)

°11b Owners Loan Act, Federal Home Loan Act, etc., H.R. 6971 toamend, Council to be advised to send statement

102Pages

to Banking and Currency Committees immediately 4/5 463Advice that bill will be taken up this week, and that Ad-

visory Council had sent statement to Committeesdustrial loans:

4/9 h76

FRSystem's authority to make, view that authority should be

repealed 2/20 270Restricted power of FRBanks to make, has caused field to be

taken over by other agencies, statement of Mr.

EcclesView of Council that RFC should be clothed with additional

authority of making such loans instead of creat-

ing new Government agency as proposed by Mead

Billion checks, statement recommending legislation to Congress

adopted by Board, Presidents and Council

Inte-epoRrt of meeting with Secretary of Treasury'.--American Bank, advice to Council that Board had partici-pated in its establishment only in an advisory

Intere capacity and had no direct responsibility•Jones rates, future trend commented upon by Mr. Eccles

12,111, H.R. 9843, copies sent to- 'arm Credit Bill, provisions of bill and desirability of

Council forwarding statement to Congress dis-

cussed at meeting with BoardeJones....„ 8 of Mr. Davis' statement handed to members

"neeler bill (Farm Credit Act of 1940), statement submit-

ted as resolution and not as recommendation to

H.R Board8748 and S. 3509, advice to Council that there is

little likelihood of bill passing this sessionLiaiso of Congress

n officers at FRBanks to help small business in nationaldefense program, report re results of meeting

Margin in Washingtonrequirements, responsibility of Board for fixing, re-

ferred to by Mr. Eccles, and history of fixing

Ilead Bill requirements over past few yearsOpposed by Advisory Council on grounds that there

was no need for such loans by any Government

agency as proposed

meetiua ng with BoardU.,Z,19-21, 1940 to be date for next meeting--'Ings with directors of FRBanks before as well as after

Advisory Council meetings discussed

5/20 723

2/20 270

12/17 162712/19 1645

5/20 7232/20 2736/ 3 830

5/20 7215/20 726

5/21 729

6/3 830

11/18 1484

5/20 723

2/20 270

2/20 2684/23 543

5/20 726


Peri'81111 Advisory Council: (Continued)Meef

-1•/Igs: (Continued)Meeting to be held October 6 - 8,Meeting with BoardNovember 17 - 19 to be date for next regularMeeting with BoardMeeting with BoardPress

statements, no objection to Councileach meeting

iierabMereest:ing with Board and Presidents

APPointments not becoming effective until first meeting in1941 so that special committee may finish work

Banker not favored by Board and Chairmen

s only should be appointed toDirectors of FRBanks should not be appointed members of,

Rotation in statement of Mr. Ecclesmembership, no objection to resolution adoptedby Council for transmission to Conference ofChairmenRotation

of membership to provide for three new memberseach year, Chairmen will carry out proposalrecommended by Council

s Board in sympathy with rotation planPecial committee members may serve beyond present term in

Steele, Thomas to complete work

"4-e, Thomas M., reappointed by FRBank of Boston forNation„ 1940

defense, financing of, suggested by Mr. Davis that Mr.Lichtenstein be informed of developments so that

Ad he might inform membersvice to Council it was contemplated done by commercial

banksLett er from RFC to War and Navy Departments referred to and

Co discussed at meetingNew, PY obtained and furnished to Council4.0ans by member banks, method of showing in condition re-

request for topics

meeting

issuing after

ports, advice from Council that it was diffi-cult to define term in such way as would resultin submission of accurate information as tonumber of new loans, and that ABA survey for

°Att last six months of 1939 would soon be ready'44rket account, reduction favored by Council to reduce

excess reservesOf Board of Governors, offer to explain to operating

103Pages

9/10 120610/ 7 128810/ 7 129710/ 8 129811/18 1484

11/19 149312/17 1614

12/10 157412/10 1575

12/10 1575

11/19 1491

12/10 157312/10 1575

12/10 1574

1/11 56

10/ 8 1301

11/18 1485

11/19 148811/19 1495

2/20 271

10/ 7 1293

heads of banking institutions throughout country 5/20 71988 stat

-ements, issuing after each meeting, no objection by

Board 11/19 1493


104Pages

FederalAL,1, dvisory Council:

,corrunendations: (Continued)

Assignment of claims on U.S. by small business as collat-eral for loans, recommendation read and orderedlater considered at Council's separate meeting 5/21 729

Counsel's Office to make recommendation to Board re

amendment to Sec. 3477 R.S. to permit 5/24 788Easy money policy: (See supra Easy money policy)Government securities, sale of future issues to investors

other than banks, advice that recommendationwas being prepared, and subject discussed 10/ 7 1291

Recommendation re 10/ 8 1299

Recommendation ordered sent Treasury 10/ 9 1313Letter to Secretary of Treasury 10/15 1336Reply from Secretary of Treasury sent members and copy

of letter and enclosure sent FRBanks 10/24 1381°nes-Wheeler bill (Farm Credit Act of 1940), statement sub-

mitted to Board as resolution and not as recom-mendation 5/21 729

Nat ional defense program, financing of, recommended that fu-ture offerings of Government securities be placedwith investors other than banks 10/ 8

Financing of, recommendation re placing future issueswith investors other than banks ordered sent toSecretary of Treasury 10/ 9

Letter to Secretary of Treasury 10/15

RePlY from Secretary of Treasury sent members and copy

Re f letter and enclosures sent FRBanks 10/24 gulationAmendment exempting from margin requirements loans re-

1299

13131336

1381

quired to be amortized by funds the borrowerexpects to have within short time approvedand discussed at meeting 5/21 730

Am endment recommended expanding permission granted tobanks to take over from other banks under-margined loans made to purchase or carry stocks 5/21 730

Amendment permitting.bank to take over undermargined

loans from brokers, Mr. Parry requested to make

recommendation to Board 5/24 7874tation in membership, Chairmen will carry out recommended

B 12/10 1573

i oard proposal

ecotIme„ . n sympathy with rotation plan 12/10 1575"klatlons and resolutions adopted during 1939, advice to

Mr. Lichtenstein that they will be published inR 1939 Annual Report of Board 1/18 95

ee°unt11

rates, ineffectiveness due to credit situation, state-

-u ment of Mr. Eccles 5/20 723

lon U: et-11A+.

endment suggested by Mr. McKee exempting from margin re-

quirements loans required to be amortized by

funds which borrower expects to have available 5/20 725Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

105Pages

Td Ad ory vis Council: (Continued)4eL-1_

glalatiOn U: (Continued)Amendment: (continued)

Amdment en recommended by Council and discussed 5/21 730Amendmente expanding permission granted to banks to take over

from other banks undermargined loans made topurchase or carry stocks, discussed at meeting 5/20 725

. Amendment recommended by Council and discussed 5/21 730AIrlendment permitting bank to take over undermargined loans

from brokers, Mr. Parry requested to make recom-mendation to Board re recommendation of Council 5/24 787

Advice to Council that amendment is being considered 6/ 3 830Amendment exempting loans from margin requirements when

amortized by borrower with funds reasonably ex-pected, advice to Council that Board is takingno action 6/ 3 830

Proposed amendment re hypothecation of securities by

Reserve brokers and dealers sent to for suggestions 12/ 7 1562requirements, control not able to be exercised by Board

because of credit situation, statement of Mr.Eccles 5/20 723Inc

rease to maximum allowed by law favored but not urged forSilver, present time 10/ 7 1293

Purchase from foreign countries, S. 785 to discontinue,approved by Council, and resolution ordered sentto Senate Banking and Currency Committee and

841all . press statement released 2/20 275uslness, participation in national defense program, re-

port on results of conference of FRBank liaisonhart: officers in Washington 11/18 1484

Lichtenstein, Walter, Secretary, financing national defenseprogram, suggested that he be advised of devel-opments so that he can in turn keep Council mem-bers informed 10/ 8 1301

on banking and monetary problems under Wagner Resolution,copies to be sent to Advisory Council members

Toh4 f 2/20 269r.Les or comment and suggestionsdiscussion:ztZsi

Knment, of claims against U.S. as collateral for loans tosmall businesses, suggested that Council give

further consideration to 5/20 725Bank ing studies under Wagner Resolution, inquiry to be made

at next meeting whether members have any sugges-

tions to make 5/ 3 624""less prospects for next 90 days and whether they justify

change in System's banking and monetary poli-

4/23 543cies, suggested as


Pecler.,,:41 Advisory Council: (Continued)'Pies for discussion: (Continued)

Business prospects for next 90 days: (Continued)Topic sent to FRBanks for consideration by boards

rectorsTo be discussed if sufficient time is had

Discussion with boards of directors of FRBanks before

after suggested as

of di-

andmeetings,

East money, causes, desirable actions and consequences,

gested as

sug-

Topic sent to FRBanks with request for consideration by

board of directorsNational defense program financing suggested as

Financing of, suggested as topicUnde Financing of, suggested as topic in letter to Council

rnlargined loans, amendment to Regulation T, reasons stated

Wagner by

Resolution, copies of press statement issued by SenateBanking and Currency Committee handed to mem-bers

Progress made by Board in answering, reviewed for'lope that Congress would give interested parties oppor-

tunity to be heard before adopting comprehen-sive banking legislation

'act State banking statistics, request for advice whetherFDIC will reimburse salaries of clerks if tem-

Reiv, porary appointments are extended'ursement will be continued for two months and temporary ap-

Perl pointments of Robert Martin and Mildred Males,eraa

extendedtxch2reau of Investigation:

'11.ge*--Trusts, investigation has been made by,FRBanks

advice to

.'Prints of prospective employees at FRBank of Minneapolis,

FBI requested to continue furnishing results of

checkupsoral ,ut unions: (See Credit unions)talt* nosit Insurance Corporation:Of

America, proposed program to be worked out by Comp-

troller's Office, FDIC and Board to end con-

troversy with Comptroller, Messrs. Eccles and

McKee to determine members of Board's staff

who would attend conference in case Comptroller

agreesthat Comptroller could not give answer to suggestion

that conference be held to arrange program, un-til January 22

Advice

106Pages

4/30 5935/20 720

4/30 593

4/23 543

4/309/1010/2911/ 1

593120614111433

6/4 843

5/20 72610/ 7 1294

10/ 7 1295

10/ 7 1285

10/30 1419

9/27 1249

11/27 1525

1/18 91

1/19 98


Pecler., -13:t,Deposit Insurance Corporation: (Continued)'"K of America: (Continued)

Program to end controversy with Comptroller, statement byMr. Eccles that Board might attempt to work outprogram and attempt to get FDIC to agree, incase Comptroller does not agree to conference

Proposed program to be worked out by Board and Comptrollerwith, memo of Mr. Dreibelbis setting forth pro-cedure to be followed by Board in case Comptrol-ler does not agree to conference, presented, nodecision pending receipt of information fromComptroller as to whether he will agree to con-ferenceCop j5 of Mr. Dreibe1bisi memo may be made available to

FDICComptroller and Secretary of Treasuryand Board, advice that nothing had been heard from

ComptrollerAdvice that nothing had been heard from Comptroller and

agreed that Board should continue with formula-tion of its own program of procedure

.ed front of Comptroller, Board, and FDIC believed mostdesirable procedure, with understanding that ifComptroller did not desire to participate, therepresentatives of Board and FDIC would meetwith representatives of bank

UirY by Mr. Crowley whether Board would have representa-tive present at hearing on order to show cause,FDIC to be advised that Board will not have rep-resentative, and advice that decision was con-curred in by FDIC

Agre ement signed by Comptroller, FDIC and Board presentedand set forth in minutes, Secretary of Treasuryto consult RFC and SEC, no public announcement

107Pages

1/18 92

1/19 100

1/19 102

1/25 136

1/29 155

2/ 7 213

2/13 239

}Sic of of agreement to be made 3/ 7 347Aorcker %Jai-1ton, Oklahoma, accounts not insured by 6/14 887

acting on behalf of, and selling unregistered securitiespayable in installments, transaction exempt from

Certif.; , provisions of Regulation T 11/20 1507BZ: 41,ion of banks:

of Canton, Oklahoma 7/12 1025prmfield State Bank, Bloomfield, Ind.

7% 100.pofet B 6 22

ank & Trust Company of Utica, N. Y.Gjest City Bank & Trust Company, Forest City, Iowa 5/31 824Cst County Bank, Medford, Okla. 10/29 1417

leY Bank, Kinsley, Kansas, advice to corporation of

approval of application, deposits not insured 2/21 282Certification of 3/ 5 341

"ck Bank & Trust Company, Nyack, N. Y. 2/ 2 196


PedeDeposit Insurance Corporation: (Continued)

rtification of banks: (Continued)Sandborn Banking Company, Sandborn, Ind.Stock Exchange Bank of Caldwell, Sumner County,

Caldwell, Kansasn3111°11 trust funds composed principally of mortgages,

from Pennsylvania Bankers Associationment to Regulation F, and revision ofsent to, for comments

r, Advice that FDIC apparently was not interestedk,011-3• .kation reports of State member banks, FDIC may use data

tamed in June call in press statement showingcondition of insured commercial banks4E04

naui L.ons:

Kansas,

letterre amend-amendment,

ob-

Avoca State Bank, Avoca, Iowa, permission to examine in con-nection with withdrawal from FRSystem and con-tinuation as insured bank

Banks organized prior to June 16, 1933 are not required to

108Pages

7/16 1037

12/28 1705

2/16 2614/ 5 465

8/23 1161

12/31 1716

be entitled to benefits of insurance under Sec.12b of FRAct, and examination not necessary foradmission to membership in FRSystem

Burke State Bank, Burke, S. D., permission to examine inconnection with withdrawal from FRSystem and

First• • continuation as nonmember insured bank

Citizens Bank & Trust Company of Utica, N. Y., permis-

Moh sion to examineawk State Bank, Mohawk, Ind., permission to examine in

connection with organization of new bank to take

M over at expiration of corporate charterount Pleasant Bank & Trust Co., Mt. Pleasant, N. Y., per-

mission to examine in connection with absorp-tion by County Trust Company, White Plains,N. Y.Mutual

Trust Company of Westchester County, Port Chester,N. Y., granted permission to examine in connec-tion with purchase by new banksand

born Banking Company, Sandborn, Ind., examination notnecessary for admission to membership in FRSys-tem

8ecuritY State Bank, McIntosh, S. D., permission to examinein connection with withdrawal from FRSystem and

Southcontinuance as nonmember insured bankampton Bank, Southampton, N. Y., granted permission to

examine in connection with absorption by First

National Bank of Southampton, and loan by FDIC

to national bank8311'41CUSe Trust Company, Syracuse, N. Y., permission to ex-

amine not necessary since matter has been

closed

4/19

2/26

6/3

4/23

6/18

6/18

4/19

2/27

4/8

5/23

535

304

828

559

910

910

535

310

474

777


eclerni'4.yeposit Insurance Corporation: (Continued)"caminations: (Continued)

Westfield Trust Company, Westfield, N. J., permission to ex-amine in connection with merger with First State

Pede„, Bank of Scotch Plains, N. J.Leu- and State banking statistics, two clerks employed by

Board to assemble for publication, FDIC to reim-burse Board for salaries

Request for advice whether salaries of clerks will be reim-bursed if temporary appointments are extended

Reimbursement will be continued two months and temporaryappointments of Robert Martin and Mildred

Pirst Milles extended-ank and Trust Company of Utica, N. Y., advice of approval

of application for membership in FHSystemH.R. 8638 to remove Comptroller from board of directors, in-

crease insurance and reduce deposit assessmentrate, Messrs. Goldenweiser and Wyatt to prepare

109Pages

3/29 430

7/11 1015

10/ 7 1285

10/30 1419

6/21 930

analysis 3/12 367Bill made topic or discussion y Presidents' 3/12 370Memo i f i b Conference

expressing Board's views to be prepared by Messrs.Wyatt, Goldenweiser, and Morrill for transmis-sion to Banking and Currency Committees of

Messrs Congress 3/19 390

srs. Goldenweiser, Wyatt, and Morrill to draft letterto Banking and Currency Committees that billshould be made part of Wagner Resolutionstudies 3/27 415

Letter not to be sent to Banking and Currency Committee butChairman to advise Mr. Steagall that Board wouldlike to have opportunity to be heard before bill

Advice is reported out by committee 4/ 1 432that Chairman had called Mr. Steagall, who was out of

city, and that Board would be advised if bills4.11 8038were taken up by Committee 4/ 5 462

Felt S. 1318, report by Mr. Williams of developments 10/ 1 1269'

Act, bandsame quarters it will not pass this session 10/ 7 1281rY Council to be informed that Board has not been

4010, asked for report 10/ 7 12838ing authority loans and deposits, insured banks showing in

14 condition reports, draft of letter to FRBankssent to for approval 10/ 3 1274

advances and commitments, project for tabulating

ml,

in-

formation by punch card equipment at FDIC ap-7/ 8 1006

-411;8114 proved

in FRSystem:ant County Bank, Medford, Okla advice of 10/18 13546 pI.e.sant Bank & Trust Company, Pleasantville, N. Y., per-

mission to examine in connection with absorptionby First National Bank of Pleasantville 1/17 88


Fe ,uea,P9sit Insurance Corporation: (Continued)1. Trust Co. of Westchester County, Port Chester, N. Y.,

consolidation with First National Bank & Trust

Co. of Port Chester, Board willing to assist 12/ 3Problem banks, list of nonmember banks in category of problem

banks likely to be procured from 4/238. 1318 to remove Comptroller, etc., Messrs. Wyatt, Golden-

weiser, and Morrill to draft letter to Banking

and Currency Committees that bill should be

made part of Wagner Resolution studies 3/27Letter not to be sent to Banking and Currency Committee but

Chairman to advise Mr. Steagall that Board would

like to have opportunity to be heard before bill

is reported out by committee 4/1Advice

that Chairman had called Mr. Steagall, who was outof city, and that Board would be advised if bills

are taken up by Committee 4/ 5Staff:

lachois 3 John G., Chief Examiner, luncheon in Board's diningroom, cost to be borne by Board 3/12Statistical manual containing material previously published in

Board's Annual Report, to be made joint projectand statistics of Board, FDIC and Comptroller

published in 3/29Statistic 8 on Federal and State banking, suggested to FDIC that

110Pages

1543

544

415

432

462

375

428

lernP"ary 1

violations

appointments of two clerks be further extended

for time necessary for completionoan, notes of local housing authorities floated under

U.S.H.A. plans, letter to re proper method of

showing in condition reportsof Securities Exchange Act and Regulation T may be

eder handled in same manner as Corporation handles

klFa violations of Regulation UObligai7 1.

violationsCorporation:

'c'ns may be classed as exempted securities, request that

.4.ersa.

gn: L

Comptroller permit Board to publish ruling inPfmFRBulletin

2oan Bank Act:7C5 report changed and revised report ordered sent to

a.4095, Senate Banking and Currency Committee

etier -4dvice that report had been revised and handed to?

RH°me Chairman Wagner

1 e L4 an Bank Board:"tat

o

e loans on residential properties and residential

properties owned by member banks according to

states, statement sent to Clarke L. Fauver

member banks purchasing for their own account shares

of stock of Federal savings and loan associa-

tions, copy of ruling sent to

'"41a state

12/ 3 1544

5/22 771

10/25 1391

6/19 916

6/4 836

6/11 863

4/9 488

8/15 1137


Peder, -A:-L• ti?using Administration:'4aortazed Mortgages, Inc., circular stating that recent de-

clines in security prices have impaired capital

NIe

accounts of banks, FHA requested to discourage

such statements in futurel'41 Intobii ?mediate Credit Banks:

gatl°ns may be purchased by State member banks without re-re-Perl

n gard to limitation of Sec. 5136 R. S.Open Market Committee: (See Committees, Federal Open Mar -

ket)-vral .Rsglster:4ecutl

•ve order designating Ronald Ransom as Vice Chairman of

Board for additional four year term received1;11Act: from

FederalAdvisory Council, functions of, excerpts from Congres-

IlePrin • sional Committee reports readtang, no action to be taken re printing and mention of ex-

isting edition withdrawn from list of free pub -

Sec' 13b: lications

H.R. 8536 to amend, advice that it had been introduced in

H.R. a House and was identical with S. 3343

7530 to amend, no report to be made on S. 3839 unless

8. request is received for report on3343 to amend, report of Mr. Ransom of conversation with

and letter from Rep. T. F. Ford, Mr. Vest re-quested to prepare reply and analysis of billfor consideration by Board 4/10 490

Draft of reply to Rep. Ford presented, Mr. Eccles to

request Mr. Ford to ask Banking and CurrencyCommittee for report and to state to him that

Advicemajority of Board favors amendment 4/19 528

from Mr. Eccles that Rep. Ford agreed to pro-

cedure, that he had discussed with Messrs.Steagall and Mead and that meeting was to be.

8 arranged with President 4/23 545. 3839 to amend, no report to be made unless request is

received for report on H.R. 9530, letter or-dered prepared transmitting bill to FRBanks 4/30 594

Question of sending letter placed on docket 5/ 3 624Letter

ordered transmitted in form approved by Mr.

NA(see .1 Draper 5/ 7 636gerlt8:-4-so Legislation)488iatant:

13at'llett, Genevieve M., FRBank of Atlanta, bond as alternate 3/22 394

111Pages

6/7 857

5/15 698

7/24 1060

5/20 726

10/ 1 1270

4/19 529

4/30 594


'I/Agent,3: (Continued)Assistant: (Continued)

Bonds, surety, amount reduced to $10,000 1/ 2 9Bullock, Robert IL, FRBank of New York:

Bond of 2/ 1 185Increase in salary as alternate 1/ 6 22

Cooper, Norman C., FRBank of New York:Bond as alternate 2/ 1 185Increase in salary as alternate 1/ 6 22

Diercks, W. R., FRBank of Chicago:Bond as alternate 1/22 109

, Salary as alternate approved in excess of maximum 10/12 1329Walter L., FRBank of Boston, bond of 1/26 146

Fr-Leek, Elmer F., FRBank of Cleveland:Bond as alternate 2/12 221Salary approved for 1940 2/14 242

ulbson, Terrice C., FRBank of Richmond, bond as alternate 1/15 70Hagedorn, William John, FRBank of St. Louis:

Bond as alternate 2/ 8 214Salary as alternate

j }laliY Charles Clifton, FRBank of Dallas, bond of 4/ 5 4692/29 316

ij°hnson, John, FRBank of Minneapolis, bond as alternate 1/2v ane, Jasper A., FRBank of Boston, bond as alternate 14 /

:1-ratter, Norman R., FRBank of Cleveland, bond of 2/12 221lloConnell, Harold G., FRBank of Minneapolis, bond of

13//;; 394mer,Cl'aveY, J. R., Jr., FRBank of Atlanta, bond of-Prissey, Clifford E., FRBank of Boston, bond as alternate 1/26 146Parker Frank Spencer, FRBank of St. Louis:

Bond of 2/ 8 214p_ Salary approvedst, Arthur E., FRBank of Philadelphia, bond of 1//155 '921-65y 3R

Rniss, Frank, FRBank of Philadelphia, bond as alternate 2/15 253--ku, C. Margaret J., FRBank of Philadelphia, bond as al-

Rhoda. ternate 2/15 253Harry Herbert, FRBank of Kansas City, bond of 3/29 428

Robb,3: Thomas Bruce, FRBank of Kansas City, bond as alternate 3/29 428-1Ver, Dana D., FRBank of Boston:

Bond as alternate 1/26 146sch Salary approved for 1941 12/27 16958h:11:ling, Carl, FRBank of Chicago, bond of 1/22 1098h-Puerds Robert L., bond of 1/15 69

oonn°rtt, W. D FRBank of San Francisco, bond of 2/13 234.,

8t,.:13 H. A., FRBank of San Francisco, bond as alternate 2/13 23411-1X.rr, Jere V. D., FRBank of New York, bond of 2/ 1 1851.1.;;'°n, Emmett Albert, FRBank of Dallas, bond as alternate 2/29 316

-erlake, Harold C., FRBank of Minneapolis, bond as al-

ternate 4/22 538-"ery Edward Albert, FRBank of St. Louis, bond as alter-

nate 2/ 8 214

112Pages


PilAgent8: (Continued)

BPPointments for 1941 will be released to press on January 2anking studies under Wagner Resolution, inquiry to be made

Borvl whether they have any suggestions to makesurety, amount reduced to '10,000

,danard, George C., FRBank of Cleveland:Bond of

Present at Board meeting to discuss salaries of officers

for FRBank0_1.Rede8ignated for 1941, Robert B FRBank of Kansas City:

Bond of ce.nRedesi gnated for 1941

Walter Castella, FRBank of Minneapolis:Bond of

e_e•Redesignated for 1941

lghton, Albert M., FRBank of Boston, suggested as possible

Curti appointee_ssy F. H FRBank of Boston:Bond of •

Action on redesignation for 1941 deferred pending further

ppointmentconsiderationA

1941 not desired, willing to retire as Class

C director if other Class C directors will not

accept appointment as chairmanbennR4edesignated for 1941

Henry S., FRBank of Boston:°Iaggested as possible appointee

VT. Mr. Eccles authorized to tender appointmentling to accept appointment but feeling that Mr. Curtiss

should continue to serve, Messrs. Eccles and

Ransom to discuss with Messrs. Curtiss and

tsestruction Dennisonor records, Congressional authority to be requested

for permission to destroy records listed, and

form letter addressed to Archivist of United

StatesH p•-• 2775 giving authority to destroy, list of those listed

Pore therein that should not be destroyedYmond C., FRBank of San Francisco:Bond of

inlesignated for remainder of 1940Lasai!designated for 1941

.;; er, Robert, FRBank of Richmond:uond of

LeigyiReclesign.ated for 194183 Frank J., FRBank of Chicago, appointed subject to ac-

ceptance

113Pages

12/31 1718

5/3 6241/2 9

2/12 221

4/5 45612/19 1637

3/29 42812/19 1640

5/3 62712/19 1639

12/23 1671

1/26 146

12/19 1642

12/23 167112/31 1715

12/23 167112/23 1672

12/26 1686

3/12 374

11/ 7 1449

4/11 5003/12 369

12/19 1641

1/15 7012/19 1637

12/23 1673


'IlAgent, • (u__80 kCOntinUed)

41CUabe, T. B.,FRBank of Philadelphia:

AdvisorY Commission to Council of National Defense, adviceto U. S. Information Service that he is serving

Bond of on staff

erra1.tedesig1 ated for 19414 .tt,Bond of

James Hansel, FRBank of Dallas:

1.ledesi gnated for 1941aardln, William T., FRBank of St. Louis:

Bond ofNe nedesi gnated for 1941

Yel.) Frank H., FRBank of Atlanta:Bond ofnede signated for 1941Beardsley, FRBank of New York:Designated for 1941

Mr. Eccles to ascertain whether or not he would accept ap-

Stlidi„ pointment for 1941on banking and monetary problems under Wagner Resolu-

tion, copies ordered sent to, for comments and

Wood, t suggestions1" E., FRBank of Chicago:

1,3,ond approvedBond ofRest

gnation of, action on selection of successor deferred-1;, Owen D., FRBank of New York:Bond ofUnable to serve after expiration of present term, action on

Letterselection of successor deferredto be prepared thanking him for services to Fl

kier presentat

ys-

elktst tic tm:ln ce he desires not to be reappointed

Olari,8°n, Lee Emrich, FRBank of Richmond, bond ofJames Calvin, Jr FRBank of Kansas City:zorld of

Salary approved for 1940

Goide's, Charles Elliott, FRBank of Richmond, bond ofGowin4idy Jack Powell, Memphis Branch, bond ofLirlk-u", Clement Paul, FRBank of Dallas, bond ofketz:' john August, Little Rock Branch, bond of

Ts Joe Douglas, Houston Branch:elliP°rarY appointment with understanding he will resign

Bona upon return of Mr. Reed- approved

114Pages

6/27 9522/15 253

12/19 1637

2/29 31612/19 1640

1/19 10312/19 1639

3/22 39412/19 1638

12/26 1685

12/23 1672

2/26 305

1/3 111/22 10912/19 1644

3/25 400

12/19 1645

12/26 1686

1/15 70

3/29 4282/14 2421/15 702/8 2142/29 3162/8 214

10/ 1 127210/ 4 1278


rage Representatives: (Continued)

r) , Grover Cleveland, FRBank of Dallas, bond of'"ttether, Bernard L., FRBank of Chicago:

Bond of

Salary approvedRZI lova James, FRBank of Dallas, bond of

FRBank of San Francisco, bond of'rlee, approval of Board must be had prior to changing, ad-

vice to FRBank of Kansas City in connection with

increase in maximum salary of Representative at

ThoT.,4 Oklahoma CityIra Arthur, FRBank of Kansas City, bond of

yo'er, Laurie Turner, Louisville Branch, bond oflIng, B

William Russell, FRBank of Kansas City:ond of

al* 2,41arY approved for 19404104,i:4 Atlanta:t °f Board's accounts, requested to make during calendar

year 1940, with understanding that thereafterauditors will be designated to audit transac-tions covering period of two consecutive cal-endar yearsCharge offs.

Austin Bros. Bridge Company, charge off of loss on loan

Di made to, authorizedvidend payment and reserves for industrial losses and con-

tingencies approvednation department, budget approvednation report, Mr. Neely requested to advise Board when

115Pages

2/29 316

1/22 10912/30 17102/29 3162/13 234

1/23 1153/29 4282/8 214

3/29 4282/14 212

2/14 249

1/13 63

12/23 16684/26 583

report has been considered by directors, and to

Gr°1110 1 make such comments as he desirese insurance, no objection to FRBank entering into new

3/13 379

Personnpi contractclassification plan, changes to provide for creation

of two new positions approved, but increase in

maximum salary for guard at Savannah Agency,

ries disapprovedof officers, increases approved, letter to FRBank

6/19

2/2

918

189

dered prepared 5/7 633tt

or-

staff. er to FRBank 5/10 666

134113er, Ernest James, assistant examiner, appointment ap-

proved 12/27 1695Genevieve M., Alternate Assistant FRAgent, bond of 3/22 394,

--kacKwood, W. H., Jr., designated special assistant exami-

ner11°wIllan, V. K., Assistant Vice President, salary approved if

3/22 394

fixed by board of directors 5/10 667


Nank8, of Atlanta: (Continued)

(Continued)BrYan, M. H., Vice President, increase in salary approved,

letter to FRBank to be preparedLetter approved

Camp, C. R., Assistant Vice President, salary approved iffixed by board of directors

e°11niff, H. F., Vice President, salary approved if fixed by

board of directorsDenma rk, J. E., Assistant Vice President, appointment andsalary, designation as officer in charge ofbank examination department not requested atthis time

Salary approved if fixed by board of directors!lForbes, James B., designated special assistant examinernarwell, N. B., assistant examiner, appointment approvedj_ Appointment as examiner approved1,141es, Carl E., designated special assistant examinertr2Innes 2 Angus A., Examiner, appointment approved

ravsY, J. R., Jr., Assistant FRAgent, bond ofmee'arin, S., Jr., First Vice President, increase in sal-

arunp7ved, letter to FRBank to be preparedLetter to

eelY, Frank H., Chairman and FRAgent:Bond ofRedesignated for 1941

l'arisy E. p.:Audit of accounts of fiscal agent of Board on calendar

year basispark8alarY approved if fixed by board of directors

er2 R. S., President, salary approved if fixed by board

Reef.- of directorssc,Qz, ,Us M., designated special assistant examiner"uessler, S. p., Assistant Vice President, salary approved

TIlralaY" if fixed by board of directors

J. P., Counsel, salary approved if fixed by board

'1111 of directors441t of amson, Fred L., designated special assistant examinerAgreemzoston:

ent with Commonwealth Bank of Sidney, Australia, FRBankIINIrlmh. authorized to open one-way account with

grouP and chain banking, FRBank requested to obtainfor 1939 records of Board, statements showingnames and principal offices, members, and

Co changes during 1939, and similar letters sent44 to FRBankson

"let funds, proposed draft of reply to Rhode Island

Hospital Trust Co., Providence, R. I. re estab-

lishment of, approved

116Pages

5/7 6335/10 666

5/10 667

5/10 667

2/13 2335/10 6673/22 3941/25 1396/25 9433/22 3947/ 8 10023/22 394

5/7 6335/10 666

3/22 39412/19 1638

2/14 2495/10 667

5/10 6673/22 394

5/10 667

5/10 6673/22 394

1/29 159

2/2 196

7/13 1029


_i;_oi Boston: (Continued)dsuler for representatives of FRSystem at Convention of

American Institute of Banking, Mr. Szymczakto attend and Mr. Davis to attend if pos-

sibleDivide nd payment payment and setting aside of reserve for in-tag." dustrial loans losses approved-.7 money report will not be completed until additional two-

weeks periodE:In11118.tion department, budget not approvedBudget

approved but Board would like to discuss operations

Rese-, of department with Mr. Young when in WashingtonSala;,:' or contingencies, transfer from surplus approved

les of officers for period January 1 to April 30, 1940fixed at same rates as in effect on December

List 31, 1939of increases recommended by salary committee of bank,

Board to meet with Mr. Young this afternoonBoard willing to approve all increases save that of Mr.

Staff: Paddock

Barrett, John J., designated special assistant examiner to

Bra lend clerical assistanceBrady, Charles H., designated special assistant examiner to

Bro lend clerical assistanceWn, George W., name removed from list of those designated

Buci— special assistant examiners-"er, 'William J., designated special assistant examiner

Carrick to lend clerical assistance, K. K., Secretary and General Counsel, increase in

salary recommended by salary committee, Boardto meet with Mr. Young this afternoon

crei!Ftiwilling to approve increaseapproved

y Albert M., suggested as possible appointee for

Chairman and FRAgentCur •tlas, F. H Chairman and FRAgent:Bond of "Action on redesignation for 1941 deferred pending fur-

ther considerationAPPointment for 1941 not desired, willing to retire as

Class C director if other Class C directors will

not accept appointment as Chairman

tea Redesignated for 1941ns, Robert, designated special assistant examiner to lend

Denn• clerical assistance,1.:son, Henry S., Chairman and FRAgent:°I.Iggested as possible appointee4pointment to be tendered to

117Pages

5/8 648

12/23 1667

5/22 7654/26 583

5/17 70912/28 1706

1/11 56

4/23 542

4/23 551

7/ 9 1009

7/ 9 1009

7/ 9 1009

7/ 9 1009

4/23 5424/23 5514/30 602

12/23 1671

1/26 146

12/19 1642

12/23 167112/31 1716

7/ 9 1009

12/23 167112/23 1672


FRB

118Pages

ank ofBo A.st_ suon: (Continued)dar: (Continued)Dennison, Henry S.: (Continued)

Willing to accept appointment but feeling Mr. Curtissshould continue to serve, Messrs. Eccles and

Ransom to discuss with Messrs. Curtiss and

DennisonEddY, Walter L., Assistant FRAgent, bond of12/261/26

1686146

Fogg, John J., Auditor, salary approved 4/30 602"arris, Frederick A., name removed from list of those desig—

natedHe special assistant examiners 7/ 9 1009

Henry, Raymond E., designated special assistant examiner to

lend clerical assistancet, B. G., Assistant Cashier, increase in salary recom—

7/ 9 1009

mended by salary committee, Board to meet withMr. Young this afternoon

Board willing to approve increaseKe, SalarY approved"nel, A. C., Jr., Assistant Counsel, increase in salary

recommended by salary committee of bank, Boardto meet with Mr. Young this afternoon

Board willing to approve increase

Ket halarY approvedc;.:um, Phillips, Associate Counsel:'ill for local counsel employed by him in Ford v. FRBank

of Boston, payment approved

Le, approved for 1940! Jasper A., Alternate Assistant FRAgent, bond of

1/Zirltt , Ernest M. Assistant Cashier, salary approvedenzie, Duncan P., name removed from list of those desig—

Mahe nated special assistant examinersr, James L., designated special assistant examiner to

UcFadA lend clerical assistance''en, Francis L., designated special assistant examiner

UcRa to lend clerical assistancee, William D., Chief Examiner, position is provided for

in Personnel Classification Plan of bank and

name should be included in list of employees

Morri rather than officersMuse sseY, Clifford E., Alternate Assistant FRAgent, bond of

) Roger C., designated special assistant examiner to lend

Pa -do clerical assistanceult, W. W., First Vice President, increase in salary

recommended by salary committee of FRBank, Board

Inc to meet with Mr. Young this afternoon

rease in salary will not be approved by Board, but

salary will be approved if set at specified

figureSalary approved

4/234/234/30

4/234/234/30

7/121/111/264/30

7/ 9

7/ 9

7/ 9

1/111/26

7/ 9

4/23

4/234/30

542551602

542

602

102256

146602

1009

1009

1009

56146

1009

542

551602


Nami,--Lsta.?!. Boston: (Continued)

It: (Continued)Pitman, C. B., Assistant Cashier, increase in salary recom-

mended by salary committee of bank, Board tomeet with Mr. Young this afternoon

Board willing to approve increaseSalary approved

Rich, Edwin A., designated special assistant examiner toSaundelend clerical assistance

,Lluere, Curtis, designated special assistant examiner to

Saw,. lend clerical assistance-Jer, Dana D., Alternate Assistant FRAgent:Bond ofSalary for 1941 approvedShea, Alfred E., designated special assistant examiner to

Sweets lend clerical assistancee

Weddletrn,1" Wallace, Assistant Cashier, salary approved

o Lloyd A., designated special assistant examinerto lend clerical assistance

tWillet-1 NL, Cashier, increase in salary recommended bysalary committee, Board to meet with Mr. Youngthis afternoon

Board willing to approve increaseyos. Salary approved

Ling/ Roy A., President:Salary of officers of FRBank, list of increases proposed

by salary committee handed to Mr. Szymczak,Board to meet with this afternoon

Board willing to approve all increases save that forMr. PaddockS8to

ekhoi aarY approved-'"s' meeting, representatives to be reimbursed for

k p railroad fare and Pullman(3- Chic1. ago:

kviedeOnclitioningof eleventh floor, expenditure approved

nd Payment and charge off from banking premises approved,

charge off on Chicago and Detroit buildings not

41'llings and approved

expenses for 1939, no objection to releasing fig-ures at any time after press statement is re-

flati leased by Board covering all FRBanksamizaton d. epartment, budget approved

lon report, request that Mr. Wood offer comments and

Re f

suggestionsotes: or comments or suggestions on

flt--g of additional notes of 1934 series, Comptroller re-

quested to place order with Bureau of Engraving

and Printing

119Pages

4/23 5424/23 5514/30 602

7/ 9 1009

7/ 9 1009

1/26 14612/27 1695

7/ 9 10094/30 602

7/ 9 1009

4/23 5424/23 5514/30 602

4/23 542

4/23 5514/30 602

9/19 1227

7/10 1013

12/23 1668

1/44/26

2/128/ 9

4/25

20583

2231114

569


120Pages

cf Chicago: (Continued)V'es: (Continued)

nting of additional notes, letter to Comptroller request-ing order be placed with Bureau of Engraving and

H Printing olt ) Robert N., and Mayer, Meyer, Austrian and Platt, employ-

ment as special counsel approvedlia.Yer) Meyer, Austrian & Platt, and Robert N. Holt, employment

?era 11,.. approved'unel classification plan, changes to provide for creation

of two positions, approvedQllarters:Bkii •

1dIng, air conditioning of eleventh floor, expenditure ap-

Reser,. provedve for contingencies, authorized to transfer amount to fromStarr: surplus

5/27

5/13

5/13

3/9

7/10

12/30

801

677

677

362

1013

1711

APPcintment of president who reaches 70th birthday duringnext five-year period discussed

General consensus that no exception should be made inBachmanabsence of strong reasons

r. C., Assistant Vice President, salary for 1940

Black, approvedCarl A. M., Manager, Planning, salary for 1940 increased

Clark, e'n) Arvid P., salary approved in excess of maximumJohn M., designated special assistant examiner to

lend clerical assistanceDaw Appointment as assistant examiner approved

ee) N. B., Assistant Cashier, salary for 1940 increased-n. t. L., Assistant Cashier, salary for 1940 approved-ler„'-") W. R. Alternate Assistant FRAgent:

8°nd ofbiliNarY in excess of maximum approvedDisaQ J. H., Vice President, salary for 1940 approved

employees, dismissal wage to, not desirable tomake general modifications in authority to

FRBanks but individual cases will be consid-ered

C. B., General Counsel, salary for 1940 approvedgertson

Eridres ) S. T., Examiner, appointment approved

H J -ard ' •Auditor, salary approved for 1940Roland, designated special assistant examiner to lend

Hodge clerical assistanceP. C., Assistant Counsel, salary for 1940 approved

Walter A., Assistant Cashier, salary approved for

Sala period from January 1 to March 31, 1940

ry f or 1940 approvedTbachalarY increased' Herbert F., Examiner, appointment approved

10/313/ 97/113/9

7/ 83/ 9

1/43/97/ 39/10

6/28 956

7/2 976

3/9 3623/9 36212/30 1710

2/27 30910/30 14203/9 3623/9 362

1/22 10910/12 13293/ 9 362

1428362

1016362

1002362

183629891206


11411k ofChicago: (Continued)

'vur: (Continued)Johnson, Herschel R., Examiner, appointment approvedLewis,

Frank J., Chairman and FRAgent, appointment approved

Lin dstsubject to acceptance

en, F.

A., Assistant Cashier, salary for 1940 in-

creasedLynch, Matthew Francis, Assistant Examiner, appointment ap-

1proved

icCurle, Fred Jordan, Assistant Examiner, appointment ap-

Mey provede

Xett r, L. G., Assistant Cashier, salary for 1940 increasederstrom, 0. J., Assistant Vice President, salary for

1940 approvedNewman ,D. J., Examiner, appointment approved

"J-ng, Harold L., designated special assistant examinerto lend clerical assistance

018 APpointment as assistant examiner approved°n, A. L., Assistant Vice President, salary for 1940 ap-

provedPetersI. J., Assistant Examiner, appointment approved

Pe, C. A., Economic Adviser, designation on month to

Pre-, month basis pending changes in staff of bankQ-Ldent reaches 70th birthday during next five-year period

and question of reappointing discussedGeneral consensus that no exception should be made in

r'eeton, H absence of strong reasonsP .P., First Vice President, salary for 1940 ap-

Pill'ringt proved

on, F. L., Assistant Cashier, salary for 1940 in-

creasedRaonhn Bernard L., FRAgent's Representative, bond ofSal;r's, J. G., Assistant Cashier, salary for 1940 approved

Sch;:le,s'C. M., Assistant Cashier, salary for 1940 increasedsch7c , Walter, salary approved in excess of maximum

4-ler, G. J., President, appointment for next five-year

period discussed because of fact he will reach

General 70 years of age during periodconsensus that no exception should be made in

absence of strong reasonsSehe arY for 1940 approved4h1 'Ing, Carl, Assistant FRAgent, bond of

er, A. T., Assistant Vice President, increase in salary

8nYder for 1940 approvedH., Vice President and Cashier, salary for 1940

VA approvedWeisk , John, salary approved in excess of maximumWeil an, Examiner, appointment approve

82 Walter Wade, Assistant Examiner, appointment approved

121Pages

4/9 485

12/23 1673

3/9 362

4/9 485

12/ 3 15413/9 362

3/9 3627/22 1059

3/22 3945/21 754

3/9 3627/ 8 1002

2/26 303

6/28 956

7/2 976

3/9 362

3/9 3621/22 1093/9 3623/ 9 36212/30 1710

6/28 956

7/2 9763/9 3621/22 109

3/9 362

3/9 36212/30 17105/21 7548/23 1161


Nal* .....si kiiu. Chicago: (Continued)alf: (Continued)Whitney, 'William C., designated special assistant examiner

to lend clerical assistance11(1°d, R. E., Chairman and FRAgent:

Bond approvedBond ofRe signation of, action on selection of successor de-

ferredYoununcle g, C. S., Vice President, salary for 1940 approved rmargined loans by Ibrokers, advice that staff of Board s

reparing recommendation re amendment to Regu-Nam, orCleveland

cation U

"nd payment and reserve for depreciation in banking prem-

ises and contingencies approvednation department, budget approvednation report sent to Chairman Brainard with request for

Requ comments and suggestionsest for comments or suggestions on copy of report left

otes: with bankPrin .

tlng of additional notes of 1934 series, Comptroller re-

quested to place order with Bureau of Printingand Engraving

kee!l-al order placed with Bureau of Engraving and PrintingPer faal order placed with Bureau of Engraving and Printingj in 4nel classification plan:

lti°n of Expense Ledger and Voucher Clerk in Expense

Chen Accounting Department, reestablishedge creating position of Research Assistant in Business

Chan Statistics DepartmentReserv ges creating new positions

ee, industrial loans, transfer of excess reserves for

losses on two loans to reserve carried against

another loan, approved, but such transfers arenot permissible in absence of approval by

Sea art— Board and bank's board of directors

of officers for period January 1 to April 30, 1940,

fixed at same rate as in effect on December 31,

Trier— 1939es approved with exception of Messrs. Fleming,

Zurlinden, Cobun and Bolthouse, but increases

for Messrs. Cobun and Bolthouse will be ap-

proved if directors after further consideration

feel there are adequate reasons for adhering

to recommendationsee that recommendation had been withdrawn

122Pages

2/27

1/31/22

309

11109

12/19 16443/9 362

6/5 851

12/23 16674/26 583

1/8 33

8/20 1151

4/257/18

12/11

56910481594

2/6 202

3/19 3908/22 1157

2/6 203

1/10 53

4/ 5 4614/ 5 467


PRBa,ro,.of

Cleveland: (Continued)'4.1-aries of officers: (Continued)

To be approved if recommended by board of directors at

figure set,1-e, Sanders & Dempsey, retainer approved

n ttetainer, advice of approval already transmittedotaff:

Arnold, C. W., Assistant Vice President, salary to be ap-

proved if recommended by directorsBanister, Charles R., separation allowance and supplement to

Biretirement allowance for physical disabilityrTeY, Andrew Robert, Examiner, appointment approvedlnard, George C., Chairman and FRAgent:Bond of Present at Board meeting to discuss salaries of FRBank

officersRedesignated for 1941

Carter,- E. A., Assistant Cashier, salary to be approved if

Cavan--. , recommended by directorsuga, John William, Assistant Examiner, promotion to

Examiner approved--Lug, M. J., President, salary increase, statements of

Messrs. Brainard, Klages, and McDowell, discus-

sion of proposed study and problems confronting

Board, increase not approved

Plettlary e

Irit.oHb.: approved if recommended by directors

Vice President, salary to be approved if

Posterecommended by directorsr) A. G., Assistant Cashier, salary to be approved if

recommended by directors,x1., Elmer

F*-, Alternate Assistant FRAgent:

zond ofGr., Salary approved

c'Ys°n, F. V., Auditor, salary to be approved if recom-mended by directors

' B., Assistant Vice President and Secretary, salary

Li to be approved if recommended by directors

tatter G. D., Examiner, appointment approved

mczat-, liorman R., Assistant FRAgent, bond ofeer, Ben, Jr., Examiner, promotion from Assistant

PolanA

Ex-

aminer approvedR. L., Examiner, appointment approved

Assistant Cashier, salary to be approved

SW 1ft if recommended by directors"e, Sanders and Dempsey, payment for extra legal ser-

vices for 1940r'W. F., Vice President and Cashier, salary to be

Wagn approved if recommended by directors

er'G. H., Vice President, salary to be approved if

recommended by directors

123Pages

4/101/104/10

49153

492

4/10 492

12/182/15

2/12

1632253

221

4/5 45612/19 1637

4/10 492

3/28 423

4/5 4564/10 492

4/10 492

4/10 492

2/12 2212/14 242

4/10 492

4/10 49210/26 13952/12 221

8/ 9 111312/ 3 1541

4/10 492

12/27 1696

4/10 492


ank of Cleveland: (Continued)(Continued)4

urlinden, F. J., First Vice President, salary increase,

statements of Messrs. Brainard, Klages, and

McDowell, discussion of proposed study and prob-lem confronting Board, increase not approved

, of Dtlaaissf to be approved if fixed by board of directors

zank relations report, excerpt, no objection to publication in

"The Differentia", a periodical published by

Divide Little Rock Branchnd payment and reserves for losses on industrial loans

and depreciation on bank premises, approvedemanation department, budget approved

nation report, request to be advised when report has beenconsidered by directors and of any commentsmade

mullinel classification plan:Qllartangee increasing maximum salaries for certain positions

ers, building program, no objection to expenditure for com-pletion of program

Staff.e for contingencies, transfer from surplus approved

Aust'r3 R. B •ssis tant Cashier, salary approvedOhan

001 llor, E. A., Examiner, appointment approvedpunernan, R. B., Vice President, salary approved

J. C., Assistant Examiner, appointment approved'-°Yeee designated special assistant examiners to lend

Evanp clerical assistance-) ". J., Vice President and Secretary, salary approved

if fixed by board of directorsP°rd, O., Cashier, salary increased

R. R., President, increase in salary not approved'Alarles, designated special assistant examiner

41-17(1) Clement Pa Pa, FRAgent's Representative, bond ofHoii Cries Clifton, Assistant FRAgent, bond ofIlerr?I'Ja7, W. H., General Auditor, salary increased

James Hansel, Chairman and FRAgent:Bond of

pa eRedesignated for 1941Grover Cleveland, FRAgent's Representative, bond of

Reedr° L. G., Assistant Cashier, salary approvedSmytcl 'ova James, FRAgent's Representative, bond ofStro,:4 Mac C., Assistant Cashier, salary approved

E. B., First Vice President and General Counsel, in-

crease in salary not approved, Harry 0., designated special assistant examiner

"q3Pointment approved as assistant examiner

124Pages

4.154/10

3/4

456492

337

12/23 16694/26 583

5/9 654

8/16 1138

2/14 25012/28 1706

5/24 7837/12 10235/24 7837/12 1023

4/15 512

5/24 7835/24 7835/24 783

10/ 3 12742/29 3162/29 3165/24 783

2/29 31612/19 16402/29 3165/24 7832/29 3165/24 783

5/24 7837/ 6 10007/12 1023


Nal*si of Dallas: (Continued)

(Continued)

7111nton, Emmett Albert, Assistant FRAgent, bond of 2/29 316sk"0, R. 0., Assistant Cashier, salary approved, of Kansas City:

5/24 783

k,or*ibutions:Communi'V Chest and other charities, contribution not ap-

provedLetter from. Mr. Caldwell urging approval read, Mr.

Szymczak to call him and explain reasons for

Downt,— Board's positionCommittee of Chamber of Commerce, no objection to

contribution to improve business districtExami:nd.payment and reserve for contingencies approved

"atlon department, budget approvednat.i—on report left for chairman and directors with request

notes, for comments or suggestionsseries of 1928, branches may cancel new notes and ship

to Washington for destruction because of lackLoans 4. of vault space'0 employees, no objection to establishment of loan plan

subject to certain specified conditions

Ch nel classification plan:

1,sange.s approved'1-eatlon

of new positions and increases in maximum salaries

Chan approvedgee creating new positions and increases in maximum sal-

Chan aries for other positionskari ges increasing maximum salary and creating new position

-es of officers, increases approved, letter to FRBank to be

S4Tter to PRBankprepared

g8 deposits and accounts, form for collecting data fromStarr, selected banks, discontinuance approved

APPointment of president who reaches 70th birthday during

Ge next five-year period discussed

nerc1 consensus that no exception should be made ine absence of strong reasons:1-12 Robert B Chairman and FRAgent:

Bond of .2

Rede •Clark ,slgnated for 1941Haiku; oames Calvin, Jr., FRAgent's Representative, bond of

A a°11, G. H., President:PPointment for next five-year period discussed since

70th birthday All be reached during period

General consensus that no exception should be madein absence of strong reasons

SalarY approved if fixed by directors

125Pages

4/10 492

4/30 591

5/17 71112/23 16694/26 583

3/29 430

4/ 9 487

4/10 492

1/23 114

5/24 791

7/13 102912/ 4 1548

5/7 6345/10 667

1/31 175

6/28 956

7/2 976

3/29 42812/19 16403/29 428

6/28 956

7/2 9765/10 668


""1. _r Kansas City: (Continued)(Continued)

Reim) J. W., Vice President and Cashier, salary approvedif fixed by board of directorsLeedy, H. G., Vice President, General Counsel and Secretary,salary approved if fixed by board of directors

14ans to employees, no objection to establishment of loanplan subject to certain specified conditions

Park/ M. W. E., Assistant Cashier, salary approved if fixedby board of directors

hil1110s, John, Jr., Assistant Cashier, salary approved if

Phill. fixed by board of directorsb. 1Ps, William Assistant Cashier, salary approvedr1Pkin) G. H., Assistant Cashier, salary approved if fixed

by board of directorsTransferred to Oklahoma City Branch as Managing Direc-

Pre- tor and salary approved if fixed by directors'4-dent reaches 70th birthday during next five-year

period and question of reappointing discussedGeneral consensus that no change should be made in ab-

Rhodes- sence of strong reasons) arry Herbert, Assistant FRAgent, bond of

"°) Thmomas Bruce, Alternate Assistant FRAgent:

Bond of

Increase in salary as Manager of Research and Statis-tical Department, increase in salary approved,letter to FRBank to be prepared

Thoy Letter to FRBank ,tTyr:: 0n, Ira Arthur, FRAgent's Representative, bond of

r3 E. P., Assistant Cashier, salary approved if fixedWard..1, by board of directors

S. A., Auditor, salary approved if fixed by boardof directors

'Y, D. W., Assistant Cashier, increase in salary ap-

wortL,tt tic)) rgeBcal:Ikletter to FRBank ordered prepared

er Illngton, C. A., First Vice President, salary approved

YOlan if fixed by board of directors44 ot 1;:g, William Russell, FRAgent's Representative, bond of0105.,,,,unneapolis:ban

ks, charge off to reduce value of assets acquired inbi'end settlement of claims accounts approved

payment and establishment of reserve for contingencies

?j.4111sa,;Li- department:

approved,

,g'e14geton

4 approveda-1--4*()nehip of FRBank president to, advice that he is re-

sponsible for actions

126Pages

5/10 668

5/10 668

4/10 492

5/10 668

5/10 66810/23 1375

5/10 668

7/13 1028

6/28 956

7/2 9763/29 428

3/29 428

5/7 6345/10 6683/29 428

5/10 668

5/10 668

5/7 6345/10 668

5/10 6683/29 428

12/27 1703

12/23 1669

4/26 583

5/1 607


127

Nank of Pages

Ex_n Minneapolis: (Continued)pi.!1 ati on report, request for comments or suggestions 6/25 944"g rprints of prospective employees, FBI requested to continue

furnishing results of checkups 11/27 1525Pers°rInel classification plan, creation of new position of As-

sistant Head of Department in Statistical De-Saia.r4 partment 2/ 6 203'es of officers, January 1 to May 31, 1940, advice that

they had been approved in letter to Mr. Coffey

Staff: on June 16, 1939 1/24 120

Coffey, talter Castella, Chairman and PRAgent:Bond of 5/ 3 627

0 Redesignated for 1941 12/19 1639D0 re, H. C., Assistant Cashier, salary approved

R1111101), F. C., Auditor, salary approved 4/24 5624/24 562

j°,,!son, T. H., Assistant Counsel, salary approved 4/24 562L;, John, Alternate Assistant FRAgent, bond of 4/22 538IT-s°n, A. R., Assistant Cashier, salary approved 4/24 562t'llonnell, Harold G., Assistant FRAgent, bond of lls, Albert W., Assistant Auditor:

4/22 538

Advice to bank that it is assumed that title AssistantCashier is in error and request that it be cor-rected on officers' statement

Increase in salary

Pet Salary approved

pe "son, W. E., Assistant Cashier, salary approvedYt°11, J. President:Salary approvedExchange charges, solution of, letter from to be

?Wellanalyzed by Messrs. Vest and Smead0. W., First Vice President, increase in salary,

Mr. Szymczak to advise Mr. Peyton that Boardprefers smaller increase but will approve sug-gested increase if there are special reasons,

J approved if fixed by board of directors atspecified rate

Pl'esident, relationship to Examination Department, Board

concurs in opinion of Counsel Ueland that Pres-

Priest ident is responsible for actions

0. R., Assistant Cashier, increase in salarys lw2 ary approved

a

t., Vice President and Secretary, increase in

salarySalaryTimb approved

uel, r-Lake, Harold C., Alternate Assistant FRAgent, bond of°41(14, Rolf, Assistant Counsel, salary retainer fee ap-

proved

Sigurd, Counsel, salary retainer fee approved

1/24 1204/19 5324/24 5624/24 562

4/24 562

4/34 593

4/19 532

4/24 562

5/ 1 6074/19 5324/24 562

4/19 5324/24 5624/22 538

1/24 120


NBet5 lanneapolis: (Continued)(Continued)

pii&ht. Ziemer, H. I., Vice President and Cashier, salary approved°f New York:

cc:111as with foreign banks:sank of Canada, procedure to be followed for opening

Funds transferred to account with Canadian government

and caption in weekly statement changed-- of

andto be carried under caption "Other deposits"

in FRBank weekly statement of conditionCo •nflrmation of certain accounts not to be requested by

examinerNational Bank of Afghanistan, receipt of gold under earmark

A'countfor account of, approveds with foreign governments:

,..-4nadian Government, opening and maintenance approvedureat Britain, opening and maintenance of gold account ap-

provedLithuania, Latvia, and Estonia, advice that FRBank had re-

ceived requests to have accounts transferred to

State Bank of the Union of Socialistic Soviet

RepublicsNe therlands Government, opening and maintenance of gold ac-

Air count approved'unditioning, no objection to expenditure on head office

buildingNo objection to expenditure in connection with installation

Deferring of additional equipment

of work until national defense emergency has

passed to be discussed with Mr. Ruml when inBay,

Cent Washingtongeo

ral del Ecuador, technical adviser to, State Depart-

ment requested to make suggestions re recommend-

Q814,4 ing appointment of4.J-cation of member banks for election of Class A and B

Ore,. directors, changes in New York districtto National Bank of Hungary, reply proposed to be made

by FRBank of New York to Bank for International

1)tiri Settlements re maturing credit, approved"t Payment and reserves for industrial losses and con-

tingencies approved, reserve for banking houseNtch depreciation not approvedu

alances transferred from account of Nederlandsche Bank

to Dutch Government and FRBank instructed not

to execute transactions unless requested through

Nish Bank of Englanduovernment holdings in U.S., cable from Bank of England

re protecting from enemy attachment, discussed,

staff of Board to study possible steps

NotZion department, budget approved

Pri •ntlng of additional notes, Comptroller requested to place

order with Bureau of Engraving and Printing

128Pages

4/24 562

8/12

9/ 5

7/13

10/25

8/17

8/17

8/17

7/25

8/17

8/27

11/26

1121

1195

1031

1392

1147

1147

1147

1072

1147

1180

1521

12/26 1689

9/11 1209

11/ 5 1441

4/29 587

12/23 1667

5/14 681

5/14 6794/26 583


FRB

129Pages

.0,hLucofNot

ew York: (Continued)(Continued)

rinting of additional 1934 notes, special order placed

with Bureau of Engraving and Printing 4/18 5188Pecial order for 1934 series, Comptroller requested to

place order with Bureau of Engraving and Print-

P°reign accounts, confirmation not to be requested by examiner 10/25 1392

P 4/26 583 oreign Print-

ing

exchange and deposits, work under Executive Order and

regulations of Treasury governing warring na-

tions in Europe, Board to send attorney to

Porei-- assist in 5/10 66464 Property Control Department, personnel classification

Gold: plan changes creating positions, approved 8/ 7 1103

Norwcq, no objection to FRBank holding for Royal Norwegian

Gold .1, Government 7/ 3 993-tupraent to Central Bank of Bolivia, suggested that claim

by Banco Mercantil, La Paz, Bolivia be inves-tigated by State Department attorneys before

Tele shipment is made / 4 835gmm from FRBank re possible courses of action received,

Messrs. Ransom and Wyatt to discuss possibili-

Letter ties with Mr. Sumner 'Welles 6/12 873ordered sent FRBank that Board hopes wishes of Gov-

ernment can be carried out and Mr. Ransom todiscuss question of appropriate legislation

Oltereflt with State and Treasury Departments 6/17 893

securities investors, suggested by FRBank thatvisits by Messrs. Piser and Edmiston to studypolicy of large holders in New York and othercities be made less frequently, discussed, Mr.

teatBrita.n Rouse to be invited to accompany them on visits 4/23 549Opening account in name of Government, Mr.Harrison to call on Under Secretary of Treasury

11° ob'

Bell and Messrs. Ransom and Harrison to conferwith Secretary of Treasury if necessary 6/ 4 832-5

(4177 904Openi7,Artienj

ject ion

and maintenance of gold account approved."-can Bank, representative from FRBank to be given ac-

cess to memoranda on establishment of bank, in

connection with request by Bolivian representa-

tive on Inter-American Advisory Committee for

attitude of FRBank towards advancing credit to

Advice stabilize Bolivian-dollar exchange 1/25 134

that Mr. Williams would come to Washington to seememoranda 1/26 142

C°Piesof letters to Mr. Berle, Assistant Secretary of

State, not to be sent to FRBank at this time 3/12 370


PRIaahl,7 of New York: (Continued)Loans:

Banco Central de Reserva de El Salvador, officers of FRBankmay make at any time or from time to time when

130Pages

secured by earmarked gold 7/26 1078Increase and future additional increases approved 9/ 9 1201Loan authorized on certain conditions and participation

of other FRBanks approvedNational

10/ 9 1320Bank of Hungary, advice of attempt to obtain

pledge of gold in connection with renewal 7/25 1072Congratulations to staff of FRBank for successful cul-

mination of negotiations 8/ 1 1084Lean approved, advice re approval of participation by

other FRBanks not to be sent until loan

Sv

ac-tually made

erlges Riksbank on gold held by bank in Sweden, no objec-Nationi tion to FRBank sending cable to Governor Rooth

Joank of Hungary, renewal of central bank credit to, re-ply of FRBank to Bank for International Settle-ments approvedMet hod of repayment of participation in central bank credit

4ationa1 to, approvedIndustrial Conference Board's questionnaire on person-

nel practices, FRBank given permission to fur-nish information requested, similar permission

Nether1ands. given to all FRBanks' Government opening account in Government name, no

objectionb 013Pr14-110r1,4"g and maintenance of gold account approved

6-4an balances held in name of Norges Bank, staff to in-vestigate authority of FRBank to transfer fundsto account in name of Norwegian minister

ch_ ossfication plan:cIllnel el'flgss

i creating new positions and increasing and decreasing

Cheriees

maximum salariescreating new positions in Foreign Property Control

-an e DepartmentChtraorinj s creating, eliminating and changing positions

4. practices, permission to furnish information requestedby questionnaire of National Industrial Con-ference Board, similar permission given to

ilarters all FRBanks' bu ilding,u air conditioning, no objection to expendi-

Ntr. tureAridertarros°n, Eystein L., Examiner, appointment approvedtilb,ws, Dudley H., Manager, salary approved

4/ Harold A., Assistant General Auditor, salary ap-

proved

11/13 1458

1/3 14

7/10 1013

7/30 1082

5/7 641

6/17 9058/17 1147

5/7 637

2/12 222

8/ 7 110311/22 1511

5/ 7 641

8/27 1180

1/30 1644/8 473

4/8 473


84 Of New York: (Continued)`'Ellf: (Continued)

il!oone, Frank F., Assistant Examiner, appointment approved'raun, William H., Jr., designated special assistant exami-

nerBullock, Robert W., Alternate Assistant FRAgent:

Bond ofIncrease in salary

Burt,, Wesley W., Manager, salary approvedt'ameron, Donald J., Manager, salary approveduhapin,

Raymond C., payment of salary in excess of maximumapproved 7/ 9 1009Olt

rford, Daniel J., Assistant Examiner, appointment ap-proved 2/ 7 207Co

°Per, Norman C., Alternate Assistant FRAgent:Bond of 2/ 1 185

c Increase in salary 1/ 6 22°unsel, attorney from staff of Board to be sent to assist

in work 5/10 664Cowan, Harding, salary approved for period not to exceed

Cr six months 7/12 1023ane, Jay, Foreign Exchange Division, advice to retention

by Treasury Department to handle foreign ex-change situation re funds of Norway and Denmark

tavis, Felix T., Manager, salary approved 4/ 8 473 4/15 508Davi in U.S., in connection with war

Norman P., Manager, salary approved 4/ 8 473l'listin, V. H., Assistant Vice President, salary ap-

bo proved 4/ 8 473'4° 8 Ed Edward O., Manager, salary approved a ' 4/ 8 473

pe amuel J., Assistant Examiner, appointment approved 9/11 1209pjg1,180n, George W., General Auditor, salary approved4/ 8 473pr:c"er, Charles B., designated special assistant examiner 9/11 1209Gifeh, Edwin C., Manager, salary approved 4/ 8 473Ha , Ray m., 4/ 8 473Vice President, salary approvedHalln..s, Marcus A., Manager, salary approved 4/ 8 473l'rlson, George L., President:

APPreciation for services rendered FRSystem 12/31 1718Building of Board, addition to, surprise that Board

was contemplating 10/ 1 1270anieh and Norwegian balances in country, recommendation

as to issuance of Executive Order in connectionwith European war 4/11 502

Po •lloY record of Federal Open Market Committee, addition

Pr suggested for December 13, 1939 not to be made 3/12 369esent at Board meeting to discuss opening of account

Res in name of government of Great Britain 6/ 4 832

ignation, no objection to FRBank requesting New York

Life Insurance Company for extension of effec-tive date

131Pages

9/11 1209

9/11 1209

2/1 1851/6 224/8 4734/8 473


Nal*st41 New York: (Continued)

(Continued)Harrison, George L.:j

approved Salary (Continued)

vree, J. Wilson, Assistant Vice President, salary approved

;;terseY, John K., Examiner, appointment approvedalmball, Herbert H., Assistant Vice President, salary ap-

no provedKv-el L. W., Vice President:Inter-American Bank, suggested by Mr. Eccles that Board

might wish to bring him to Washington to assist

Board in preparing changes in proposed bylawsfor Inter-American Bank

To be asked to come to Washingtonwith Board

L Salary approvedogan, Walter S., Vice President

approvedit, Lucille A., Senior Secretary,

cess of maximum—Les, Angus A., Assistant Examiner,

proved11c09.1,;,,mcK Myles C., Manager, salary approvedliatecni, John W., Assistant Vice President, salarykOraY, Robert F., Manager, salary approvedmir'er, Silas A., Assistant Vice President, salaryNel2Y, Nathan N., Examiner, appointment approvedorbd;Isr, Curtis E., Assistant Examiner, appointment approved

eJ-1, Clifford, supplemental retirement allowance, no

Phelan objection to payment by FRBankpie , Arthur, Assistant Vice President, salary approvedRev2e1 John F., designated special assistant examiner

Mary A., senior secretary, salary approved in excess

Rice, of maximum 1/ 8 33James Roo ames M., Assistant Vice President, salary approve 4/ 8 473

Ro e, Harold V., Assistant Vice President, salary approved 4/ 8 473s, Leslie R., Vice President:Salary approved 4/ 8 472Appointment as First Vice President approved, action

on salary deferred 12/19 1643Ro Robert G., Vice President, salary approved 4/ 8 473

3 ertrude E., Senior Secretary, salary approved in ex-

cess of maximum 1/ 8 33)Beardsley, Chairman and-FRAgent, Mr. Eccles to ascer-

tain whether or not he would accept appointment

for 1941 12/23 1672Des

Sand ignated for 1941 12/26 1685ers, Richard A., Examiner, appointment approved 7/ 8 1002

132Pages

4/8 4724/8 4737/ 8 1002

4/8 473

2/2 194to discuss matter

2/13 2324/8 473

and General Counsel, salary4/8 472

salary approved in ex-1/8 33

appointment ap-2/ 7 2074/8 473

approved 4/ 8 4734/8 473

approved 4/ 8 4737/ 8 10029/11 1209

11/28 15334/8 4739/11 1209


PRB133

Pages

Staof New York: (Continued)ff: (Continued)Sanford, Horace L., Manager, salary approved 4/ 8 473Scott, william A., 4/ 8 473Manager, salary approvedSeltzer, Laurence, salary for research work in connection

with material on Wagner questionnaire approved 6/14 884Sheehan, Wm. F., Manager, salary approved 4/ 8 473

811U-th, Insley B., Manager, salary approved 4/ 8 4738Proul, Allan, First Vice President, salary approved 4/ 8 472

APpointment as President approved, action on salary de-ferred 12/19 1643

Stocker, Frederick, Manager, salary approved 4/ 8 473T',1'5'ker, Jere V. D., Assistant FRAgent, bond of 2/ 1 185ebout, Todd G., Assistant Counsel, salary approved 4/ 8 473

tTierney Joseph F., Assistant Examiner, appointment ap-

proved 2/ 7 207Ti rana, Rifat, services to be sought by Division of Re-

search and Statistics for temporary period towork on gold, idle money and price stabiliza-tion program 6/18 906

Services loaned to Board for six months 6/29 962Tem-porary assignment to Board's Division of Research

Trei and Statistics extended 12/ 7 1560Tr, ber, William F., Assistant Counsel, salary approved 4/ 8 4731mb

ley Rufus J., Assistant Counsel, salary approved 4/ 8 473-''esdell, George E., Assistant Examiner, appointment ap-

proved 9/11 1209117,14etilliouten, Chas. N., Manager, salary approved 4/ 8 473

J-stea d, Dudley L., designated temporary assistant examinerWillito lend clerical assistance 2/ 7 207will,anis, John H., Vice President, salary approved 4/ 8 473

4-4-8, Valentine, Assistant Vice President, salary ap-Yol,., proved

13/2 4/85 407,Owen D., Chairman and FRAgent, bond ofUnable to serve after expiration of present term as di-

rector and chairman, action on selection ofsuccessor deferred 12/19 1645

Letter

'ate °e

be sent thanking him for services to FRSystemt,e since he desires not to be reappointed 12/26 1686

Ipartment, reference of matters re Neutrality Act with-out first submitting to Board, memo to be pre-pared covering correspondence for discussion

TelePhone with Mr. Harrison 1/10 52wire direct to Board, installation of additional di-

rect wire for period of war emergency author-ized, cost to be divided between Board andFRBank 5/10 671

g with Enemy Act, amendment re Norwegian and Danish bal-

ances in U.S., advice that bank would not haverepresentative present at meetings with Mr.Bell with Banking and Currency Committees 4/23 556Digitized for FRASER


11411k Ofvat, New York: (Continued)lean State shipping gold to FRBank for safekeeping, no ob-

eek] to arrangement'17 statement of condition, balance of Netherlands Govern-

ment to be carried against caption "Other de-posits"

hroP, Stimson, Putnam & Roberts, payment by FRBank for ser-

twad approved.ladelph

es in case of Schmoll v. FRBank of New YorkPlIta„L

041,1,14g, enlargement, no objection to proposed expenditureseneY fund at Scranton, Pa., FRBank requested to take steps

to discontinue'end Payment and setting aside reserve for industrial loans

approvedation department, budget approved

rritlation report, request for comments or suggestions on8$ James P., fee for legal services in Wyoming Valley

Colleries Company, approval of Board not neces-sary

t8, transportation allowance to Director Warren F. Whit-

134Pages

5/22 762

6/3 830

12/31 1718

7/3 990

7/18 1047

12/23 16674/26 58310/18 1358

3/26 410

tier because of distance from city, payment au-thorized

crel classification plan:"ange increasing maximum salary for position of General

1/22 109

ChanClerk in Fiscal Agency Department--ges creating, eliminating and changing description of

7/3 989

hang work for positions

ee creating new positions, eliminating others and11/19 1497

Pitne, changing titles and maximum salaries 12/27 1694" nardin & Skinner, payment for services in case of bank-

ruptcy of Thomas Devlin Manufacturing CompanyQilarter approved 12/30 1710

31 building, no objection to slight increase in expendi-ture for improvements 9/17 1220

karis for contingencies, transfer from surplus approvedes of officers for period January 1 to April 30, 1940

12/28 1706

fixed at same rates as in effect on December 31,Stem 1939 1/11 56

184,-L4-fil Paul B., Examiner, appointment approved 5/10 66901:47,tt, Charles V., designated special assistant examiner 8/27 1181er-ar°rd, H. Leland, designated special assistant examiner 8/27 1181ta;rig, Howard F., designated special assistant examiner 8/27 11811)011 , W- J., Vice President, salary approved 5/24 791br.-J-Qson, L. E., Assistant Vice President, salary approved 5/24 791PrIZIen, F. J., First Vice President, salary approved 5/24 791

Joseph, designated special assistant examiner4.18/27 1181

' C., Vice President, salary approved 5/24 791


Naracst or Philadelphia: (Continued)

art': (Continued)!c.ress, Gustav A., designated specialmacCoY, Brittain, Evans & Lewis:

Retainer for 1940 approved

assistant examiner

Fee for Wyoming Valley Collieries Company case approvedPayment of fee in addition to annual retainer, approvedPayment of bill in connection with bankruptcy of Thomas

McCabe, T Devlin Manufacturing Company approved

. B., Chairman and FRAgent:Advisory Commission to Council of National Defense, ad-

vice that he had been appointed to staff andcould aid in plans of utilizing FRSystem to as-sist Commission

Advice to U.S. Information

Bond of ing on staff

Redesignated for 1941

Service that he is serv-

W. G., Assistant Vice President, salary approvedJohn, Assistant Vice President, salary approvedIllhenny, C. A., Vice President and Cashier, salaryprovedPeorman

pos, , P. M., Auditor, salary approvedArthur E., Assistant FRAgent:

Bond ofRehfSalary approved

1117:1,,1 Porfank, Alternate Assistant FRAgent:

ap-

Re.

silec,„I O. Margaret J., Alternate Assistant FRAgent, bond of'" iellicz, C. A., Assistant Vice President, salary ap-

SihclaiToy 1-r

proved, J. S., President, salary approved

Tyl: Assistant Cashier, salary approvedkir, John E., designated special assistant examineror R., Gordon J designated special assistant examiner

Air lchmond: "c°ndit •

i°n1ng, no objection to expenditure and enclosing

end present floor spacePayment and reserve for industrial losses, charge off

t *natl. on real estate, etc., approvedon department, budget approveddirectors with branch directors at Richmond, Mr.

135Pages

8/27 1181

1/11 573/26 4104/19 536

12/30 1710

6/18 908

6/27 9522/15 25312/19 16375/24 7916/27 950

5/24 7915/24 791

2/15 2535/24 791

2/15 2532/15 253

5/24 7915/24 7915/24 7918/27 11818/27 1181

12/23 1682

12/23 16684/26 583

Szymczak to attend and Mr. McKee to attend if

nar possible, 1.o.Lina banks, transfer to Charlotte Branch territory,

any announcements to be made by FRBank and notby Board

°J-assification plan, change providing for increasein maximum salary of Assistant Manager in RFC

Custodian Dept.

4/30

4/26

6/25

596

573


'1113ak 00Quas...1 Richmond: (Continued)"ers, building, no objection to expenditure for enclosing

Staff: present floor space

lAtilderson, Lee Emrich, FRAgent's Representative, bond of4.rmistead, N. L., Examiner, appointment approved4rmstrong, B. F., designated special assistant examiner to

Brock lend clerical assistanceAuditor, salary approved

Assistant Cashier, salary approvedDodd, James W., Jr., Examiner, appointment approved, effec-

tive date and photograph requestedEUbant,P. H., Examiner, appointment approved, effective

I'm, • date and photograph requestedD --els, Charles Elliott, FRAgent's Representative, bond of3.G17?.J. G., Vice President, salary approvedO!lg, 'Wm. J., designated special examiner

G,t °n, Terrice C., Alternate Assistant FRAgent, bond ofj:Lurie, C. L., Assistant Cashier, salary approved

eennstone, A. S., Assistant Cashier, salary approvede"e , G. H., Cashier and Secretary, salary approvedLassiter

Robert, Chairman and FRAgent:Bond of

L Redesignated for 1941each, Hugh, President:

tlorth Carolina counties, transfer from head office ter-ritory to Charlotte Branch, to be invited tocome to Washington for discussion

Requested to come to Washington on April 26, 1940Present at Board meeting to discuss transfer of North

Carolina banks from Richmond to Charlotte terri-tory

Present at meeting of Board to consider building forCharlotte Branch

Salary increase not approved but salary will be approvedtqad.c if fixed by board of directors

°In, Wm. H., Jr., Examiner, appointment approved, effec-tive date and photograph requested

R. W., Assistant Cashier, salary approveds' U- H., Examiner, appointment approved, effective date

8helbu and photograph requestedrne, Clarence D., designated special assistant exami-

Apy,04 ner to lend clerical assistanceshe„ r ....ntment as assistant examiner approvedNitercl Sao t) . aooert L Assistant FRAgent, bond of

H., Examiner, appointment approved, effective dateWa.. and photograph requested

S., Jr., First Vice President, salary approved

136Pages

12/23 1682

1/13 7012/ 9 1565

5/13 6745/28 8095/28 809

7/10 1010

7/10 10101/15 705/28 8097/10 10101/15 705/28 8095/28 8095/28 809

1/15 7012/19 1637

4/15 5114/19 533

4/26 570

9/28 1258

5/28 809

7/10 10105/28 809

7/10 1010

8/ 9 111212/27 16951/15 69

7/10 10105/28 809


13stEg Richmond: (Continued)

(Continued)Wallace, M. G., Counsel, salary approved!aller, Edward, Jr., Assistant Cashier, salary approvedIfyiatkine, W. Royden, Examiner, appointment approvedeates, Rutherford, Assistant Examiner, appointment ap-

proved

liorth Carolina banks, transfer to 26 counties from head of-

fice to Charlotte Branch, discussed, Mr. Leachto be invited to Washington to discuss

Ur. Leach requested to come to WashingtonTransfer of sixteen counties to Charlotte territory ap-

proved if ten counties remaining in head office

territory have no objectionAnY announcements to be made by FRBank of Richmond and

-AA. or Sixteen not by Boardcounties transferred to Charlotte Branch

Pth,4q0Etht.

Coh4. .St. Louis:

War Relief Fund of American Red Cross, contribution by

,..6oret FRBank and branches not approvedmeeting with branch directors, Mr. Szymczak to at-

tend and Mr. Davis and other Board members to

vider-3 attend if possiblepayment and reserve for depreciation on machinery and

equipment approvedstilnion Department:Pervision, no need for changing present arrangement as

Bud to executive responsibilityget approved

Iletation report, request for comments and suggestions

Per80,_ rial loan information may be furnished to Brookings Insti-

tution, copy of letter sent FRBanksInnel classification plan:4cl'ease in maximum salary for position of Head of Depart-

ment in Personnel Department-ges creating new positions and eliminating

-'811ge creating new positionqart:' lor contingencies, transfer from surplus approved

APPcAntment

General

Attebery, 0

13 egott, Ge

old positions

of president who reaches 70th birthday during

next five-year period discussedconsensus that no exception should be made in

absence of strong reasons• M., Vice President, salary approved if fixed by

directorsorge I., Examiner, appointment approved

137Pages

5/28 8095/28 8093/29 429

12/27 1695

4/15 5114/19 533

4/26 571

4/26 5735/18 717

7/19 1053

4/26 575

12/23 1669

1/4 194/26 5837/16 1037

11/ 6 1446

2/ 79/1912/ 412/28

206122615471706

6/28 956

7/2 976

5/15 6875/16 700


Batik of 34 t fpLouis: (Continued)

(Continued)1,3,aileY, L. H., General Auditor, salary approvedzennett, Marvin L., designated special assistant examiner

to lend clerical assistanceBerthold, Harold J., designated special assistant examiner

to lend clerical assistanceB°11, Paul W., designated special assistant examiner to

Ca lend clerical assistancerstarphen, L. H., General Counsel, salary approvedChapj

Earl H., Assistant Examiner, appointment approvedel", E. Francis, payment of salary in excess of maximumGi''l _PaYment of salary in excess of maximum approved'a°re, S. F., Assistant Cashier, salary approved if fixed

HarteA by directors"c'rn, William John, Alternate Assistant FRAgent:Bond of

H„,alary approvedA. H., Assistant Cashier, salary approved if fixed

by directorsF N., Assistant Cashier, salary approved if fixed

Har4— by directors-meister, Louis A., Examiner, appointment approved

P. G., First Vice President:Examination Department, supervision over, advice to Mr.

Nardin that designation would not be approvedsince there is no need for changing present ar-rangement as to executive responsibility

HoliSalary approved if fixed by directors°cher, G. 0., Assistant Cashier, salary approved if

fixed by directorsWilliam McC., President:

APPointment for next five-year period discussed since70th birthday will be reached during period

General consensus that no exception should be madein absence of strong reasons

Utlei larY will be approved if fixed by directors"-er, William R., designated special assistant examiner

Desi to lend clerical assistanceNard4 gnated special assistant examiner

William T., Chairman and FRAgent:Bond of

park!.sdesignated for 1941n Bond

Prank Spencer, Assistant FRAgent:of

Pre„, Sala rY approved'-'-usnt reaches 70th birthday during next five-year

period and question of reappointing discussed

138Pages

5/15 686

5/21 754

5/21 754

5/21 7545/15 6865/16 7001/16 809/ 5 1193

5/15 687

2/8 2144/5 469

5/15 687

5/15 68711/ 8 1452

1/4 195/15 687

5/15 687

6/28 956

7/2 9765/15 687

5/21 75411/ 8 1452

1/19 10312/19 1639

2/8 2144/ 5 469

6/28 956


PRBanks4. 2f St. Louis: (Continued)'air: (Continued)

President reaches 70th birthday: (Continued)General consensus that no exception should be made in

Sh e-4- 11 absence of strong reasons 7/ 2 9761 Olind W., designated special assistant examiner to

lend clerical assistance 5/21 754Stewart, C. M., Cashier and Secretary, salary approved if

We fixed by directors 5/15 687igel, H. H., Assistant Vice President, salary approved if

fixed by board of directors 5/15 687treljehner, Edward Albert, Alternate Assistant FRAgent, bond of 2/ 8 214

Fund, request for advice of status and plans for ulti-Usemate disposition 7/20 1057

Nkrik for establishing Credit Union, request for advice as to

c't San =s already taken 8/30 1191

Franci /oat*America, conversion into State bank, statement of Mr.

Eccles that he had advised L. M. Giannini tosubmit communication to FRBank requesting ad-vance commitment whether bank was acceptable

Re for membership 1/16 77Review by Mr. McKee of telephone conversation with FRBank

and what Board thought FRBank should requirein case application for membership was re-ceived, decision on whether Mr. Clerk shouldbe asked to come to Washington deferred until

14videndafter meeting at Treasury 1/17 83PaYment and reserves for industrial loan losses and

t`11.!tion contingencies approved 12/23 1669de

pa

8irdget not approved 4/26 583get approved, Board will discuss operation with Mr. Day

W R when in Washington 5/17 710 eet,B., assigned to supervise 6/25 944report left for chairman and directors with request

()test for comments or suggestions 5/28 809

8Pecial order requested placed with Bureau of Engraving

Spe^4_ and Printing 11/27 1527'-tal order requested placed with Bureau of Engraving

°4na 4- and Printing 12/12 1599' 'ndustrial, copy of letter forwarded by FRBank for

transmission to F. L. Moore, advice that let-

PeanelN.

ter had been approved and that original hadbeen transmitted to Mr. Moore 1/23 118

.A8si cl classification plan:stant General Auditor, position to be classified under 4/ 3 443

139Pages


13

140Pages

:f San Francisco: (Continued)" onnel classification plan: (Continued)

Changes involving discontinuance of positions, transfer of

positions from one department to another, etc. 4/ 3 444Change providing for increase in maximum salary of Chief 4/23 558Change

providing for creation of position of Assistant Gen-

8alar; eral Auditor 5/ 9 654'ee of officers for period January 1 to April 30, 1940

fixed at same rates as those in effect on De-

Staff: cember 31, 1939 1/11 57

Agnew, A. C., Counsel, retainer for 1940 approved 1/11 57Salary payment will be approved on full-time basis if

Ass fixed by board of directors 6/25 944istant General Auditor, position to be classified as non-

official, and provided for in classificationplan

Clerk, Ira, First Vice President:Bank of America, decision on question whether to ask to

come to Washington deferred until after meetingat Treasury

Conversion into State bank, advice that he washolding himself in readiness to come to Wash-ington when required

Present at meeting of Board on Bank of AmericaN.T. & S.A.

Present at Board meeting to discuss program forBank of America

Present at meeting of Board in connection with Bankof America

Da Salary approvedtaYl!, Wm. A., President, salary approved401r;Lart, C. E., Cashier, salary approvedpoP4-0yees designated special assistant examinersrce, Raymond C., Chairman and FRAgent:Bond ofDesignated for remainder of 1940

Hai Redesignated for 1941Harfl, W. M., Vice President, salary approved4117, R. T., Assistant Cashier, salary approvedLilbiran H. F., General Auditor, salary approvedkaileonard D., designated special assistant examiner14.---Llard, E. C., Assistant Cashier, salary approvede4 111,gels, H. N., Assistant Cashier, salary approved-cer, Charles H., Assistant General Auditor, appointment

Osraer and salaryPhil ! J• M., Assistant Cashier, salary approved

1113s, C. D. Assistant Cashier, salary approved

' G• W., FRAgent's Representative, bond of

4/ 3 443

1/17 86

1/18 922/3 1982/7 208

2/24 288

3/7 3474/19 5314/19 5314/19 53111/19 1498

4/11 5003/12 369

12/19 16414/19 5314/19 5314/19 5311/4 184/19 5314/19 531

4/ 3 4434/19 5314/19 5312/13 234


?R13allk of n, sste, Francisco: (Continued)'LI (Continued)Sherman, N. Merritt, Assistant Chief, Division of Research,

services loaned to Board for four months, Boardto reimburse Bank for salary and RetirementSystem contributions and to pay transportationand per diem allowance

Temporary assignment to Board extended and budget in-creased to care for salary, per diem, etc.

Shortt, W. D., Assistant FRAgent, bond ofSlade, H. F.:'

Designated special examiners_ Salary approved„Ynne, H. A., Alternate Assistant FaAgent, bond ofY,01ber-,g Weston Fay, Examiner, appointment approvedaldron,

William Francis, Assistant Examiner, appointmentapproved, insured loan on house to be placed

Westwith nonmember bank

5 p B., Vice President:

Salary approved

Nero Supervision of bank examination department approved byP

Res Board, and designated examiner4iddres rve Banking:

8 of

141Pages

4/19 534

12/14 16052/13 234

8/29 11864/19 5312/13 2343/29 429

7/30 1081

4/19 531

6/25 944

Ph M. S. Szymczak on development of, FRBanks may obtain,okrti 8: copies of reprint upon request 12/ 5 1553

Aas.—-Tent for expenses of Board:; r last six months of 1940 6/19 916

kak °r first six months of 1941 12/27 1693jelat'lons reports:•L'xcer t 7/25 1065ulJ P s to be sent directors of all FRBanks each month'Y summary sent FRBanks with statement that practice of

circularizing reports will be continued 8/22 1158tam,S4,1MMarY, practice of circularizing to be continued 8/22 11584r.L: 8 blanket bond 1/ 2 9

Li checks, issuance by FRBanks where they are to be heldfor period by other banks, monthly report ofsuch checks requested on inclosed form F.R. 494

011eckcol, for information of Board and FDIC 1/24 1264-ection circulars, mimeographed tabulation of replies

from FRBanks ordered sent to FRBanks, Mr. Smeadto confer with Mr. Szymczak re manner of bring-ing about greater uniformity 5/13 677

-rvice, mention made of bills providing for extension to

Staff of Board and possible inclusion of FRBank

Ole L.ght ar Comployees 4/ 5 459

ta onceivably be extended to cover employees 12/10 1572g accounts with nonmember banks, policies of FRBanks re

maintenance of, to be discussed at next Con-

ference of Presidents 6/14 885


P1111,4.0.(Continued)

"I'l'ibutions to charitable, philanthropic, or benevolent insti-tutions, S. 4022 amending FRAct to permit, re-

C011n ferred to at meeting--Qe13 fees, letter to FRBanks stating and explaining uniform

plan'gs with Inter-American Bank, decision by Board of position

it would take on question of broadening powers

nePartme of FRBanks to permit

nt of Justice Committee on Administrative Procedure,Board to ask committee to send cards to banks

Dildtrlds notifying of public hearings

, payment for six months ending June 30, 1940Earj Yment for last six months of 1940 authorized

-Lngs and expenses for 1939, preliminary statement, with cor-responding figures for 1938, approved and is-suance of press statement authorized

ual of instructions governing preparation of reports,

44Ploy revised pages sent to FRBanksees called for military or related governmental service,

report of Retirement Committee re status under

4113i.oye Retirement System, approved by Boardes funds, FRBank of St. Louis requested to advise Board

of status of Federal Reserve Welfare Fund andplans for ultimate disposition

Use t 0 establish credit unions, FRBank of St. Louis re-

4114.oire quested to advise of steps already taken4 es salaries for 1940, lists approved

13,Ttion departments:c'_"1E:ets approved with exception of Boston and San Franciscounrerence of department heads set for February 7, 1940,

copies of program to be sent out at early dateReiatlonship of FRBank presidents to, advice to FRBank of

Minneapolis that presidents are responsiblefor actions

report of discussions on five FRBanks to be preparedwith understanding that examiner in chargewould discuss with officers the various pointsraised in survey as well as current examina-

StIrvey,

142Pages

4/30 592

3/4 334

5/15 687

6/4 8456/21 93212/23 1665

1/4 20

1/9 45

5/10 672

7/20 1057

8/30 11912/14 242

4/26 583

1/18 95

5/1 607

tion, and results of discussions be reportedto Board19atlons:

411 Mr. Paulger directed to make at least one examination

Go 'air" of each bankaclie), counts: (See infra Indemnification)

s'Iment deposits transferred from member banks to , suggestedas means of reducing excess reserves by Ad-visory Council

11/ 8

12/21

10/ 7

1404

1659

1292


143Pages

V( Continued)elnt ownership of, mention made of legislation providing

de for 4/ 5 459In • •mnification against loss or expense resulting from accountsfor foreign governments, Mr. Ransom to discuss

Draf4. with Treasury and State Departments 6/17 896'u of bill amending FRAct approved and letters to Banking

Re and Currency Committees ordered delivered 6/20 923

port on status of bill 6/28 955Draftt of proposed amendment to bill and letter to Chairman

Last Wagner approved 7/ 2 971sentence of proposed amendment revised and letter or-

dered sent legislative counsel of Senate and

All copies sent Messrs. Bernstein and Hackworth 7/ 5 996

accounts to be carried under new caption in FRBank

Rev weekly statement if bill passes 7/13 1031Review by r. Ransom of pending legislationPro—, • M 8/ 2 1086

v-Lsion to be eliminated from bill if necessary to prevent

Sena bill from being defeated 8/12 1118tO' Taft to see Mr. Dreibelbis to discuss alternative

RevieKdraft of legislation 9/10 1205, by Mr. Williams upon developments, Mr. Dreibelbisto report directly to Mr. McKee during Mr.

ChangeRansom's absence 10/ 1 1269eliminating provision re property received by in-

sured bank from foreign nationals, Mr. Eccles

Ur, 7) given power to act 10/21 1365i'ansom attending meeting on bill and cannot attend

Icb, Board meeting 11/26 1519-Loans, defense materials, FRBanks are in advantageous

_ position to make for defense purposes 12/10 1586"ce, self, adoption favored, letter ordered prepared for

transmission to Presidents' Conference suggest-

141.80 planing that committee be appointed to formulate

7/25 1068n officer between Defense Commission and private industry,

statement at Advisory Council meeting that

T,ape

plan was being worked out 10/ 8 1301Ad„urap to call FRBanks to see if they would cooperate 10/14 1330ta:,tee that they would cooperate 10/14 1331

service, status of employees called for military orrelated governmental service under Retirement

System, report of Retirement Committee ap-

Le8proved by Board 5/10 672

.ve and salary payment to employees called for active

service, made topic for discussion by Presi-

Uatt dents' Conferenceer left by Presidents in hands of subcommittee with

Trifor power to actmation to be obtained from FRBanks

8/27 1178

9/28 1252


kanks:14.1.„ (Continued)'-i-?ry service: (Continued)r

„telegram to Mr. Peyton requesting informationBenefits for those called for, question to be discussed by

Mr. McKee with Presidents' committeeProcedure adopted by Presidents' Committee approved, tele-

gram sent Mr. Peyton and copies sent FRBanksSimilar procedure adopted for Board employees with certain

changesIlet earnings, use in writing down book value of premises sug-

()J'i.cer . gested as topic for Presidents' Conference8' checks or checks drawn on FRBanks and certified by

them, issuance where they are to be held forperiod by other banks, monthly report of suchchecks requested on inclosed form F.R. 494 forinformation of Board and FDIC1)1‘esidents,

appointment of those reaching 70 years of age duringperiod of next five-year appointmentGeneral

consensus that no exception should be made in ab-sence of strong reasons

-us writing down book value by using net earnings, sug-Reference gested as topic for Presidents' Conference

of matters to Government departments without first

10/10

10/17

10/29

11/14

11/ 7

1/24

6/28

7/ 2

11/ 7

144Pages

1323

1343

12171

1461

1448

126

946

976

1448

submitting to Board, memo to be prepared cov-ering correspondence between New York bank andState Department re Neutrality Act for discus-sion with Mr. Harrison 1/10 52

Indus •trlal loan losses, contingencies, and depreciation on

bank premises, authorized to set up for 12/23 1665Profi ts from sales of Government securities, transfer to,Salarie suggested as topic for Presidents' Conference 11/28 153241arie! °f employees for 1940, lists approved 2/14 242' of officers, study to be conducted by persons appointed

by Chairmen of FRBanks, no objection if Chair-men decide to have it, cost to be borne by .Board 4/ 2 435Secre

tarY directed to prepare reply to Mr. Curtiss' letterthat board of directors was not in sympathy

Rep1 with study 4/ 2 436

Y that Board does not feel study is inconsistent with

responsibilities of boards of directors, or

Advi- is review of past actions of directors 4/ 3 441that Cleveland directors wanted salary increases

for Messrs. Fleming, Zurlinden, etc., passedUpon without waiting for study to be corn-

line i pleted

s satisfactory to Board 4/ 5 4566/ 5 850

Ow..

report will be submitted in near future, no objectionto additional expenditure required to complete 12/10 1570


114,111,sel„. .kuontinued)"Insurance, Messrs. Smead and Wyatt appointed on committee

to study with FRBanksSinai-1 business, cooperation in assisting participation in na-

tional defense program discussed at meeting ofStaff: Chairmen with Board

145Pages

8/24 1166

12/10 1580

APPointment of Presidents who will reach 70 years of age

during five-year period for which appointeddiscussed

General consensus that no exception should be made in

absence of strong reasonsChairme_,a appointments will be released to press on January

2Chairmen and FRAgents, studies on banking and monetary prob-

6/28

7/2

12/31

956

976

1718

lems under Wagner Resolution, copies orderedcivil , sent to, for comments and suggestionsI__ oervice might conceivably be extended to cover"urance for employees called into military service, let-

ter to FRBanks suggesting procedure for reim-bursing premiums

Procedure approved by Board contemplates reimbursementonly for premiums on term plan

son officer between Defense Commission and private in-dustry, Mr. Draper to call FRBanks to see ifthey would cooperate

Letter that they would cooperate

r and press statement from Commission read, listof suggested officers ordered prepared

Designated officers expected to be called for meeting

in Washington14r- Draper to work with Commission and FRBanks on planReply to Commission ordered prepared stating actions, taken in response to letterMeeting in Washington set for November 17 and request

for names of representativesCost of two days' luncheons to be borne by BoardResults of conference reported at Advisory Council

meetingmiliAn,other conference contemplated

uarY leave and salary payment for employees called foractive service, made topic for discussion by

Matter Presidents' Conference

vuer left by Presidents in hands of subcommittee withpower to act

arY service, information to be obtained from banks

Te on number eligible, etc.legram to Mr. Peyton requesting information

2/26 30512/10 1572

12/14 1608

12/19 1650

10/14 133010/14 1331

10/25 1383

10/25 138410/25 1386

10/25 1386

11/ 1 143111/12 1455

11/18 148412/10 1580

8/27 1178

9/28 1252

10/ 9 131710/10 1323


Nealks:sta. (C

It ontinued)

: (Continued)Military service: (Continued)

Benefits for those called for, question to be discussedby Mr. McKee with Presidents' committee

Procedure adopted by Presidents committee approved,telegram sent Mr. Peyton and copies sentFRBanks

Similar procedure adopted for Board's employees withcertain changes

°Perating officers to be asked to Washington for consulta-tion re Federal banking laws in connectionwith Wagner ResolutionPr

esidents, banking studies under Wagner Resolution, in-quiry to be made whether they have any sugges-tions to make

Relationship to examination departments of FRBanks, ad-vice to FRBank of Minneapolis that presidentsare responsible for actions

Presidents who reach 70 years of age during five-yearperiod for which appointed, question of ap-pointing discussed

General consensus that no exception should be made in

, absence of strong reasons0-Lictents and First Vice Presidents, appointments when ap-

10/17

10/29

11/14

10/17

5/ 3

5/1

6/28

7/ 2

146Pages

1343

1417

1461

1350

624

607

956

976

pointee would be nearing 70 at end of term dis-cussed by Board and Chairmen

°Pinion of Mr. Eccles that terms of office should be? •

"1St • one year

•lcal and analytical functions, budgets approved for 1940

4-gliillent of claims against U.S. as collateral for loans, state-ment ordered published in

4Je]Lgium:e7.1ent re procedure under, ordered published inLuxembourg, and Netherlands, statement re Executive

Order and Treasury regulations governing trans-

12/10 1578

12/10 15795/ 3 627

10/18 135812/18 1634

Camfer of property, ordered published in 5/17 711d •

01 ellvery transactions, copy of ruling that will appear10/26 1396earin, in, sent FRBanks

house examiners, copies will be sent to upon request,and FRBanks requested to send number of exami-

1,

'wtton t,„ ners employed by each house 10/14 1333St funds, operation as investment trusts for other

Ootp- than strictly fiduciary purposes, statement• ordered published in 4/29 590

e°rar,i tl°11 of State law requirements re capital of banks, trust

—,trtenta companies, etc., statement ordered published in 11/19 1502

rY copies to be sent State bank examiners andFRBanks requested to send names 12/ 5 1552


c_ln: (Continued)'':(miers debit balances, data to no longer be published intasvbut released to press as soon as available

'none but

" policy, question of publishing recommendation of Ad-Council in, deferred1itoriaisu pel-vision responsibility vested in Elliott Thurston

'610n of Class A and B directors, right of member bank and

10/19

5/211/18

147Pages

1363

75396

its subsidiaries to vote in elections, state-

eMPted ment ordered published insecurities, request that Comptroller permit Board to

publish ruling that obligations of Commodity

ecleral Credit Corp., RFC, etc., may be classed asAdvisory Council discussions to be referred to in suc-

ceeding issuessecurities, executive order prohibiting dealings in,

Floret statement ordered published ingners, authority of President of United States to regulate

transactions in which they have interest, state-

Generai ordered published inlicenses issued by Secretary of Treasury, statement or-

dered published inement ordered published in

1" Vice president participating in operating managementof bank as executive officer, statement or-

Index _ dered published inindustrial production, publication in August issue

Ititer_Am authorized and footnote approvederican Bank, statement with respect to, ordered pub-

lished in-Nrestment Company and Investment Advisers Acts of 1940, state-ment with respect to, ordered published in

ents by member banks in obligations of certain Governmentagencies, statement ordered published in

issued by Secretary of Treasury, statement ordered pub-Li

ensee, . lished in' issued by Secretary of Treasury, statement ordered pub-

t lished ino'4'18 executive officers, exceptions relating to, statement

ordered published in'1V Act of 1939, statement ordered published in Bulletin

re financial transactions underStatement re financial transactions under, ordered publishedStatem , in

e;t with respect thereto ordered published inamendments to, statement ordered published ination L'amendment permitting interlocking relationshipsbetween trust companies not receiving depositsand member banks not exercising fiduciary

powers, statement re, ordered published in

10/18 1358

6/19 916

11/19 1495

8/13 1132

5/17 711

7/16 10419/16 1217

12/18 1634

7/25 1073

5/17 711

9/16 1217

7/16 1041

8/13 1132

12/18 1634

2/14 252

4/29 590

5/17 7116/14 8885/17 711

1/23 118


Pl%V.in: (Continued)j-ngs and licenses issued by Secretary of Treasury, state-

ment with respect thereto ordered published in11141aSatement ordered published in

nlan property, order and regulations on transfer, statement

ordered published inSecretarY of Treasury, general rulings and general licenses

Nei( granted by, statement ordered published indeposited

grantedbroker for him to lend, statement with

Stolen respect thereto ordered published inProperty, legislation prohibiting possession of that

stolen from banks, statement ordered publishedin

ThilrstOn, Elliott, responsibility for editorial supervisionvested inIlst Indenture Act of 1939, statement re rules and regulations

Piltictes: of SEC, ordered published in

ank of ri„;p,4flting of additional notes of 1934 series, Comptroller

requested to place order with Bureau of En-graving and Printing

Printing

148Pages

6/14 88810/18 1358

10/18 1358

of additional notes, letter to Comptroller request-ing order be placed with Bureau of Engraving

'411cPR13, and Printing

of Cleveland:Pri •ntlng of additional notes of 1934 series, Comptroller

requested to place order with Bureau of Engrav-

Spe,,4 ing and Printing8,_'tal order placed with Bureau of Engraving and Printingv'clal order requested placed with Bureau of Engraving and

111.13azik Printing10 in of New York:

tang of additional notes, Comptroller requested toplace order with Bureau of Engraving and Print-ing

'Ing of additional 1934 notes, special order placed

SPeo. with Bureau of Engraving and Printing

Nkrik lal order for 1934 series, Comptroller requested to

place with Bureau of Engraving and PrintingSan Francisco:

peeial order requested placed with Bureau of Engraving and

8Peeia-i-

1 Printing-- order requested placed with Bureau of Engraving

and Printing

A • rig Order for fiscal year placed with Bureau of Engraving

1,1nand Printing

ting requirements for fiscal year ending June 30, 1942 sent

to Bureau of Engraving and Printing

5/17 711

6/14 887

8/13 1132

1/18 96

2/14 252

4/25 569

5/27 801

4/25 5697/18 1048

12/11 1594

3/22 399

4/18 518

4/26 583

11/27 1527

12/12 1599

6/19 918

5/21 759


Notese:! (continued)

les of 1928, cancelation of new notes and shipment to Wash-ington for destruction because of lack of vaultspace, permission granted branches of FRBank of

%tem: Kansas City

41dang company affiliates, supervision over, testimony during

hearings on Investment Company and InvestmentAdvisers Acts sent FRBanks to emphasize re-sponsibility

Ind"trial loans, view of Advisory Council that authority

National should be repealeddefense program, advice to U. S. Information Service

Servi_ s showing how System ties into'e and facilities, tendering to President for use in gath-

ering information needed by Advisory Commis-sion to Council of National Defense, Mr.Szymczak to investigate with view to prepar-

Nle Letter , ing communication to PresidentLo President of United States

?lltazerve Velfare Fund:

per; St. Louis, request to be advised of status of fund

'‘eraisavin and plans for ultimate disposition

ohares bs and loan associations:' loans by member banks secured by, are subject to limi-

Stook, tations of section 11(m) of FRActPurchase by State member banks in Texas, copy of ruling

eounse, sent Federal Home Loan Bank Board

4411,4 -I- for FRBanks, letter to FRBanks stating and explaininguniform plan for special and regular counsel

?1,4 ger' Carl W., un cost of luncheon in Board's dining room to be

powers: borne by Boardtitirj

lIncements on FR-270 in future to merely show that right has

been granted without indicating whether limited411+1, or general

"LLY of Board permits exercise in foreign States but bank

must conform with laws of foreign State regu-

lating exercise of powers by foreign corpora-

tionsPewa Trust Company, St. Louis, Mo., administering of two

executorships now held will not be objected toby Board, with understanding that no other fi-

duciary business will be acquired without Board's

-ns permissionn0outhern National Bank of South Carolina, Charleston,

S. C., application approved upon conversion fromCitizens & Southern Bank of South Carolina

149Pages

4/ 9 487

10/ 7 1284

2/20 270

6/27 952

6/18 9076/19 920

7/20 1057

2/12 224

8/15 1137

3/4 334

6/27 953

12/ 4 1550

5/ 7 640

3/8 359

1/19 106


150Pages

UClaPowers: (Continued)azens Bank, Hebron, Indiana, application to exercise limited

Citizen powers approved 8/27 1183s National Bank of Norwalk, Ohio, application approved 3/1 328

'"ens National Bank of Port Henry, N. Y., surrender ofq National Bank of Colorado, Colorado City, Texas, surrender

6/13 879

City.oflatenal Bank of Kankakee, Ill., application for supple-

1/31 172

mentary powers approved upon consolidation of

City Trust & Savings Bank, Kankakee, Ill., in-

ClaYton toco National Bank, Clayton, Missouri, application approved,.

-arY funds held by bank may be invested in common trust

Oomm—c. fund

CotZr National Bank in Muskogee, Oklahoma, surrender ofrelal National Bank in Nacogdoches, Texas, application ap-

provedted powers granted have effect of granting full powers

Pactorirn since those granted include general power-4 1-oint National Bank, Manchester Center, Vt., assignment

of savings deposits to trust department to Se-cure trust funds

ings Deposits in trust department as security for trust

h/188/21

12/197/1

9/14

12/ 4

11/27

5151153

1650967

1213

1549

1524

funds in commercial department will not satisfyParmer requirementsPaylne 8 Merchants National Bank of Stanley, Va., surrender of

41'm-1'8-First, National Bank of Stephenville, Texas, surrenderpirsjs National Bank of Clay, Ky., surrender of

National Bank of Battle Creek, Mich., surrender of, Board

should not issue certificate until law suit is

disposed ofSlIrrender certificate not issued and FRBank of Chicago to

ascertain whether any further action is neces-

pPiirst Nati saryon

Nationaal Bank of Belden, Nebraska, surrender ofBank of Bluefield, W. Va., exercising in Vir-

Pirst NationalPirst NationalPirat NationalPirst NationalPirst NationalPirst National

ginia, advice that authority of Board permits

exercise in foreign States but bank must con-form with laws of foreign State regulating

exercise of fiduciary powers by foreign cor-

porationBank in Bristol, Tennessee, application approved

Bank of Bunker Hill, Ill., surrender of

Bank in Childress, Texas, surrender of

Bank of Delmar, Delaware, surrender of

Bank of Groton, New York, surrender of

Bank of McGregor, Texas, application approved

12/233/156/121/ 2

16823878766

5/1 606

12/ 3 154211/ 5 1440

5/7 6409/16 12167/1 9661/19 1076/13 8801/13 626/10 860


PidliciarY powers:First

National

First National

Securities

Pir8 L' Security

(Continued)Bank in St. Petersburg, Fla., application ap-

provedBank of Vahoo, Nebraska, release of securities

deposited with State authorities in connection

with termination of powers, advice to FRBank of

Kansas that Board has issued certificate and re-

quest that FRBank discuss with Nebraska banking

departmentdeposited with State authorities, certificatefor releaseBank of Idaho, N.A., Boise, Idaho, applicationapproved upon conversion from First Security

Gelleral Bank of Idaho

power granted to bank has effect in many States of

granting bank right to exercise full trust

Goo'dh, powers

lianov e County National Bank of Red Wing, Minn., surrender ofliolva.2,r National Bank of Wilkes-Barre, Pa., surrender of"4 National Bank and Trust Company of Burlington, Vt., ap-

plication for supplementary powers approvedPowers turned into full trust powers in many States by

Logn- grant of general powerNational Bank & Trust Co. of New Kensington, Pa., bank

Loh; not authorized to exercise full trust powerse Trust Company, Louisville, Ky., trust funds deposited

in commercial department, real estate mortgageloans cannot qualify as security and FRBank ofSt. Louis requested to take steps to correct

interlocking directorate relationship between thosenot exercising, and trust companies not accept-ing deposits, amendment to Regulation L permit-ting and entry for policy record ap-

Veraber banks,

adopted,1 --‘4014 proved

garl national banks are not required in Board's opinion tokimen deposit securities with State authorities

Bank et Trust Company, Minden, La., failure to depositfunds in trust department to secure fiduciary

krier8 funds deposited in banking department, no actionto be taken in view of proposed legislation

rlrst National Bank of Ishpeming, Mich., application ap-

151Pages

11/13 1/67

4/18 516

5/114 684

12/23 1680

12/ 4 154911/22 151312/26 1689

1/15 70

12/ 4 1549

5/21 757

5/9 655

1/2 1

8/23 1162

4/29 586

proved, memo of Mr. Ransom giving reasons for not

approving

Farm City Bank of Marion, Ohio, surrender of,el's National Bank of Glasgow, Ky., application approveda lllers National Bank, Osage, Icma, application approved

h'oti

-11a-Lin provisions of Regulation F, memo being prepared by

Mr. Ransom covering views of Pennsylvania bankersii411,04 ional Bank of Elgin, Ill., application approved

N4.

1.4°nal Bank of Superior, Wis., application approveda'4.0nal Bank of Ventura, California, application for ad-

ditional powers, approved

2/138/ 28/152/12

8/275/ 13/13

2/14

22710911136223

1179606379


?arY Powers: (Continued)union National Bank and Trust Co. of Joliet, Ill., application

approved when bank is authorized by Comptroller

V'ebster & A to commence business

tlas National Bank of Boston, Mass., common trust

fund proposed is not in conformity with Regula-

tion F, Board will be glad to receive bank's

Weste representativesrn National Bank of Cicero, Ill., application approved

upon conversion from V;estern State Bank of

V;()(X1 H Cicero

uston Bank, Marshall, Mo., application for permissionto exercise additional powers approved

LorVe.demands could be met easier by banks if they could

be given function of secondary underwriters,

National view of Advisory Councildefense program, suggested as topic for discussion by

Su Advisory Councilggested as topic for discussion in letter to Advisory

Loa„ Counciluy RFC, letter from RFC to War and Navy Departments

referred to and discussed at Advisory Council

meetingC 0 r(se.y of letter furnished to Council

''ge/l)rintee also Mobilization of bank credits)8 °f prospective employees at FRBank of Minneapolis,

FBI requested to continue furnishing resultsa

of checkupsNo,„geneY operations of FRBanks:vie,0.1.—"I

9/27

3/12

9/30

9/27

2/20

10/29

11/ 1

11/1911/19

11/27

152Pages

1249

371

1264

1247

272

1411

1433

14881495

1525

and Danish balances in U. S. in connection with war,

reimbursement to FRBanks for expenses, tele-

gram to FRBank of Cleveland approved, similar

telegram ordered sent to all FRBanks when ap-

proved by Messrs. Bell and Heffelfinger 4/23 545leP1 gram revised by Mr. Bell and ordered transmitted sim-

of ilar telegram to be sent to all FRBanks

by member banks for purpose of, discussed at Advisory

(8ee Council by Board 2/20 271

Securities)Pr‘ Pe) cost of luncheon in Board's dining room to be borne

Th by Board 3/12 375om

3343, as F.:reporl by Mr. Ransom of conversation with and letter

from, Mr. Vest requested to prepare reply and

analysis of bill for consideration by Board 4/10 490


R 8 tt P. Thomas F.: (Continued)' 3343: (Continued)

/Draft of reply to, presented, Mr. Eccles to request Mr.Ford to obtain report from Banking and CurrencyCommittee and to state to him that majority of

Board favors amendmentAdvice from Mr. Eccles that Rep. Ford agreed to procedure,

that he had discussed with Messrs. Steagall and

Mead, and that meeting was to be arranged with

Presidentta4.n accounts:

tik Of Canada with FRBank of New York, procedure to be followed

Oper,4 for opening4rat ne by FRBank of New York approved

°' Eneland with FRBank of New York to be carried under cap-tion "Other deposits" in FRBank weekly statementof condition

Government with FRBank of New York, funds transferredto from Bank of Canada account and caption in

Corm,— weekly statement changedealth Bank of Sidney, Australia, FRBank of Boston au-

thorized to open temporary one-way account withrrnation of certain accounts with FRBank of New York not to

Nar s: be requested by examiner

eaPt'o •- ln in FRBank weekly statement changed to "Deposits-

Foreign"IndeInnification of FRBanks against loss or expense result-

ing from accounts held for foreign governments,Mr. Ransom to discuss with Treasury and StateDepartments

Draft of bill amending FRAct approved and letters or-dered delivered to Banking and Currency Com-mittees

Report on status of billDraft of proposed amendment to bill and letter to Chair-

man Wagner approvedLast sentence of proposed amendment revised and letter

ordered sent legislative counsel of Senate and

All copies sent Messrs. Bernstein and Hackworth

- accounts to be carried under new caption in FRBank

weekly statement if bill passesReview by Mr. Ransom of pending legislationProvision to be eliminated if necessary to prevent bill

from being defeatedSenator Taft to see Mr. Dreibelbis to discuss alternative

draft of legislationReport by Mr. Williams of developments, Mr. Dreibelbis

to report directly to Mr. McKee during Mr.Ransom's absence

153Pages

4/19 528

4/23 545

8/12 11218/17 1147

7/13 1031

9/ 5 1195

1/29 159

10/25 1392

9/ 5 1195

6/17 896

6/20 9236/28 955

7/2 971

7/5 996

7/13 10318/ 2 1086

8/12 1118

9/10 1205

10/ 1 1269


Porto._

IgLaccounts: (Continued)s: (Continued)

Indemnification of: (Continued)Change eliminating provision re property received by in-

154Pages


given power to actMr. Ransom attending meeting on bill and unable to be

Great present at Board meetingBritain opening account with FRBank of New York in Govern-

ment name, Mr. Harrison to call on Under Secre-

tary of Treasury Bell and if necessary Messrs.

Harrison and Ransom to confer with Secretary of

11Treasury

(c) objection to opening account with FRBank of New YorkNati joPening and maintenance by FRBank of New York approved

nal Bank of Afghanistan, Kabul, Afghanistan, opening with

Netherland FRBank of New York approved

s Government, balance to be carried against caption

"Other deposits" in weekly statement of condi-

11,0 obtion of FRBank of New York

jecti on

Pc)i.eign Ilening and maintenance approved01-lase

BankCorporations:

ank,-ranch

New York, N. Y.:banks, foreign:

Prance, Board will give consideration to establishment

at places where operations are such as to con-

stitute operation of branchPrel&nation report sent to Mr. Aldrich

C 'ttinerican Banking Corporation, New York, N. Y.:,ond ition report, explanation shows that there was no viola-

tion of agreement with Board(2'rmal limit upon Corporation's aggregate liability cannot

be changed at present, but no objection to ex-

ceeding limit for time being under certain

. specified conditionsL'.1-lities exceed limit provided for in agreement, and

te must be corrected, advice to corporationerican Bank, organization as Edge Act corporation or by

10/21

11/26

6/46/178/17

8/17

6/36/178/17

8/231/24

3/1

4/9

2/16

1365

1519

8329051147

1147

8309051147

1163121

330

486

260

Congressional action discussed, Mr. Wyatt to

advise representatives of State and Treasury De-

partments that Board thinks any method other

R'ePortthan by Congressional action undesirableby Mr. Eccles that he had advised Mr. Gaston that

?0Board believed bank should be set up by legis-

lative action, and that Mr. Gaston had concurred

(31111t8 with FRBanks, indemnification of FRBanks against lossor expense resulting from, Mr. Ransom to discuss

with Treasury and State Departments

1/29 153

1/29 157


Fo ej banks: (Continued)

4e ounts with FRBanks: (Continued)'ft of bill amending FRAct approved and letters to Bank-

ing and Currency Committees ordered deliveredil'eport on status of billuraft of proposed amendment to bill and letter to Chairman

Wagner approvedLast sentence of amendment revised and letter ordered sent

legislative counsel of Senate and copies sent

AllMessrs. Bernstein and Hackworth

accounts to be carried under new caption in FRBankweekly statement if bill passes

Rev ew by Mr. Ransom of pending legislationPr°vision to be eliminated if necessary to prevent bill from

Can+- being defeatedrylon in FRBank weekly statement changed to "Deposits-

Foreign"Sen ator Taft to see Mr. Dreibelbis to discuss alternativedraft of legislation

Review by Mr. Williams of developments, Mr. Dreibelbis toreport directly to Mr. McKee during Mr. Ransom'sabsenceChan,,e eliminating provision re 2roperty received by insuredbank from foreign nationals, Mr. Eccles given

Mr, power to actaansom attending meeting on bill and unable to attend

tanco Board meetingkneo Central de Bolivia: (See Central Bank of Bolivia)

Central del Ecuador, technical adviser to, State Depart-ment requested to send suggestions for appro-priate action to be followed by MBank of NewYork

e;roesentral de Reserva de El Salvador:ank of New York may make loans at any time or from time

L to time when secured by earmarked gold oan-Y FRBank of New York, increase and future additional

Loan 1_ increases approved

kne0

uY FRBank of New York on certain conditions approvedand participation by other FRBanks authorized

m'reantil, La Paz, Bolivia, claim against gold held by

155Pages

6/20 9236/28 955

7/2 971

7/ 5 996

7/13 10318/ 2 1086

8/12 1118

9/ 5 1195

9/10 1205

10/ 1 1269

10/21 1365

11/26 1519

9/11 1209

7/26 1078

9/ 9 1201

10/ 9 1320

FRBank of New York earmarked for Central BankTele of Bolivia

gmm from FRBank re possible courses of action received,Messrs. Wyatt and Ransom to discuss possibili-ties with Mr. Sumner WellesLetter

ordered sent FRBank that Board hopes wishes of Gov-ernment can be carried out and Mr. Ransom todiscuss question of appropriate legislation

with State and Treasury Departments

6/4

6/12

6/17

835

873


Pore.,1

nanks: (Continued)of Canada:Account with FRBank of New York, procedure to be followed

for openingFunds transferred to account of Canadian Government and

in weekly statement changedStaff:

caption

Gordon, Donald, Deputy Governor, cost of luncheon in

81rIlt of England: Board's dining room ordered borne by Board

Account With FRBank of New York to be carried under caption"Other deposits" in weekly statement of condi-

Go tionv erament holdings in U.S., protecting against enemy at-

tachment, cable from bank discussed, staff tostudy possible steps for recommendation if nec-

tank cip essaryUruguay, loan from Guaranty Trust Company of New York,

communication from Guaranty Trust ordered sent

4rIgAle to State Department for actionNationale de Belgique, account with FRBank of New York,

examiner to not request confirmationof Bolivia, shipment of gold earmarked for central

bank to Bolivia at request of bank, suggestedthat attorneys for State Department investigateclaims made by Banco Mercantil, La Paz, Bolivia,

Tele before shipment is madegram from FRBank re possible courses of action received,

Messrs. Ransom and Wyatt to discuss possibili-Lettties with Mr. Sumner Welles

er ordered sent FRBank that Board hopes wishes of Gov-ernment can be carried out and Mr. Ransom todiscuss question of appropriate legislation

e°4010- with State and Treasury Departments4wealth

be Bank of Sidney, Australia, FRBank of Boston author-

Ned ized to open one-way account witherlandsche Bank, account with FRBank of New York, exami-Lat,l,il

ner not to request confirmationLie., -48 Banka, account with FRBank of New York, examiner to not

utoro request confirmation

C t

NarorL`tua. t not request confirmation

aux,a Cesko-Slovenska, account with FRBank of New York,wriai examiner to not request confirmation' bank of Afghanistan, Kabul, Afghanistan, gold, re-

ceipt by FRBank of New York under earmark for4.04a, account of, approved

j- Bank of Hungary, credit by FRBank of New York, reply

proposed to be made by FRBank to Bank for In-ternational Settlements, approved

ral Bank

s Bankas, account with FRBank of New York, examiner to

156Pages

8/12 1121

9/ 5 1195

2/21 284

7/13 1031

5/1/4 679

7/2 975

10/25 1392

6/4 835

6/12 873

6/17 893

1/29 159

10/25

10/25

10/25

10/25

1392

1392

1392

1392

8/17 1147


Pore:??.banks: (Continued)'11,cTial Bank of Hungary: (Continued)

Central bank credit, renewal of, reply by FRBank of New

York to Bank for International Settlements ap-

provedLoan by FRBank of New York, advice of attempt to obtain

Loan pledge of gold in connection with renewalby FRBank of New York, method of repayment approved

Congratulations to staff of FRBank for successful culmina-

tion of negotiationsapproved, advice re approval of participation by other

Nederi FRBanks not to be sent until loan actually made'andsche Bank, account transferred to Dutch Government

and FRBank of New York instructed not to exe-cute transactions unless requested through

NOrges 13 Bank of England-t11%., funds held by FRBank of New York, staff to investi-

gate authority of MBank to transfer such fundsState to an account in name of Norwegian minister

L' of the Union of Socialistic Soviet Republics, advicethat FRBank of New York had been requested totransfer gold and correspondent accounts of

Exam; Lithuania, Latvia, and Estonia to°Ierig --ner not to request confirmation of account with FRBank

,41.e4 es Riksbank, loan by FRBank of New York on gold held in

depositSweden, no objection to cable to Governor Rooths in U. S. in connection with war abroad, statement

eof Mr. Eccles at Advisory Council meeting thatmatter was being handled by Treasury Department 5/20 723

han gev-Lan-dollar exchange, stabilization of, representative of

FRBank of New York to be given access to memo-randa on establishment of Inter-American Bank,in connection with request by Bolivian repre-sentative on Inter-American Advisory Committeefor attitude of FRBank towards advancing credit

Achri- _ to stabilize Bolivian dollar exchange 1/25 134'e that Mr. Williams would come to Vvashington to see

memoranda 1/26 142glen

157Pages

,ano Danish balances in U.S. in connection with war

abroad, report of events prior to issuance ofExecutive Order and procedure to be adopted in

o-Report

effectuating its provisionsrecent events and advice that Jay Crane had been

employed by Treasury to handle exchange situa-tionReiMb In'sement of FRBanks for expenses, telegram to FRBank

of Cleveland re submitting vouchers approved,

similar telegram ordered sent to all FRBankswhen approved by Messrs. Bell and Heffelfinger

7/10 1013

7/25 10727/30 1082

8/ 1 1084

11/13 1458

5/14 681

5/ 7 637

7/25 107210/25 1392

1/ 3 14

4/11 501

4/15 508


Nrei

Po .e chNo_ X _ange: (Continued)

'"ian and Danish balances in U. S.: (Continued)lelegram revised by Mr. Bell and ordered transmitted, simi-

lar telegram to be sent FRBanksAmendment to Trading with Enemy Act, Messrs. Wyatt and

Dreibelbis to study and if desirable Mr. Ransom

and members of staff to attend meetings of Mr.

Do Bell with Banking and Currency CommitteesBoard not to have representative at meeting and staff need

War i„ not prepare statement of Board's position" 4urope, Executive Order and regulations of Treasury re

exchange and deposits, attorney to be sent by

AZog°vernments: Board to FRBank of New York to assist in work

?

lints with FRBank of Nev, York, staff to investigate authority

orei of FRBank to transfer account in name of Norges?en sec, Bank to account in name of Norwegian ministerNaandLtrities held in U.S.:

Protecting Government deposits in U.S. against enemy

attachment, cable from Bank of England dis-cussed, staff to study possible steps for

eclItive order

recommendation if necessaryprohibiting dealings in, statement ordered pub-

Neflk lished in FRBulletin'Lands, account transferred from Nederlandsche Bank to

Dutch Government and FRBank of New York instruc-ted not to execute transactions unless requested

through Bank of Englandg%.s.Pres4,;

nt of the United States, authority to regulate transac-tions in which foreigners have an interest,

statement with respect thereto, ordered pub-

lished in FRBulletinof

' Ild.Governors:Iti°n reports for use of State member banks

iates as of next call date, transmittedForms for next call sent to FRBanksChan ges may be made by Mr. Smead as

tral Statistical BoardP105 o,

, -LLLI and instructions sent FRBanks for next callamendment to provide for correct reporting of items

called for in Schedule D, Miscellaneous

10 ended in manner recommendedretail and personal installment paper, forms sent

FRBanks for inclusion in next call report of

240State member banksng b'•flli y national securities exchange members carry-

ing no margin accounts for customers will be

required only semi-annually in future

and affil-to

recommended by ten-

158Pages

4/26 581

4/23 545

4/23 552

5/10 664

5/7 637

5/14 679

8/13 1132

5/14 681

5/17 711

3/19 3916/11 869

11/29 153512/13 1603

1/31 1745/16 703

12/19 1651

12/13 1602


159Pages

lo_r(Continued)c,,[ of Governors: (Continued)470, announcements in future to show that right to exer-

cise fiduciary powers has been granted without

409, indicating whether limited or general 12/ 4 1550

reserve deficiencies, reports need not be submitted

in view of large volume and wide distribution

of excess reserves 6/11 869437 sent FRBanks for condition reports of holding company

affiliates for 1940 12/ 9 1568456 to be sent FRBanks when approval is received from Pres-

idents' Conference Committee on Member Bank

494, Operating Ratios 7/26 1078suPply sent to FRBanks with request for monthly reports

on officers' checks and checks drawn on FRBanks

and certified by them, where they are to be

533,held for period by other banks 1/24 126supply to be sent FRBanks for reporting changes in

NatIL FRBank stock holdings during semi-annual periods 11/23 1516s'a 5 Kansas City:

TI.ngs deposits and accounts, form for collecting dataPIIR-Ystem: from selected banks, discontinuance approved 1/31 175

Quarterly reporting service to furnish information on new,

revised or discontinued report forms, circular

from Bureau of Budget and letter from Central

Statistical Board sent to FRBanks with request

that any new or revised report forms for col-

lecting statistics be submitted to Board forIdlastriai prior approval 1/22 112

loans, sent FRBanks to expedite information requested

Pba aon applications for advances and commitments 5/13 676

Pplications, memorandum to accompany revised and

copies sent FRBanks 5/29 817(See Securities & Exchange Commission)

4torie, p (See Retirement System)

cost of luncheon in Board's dining room to be borneby Board 5/23 780

ttGII

11-3 advice that he was in Washington and had been try-ing to see either Messrs. Eccles or McKee, and

had been told that they could not set time for

lia....W. conferencetl) J ,„,ke tt s luncheon of lcheon in Board's dining room to be bornee -o

by Board, Senator Guy M., advice that Board has never issued any

regulation governing political activities of

Staff of Board

2/7 212

5/23 780

5/1 609


Gla88 committee001,4

Accounts:

report on original FRAct shows that purpose was toappoint only bankers to Advisory Council

Canada, opening with FRBank of New York approved

Great Britain, opening and maintenance by FRBank of New York

approvedNati°nal Bank of Afghanistan, opening of gold account with

FRBank of New York approved and FRBank author-

Netherl ized to receive gold for earmark

ands Government with FRBank of New York, opening

(See and maintenance approvedCent,‘, also

andaccounts)

"LI- Bank of Bolivia, shipment by FRBank of New York of goldearmarked for central bank to Bolivia at requestof bank, suggested that State Department at-torneys investigate claims by Banco Mercantil,

Tele_ La Paz, Bolivia before shipment is madegram from FRBank re possible courses of action received,

Messrs. Ransom and Wyatt to discuss possibili-

Lett ties with Mr. Sumner Welleser ordered sent FRBank that Board hopes wishes of Gov-

ernment can be carried out and Mr. Ransom todiscuss appropriate legislation question with

?or •

sState, and Treasury Departments

eountrie loans by FRBanks on gold held in, no objec-tion to cable by FRBank of New York to Sveriges

LithUania Riksbank) Latvia and Estonia gold earmarked at FRBank of New

York, advice that FRBank has received requests

tlf3 to have gold transferred to State Bank of the

Th, Union of Socialistic Soviet Republics'tank of Hungary, advice that FRBank of New York was

attempting to obtain pledge of gold in connec-liorph,"aY) FR tion with renewal of loan to

Bank of New York may hold for Royal Norwegian Govern-ment„flase .

should not be discontinued and gold should not be put/14ti

-CEL- into circulation, opinion of Advisory Council"

intoState to FRBank of New York for safekeeping,

to d no objection to transaction° with it, Mr. Goldenweiser given authority to hire

eqh

additional employees to handle programcirculation at present price would have no material ef-

fect on problem of excess reserves, but mightencourage investment of capital, view of Ad-

160Pages

12/10 1575

8/17 1147

8/17 1147

8/17 1147

8/17 1147

6/4 835

6/12 873

6/17 893

1/3 14

7/25 1072

7/25 1072

7/ 3 993

5/21 746

5/22 762

6/18 906

visory Council 2/20 276


G00t, D onald, Deputy Governor of Bank of Canada, cost of luncheon

krve— in Board's dining room to be borne by Boardpment departments:

anks referring matters to, without first submitting to Board,memo to be prepared covering correspondence be-tween FRBank of New York and State Departmentre Neutrality Act for discussion with Mr.

Gove,, Harrison

*uulent deposits, transfer from member to FRBanks suggested by

overtlia Advisory Council as means of reducing excessreservesent ,k;urities:

bonds, issuance approved by Advisory Council, and questionof restricting amount that might be bought by

figs not one customer, discussed

needed Invest_ eded for earnings, disposal recommendedother than banks, sale to, advice that Advisory Coun-

161Pages

2/21 284

1/10 52

10/ 7 1292

2/20 2735/21 744

cil was preparing recommendation, and subjectdiscussed

ral.rommendation10/ 7 1291

rec°mmendation of Advisory Council ordered sent Treasury

10/ 8 1299

Letter , Department 10/ 9 1313Re_, to Secretary of TreasuryPlY from Secretary of Treasury sent members and copy of

10/15 1336

Long-ter letter and enclosure sent FRBanks 10/24 1381

In obli gations, policy of Treasury in issuing, commentedliternore.„ upon by Mr. Eccles at Advisory Council meeting

prepared by Mr. Piser on market, no objection to send-ing to Mr. Rouse to assist in his work as Man-

2/20 273

Plic3fits ager of System Open Market Account 1/16 82f- rom sale of, placing in reserve for contingencies, sug-

gested as topic for discussion by Presidents'

Ilecketion Conference 11/28an System account favored by Advisory Council as means

of reducing excess reserves 10/ 7—acement of actual securities by System of accounts with se-

1532

1293

8.

8avings

8111'render

curity holders, advice to Treasury that FRBankswould cooperate if plan is thought desirable

bonds, deposit in trust department of bank to takeplace of trust funds deposited in commercial de-partment, advice to Mr. Bell that in Board'sopinion no difficulties will arise if receiveris appointed for bank

for redemption by Retirement System in accordancewith Treasury regulation, Mr. Szymczak in-structed to favor redemption at trustees' meet-ing

6/11 871

1/29 157

4/15 509


162Pages

411ernnient securities investors, visits by Messrs. Piser and Ed-

miston to banks and insurance companies in New

York and other northeastern cities to study in-

vestment policy of large holders, suggestion

by FRBank of New York that these visits be made

less frequently, discussed, Mr. Rouse to be in-

„meat se . vited to accompany them on these visits 4/23 549heap, curities market:"e in, effect on capital structures of banks, discussed

at Advisory Council meeting, and view of Mr.

Brown that survey should be made to determine 2/20 272Information sent to Edward E. Brown, President of Advisory

Council, with request for opinion as to whether

4e1ci— study would be helpful 3/ 4 338” of stabilizing influence stated by Mr. Eccles to be

the primary responsibility of FRSystem, and re-14/4°rand__ view of purchases since outbreak of war 5/20 723

wn Prepared by Messrs. Piser and Parry, ordered revisedand sent to Open Market Committee members and

Repere_s placed on docket for next meeting of Committee 2/13 229sions as result of war situation, advice that Secretary

of Treasury requested to be informed if Systementered market and that he would advise if

teTreasury entered market, and that Mr. Harrison

Ila 8 had been advised of requestC. Ch001 qrpente of banking:

r, S. R., selected to attend 1940 session, allowedleave with pay, travel expenses, and tuitionfeesJ.

Fred, selected to attend 1940 session, allowed leavewith pay, travel expenses from point where sta-

R°rbett,J. E., tioned, and tuition feesselected to attend 1940 session, and allowedleave with pay, travel expenses and tuition

Solomofees

Prederic, selected to attend 1940 session, allowedleave with pay, travel expenses and tuitionfees

Acco ln:411t

GNII)

wjFRBank of New York in government name, opening dis-

cussed, Mr. Harrison to call on Under Secretary

4/10 489

3/22 395

3/22 395

3/22 395

3/22 395

of Treasury Bell and Messrs. Harrison and Ransomto confer with Secretary of Treasury if neces-

No 0114 sary 6/ h 832-5opervJection

V/17 17 7407ilng and maintenance of gold account approved'-nsurance: (See Insurance)


Edgard°, cost of luncheon to be borne by BoardG'cualla, Carlos:

n (See Inter-American Financial and Economic Ad-

visory Committee)Luis Fernando: (See Bolivia)

4

'Jansen (See Bureau of Engraving and Printing)' H., authority to tender temporary appointment given

to Mr. Goldenweiser in connection with gold,

James L.,Iiervard

LittUniversity:eller School:Doherty, George, additional leave without

studiesBank

of America

Advice

idle money and price stabilization program

cost of luncheon in Board's dining room to be

borne by Board

pay to complete

N.T. & S.A., San Francisco, Calif., show causehearing before Dean Bates re publication of ex-

amination report, advice that hearing was con-templated but could not be held unless Boardagreed not to make exPmination, agreed thatmemo be prepared by staff from correspondenceand reports and submitted to Board

that Comptroller was planning Sec. 30 proceeding in

Staff addition to order to shay, causeof Board requested to recommend as to attitude Board

u should take"Lorrill requested to obtain from Comptroller any fur-

ther documents needed by staffFDIC to be advised that Board will not have representative

v present at meetingce that FDIC was in agreement re not having representa-

Agre_ tive presentvment provisions not being carried out, Messrs. Eccles

tarat4 and McKee authorized to take any necessary'ac-tion on Board's behalf

Currency Committee of Senate:"Lne studies, appointment of Miss Marie Butler as edi-

Jones torial assistant'arm Credit Act, little likelihood of hearings this

session unless bill passes House and is sent1, WAut er to SenatePa/t 'tesolution: (See infra Vvagner Resolution)

Merit of Justice Committee on Administrative Procedure,

Board to ask committee to send cards to cer-tain organizations and FRBanks

163Pages

11/22 1514

6/18 906

3/19 391

5/13 674

1/9 40

1/10 49

1/10 50

1/10 51

2/13 239

2/13 240

12/19 1648

5/15 690

4/ 9 483

6/4 845


Rearinc,8: (11

Continued)-ePa!:tment of Justice Committee: (Continued)

Mr* Ransom to state to Chairman Acheson that Board under-

stands committee is not considering recommenda-

tions re changes in bank supervisory agencies

and hence does not desire to be heard in public

hearingloans, S. 3839 to amend Sec. 13b of FRAct, advice

that Senator Wagner was going to hold hearing

on bill next weekS. Eccles or Draper to refer to previous report sub-

mitted by Board if called by Senate Banking

Testi and Currency Committee to testify

Tax 0_ mony at hearings ordered sent to FRBanks" Board's building, advice to Commissioners of District of

Columbia of officials who will attend on behalfof Board

1- Resolution:

Advice that copies of studies would be sent to AdvisoryCouncil members for comments and suggestions

Committee consisting of Messrs. Goldenweiser, Thurston,and Hammond named to consider suggestions re-ceived and make changes, give editorial re-vision, make recommendations as to use ofstudies, etc.

ordered sent to Chairmen of FRBanks for their com-

ments and suggestions

IndUStrial

C°Pies

tank.lng studies, suggested that Board and Advisory Council

Selt appoint committees to discusszer, Laurence, salary for research work at FRBank of

Staff New York approvedof Board to prepare answers to questions, Mr. Ransom

to assign responsibility for work4

°per •ath, at1/1 officers of FRBanks to be asked to Washington

for consultation re Federal banking laws• u°11ald

Hebb cost of luncheon in Board's dining room to beliern ,41'cl. , borne by Boardk1.11

, (See Water Registrar of District of Columbia)- r

c"anLe-Trust of Hemphill, Texas, copy of book copy-

Hop,

164Pages

6/ 4 846

5/31 819

6/11 8666/17 901

8/26 1174

2/20 269

2/21 283

2/26 305

5/20 720

6/14 884

7/16 1032

10/17 1350

1/23 118

righted by Elmon Armstrong & Company borrowedfrom Library of Congress and sent FRBank of

Dallas 7/2 979"4-, authority given to Mr. Goldenweiser to tender tem-

porary appointment in connection with gold,'era idle money and price stabilization problem. 6/18 906s_

'rum, readily marketable staples, request for rulingshould be submitted to Committee on Bankers'Acceptances of Presidents' Conference 8/30 1190


A ge C °MP an—y affiliates:'')cander Rieger Investment Company, Kansas City, Mo., ruled

Atlant not to beic Trust Company, Jacksonville, Fla., income taxes, cer-

tification to Bureau of Internal Revenue of

earnings devoted to acquisition of readily

marketable assets during 1936al471stt

National Securities Corp., Jacksonville, Fla., income

tax credits claimed by, advice that Board will

act promptly when it receives advice from Com-

missioner of Internal Revenue that information

is availableOrecr+1. to be allowed to, Board has been unable to inspect

information in Bureau of Internal Revenue and

necessary action cannot be completed by March

Ea 15raings certified to Bureau of Internal Revenue as devoted

to acquisition of readily marketable assetsPRBank of Atlanta requested to obtain additional informa-

tionIncome devoted to acquisition of readily marketable assets

during 1937, certification to Bureau of In-Ben

1jUr T 4 ternal Revenue

,4-1-fe Association, Crawfordsville, Ind., ruled not tobe, of Elston Bank & Trust Company, Crawfords-

ville, for any purposes other than sec. 23A of13cIn FRAct

s supervision over, testimony during hearings on Invest-ment Company and Investment Advisers Acts sentFRBanks to emphasize responsibility

& Southern Holding Company, Savannah, Ga., certifica-

tion to Commissioner of Internal Revenue of

earnings or profits devoted to acquisition of

°ertreadily marketable assets during 1936

•iflcation to Commissioner of Internal Revenue of earn-

165Pages

7/3 993

5/ 9 656

1/27 147

:3/7 353

4/29 587

6/27 951

7/17 1044

5/15 695

10/ 7 1284

6/22 938

market-ings devoted to acquisition of readily market-able assets during 1937Gene

voting permit to vote stock of Citizens & SouthernNational Bank of South Carolina, Charleston,

S. C.'dect voting permit to vote stock of Citizens and South-

ern National Bank of South Carolina, Charleston,C itIzens S. C.

Gea and Southern National Bank, Savannah, Ga.:eral voting permit to vote stock of Citizens & Southern

National Bank of South Carolina, Charleston,

S. C.

8/ 7

10/21

2/23

10/21

1105

1367

286

1369


04,,c°mPany affiliates: (Continued)'zens and Southern National Bank: (Continued)Limited voting permit to vote stock of Citizens and Southern

National Bank of South Carolina, Charleston,

Clas S. C.16 director of FRBank, holding company and subsidiaries

in same electoral group get only one votecorotement ordered published in Bulletin

'on reports, forms sent FRBanks with request that re-

ports be obtained for year 1940-mvestment Corporation, St. Louis, Mo., ruled not to be,

of Easton-Taylor Trust Co., and bank need not

publish condition report of corporation nor

of Laclede Bond & Mortgage Company& Marine Insurance Co., Dubuque, Iowa, ruled not

to be, for any purposes other than those of

1ectt section 23A of FRActof Class B directors of FRBanks, holding company and

subsidiaries in same electoral group get only

St at one votekrst„ ement ordered published in Bulletin

Aational Bank of Louisville, Ky., general voting permit

granted to vote stock of First-Owensboro BankPirst & Trust Co., Owensboro, Ky.

Security Corporation of Ogden, Utah, voting permit, new

general permit should be secured to cover sub-

sidiary bank converting into national bankc)rlda National Group, Inc., report on Form F.R. 437, delay in

filing until March 15 does not seem necessary,and suggested that report be filed immediately,

exclusive of certain allied reports that maybe filed as soon as practicable

taxes, credit allowed to, Secretary of Treasury re-

quested to permit designated Board representa-

tives to inspect returns filed by certain hold-ing company affiliates

cannot be furnished to Maitland A. Organ and sug-

gested he obtain from officers of companies

listed001,1,1r and Securities Company, Spokane,

Wash.:Id:ltion report for 1940 requested filed-"Led voting permit to vote stock of Old National Bank

and Union Trust Co. of Spokane, and First Na-

tional Bank in SpokaneltIve:-°nal banks in Spokane, limited permit to vote stock of

two banks'Anent trusts, amendment to Investment Company Act of 1940

excluding those with general voting permits

from definition of, Mr. McKee to discuss amend-

ment with SEC if desirable and to make further

recommendation if amendment is not agreed to

Nb'lque Fire

Income

x"orrnationlrive

166Pages

2/23 286

10/10 132410/18 1358

12/ 9 1568

1/23 116

11/19 1500

10/10 132410/18 1358

1/2 7

10/30 1423

2/29 318

2/14 247

12/23 1683

12/27 1701

1/3 12

12/27 1701


11()icling c?rnPany affiliates: (Continued)stment trusts: (Continued)

Vingfield to redraft letter and hold pending outcome ofdiscussions with SEC re amendmentP

rocedure covering exchange of correspondence with SEC ap-proved, letter to be sent to Senate Bankingand Currency Committee when correspondencewith SEC has been completed

Advice that exchange had taken place and letter had beentransmitted

-Vand Corporation, Jersey City, N. J.:1-catication to Bureau of Internal Revenue of earnings de-

voted to acquisition of readily marketable as-sets during 1936

General voting permit to vote stock of Nyack Bank & TrustCompany, Nyack, N. Y., extension of time within

14arshall_ which permit may be issuedMcCartney Company, Oakes, N. D., ruled not to be, for

any purposes other than those of section 23AMu+-14a1 u of FRAct

"°1-ding Company, Youngstown, Ohio, claim against CityTrust & Savings Bank, Youngstown, Ohio in con-nection with assets held by holding company for

167Pages

4/ 9 482

4/19 522

4/23 548

7/24 1062

1/17 88

2/10 217

No/times., waiving depositors 6/25 945u Bancorporation, Minneapolis, Minn., income tax, cer-

tification of earnings devoted to acquisition

°tticerst of readily marketable assets during 1938names sent to Maitland A. Organ with suggestion he

d Nati obtain information from themc0nd?r1 1 Corporation, Spokane, Wash.:Ln.,..11tion report for 1940 requested filed--'ted permit to vote stock of Old National Bank and Union

Trust Co. of Spokane, and First National Bankin Spokane!I, Na n

-ePlabi4t1 -nal banks in Spokane, limited permit to vote stock ofNational Bank of Dallas, Texas:al report on Form F.R. 437, period since date of

bank's recent application for voting permitshould be covered by items 4(a) and 7 on page9 lect'

c'l n of Class B director at FRBank of Dallas, allowedonly one vote where subsidiaries are in same

Limit electoral grouped voting permit to vote stock of First National Bank

11/26 1521

12/23 1683

12/27 1701

1/ 3 1212/27 1701

1/ 3 15

10/10 1324

Gen— of taco, Texas 1/ 8 334. A "al voting permit to vote stock of First National Bank

ular 0 , of Waco, Texas 3/21; 232'° 'lege, Northfield, Minn., ruled not to be


ittizr.

8:leftPany affiliates: (Continued)& Smith Foundation for The John Sealy Hospital, Galveston,

Texas, ruled not to be, for any purposes other

168Pages

than those of section 23A of FRAct 4/26 579'Ilmat Bank Corporation, Charleston, S. C., ruled not to be

for any purposes other than those of section

811per,-2 . 23A of FRAct 7/ 8 1005"'slon of FRSystem over, testimony during hearings on In-

vestment Company and Investment Advisers Acts

Trans, sent FRBanks to emphasize responsibility 10/ 7 1284erica Corporation:

eneral voting permit to vote stock of Bank of America,statement of Mr. Eccles that permit would becanceled if national bank refused program toend controversy with Comptroller, in casesuch program was worked out by Board

Tel such

conversation between Messrs. Cagle and Deputy

VotComptroller Upham re permit

ing permit, agreement executed in connection with grant-ing of general permit, advice to Mr. Day thatwhether Corporation has complied with require-ments will be considered in connection with re-

Trilsteeview of report as of December 31, 1939'First National Bank of Louisville, Ky., general vot-

ing permit to vote stock of First-Owensboro Bank& Trust Co., Owensboro, Ky.

-14 13c3nd & Mortgage Co., Port Angeles, Wash., stock of twolocal corporations not readily marketable as-sets certain investments violate voting agree-,

W. R. Re ment, etc.Ynolds & Company, Palm Beach, Fla.,

for any purposes other than1‘11.

Icon.84 of FRActtar-4n Bankshares Corporation, Milwaukee, Wis.:

aboo National Bank, Baraboo, Wis., limited votingb4Yst to vote stock ofaboRra

01.10 Governors:Nr1 Ilstmas Eve, offices

tc4.te Branch:)11. ecembe

obert m /' 26, offices to be closedliortl• employment by FRBank of Chicago

Or e r approvedHip 8 Loan Act:.• 69,.to amend Federal Advisory Council to be advised to

send statement to Banking and Currency Commit-

tees immediately

of Board to be closed

ruled not to be,those of Sec. 23A

permit

1/18 93

1/19 102

2/14 246

1/ 2 8

11/15 1475

4/5 470

12/27 1700

12/19 1652

12/19 1652as special counsel

5/13 677

5/4 463


Nien-ers Loan Act: (Continued).6971: (Continued)Repo of Mr. Williams that bill will be taken up this week,

and advice that Advisory Council had sent state-ment to Committees

licts1);.F. w.: (See Welfare and Recreational Association)lngs, Virginia, suggested as possible place for future con-

ference of Chairmen with Board

Research person to be loaned to Economics and Statistics Com-

mittee, only one employee of Board devotes time

to housing and he cannot be sparedLoan

notes notes of, and deposits by, method of showing in condition

reports, draft of letter to FRBanks sent Comp-Notes troller and FDIC for approval

and deposits, proper method of showing in condition re-Terai3O ports, letter to FRBank of Atlanta

rar7 loan notes letters to Comptroller and FDIC re proper

41.e kori

method of showing in condition reports" , cost of luncheon in Board's dining room to be borne

by Board

III

irle, eY, What to do with it, Mr. Goldenweiser authorized to hire

Iriqville taxe,e , additional employees to handle programePeride„'• See Taxes)tepe.:4.6 Bankers Association:

*'Illent of Justice Committee on Administrative Procedure,Thm4k, Board to ask committee to send card to, notify-

ing of public hearingWaldr," of officers and employees:'11, Ailliam Francis, assistant examiner at San Francisco,

/4tle insured loan on home to be transferred to non-

member bankNrtlndustrial production:Nip 8,n ) be incorporated into book for sale to public

Ilt---"311 of, Division of Research and Statistics directed to

Nblic make statement at meeting on January 16 re pro-

cedure followed in connection withIN 8.ti°n in August issue of FRBulletin authorized and foot-4 tri

/. ald 1°anote approved

13e4 'ns:in rates

(See and fixing at rate agreed upon by local bank

alsr, T and borrower suggested by Presidents' Loans, Industrial advances)

169Pages

4/ 9 476

12/10 1577

5/ 7 643

10/ 3 1274

10/24 1380

5/22 771

6/27 953

6/18 906

6/4 845

7/30 1081

7/26 1079

1/10 52

7/25 1073

9/28 1252


141,11,

illchist, •c_rial production index:urViltation of, Division of Research and Statistics directed to

170Pages

make statement at January 16 meeting as to pro-cedure followedCharts of index to be incorporated into book for sale to public

leation in August FRBulletin authorized and footnote ap-proved

n checks, statement recommending legislation to Congress

1/107/26

7/25

521079

1073

adopted by Board, Presidents and Advisory Coun-cil and ordered presented to Secretary of Treas-ury

4tallm re meeting of committee with Secretary of Treasury

persent paper:

°nal and retail, data to be requested in end of year condi-tion report call on State member banksState member banks to be requested to report in end-of-year

Retail call reportPaper held by State member banks on call date, statis-

tics broken down by selected cities, letters tocertain FRBanks stating that Census Bureauwishes supplemental information from certainbanks having out-of-town branchesetee:

ilealltY shop,

4°1113 life:

PRBank of Atlanta, no objection to FRBank entering into

Stock contractholder of bank receiving honorarium

tinue to carry, ruled not toClayton Act

rldr Service, payment for Government insurance by Board forthose called for, question to be discussed withPresidents' committee

of Board called into service tofor premiums

FRBanks suggesting procedureapproved by Board contemplatesfor premiums on term plan

rn'PloYees

Letter torrocedure

Self,.

liability insurance limits may be reduced byoperator

surance for FRBanks, adoption favored,prepared for transmission to Presidents' Con-ference suggesting that committee be appointedto formulate plan

•Smead and Wyatt appointed to4afpOf 11. mittee

'Joard, premiums,to be reimbursed for

so that he can con-be employee under

be reimbursed

reimbursement only

letter ordered

represent Board on corn-

employees called for military service

12/17 162712/19 1645

11/29 1535

12/19 1651

1/6 23

4/30 595

6/19 918

12/23 1664

10/17 1343

11/14 146212/14 1608

12/19 1650

7/25 1068

8/24 1166

11/14 1462


171

4fter,a, Pages

Es'i:TTI-can Bank: (Continued)c4)-0-shment, Messrs. Goldenweiser and Gardner to attend meet-

ing of Treasury and State Department officialsand state that Board questions economic justifi-cation of bank and whether it should be ad-ministered by Governments or central banks, andMr. Eccles to call Mr. Welles and suggest a de-termination of attitude of this Governmenttoward creation of such bank 1/ 8 27

Re Port by Mr. Eccles of discussion with Assistant Secretaryof State Berle and what State Department hopesto accomplish by bank, and Mr. Eccles to re-quest Messrs. Goldenweiser and Gardner to sub-mit recommendation as to organization that

ItLe might be set up 1/15 67rship and management, Messrs. Gardner and Goldenweiser re-quested to prepare memo for State and TreasuryDepartments making recommendations as to con-trol, representation and capital, and letterordered sent to Mr. Berle advising that memo

Memo was being prepared 1/16 71and letter to Mr. Berle approved with understanding

Prthat Board members were not committed with re-spect to position they might ultimately take 1/19 99

submitted by Board and Treasury, agreement on pointsof difference in, Mr. Goldenweiser to suggest

Ur. E to Mr. Berle that he undertake to get agreement 1/25 131ccles authorized to confer with officials of Treasury

Flit Department for purpose of reaching agreement onazik of a plan 1/26 140

New York representative to be given access to memorandaon establishment, in connection with request byBolivian representative on Inter-American Ad-visory Committee for attitude of FRBank towardsadvancing credit to stabilize Bolivian-dollar

1exchange /25 134ce that Mr. tilliams would come to Washington to see

1113cIrt. memoranda 1/26 142of Mr. Gardner that it had been agreed that draft ofstatute does not preclude selection of Boardor Treasury to direct bank and that draft wouldbe changed to eliminate implication that cen-tral banks would be precluded from management,and letter to Mr. Berle approved as amendedwith understanding that Chairman would read toMr. Gaston before transmitting and state tohim that Board believed bank should be estab-lished by legislation 1/29 151


14ter-A._ .10:'erican Bank: (Continued)"Port of Mr. Gardner: (Continued)

Report of Mr. Eccles that he had so advised Mr. Gaston,who was in accord with recommendation of Boardz

ation by Congress, Mr. Wyatt directed to advise repre-sentatives of State and Treasury Departmentsthat Board thinks any other method of organiza-tion undesirable, after discussion of questionwhether to organize by action of Congress oras Edge Act corporation

ReP°rt by Mr. Eccles that he had advised Yr. Gaston thatBoard believed bank should be set up by legis-lative action, and that Mr. Gaston had con-curred in recommendation

N4nization as Edge Act corporation discussed, Mr. Wyatt toadvise representatives of State and TreasuryDepartments that Board thinks only desirablemethod of organization is by Congressional

E ac-

tion atablis,ument, report of Mr. Gardner re meeting of Board's rep-

resentatives with Treasury for purpose of con-sidering changes in draft of bylaws to removeimplications that ownership and control could

Ad not be in central banksvic_

that Mr. Berle agreed with view that draft of bylawswould be submitted to Governments and Boardwould have opportunity to suggest further changeswhen suggestions of other countries were con-

Char sideredter under laws of United States, statement of Mr. Wyatt

that procedure was now proposed, and would re-quire special legislation

lee from Mr. Goldenweiser that Board will have oppor-tunity to state its position in case that pro-

C°Dies of cedure is followed

resolution of Advisory Committee, drafts of convention,special charter and bylaws approved by Commit-tee, submitted, and recommendations prepared byMessrs. Goldenweiser and Wyatt approved withamendments, Mr. Knoke to be asked to come to

It(IVice to Mr. Washington to discussBerle that Board believes bylaws should be amendedin two respects, letter approved and copy or-

172Pages

1/29 157

1/29 153

1/29 157

1/29 153

2/ 2 191

2/ 2 193

2/ 2 194

2/ 2 194

2/13 230

Letters dered sent to Secretary of Treasuryt x 3/ 8 357o),IN re

Mr. Berle, Assistant Secretary of State, copies notto be sent to FRBank of New York at this time 3/12 370

conference at Treasury on points covered in Board's let-ter to Mr. Berle, Messrs. Wyatt and Golden-

Weiser requested to revise draft of letter toMr. Berle and resubmit to Board 3/26 407


Inter_katiernoerican Bank: (Continued)

?re conference at Treasury: (Continued)Letter approved, copies to be sent to Secretary of Treasury

Directors, and President of Export-Import Bank

appointment of, letter to Mr. Berle on provisions of

State bylaws for

alent to be inserted in minutes of committee on method

Gclre), of appointment'lents designating central banking authority to appoint di-

rector and represent government at its relationswith, statement inserted in minutes of Financialand Economic Advisory Committee to permit, ad-vice to Mr. Berle that Board is gratified sug-

Signin gestion proved acceptableg of convention reported by Messrs. Gardner and Wyatt,

memo presenting questions to be decided byBoard in case enabling legislation is soughtat this session of Congress made special or-

Nei der for next Board meeting81°11

or-

b Board on position it would take on question of ap-pointing U.S. director, removing disability ofBoard members to serve as directors, providingfunds for subscription by U.S., and broadening

Ntem powers of FRBanks to permit them to deal withhdviceeZt with respect to, ordered published in FRBulletin

° Advisory Council that Board had participated in an ad-visory capacity in the establishment but had no

egi direct responsibilityQ-on establishing, method of drafting reviewed by Mr.ttiNeto, Wyattto be chosen by committee consisting of Secretary of

0 Treasury, Secretary of State,Federal Loan Ad-

ministrator and Chairman of Board of Governorsal- to be furnished by RFC

-°n, no objection to State Department stating that Board

?Il el'ican . experts had assisted in drafting

allit of Financial & Economic Advisory Committee:Hew York representative to be given access to memo-

randa on establishment of Inter-American Bank,in connection with request by Bolivian repre-sentative on committee for attitude of FRBanktowards advancing credit to stabilize Bolivian-

173Pages

3/27 412

3/27 413

4/ 8 474

4/ 8 474

5/10 663

5/15 6875/17 711

5/20 723

5/27 799

5/27 7995/27 799

6/28 959

dollar exchange 1/25 134e that Mr. 'Williams would come to Washington to see

memoranda 1/26 14211 of Committee re establishment, draft of convention,

special charter and bylaws approved by Committee,submitted with advice that Committee intended

that documents be in final form by April 14,1940, the Fiftieth Anniversary of the foundingof the Pan American Union 2/13 230Digitized for FRASER


14ter,",t4Tican Financial & Economic Advisory Committee: (Conttd)

l'e8, statement inserted that any government may designateits central banking authority to appoint thedirector and represent the government in itsrelations with Inter-American Bank, advice toMr. Berle that Board is gratified suggestion

?st: proved acceptable

g"ricY plant facility contract rates, discussed at meetingSalp; of Federal Advisory Council,.ngs

and time deposits in Nebraska, advice to Mr. T. L.- Davis that Board merely fixes maximum rates

and that lowering of rates should be left to

Trend . future commented upon by Mr. Eccles at Advisory Councilindividual States

111 qterlock.meeting

kill:4 directorates:committee composed of former directors who have re-

signed because of Clayton Act, no objectionto informal advice and counsel to officers and

174Pages

4/8 474

10/ 7 1289

3/ 4 336

2/20 273

-any if directorsrris Plan Bank, Albany, N. Y., advised to communicate

with FRBank of New York re steps to be taken

12/16 1612

Altoq in order to make Clayton Act inapplicableand East Alton, Ill., ruled not to he "adjacent" within

2/19 265

„testa meaning of Clayton Act 2/29 3205 Maryland and Washington, D. C. ruled not to be "adja-

el 1J On cent" within meaning of Regulation L 1/25 137Act, amendment extending time within which relation-

ships must be terminated, no definite advice ofany proposed legislation and improbable thatBoard will extend time, telegram to FRBank ofSt. Louis 1/ 4 20

" of reasons why President could not approve amendmentand that President would call Mr. Eccles andrecommend 6 months extension by Board, consid-eration of matter deferred pending call andMr. Eccles to attempt to discourage any plan

zntele for further extension by Board

e J

of banks difference in character cannot be classedas engaging in different classes of business

1/19

12/ 3

97

1545Alt or adjacent:tetr and East Alton, Ill., ruled not to be 2/29 320Glcmesda, Md. and Washington, D. C., ruled not to be 1/25 137Gre:!ester and Rockport, Mass., ruled not to be 5/16 705

Kills, N. y., and North Bergen, H. J., ruled not to

ilfo be

1\-, and Dover-Foxcroft, Maine, ruled not to be10/152/27

1336313


te10 21ng directorates: (Continued)

-16-3-guous or adjacent: (Continued)Leominster, Mass. and Fitchburg, Mass., ruled not to becontiguous

14c1CeesRocks and Pittsburgh, Pa., are adjacent if not con-tiguous

Meredith Village and Laconia, N. H. ruled not to beMational Stockyards, Ill. and University City, Ill., ruled

New 1%.. not to be1-aigland towns, letter to FRBanks giving instructions

Pi where towns are incorporated citieserre and Fort Pierre, S. D., telegram to FRBank of !Sin-

neapolis re question of whether they are con-tiguous or adjacent

Ruled not to be adjacent, not sufficient facts to deter-mine whether contiguous

St* Louis, Mo., and East St. Louis, Ill., ruled not to beTelegram to FRBank of St. Louis stating that letter had

Stbeen mailed

* Louis and Normandy, Mo., detailed facts will have to besubmitted before Board can rule on question of

St. whether or not they are- °uis, Mo. and unincorporated and unnamed area six

8t, Lo . blocks beyond corporate limits, ruled to bewat uls and Ifellston, Mo., ruled to beits.4erburY and Naugatuck, Conn., ruled to be contiguous

erbury and Watertown, Conn. ruled not to betman and Brockton, Mass., FRBank of Boston requested to

wo t.oascertain and report to Mr. Cyrus MonroeRuled no

e°11301.nRiver and Alton, Ill., ruled not to be041111i -'4-°n Trust Company, not considered bank in connection

with service of Mr. McLarenT- M., service prohibited

--"lustrial Bank of Denver, Colorado, ruled to be bank

1.(11acest under Section 8 of Clayton Act

keKee er and Rockport, Mass, ruled not to be contiguous oradjacent

Itorr,isRocks and Pittsburgh, Pa., are adjacent if not contiguous4801,Pan companies:

rls Plan Bank of Waterbury, Conn., ruled not to be "bank"tlorri within meaning of Clayton Act

Plan Company of Kansas City, Mo., ruled not to bebank within meaning of Clayton Act, and

direct ors

Mori"; may serve member banks.‘8 elan Industrial Bank of Albany, N. Y., ruled to be

l'ate "bank" within meaning of Clayton ActMorris Plan Company, Taterloo, Iowa, ruled not to

be "bank" within meaning of Clayton Act

175Pages

7/2 981

5/21 7597/26 1077

2/29 320

7/13 1030

1/30 169

8/16 11451/3 15

1/4 20

2/29 320

2/29 3202/29 3207/2 9847/24 1061

1/31 1755/9 6572/29 320

3/13 382

4/3 450

8/ 2 1096

5/16 7055/21 759

7/16 1038

3/28 424

6/10 861

6/21 933


176Pages

liat?lng directorates: (Continued)lOnal Capital Bank and East Washington Savings Bank, Wash-

ington, D. C., question whether they are en-gaged in any of same classes of business 9/30 1265

flal Stockyards, Ill., and University City, Ill., ruled notto be "adjacent" within Clayton Act 2/29 320

v.L4 Savings arid Loan Corporation, Norfolk, Va., ruled not to

Public be bank under Sec. 8 of Clayton Act 8/ 2 1092nank of Maryland, Baltimore, Md., no objection to ad-

visory committee composed of former directors

giving advice and counsel to officers and di-rectorsPLegulati„ L,

extension of effective date for termination ofcertain relationships, advice that Presidentwould call Mr. Roosevelt and recommend 6month's extension by Board, consideration ofmatter deferred pending call and Mr. Eccles to

C°11nsel attempt to discourage any further extension 1/19 97

directed to prepare replies to inquiries statingthat Board does not feel it should extend date 1/25 129

vtice to FRBanks 1/27 149LetrY approved for policy record 1/30 168Arle'er from President requestinj slight extension 2/ 1 180

ricialent adopted and press statement approved and copy or-dered sent to FRBanks by telegraph 2/ 1 183and East St. Louis, Ill., ruled not to he adja-cent within meaning of Section 8 of Clayton Act 1/ 3 15

gl'Gm to FRBank of St. Louis stating that letter had beenSt, I mailed,01,113 1/ 4 20

and 7ormandy, Mo., detailed facts will have to be sub-mitted before Board can rule on question of

St. whether or not they are adjacent within meaning

S,tliice of Clayton Act 2/29 320Adarlunder Banking Act of 1935:

Austin L., service prohibited since ';,aterburf andAdvi, Naugatuck, Conn, are contiguous 7/ 2 984

-ory Committee of First Industrial Bank of Denver, m

ap-

plicability of provisions of Clayton Act to 5/23 778der, H. K., Board agrees with conclusions of FP,Bank

kke_, of New York 6/ 5 8521- James A., ruled not to be employee of Guardian Trust

Ti ller, Company of Houston, Texas 12/23 1664George W.,v service not prohibited since he merely

talacl, furnishes expert advice 10/ 9 1306, lTarry J., advice to UT. Day that subsection 3(c) of

Regulation L may be applicable 1/29 163

12/16 1611

.Ls / of Clayton Act 2/29 320Lola;' O. and. unincorporated and unnamed area six blocks,

beyond corporate limits of St. Louis, ruled toTyOlq, be adjacent within meaning of Clayton Act 2/29 320' and Wellston, Mo., ruled to be adjacent within meaning


Interlock.ser_,Ing directorates: (Continued)T

"

e under Banking Act of 1935: (Continued)de, John F., service not prohibited since Meredith Vil-

lage and Laconia, New Hampshire are not con-

Bro ckwa tiguous or adjacent

Y, G. A., Board agrees with conclusions of FRBankof New York

Buck, Walter F., exception permitting service cannot bemade since it would materially alter effect of

statuteTerence F., service not prohibited since 'iaterbury

and Watertown, Conn.centCh

--14 a 4_

Corcoran L. C., service not prohibited

'orcoran, Joseph J., Board agrees with conclusions of FRBank

Cow of New YorkleY, R. D., service not prohibited since Kelso and

Fayetteville, Tenn. are not contiguous or adja-

1 cent041 •nlngham, T. IL., service to two banks in Savannah, Ga.

peva. prohibited by Clayton Acterg, Herman F., service not prohibited since Great

Kills, N. Y. and North Bergen, N. J. are not

tibril contiguous or adjacentL. N., service to Danville Loan & Savings Corpora-

tion prohibited because corporation is "bank"Dine within meaning of Clayton Act

8, T. A., advised to submit questions through FRBank ofKansas City

/130°beon, Arthur A., service-°1an, B. J., Board agreespoly1 New York

Bernard W., service

.1)'Per't Fitchburg, Mass, are contiguous

C a rrao

are not contiguous or adja-

not prohibitedwith conclusions of FRBank of

prohibited since Leominster and

advice furnished by person does not make him director

tXten • or officerslon of effective date, advice that President would

call Mr. Eccles and recommend 6 month's exten-sion by Board, consideration of matter deferredpending call and Mr. Eccles to attempt to dis-courage any further extension

icle in tall Street Journal re visit of SenatorsGlass & Wagner to White House, reference madeto at meeting

dment to Regulation L, Counsel directed to prepare

replies to inquiries stating that Board doesnot feel it should extend date

ce to FRBanks

AMen

Advi

177Pages

7/26 1077

6/5 852

4/18 519

7/24 10618/12 1124

6/5 852

2/19 266

4/3 450

10/15 1336

1/ 8

5/238/12

6/ 5

7/ 2

10/ 9

37

7781124

852

981

1306

1/19 97

1/19 97

1/25 1291/27 149


It eriockin g directorates: (Continued)

e under Banking Act of 1935: (Continued)txtension of effective date: (Continued)

Amendment to Regulation L, letter from President re-

178Pages

questirv, slight extension 2/ 1 180Amendment to Regulation L extending until June 1, 1940

adopted, and press statement approved and copy

ordered sent to FRBanks by telegraph 2/ 1 183Advice that Mr. Davis had informed Mr. Young that Board

had not discussed 5/22 765Letter from Mr. James Dean of Boston Safe Deposit &

Trust Co. referred to, and that reply had been

drafted 5/22 7651,4 Reply to Mr. Dean 5/2'2 773'ret National Bank of 1Vekoff, N. J., directors may serve

Wyckoff Savings & Loan Assoc. since it is not"bank" 12/ 5 1553

flier,Carl H., Board cannot exercise discretionary powerto permit continuation of relationship 6/21 933

Friend, T. W., service would seem to be prohibited sinceMcKee Rocks and Pittsburgh are adjacent if not

Geor contiguous 5/21 759Golp! Harrison W., may continue to serve banks listed 2/10 218

'te1fl-1th, Karl, advice to Senator Bulow that matter is re-ceiving attention, and telegram to FRBank ofMinneapolis re whether Pierre and Fort Pierreare contiguous or adjacent 1/30 169

Pierre and Fort Pierre, S. D., are not adjacent, insuf-ficient facts to determine whether contiguous 8/16 1145

Walter A., exception permitting service cannot bemade, since it would materially alter effect

Reid, of statute 4/18 519Itdolph, service not prohibited by provisions of

Clayton Act since it comes within exception 1/31 177u Abraham, service not prohibited by Clayton Act

since it comes within exception 1/31 176Ii°gIlety Robert L., service to two New York institution 8 not11014_, prohibited by Clayton Act V 2 438

George C., service to national bank and bank locatedin Mexico not prohibited because institutions are

ROirneseveral hundred miles apart 2/14 251tillbere, George W., service not prohibited 8/12 1124

Paul S., service not prohibited since Norfolk Savingsand Loan Corp. is not a "bank" within meaning of

Clayton Act 8/ 2 1092111111t' -dwin W., FRBank of Boston requested to ascertain

such information as may be necessary and advise

Cyrus Monroe as to whether Mr. Hunt may con-

tinue to serve 1/31 175


°ckin wervtr4 g directorates: (Continued)"..- c'e under Banking Act of 1935: (Continued)aunt, Edwin W.: (Continued)

Services not prohibited since Brockton and Lhitman,

Kas Mass. are not contiguous or adjacentsler, E. S., Sr., advised to submit questions through

FRBank of Kansas CityService prohibited since First Industrial Bank of

Denver is a "bank" under Clayton ActKendrick, C. A., advised to submit questions through FRBank

of Kansas CityFirst Industrial Bank of Denver is "bank" under Clayton

Lud Actescher, Herman J., Board agrees with conclusions of

FRBank of New York°'-lre, Jeremiah D., service not prohibited since he

Mar . merely furnishes expert adviceMorris E., Board will consider question if deemed

McL necessary by FRBank of Richmondaren, Kenneth K., service to specified institutions not

McLean prohibitedmelt , John L., service prohibited by Clayton Act

ee$ Henry H., question of whether two banks served are

Mot,. engaged in any of same classes of business'Is Flan Company of Springfield, Mass., error in state-

ment of facts is not sufficient to warrant dif-

MtItUal ferent conclusion from that already stated

4- savings bank with no capital stock, director of mem-ber bank may serve as trustee of

, Louis, service not prohibited since Guilford andDover-Foxcroft, Maine, are not contiguous or

Osbo, adjacentH. S., Board agrees with conclusions of FRBank of

Piers New YorkLewis H., Board agrees with conclusions of FRBank

of New York13°I'ell,

ofC., question discussed for benefit of FRBank ofSan Francisco with statement that detailed facts

8avi.„ will be necessary for ruling by Board"gs Banks Trust Company, New York, N. Y., director may

serve Corn Exchange Bank Trust Company, NewYork, N. Y.

'ugs Institution of City of Williamsport, Pa., trustee

may not continue to serve member bank since ex-

ception to Clayton Act is not applicable11, George W., service prohibited since Morris Plan

Industrial Bank of Albany, N. Y., is a "bank"Tarr within meaning of Clayton Act

$ Frederick H service not prohibited since Gloucester

and Rockport, Mass. are not contiguous or adja-

cent

179Pages

5/ 9 657

5/23 778

8/ 2 1096

5/23 778

8/ 2 1096

6/5 852

10/ 9 1306

10/ 7 1286

3/13 38212/ 3 1545

9/30 1265

1/24 127

10/12 1329

2/27 313

6/5 852

6/5 852

3/13 384

4/2 438

2/14 250

6/10 861


erlo y.ng directorates: (Continued)v--ce under Banking Act of 1935: (Continued)raunton Morris Plan Company, Taunton, Mass., ruled not to

be "bank" within meaning of section 8 of Clay-

ton Act, and Mr. Harrison W. George may serve

Ta1 Bristol County Trust Co. of Tauntoni-or, George F., appropriate action to be taken on status

in connection with membership application of St.

Clair Deposit Bank of Pittsburgh, Pa.tr, Action to be taken on'tle Insurance and Trust Company, Los Angeles, Calif., ad-

vice to Mr. Day that subsection 3(c) of Regula-tion L may be applicable to Director Bauer, andthere appeared no reason for extending date for

Westother three directors to serve

A;ranch Bank et Trust Company, Mlliamsport, Pa., direc-tor may not continue to serve as trustee of Sav-

.VC0 - ings Institution of the City of Williamsportruester Morris Plan Banking Company, Worcester, Mass.,

ruled not to be "bank", within meaning ofClayton Act, and no objection to directors

YCkoffserving member banksJacob, Board agrees with conclusions of FRBank of

New YorkSavings & Loan Association, Wyckoff, N. J., deter-

mined not to be "bank" and directors of FirstStockho, National Bank of Wyckoff may serve

-Lder receiving honorarium so that he can continue tocarry group life insurance ruled not to be em-

411rto., ployee" m°rris Plan Company, Taunton, Mass., ruled not to be

"bank" within meaning of section 8 of ClaytonAct and Mr. Harrison W. George may serve

'1/4e Bristol County Trust Co. of Tauntont c: rust companies, service as director under Clayton

Act consideredLuPanies not receiving deposits and member banks not ex-

ercising fiduciary powers, amendment to Regula-tion L permitting interlocking relationship,

4elat' adopted, and entry for policy record approved

1°118hip not entirely covered by sec. 2(d)(6) of Regu-lation L but is covered by recent amendment

eat to Regulation L permitting interlocking relation-ships, statement re ordered published in FPBul-

letin'erloobit 14orris Plan Company, Waterloo, Iowa, ruled not to be

a„ a "bank" within meaning of Clayton Act"u Brockton, Mass., ruled not to be contiguous or adja-

cent

180Pages

2/10 218

10/24 137910/28 1406

1/29 163

2/14 250

1/29 160

6/5 852

12/ 5 1553

12/23 1664

2/10 218

3/13 384

1/2 1

1/8 36

1/23 118

6/21 933

5/9 657


181Pages

o •No„, g directorates: (Continued)

RiVer and Alton, Ill., ruled not to be adjacent within mean-4tern„ ing of Clayton Act 2/29 320

Revenue Code:/Idris°rY Commission to Council of National Defense, duties under,

Itbre3tra memoranda sent PYBanks and Advisory Council mem-

bers 10/19 1363ent Company and Investment Advisers Acts of 1940, statement

INwith respect thereto, ordered published in

att4 FRBulletin 9/16 1217con:t securities:

°ditY Credit Corp., RFC, U.S.H.A., etc., obligations areguaranteed by U. S. and are exempted securities 5/15 698

"eu securitTes, request that Comptroller permit Board topublish ruling in Bulletin that obligations of

ItiNtm Commodity Credit Corp., RFC., etc., may beclassed as 6/19 916

trusts: eStraerlt Company Act of 1940, review by Mr. Wingfield of im-

portant provisions, and requested to prepareletter to Banking and Currency Committees 3/27 2413

McKee to confer with Mr. Mngfield and if desirable disrcuss matter with SEC re suggested amendment, andto make further recommendation if amendment is

tepi not agreed to 4/ 2 4391°T1 proposed by SEC dealing with, draft of memo pre-

pared by Mr. langfield for use in advisingSEC of Board's comments, presented, Messrs.Morrill, Lingfield and Cagle directed to re-Vise and resubmit to Board 2/27 308

view memo approved 2/29 319by Mr. Wingfield of important provisions, and re-

quested to prepare letters to Banking and Cur-rency Committees 3/27 413

L'eree to confer with Mr. Wingfield and if desirable dis-cuss matter with SEC re suggested amendment,

111ittatr4 and to make further recommendation if amendmentis not agreed to 4/ 2 439,r.arA

TI'llst Company, Philadelphia, Pa., policy not approved andletter to bank re absorption of real estate hold-ing companies ordered revised to state 10/ 8 1303

liat4.7c1 letter approved 10/ 9 1312%bet, 17 left to discretion of FRBank of Philadelphia 10/19 1362

anks in obligations of certain Government agencies,or% statement ordered published in Bulletin 7/16 1041

Uovernment securities, visits by Messrs. Piser andEdmiston to banks, insurance companies, etc.,in New York and other cities to study policyof large holders, suggested by FRBank of New

York that visits be made less frequently, dis-cussed, Mr. Rouse to be invited to accompany

4 23 549them on visits


It a"Central Institute of Statistics, receipt and storage in

American Embassy in Rome of articles addressed

to Board, advice to State Department that any

arrangement is satisfactory

11J11

Reviesse, Federal Loan Administrator:ew bY Mr. Eccles of conversation with, re bill

FRAct permitting national banks toestate loans for term of 15 years,

(See Bill relating to industrial loansriNto '4.80

L Reconstruction Finance Corporation)••, eo un a.,

cost of luncheon in Board's diningborne by Board

444a City h4

s‘gettt, - -usiness district, contribution by FRBank of Kansas City1,Joh?, T, to improve, authorized

'Geller—, 11.: (See Federal Register)kb, al-, cost of luncheon in Board's dining room to be borneAeber

by Boardger) Charles P., authority to tender temporary appointment

given to Mr. Goldenweiser in connection withkr gold, idle money and price stabilization

s' of the firm of Myer, Strong, and Jones, cost of luncheonto be borne by Board

to amendmake realand Mead

room to be

klee

tatlede

t4 tl°11d &Mortgage Company, St. Louis, Mo.:

Taylor Trust Company, St. Louis, Mo., need not publishC4tecondition report of

VT., to be advised that Board cannot express opin-ion on legislation to confine depositors of

tkl London branch of National City Bank of New Yorke' ehtko e8tel, to assets of branch aloneri,p I-: (See Securities & Exchange Commission)114. • L. (, • • See American Institute of Banking)void

Unde_1- earmark and correspondent accounts at FRBank of New

York, advice that FRBank had been requested to

have gold transferred to State Bank of the Union

of Socialistic Soviet Republicsehecje system:

e°11nt on telegrams containing code words, amendment to in-structions making count same as that made for

accounting purposes

182Pages

10/31 1428

5/7 635

3/19 391

5/17 711

6/18 911

6/18 906

9/18 1223

1/23 116

7/2 972

7/25 1072

10/22 1372


Leaseci/11...nre system: (Continued)'''allation of new equipment, letters to Treasury and RFC giv-

ing basis for reimbursement to Board for serviceunder new plan

APliatpc •ion to Western Union Telegraph Company-LeRhone wires:

llew York-Washington, installation of additional direct wireduring war emergency authorized, cost to bedivided between Board and FRBank and budget of

Wa V14- Board increased to defray-8“-Lagton-New York direct wire, installation of additional

wire during war emergency authorized, cost tobe divided between Board and FRBank and Board'sbudget increased to defray

titallicerfl

absence:ed annual leave not to be granted to persons called for

military service but to be paid one month's un-earned salary instead

rY Commission to Council of National Defense, employeesof Board granted leave up to Jan. 1, 1941, to

Com, accept appointment to commission-14ensatorY leave for overtime work, amendment to Board's

regulations changing provisionsLauchlin, Division of Research and Statistics, addi-

tional leave to assist President of U. S., nofurther contributions to be made to Retirement

bohert_, SystemJ George, Division of Research and Statistics, additional

leave without pay to complete studies atLittauer School of Harvard University

Elizabeth, Division of Research and Statistics, grantedleave without pay, Board to continue contribu-tions to Retirement System provided she continueown contributionsL., Division of Examinations, leave with payover accumulated leave with understanding itwould be charged against annual leave for 1941

Julian B., guard, leave of absence for duty with MarineCorpsB., Secretary's Office, military leave for dutywith Marine Corps

Elizabeth F., not required to make refund for unearneddei,ros annual leave taken in view of death

Lallu C., Division of Examinations, granted sick leave

ke with pay to compensate for leave already taken1)(kzell in excess of accumulated sick leave' Mary, Counsel's Office, leave without pay to accept

position with Advisory Commission to Council of

d it National Defense *lonal leave to work for Advisory Commission

?Ord, G.

Goahorn,

t°4eley,

Marion

Thomas

183Pages

4/29 5875/29 813

5/10 671

5/10 671

11/14 1461

6/14 883

11/14 1460

7/2 974

5/13 674

1/2 6

11/22

12/16

11/13

10/22

1511

1610

1457

1372

3/13 377

7/ 8 1001


Leave_of absence: (Continued)

uillitary leave:National Guard members to be allowed 21 days, advice to

Secretary of YjarPaLP1oyees of Board and FRBanks called

made topic for discussioninto active service,at Presidents' Con-

184Pages

6/10 861

ferencebatter left by Presidents in hands of subcommittee with

Le • power to actave without pay to be granted to employees of Board

Deferments discussed and it was agreed that none would beasked unless clearly justified

Reoomraendations of Mr. McKee approved and will be discussed

Pro with Presidents' committeecedure

withby Presidents' committee for FRBank em-

ployees approved, telegram sent Mr. Peyton and

Simi copies sent FRBankslar procedure adopted for Board employees with certain

exceptionsReti rement System contributions, procedure of RetirementCommittee approved and advice that Thomas B.Handley had entered military service

Illsurance for FRBank employees, letter to FRBanks suggest-ing procedure for reimbursing premiums

insurance for MBank employees, procedure approved by Board

kilaard contemplates reimbursement only for premiums onterm plan

' E. R., Examiner, granted sick leave with per diem al-lowance

-J-eanor, Division of Research and Statistics, additionalleave to serve as secretary to Mr. Currie in

8/27

9/2810/ 9

10/ 9

10/17

10/29

11/14

11/26

12/1/1

12/19

8/ 7

1178

12521317

1317

1341

1417

1461

1521

1608

1650

1103

`‘ leave , assisting President of U. S.leave regulations amended to provide that employees

be charged only for absence on days upon which

Artletiolme t they would otherwise work

n%Ian i to Board's regulations liberalizing provisions'Louise S., Division of Research and Statistics, addi-

tional leave of absence without pay for periodnot to exceed four months, no payments to be

PlArt,e made to Retirement System" r lea ve without pay to complete work at Columbia

University) Lida n'Jo., Secretary's Office, leave without pay to take

position with Advisory Commission to Council of444

't-ttl National Defense..onal leave to work for Advisory Commission

abeth R., charwoman, granted leave of absenceFebruary to May, 1940, Board to continuetributions to Retirement System provided

continues her contributions

fromcon-she

7/2 974

5/18 71811/14 1460

1/9 44

5/18 714

6/15 89012/19 1649


Leay..... Of

_

absence: (Continued)°m

Peon, Muriel V;., granted leave for confinement until March1, 1941

'-8()n) Robert K., leave without pay until January 1, 1941, toaccept position with Advisory Commission to Coun-cil of Nation-1 Defense

wats.Additional leave to work for Advisory Commissionun) Mary H., Secretary's Office, granted additional sick

„ar leave with pay until January 1, 1941t) Harvey J., Assistant Examiner, additional sick leave

Lee ! Art}.4r lli O

granted

to. P-4.: (qee St Olaf College, Northfield, Minn.):1

(Seo'FederFederal Home Loan Bank Board)8lation:

Arnendnients to FRAct (proposed):See. 13b, S. 3343 amending, report by Mr. Ransom of conver-

sation with and letter from Rep. T. F. Ford,Mr. Vest requested to draft reply and analysisfor Board's consideration

Draft of reply to Rep. Ford presented, Mr. Eccles to

2/15

7/112/19

10/16

2/2

4/10

185Pages

1134

9651649

1338

195

490

request Mr. Ford to ask Banking and Currency Com-mittee for report and to state to him that major-ity of Board favors amendment 4/19

Advice from Mr. Eccles that Rep. Ford agreed to proce-dure, that he had discussed matter with Messrs.Steagall and Mead, and that meeting was beingarranged with President 4/23

He 8536, advice that it had been introduced in Houseand was identical with S. 3343 4/19

C°fltributions by FRBanks to charitable, philanthropic orbenevolent institutions, S. 4022 to amend Act

Tilde and permit, referred to at meeting 4/30alnification of FRBanks against expense or loss result-

ing from accounts held for foreign governments,draft of bill approved 6/20

Report on status of bill 6/28(See i4saipp.,„_ nfra Indemnification)

c-4u•ent of claims against U. S. as collateral for loans,, Mr./less_ McKee to get views of Government agencies 6/ 4

le. McKee and Sz3rmczak to discuss with Advisory Council

Achri- members 2/ 2e to House Committee on Judiciary that Board approves

H. R. 10365 8/214,01'.

trecommends enactment of S. 4340 9/14of Mr. Viilliams on S. 4340 10/ 1

LI commended by Advisory Council for part in passage of

8ta+" • bill 10/ 7ordered published in FRBulletin 10/18..ocedure under Assignment of Claims Act of 1940, statement

(see ordered published in FRBulletin 12/18-, also Loans, Assignment of Claims)

528

545

529

592

923955

84

1086

115412131269

12891358

1634


tegislat;(Continued)

legislation, hope of Advisory Council that Congresswould give interested parties opportunity tobe heard before adopting any comprehensive

186Pages

Banking legislationstudies, Wagner resolution, procedure for preparing

answers to questions discussed

10/

5/

7

3

1295

621(See in'fra Wagner Resolution)

Cens,8 Bill: (See infra S. 1318)'48 reports, bill allowing inspection by other Federal agen-

cies, advice to Bureau of Budget that Board isin accord with recommendation of special com-mittee of Central Statistical Board on ReturnsMade by the Public to the Federal Government 1/24 123

0:40, °ervice: (See infra Ramspeck Civil Service Bill)tiOn Act, amendment extending time for termination of inter-

locking directorates, no definite advice of anyproposed legislation and improbable that Boardwill extend time, telegram to FRBank of St.Louis 1/ 4 20

AcIvioe of reasons why President could not approve and thatPresident would call Mr. Eccles and recommend6 month's extension by Board, consideration ofmatter deferred pending call and Mr. Eccles toattempt to discourage any further extension byBoard 1/19 97

Artic-e in Wall Street Journal re visit of Senators Glassand Wagner to White House, reference made to at

Corl tribu44 meeting 1/19 97--,4m,s by FRBanks and member banks to charitable, phil-

anthropic or benevolent institutions, S. 4022to amend FRAct and permit, referred to at meet-

4tributi ing 4/30 592ons by national banks to charitable, philanthropic or

benevolent institutions, S. 1964 permitting, re-ferred to at meeting 4/30 592

'1)(*atio1 to purchase securities of new and speculative enter-prises, statement that consideration was being

ilePoalt of given to proposal by Chairman Frank of SEC 5/20 724security in trust department to secure fiduciary

funds deposited in banking department, advicethat legislation was proposed in Louisiana topermit deposit of security to cover all funds

415"itors instead of just some funds 4/29 586of London branch of National City Bank of New York,

legislation confining them to assets of branchep "its alone, Board cannot express opinion 7/ 2 972

3 limit by Board of volume carried by banks, Counsel todraft report on S. 3867 for transmission to

Senate Banking and Currency Committee 5/ 8 647

-


Le,.°4-81ati .cm. (Continued)-'ees reserves, Federal Advisory Council requested by Ir.

Eccles to assist in formulating legislation to

Farm Credit Act

deal withof 1940 (H.R. 8748 and S. 3509), statement sub-

mitted by Advisory Council as resolution and not

Federal as recommendation to Board

banking laws, operating officers of FRBanks to be asked

to Vashington for consultation re questions un-

Federal D der Wagner Resolution

eposit Insurance Corporation, H.R. 8638 and S. 1318,

to remove Comptroller from board of directors,

increase insurance and reduce deposit assess-

ment rate, Messrs. Wyatt and Goldenweiser to

prepare analysismade topic for discussion by Presidents' ConferenceMemoexpressing Board's views to be prepared by Messrs.

Wyatt, Goldenweiser and Morrill for transmis-sion to Banking and Currency Committees of

Mess Congress 3/19 390Goldenweiser, Wyatt, and Morrill to draft letter

to Banking and Currency Committees that bill

should be made part of Wagner Resolution 3/27 415Letter not to be sent Banking and Currency Committee but

Chairman to advise Mr. Steagall that Board would

like to be heard before bill is reported out by

Actsr committee 4/ 1 432ie that Chairman had called Mr. Steagall, and that Board

would be advised if Committee took up bill, even

Stat though Mr. Steagall was out of cityement of Mr. Eccles that bill might possibly be passed

4/ 5 462

Report before Congress adjourns 5/20 722

pe14 ° - hY Mr. Williams of developments 10/ 1 1269

Adv:' Y some quarters it will not pass this session 10/ 7 128113°r7 Council to be informed that Board has not been

NA,4eraa. asked for report 10/ 7 1283'arm Loan Act, H.R. 9843 introduced by Mr. Jones to

amend 5/22 765Il.H?me Loan Bank Act:

b971 to amend, Advisory Council to be advised to send

statement to Banking and Currency Committees

immediately 4/ 5 463Report of Mr. Williams that bill would be taken up by

House this week, and advice that Advisory Coun-

to amend, report submitted on July 7, 1939 read,Mr. Dreibelbis to revise and furnish copies to

Board members, with understanding it would be

held in Secretary's Office for dispatch to

Senate Committee

cil had sent statement to Committees of Congress

187Pages

2/20 273

5/21 729

10/17 1350

3/12 3673/12 370

4/ 9 4768. 2098


te,lati°n: (Continued)

Home Loan Bank Act: (Continued)8- 2098: (Continued)

188Pages

Revised report approved 4/ 9 476Statement of Mr. Eccles that bill might possibly be

passed before Congress adjourns 5/20 722Report revised and ordered sent to Senate Banking and

Currency Committee 6/ 4 836Draft of report to Senate Banking and Currency Committee

approved and handed to Chairman Wagner comparingS. 2098 with S. 4095 6/11 863

Government ownership of, mention made of bills provid-

Pcrei— ing for 4/ 5 459Ga ac counts, indemnification of FRBanks against loss, pro-

posed sentence revised, letter ordered sentlegislative counsel of Senate and copies sentMessrs. Bernstein and Hackworth 7/ 5 996

Senator Taft to see Mr. Dreibelbis to discuss alternative

Oh draftange eliminating provision re property received by in-


Ur. given power to act,Lansom attending meeting on bill and unable to attend

(See Board meetingalso Legislation, Indemnification of FRBanks against

noble A. loss on foreign accounts)Loan Act:Hvvin.

R.tt. 6971 to amend, Advisory Council to be advised to sendstatement to Banking and Currency Committeesimmediately

9/10

10/21

11/26

4/ 5

1205

1365

1519

463Report of Mr. Williams that bill will be taken up

this week, and advice that Advisory Council had

S. 2no sent statement to Committees of Congress

-78 to amend, report submitted on July 7, 1939 read,4/9 476

Mr. Dreibelbis to revise and furnish copies toBoard members, with understanding that reportwould be held in Secretary's Office for dis-patch to Committee 4/ 5 464

Revised report approved 4/ 9 476Statement of Mr. Eccles that bill might possibly be

passed before Congress adjourns 5/20 722Report revised and ordered sent to Senate Banking and

Currency Committee 6/ 4 836Draft of report to Senate Banking and Currency Commit-

tee approved and handed to Chairman Wagner com-

paring S. 2098 with S. 4095 6/11 863


189

4e4a Pages

R.Ration: (Continued)960, Ramspeck Civil Service Bill, memo of Mr. Vest dis-

cussed, request that Mr. Vest prepare memo foruse by Chairman in discussing matter with

C

Pres-ident, should the bill become law 3/ 1 323

Classification of Board under Civil Service, no action tobe taken at present 4/19 530

Letter to President ordered prepared for use by Mr. Ecclestogether with letter to Civil Service Commis-

11'11- 277k sion for President's signature 11/26 1519P., giving authority for destruction of FRAgent's rec-

ords, list of those named therein that shouldR. not be destroyed 11/ 7 1449

• 6971 to amend Federal Home Loan Act, Home Owners LoanAct, FHA Act, etc., Advisory Council to be ad-vised to send statement to Banking and Currency

Report Committees immediately 4/ 5 463

of Mr. tMlliams that bill would be taken up by House this week, and advice from Mr. Ransom that Ad-visory Council had sent statement to Committees

H.11- 8230,4/ 9 476of Congressdirect loans for industrial purposes, request for

report sent inadvertently to Board instead of8536to RFC 6/11 869

to to

Sec. 13b of FRAct, advice that it had beenintroduced in House and was identical with

11414 8638 to S. 3343

remove Comptroller from board of directors of 4/19 528

FDIC, increase insurance and reduce deposit as-sessment rate, Messrs. Goldenweiser and Wyatt

Btu to prepare analysis 3/12 367me_ made topic for discussion by Presidents' Conference 3/12 3704Lorandu1 expressing Board's views to be prepared by

Messrs. Wyatt, Goldenweiser and Morrill fortransmission to Banking and Currency Committeeof Congress 3/19 390

S. Goldenweiser, Wyatt and Morrill to draft letter toBanking and Currency Committees that bill should

Lett be made part of studies under Wagner Resolution 3/27 415er not to be sent to Banking and Currency Committee

but Chairman to advise Mr. Steagall that Boardwould like to have opportunity to be heard be-fore bill is reported out by committee 4/ 1 432

that Chairman had cslled Mr. Steagall, who was out

of city, and that Board would be advised if Com-

mittee took up bill 4/ 5 462tezent of Mr. Eccles that bill might possibly be passed

before Congress adjourns 5/20 722RePort by Mr. Williams of developments 10/ 1 1269


Leti4aR.a,ti°11: (Continued)

4" 8638: (Continued)Pelt by sane quarters it will not pass this sessionAdvisory Council to be informed that Board has not been

H. R. or, asked for report0(48, Jones Farm Credit Bill, provisions of bill and de-

190Pages

10/ 7 1281

10/ 7 1283 '

sirability of Advisory Council forwarding state-

ment to Congress discussed at Advisory Council

meetingCo iP-es of Mr. Davis' statement given to Advisory Councilmembers

Statement submitted by Advisory Council as resolution and

B• not as recommendation to Boardeller of Mr. Williams that bill would not be enacted this

Jo session of Congressnes-Wheeler bill, advice to Advisory Council that there

Is little likelihood of bill passing this ses-sion of Congress

R. R!See also infra Jones Farm Credit Act of 1940)9530 to amend Sec. 13b of FRAct re industrial loans, no

report to be made on S. 3839 unless request isreceived for report on

Cap iee sent FRBanks with request for suggestions on Mead -

98 43 (JoneFsord proposal or Frank proposal

bill), report approved and Mr. Davis to advise

Coy,. Mr. Jones immediatelyH. R. .;les sent to Advisory Council

4'0127, accounts held by FRBanks for foreign governments,all foreign accounts to be carried under newcaption in FRBank weekly statement of condi-tion if bill passes

ange to be made in weekly statement of FRBanks although

Chaft bill is still pending'ge eliminating provision re property received from for-

5/20

5/20

5/21

5/22

6/3

4/30

5/17

5/226/3

7/13

9/ 5

721

726

729

768

830

594

710

768830

1031

1196

eign nationals by insured bank, Mr. Eccles given

Ur. 10_ power to actt.d.risom attending meeting on bill and cannot be present4. R. at Board meeting

1°365 to permit assignment of claims against U. S. ascollateral for loans, advice to House Commit-tee on Judiciary that Board favors

ricienitv,. also supra Assignment of claims)cation of FRBanks against loss or expense resulting

from accounts for foreign governments, Mr.Ransom to discuss with Treasury and State De-partments

aft of bill amending FRAct approved and letters to Bankingand Currency Committee Chairmen ordered de-livered

R'ePOri- on status of bill

10/21 1365

11/26 1519

8/21 1154

6/17 896

6/20 9236/28 955


Leg4lati'lid -on: (Continued)e fication of FRBanks: (Continued)uraft of proposed amendment to bill and letter to Chairman

Wagner approvedLast sentence of proposed amendment revised and letter or-

dered sent Mr. Wood of legislative counsel of

Senate and copies to Messrs. Bernstein and

Hackworth411 accounts to be carried under new caption in FRBank

weekly statement of condition if bill passesReurvbiew by Mr. Ransom of status of pending legislation

Ransom authorized to eliminate provision if necessary

Se n to prevent bill from being defeated

ator Taft to see Mr. Dreibelbis to discuss alternativedraftRe view by Mr. Williams of developments, Mr. Dreibelbis toreport directly to Mr. McKee during absence ofMr. Ransom

Change eliminating provision re property received by in-sured bank for foreign nations, Mr. Eccles

Mr. 10 given power to actlansom attending meeting on bill and cannot attend

tt , rial loans

.ic)ard meeting

mead.Bill to amend Sec. 13b of FRAct re industrial loans

(S. 3343), opposed by Advisory Council ongrounds that there was no need for such loans

Sec, 1, by any Government agency as proposed-Lib, S. 3343 amending FRAct, report by Mr. Ransom of

conversation with and letter from Rep. T. F.Ford, Mr. Vest requested to draft reply andanalysis for Board's consideration

14saft of reply to Rep. Ford presented, Mr. Eccles to re-quest Mr. Ford to ask Banking and Currency Com-mittee for report and to state to him that

Hmajority of Board favors amendment

. R. 8536, advice that it had been introduced in House andwas identical with S. 3343

Adlrice from Mr. Eccles that Rep. Ford agreed to procedure,that he had discussed matter with Messrs.Steagall and Mead, and that meeting was being

H.R.arranged with President9530 to amend Sec. 13b of FRAct, no report to be made

on S. 3839 unless request is received for re-port on

* 3839 to amend Sec. 13b of FRAct, no report to be made

unless request is also received for report on

H.R. 9530, letter ordered prepared transmittingbill to FRBanks

191Pages

7/2 971

7/ 5 996

7/13 10318/ 2 1086

8/12 1118

9/10 1205

10/ 1 1269

10/21 1365

11/26 1519

2/20 270

4/10 490

4/19 528

4/19 529

4/23 545

4/30 594

4/30 594

.


(Continued)dustrial loans: (Continued)Question of sending letter placed on docket!fetter ordered transmitted in form approved by Mr. DraperDraft of Mead bill discussed with Mr. Jones, report by Mr.

H.R. Eccles on

9530 amending Sec. 13b of FRAct, copies sent FRBankswith request for suggestions on Mead-Ford pro-posal and Frank proposal

S. 3839 to amend Sec. 13b of FRAct, advice that it would

probably not be given further consideration atthis session of Congress but that attention wasbeing paid to proposal by Chairman Frank of theSEC

that Senator Wagner was going to hold hearings nextweek

sent to Senator Wagner, Mr. Ransom voting no because

Res of piecemeal legislationsrs. Eccles or Draper to refer to previous report sub-

mitted by Board if called by Senate Bankingand Currency Committee to testify

Request for report sent inadvertently to Board instead ofto RFCCoh4

es of Jesse Jones' letter to Senate Banking and Cur-rency Committee and Board's reply, together with

Letter testimony at hearings, ordered sent FRBanks

orw, r approved and ordered sent FRBanks and others't of letter to Senator Wagner ordered transmitted after

Let redrafting to incorporate suggested changesLett to Chairman Wagner commenting on letter from Acting

Secretary of Treasury0/1 checks, statement recommending legislation to Congress

Advice

Report

adopted by Board, Advisory Council and Presi-dents and ordered submitted to Secretary of

Reh Treasuryv°rter,L_ . of committee meeting with Secretary of Treasury

Njulerican Bank, method of drafting reviewed by Mr. Wyatt°13jecti0n to State Department stating that Board experts

, had assisted in draftingalso Inter-American Bank)'ent Advisers Act of 1940, statement with respect to, or-

Test i dered published in FRBulletin

m—oily at hearing sent FRBanks to emphasize responsi-

bility for supervision over holding company af-l4„.filiates

e'it Company Act of 1940, review by Mr. Wingfield of im-

portant provisions, and requested to prepare

letter to Banking and Currency Committees

192Pages

5/3 6245/ 7 636

5/ 7 635

5/17 710

5/20

5/31

5/31

724

819

821

6/11 866

6/11 869

6/176/19

6/18

6/25

12/1712/195/27

900912

909

946

16271645799

6/28 959

9/16 1217

10/ 7 1284

3/27 413


40411,50n: (Continued)"e_etment Company Act of 1940: (Continued)

Mr. McKee to confer with Mr. Wingfield and if desirable

discuss matter with SEC re suggested amendment,and to make further recommendation if amend-

ment is not agreed to 4/ 2 439Review by Messrs. McKee and Wingfield of discussions with

SEC, Mr. Wingfield to redraft letter and hold

it pending outcome of discussions with SEC re

amendment excluding from definition of invest-

ment trusts all holding company affiliateswith general voting permits 4/ 9 482

PI'°cedure covering exchange of correspondence with SEC re amendment excluding holding company affiliatesfrom definition of investment trusts, approved,and letter to be sent to Senate Banking andCurrency Committee when correspondence with

Ad SEC had been completed 4/19 522vice that exchange had taken place and letter had been

Staten, transmitted 4/23 548Tes., ent with respect to, ordered published in FRBulletin 9/16 1217

clraorly at hearing sent FRBanks to emphasize responsi-bility for supervision over holding companyaffiliates 10/ 7 1284

:(4/tent Qe

trusts:t1s. •

%.urities and Exchange Commission, draft of memo preparedby Mr. Wingfield for use in advising SEC ofBoard's comments, presented, Messrs. Morrill,Wingfield and Cagle directed to revise and re-submit to Board 2/27 308

Revised memo approved 2/29 319Review by Mr. Wingfield of Investment Company Act of

1940, and requested to prepare letter to Bank-ing and Currency Committees 3/27 413

Mr. McKee to confer with Mr. Wingfield and if desirablediscuss matter with SEC re suggested amendment,

Jotie_ and to make further recommendation if amendment

u is not agreed to 4/ 2 439rm Credit Act of 1940, preliminary study to be made and

draft of statement prepared for transmission toBanking and Currency Committees 3/27 h16

1)r‘aft of statement presented, Mr. Davis to arrange for meet-

ing of Secretary Wallace, Messrs. Currie, Eccles,

Davis, and Morrill to discuss before statement

11is used 4/ 1 433

eP°rt of Mr. Williams as to when bill would probably be

considered 4/ 9 477

193Pages


Le •g181atio n•.

(Continued)Farm Credit Act: (Continued)

Advice there was little likelihood of hearings this session,suggested by Mr. Davis that Board submit reportto Banking and Currency Committee of Senatewhen bill comes before it and advice that re-port was being prepared at present

Mr. Davis authorized to testify before House Committee ofAgriculture if called

Provisions of bill and desirability of Advisory Council for-warding statement to Congress discussed at Ad-

Cop :i. visory Council meeting

ee of Mr. Davis' statement given to Advisory Councilmembers

Statement submitted by Advisory Council as resolution and

Oraf+ not as recommendation to Boardt' of report approved and Mr. Davis to advise Mr. Jones

Co • immediatelyjorteseles sent to Advisory Council

4heeler bill (H.R. 8748 and S. 3509), statement submittedby Advisory Council as resolution and not asrecommendation to Board

Belief of Mr. Williams that bill would not be enacted this

Ad session of Congressvice to Advisory Council that there is little likelihood

llead 112 of bill passing this session of Congressto amend Sec. 13b of FRAct re industrial loans

(S. 3343), opposed by Advisory Council ongrounds that there was no need for such loans

u (S by any Government agency as proposed.‘eactb?e supra Industrial loans)

111, S. 3867 to control undue credit expansion, advice toMr. Lauchlin Currie that bill in present form

4ation, will not assure such control 6/22 939defense, S. 3938 to authorize RFC to assist in mobil-

ization of materials, etc., no action to betaken for present 6/ 4 842

'4"1-1tY Act of 1939, financial transactions under, statementordered published in FRBulletin 4/29 590

banking legislation opposed by Board, letter toBureau of Budget on proposed amendment to Sec.

11141 Peck n. 24 of FRAct,avil Service Bill, H.R. 960, memo of Mr. Vest dis-

cussed, request that Ir. Vest prepare memo foruse by Chairman in discussion with President,should the bill be enacted into law 3/ 1 323

R'elrievLT Mr. Williams of developments, Counsel's Office

to keep Board advised 10/ 1 1269

194Pages

4/9 483

4/23 541

5/20 721

5/20 726

5/21 729

5/22 7686/3 830

5/21 729

5/22 768

6/3 830

2/20 270

5/8 645


195Pages

Ration: (Continued)peck Civil Service Bill: (Continued)Letter to President ordered prepared for use by Mr.

Eccles together with letter to Civil Service

Pa Commission for President's signature 11/26 1519Passage referred to by Mr. Eccles as indicating trend

toward extending civil service to agencies ofReal the Government

4- estate loans, bill amending FRAct to permit loans by na-tional banks for period of 15 years, draft ofreply to Bureau of Budget presented and orderedplaced on docket for consideration 5/ 3 626

Cos placedordered to redraft reply along lines of discussion

at meeting 5/ 7 635Draft!ft of reply approved 5/ 8 644of

report approved and ordered sent to Senate BankingSectlri . and Currency Committee on May 13 by messenger 5/10 660

tles Exchange Acts, amendment to, letter from Mr. Frankwill be brought to attention of Ur. Eccles uponhis return, Dr. Parry to keep in touch with

S* 785 SEC in meantime 9/24 1239

to discontinue the purchase of foreign silver, resolutionof Advisory Council approving, presented, andresolution ordered sent to Senate Banking and

S,13le Currency Committee and press statement released 2/20 275

) 60 amend FDIC Act, Messrs. Goldenweiser, Wyatt andMorrill to draft letter to Banking and CurrencyCommittees that bill should be made part of

Lett studies under Wagner Resolution 3/27 415er not to be sent to Banking and Currency Committee but

Chairman to advise Mr. Steagall that Board wouldlike to have opportunity to be heard before billis reported out by committee

vice that Mr. Eccles had called Mr. Steagall, who was outof city, and that Board would be advised if Com-

Rep0r4. mittee took up billPel4 by Mr. Williams of developments

Advi by some quarters it will not pass this sessionsory council to be informed that Board has not been

(See , asked for reporto1961. ,upra H.R. 8638)uo permit contributions by national banks to charitable,

philanthropic, or benevolent institutions, re-

ferred to at meeting 4/30 592'98 t0 amend Home Owners Loan Act, etc., report submitted

on July 7, 1939, Mr. Dreibelbis to revise andfurnish copies to Board members, with under-

standing that report would be held in Secre-

tary's Office for dispatch to Senate Committee

12/10 1572

4/1 432

4/5 46210/ 1 126910/ 7 1281

10/ 7 1283

4/5 464


Legi aat'

8' 2;: (Continued)to amend Home Owners Loan Act: (Continued)1,.!?vised report approvedtatement of Mr. Eccles that bill might possibly be passed

before Congress adjournsReport changed and revised report ordered sent to Senate

Banking and Currency CommitteefeRe Banking

to in report on S. 4095 which was handed to Senator

8Wagner

* 3088 to amend Clayton Act and extend authority for interlock-

ing relationships, article in Wall Street

Journal re visit of Senators Glass and Wagner

to White House, reference made to at meetingA-thrice of reasons why President could not approve and that

President would call Mr. Eccles and recommend

6 months' extension by Board, consideration ofmatter deferred pending call and Mr. Eccles to

attempt to discourage any further extension by

8' 3343 to Board

amend Sec. 13b of FRAct, report by Mr. Ransom of

conversation with and letter from Rep. T. F.

Ford, Mr. Vest requested to draft reply and

analysis for Board's considerationDl'aft of reply to Rep. Ford presented, Mr. Eccles to re-

quest Mr. Ford to ask Banking and Currency

Committee for report and to state to him that

Ad majority of Board favors amendmentvice from Mr. Eccles that Rep. Ford agreed to procedure,

that he had discussed matter with Rep. Steagall

and Senator Mead and meeting was to be arranged

(See with President3509 ml.so supra Industrial loans)

arid H.R. 8748, Jones-Wheeler Bill, statement submittedby Advisory Council as resolution and not as

Ad recommendation to BoardIriee to Advisory Council that there appears little like-

lihood of bill passing this session8. 3(417,e supra Jones Farm Credit Act of 1940)

v, Investment Company Act of 1940, procedure covering ex-

change of correspondence with SEC approved, and

letter ordered sent Senate Banking and Currency

Committee when correspondence has been com-

- pletedVice that exchange had taken place and letter had been

k (See a, transmitted-Lso Act 1940)3830 supra Investment Company of

to amend Sec. 13b of FRAct re industrial loans, no re-

port to be made unless request is also received

for report on H.R. 9530, letter ordered pre-

pared sending bill to FRBanks for consideration

196Pages

4/ 9 476

5/20 722

6/ 4 836

6/11 863

1/19 97

1/19 97

4/10 490

4/19 528

4/23 545

5/21 729

6/ 3 830

4/19 522

4/23 548


197Pages

egislati(Continued)

.839: (Continued)9uesti0n of sending letter placed on docket 5/ 3 624Letter ordered transmitted in form approved by Mr. Draper 5/ 7 636.Statement that it would probably not be given further con-

sideration at this session of Congress but that

attention was being paid to proposal by Chairman

Frank of the SEC 5/20 724Advice that Senator Wagner was going to hold hearings next

week 5/31 819Report sent to Senator Wagner, Mr. Ransom voting no because

of piecemeal legislation 5/31 821Messrs. Eccles or Draper to refer to previous report sub-

mitted by Board if called by Senate Banking and

Copies Currency Committee to testify 6/11 866of Jesse Jones' letter to Senate Banking and Currency

Committee and Board's reply, together with testi-

Letter mony at hearings, ordered sent FRBanks 6/17 900approved, ordered sent FRBanks and others 6/19 912

4-art of letter to Senator Wagner ordered transmitted after

Lett redrafting to incorporate suggested changes 6/18 909er to Chairman Wagner commenting on letter from Acting

8' 3867 Secretary of Treasury 6/25 946authorizing Board to limit volume of deposits a bank may

carry, Counsel to draft report for transmission

Ad to Senate Banking and Currency Committee 5/ 8 647vi1/4;e to Mr. Lauchlin Currie that bill in present form

s' 3938 towill not assure such control 6/22 939

Permit loans by national banks on real estate for 15year period, amended report approved and orderedsent to Senate Banking and Currency Committee

3930 by messenger on May 13 5/10 660byRFC to assist in mobilization of materials,

etc., for national defense, no action to be

S. 4o22 taken for present 6/ 4 842ameading FRAct to permit FRBanks or member banks to

make charitable, philanthropic or benevolentS'4095 P

contributions, referred to at meeting 4/30 5922 ,ederal Home Loan Bank bill, draft of report to Senate

Banking and Currency Committee approved and6/11 863

8, (See Wagner

also supra S. 2098)handed to Chairman

4J401 to Permit assignment of claims against U.S. as col-lateral for loans, enactment approved and rec-

ommended4ePort(see Mr. Williams upon developments

supra Assignment of claims)

9/14 121310/ 1 1269


44418:Ton: (Continued)

es' 125) Wagner Resolution, advice that economist had notbeen selected and that questionnaire being pre-pared by Senate Banking and Currency Committee

198Pages

would be distributed next week 4/ 9 476Questionnaire presented, copies of banking studies ordered

sent to Senate Banking and Currency Committee,

staff directed to draft legislative program,

Legal Division to make analysis of existingemergency legislation to determine powers of

President, Secretary of Treasury, etc. 5/24 784(See iSlave_ nfra Wagner Resolution)

Purchase from foreign countries, resolution of AdvisoryCouncil approving S. 785 to discontinue, pre-sented at Advisory Council meeting, and resolu-tion ordered sent to Senate Banking and Currency

State la v Committee and press statement released 2/20 275

Is, capital of banks, trust companies, etc., compila-tion of State laws ordered published in FRBul-letin 11/19 1502

Stolen 1 Bill: (See supra H.R. 8638)Property, statement re possession of that stolen from

1114844__ banks ordered published in FRBulletin 8/13 1132with the Enemy Act, amendment re Norwegian and Danish

balances in U.S., Messrs. Wyatt and Dreibelbisto study and if desirable a Board representa-

tive to attend meetings of Ur. Bell with Bank-

boarding and Currency Committees 4/23 545

not to have representative at meeting and statementof Board's views need not be prepared imme-di;ately by staff 4/23 552

.2.00 1.esolution

Ples of studies to be sent to Advisory Council members forcomments and suggestions

C°Mmittee consisting of Messrs. Goldenweiser, Thurston, andHammond named to consider suggestions receivedand make changes, give editorial revision, and

Co/II make recommendations as to use of studies, etc.'--es ordered sent to Chairmen of FRBanks for their com-

ments and suggestionsl'edera-,. Deposit Insurance Act, H. R. 8638 and S. 1318 toamend, letter to be prepared sent to Bankingand Currency Committees that bills should be

2/20 269

2/21 283

2/26 305

e made part of studies under resolution 3/27 416Achrithat economist had not been selected and that ques-

tionnaire being prepared by Senate Banking and

Currency Committee would be distributed next

week 4/ 9 476


Ledawa2'1°n: (Continued)gr Resolution: (Continued)Studies,

Publication authorized and committee ordered to

chose editor for employment by BoardInquiry to be made whether Advisory Council members, Chair-

men or Presidents have any suggestions to make

on studiesMiss Marie Butler appointed editorial assistant to revise

studiesSUggested that Board and Advisory Council appoint committees

Pre to discuss studies togetherss statement issued by Senate Banking and Currency Com-

mittee, copies handed to Advisory Council mem-

bersQuestionnaire presented, copies of studies ordered sent to

Senate Banking and Currency Committee, staffdirected to draft legislative program, LegalDivision to make analysis of existing emergencylegislation to determine powers of President,Secretary of Treasury, etc., and Senator Wagnerto be advised that Board's representativeswould meet with Committee

Statement agreed upon by both Board and FRBanks believed

Ad by presidents to be best method.vi'°rY Council requested to inform Board when committee

Seltzer, has been appointed to consider

Laurence, salary for research work at FRBank of

Staff New York approvedof Board to prepare answers to questions, Mr. Ransom

Pro,- to assign responsibility for workss made by Board in answering, reviewed by Board for

Feder 1 Advisory Councila-L Advisor-y Council, hope that Congress would give in-

terested parties opportunity to be heard before

°Peratin adopting comprehensive banking legislation

g officers of FRBanks to be asked to Washington forconsultation re Federal banking laws in connec-tion withrAnswe s have been preparedStatement

adopted by Board, Advisory Council and presidents

recommending legislation to check inflation will

to.1

present fundamental questions in more satisfac-

t.414tilr tory form than in form of answers to question-

naireINItinri%counsel of Senate:

--Llcation of FRBanks against loss, etc., re accounts for

foreign governments, last sentence of proposed

amendment to bill revised and letter ordered

sent to Mr. Wood

199Pages

5/3 622

5/ 3 624

5/15 690

5/20 720

5/20 726

5/24 784

5/28 807

6/3 830

6/14 884

7/16 1032

10/ 7 1294

10/ 7 1295

10/17 135012/10 1578

12/17 1625

7/ 5 996


LettersOf

commendation:armson, George L., appreciation for services rendered FRSys-

44teon temofficer at FRBanks between Defense Commission and private

industry, statement at Advisory Council meeting

11r. that plan was being worked out,..per to call FRBanks to see if they would cooperate

Let"J-tee that they would be glad to cooperate6er and press statement from Commission read, list of sug-

Nsin, gested officers ordered prepared14r. rted officers expected to be asked to Washington

raPer to work with Commission and FRBanks on planp.Ly to Commi ssion ordered prepared stating actions taken inIleet1response to letter

-ng in Washington set for November 17 and request for names

e°st Oft

or representatives4814.; uo days luncheon to be borne by Board

N `'S of meeting reported at Advisory Council meetingconference contemplated

ecre-ta17 of Treasury, statement re general licenses issued by,

statement ordered published in FRBulletinStatement ordered published in FRBulletin

ordered published in FRBulletinordered published in FRBulletinordered published in FRBulletin

StatementStatement

ttO" labeiSta:ternent

e°41rent1.on atHavana, Cuba, permission to National City Bank ofNew York to open temporary teller's window inHavana to accommodate visitors

Or. s.

Letter

A., advice that Melva R. Kaplan had been marriedto, since her appointment to Board's staff

draft of letter to presidents of FRBanks askingfor list, presented, Mr. Paulger to revise andresubmit at meeting where all Board members arepresent

approved and ordered transmitted when approved byMr. McKee, similar list likely to be procured

List on nonmember banks

1111of nonmember banks in category of problem banks likely

to be procured from FDICGold '

tinder

tt 'gvis_at° wm,

earmark and correspondent accounts at FRBank of New

York, advice that FRBank had received requeststo have then transferred to State Bank of the

Union of Socialistic Soviet Republicspresent at meeting of Board to discuss altera-

tion of Board's building by enclosing courtsand erecting annex

200Pages

12/31 1718

10/ 8 130110/14 133010/14 1331

10/25 138310/25 138410/25 1386

10/25 1386

11/ 1 143111/12 145511/18 148412/10 1580

7/16 10418/13 11329/16 1217

10/18 135812/18 1634

4/9 485

5/3 651

4/9 484

4/23 543

4/23 544

7/25 1072


Loans:

Ass ignment of claims against U.S. by small businesses as collat-

eral for, suggested by Mr. McKee that Advisory

201Pages

Council give further consideration to 5/20 725Recommendation of Council read and ordered further consid-

ered at Council's separate meeting 5/21 729-nsel's Office to make recommendation to Board re amend-

ment to Sec. 3477 R.S. to permit 5/24 788Advice to Advisory Council that recommendation will be con-

sidered when review is completed 6/3 830Me111° of Mr. Vest referred to Mr. McKee to take matter up

with Government agencies and to get their views 6/4 844Me ssrs. McKee and Sumczak to discuss with Advisory Council

members 8/ 2 1086Vicevice to House Committee on the Judiciary that Board favors

Board H.R. 10365 to permit

4'k approves enactment of S. 4340Report.1

8/219/14

11541213

of Mr. Williams on S. 4340Board commended by Advisory Council for part in passage of

10/ 1 1269

8 billotatement ordered published in FRBulletinQtatement re procedure under Act of 1940 ordered published

10/ 710/18

12891358

Ballo in FRBulletin 12/18 16342entral de Reserva de El Salvador:

''ttldank of New York, officers may make at any time or fromtime to time when secured by earmarked gold 7/26 1078

Increase and future additional increases approved 9/ 9 1201FRBank of New York authorized to make under certain con-

ditions and participation by other FRBanks ap-I/41k of u proved

ruguay, communication from Guaranty Trust Company of10/ 9 1320

Cltizens

Bank

taler lations of Regulation U

"cY plant facility contracts, interest rates on, dis-

loYee

New York ordered sent to State Department foraction

and Trust Company, Charlottesville, Va., violationof Securities Exchange Act and Regulation T, noJ bjection to FDIC handling in same manner as vio-

cussed at Advisory Council meeting8 of FRBank of Kansas City, no objection to establish-

ment. of loan plan subject to certain specifiedconditions

tx of FRBanks, insured loan on house should be trans-eczt 7 officefzred to nonmember bank

4111sition of officers' notes by consolidation is exceptedfrom provisions of law, but subsequently incurredadditions to such indebtedness are not permis-sible if aggregate is increased to amount in ex-cess of 2500

7/2 975

10/25 1391

10/ 7 1289

4/10 492

7/30 1081

1/22 110


,-ze

(Continued)'4%tive officers: (Continued)

Illsrs, Claus, First National Bank in Scribner, Neb., addi-tions to indebtedness not permissible since ag-

gregate is increased to amount in excess of

Exceptions relating to, statement ordered published in

FRBulletinG L. L., additional data requested from Comptroller be-

fore Board can rule as to whether he is execu-tive officer

Not necessary for Board to express opinion since he is

Lib no longer member of discount committeeLiberty

noBank, Weatherford, Okla., discussion

whether loan to wife of President McBurney isin violation of Regulation 0

Stockholders' loan fund not within provisions of Section22(g) of FRAct unless person borrowing is exec-utive officer and loan constitutes borrowing

Vice from member bankpresident who has authority to sign checks, deeds and

other documents in absence of president is ex-

ofecutive officer, letter to FRBanks

national bank officer, loan secured by mortgageon residence property, suggested to Comptrollerthat he have examiner investigate during course

4riters. of next examination

e°rIdition reports of State member banks, proposed schedulefor showing loans in reports sent to Departmentof Agriculture with request that copies beprinted and sent to Board

°LI savings and loan association shares, loans of memberbanks secured by, are subject to limitations of

kra,_'N

section 11(5) of FRActensboro Bank & Trust Co., Owensboro, Ky., segregated

Fi•

loans not required to be reported as pledgedassets in condition reports

Gold 'n of securities, member banks making, discussed at Ad-

• visory Council meetingf°reign countries, FRBank of New York to Sveriges

Riksbank, no objection to cable to Governor

st Rooth00rial

advances:mraltments, project for tabulating information by punch

Der. card equipment at FDIC approved'Ilse materials, FRBanks are in advantageous position to

PRI3 make industrial loans for defense purposes

of Cleveland, reserves for losses on loans, trans-

fer to reserve carried against another loan, ap-

proved, but such transfers are not permissiblein absence of approval by Board and directorsof FRBanks

202Pages

1/22 110

2/14 252

3/13 381

4/10 495

5/16 704

1/8

12/11

37

1592

4/18 517

5/28 810

2/12 224

3/25 405

2/20 271

1/ 3 14

7/ 8 1006

12/10 1586

2/6 203


toms:incl„( o/:Itinued)

a1 advances: (Continued)''ItBarik of San Francisco, copy of letter forwarded by FRBank

for transmission to F. L. Moore, advice thatletter had been approved and original had been

PR transmitted to Mr. MooreSystem's authority to make, views of Advisory Council that

H.R authority should be repealed.3230, request for report sent by House Banking and Cur-

H.R. rency Committee to Board instead of to RFC8536 to amend Sec. 13b of Act, advice it had been in-

troduced in House and was identical with S.

3343H.R.9530 to amend Sec. 13b of FRAct, no report to be made

on S. 3839 unless request is received for reporton

Copies sent FRBanks with request for suggestions on

Inf Mead-Ford proposal and Frank proposalormation on applications for advances and for commitments

requested from FRBanks, and forms transmitted

Inf for reportingormation may be furnished Brookings Institution by

FRBank of St. Louis, copy of letter sent

eadFRBanks

Bill, opposed by Advisory Council on grounds that therewas no need for such loans by any Government

Rates agency as proposedon, review to determine justification and question

of uniformity, made topic for discussion atPresidents' Conference and advice sent FRBanks

-unstruction Finance Corporation should be clothed withadditional authority of making such loans in-stead of creating new Government agency as pro-posed by Mead Bill, views of Advisory Council

Res.- at meeting with Board"ves set up by FRBanks cannot be transferred from one

loan to another in absence of approval byBoard and directors of FRBank

Restra.'cted powers of FRBanks to make, has caused field to

203Pages

1/23 118

2/20 270

6/11 869

4/19 529

4/30 594

5/17 710

5/13 676

11/ 6 1446

2/20 270

8/30 1190

2/20 270

2/6 203

be taken over by other agencies, statement ofS.Mr. Eccles at Advisory Council meeting 5/20 723

3343 to amend Sec. 13b of FRAct, report of conversationwith and letter from Rep. Ford, Mr. Vest toprepare reply and analysis for Board's consid-

eration 4/10 490Draft of reply to Rep. Ford presented, Mr. Eccles to

ask Mr. Ford to get report from Banking and

Currency Committee and to state to him that

majority of Board favors amendment 4/19 528


44418.i

(Continued)Inctastrial advances: (Continued)S' 3343: (Continued)

Advice from Mr. Eccles that Rep. Ford agreed to pro-

204

Pages

cedure, that he had discussed with Messrs.Steagall and Mead, and that meeting was to be

S. arranged with PresidentA39 to amend Sec. 13b of FRAct, no report to be made

unless request is received for report on H.R.

4/23 545

9530, letter ordered prepared transmitting billto FRBanks for consideration 4/30 594

Question of sending letter placed on docket 5/ 3 624Letter ordered transmitted in form approved by Mr.

Draper 5/ 7 636Statement that it would probably not be given further

consideration at this session of Congress 5/20 724Advice that Senator Wagner was going to hold hearings

next week 5/31 819Report sent to Senator Wagner, Mr. Ransom voting no be-

cause of piecemeal legislation 5/31 821Messrs. Eccles or Draper to refer to previous report

submitted by Board if called by Senate Bankingand Currency Committee to testify 6/11 866

Copies of Jesse Jones' letter to Senate Banking andCurrency Committee and Board's reply, togetherwith testimony at hearing, ordered sent FRBanks 6/17 900

Letter roved and ordered sent FRBanks and others 6/19 912Draft of letter to Senator Wagner ordered transmitted

after redrafting to include suggested changes 6/18 909Letter to Chairman Wagner commenting on letter from

Acting Secretary of Treasury BellSpr 6/25 946ead in rates and fixing rate at that agreed upon by

local bank and borrower suggested by Presi-dents 9/28 1252

4-ment paper, personal and retail, data to be requestedin end of year condition report call on State

v err. member banks 11/29 1535Trust Company, New York, N. Y., membership condition

1,64, requiring disposal of loans secured by own

'Lotions stock, canceledon, Federal savings and loan association shares,

loans made by member banks secured by, are

subject to limitations of section 11(m) of

2/14 244

FRAct—b" banks:

lotation of securities, discussed at Advisory Council

meeting

2/12

2/20

224

271


,toari!,(Continued)

ed)'14bleiT banks: (Continued)" loans, showing in condition reports, advice from Ad-

visory Council that it was difficult to defineterm in such way as would result in submissionof accurate information as to number of newloans, and that ABA survey for last six months

Natio of 1939 would soon be readyrt2l Bank of Hungary:1444mk of New York, advice of attempt to obtain pledge of

gold in connection with renewalMethod of repayment of participation in central bank

credit to, approvedCongratulations to staff of FRBank for successful cul-

mination of negotiationsLoan approved, advice re approval of participation by

other FRBanks not to be sent until loan ac-4,10 tually madeNonme by member banks: (See supra Member banks, New loans)

bemr banks failing to file agreements with Board underSecurities Exchange Act of 1934, FRBank ofChicago requested to communicate with Wiscon-sin Department of Securities re question ofloans constituting violationReal

"tate:--ersL1

alp condition re sale of notes, bonds, etc., repre-senting, no objection to plan of Commerce

Nati Union Bank, Nashville, Tenn.

onal banks for 15-year period, bill amending FRAct topermit, draft of reply to Bureau of Budget pre-

205Pages

2/20 271

7/25 1072

7/30 1082

8/ 1 1084

11/13 1458

7/11 1017

12/ 9 1566

sented and ordered placed on docketCounsel directed to redraft reply along lines of discus-

sion at meetingDraft of reply approved8- 3938 with same provisions as prior bill to permit,

amended report approved and ordered sent to Sen-

5/3

5/75/8

626

635644

ReS4 A ate Banking and Currency Committee on May 13ential properties, statement showing loans sent to

5/10 660

44-ges • Clarke L. Fauver, Federal Home Loan Bank Board 4/9 488

U.

"lksbank by FRBank of New York on gold held in Sweden,no objection to FRBank sending cable to Gover-nor Rooth 1/3 14

'Q-kmed loans, amendments to Regulations T and U laid on

StarP table until called for by Mr. Draper 6/4 842' of Board preparing recommendation re amendment to

_ Regulation U"-ngs Bank, Sioux Falls, S. D., condition of membership

6/5 851

"orl on loan to Union Realty Company not prescribedassistant examiner at San Francisco, loan onhouse should be placed with nonmember bank

1/19

7/30

105

1081


Lec„.-.0.on of banks:er.ican Trust Company, San Francisco, Calif.:

Berkeley, Calif., removal of branch does not result in es-

tablishment of new branch and Board's approval

"t, term not requiredcredit, increased demand for, no likelihood seen by Ad-

Deman, visory CouncilCOUld be met easier by banks if they could be given

function of secondary underwriters, view of

Advisory Councilbiset ervice:

41pution to FRBanks, letter to Kr. Young advising that sets

14),. are being sent to him, similar letters sent to

,ee Presidents of all other FRBanks'Robert F.:(See New York Bankers' Foreign Exchange Commit-

olka

al tee)

behlrOaitof security in trust department to secure fiduciary

funds deposited in banking department, advicethat legislation was proposed in, to permit

tilch deposit to cover all funds instead of justn some fundsAJav-1A „

v." 0., letter to re clearance of nonmember cheeks through'ItIVN

' Chr FRSystem

414*1 iat*Ian C.: (See Trusts and Estates Magazine)eons.

411cler.,411( °°11, Luis

/*eso, - / cost to be borne by Board"3 Mr., of the firm of York and Sawyer, cost of luncheon

to be borne by Boardtel'ektrian11()ggs

B8, Bruce, cost of luncheon to be borne by Board

l'ootrip„ • cost of luncheon to be borne by Boardtroml-, Robert E., cost of luncheon to be borne by Board

ram, cost to be borne by Boardtrown E., Jr., cost of luncheon to be borne by Board

P Sr., cost of luncheon to be borne by Board1.1<3 Thomas H., cost of luncheon to be borne by Board

/ Preston, Comptroller of Currency, cost of luncheon to

ert, E be borne by Boardugene A., cost of luncheon to be borne by Board

nç m Felipe A., cost of luncheon to be borne by Board-r presentatives in Washington to meet with National De-

fense Commission, cost of two days' luncheons

to be borne by BoardPoTillgerw,Carl W., cost of luncheon to be borne by Board

4 tone *P., cost of luncheon to be borne by BoardF

401 R F. J.

3 cost of luncheon to be borne by Board

-.4.3r VT 011 cost of luncheon to be borne by Board')-wEibacLU°nald, cost of luncheon to be borne by Board

a_ E,ugardo, cost of luncheon to be borne by Board

206Pages

4/18 515

2/20 271

2/20 272

3/12 374

4/29 586

11/27 1526

9/19 1228

9/18 122311/12 14556/27 9533/19 391

11/12 14556/18 9116/18 9112/8 215

5/28 8105/23 780

11/22 1514

11/22 14556/27 9533/12 3755/23 7805/23 7802/21 28411/22 1514


1441ch118°1141 (Continued)linson, James L., cost of luncheon to be borne by BoardIiI7r, Donald R., cost of luncheon to be borne by Boardj(rs, cost of luncheon to be borne by Boardlcton, Leon H., cost of luncheon to be borne by Board

Cee, General, cost of luncheon to be borne by Board' 141'., of firm of Myer, Strong and Jones, cost to be borne

by Boardlitacic, May Joseph R., cost to be borne by Board)iee;v:'acY3 cost of luncheon to be borne by Board

Col. John C., cost to be borne by BoardNicri is, Peter R., cost to be borne by Boardpen.°4-8,3 John G., cost of luncheon to be borne by Boardpet;', quit), cost of luncheon to be borne by Board'8Ylvania Bankers Association, luncheon served to certain of-

ficersReyri,-,se,h, Paul, cost of luncheon to be borne by BoardSchurs, Irving, cost of luncheon to be borne by Board8tarl...23 J• W. N., cost to be borne by Boardris4b.,..„2-Z73 Rulon F., cost of luncheon to be borne by BoardTho- 3 L011iS j. , cost of luncheon to be borne by Board'41.1.-I s' E• W., cost of luncheon to be borne by Boardlitici-er, Roberto, cost of luricheon to be borne by BoardIii.lie' A• E.. 3 Cost of luncheon to be borne by Board

T can, 3 flarles L., cost of luncheon to be borne by Board"114 C'erman

207Pages

3/19 3911/23 1186/27 9533/19 3916/18 911

9/18 122311/12 145511/12 145511/12 145511/12 14553/12 3759/19 1228

6/18 91111/22 15153/19 391

11/12 145512/11 15945/23 7806/18 91111/22 151512/11 15943/19 391

cost of luncheon to be borne by Board, 6/18 911t‘XeiCli?-t-gt:

--'ve order and Treasury regulations governing transfers ofproperty, statement ordered published in FRBul-letin

Ilikti, ,Ip.'3 Jr%

e'-- 4", cost of luncheon in Board's dining room to be

11

Nlagettie

borne by Board1/t.°f banks:

Great Neck, N. Y., condition shown to be unsatisfactorykaki, and FRBank of New York requested to attempt im-

tchm.rci provementsauthority to tender temporary appointment given .

44h to Mr. Goldenweiser in case services of Henry

,c4Lia: B. Arthur are not available for work on gold,

tkh„. idle money and price stabilization problem

'440.'8 and expenses of FRBanks, instructions governing prepa-

ration of reports, revised pages sent to4otie i FRBanks

'L manual covering material previously published inannual report, publication to be joint projectand contain statistics of Board, FDIC and Comp-

troller, Hr. Blattner appointed to supervise

5/17 711

11/12 1455

6/11 867

6/18 906

1/ 9 45


iL0 r?quirements:reign branches of American firms cannot be allowed to reduce

11e8 on business of foreign originPonsibility of Board for fixing discussed by Mr. Eccles at

Advisory Council meeting, and history of fixingrequirements over past few years

'margined loans, amendment to Regulation U permitting banksto take over from other banks, discussed at Ad-visory Council meeting

stAMendment recommended by Council'4Yer, ror, cost of luncheon to be borne by Board

t!cture Ysr, Austrian & Platt, employment by FRBank of Chicago

nas special counsel, approved

1:' C' H.: (See National banks, Liberty National Bank,Weatherford, Okla.)

11,.*04 a

4;e, Stewart: (See Federal Housing Administration)enrY H.: (See National banks, National Capital Bank, Wash-

-late rn ington, D. C.)-) 1. H., Jr., appointment as chairman of board of direc-

tors of Bank for International Settlements,Counsel requested to look into legal situation

IteQ44° objec4.4 as to appointment and report findings to Board 5 7 636Q-Lon if election follows usual course 5/ 8 649

(See National banks, Barnett National Bank ofgolds Jacksonville, Florida)' 17m. H.: (See Advisory Commission to Council of National

", Sena4 Defense; President of the U.S.)a. 334rr James m.:

-) to amend Sec. 13b of FRAct, advice from Mr. Eccles thatk

See al he had discussed with 4/23 545

(43 001. so he

14110 John C., cost of luncheon in Board's dining room toNy, R. be borne by Board 11/12 1455

L., present at meeting of Chairmen of FRBanks withBoard to discuss participation of small busi-ness in national defense 12/10 1580

L s° Directo-r of Small Business Activities)14N °well: (See Office of Government Reports, Central Hous-

ing Committee)4.tai

structures, effect of decline in securities market on,discussed at Advisory Council meeting, and viewof Mr. Brown that survey should be made to de-termine

'rmation sent Mr. Brown, President of Advisory Council,with request for opinion as to whether study

attic . would be helpfultozt atlon of banks for election of Class A and B directors:4e on district, no changes contemplated in

14 or district, changes in

208Pages

12/13 1602

5/20 723

5/20 7255/21 730

11/12 1455

5/13 677

2/20 272

3/ 4 338

8/26 117411/ 5 1441Digitized for FRASER


11441' baknel --s: (Continued)assification for electoral purposes: (Continued)

cem,t: Louis district, no changes contemplated in-,,.ttlon reports:Nstruction after holding for one year authorized1927-37, copies may be destroyed where transcripts have

been made, and keeping for one year in futureis sufficient

utions to charitable, benevolent or philanthropic insti-tutions, S. 4022 amending FRAct to permit, re-

Piducia_ ferred to at meetingJ Powers, interlocking relationship between those not

exercising, and trust companies not receivingdeposits, amendment to Regulation L permitting,

Loans adopted, and entry for policy record approvedeoured by Federal savings and loan association shares

are subject to limitations of section 11(m)of FRActOper„,..

ratios:Porm —456 to be sent FRBanks when approval isfrom Presidents' Conference CommitteeBank Operating Ratiosdraft of letter to FRBanks asking for list, pre-sented, Mr. Paulger to revise and resubmit atmeeting where all Board members are present

Oontrib

Problem banks,

tette-P approved and ordered transmitted when approved by

Mr. McKee, similar list likely to be procured11 • on nonmember banksN.den •

tlal properties owned by, according to States, statement16, sent to Clarke L. Fauver, Federal Home Loan

Bank Board Nto

ItilleriPc in PRSystem:an Palls Lank, Inc., American Falls, Idaho, application

approved, situation to be closely supervisedand deposit with nonmember bank to be reduced

from FRBank of San Francisco how Board acts on ap-plications of small banks, Messrs. McKee andPaulger will discuss question with bank whenin San Franciscoand Savings Bank, Dubuque, Iowa, application ap-proved, Dubuque Fire & Marine Insurance Co.ruled not to be holding company affiliate forany purposes other than those of section 23A

4PPlice,44 of FRAct0017-ons:

'les of material prepared each month shoring applications

received to be sent all FRBank directorsvr.nclurn to accompany revised and copies sent FRBanks

l'eantile Home Bank and Trust Co., Kansas City, Mo., con-

ditions that bank must meet if admitted

Inquiry

Aker;-can Trust

receivedon Member

209Pages

8/29 1186

12/26 1690

12/26 1690

4/30 592

1/2 1

2/12 224

7/26 1078

4/9 484

4/" 543

4/9 488

12/21 1658

12/23 1670

11/19 1498

7/25 10655/29 817


43 in FRSystem: (Continued)'JP-Li-cations: (Continued)

Small hanks, inquiry from FRBank of San Francisco now Boardacts on applications of, Messrs. McKee and

Tab Paulger to discuss with FRBankl_Le of applications received by Board during 1940Bank of FRBanks

Alberta, Inc., Alberta, Va., application approved,special powers may not be exercised withoutpermissionN.T. & S.A., San Francisco, Calif., conditionsto be applied in case bank converts into Stateinstitution and applies for admission, reviewby Mr. McKee of conversation with FPBank ofSan Francisco and what Board thought FRBankshould require as conditionMr. Day that Bank was going to take positionthat no application need be submitted sincebank WES converting from national bankMr. Giannini that bank wished to follow planof First Commercial Bank of Pontiac, Mich. sothat application would not have to be submitted,and statement of Mr. Wyatt that bank could notsuccessfully take position that applicationneed not be submittedto be applied if application is submitted, re-view by Mr. Clerk of conditions he felt should

Apni. be imposed in case application is madeloation for membership must be submitted even though

converting from national bank to State member

Con bankt,''ensus that Board would not be committed to program of

Comptroller as basis for admission of bank to

of 13 membership, in case program was not acceptedaVlon, New York, application approved, conditions re

depreciation in fixed assets and capital ad-kra, or0 justments not prescribed

an,, on, Oklahoma, application approved, capital

Cert'f- number of directors to be increasedarlk or 1...led to FDIC as memberehristiansburg, Virginia, application approved, special

krat powers not to be exercised by bank, and

k

condi-tion re elimination of losses not prescribed

of Cr/1k of '

ane, Crane, Missouri, application approvedreene, Inc., Stanardsville, Va., application approved,

special powers may not be exercised withoutpermission and reserve to be treated as valua-

tion reserve

Bank of America

Advice from

Letter from

Conditions

sent

and

210Pages

12/23 1670

8/22 1158

11/ 4 1437

1/17 83 .

1/25 136

1/26 143

1/29 155

1/29 156

2/24 294

10/29 1414

6/14 8867/12 1025

2/21 2784/ 3 445

10/17 1348


Iierabere_.11:1) in PPSystem: (Continued)

of Keytesville, Missouri, application approved, capital tobe increased

of v-axville, Arnold, Mo., application approved, excessive

fbalance with nonmember bank must be reduced

o qMonroe, Union, West Virginia, application approvedof Montpelier, Indiana, application approvedof Ohio Valley, Pittsburgh, Pa., application approved,

earnings record to be watched and number of

directors not to be reduced below fiveof Orleans, Orleans, Ind., application approvedof Pioche, Incorporated, Pioche, Nevada, application ap-

Bank

BankBankBank

Bank13e.rik

proved, savings accounts to be brought into con-

Bank of formity with regulationsQuinwood, rest Virginia, application approved subject

to charge offs, certain papers not properly au-Bank thenticated

of Shawsville, Inc., Shawsville, Va., application approved,certain powers not to be exercised without per-missionOf 1Nb.desboro, North Carolina, application approved, spe-cial powers not to be exercised by bank

of Wood County Company, Bowling Green, Ohio, applicationapproved, certain charge offs to be made

°rganized prior to June 16, 1933 are not required to be

entitled to benefits of insurance under Sec. 12b

and examination by FDIC is not necessary for ad-

Battl_e mission to membershipGround State Bank, Battle Ground, Ind., application ap-

proved, losses to be charged off and personnel13e loit s strengthened

tate Bank, Beloit, ris., application approved, charge

off of certain losses not required but adequate

security for certain loans must be maintainedQ',tate Bank Company, Bolivar, Ohio, application approved,

tobl restrictions on dividend payments should be en-

dorsed on stock certificateslu Bank, Forest Hills, N. Y., capital requirements in

ktirld B_ connection withTrust Company, Bound Brook, N. J., application ap-

proved, certain powers may not be exercised

N1.1 , without permission of Board'rust Company of Brazil, Ind., application approved, com-

pliance with condition 6 waived because of In-diana law

gt°n City Loan & Trust Company, Burlington, N. J., appli-cation approved, special powers may not be exer-

cised without permission

tank

Bank

tanks

211Pages

2,12 195

12/12 15973/ 5 3409/17 1218

10/28 14057/ 8 1004

8/20 1150

3/25 400

12/27 1696

2/23 286

2/13 235

4/19 535

8/26 1171

12/27 1697

12/11 1590

10/24 1381

8/24 1165

10/ 1 1272

10/30 1420


4eillber

02,1) in FRSystem: (Continued)Bank, Camillus, New York, application approved, sav-

ings account to be brought into conformity withregulations

Grove State Bank, Camp Grove, Ill., application approved'2ens Banking Company, Anderson, Ind., application approved,

compliance with condition 6 waived, conflict

21-tizens between charter and bylaws to be correctedState Bank, Knox City, Texas, application approved

'n'itizens State Bank, Marshall, Ind., application approved',14'tdizens State Bank of Ontonagon, Mich., application approved.4Adzens State Bank, Roby, Texas, application approvedzens_state

Bank of Strasburg, Ohio, application approved,savings accounts to be brought into conformity

eitiz with Board's regulationwithBank & Trust Co., Waynesboro, Va., applica-

tion approved, special powers not to be exer-cised by bank, condition re elimination of

Citylosses not prescribedBank of tashington, D. C., application approved, Board's

permission must be obtained before certainCity 11.,_ powers may be exercisedClear-'1"k Company, Lorain, Ohio, application approved

Lake Bank & Trust Company, Clear Lake, Iowa, application%tarries_ approved, dividend payments to be supervised

l'ce Union Bank, Nashville, Tenn., condition prohibitingsale of bonds, notes, etc., evidencing real es-

Commer tate loans, no objection to proposed planclal Bank, Blue Hill, Nebraska, application approved,

duly constituted board of directors of atleast five members must be set upof Heber City, Heber, Utah, application ap-proved, losses to be charged off

Co

Bank

Corlditions:

C4Pital

Capital

requirements of State member banks with out-of-townbranches, reply to Senator Sherman Minton

stock increase, extension of time within which to

pe,- increase as required by conditiontg:eciation in banking house and furniture and fixtures,

condition requiring reserve not to be pre-scribed in future and supervision left toFRBanks

PUrchase of stock of other banks, etc., no justificationfor canceling

Action on request of City Bank Farmers Trust Companyfor cancelation deferred pending studies

estate loans, condition prohibiting bank from engagingas business in selling obligations representing,does not prohibit infrequent or isolated trans-

actions

212

Pages

12/21 165511/ 8 1452

12/23 16786/21 93010/17 134911/15 14744/ 5 470

5/7 639

2/21 280

6/29 9635/1 604

9/ 9

12/ 9

1199

1566

12/27 1699

11/28 1531

8/ 5 1099

2/26 304

6/1/, 883

8/16 1142

8/16 1143


tlIbershicorldalLin FRSystem: (Continued)

1.41°Ils: (Continued)Real estate loans: (Continued)

Condition prohibiting acting as agent in rental or salenot to be prescribed in future

Revision of standard conditions, entry covering revision

Corive of Regulation H, approved for policy recordr°11g national banks must submit application for member -

C°17.(1°/1 St ship

ate Bank, Corydon, Iowa, application approved, fidu-ciary powers not to be exercised without per-mission

crolvs.4,-tate Bank, Crosby, Texas, application approved'LI State Bank, Crowell, Texas, application approved,

Nfter charge off of losses not prescribed‘,0unty Bank, Custer City, South Dakota, Custer, South

Dakota, application approved, losses to becharged off and irregularity re number of di -

411terrectors correctedDupo 842!avings Bank, Dexter, Mich., application approvedtariv Savings Bank, Dupo, Ill., application approvedger./:,!vings Bank, Early, Iowa, application approved

-rL'or City Trust Company, Egg Harbor City, N. J., applica-tion approved, not authorized to exercise powersnot exercising at time of admission, managementto be supervised, charge off of losses not pre-scribed

& Trust Company, Crawfordsville, Ind., applicationapproved, adjustment to be made in stock, andmanagement to be supervised, Ben Hur Life Asso-ciation ruled not to be holding company affil-iate of

--", Etna Green, Ind., application approved, losses to becharged off and compliance with condition 6

,4)cctian„ waived due to Indiana lawairmee oank, Warren, Ind., application approved

114t State Bank, Fairmount, Ind., application approved,condition requiring charge off of losses notprescribed, certificate of deposit is not in

,alers conformity with Regulation Qand Bank of Amherst, Virginia, application approved,

stock program to be supervised and provisions

to be made for amortizing premiums on bonds. and Citizens State Bank, Crestline, Ohio, application

approved, reserve to be created for dividends,

?b, capital to be increased, and debentures not tobe retired except on certain conditions

Merchants Bank of Blacksburg, Virginia, application

approved, certain powers may not be exercised

without permission of Board

213Pages

12/23 1661

1/30 168

1/29 156

6/10 8608/10 1116

5/17 709

9/24 12388/23 11614/26 576

11/27 1524

4/11 497

5/15 694

10/17 13477/17 1042

7/10 1011

5/18 715

6/10 859


IleMbel-,.474) in FRSystem: (Continued)'niers and Merchants Bank, Boswell, Ind., application approved,

4111— losses to be charged offand Merchants Bank of Fenton, Mo., application approved,

FRBank to watch for irregularities, affiliate

relationship exists between bank and realty

companyFarm— l'S and Merchants Bank of Linesville, Pa., application ap-

proved, savings deposits to be brought into con-

Parm.— formity with Board's regulations';4'.8 and Merchants Bank, Lodi, Calif., Board will not make

requirement re securities account and filing of

application need not be deferred pending outcome

of efforts to improve securities portfolioA • •PPlication approved, losses to be charged off and savings

account and loan to be brought into conformityParme_ with Board's regulations

4.8 and Merchants Bank of Rich Creek, Va., application ap-proved, certain powers not to be exercised with-out permission of Board

1.8 and Merchants Bank Company, Arlington, Ohio, applicationapproved, certain practices in handling bank's

Paztv_s securities account to be corrected'r and Merchants State Bank, Logansport, Ind., application

approved, losses to be charged off, capital ac-

count and trust department to be supervisedand Merchants State Bank of Merrill, Mich., application

NIA" approved' and Merchants State Bank, Oldenburg, Ind., application

Paz.me_ approved subject to charge off of losses1.8 and Traders Bank of California, Mo., application ap-

proved subject to having charged off lossesBank of Edinburg, Inc., Edinburg, Va., application ap-

proved, permission of Board necessary to exer-cise any additional powers

Bank of Mt. Pulaski, Ill., application approved, numberof directors to be increased and charge off of

41, losses not requiredPaZers+tiq,ers Bank, Shreve, Ohio, application approved

214Pages

11/18

10/18

1486

1356

5/23 776

3/13 378

7/19 1051

7/16 1036

5/ 4 630

8/26 1172

6/17 904

1/13 61

2/21 282

10/10 1323

12/14 16068/ 2 1089

Loan and Trust Company, Columbia City, Ind., application

approved, losses to be charged off, stock adjust-

Ptirttle_ 8 ments made and excess balance with nonmember

bank to be reduced 5/15 6911" State Bank, Cleveland, Texas, application approved, ex-

cess balance with nonmember bank to be reduced 11/28 1531 BankkZel's State d.Aters ) Jesup, Iowa, application approve 5/21 756

State Bank, Sweetser, Ind., application approved 6/17 904


14144rshiP in FRSystem: (Continued)ers State Bank, West College Corner, Ind., application ap-

proved, condition requiring pledge of funds toreplace trust funds in banking department notprescribed

State Bank of Yorkville, Ill., application approvedState Bank and Trust Company, Cuero, Texas, application

approved, special powers not to be exercised

without permission, supervision to be exer-cised over management and excess balance withnonmember bank to be reduced

Trust Company, Franklin, Ind., application approved,condition not prescribed requiring pledge ofcollateral for trust funds deposited in bankingdepartment

Trust Company of Middletown, Pa., application approved,certain powers may not be exercised without per-mission and request for information on capital

Company, Van Buren, Ind., application approvedCharlestown, Ind., application approved, expan-sion of fiduciary activities may not be made

?irat,without permission of BoardBank and Trust Company, Cairo, Ill., application ap-

proved, condition re real estate operations4ratnot prescribed

Bank & Trust Company of Utica, U. Y., application ap-proved, bank to take over affairs of First

Cer4.•• Citizens Bank and Trust CompanyLarled to FDIC as member of

Capitol State Bank, West Columbia, Texas, application ap-proved

'Old State Bank, Elkhart, Ind., application approved, trustdepartment to be overhauled and compliance with

Salri condition re trust funds waived

-ulgs Bank of Ravenna, Ohio, application approved, sav-ings account to be brought into conformity with

EXt, en • Board's regulations, 44. a-Lon of time to accomplishqr.at enaion of time to accomplish

'44t.ate Bank, Aransas Pass, Texas, application approvedqr

)

at '''ate Bank, Bandera, Texas, application approvedtate Bank, Bangs, Texas, application approved, condition

at st, of bank to be improved,L.e Bank of Decatur, Ind., application approved, losses

to be charged off, adjustments made in capital,

and management, strengthened'ate Bank, Dumas, Texas, application approved

ParrnersParmers

Partners

Parm

P• er5 Trust ll'St - nof

215Pages

5/18 71612/19 1649

4/26 577

6/22 936

12/23 167610/ 4 1279

11/14 1468

12/27 1698

6/21 9287/ 8 1004

8/ 7 1104

12/ 6 1557

8/10 11159/ 6 119810/ 8 130512/23 168011/20 1504

8/13 1129

6/15 8904/26 578


4enibership

FirstFirst

tirst'irst

Pirst

Pirstirst

PirstFirat

st

trst'*trst

in FRSystem: (Continued)State Bank, Gladewater, Texas, application approvedState Bank, Kerrville, Texas, application approved, ex-

cessive balance with nonmember bank to be re-

ducedState Bank of Marlin, Texas, application approvedState Bank, :Ionahans, Texas, application approved, condi-

tion requiring charge off of losses not pre-

scribedBank of Mounds, In., application approved, excess

balance with nonmember bank to be reduced, and

FRBank requested to forward certain papersState Bank of Olmstead, Ill., application approved, FPBank

may decide question whether president and vicepresident are executive officers

State Bank of Porter, Indiana, application approved, com-mon stock to be shown at par value

SSttrt'ee Dank of Rankin, Texas, application approved

Bank, Rockspring, Texas, application approved, man-agement to be supervised

Bank of Taft, Texas, application approvedBank, Talpa, Texas, application approvedBank of Yorktown, Texas, application approved& Savings Bank, Aurelia, Iowa, application approved(1 Savings Bank of Canton, Ohio, application ap-

proved subject to having charged off certain

lossesBank and Trust Company, Forest City, Iowa, applica-

tion approved for bank being organized to suc-ceed national bank, minimum capital structure

4t,ell • prescribedce„.81on of time to accomplish'Llfied to FDIC as member bank'4)rt State Bank, Freeport, Ohio, application approved, man-

agement to be supervised and reorganization

n papers inspected'4V10,,7-,“ County Bank, Ridgway, Ill., application approved

rE41.t. State Savings Bank, Gaylord, Mich., application approved

-°1-IntY Bank, Medford, Okla., application approved, number

of directors to be increased and advice of ap-

p. Cert.. proval sent FDIC"Nalt -4-fied to FDIC as member of FRSystemN-ttate Bank, Grant, Michigan, application approved

'reeliv ension of time to accomplish-LelAmankin Company, Greenfield, Ind., application ap-

proved, securities account to be closely super-

vised

State

StateStateStateTrustTrust

P°rest city

216Pages

10/ 9 1319

1/31 1719/ 5 1193

4/29 585

2/15 255

12/18 1633

9/17 12181/30 165

12/31 171711/18 14833/29 429

11/20 150412/ 4 1548

1/17 87

4/10 4934/25 5675/31 824

7/1711/ 89/27

10/1810/2910/1011/12

104214521247

1353141713241455

8/16 1141


t!erab

217Pages

ThiP in_ FRSystem: (Continued)dian Trust Company of Houston, Texas, application approved,

condition prohibiting transactions in real es-tate not prescribed, special powers may not beexercised without permission, arrangementsmust be made for real estate mortgage loans intrust department

C°ndition requiring elimination of endorsement upon stockcertificates will not be prescribed and securi-

GlInn• ties company need not be dissolved 10/23 1378ls°n Bank fz Trust Company, Gunnison, Colorado, application

approved, certain powers not to be exorcisedHome without permission 7/20 1055'avings Bank, Milwaukee, Wis., application approved, man-

agement to be supervised 12/21 1657°tate Bank, Hoxie, Kansas, application approved, criti-

Jetts_ cised matters to be closely followed 5/15 697V State Bank, Jerseyville, Ill., application approved,

bank to obtain approval of FRBank before makingdistributions or payments to trustee for waiv-

içdepositors and contributing stockholders

t%tension of time for accomplishin,s.ley Bank, Kinsley, Kansas, application approved, condition

not prescribed for elimination of losses in view

1C14‘t St of circumstances

ate Bank, Menomonie, Wis., application approved, lossesto be charged off and trust officers designated,FRBank of Minneapolis requested to forward copyof form of capital debentures outstanding to

e RFC 4/11 498State Bank, La Salle, Ill., application approved, num-

ber of directors to be increased and capitalstructure supervised 8/ 2 1090ci

tY Bank, Warsaw, Ind., application approved, common stock

L4 State to be increased and management to be supervised 11/22 1512

I lden 0 e Bank, Richland, Ind., application approved 7/ 3 992qticietil ate Bank, Linden, Indiana, application approved' 1/22 110

"urst Bank, Lindenhurst, N. Y., application approved,

140(14 standard condition 6 prescribed but compliaace

State Bfor present

-e Bank, Lodi, Ohio, application approved, conditionre charge off of losses not prescribed, savings

Exte • accounts to be brought into conformity 4/26 575()rain tn21on of time to complete 5/21 757

L'ankinLr Company, Lorain, Ohio, application approved, in-

12/23 1661

2/1 1863/1 328

2/21 281

9/30 1263

c*f, crease in common stock to be encouraged 7/12 1023tate Bank, Lorenzo, Texas, application approved, ex-

cess balance with nonmember bank to be reduced 5/13 675


)61,-mer81,4 .Lia:g In FRSystem: (Continued)'neton State Bank, Ludington, Mich., application approved,

trust department operations to be improved4141atee River Bank and Trust Co., Bradenton, Fla., application

Uarblehead

Ilatirlecock

Iteril°1"andura

11"cantile

approvedBank Company, Marblehead, Ohio, application approved

subject to having provided fidelity bond cover-age for inactive officers and reduced excessivebalance with nonmember bank

Bank of Locust Valley, N. Y., application approved,savings account to be brought into conformitywith regulations, director is member of securityfirm

to accompany applications, form revised and copiessent to FRBanks

Home Bank & Trust Co., Kansas City, Mo., application,letter to FRBank of Kansas City re conditions

A that will be required•PPiication approved, capital structure to be increased and

C • FRBank to supervise°Ildition re not paying dividends until capital structure

ilerehan+ is strengthened, revisedvs and Farmers Bank, Portsmouth, Va., extension of time

to complete compliance with condition of member-shiperchan

ts Bank of Winona, Minn., application approved, retire-ment of capital debentures to be followed by

klawaw, FRBankee County Bank, West Allis, Wis., application approved,

bank not authorized to carry on insurance %ha

busi-ness8

Late Bank, Mohawk, Ind., FDIC granted permission to ex-amine in connection with organization of new

A bank to take over at expiration of charterPPlication approved, submitted because of expiration of

*ice charter, capital stock to be supervisedState Bank, Morrice, Mich., application approved, con-

dition re charge off of losses not prescribed,bank's attention to be called to 30 days notice

4°11nt 13,,4 for savings deposits withdrawals--Lon Bank, Alliance, Ohio, application approved, capital

titi2noe . account to be strengthened,‘Lovirl State Bank, Muleshoe, Texas, application approved

"Lie and Trust Company, Newtown, Pa., application ap-

proved, charge offs to be supervised, savings

accounts to be brought into conformity, and Di-

rector Tyler to resign

218Pages

4/18 513

7/2 977

1/19 103

10/23 1376

5/29 817

335

1/4/44

1504

8/ 7 1104

11/15 1474

11/28 1529

4/23 559

5/25 795

3/1 327

9/ 6 11974/22 539

5/16 700


1441thershiNor4,13 in FRSystem: (Continued)

Jersey Trust Company, Ridgewood, N. J., application ap-

proved, special powers may not be exercised

without permission and excessive balance with

1()rther nonmember bank to be reducedBank, Milwaukee, application approved

Bank and Trust Company, Nyack, N. Y.:txtension of time within which to accomplish conditions of

Ce rtif membership

'Oakt led to FDIC as memberown Ili—

Oldpo Oaktown, Ind., application approvedmlnion Bank of Arlington, Va., stock, capital, sum re-

10/1812/14

1/32/210/18

219Pages

13541607

121961353

°Id Panaers

P endl e ton

?e°Ples

Peoples

? p.Les%Pies

Aeo? Plesec'Ples

and

Bank

Bank

quired to have in order to be eligible formembership

and Merchants State Bank, Hillsdale, Ill., applica-

tion approved, losses to be charged off andcapital account to be supervised

Banking Company, Pendleton, Ind., application ap-proved, trust committee to be appointed

Union Bank, Lewisburg, Tennessee, application ap-proved with understanding that charter has beenvalidly amended, savings accounts to be broughtinto conformity with regulations

Canton, Ohio, application approved, losses to becharged off, savings accounts to be brought

into conformityof Cuba, Missouri, application approved, condition

requiring charge off of losses not prescribedof Mount Jackson, Va., application approved, spe-

cial powers may not be exercised without permis-sion of Board

Savings Bank, New Knoxville, Ohio, application approvedState Bank of Baldwin, Baldwin, N. Y., application ap-

proved, losses to be charged offBank, Rossville, Kansas, application approvedCompany, Brookville, Ind., application approved,losses to be charged off and conflict re numberof directors to be eliminated

Bank, Auburn, Calif., application approved,losses to be charged off

of Bridgewater, Virginia, application approved,

special powers not to be exercised without per-

StateTrust

Pl"er County

41-1ters Bank

mission of Board, and collection policy to be

made more rigidPCI°11th State ykollt„ ate Bank of Plymouth, Ill., application approved

4 United Savings Bank, Plymouth, Mich., application ap-

proved, matter of providing for amortization of

bond premiums to be followed by FRBank

6/28 960

8/26 1169

3/22 396

12/21 1656

6/17 903

7/25 1072

11/ 2 14343/1 326

9/11 120912/ 4 1549

7/ 8 1002

5/1 604

10/29 1111512/11 1591

7/ 3 991


in PRSystem: (Continued)utand Trust Company, Mansfield, Ohio, application approvedRich

Rilrf,7°°d Banking Company, Richwood, Ohio, application approvedr Rouge Savings Bank, River Rouge, Michigan, application ap-

proved, losses to be charged off and management

St. B situation supervisedBernard Bank and Trust Company, Arabi, Louisiana, applica-

tion approved, savings account to be brought

12/ 66/14

9/19

220Pages

1556886

1226

St.. into conformity with regulations 8/13 1128"dar Deposit Bank of Pittsburgh, Pa., application approved,

appropriate action to be taken on interlocking84ndb status of director 10/24 1379

°rn Banking Company, Sandborn, Ind., examination by FDIC

A not necessary for admission to membershipPPlication approved, fidelity and burglary and robbery in-

4/19 535

surance coverage to be investigated 7/2 977Scojertified to FDIC as member 7/16 1037

'County State Bank, Scottsburg, Ind., application approved,charge offs to be made and management to be

Sec supervisedSecZIT State Bank, New Hampton, Iowa, application approvedsi„biry State Bank, Sheldon, Iowa, application approved' 'Joan and Trust Company, Shelbyville, Ill., application

approved, management to be supervised andcheck-up examination made after six months

Shenandoah period

County Bank and Trust Co., Woodstock, Va., applica-tion approved, certain powers may not be exer-cised without permission of Board

Bank, Silverton, Ohio, application approved, deben-tures not to be retired without increasingcapital and excess balance with nonmember bank

Skala banks, to be reducedinquiry from FRBank of San Francisco how Board

acts on applications of, Messrs. McKee and

Boston Paulger to discuss with FRBank

Bank and Trust Company, South Boston, Va., appli-cation approved, capital position to bestrengthened and defects in operating details

h si, and accounting system corrected'-ke Bank of Bay Shore, N. Y., application approved, con-

dition re trust powers prescribed but compliance

the waived11 Missouri Trust Company, Springfield, Yo., application

approved, fiduciary powers not to be exercised

without permission, condition requiring charge

off of losses not prescribed

3/26 40810/28 140411/15 1473

6/22 937

8/16 1139

10/ 9 1319

12/23 1670

9/18 1221

12/ 3 1541

5/24 791


lietabers„,8„2,L1P in FPSystem: (Continued)'-ulgdale Bank and Trust, Company, Springdale, Conn., applica-

tion approved, fiduciary powers may not be ex-

81311r ercised without permission of Board 11/15 1471Security Bank, Spur, Texas, application approved, condi-

tion requiring charge off of losses not pre-

State scribed 4/ 3 445BanK of Caledonia, Mich., application approved subject to

charge off of certain losses, and excessive bal-

State Be._ ance with nonmember bank to be reduced 2/15 254ruc of Carthage, Indiana, application approved, fiduciary

powers not to be exercised without special per-mission, charge off of losses not required 7/11 1016

Ban kNte Gladbrook, Iowa, application approved 7/11 1016State ,

40B,ank of Harbor Beach, Mich., application approved 12/ 9 1565ank of Hawley, Minn., application approved, number of di-

rectors to be increased and condition requiringState tan. charge off of losses not prescribed 5/10 670

4 of Keruunee, Wisconsin, application approved, lossesto be charged off, trusts released and manage-

hate Ban. ment supervised 5/21 754k of Keyesport, Ill., application approved, number of

directors to be increased, condition re certifi-cates of deferred deposit not prescribed 10/30 1421

6tate 41.11.c of Lebanon, Missouri, application approved 9/ 5 1193k of Nappanee, Indiana, application approved, fiduciary

State tan, powers not to be exercised without permission 8/29 11854 of Paradise, Pa., application approved subject to

charge off of losses, two fiduciary accounts tohe terminated and no fiduciary powers to be ex-exercised unless permission is obtained from

Stete tank Board 2/16 258of Remington, Inc., Pemington, Va., application ap-

proved, special powers may not be exercisedNte Bank without permission of Board 11/15 1473

of Pock Island, Ill., application approved, weaknes-ses in securities account to be followed byStat

4 FRBank 10/21 1366

4 Bankte of Sleepy Eye, Minn., application approved 4/ 5 469,vings Bank, Frankfort, Mich., application approved,

losses to be charged off and permission must beState obtained to exercise fiduciary powers 9/28 1259'avin -s2 Bank of Manistique, Mich., application approved,

StA4. trust powers not to be exercised without permis-

sion 5/10 669Q,vingsBank of West Branch, Michigan, application ap-

proved, losses to be charged off, reserve fordividends to be used for no other purpose 7/12 1024

221Pages


14tbelishi

Ster113 in FRSystem: (Continued)-"ng State Bank, Mt. Sterling, Ohio, application approved

subject to charge off of losses and improvement

Stock of investment account 1/30 164Exchange Bank of Caldwell, Sumner County, Kansas, Caldwell,

Kansas, application approved 12/23 1679sitif ied to FDIC as member 12/28 1705

u'L4 County Trust Company, Riverhead, N. Y., application ap-proved, condition re trust funds prescribed but

12/11 158981141111r SPri

compliance waived ngs State Bank, Sulphur Springs, Texas, application

approved, time deposits to be brought into con-formity with Board's regulation 5/16 702

11113rait Title and Mortgage Guaranty Co., Summit, N. J., permis-sion to Summit Trust Company to continue asmajority stockholders of, and trustees for

5bonds of /24 793.Danl, and Trust Company, Delphi, Ind., application approved,

request that Board be kept advised re increasethlion s in capital account 10/23 1377

avings Bank, Sioux Falls, S. D., application approvedsubject to charge off of losses, condition not

Trusi.precribed re loan to Union Realty Company 1/19 104

Company, Greensburg, Ind., application approved,compliance with condition 6 waived, trust de-

¼t partment operations to be supervised 11/ 6 1443States Bank of Grand Junction, Colorado, application ap-

Wa;.kver proved, trust department to be supervised 8/20 1149ce of conditions:rtificates of deposit, distribution without permission of

FRBank, condition not prescribed for State Bank

Credit of Keyesport, Ill. 10/30 1422

,A_Lt data in connection with unsecured loans, conditionnot prescribed for State Bank of Paradise, Pa.,

Derir . requiring it to maintain adequate data 2/16 259eclation in banking house and furniture and fixtures:Condition waived for Sprague State Bank, Caledonia, Minn.,

for 1938 in view of added improvements 1/30 166Condition requiring setting up of reserves waived for

Union Trust Company of Maryland, Baltimore, Md.

ber,r, . until 1942 6/ 7 855

eclation in fixed assets and capital adjustments, con-

Fiduciary dition not prescribed for Bank of Babylon, N.Y. 10/29 1414powers, condition not prescribed for First Bank

of Charlestown, Ind. 11/14 1468Pendleton Banking Company, Pendleton, Ind., No. 6 waived

because trust funds deposited in banking depart-

ment are preferred claims in event of dissolu-

1tion 3/22 397

51edge of collateral for trust funds deposited in banking

department not prescribed for Farmers Trust Com-

pany, Franklin, Ind. 6/22 936

222Pages


lletivers,_wa.4 n113 in FRSystem: (Continued)'7sr of conditions: (Continued)

Real estate, condition prohibiting transactions in, not pre-scribed for Guardian Trust Company of Houston,

223Pages

Texas 12/23 1661Stock of mortgage company, requirement it be disposed of by

certain date waived for Summit Trust Company,5/24 793

Trust f Summit, N. J.

unds deposited in banking department are preferred

claims in case of liquidation in Indiana and

condition 6 not prescribed for:Brazil Trust Company of Brazil, Ind.Citizens Banking Company, Anderson, Ind.Etna Bank, Etna Green, Ind.Fairmount State Bank, Fairmount, Ind.Farmers State Bank, Nest College Corner, Ind.First Old State Bank, Elkhart, Ind.First State Bank of Porter, IndianaLake City Bank, Warsaw, Ind.Peoples Trust Company, Brookville, Ind.

T Union Trust Company, Greensburg, Ind.rust funds deposited in banking department in New York,

10/ 1 127312/23 167810/17 13477/10 10115/18 71612/ 6 15579/17 121811/22 15127/ 8 1002

11/ 6 1443

condition prescribed but compliance waived for:South Side Bank of Bay Shore, N. Y. 12/ 3 1541

Washin ,Suffolk County Trust Company, Riverhead, N. Y. 12/11 1589g''on County State Bank, Brenham, Texas, application ap-

Illest Ca_ .... proved 4/22 539

14thi rvoliton Bank, West Carrollton, Ohio, application ap-

proved 8/ 1 1083

'4.onn,--L. banks exercising fiduciary powers are not required in

ktitta opinion of Board to deposit securities with State

4/e authorities 8/23 1162

service: Illlent of certain employees of Board, indicated by Board that

no deferments should be asked for unless clearly

4R3loye justified 10/ 9 1317es of Board who are members of Reserve Corps or National

Guard to be made available for military service

in event of mobilization unless occupying key

Rep- positions 8/ 9 1109-1/441unendations of Mr. Szymczak to be considered individ-

ually by Board members and information to be

Rer, obtained from FRBanks 10/ 9 1314'rnmendations of Mr. McKee approved and will be discussed

with Presidents' Committee 10/17 1341


arir service: (Continued)J-23rees of Board: (Continued)'u4Ployees of Board to be advised they will

of absence and reinstated upon

44aoyees ing determination of policy 10/ 9of FRBanks called for, status under Retirement System,

report of Retirement Committee approved byBoardto be obtained from FRBanksMr. Peyton requesting information from FRBanksB., guard, granted leave of absence for dutywith Marine CorpsB., granted leave for military duty withMarine Corps

for FRBank employees, letter to FRBanks suggesting

Pr^ procedure re reimbursing for premiumsveedure approved by Board contemplates reimbursement only

Leave for premiums on term planand salary payment to employees of Board and FRBanks

called for active service, made topic for dis-

Mcussion at Presidents' Conference

at ter left by Presidents in hands of subcommittee with

Pr power to actocedure adopted by Presidents' committee for FRBank em-

ployees approved, telegram sent Mr. Peyton andcopies sent FRBanks

4-ar procedure adopted for Board employees with certainNation , changes

a-1- Guard members employed by Board to be allowed 21 days

-L with pay during 1940

8c)n) F • A., appointed to handle personnel matters for Board4atiren, under Selective Training and Service Act

-ent System contributions, procedure of Retirement Com-mittee approved and certification that ThomasB. Handley has entered service from Board'sstaff

'v-Lce credit, resolution of Retirement Committee approved

A. n by Boardenlarging Board's building by closing courts and

erecting annex, Mr. Morrill authorized to con-sult with 6/ 4

t a+h-- Mr. Eccles planned to confer with on matter of addi-

tion to Board's building 10/293, s ePublic of Bolivia: (See Bolivia)

en4tor Sherman, reply re minimum capital requirements of

State member banks with out-of-town branches

5,14

InformationTelegram to°rid, Julian

HandleY2 Thomas

togr

d Of Governors: (See Board of Governors)

be given leavedischarge, pend-

224

Pages

1317

5/10 67210/ 9 131710/10 1323

12/16 1610

11/13 1457

12/14 1608

12/19 1650

8/27 1178

9/28 1252

10/29 1417

11/14 1461

6/10 861

10/22 1372

11/26 1521

12/ 7 1563

846

1410

8/ 5 1099


(Continued)Con ference of Chairmen:Preliminary draft, no objection to making available to

President Peyton and board of directors, ad-vice to Chairman Coffey, FRBank of Minneapolis

8111„.7 on of bank credits:eY to determine capital for constructing plants for produc-

tion of defense supplies, telegram to FRBanks

and branches accompanied by letter from AdvisoryCommission and form of contract

Advice to Commission that telegram, letters and contractshad been sent

Results of survey sent Commission and copies of Commis —4aer sion's announcement sent FRBanks and branches

gency plant facility contracts, Defense Commission employ-ees to be asked to answer questions for Advis-ory Council membersBoard commended by Advisory Council for helping developform, and assistance in passage of bill to per-mit assignment of claims as collateral for

Loar, loans--.. rates on plant contracts discussed at Advisory Council

meetingvice to Council that Messrs. Palmed° and Eaton will be

To be present if Council so desires

e present at meeting tomorrow'present at meeting to discuss and answer questions

klgr,or:flft of contract presented by Mr. Eaton and discussedas topic for discussion in letter to Advisory Council

--°11 of bank resources, suggested as topic for discussionriehat Advisory Council meeting

IlelIortnd credit problems:to Congress, preparation to be discussed by Board and

Advisory Council committees at meeting on easymoney

,5(2mmittees authorized to discuss'reparation ordered for consideration by Board and Advisory

oe, Councilc

14% (See National Banks, Whitman National Bank, Whitman,reP. T Massachusetts)

advice to FRBank of San Francisco that letter for-FRBank to Mr. Moore

rewarded by for transmission

1? Plan industrial loans had been sent to him•1/4kbarni

4'orris Plan Bank, Albany, N. Y., applicability of Clayton

Act, advised to communicate with FRBank of New

ikorria York re steps to be taken to make Act inap-

plicablePlan Bank of Waterbury, Conn., ruled not to be a "bank"

within meaning of Clayton Act

225

Pages

1/ 3 14

9/20 1229

9/21 1236

9/25 1240

10/ 7 1283

10/ 7 1288

10/ 7 1289

10/ 7 129010/ 7 129710/ 8 129910/ 8 129911/ 1 1433

10/29 1411

11/14 146511/18 1486

11/19 1491

1/23 118

2/19 265


}iorri 8

110 131an banks: (Continued)s Plan Company of Kansas City, Mo., ruled not to be bank

within meaning of Clayton ActPlan Company of Springfield, Mass., officers and direc-

tors serving member banks, error in statementof facts not sufficient to warrant differentconclusion from that already stated

Plan Industrial Bank of Albany, N. Y., ruled to be "bank"

Taunt within meaning of Clayton Act°II Morris Plan Company, Taunton, Mass., ruled not to be

"bank" within meaning of Clayton Act, and Mr.Harrison W. George may continue to serve

Water]. Bristol County Trust Co. of Taunton00 Morris Plan Company, Waterloo, Iowa, ruled not to be

Wore A "bank" within meaning of Clayton Act'ter Morris Plan Banking Co., Worcester, Mass., ruled not

to be "bank" within meaning of Clayton Act, and

gage directors may serve member banksinvestment fund, amendment to Regulation F to permit opera-tfortg,a

tion by national banksCom,. *„on

trust funds composed principally of, amendment to Regula-tion F, copy of letter from Pennsylvania BankersAssociation and draft of revision of amendment

1/44E11 sent to FDIC and Comptroller with request for8 comments

avings banks:IlYer -steeof, member bank directors may serve as

Kle °rig and Jones, New York, N Y.:e, ur-, cost of luncheon to be borne by Board

44

226Pages

3/28 424

1/24 127

6/10 861

2/10 218

6/21 933

1/29 160

5/ 3 612

2/16 261

10/12 1329

9/18 1223

otial 4iteetliaa800iation of Supervisors of State Banks:

tion U, administration as applicable to member and nonmem-ber insured banks, letter to Mr. White, Chairmanof Executive Committee, expressing appreciationfor cooperation 6/ 3 829

ression of appreciation that all State supervisors willcooperate and advice to FREanks 8/ 5 1101

banks-aric—National Bank of Santa Monica, Calif., absorption by

krac California Bank, Los Angeles, Calif., approved 11/29 1536America N. T. & S. A., San Francisco, Calif., Sec. 30

proceeding, Mr. Eccles to advise Comptrollerthat Board's staff will endeavor to analyze in-formation, that conference would be helpfuland copies of Collin's letters inclosed, andmemo covering history of bank ordered preparedby Counsel's Office and Examination Division 1/ 2 3


227Pages

Nationalvanks: (Continued)

-%of America: (Continued)m.essrs. Eccles, McKee, Morrill, and Dreibelbis to attend

meeting at Treasury Department for consider-ation of question whether notice should beserved to show cause why actions should not beinstituted 1/ 8 31

Stockholder's meeting, advice that public meeting was beingheld and that correspondence between bank andComptroller would be made public, and that chiefnational bank examiner had been instructed notto attend 1/ 9 40

Exandriation report, publication by Comptroller, advice thathearing before Dean Bates giving bank oppor-tunity to show cause why report should not bepublished was contemplated but could not be heldunless Board agreed not to make examination,agreed that memo be prepared from correspondenceand reports and submitted to Board 1/ 9 40

Stockholders meeting, advice from Mr. Eccles that Comptrol-ler was planning in addition to order to showcause why examination report should not bepublished 1/10 47

C°11versi0n into State bank, advice from Mr. Eccles that hehad advised Comptroller that Board had no in-formation 1/10 47

Advice from Mr. Eccles that he had stated to Comptrollerthat only information received by Board had beenthat contained in newspapers 1/10 48

Statement of Mr. Eccles that Comptroller was planning Sec.30 proceeding in addition to order to showcause 1/10 49

8tatement of Mr. Eccles that he had advised Comptrollerthat if bank decided to convert the Board wouldhave to determine conditions that would be pre-scribed for membership 1/10 49

Statement of Mr. Eccles that threat of bank to convert toState institution made it all the more neces-sary that Board make no commitments not to ex-amine bank 1/10 50

)tal nation by Board, staff requested to recommend to Board

NI) whether examination should be made 1/10 51llcation of examination report by Comptroller, staff of

Board requested to make recommendation as to

Sec6 what attitude should be taken by Board 1/10 51JO proceeding and order to show cause, staff of Board

requested to make recommendation as to what at-

titude should be taken by Board 1/10 51


-oziaBant.1 banks: (Continued)ik of America N.T. & S.A. (Continued)Ur. Morrill requested to obtain from Comptroller any fur-

ther documents needed by staffAdvice from FRBank of San Francisco that it had not been

Tel approached in regard to conversionephone conversation between Mr. McKee and President Day,

and copy of order to show cause, copy of letterfrom secretary of bank, together with resolutionof directors approving letter from Mr. Collinsrequesting Board examination, ordered sent toMr. Day, and copy of bank secretary's letterand inclosure ordered sent to Comptroller

RePort by Mr. Eccles re telephone conversation with L. M.Giannini and that he advised a communication toFRBank of San Francisco requesting advance com-mitment as to whether bank was acceptable for

Publication 171M

membershipreport by Mr. Eccles of conver-

sation with Comptroller and that he had advisedhim that there appeared to be no reason forprompt decision by Board since order had al-ready gone out

Review by Mr. McKee of telephone conversation with FRBankof San Francisco and what Board thought FRBankshould require in case application for member-ship was received, decision on question whetherMr. Clerk should be asked to come to Washington

Pr deferred until after meeting at Treasuryto terminate controversy with Comptroller, state-

ment by Mr. McKee that he hoped to present iton January 19, 1940

Pla°grem to solve controversy with Comptroller, advice thatMr. McKee had suggested to meeting at Treasurythat Comptroller's Office, FDIC and Board workout program, and that Comptroller was to con-sider recommendation, Messrs. Eccles and McKeeto determine members of Board's staff who wouldattend in case Comptroller agrees to confer-ence

71-Qe that Mr. Clerk, FRBank of San Francisco, was holdinghimself in readiness to come to Washington when

Sta requiredtement of Mr. Eccles that Board might work out program

itself and try to get FDIC to agree if Comp-troller does not agree to conference between

agencies to work out program

228Pages

1/10 51

1/15 65

1/15 65

1/16 75

1/16 75

1/17 83

1/17 85

1/18 91

1/18 92

1/18 92


Nai--L.;or18,1 LBara, °841.ke: (Continued)-%cf America: (Continued)

IIImsamerica Corporation permit to vote stock, statement byMr. Eccles that permit would be canceled if bankrefused program to correct controversy betweenbank and Comptroller, in case Board worked outsuch program

Advice that Comptroller would not be able to give answerto suggestion until January 22

Telephone conversation between Mr. Cagle and Deputy Comp-troller Upham re permit

Memo of Mr. Dreibelbis re procedure to be followed byBoard in case Comptroller does not agree toconference between agencies presented, no de-cision pending advice from Comptroller as tohis decision re holding conferencecorrespondence exchanged between Comptroller'sOffice and chief national bank examiner at SanFrancisco, report by Mr. Morrill that copieshad been receivedMr. Day that State charter would be issued to-day, and that bank would take position that mem-bership application was not necessarynothing had been heard from ComptrollerMr. Giannini that bank wished to follow planof First Commercial Bank of Pontiac, Mich. sothat application would not have to be submitted,and statement of Mr. Wyatt that bank could notsuccessfully take position that applicationneed not be submittedMr. Clerk of conditions he felt should be im-

TelegraPhic

Advice

clviceLetter

OUtlIfle

from

thatfrom

by

Ad posed on bank in case it makes applicationvice that nothing had been heard from Comptroller re pro-

posed program to be worked out by FDIC, Boardand Comptroller, and agreed that Board shouldcontinue with formulation of its own program

Iknk of procedure

ing premises acquired during last ten years in connec-tion with merger of banks with Bank of America,Mr. Clerk to request additional information

APP1from Mr. Day re history of carrying valuesication for membership must be submitted in usual man-

Ap • nerPllcation must be submitted even though converting from

itteet; national bank to State member bank4-11E at Treasury Department, Messrs. Eccles and Morrill

C1181,4_ to attend"-i-ng, O. K., advice that he would leave San Francisco

today and that arrangements had been made forhim to confer with Comptroller

229Pages

1/18 93

1/19 98

1/19 102

1/19 100

1/25 135

1/25 1361/25 136

1/26 143

1/29 155

1/29 155

1/29 156

1/29 156

1/29 156

2/ 2 191


4ationalBa„, banks: (Continued)--%of America: (Continued)

Illptroller's requirements presented and set forth inminutes, Messrs. Eccles and McKee to preparememo for consideration by Board as basis forposition to be taken by Board's representativesat meeting with Treasury on Feb. 7

en10 approved with minor changes, with understanding thatit would be submitted to conference 2/ 7 208

front of Comptroller, FDIC and Board believed mostdesirable procedure, with understanding thatif Comptroller did not desire to participate,the representatives of FDIC and Board wouldmeet with representatives of bank 2/ 7 214

Advice that agreement had been reached between agencies representation of program by Comptroller, and re-port by Mr. McKee as to conference of agencieswith representatives of bank 2/13 232to be attended by Messrs. Eccles and McKee,Comptroller to bring no technicians or lawyers 2/13 237order to show cause, FDIC to be advised thatBoard will not have representative present athearing 2/13 239FDIC was in agreement re not having representa-tive present 2/13 240

's program discussed, Chairman to advise Mr. Bellthat Board will join with other agencies to pre-sent united front in support of requirements,but that requirements shouldn't be Allowed tofail because bank won't agree to full limit ofparagraph two 2/24 289resolution had been sent to Mr. Delano and thatcopy of requirements were being sent by Mr.Delano to Mr. Giannini 2/27 306

signed by Comptroller, FDIC, and Board, presentedand set forth in minutes, Secretary of Treasuryto consult RFC and SEC, no public announcementto be made 3/ 7 347

stock to be issued under Comptroller's requirements,advice that Secretary of Treasury would requestRFC to purchase 3/ 7 351

provisions not being carried out, Messrs. Ecclesand McKee authorized to take any necessary ac-tion on Board's behalf 12/19 1648

National Bank, Baraboo, Wis., Wisconsin Bankshares Cor-poration granted limited voting permit to votestock of

United

Conference

Hearing on

Advice that

Comptroller

Advicethat

Agreement

Pl'eferred

A eement

230Pages

2/3 198

12/27 1700


,National13a—uanks: (Continued)rnett National Bank of Jacksonville, Fla., income tax credits

claimed by Barnett Securities Corporation, ad-vice to bank that Board will act promptly whenit receives advice from Commissioner of Inter-nal Revenue that information is available

Advice that Board has been unable to inspect information inBureau of Internal Revenue and that necessary

Broadwa_ action cannot be completed by March 15J National Bank, Nashville, Tenn., absorption by Commerce

Union Bank, Nashville, Tenn., Board will insist

eitizetis upon no action at this timeand Southern National Bank, Savannah, Ga., general vot-

ing permit for stock of Citizens & Southern Na-tional Bank of South Carolina, Charleston,

44zens S. C.& Southern National Bank of South Carolina, Charleston,

S. C., fiduciary powers, application approvedupon conversion from Citizens and Southern Bankof South Carolina

L---Li'ted voting permits granted to Citizens and Southern Na-tional Bank, Savannah, Ga., and Citizens andSouthern Holding Company, Savannah, Ga. to vote

eitiz stock ofens National Bank of Norwalk, Ohio, fiduciary powers, ap-

eitiz plication approvedens National Bank of Port Henry, N. Y., fiduciary powers,

City surrender ofatdonal Bank of Colorado, Colorado City, Texas, fiduciary

City, powers, surrender approvedNational Bank of Kankakee, Ill., fiduciary powers, applica-

tion for supplementary powers approved uponconsolidation of City Trust and Savings Bank,

City Kankakee, Ill., intoNational Bank of Winston-Salem, N. C., certificates of de-

posit, deposits evidenced by may be classified

"arto as time depositsNational Bank, Clayton, Missouri, fiduciary powers, ap -

Corn,.-muter - plication approvedelal National Bank in Muskogee, Oklahoma, fiduciary powers,

erci surrender ofal National Bank in Nacogdoches, Texas, fiduciary powers,

application approvedted powers granted to have effect of full powers since

C°114ticaionthose granted include general power

report0.1.3; as of December 29, 1939

as of March 26, 1940

231Pages

1/27 147

3/7 353

8/27 1181

10/21 1369

1/19 106

2/23 286

3/1 328

6/13 879

1/31 172

4/18 515

8/12 1122

8/21 1153

7/1 967

9/14 1213

12/ 4 1549

1/3 113/28 422


htionoeon—, uarlk s: (Continued)

'4-1-ti0n reports: (Continued)Call as of June 29, 1940'alas, letter ordered prepared suggesting that Comptroller

consult Board before reaching decisions as tofuture calls

Letter approvedLetter to Comptroller asking for

terco_ Letter approved

reply to previous let-

"'loft National Bank, Coffeyville, Kansas, accounts carried forColumbia Drug Co. and partners cannot be clas-sified as savings deposits

C°ntributions to charitable, benevolent, or philanthropic insti-tutions, S. 1964 to permit, referred to at meet-ing

IT Point National Bank, Manchester, Center, Vt., assignmentof savings bank deposits to trust department assatisfying requirement that collateral be de-posited in trust department

deposits assigned to trust department as securityfor trust funds used in commercial department

?arm- will not satisfy requirements

wings

'1'8 and Merchants National Bank of Stanley, Va., fiduciary41.1t,„ powers, surrender of

-First National Bank of Stephenville, Texas, fiduciaryN11_ powers, surrender ofPidij8 National Bank of Clay, Ky., fiduciary powers, surrender

ciarY powers, Michigan banks exercising, are not requiredin Board's opinion to deposit securities with

Pi State authorities-Ir'stliational Bank of Atlanta, Georgia, anniversary, congratu-

lations upon occasion of celebration of seventy

m fifth-(,ational Bank of Battle Creek, Mich., fiduciary powers,

surrender of, Board should not issue certifi-

232Pages

7/2 976

8/9 11078/12 1120

10/ 9 130810/16 1339

10/26 1395

4/30 592

11/27 1524

12/23 1682

3/15 387

6/12 8761/2 6

8/23 1162

9/17 1220

cate until law suit is disposed of 5/render certificate not issued and FRBank of Chicago to

41"st National

?I l'at National

PliNt National

l'anch banks, foreign:Buenos Aires, Argentine Republic, establishment of,

resolution adopted

ascertain whether further action is necessary 12/Bank of Belden, Nebraska, fiduciary powers, sur-render of 11/

Bank of Bluefield, W. Va., fiduciary powers, ex-

ercising in Virginia, advice that authority of

Board permits exercise in foreign States but bank

must conform with laws of foreign State regulat-

ing exercise of fiduciary powers by foreign cor-

porationBank of Boston, Mass.:

1 606

3 1542

5 1440

5/ 7 640


Nati 1,0oanks: (Continued)

'4-rst National Bank in Bristol, Tennessee, fiduciary

National

National

National

National

Pirst

Pirst

Pirst

Pirst

First

plication approvedBank of Bunker Hill, Ill., fiduciaryrender of

Bank of Caledonia, Minn., absorptionState Bank, no objection

Bank in Childress, Texas, fiduciary powers, sur-

render ofBank of Delmar, Delaware, fiduciary powers, sur-

render ofNational Bank, Gettysburg, Pa., self-dealing provisions

of Regulation F, visit of Mr. E. W. Thomas with

Mr. RansomNational Bank of Groton, New York, fiduciary powers, sur-

render ofNational Bank, Huntingdon, Pa., self-dealing provisions

of Regulation F, views of Mr. Charles Zimmermanto be incorporated in memo for circulation toBoard members

National Bank of McGregor, Texas, fiduciary powers, appli-cation approved

u.. -au-Lonal Bank of Oakes, North Dakota:'4r3hal1-McCartney Company ruled not to be holding company

affiliate of, for any purposes other than those

of section 23A of FRActNational Bank of Omaha, Nebraska, interest rates on sav-

ings and time deposits, advice that Board merelyfixes maximum rates and that lowering of ratesin Nebraska must be left to State actionBank of Pleasantville, N. Y., absorption of MountPleasant Bank and Trust Co., Pleasantville, FDIC

granted permission to examine State bank in con-nection with

National Bank in St. Petersburg, Fla., fiduciary powers,application approved 11/13 1457

National Bank of Scranton, Pa., currency fund for FRBankof Philadelphia, FRBank requested to discontinue 7/18 1047

National Bank in Scribner, Nebraska, loan to Claus Ehlers,

addition to existing indebtedness is not per-

mitted since aggregate is increased to amount

in excess of $2500National Bank of Southampton, N. Y., FDIC granted permis-

sion to examine Southampton Bank in connection

Irstwith absorption by

Old-ational Bank in Spokane, Wash.:Aational Corporation and Investment and Securities Com-

pany both of Spokane, granted limited voting per-

mits to vote stock of 1/ 3 12

Granted limited voting permit to vote stock of 12/27 1701

powers, ap-

National

krst,

Pirst

krst

P4st

?Irst

?iret

233Pages

powers, sur-

by Sprague

9/16

7/ 1

7/ 2

1/19

6/13

1216

966

981

107

880

8/27 1179

1/13 62

8/27 1179

6/10 860

2/10 217

3/ 4 336

1/17 88

1/22 110

4/8 474


Nat.

114ttbriOna an (Continued)' of Springfield, N. J., advice that Board

cannot exercise discretionary powers to permit4rstcontinuance of interlocking directorates

National Bank of Waco, Texas:Election of Class B director at Dallas, holding company al-

lowed only one vote because this and other sub-sidiaries are in same electoral group

RePublic National Bank of Dallas granted limited permit tovote stock of

Granted general voting permit to vote stock ofPil%t National Bank of Wahoo, Nebraska, fiduciary powers, re-

lease of securities deposited with State au-thorities in connection with termination ofpowers, advice to FRBank of Kansas City thatcertificate has been issued by Board and re-quest that FRBank discuss with Nebraska bank-ing department

ePoslt of securities with State authorities, certificatefor release

National Bank and Trust Co. of Port Chester, N. Y., ad-vice of contemplated sale to new bank

rger with Mutual Trust Co. of Westchester County, PortChester, Board willing to assist FDIC and copy

P4zit of letter sent FRBank of New YorkSecurity Bank of Idaho, N. A., Boise, Idaho, conversion

. from First Security Bank of Idahoduclary powers, application approved upon conversion from

?48t State bank

Wisconsin National Bank of Milwaukee, Wis., affiliate re-lationship with corporation under collateralloan agreement, information requested from

N FRBank of Chicago

- ilational Bank, Atlanta, Ga., participation with FRBankof Atlanta in loan to Austin Bros. Bridge Com-pany, FRBank of Atlanta authorized to charge

goodh, off loss'te County National Bank of Red Wing, Minn., fiduciary

powers, surrender of'National Bank of Wilkes-Barre, Pa., fiduciary powers,

1141 tad, surrender of'14-e National Bank, Hartsdale, N. Y., absorption by County

Trust Company, White Plains, New YorkBlational Bank and Trust Company of Burlington, Vt., fidu-

ciary powers, application for supplementary

44gab° powers approvedro National Bank of Brooklyn in New York, N. Y., absorp-

tion by Colonial Trust Company, New York, no

objection

234Pages

6/21 933

10/10 1324

1/8 335/ 4 631

4/18

5/14

6/18

516

684

910'

12/ 3 1543

12/23 1680

12/23 1680

10/19 1361

1/13 63

11/22 1513

12/26 1689

5/21 757

1/15 70

5/24 793


235Pages

National!-:411.k3: (Continued)'1%,7 National Bank, Weatherford, Okla., loan to wife of Pres-

ident McBurney, discussion of whether loan isviolation of Regulation 0 re loans to executive

5officers /16 704u-Ln National Bank and Trust Co. of Syracuse, N. Y., audit

of trust department, information re compliancewith Regulation F sent to FRBank of New York

Logan Nat

for reply to President Unbehend 2/27 311ional Bank and Trust Co. of New Kensington, Pa., fidu-

ciary powers, bank not authorized to exercisefull powers but only limited powers 5/21 757

144rfa National Bank, Marfa, Texas, transferred from San Antonio4arion branch territory to El Paso branch territory 5/ 3 628

liational Bank, Marion, Ind., certificate of deposit is-sued to Farimount State Bank, Fairmount, Ind.,

4iners is not in conformity with Regulation Q 7/10 1011rirst

isBank of Ishpeming, Mich., fiduciary powers,

application approved, memo of Mr. Ransom givingNataonal Ban_ reasons for not approving 2/13 227

k of Commerce, Lincoln, Nebraska, absorption ofout-of-pocket expenses in connection with clear-ing and collection, advice to Comptroller thathe would be furnished with copy of any communica-tion sent to bank 1/19 108Vi

olation of Regulation Q by absorbing out-of-pocket ex-penses for country bank depositors, advice to

National B Comptroller that no action has been taken 9/25 1244ankof Westfield, N. J., absorption of Westfield TrustCompany, advice to Mr. Gidney that FDIC will notproceed further against trust company under ci-tation for unsafe practices, in view of antici-pated absorption 1/ 3 12

Capital Bank, Washington, D. C., service by Henry H.Nati

4.01141 McKee to bank and East Washington Savings Bank 9/30 1265City Bank of Marion, Ohio, surrender of fiduciary

Nati powers approved 8/ 2 1091ITIal City Bank of New York, N.anch banks, domestic:Bronx, Borough of, no objection to purchase of three

branches by Bronx County Trust Company 4/26 579Plans changed, Board will reconsider when necessary 5/ 1 605Advice that negotiations for sale of three branches

to Bronx County Trust Company had been ter-minated 5/13 676

arich banks, foreign:Havana, Cuba, no objection to opening temporary teller's

window in connection with convention of Rotar-ians and Lions Club 4/ 9 485


N4laonalNz- uanks: (Continued)'°nal City Bank of New York: (Continued)Branch banks, foreign: (Continued)

Havana, Cuba: (Continued)Extension of time within which teller's window may

be kept open for convenience of Rotarians 5/25 797London, England, legislation confining right of deposi-

tors to assets of branch only, matter is one on

NeW which Board cannot express opinion 7/ 2 9724drmers National Bank of Glasgow, Ky., fiduciary powers, ap-

Old plication approved 8/15 1136c'Taonal Bank and Union Trust Co. of Spokane, Wash.:

Old. National Corporation and Investment and Securities Co.,both of Spokane, granted limited permits to votestock of 1/ 3 12

084,e p Granted limited voting permit to vote stock of 12/27 1701armers National Bank, Osage, Iowa, fiduciary powers, ap-

236Pages

Real _ plication approvedestate loans for period of 15 years, bill amending FRAct

to permit, draft of reply to Bureau of Budgetpresented and ordered placed on docket for con-

2/12 223

sideration 5/ 3 626°unsel directed to prepare redraft of reply along lines of

Draft discussion at meeting

t of reply approved 55// 78 66/34154.

-* 3938 with same provisions as previous bill to permit, re-

A_IC National Bank of Dallas, Texas:114nual report on Form F.R. 437, period since date of bank's

recent application for voting permit should be

tie 44 covered by items 4(a) and 7 on page 9°%'-i-on of Class B director at Dallas, allowed only one

vote where subsidiaries are in same electoral

G groupe neral voting permit to vote stock of First National Bank

St .of Waco, Texaseels Falls National Bank, St. Regis Falls, U. Y., absorp-

tion by Ogdensburg Trust Company, Ogdensburg,N. Y., establishment of branch in St. Regis

841.1. Falls approved in connection withwater National Bank, Columbus, Montana, assets purchased

and liabilities assumed by Yellowstone Bank,4ock Columbus, Montana' PREenk, newly organized banks, advice of issuance may

4edeek be discontinued

u°r0 National Bank, Swedesboro, N. J., purchase of as-sets and assumption of liabilities by Swedes-boro Trust Company

port approved and ordered sent to Banking andCurrency Committee of Senate on May 13 by mes-senger 5/10 660

1/ 3 15

10/10 1324

5/ 4 631

3/28 423

12/27 1703

11/23 1516


114 • ant.b---s: (Continued)dePartMentS:

U. S. Savings Bonds deposited in, to take place of trustfunds deposited in commercial department, ad-vice to Mr. Bell that in Board's opinion nodifficulties will arise if receiver for bankis appointedUnixt

National Bank of Elgin, Ill., fiduciary powers, applica-tion approved

ijrlion National Bank of Superior, Wis., fiduciary powers, appli-cation approved%lion

National Bank of Ventura, Calif., fiduciary powers, appli-

1/4011 Nati cation for additional powers approved

onal Bank and Trust Company of Joliet, Ill., fiduciarypowers, application approved if and when author-ized by Comptroller to commence business

States National Bank of Portland, Oregon, trustee ac-count agreement as used by Bank of America,bank's position is merely that of debtor andnot trustee in handling commercial and savings

%liver . accounts1..t,Y National Bank of Minneapolis, Minn., reserves, per-

mission to carry reducedr and Atlas National Bank of Boston, Mass., common trust

fund proposed is not in conformity with Regula-tion F, Board will be glad to receive bank's

237Pages

1/29 157

5/ 1 606

3/13 379

2/14 245

9/27 1249

12/12 1598

10/30 1423

Nate, representatives 3/12 371"i National Bank of Cicero, Ill., fiduciary powers, applica-

tion approved upon conversion from Western State

kit Bank of Cicero 9/30 1264National Bank, Whitman, Mass.:

411t, Edwin W., continuance to serve as director, FRBank ofBoston requested to ascertain such informationas may be necessary and advise bank as to

..044.1 whether he may continue to serve 1/31 175001, Ilreau of Economic Research:'4()Isate bond study, additional contribution by Board author-

ized, part may be used for salaries and expensesof persons other than members of Board's staffFt •

ndlngs to be made available if funds are not provided byW.P.A., Mr. Goldenweiser to look into

Coo defense:1)e tion of Government with private industry for constructionof plants for production of defense supplies,telegram to FRBanks and branches accompanied byletter from Advisory Commission and form of

con-tract

vice to Commission that telegrams, letters and copies of

contracts had been sent FRBanks and branches

5/8 646

5/8 647

9/20 1229

9/21 1236


Nati..04060.0(Continued)defense:

u peration of Government: (Continued)Results of survey sent Commission and copies of Commission's

ker. announcement sent FRBanks and branches.benoY plant facility contract, Defense Commission employees

to be asked to answer questions for AdvisoryCouncil membersBo arc' commended by Advisory Council for helping developform, and assistance in passage of bill to per-mit assignment of claims as collateral forloans

Loan rates on plant contracts discussed at Advisory CouncilmeetingAdvice to Council that Messrs. Palmed() and Eaton will bepresent if Council so desiresTo be present at meeting tomorrow

Pt;esent at meeting to discuss and answer questionstqw. aft of contract presented by Mr. Eaton and discussed

PMent for, plan to prevent contractor having ownershipwithout cost of facilities constructed duringemergency and paid for by Government, Mr. Vest

'118Y'steno to analyze planservices to, question of tendering facilities and

services to President to be investigated by Mr.

Lett Szymczak with view to preparing communicationAd r to President of United Statesvice to U. S. Information Service showing how System ties

_wane. intoIng of, made topic for discussion at Federal Advisory

CouncilIle°°mmendation of Advisory Council that future offerings of

Government securities be placed with investors811egss

other than banksted by Mr. Davis that Mr. Lichtenstein be advised of

developments so that he can in turn keep Advis-ory Council members informed

Reca nnendation of Advisory Council that Government 'securi-ties be placed with investors other than banks,

Let+ _ ordered sent Treasury DepartmentIte r to Secretary of TreasuryPj-Y from Secretary of Treasury sent members and copy of

letter and enclosure sent FRBanksGgested as topic for discussion at Advisory Council meet-

inggested as topic for discussion in letter to Advisory

Ad CouncilVice to Advisory Council it was contemplated that it

would be done by commercial banks

238Pages

9/25 1240

10/ 7 1283

10/ 7 1288

10/ 7 1289

10/ 7 129010/ 7 129710/ 8 129910/ 8 1299

10/ 9 1318

6/18 9076/19 920

6/27 952

9/10 1206

10/ 8 1299

10/ 8 1301

10/ 9 131310/15 1336

10/24 1381

10/29 1411

11/ 1 1433

11/18 1485


Ilational defense:

krmncing of:Loans by

(Continued)(Continued)

RFC, letter from RFC to War and Navy Departmentsreferred to and discussed at Advisory Councilmeeting

Goir e°PY of letter furnished to Advisory Councilerrullent contracts, reassignment of claims and waiving Gov-

ernment's right of set off recommended by Boardto War Department for inclusion in circular de-scribing operations under Assignment of ClaimsAct of 1940

rial loans, FRBanks are in advantageous position to make

1448 for defense purposes°I1 officer at FRBanks between Defense Commission and pri-

vate industry, statement at Advisory Council

)1r. n meeting that plan was being worked outA4 'wraper to call FRBanks to see if they would cooperate

Letter that they would cooperateand press statement from Commission read, list of

beq; suggested officers ordered prepared11,..---gnated officers to be asked to Washington for meeting-"" Draper to work with Commission and FRBanks in carrying

Re out planRep to Commission ordered prepared stating actions taken

Ilep+ • in response to letter--lag in Washington set for November 17 and request for

Castnames of representatives

u of two days luncheons to be borne by Board,Lesa _ ults of meeting reported at Advisory Council meetingS. 1Z,I,c)ther conference contemplated

'7-)8 authorizing RFC to assist in mobilization of materials,etc., no action to be taken at present

4titioliai business, participation in, discussion of work of FRBanksby Chairmen and Board

Irrt change-Trust System:kti estiorlaz gation has been made by FBI, advice to FRBanks

?'4eittl'iange:lie committee members, payment of cost of luncheon au-

Z11!4. G thorized--ns110

rees of Board who are members to be made available for ser-vice in event of mobilization unless occupying

Ilkite key positions'with Pay of 21 days to be granted by Board to members of,.konal

advice to Secretary of War414114 'Ilduatrial Conference Board:

ement Research Division, questionnaire on personnel prac-tices, FRBank of New York and other FRBanks

given permission to furnish information re-quested

239Pages

11/19 148811/19 1495

12/23 1674

12/10 1586

10/ 8 130110/14 133010/14 1331

10/25 138310/25 1384

10/25 1386

10/25 1386

11/ 1 143111/12 145511/18 148412/10 1580

6/4 842

12/10 1580

9/27 1249

5/23 780

8/ 9 1109

6/10 861


securities exchanges:'"tuer firms carrying no margin accounts for customers need re-

240Pages

port only semi-annually 12/13 1602Service Life Insurance:

rrocedure for reimbursing FRBank employees called into military

service for premiums 12/14 1608Nal? , Contemplates reimbursement only for premiums on term plant

teserve:12/19 1650

(\ileY, John N., inquiry as to availability for immediate mili-

tary mobilization in connection with applicationfor commission in 8/ 9 1109

L%-z and time deposits, rates of interest on, advice to T.L. Davis that Board merely fixes maximum ratesand that lowering of rates is matter of State41)1, judgment

pir"ka st f, atet Department of Banking:

nal Bank of Wahoo, Nebr., release of securities fromState authorities in connection with terminationof fiduciary powers, FRBank of Kansas requested

tit). 11to discuss matter withp Peter R., cost of luncheon to be borne by Board°Ilald, statement at conference of FRBank Chairmen with

Board re cooperation of FRBanks in helpingsmall business participate in national defense

w 4t (8ee

program h Coo •rdinator of National Defense Purchases)

A qndS.tit% •

in name of Nederlandsche Bank transferred to Dutch Gov-ernment and FRBank of New instructed not toexecute transactions unless requested through

Aeco Bank of England4:1t with FRBank of New York in Government name, no objection

tint with FRBank of New York, opening and maintenance of goldaccount approved

841 ner to not request confirmationWith FRBank of New York to be carried by FRBank against

caption "Other deposits" in weekly statement of

Y Act:of New York's correspondence with State Department with-

-Ilan .out first submitting matter to Board, memo to

be prepared for discussion with Mr. HarrisonPi

clal transactions under, statement ordered published in

FRBulletinSta

tement ordered published in FRBulletin

conditionive order and Treasury regulations governing transfers

of property, statement ordered published in

FRBulletin

3/4 336

4/18 51611/12 1455

12/10 1580

5/14 6816/17 905

8/17 114710/25 1392

6/3 830

5/17 711

1/10 52

4/29 590


411triaii.11,,77 Act: (Continued)"ancial transactions under: (Continued)

Statement with respect thereto ordered published inFRBulletin

'Tland towns, letter to FRBanks giving instructions whethercontiguous or adjacent when such towns are in-

?kW

Lir corporated cities

e Insurance Company:'llson, George L., no objection to FRBank of New York request-

ing extension of effective date of resignation

' LOrk 0. to accept position with0108.0tock Exchange:

111g to prevent further drop in security prices, Mr. Ecclesto recommend to SEC that exchange not be closedtoday but that further consideration be given

Mew,— if market drops again tomorrowfirms carrying no margin accounts for customers need re-

port only semi-annually and advice sent otherFRBanksimam •

Prices for stocks discussed as alternative to closingReglaa - of exchange+

T, amendment removing restrictions imposed on spe-cialists obtaining additional capital, Board

41„. will be glad to hear from SEC when information4.01tit has been received fromAereon°rcit s Fair:

nnsl for information booths in Federal Building cannot befurnished by FRSystem, advice to Office of Gov-ernment Reports

--lam H., advice that Mr. C. C. Balderston would like toNt have him as assistant if proposed study is un -q104

dertaken by Chairmen of FRBanksj°hn G110

Nitta, cost of luncheon served in Board's dining room tobe borne by Board

Aere'e banks:rnente with Board under Securities Exchange Act of 1934,

FRBank of Chicago requested to communicate withWisconsin Dept. of Securities re whether loans

61-441 constitute violationvinsville State Bank, Baldwinsville, N. Y., merger into

First Trust and Deposit Co., Syracuse, N. Y.-111xemburg, Wisconsin, examination shows that management

krik is dominated by Mr. Karel who is also in charge

of State Bank of Kewaunee, Ms.lalliamsville, N. Y., absorption by Marine Trust Company

of Buffalo, N. Y.ard Bank, Forest Hills, N. Y., membership requirements re

capital

241Pages

6/14 888

7/13 1030

6/17 902

5/21 748

12/13 1602

5/21 750

6/11 868

4/23 548

4/2 436

3/12 375

7/11 1017

3/28 423

5/21 755

7/18 1046

10/24 1381


,p47er bankS'„Lti2e118 and

(Continued)Southern Bank of South Carolina, Charleston,

South Carolina, fiduciary power application ap-proved upon conversion into Citizens and South-ern National Bank of South Carolina, Charleston,

242Pages

S. C. 1/19 106zensBank and Trust Company, Charlottesville, Va., viola-

tion of Securities Exchange Act and RegulationT, no objection to FDIC handling in same manner

Citizens as violations of Regulation U 10/25 1391State Bank of Fairmount, Ind., capital requirements

of State member banks with out-of-town branches,eitYBreply to Senator Sherman Minton 8/ 5 1099

flk and Trust Company, Wilmington, Delaware, absorption

Clear, by Industrial Trust Company, Wilmington 9/ 5 1194rig1 accounts with FRBanks, policies of FRBanks re main-

tenance of, to be discussed at next Conference

r of Presidents 6/14 885-ommercial Bank of Pontiac, Mich., plan used to convert

into State bank referred to by Mr. Giannini inletter to Board, in connection with Bank ofAmerica having to submit application in order

Pi to convert . 1/26 144sl'St Security Company, Ogden, Utah, obligations of Commodity

Credit Corp., RFC, U.S.H.A. and Federal Inter-mediate Credit Banks are guaranteed by U. S.

kr'et R+ and are exempted securities 5/15 698-vate Bank of Scotch Plains, N. J., merger with Westfield

Trust Co., Westfield, N. J., permission to FDICto examine Westfield Trust Co. in connectionwith 3/29 430

Ah8orption by Westfield Trust Company, Westfield, N. J. andG.144.4,_ establishment of branch approved 6/13 878n

4-4 Trust Company, Houston, Texas, membership conditionrequiring elimination of endorsement upon stockcertificates will not be prescribed and securi-

11°/thera ties company need not be dissolvedBank, Milwaukee, Vas., failure to file agreement with

Board under Securities Exchange Act of 1934:PRBank of Chicago requested to communicate withWisconsin Dept. of Securities re whether loans

tominion constitute violationBank of Arlington, Va., stock, capital, sum re-

quired to have in order to be eligible for mem-

bership in FRSystemes State Bank, Du Bois, Pa., assumption of deposit liabili-

ties by Union Banking and Trust Company of Du

Bois, Pa., no objection

10/23 1378

7/11 1017

6/28 960

5/13 676


Notkelribbanks: (Continued)

°Iem banks, list of nonmember banks considered problem bankslikely to be procured from FDIC 4/23 544

ic Bank of Maryland, Baltimore, Md., advisory committee offormer directors who resigned because of ClaytonAct, no objection to informal advice and counselto officers and directors 12/16 1611Rhode

Island Hospital Trust Company, Providence, R. I., commontrust funds, draft of letter proposed to be for-

State Exchange warded by FRBank of Boston to, approved 7/13 1029

Bank of Holley, N. Y., absorption by Marine TrustCo. of Buffalo, N. Y. and establishment of branch

TiAls i in Holley 11/16 1480nsurance and Trust Co., Los Angeles, Calif., directors

serving member banks, advice to Mr. Day thatsubsection 3(c) of Regulation L may be ap-plicable to Director Bauer, and that appearedno reason for extending date allowed otherthree directors to serve 1/29 163

Pl4ids •ln U.S. belonging to, report of incidents prior to issu-

ance of Executive Order prohibiting withdrawal

243Pages

from country, and procedure to effectuate its

Memo provisionsof Mr. Ransom re recent events, and advice that Mr.

4/11 501

Jay Crane would handle foreign exchange situa-tion for Treasury and outline of procedure

Reimbursement,4/15 508

to FRBanks for expenses, telegram to FRBankof Cleveland re submitting vouchers approved,similar telegram ordered sent to all FRBankswhen approved by Messrs. Bell and Heffelfinger

Amendment4/23 545

to Trading with Enemy Act, Messrs. Wyatt andDreibelbis to study and if desirable Mr. Ransomand members of staff to attend meetings of Mr.

8 Bell with Banking and Currency Committees

oar not to have representative at meeting and staff need4/23 545

not immediately prepare statement of Board's

Tele position 4/23 552gram revised by Mr. Bell and ordered transmitted,

P_48 similar telegram to be sent FRBanks 4/26 581bh

In FRBank of New York to credit of Norges Bank, staff toinvestigate authority of FRBank to transfer ac-count to name of Norwegian minister

rilaY be held by FRBank of New York for Royal Norwegian Gov-

ernment

5/

7/

7

3

637

993

"ou'1/4 11C1

3 k.; 1.1al 2

'LI., termination of designation as reserve city 1/24 123


attic_17, Government Reports:A' ce that FRSystem would be unable to furnish personnel for

No: information booths at New York World's Fair

vrganized banks under agreement to waiving depositors, FRBank

of Cleveland requested to ascertain possibility

°Pell nlark of claims by depositors

Acco et operations:linting procedure for System Account, memo of Mr. Piser

mending change, request that Messrs. PiserSmead or Van Fossen prepare recommendation

next Open Market Committee meetingMemo of Messrs. Smead and Piser made topic for discussion

at tomorrow's Open Market Committee meetingmorandum prepared by Messrs. Piser and Parry, ordered re-

vised and sent to Open Market Committee members,and placed on docket for

8Yatemeeting of Committee,m account:ileduction favored by Advisory Council

excess reservesg officers of FRBanks to be asked to Washington for

tation re Federal banking laws in connectionwith Wagner Resolution

N -g ratios of member banks:1111P*14-- 456 to be sent FRBanks when approval is received from

Presidents' Conference Committee on Member Bankders Operating RatiosQil eard of Governors:

k tY Trust Company of New York, N. Y. authorized to estab-w041, A. lish branch at Vichy, France

Maitland, information on holding company affiliates is notfor publication and suggested he get same fromofficers of companies listed

(See National banks, First National Bank ofAtlanta, Georgia)

operatin

or

John

Ak 'canerican

Pirteith

consideration at next

as means of reducing

consul-

Union:Scientific Congress celebrating fiftieth anniversary

of, Messrs. Wyatt and Gardner to attend as rep-

resentativesAnniversary of founding of, advice that Inter-American

Advisory Committee intended that all documents

re establishment of Inter-American Bank be in

final form by April 14, 1940, the anniversary of

recom-andfor

2// Pages

4/23 548

6/25 945

2/13 228

3/19 389

2/13 229

10/ 7 1293

10/17 1350

7/26 1078

7/25 1066

12/23 1683

5/ 9 657

2/13 231


Nolterlts:

Re.r. •rls, James P., by FRBank of Philadelphia for legal services,

approval of Board not necessary since fee does

1Cetc not exceed t]..000hum, Phillips, payment of bill submitted for services of

local counsel employed by him in Ford v. FRBankof Boston, approvedIlacc

°Y, Brittain, Evans and Lewis, payment of legal fee byFRBank of Philadelphia for Wyoming Valley Col-

Sala,. lieries Company case approved'les of decreased employees, fiscal agent authorized to

make payment to person reasonably authorizedY to receive it)

l'erm 4.u, cost of luncheon in Board's dining room to be borne

--envan4 by Board%11„14,14a Bankers Association:

-- t:tee on Mortgage Investment:'4aerldment to Regulation F permitting common trust funds com-

posed principally of mortgages, letter from, anddraft of revision of amendment, sent to Comp-troller and FDIC for comments 2/16 261

Board will consider when report is received from Comp-troller on brief submitted by 4/ 5 465

Amendment to Regulation F adopted, copies ordered sent

04tch to 5/ 3 612e°n served to certain officers in Board's dining room 6/18 911

ania Turnpike Commission 3-3/4% bonds, SEC requested foropinion re whether they are exempted securities

tunder Securities Exchange Act 4/25 568

0 be exempted securities under Regulation T 5/ 8 651

elte retail installment paper, State member banks to be re-quested to report in end-of-year call reports 12/19 1651

4- practices:k of New York and other FRBanks given permission to furnish

kb information requested on National Industrial'ado , Conference Board's questionnaire 5/ 7 641P Stock Exchange:

vania Turnpike Commission bonds and Bethlehem MunicipalWater Authority bonds, FRBank of Philadelphia re-quested to advise stock exchange that they arenek, t exempted securities under Regulation T 5/ 8 651

ittt E.: (See National banks, First National Bank of Wahoo,) 1101, Nebr.)

11% uert Treat: (See United States National Bank of Portland,

Oregon)B 0ard of Governors:

cl'Y Council offer to explain to operating heads of banking

institutions throughout country 5/20 719

245Pages

3/26 410

7/12 1022

3/26 410

11/ 2 11435

9/19 1228


Pc)licie

01"4n 2 of FRSystem:

ge seems to Mr. Young to have been made by adoption of state-

246Pages

ment recommending legislation to check inflationand resolution should be adopted 12/17

Presidents do not favor issuance of resolution 12/17Belief of Mr. Young that adoption of statement changes pol-

icy and general consensus to the contrary 12/17e,to Ord:

41 of Governors:ates, PRBank of New York, on advances to nonmember banks

on Government securities, entry covering reduc-tion, approved 1/30

Rates, FRBanks, advances to member and nonmember banks,entry for record approved 1/30

Regaation F, amendment to, entry approved 1/3012egulati0n G, adoption of, entry approved 1/30aegulation H, amendment to, entry approved for record 1/30Regulation J, check clearing and collection, entry covering

amendment, approved for record 1/30Regulation L, amendment permitting interlocking directorate

relationship between trust companies not re-ceiving deposits and member banks not exercis-ing fiduciary powers, entry approved 1/2

Entry on amendment submitted at request of Board atsame time as amendment 1/2

eci-L

eral EritrY approved for record 1/30Open Market Committee, entries for 1939 approved, addi-

16191622

1626

168

168168169168

168

1

1168

tion suggested by Mr. Harrison to entry coveringmeeting on Dec. 13 not to be made

activities of staff of Board, regulations governing, ad-vice to Senator Gillette that Board has never

tleal issued such regulationklexanatfiliations of directors:

der, Vance J., Memphis Branch, service to Statetnorner Service Commission, no objectionw

St°11e3 James

' George O., Louisville Branch, may continue to41.4.che member of Louisville Bridge Commission

11, A. K., not reappointed because of political• ties

James H., Little Rock Branch, no objection toservice as Chairman of Arkansas StateBoard

C., FRBank of Cleveland, resignation to accept ap-

pointment as Chairman of Republican Finance Corn-

Lett Lett er mit,,tee in Kentucky

ti approvedadvice that his suggestion re uniform size for regu-

lations, circulars and general letters of Board

and FRBanks was being considered

First National Bank & Trust Co., Tulsa, Okla.)

Civil

serve as

activi-

continuedPlanning

3/12 369

5/1 609

1/13 60

4/8 475

12/19 1644

5/ 7 642

8/12 11208/15 1135

1/31 173


:1Z4!ch, Paul, cost of luncheon to be borne by Board-ligerit of the United States:kidition to Board's building,

toService for Board employees, letter to President ordered

prepared for use by Mr. Eccles together with

letter to Civil Service Commission for Presi-

C • dent's signature1111'1e?RS 3 auchlin, additional leave of absence to assist

Y'st L

era, tendering services and facilities for use in gather-ing information needed by Advisory Commission

to Council of National Defense, Mr. Szymczak

to investigate with view to preparing communi-

cation to PresidentNieLetter to

lgners, authority to regulate transactions in which for-

eigners have an interest, statement with re-

spect thereto, ordered published in FRBulletin(laking directorate relationships, article in 'Wall Street

Journal re visit of Senators Glass and Wagner,

S. reference made to at meeting3A048 to amend Clayton Act and extend authority, advice

of reasons why President could not approve and

that he would call Mr. Eccles and recommend 6month's extension by BoardRe

quest for slight extension of date for termination by

11Yeramendment to Regulation L' 'I-eanor, additional leave of absence to serve as secretary

Q411esti to Mr. Lauchlin Currie°ns submitted to Chairman Eccles re gold, idle money, and

price stabilization, Mr. Goldenweiser to employS.

33 additional help to work on

43 t-0 amend Sec. 13b of FRAct, advice from Mr. Eccles that

'ectimeeting was to arranged withIre Training and Service Act, advice that Mr. F. A. Nelson

AN3 had been designated by Board to handle personnel

via ements: matterski stat

°I7 Commission to Council of National Defense, survey ofbank credits for constructing new plants for na-

tional defense, copies of Commission's announce-

ment sent FRBanks and branchesof Chairmen, deputy chairmen and directors of

FRBanks and branches will be released to press

on January 2weekly and monthly statements amended

advice that he had no objection

41'''°1ri4ments

debits

delivery transactions, ruling re, copy sent FRBanks

247Pages

11/22 1515

11/14 1466

11/26 15197/2 974

6/18 9076/19 920

5/17 711

1/19 97

1/19 97

2/1 180

7/2 974

6/18 906

4/23 545

10/22 1372

9/25 1242

12/31 17183/19 391

10/26 1396


?re._:tatements: (Continued)

toraers debit balances, data to be released to press as soonas available instead of being published inFRBulletin 10/19 1363

Dallish and Norwegian balances and other property in U. S.,statement on Executive Order being prepared

by Treasury Department 4/11 5064/11ings and expenses of FRBanks for 1939, preliminary statement,

with corresponding figures for 1938, statement

approved for release48Ymoney statement of Advisory Council, Board will publish

answer if released and appointment of joint com-mittee to be recommended to publish statement

Rec on which both could agree

ommendation of Board that joint committee be appointedto work out statement on which both could agreeto be considered by Council tomorrow

Advice that Council committee had been appointed to meetwith Board committee

Eccles authorized to appoint Board committee44e8srs, Eccles, Szymczak, and Draper appointed Board commit-

tee, Board meeting to be held November 7 or 8

Mee+• to give instructions to

-111g with Council committee set for November 18 andspecial report to Congress re monetary and

Ransom to problems to be discussed

n -Lansom to serve in place of Mr. Draper0.mattees authorized to discuss proposed report to Con-

Re gresscommendation of committee that publication be deferred

adopted at Council meeting and draft of reportPed-,4trn, to Congress to be prepared

--L. Advisory Council issuing after each meeting, no objec-tion by Board

ion checks, statement recommending legislation to Con-gress adopted by Board, Presidents and AdvisoryCouncil and ordered submitted to Secretary of

248Pages

1/ 4 20

10/ 7 1281

10/ 7 1295

10/ 8 130010/ 9 1314

10/29 1412

11/14 146511/14 1466

11/18 1486

11/19 1490

11/19 1493

Treasury a; 1427Po with 5Re Treasuryre meeting of committee th Secretary of Treasury

11 officers at FRBanks between Defense Commission and in-dustry, statement issued by Commission sentFRBanks4 10/25 1383ortea

ge investment funds, amendment to Regulation F permit-

ting operation by national banks adopted and

t10 th 0 statement ordered given to press 5/ 3 612%41rolina counties, transfer from Richmond to Charlotte

Branch territory, any announcements to be made

by FRBank and not by Board 4/26 573


h ''44e1Aber91blie

Nes stateuents:

Reg4lation F,

Ileglaation L,

(Continued)amendment permitting operation of mortgage invest-ment funds by national banks adopted and state-ment ordered given to press

amendment extending effective date for terminationof interlocking directorates until June 1, 1940,approved, and copy ordered sent to FRBanks bytelegraph

Purchase from foreign countries, S. 785 to discontinue,approved by Advisory Council, and resolution or-dered sent to Senate Banking and Currency Com-

gr1ep mittee and press statement releasedr -esolution, copies of statement issued by Senate Banking

and Currency Committee handed to Advisory Coun-WeeLo cil members

'‘-.1-,5r statement of FRBanks:bank of England deposit with FRBank of New York to be

carried under caption "Other deposits"PRBank of New York, balance of Netherlands government to be

carried against caption "Other deposits"Po•reign accounts held by FRBanks to be carried under new

Po • caption if H.R. 10127 passes relgn accounts held by FRBanks, caption changed to "De-

posits-Foreign"

.,a ulon of, Mr. Goldenweiser authorized to hire additionalemployees to handle program

tiatuanke:

, letter to FRBanks asking for, presented, Mr. Paulgerto revise and resubmit when all Board members

Let are presentLett approved and ordered transmitted when approved by Mr.

McKee, similar list of nonmember banks likelyto be procured

banks, list of those falling in category of problembanks likely to be procured from FDIC

subdivisions' deposits, request for modification ofruling that they cannot be classified as sav-ings deposits, cannot be granted, advice toConference of Allied Local Officials of

hob Pennsylvania'tivti-8-Lng authorities: (See Housing authorities)

Ch4rtc1118h:8 e-owing figures for groups in index of industrial pro-

duction to be incorporated into book for sale

to public4-oPrilent of Federal Reserve Banking, address by Mr.

Szymczak to be printed and copies made avail-

able to FRBanks

249Pages

5/ 3 612

2/ 1

2/20

184

275

5/20 726

7/13 1031

6/ 3 830

7/13 1031

9/ 5 1195

6/18 906

4/9 484

4/23 543

4/23 544

1/8 34

7/26 1079


44 1°ns: (Continued)'Aera,1 and State banking statistics published jointly by

Board, FDIC and Comptroller, two temporaryclerks employed by Board to assemble, FDIC

Nita). 4. to reimburse Board for salariese in: (See FRBulletin)

1" Central Institute of Statistics, receipt and storage inAmerican Embassy in Rome of articles addressed

to Board, advice to State Department that any

Ncrow arrangement is satisfactoryYour Money", Board to print copies of circular for dis-

tribution by Secret Service Division if andwhen it can be done without detriment to

The 11 Board's work'I-Liferential published by Little Rock branch, no objection

to publishing excerpt from bank relations

re-port of FRBank of Dallas

and Estates Magazine, trust departments of State memberbanks, information re number of active depart-ments ordered given to

„,_ . tates Government Manual:"atlonal defense program, FRSystem's relationship to, ad-

vice to U. S. Information Service how System

,ard ties intoequipment, project for tabulating information on indus-

trial loans to be done in offices of FDIC

N/ttorm1147e-tree:

rilj.of Governors:1st of reports regularly procured by Board from banks

sent to Representative Bruce Barton in answerto request for recent questionnaires mailed

Per out8onn 1el. practices, FRBank of New York and other FRBanks

given permission to furnish information re-quested by National Industrial ConferenceBoard

kleselution, advice that resolution to various Governmentdepartments would be distributed next weekProPr_ ced ure for preparing answers to questions discussed

'Bs statement issued by Banking and Currency Committee

of Senate, copies handed to Advisory Council

Lett memberser from Senator Wagner transmitting copies, legislative

policy to be formulated

250Pages

7/11 1015

10/31 1428

2/12 225

3/4 337

6/11 870

6/27 952

7/ 8 1006

4/3 452

5/7 641

4/ 9 4775/ 3 621

5/20 726

5/24 784


C4estiow_ nnaires: (Continued)Nner Resolution: (Continued)

FRBanks and Board should agree on response to, opinion ofConference of Presidents

Staff of Board to prepare answers to questions, Mr. Ransomto assign responsibility for work

Progress made by Board reviewed for Advisory CouncilFederal Advisory Council hope that Congress would give in-

terested parties opportunity to be heard before

adopting comprehensive banking legislation°Perating officers of FRBanks to be asked to Washington

for consultation re Federal banking lawsAnswers have been preparedStatenent adopted by Board, Advisory Council and Presi-

dents recommending legislation to check infla-tion will present fundamental questions in moresatisfactory form than in form of answers toquestionnaire

(See also Legislation, Wagner Resolution)

N48Peck n. ...1172.1 Service Bill, passage referred to by Mr. Eccles as

„eat indicating trend toward extending Civil ServiceNo.to agencies of Government

Nlank, of Atlanta:'Ildustrial advances, action on proposed changes deferred

pending further considerationy APProved and telegram sent to Mr. Parker:,-ndustrial loans, schedule approvedeehedule of discount and purchase

251Pages

5/28 807

7/16 103210/ 7 1294

10/ 7 1295

10/17 135012/10 1578

12/17 1625

12/10 1572

6/17 9018/ 9 111010/18 13511/13 591/26 1452/10 2162/16 2573/1 3223/8 3564/5 4615/3 6115/17 7086/14 8826/28 9557/12 10217/26 10768/9 11098/23 11608/30 1188


Itates:Fim (Continued)

of Atlanta: (Continued)Schedule of discount and purchase: (Continued)

Niank of Boston:Schedule of discount and purchase

-„n of Chicago:'ndustrial loans, schedule approved

Schedule of discount and purchase

252Pages

9/13 1211 9/27 124610/11 132610/18 135111/ 1 143011/15 147011/29 153412/13 160012/27 1692

1/6 211/19 1022/2 1902/16 2573/1 3223/15 3863/29 4274/15 5475/10 6655/24 7826/7 8536/21 9267/5 9987/19 10508/ 2 10858/16 11398/30 11889/13 12119/27 124610/11 132610/25 139111/ 8 145112/ 6 155612/20 165312/27 1692

10/25 13901/6 211/13 591/19 1021/26 1452/2 1902/10 2162/16 2572/23 285


Rates: ,kContinued)

PRBank of Chicago: (Continued)Schedule of discount and purchase: (Continued)

Nani,Ts' of Cleveland:Vidtxstrial loans, schedule approved'elledule of discount and purchase

253Pages

3/8 3563/15 3863/29 4274/ 5 4614/15 5075/ 3 6115/10 6665/17 7085/24 7826/7 8536/14 8826/21 9266/28 9557/12 10217/19 10507/26 10768/ 2 10858/ 9 11098/16 11398/23 11608/30 11889/ 6 11979/13 12119/20 12339/27 124610/ 4 127810/11 132610/18 135110/25 139011/ 1 143011/ 8 145111/15 147011/29 153412/ 6 155612/13 160012/20 1653

10/12 13281/6 211/19 1022/ 2 1902/16 2573/1 3223/15 3863/29 427


yes. (Continued)

"ItAnk of Cleveland: (Continued)Schedule of discount and purchase: (Continued)

New,of Dallas:

Industrial loans, schedule approvedSchedule of discount and purchase

254Pages

4/15 5075/10 6655/24 7826/7 8536/21 9267/19 10508/ 2 10858/16 11398/30 11889/13 1211 9/27 124610/12 132810/25 139111/ 8 145111/22 151012/ 6 155612/20 1653

10/14 13321/6 211/19 1021/26 1452/10 2162/23 2853/8 3563/29 4274/15 5075/10 6665/24 7826/7 8536/14 8826/28 9557/12 10217/26 10768/ 9 11098/23 11609/ 6 11979/13 12119/27 124610/14 133210/25 139111/ 1 143011/15 147011/29 1534


RateL: (continued)'1113ank of Dallas: (Continued)

Schedules of discount and purchase: (Continued)

PlUlank of Kansas City:Industrial loans, schedule approvedSchedule of discount and purchase

NankOf Minneapolis:'netustrial loans, approval will be given schedule enabling

charge of same rate on participation as chargedby financing institution, copy of telegram sentFRBanks

8 Schedule approvedehedule of discount and purchase

255Pages

12/13 160012/27 1692

10/18 13521/6 211/19 1022/2 1902/16 2573/1 3223/15 3863/29 4274/15 5075/10 6665/24 7826/7 8536/14 8826/28 9557/21 10217/26 10768/ 2 10858/16 11398/30 11889/13 12119/27 124610/11 132610/18 135211/ 1 143011/ 8 145111/15 147011/29 153412/13 160012/20 1653

10/17 134710/29 14131/13 591/26 1452/10 2162/23 2853/8 3563/15 3863/29 4274/15 5075/10 666


ter, (Continued)'aBank of Minneapolis: (Continued)

Schedule of discount and purchase: (Continued)

256Pages

5/24 7826/7 8536/14 8826/28 9557/12 10217/26 10768/ 9 11098/23 11609/ 6 11979/13 12119/27 124610/11 132610/29 141411/ 8 145111/15 147011/29 153412/13 160012/27 1692

A of New York: 'idvances to nonmember banks on Government securities, re-

duction in, entry for policy record approved 1/30 168Industrial loans, rates not approved and suggested that di-

rectors review and establish rates related tothose charged by financing institutions 10/19 1360

Schedule approved 11/ 1 1431Schedule of discount and purchase 1/ 6 21

1/13 591/19 1022/2 1902/23 2853/8 3563/15 3863/29 4274/ 5 4614/15 5075/ 3 6115/10 6655/17 7085/24 7826/7 8536/14 8826/21 9557/12 10217/19 10507/26 10768/ 2 1085


(Continued)01Bank of New York: (Continued)

Schedules of discount and purchase: (Continued)

PRI162k of Philadelphia:-industrial loans, schedule approvedSchedules of discount and purchase

257Pages

8/16 11398/30 11889/ 9 11999/13 12119/20 12339/27 124610/ 4 127810/11 132610/25 139111/ 1 143111/ 8 145111/15 147011/29 153412/ 6 155612/13 160012/20 165312/27 1692

10/23 13741/6 211/19 1022/2 1902/16 2573/1 3223/15 3863/29 4274/5 4615/3 6115/17 7086/7 8536/21 9267/5 9987/19 10508/ 2 10858/16 11398/30 11889/ 6 11979/20 12339/27 124610/ 4 127810/23 137411/ 1 143011/ 8 147011/29 153412/ 6 155612/20 1653


4tee. (Continued)

"145ank of Richmond:Industrial loans, schedule approvedSchedule of discount and purchase

Nankof St. Louis:

Industrial advances and commitments, schedule approvedSchedule of discount and purchase

258Pages

10/23 13741/13 591/26 1452/10 2162/23 2853/8 3563/15 3863/29 4274/15 5075/10 6655/17 7086/14 8826/28 955742 10217/26 10768/ 9 11098/23 11609/ 9 11979/13 12119/27 124610/11 132610/25 139111/ 8 145111/15 147011/29 153412/13 160012/27 1692

12/13 16011/13 591/26 1452/10 2162/23 2853/8 3563/15 3863/29 4274/15 5075/10 6665/24 7826/7 8536/14 8826/28 9557/12 10217/19 10507/26 1076


114tes. (Continued)

."4441nk of St. Louis: (Continued)Schedule of discount and purchase: (Continued)

-- of San Francisco:Industrial loans, rate approvedSchedule of discount and purchase

259Pages

8/ 2 10858/16 11398/23 11608/30 ile89/13 12119/27 124610/11 132610/25 139111/ 1 143011/ 8 1L5111/15 147011/29 153412/13 160112/27 1692

10/18 13521/6 211/19 1021/26 1452/2 1902/10 2162/16 2572/23 2853/1 3223/8 3563/15 3863/29 427/4/5 4614/15 5075/3 6115/10 6665/17 7085/24 7826/7 8536/14 8826/21 9266/28 9557/5 9987/12 10217/19 10507/26 10768/ 2 10858/ 9 1109


htes: (Continued)

"lbank of San Francisco: (Continued)Schedule of discount and purchase: (Continued)

Advances to member and nonmember banks on Government se-

curities, entry for policy record approvedIndustrial advances, uniformity in, Mr. Draper to take up

with staff the matter of drafting letter toFRBanks and make further recommendation toBoard

Review to determine justification and question of uni-formity, made topic for discussion at Presidents'Conference and advice sent FRBanks

Spread in rates and fixing at rate agreed upon by localbank and borrower suggested by Presidents

Re bankineffectiveness due to credit situation, state-ment of Mr. Eccles at Advisory Council' meeting

Zflergency plant facility contracts, discussed at Advisory

260Pages

8/16 11398/23 11608/30 11889/ 6 11979/13 12119/20 12339/27 124610/ 4 127810/11 132610/18 1353lo/25 139111/ 1 143011/ 8 145111/15 147011/22 151011/29 153412/ 6 155612/13 160012/20 165312/27 1692

1/30 168

8/ 9 1112

8/30 1190

9/28 1252

5/20 723

10/ 7 1289Savin s Council meeting

and time deposits in Nebraska, advice to Mr. T. L.

Davis that Board merely fixes maximum rates

and that lowering of rates should be left to

individual States 3/ 4 336Trend in future commented upon by Mr. Eccles at Advisory

2/20 273Council meeting


‘141,marketable assets:

nloa Bond & Mortgage Company, Port Angeles, Wash., assets ofEtcpl y two local corporations cannot be classified as 11/15 1475t marketable staples:Hog

cholera serum, request for ruling should be submitted toCommittee on Bankers' Acceptances of Presidents'Conference 8/30 1190

'estate:88.1e

and rentals, condition of membership prohibiting banksReq from engaging in not to be prescribed in future 12/23 1661

ills'it_ate companies:g"e7 Thirty Realty Company, Fenton, Mo., affiliate relation-

ship exists between company and Farmers and Mer-

8, e corpora= I's Bank of Fenton 10/18 1357

q estate 'Jock may be invested in, by Minden Bank and Trust Co., Minden,

La., where corporation is organized to holdetti e real estate acquired by bank 12/ 9 1568

ileiLtate loans:ership condition re sale of notes, bonds, etc., represent-

ing, no objection to plan of Commerce UnionBank, Nashville, Tenn. 12/ 9 1566

National banks for 15-year period, bill amending FRAct to per-mit, draft of reply to Bureau of Budget pre-sented and ordered placed on docket for con-sideration 5/ 3 626

r

Counsel directed to redraft reply along lines of discussion

D aftat meeting

5/ 7 245 o f reply approved 5 8 8. 3938 with same provisions as prior bill to permit,

amended report ordered sent to Banking and Cur-rency Committee on May 13 by messenger 5/10 660

11"icle atial properties, statement showing loans sent to Clarke

1'1'11st L. Fauver, Federal Home Loan Bank Board 4/ 9 488

funds deposited in commercial department, real estate

(311 tirll 4. loans cannot qualify as security 5/ 9 655kr* c.ion Finance Corporation:

Of America, advice that Secretary of Treasury will request

RFC to subscribe to preferred stock to be issued

by national bank under Comptroller's require-

ments 3/ 7 351tererlse -oans, letter to War and Navy Departments referred to

and discussed at Advisory Council meeting 11/19 14884 C,.°PY obtained from RFC and furnished to Advisory Council 11/19 1495

elloY plant facility contracts, obtaining funds from RFC

4, )0 for, discussed at Advisory Council meeting 10/ 7 1289'L. 8230 re

for,loans, request for report sent by

House Banking and Currency Committee to Board

instead of to RFC 6/11 869

261Pages


Ree°I1T8truction Finance Corporation: (Continued)441dustrial loans, view of Advisory Council that RFC should be

clothed with additional authority of making suchloans instead of creating new Government agencyas proposed by Mead Bill 2/20 270

III-Ler-American Bank, capital contribution of U.S. to be fur-nished by 5/27 799 ea—,

wire system of FRSystem, installation of new equipment,

262Pages

letter to, giving basis for reimbursement toBoard for service under new plan

°Illigations may be purchased by State member banks without re-

(31040..„ gard to limitations of Sec. 5136 R.S.'-'"-,Lons may be classed as exempted securities, request that

Comptroller permit Board to publish ruling in

8 FRBulletin

' 3839 to amend Sec. 13b of FRAct re industrial loans, copiesof Jesse Jones' letter to Senate Banking andCurrency Committee and Board's reply ordered

L sent FRBanks

e8, 1,

ett r approved and ordered sent FRBanks and others

-)738 authorizing RFC to assist in mobilization of materials,

4/29

5/15

6/19

6/176/19

589

698

916

900912

etc., for national defense, no action to be takenStaff: at present 6/ 4 842

Davie, Thomas H., Administrative Assistant, payment of costof luncheon authorized 2/ 8 215

11N0;!' destruction of: (See Destruction of records)

1.,

U88, contribution to war relief fund by FRBank of St. LouisR

`4.tt,atioris, not approved 7/19 1053

'of Governors:P:

Amendment to, entry approved for policy recordAmendment re common trust funds composed principally of

mortgages, copy of letter from PennsylvaniaBankers Association and draft of revision ofamendment sent to FDIC and Comptroller with re-quest for comments

Board to consider when report is received from Comp-troller on brief submitted by PennsylvaniaBankers Association committee

Amendment to permit operation of mortgage invest-ment funds by national banks adopted, copies

to be sent FRBanks and Pennsylvania Bankers

Association committee and statement given to

pressAmendments, statement ordered published in Bulletin

1/30 168

2/16 261

4/5 465

5/ 3 6125/17 711


263Pages

ns- (Continued)v"rd of Governors: (Continued)

P: (Continued)Audits of trust departments, information re compli-

ance with regulation sent to FRBank of New

York for reply to Lincoln National Bank &

Trust Co. of Syracuse, N. Y. 2/27 311Co-fiduciary funds held by bank may be invested in com-

mon trust fund 12/19 1650

Savings deposits being assigned to trust department by

Factory Point National Bank, Manchester Center,

Vt. to secure trust funds 11/27 1524Self-dealing provisions, views of Mr. Charles F. Zimmer-

man to be incorporated in memo for circulationto Board members 8/27 1179

PRBranch banks, regulations governing sent to FRBanks withrequest that branch bylaws be changed to corres-pond to

G, noncash items, adoption of, entry approved for policy

H: record

Amendment, entry for policy record approvedJ:

Amendment, entry approved for policy recordL:

3/5

1/30

1/30

1/30

342

169

168

168

Amendment permitting interlocking relationship betweentrust companies not receiving deposits and mem-

ber banks not exercising fiduciary powers,adopted, and entry for policy record approved

Amendment extending effective date of terminating inter-locking directorate relationships, advice thatPresident would call Mr. Eccles and request 6month's extension by Board, consideration of mat-ter deferred pending call and Mr. Eccles to at-tempt to discourage any further extension

Statement ordered published in FRBulletinCounsel directed to prepare replies to inquiries

stating that Board does not feel it should ex-

1/ 2

1/191/23

1

97118

tend dateAdvice to FRBanks 1/A 12499Entry approved for policy recordLetter from President requesting slight extensionAmendment adopted, and press statement approved

and ordered sent to FRBanks by telegraph

Letter from Mr. James Dean referred to, and that re-

ply had been draftedReply to Mr. Dean approved

1/30 1682/ 1 180

2/ 1 183

5/22 7655/22 773


264Pages

Rekho

l!tions: (Continued)uard of Governors: (Continued)

L: (Continued)Trust companies not receiving deposits and member banks

not exercising fiduciary powers, amendment per-mitting interlocking directorate relationshipadopted, and entry for policy record approved 1/ 2 1

Relationship not covered by sec. 2(d)(6) of regula-

tion but is covered by recent amendment 1/ 8 36Leave regulations:

Amendment providing that employees shall be chargedwith sick leave only for days upon which theywould otherwise work 5/18 718

Amendments liberalizing sick leave and changing compen-satory leave provisions 11/14 1460

Loose-Leaf Service, letter to Mr. Young advising that setsare being sent him for distribution to bank of-ficers, similar letters sent to Presidents ofall FRBanks 3/12 374

0:

Acquisition of officers' notes by consolidation is ex-cepted from provisions of law, but subsequentlyincurred additions to such indebtedness are notpermissible if aggregate is increased to amountin excess of $25,000

Political activities of Staff of Board, advice to SenatorGillette that Board has never issued such aregulation

Q:Absorption of out-of-pocket charges for country bank

depositors, advice to Comptroller that no ac-tion has been taken in case of National Bankof Commerce, Lincoln, Nebraska

Certificates of deposit proposed by City National Bankof Winston-Salem, N. C., deposits evidencedby may be classified as time deposits

Nebraska interest rates on savings and time deposits,advice to T. L. Davis that Board only fixesmaximum rates, and that reduction must bebrought about by State action 3/ 4 336

Notice for withdrawal provided for in pass books issuedby Commercial Bank of Spanish Fork, Utah, cor-rection to be made in phraseology 12/11 1593

Political subdivisions' deposits, classification as

savings deposits, advice to Conference of Al-

lied Local Officials of Pennsylvania that rul-

ing of Board cannot be modified 1/ 8 34

1/22 110

5/ 1 609

9/25 124/4.

8/12 1122


,B441°/18: (Continued)°ard of Governors: (Continued)

Retirement System, changes in section on disability allow-ances and withdrawal allowances

T:

Bethlehem Municipal Water Authority bonds ruled to be

265Pages •

12/ 7 1563

exempted securities under regulation, FRBank

of Philadelphia requested to advise Philadel-phia Stock Exchange

Broker acting for FDIC and selling unregistered securi-5/8 651

ties payable in installments, transaction ex-empt from provisions of 11/20 1507

Cash on delivery transactions, ruling re, copy ofpress statement and article for Bulletin sentFRBanks 10/26 1396

Copy of ruling sent FRBanks of New York and Min-10/26 1401neapolis in answer to inquiries

Customer delivering registered nonexempted stocks tobroker with understanding he will offer to lendstock in loan crowd on a national securitiesexchange, procedure for handling under regula-tion, advice to Frederic P. Benedict

Foreign business in securities, margin requirements can-not be reduced at request of foreign branchesof American firms

Obtaining payment for purchase of securities in cash ac-count, ruling sent Boston Stock Exchange andcopies sent FRBanks

Interpretation given to word 'liquidate' in recentruling seems most reasonable

Pennsylvania Turnpike Commission 3-3/4% bonds ruled tobe exempted securities under regulation, FRBankof Philadelphia requested to advise PhiladelphiaStock Exchange

Specialists obtaining additional capital, amendment re-moving restrictions imposed upon, Board will beglad to hear from SEC again when information hasbeen received from N. Y. Stock Exchange

Subsidiary corporation, supplying funds to by means ofpurchasing unsecured debentures of corporation,advice to FRBank of New York that change inregulation to permit might be desirable

Undermargined loans, transfer from broker to bank and

vice versa, amendment laid on table until call

by Mr. Draper

Administration as applicable to member banks and non-

member insured banks, advice to FRBanks that

44 State Bank Supervisors have agreed to co-operate

4/3 446

12/13 1602

7/19 1052

9/21 1234

5/8 651

6/11 868

5/17 711

6/4 842


16,0omtations: (Continued)°a.rd of Governors: (Continued)

U: (Continued)Administration: (Continued)

Expression of appreciation to National Associa-tion of Supervisors of State Banks that allState supervisors All cooperate and advice

266Pages

to FRBanks 8/ 5 1101Amendment exempting from margin requirements loans re-

quired to be amortized by borrower withinreasonable time, suggested by Mr. McKee at Ad-visory Council meeting 5/20 725

Amendment recommended by Advisory Council and dis-cussed 5/21 730

Advice to Advisory Council that Board is taking noaction 6/ 3 830

Advice to FRBank of Chicago that Board is taking noaction 6/ 5 851

Amendment expanding permission granted to banks to takeover from other banks undermargined loans made

725730

1561

787

830

842

851

letters of Board and FRBanks, advice to E. W.Pollock that suggestion is being studied, andrequest that Mr. Harrison make it topic for dis-cussion at Presidents' Conference 1/31 173

Letter to FRBanks that Board has noted action taken by

Nanks: Presidents' Conference 4/26 582

Uniform size of paper for regulations, circulars and general

letters of Board and FRBanks, advice to E. W.Pollock that suggestion is being studied, and re-

quest that it be made topic for discussion at

Presidents' Conference 1/31 173

to purchase or carry stocks, discussed at Ad-visory Council meeting

Amendment recommended by Advisory CouncilAmendment re hypothecation of customers securities by

brokers and dealers, proposed amendment sentFRBanks and Advisory Council for suggestions

Undermargined loans, amendment permitting bank to takeover from brokers, Mr. Parry requested to pre-pare recommendation to Board in connection with

5/205/21

12/ 7

Advisory Council recommendation 5/24Advice to Advisory Council that amendment is being

considered 6/ 3Transfer from broker to bank or vice versa, amend-

ment laid on table until call by Mr. Draper 6/ 4Amendment permitting banks to take over, advice to

FRBank of Chicago that staff of Board is prepar-ing recommendation to Board 6/ 5

Uniform size of paper for regulations, circulars and general


ileg,a •ations: (Continued)aBanks: (Continued)

Uniform size of paper: (Continued)Letter to FRBanks that Board has noted action taken by

Conference of PresidentsSecurities and Exchange Commission:

Trust Indenture Act of 1939, rules and regulations by, state -

Trement ordered published in FRBulletinasury Department:Belgium, Netherlands, and Luxembourg, statement re regula-

tions governing transfer of property, orderedpublished in FRBulletin

Norwegian and Danish balances in U. S. in connection withwar, outline of procedure to be followed

Reimbursement to FRBanks for expenses, telegram toFRBank of Cleveland approved, similar telegramsto be sent all FRBanks when approved by Messrs.Heffelfinger and Bell

Telegram revised by Mr. Bell and ordered transmitted,similar telegram to be sent FRBanks

Amendment to Trading with Enemy Act removing doubt asto authority for issuance, Messrs. Dreibelbisand Wyatt to study and if desirable Mr. Ransomand members of staff to attend meetings of Mr.Bell with Banking and Currency Committees

Board not to have representative at meeting and staffneed not immediately prepare statement ofBoard's position

War in Europe, regulations governing transactions in for-eign exchange and securities, attorney to besent by Board to FRBank of New York to assistin workatio,

with dealers in securities:'411ecock Bank of Locust Valley, N. Y., director is member of

securities firm, request to be advised of de-

267Pages

4/26

2/14

582

252

5/17 711

4/15 508

4/23 545

4/26 581

4/23 545

4/23 552

5/10 664

velopments 10/23 1376°1'eallir, Sidney F., to resign as director of member bank 5/16 702

Anti zations of banks:rTrust and Savings Bank, Youngstown, Ohio, capital stock re-

duction to permit compromise of claims by waiv-

ing depositors approveduanks under agreement to waiving depositors, FRBank of

Cleveland requested to ascertain possibility of

• claims by depositors

relations reports, excerpts to be sent directors of all

FRBanks each month

6/25 945

6/25 945

7/25 1065


411Orts• (110 • Continued)

J.-Lk of Governors, list of reports regularly procured by Board

from banks sent to Rep. Bruce Barton in answer

to request for questionnaire recently mailed

outFederal Home Loan Bank bill, revised report ordered sent Senate

Banking and Currency CommitteeS. 4095, advice that report had been revised and handed to

1%1,14_ Mr. Wagner'4-ag company affiliates on Form F.R. 437:

Florida National Group, Inc., delay in filing until March

15 does not seem necessary, and suggested thatreport be filed immediately, exclusive of cer-tain allied reports that may be filed as soonas practicable

4-c",l0n checks, legislation recommended to Congress, state-ment adopted by Board, Advisory Council andPresidents and ordered submitted to Secretaryof Treasury

"40_ Report of committee meeting with Secretary of Treasury

etarY and credit problems:Preparation of report to Congress to be discussed by Board

and Advisory Council committees at meeting oneasy money

Committees authorized to discussPreparation of report ordered for consideration by Board

Nati and Advisory Council°nal securities exchange members carrying no margin ac-

counts for customers need report only semi-an-nually

River County Bank, Broadus, Montana, report for calendaryear 1939 accepted in lieu of usualreport

iney members of Board to indicate material theyterested in seeing regularly

semi-annual

are not in-

'america Corporation, agreement executed in connection withvoting permit, advice to Mr. Day that questionwhether requirements have been met by Corpora-

tion will be considered in connection with re-

view of report as of December 31, 1939Arlriti'41. d central reserve cities:4- review of banks in outlying sections

reduced reserveste 'rcl, California, designation terminatedN, tY Bankers Association:

authorized to carry

partalent of Justice Committee on Administrative Procedure,

Board to ask committee to send card notifying

of public hearing

268

Pages

4/ 3 452

6/ 4 836

6/11 863

2/29 318

12/17 162712/19 1645

1 1/14 146511/18 1486

11/19 1491

12/13 1602

2/6 204

10/17 1346

2/14 246

3/ 9 3651/24 123

6/4 845


Ileee

eae -'e Corps:

loyees of Board who are members to be made available for

service in event of mobilization unless occupy-

ing key positions

Annlal review of banks in outlying sections of central reserve

and reserve cities authorized to carry reduced8ank of Ohio Valley, Pittsburgh, Pa., reduced, permission to

carry upon admission to membership in FRSystem

transferring profits from sales of Governmentsecurities by FRBanks to, suggested as topicfor discussion by Presidents' Conference

able to be exercised by Board because of credit

situation, statement by Mr. Eccles at Advisory

Council meetingpenalties for, reports on F.R. 409 need not besubmitted in view of large volume and widedistribution of excess reservesand Savings Bank, Chicago, Ill., permission tomaintain same reserves against net demand de-

posits and time deposits as required to be

maintained by Reserve City banks

e°ntingencies,

Control not

°cadencies,

East Side

Piteess:

Deficiencies in reserves, reports need not be submitted in

view of large amount and wide distribution of

Federal Advisory Council requested by Mr. Eccles to assist

in formulating legislation to deal with0old coin, circulation at present price would have no ma-

terial effect on problem of reserves(Iwer of Board to deal with, discussed with Conference of

PresidentsN Reduction favored by Advisory Council by certain means

„ of Boston:pill ontingencies, transfer from surplus approved-7 of Chicago:',ontingencies, authorized to transfer amount to from sur-

plusP1111411k of Cleveland:

Ind-alstrial loans, transfer of excess reserves for losses on

two loans to reserve carried against another

loan, approved, but such transfers are not per-

missible in absence of approval by Board and

Naank bank's board of directors, of Dallas:

Nkirtingencies, transfer from surplus approved

, of Philadelphia:ontingencies, transfer from surplus approved

Trust

269

Pages

8/ 9 1109

3/ 9 365

11/ 4 1438

11/28 1532

5/20 723

6/11 869

1/16 81

6/11 869

2/20 273

2/20 276

5/28 80610/ 7 1292

12/28 1706

12/30 1711

2/6 203

12/28 1706

12/28 1706


tlres: (Continued)nk of St. Louis:Contingencies, transfer from surplus approvedanks authorized to set up for industrial loan losses, con-

tingencies and depreciation on bank premises,ease in requirements:viscussed in connection with statement adopted by Board,

Advisory Council and Presidents recommendinglegislation to Congress to check inflation

Report of meeting of committee with Secretary ofTreasury

Federal Open Market Committee being granted power to in-discussed in connection with adoption

Advisory Council and Presidents ofrecommending inflation checks to

4t4t

creaseby Board,statementCongress

Report re meeting

Inch, .L Treasury--surial loans, Manks

Mead w I.,-1.11 (S. 3867) to control undue

that bill in presentkezbe control

r banks in outlying sections of central reserve orcities, reviews and reports need be only madeat three-year intervals instead of annually

Rech,4ed, annual review of banks granted authority to carry"rements, increase to maximum allowed by law favored by Ad-St.visory Council, but not urged at present time'a-ir Deposit Bank of Pittsburgh, Pa., reduced, permission

to carry upon admission to membership in FRSys-thlt tem

vel'814

Y National Bank of Minneapolis,444

mission to carrytial properties owned by member banks

statement sent to ClarkeHome Loan Bank Board

Itti°118:li][11,°eF03 Russell A., as porterkid-o'en, Clair M., as guard

Eleanor K., as file clerk in Secretary's Officetiktu;'le, Claire A., as stenographer in Secretary's Office

Beulah S., as clerk-stenographer in Division of Researchand Statistics

Lusan L., as clerk in Division of Research and StatisticsHazel I., as file clerk in Secretary's Office

of committee with Secretary of

cannot transfer from one loananother in absence of approval by Boarddirectors of FRBank

toand

credit expansion, adviceform will not assure such

reserve

Minn., reduced, per-

according to States,L. Fauver, Federal

270Pages

12/28 1706

12/23 1665

12/17 1615

12/19 1645

12/17 1615

12/19 1645

2/6 203

6/22 939

12/16 16123/ 9 365

10/ 7 1293

11/ 4 1438

10/30 1423

4/9 488

7/ 3 9887/ 3 98810/10 13227/16 1036

10/22 137111/ 5 14405/29 812


271Pages

'rations: (Continued)

Dru and StatisticsHa l!, Robert F., as page in Secretary's Officeii rrls, George S., as director of Charlotte Branch4111-e0n, George L., FRBank of New York, appreciation

It vices on eve of departure

Y:eY, John C., as plumber in Secretary's OfficeRichard A., as file clerk in Counsel's Office

rile, Roman L., Assistant Chief, Correspondence and Publica-

litther tions Section of Secretary's Office

xama I Frederick H., as stenographer in Secretary's Officereit, Andrew M., as junior economist in Division of Research

and Statistics-4Y, Francis S., as senior operator duplicating devices

Kolin . Secretary's OfficeucG, ekl, James, as stenographer in Secretary's OfficeNe,Inniss, Hary W., III, as elevator operator

H. J., as examiner of Board to accept position

1tiee ner for FRBank of Chicago

perg, Robert W., as clerk in Secretary's OfficePermitted to withdraw resignation as clerk in Secretary's

Office 7/17 1042881(3)eskman, Lillian E., as telephone operator 7/ 9 1008h:ere, John J., as stenographer in Division of Examinations 3/15 3874'ne, Elizabeth R., as charwoman 10/28 1404

°tie, James C., as Class C director at FRBank of Cleveland,letter to be prepared accepting 8/12 1120

Twl:stter approved 8/15 1135°1-ni, Frances, as charwoman in Secretary's Office 10/15 1335

-111", John, resignation as director of Salt Lake City Branchto accept appointment as U. S. Senator 2/14 241

1\411131,1--lhhe ,1, Joseph A., as Assistant Examiner 5/ 1 603

Woo,e'er, Rutledge R., as mail clerk 10/21 1366", R. E., as Class C director and chairman and FRAgent at

‘tztyi Chicago 12/19 1644Advi S.

!°rY Commission to Council of National Defense:'4)Preciation for making office space available to Commis-

sion in Board's building, and Board's reply 12/28 1707" of Governors:Assessment on FRBanks for expenses of Board:

During last six months of 1940 6/19 916During first six months of 1941 12/27 1693

erc'ebY, Joseph B., as FRExaniner in Division of Examinationsbl2Tier, Alma S., as supervisor of charwomen

C. E., as Managing Director at Oklahoma City branch1):117")11, Mary Morgan, as stenographer in Counsel's Officevuert--,y George P., as junior economist in Division of Research

of ser-

in

as exami-

1/18 9411/28 15297/13 10283/ 9 361

11/12 14552/13 2345/18 714

12/31 171811/23 15165/29 812

5/24 7908/26 1169

4/19 535

10/22 137111/20 15041/9 44

7/22 10587/2 977


R__ons

Board of

Bank

(Continued)Governors: (Continued)of America, requirements of Comptroller, Chairman to

advise Mr. Bell that Board will join with otheragencies to present united front in support ofrequirements, but that requirements should notbe allowed to fail because bank will not agreeto full limit of paragraph two

Advice that resolution had been sent to Mr. Delano andthat Mr. Delano was sending copy of requirementsto Mr. Giannini

BaeY money policy, question of adopting resolution thatpolicy has been reversed discussed and generalconsensus that it is not necessary

First National Bank of Boston, Mass., authorized to estab-lish branch at Buenos Aires, Argentine Republic

Regulation L, amendment adopted permitting interlocking re-lationship between trust companies not receivingdeposits and member banks not exercising fidu-ciary powers, and entry for policy record ap-

272Pages

2/24 301

2/27 306

12/17 1626

3/9 363

proved 1/ 2 1Undermargined loans by brokers, staff of Board preparing

Pede recommendation re amendment to Regulation U 6/ 5 851ral Advisory Council:Farm Credit Act of 1940, statement submitted by Council as

resolution and not as recommendation 11/A 1T3f,ress statements at end of each meeting to be given out

rtegulation U, amendment allowing banks to take over under-margined loans 5/21 730

Amendment exempting from margin requirements loans re-quired to be amortized by funds borrower ex-pects to have 5/21 730

Rotation in membership of Council, no objection to resolu-tion adopted by Council for transmission toConference of Chairmen 11/19 1492

Chairmen will carry out recommended proposal of Council 12/10 1573Board in sympathy with rotation plan 12/10 1575

1.1ver, purchase from foreign countries, resolution approv-

ing S. 785 to discontinue, presented, and reso-

lution ordered sent to Senate Banking and Cur-

rency Committee and press statement ordered

}leti released

rement Committee:Service credit of employees reemployed after military serv-

2/20 275

ice, resolution approved by Board 12/ 7 1563


273Pages

installment paper:°tate member banks holding on call date, statistics broken

down by selected cities, letters to FRBanks ofSan Francisco, Boston, New York, Philadelphia,Cleveland, Richmond, Atlanta, and Chicago re-questing that supplementary information be ob-tained from certain banks having out-of-townbranches 1/ 6 23

Bureau of Census may publish data furnished by Board at any

itime and in any form it desires 4/26 581

State member banks to be requested to report in end-of-year4 call reports 12/19 1651

trafareporting service, N. Merritt Sherman loaned to Board

TeM-- for four months by FRBank of San Francisco 4/19 534yur ary assignment of Mr. Sherman extended to complete work

44, on 12/14 1605%lent stoa ystem:

1'd of Trustees:Meeting, Mr. Szymczak instructed to favor surrender of cer-

tain U.S. savings bonds for redemption in connec-tion with Treasury regulation 4/15 509

urIbutions:Sloan, Lida B., to pay Board's and own contributions during

leave of absence to take position with AdvisoryCommission to Council of National Defense 6/15 890

mpson, Robert K., to make own and also Board's contribu-tions while on leave to work with Advisory Com-mission 7/ 1 965bisa •

bllity allowances, change in rules and regulations approvedby Board 12/ 7 1563

1)1Leab led employees, dismissal wage to, not desirable to modifygeneral authority given FRBanks pending Presi-dents' Conference committee report but individ-ual cases will be considered 10/31 1428

Yees called for military or related governmental service,report of Retirement Committee re status of, ap-proved by Board 5/10 672

oye es of Board granted leave of absence to accept appoint-ment to staff of Advisory Commission to Councilof National Defense may retain status by paying

-'ership: own and Board's contributions 6/14 883kethv,

Stone, Harold F., Division of Examinations, permitted to be-come member 3/ 4 333

arY or related governmental service, status of employeescalled for, report of Retirement Committee ap-proved by Board 5/10 672

Re+vain ing benefits for those called for, recommendations

of Mr. McKee approved and will be discussed withPresidents' Conference Committee 10/17 1343

41114


trit System: (Continued),ary or related governmental service: (Continued)Reserving benefits for employees of Board and FRBanks,

methods discussedBoard to make payments to cover cost of giving employees

full service creditSuggested procedure of Retirement Committee approved and

certification that Thomas B. Handley has en-tered service from Board's staff

Service credit of employees reemployed after militaryservice, resolution adopted by Retirement Com-mittee approved by BoardPre

sidents and first vice presidents of FRBanks, appointmentswhen appointee would be nearing 70 at end ofterm discussed by Board and Chairmen

Retirements:Banister,

Mulranen,

Charles R., separation allowance and supplementto retirement allowance for physical disability

E. T., Chief Telegraph Operator, retirement ap-proved and special contribution authorized

Special contribution to increase allowance added toOrbell, Clifford, FRBank of New York, no objection to pay-

ment of supplemental allowanceRowan, William J., Division of Bank Operations, retirement

approved and contribution authorized to supple-ment retirement allowance

ace credit of employees reemployed after military service,resolution adopted by Retirement Committee ap-proved by Board

PPlemental allowances:Orbell, Clifford, FRBank of New York, no objection to pay-

ment ofsavings bonds, Mr. Szymczak instructed to favor surrender

for redemption in connection with Treasury regu-llithlation, at meeting of trustees

dr awal allowances, change in rules and regulations approvedlsed by Board.otatutes:

3477, amendment permitting assignment of claims againstU. S. as collateral for loans, Counsel's Officeto make recommendation to Board

krnendment permitting assignment of claims against U. S. ascollateral for loans, advice to Advisory Council

that recommendation will be considered when re-

view is completedemo of Mr. Vest referred to Mr. McKee to take matter up

with Government agencies and get their viewsg currency funds: (See Currency funds)

274Pages

10/17 1345

11/14 1462

11/26 1521

12/ 7 1563

12/10 1578

12/18 1632

6/36/21

827928

11/28 1533

1/25 138

12/ 7 1563

11/28 1533

4/15 509

12/ 7 1563

5/24 788

6/3 830

6/4 844


IleYllolds, Irving, cost of luncheon in Board's dining roam to be borne

ili hards, by Board

Carlyle H., advice that Board cannot exercise discretionarypower to permit continuance of Carl H. Flemer'sinterlocking relationship

(Sae also National banks, First National Bank of Springfield,

40t, u New Jersey)48enuarriet: (See United States Information Service)Itota2 Harold H.: (See Brookings Institution)

Club.\,()Ilvention at Havana, Cuba, permission to National City Bank of

New York to open temporary teller's window toaccommodate visitors

ge:

°ard of Governors:Cash on delivery transactions, copy of press statement and

article for FRBulletin sent FRBanksCopy of ruling sent FRBanks of New York and Minneapolis

in answer to inquiriesFederal savings and loan association shares, loans by mem-

ber banks secured by, are subject to limita-tions of section 11(m) of FRAct

°06e-Leaf Service, letter to Mr. Young advising that setsare being sent him for distribution to bank of-ficers, similar letters sent to Presidents ofall FRBanks 3/12 374

Michigan National banks exercising fiduciary powers are notrequired in Board's opinion to deposit securi-ties with State authorities 8/23 1162

275Pages

'law England towns, letter to FRBanks re whether such townsare contiguous or adjacent if incorporatedcities

payment for purchase of securities in cash accountunder Regulation T, ruling sent Boston Stock Ex-change and copies sent FRBanks 7/19 1052

Interpretation given to "liquidate" in recent rulingseems most reasonable 9/21 1234

Sal of securities held in account but not delivered againstsale, and securities later bought in to coversale, margin not required, Mr. Sinclair requestedto advise F. B. Stansbury 1/ 3 13

Savings accounts:Political subdivisions' deposits, classification as, ad-

vice to Conference of Allied Local Officials ofec)11113trPennsylvania that ruling cannot be modified 1/ 8 34

„oiler of Currency:'v-'4empted securities, request that Comptroller permit Board

to publish ruling that obligation of Commodity

Credit Corp., RFC, etc., may be classed as 6/19 916

3/19 391

6/21 933

4/ 9 485

10/26 1396

10/26 1401

2/12 224

7/13 1030Obtaining


akla

--.4ta,g8: (Continued)°"retary of Treasury:

Statement re general rulings and licenses/111431.11a: published in FRBulletin

4ecutive order and regulations on transfers,published in FRBulletin

IISIt

issued by, ordered

statement ordered

'41 College, Northfield, Minn., ruled not to be holding com-

ant • pany affiliate) Rlchard, report on administrative procedure of Board, copies

of revised report ordered sent to FRBanks and

11e8: Federal Advisory Council members

Boardof Governors:Deceased employees of, Fiscal Agent authorized to make pay-

ments of earned but unpaid salary to personreasonably entitled to receive it, Counsel'sOffice to be consulted in doubtful cases

Increases in salaries in the several divisionsMilitary service, those called to be paid one month's un-

earned salary in lieu of accrued annual leaveProcedure and policy, report of Personnel Committee re

Pliaankadoption of permanent procedure and policy

of Atlanta:Increases approved, letter to FRBank ordered prepared

Letter to FRBankexl,k of Kansas City:Increases approved, letter to FRBank to be prepared

?111:6__,,uks:Letter to FRBank

aPloyees, lists for 1940 approvedufficers, study to be conducted by persons appointed by

Chairmen, no objection if Chairmen decide tohave it, cost to be borne by Board

Secretary directed to prepare reply to Mr. Curtiss'letter that board of directors was not in sym-

pathy with studyReply that Board does not feel study is inconsistent

with responsibilities of boards of directors,

or is review of past actions of directorsAdvice that Cleveland directors wanted salary increases

for Messrs. Fleming, Zurlinden, etc., passed

upon without waiting for study to be completed

Outline of study is satisfactory to Board

Survey report will be submitted in near future, no objec-

tion to additional expenditure required to com-plete

276Pages

6/14 888

10/18 1358

3/25 402

2/13 232

11/ 2 14354/30 596

11/14 1461

3/27 417

5/7 6335/10 666

5/7 6345/10 667

2/14 242

4/2 435

4/2 436

4/ 3 441

4/ 5 4566/5 850


411ders and Day,

8aaltagel B. J.:"s banks:

trustees of, member bank directors may serve as• 0. W. N., cost of luncheon in Board's dining room to be

„ borne by Boarde•ariton Pa,, currency fund for FRBank of Philadelphia, FRBank re-quested to take steps to discontinue

Ziand, Georgia:eting of Board with Chairmen, program and procedure for hold-

ing4ft

st4w00d: (See Corporation Counsel of District of Columbia)"1' s

04 srvice Division of Treasury Department:▪ cular entitled "Know Your Money", Board to print copies for

distribution by Division, if and when it can bedone without detriment to Board's worketa.— _

elo..4Y Of Agriculture:"es Farm Credit Act of 1940, Mr. Davis to arrange for meeting

to include Secretary Wallace before statementprepared by Board is presented to Banking andCurrency Committees of Congresseta

pol;J: of State:elgn accounts with FRBanks, H.R. 10127, suggested change to

eliminate provision re property received by in-sured bank from foreign nations

gariV of Treasury:Of America, controversy with Comptroller, memo of Mr.

Dreibelbis re procedure to be followed by Boardin case Comptroller does not agree to conferencebetween himself, Board and FDIC, copy may bemade available to

industrial loans, S. 3839 to amend section 13b ofFRAct, letter to Senate Banking and CurrencyCommittee commenting on letter from

'rs1 rulings and general licenses issued by, statement withrespect thereto, ordered published in FRBul-letin

Statement ordered published in FRBulletinStatement ordered published in FRBulletinStatement ordered published in FRBnlletinStatement ordered published in FRBulletin

8e11, D.

44Frinkticisco Stock Exchange:

(111117 on interpretation of Regulation T in Board's recentruling on obtaining payment for purchases ofsecurities in cash account

Bluefield, West Virginia, letter to re First Na-tional Bank of Bluefield exercising fiduciarypowers in Virginia

(See Cooper, Erving, and Savage)

277Pages

9/21 1234

5/ 7 640

10/12

11/12

7/18

1329

1455

1047

4/2 436

2/12 225

4/1 433

10/21 1365

1/19 102

6/25 946

5/17 7116/14 8887/16 10418/13 11329/16 1217


278Pages

Secret, 817 of Treasury: (Continued)'Isrleral rulings: (Continued)

Statement ordered published in FRBulletin 10/18 1358G Statement ordered published in FRBulletin 12/18 1634131/erriant securities market, advice that Secretary desired to

be informed if System entered market to quietrepercussions due to war situation, and thathe would advise Board if Treasury entered mar-ket, and that Mr. Harrison had been advised ofrequest 4/10 489

Goverriment securities, replacement of actual securities bysystem of accounts with security holders, ad-vice that FRBanks would cooperate if plan isthought desirable 6/11 871

Recommendation of Advisory Council re placing future issues

. with investors other than banks ordered sent to

Letter toLettercompany affiliates, credits to be allowed to for in-

come tax purposes, request that he permit des-ignated Board representatives to inspect returnsfiled by certain holding company affiliates

-Lation checks, statement adopted by Board, Advisory Counciland Presidents recommending legislation toCongress ordered presented to

Report re meeting of committee with'sr'-American Bank, copy of letter to Mr. Berle, ordered sent

10/ 9 131310/15 1336

2/14 247

12/17 162712/19 1645

to 3/27 412/j1lited States Savings Bonds, deposit in trust department of na-

tional bank in place of trust funds deposited in

eltarY of War:-S8ignnlen t of

Bank

commercial department, advice to Mr. Bell thatin Board's opinion no difficulties would ariseif receiver was appointed for bank

Claims Act of 1940, reassignment of claims andwaiving government right of set off recommendedby Board for inclusion in manual describing op-erations under

of Hungary, loan by FRBank of New York, advicere approval of participation by other FRBanksnot to be sent until loan actually made

Guard members employed by Board to be allowed 21 dayswith pay during 1940, advice to

tation by means of loans by member banks, discussed at Ad-

4 (See visory Council meetingN1A4 also Government securities)tite'se and Exchange Commission:4dment to Securities Exchange Acts, letter from Mr. Frank

will be brought to attention of Mr. Eccles upon

his return, Dr. Parry to keep in touch with, inmeantime

1/29 157

12/23 1674

11/13 1458

6/10 861

2/20 271


279Pages

13_, es and Exchange Commission: (Continued)wik of America, advice that Secretary of Treasury would hand

copy of Comptroller's requirements agreed uponby Federal agencies to 3/ 7 351

Beth, ehem Municipal Water Authority Bonds, advice that FRBank ofPhiladelphia had been requested to transmit

Prank, Board's ruling to Philadelphia Stock Exchange 5/ 8 651Jerome N., proposal to set up corporation to purchase se-

curities of new and speculative enterprises, ad-

vice that it was receiving consideration 5/20 724Investment Company Act of 1940, review by Mr. Wingfield of impor-

tant provisions, and requested to prepare let-ters to Banking and Currency Committees 3/27 413

Mr. McKee to confer with Mr. Vdngfield and if desirable dis-cuss matter with SEC re suggested amendment, andto make further recommendation if amendment isnot agreed to 4/ 2 439

Review of discussions by Messrs. McKee and Wingfield withSEC, Mr. Wingfield to redraft letter and hold itpending outcome of discussions with SEC re amend-ment excluding holding company affiliates withgeneral voting permits from definition of invest-ment trusts 4/ 9 482

Procedure covering exchange of correspondence with SEC reamendment excluding holding company affiliatesfrom definition of investment trusts, approved,and letter to be sent to Senate Banking and Cur-rency Committee when correspondence has beencompleted 4/19 522

Ac ivice that exchange had taken place and letter had beentransmitted 4/23 548

Investment trusts, proposed legislation relating to, draft ofmemo prepared by Mr. Wingfield for use in ad-vising SEC of Board's comments, presented,Messrs. Morrill, Wingfield and Cagle directedto revise and resubmit to Board 2/27 308

Revised memo approved 2/29 319Review by Mr. Wingfield of Investment Company Act of 1940,

and requested to prepare letters to Banking andCurrency Committees 3/27 413

Mr. McKee to confer with Mr. Wingfield and if desirable dis-cuss matter with SEC re suggested amendment, and

to make further recommendation if amendment isnot agreed to 4/ 2 439

1411 York Stock Exchange, closing to prevent further drop in se-

curity prices, Mr. Eccles to recommend that ex-

change not be closed today but that further con-sideration be given if market drops again to-

morrow 5/21 748


Seeliprities and Exchange Commission: (Continued)1flSylvania Turnpike Commission 3-3/4% bonds, question of

whether they are exempted securities, referredto for opinion 4/25 568

Advice that FRBank of Philadelphia had been requested totransmit Board's ruling to Philadelphia Stock

5Exchange / 8 651T, amendment removing restrictions imposed upon

specialists obtaining additional capital, Boardwill be glad to hear from SEC again when infor-mation has been received from N. Y. Stock Ex-

Stool- change 6/11 868A exchange, minimum prices for stocks discussed as alterna-

tive to closing of exchange 5/21 750st Company of Georgia, Atlanta, Ga., concessions in connec-

tion with securities transactions, advice thatFRBank of Atlanta had been requested to inves-tigate 7/11 1019

Advice that Board is taking no further steps re commissionscharged for purchases and sales of securities 8/13 1130

Practices in sales and purchases of securities for customers,advice to SEC that Board will advise of resultsof next examination 8/16 1144

11:118t Indenture Act of 1939, rules and regulations by, statementordered published in FRBulletin 2/14 252

'Margined loans, amendment to Regulation T, discussions be-tween New York Stock Exchange representativesand commission not yet completed 6/ 4 843

k,_ 8 Exchange Act of 1934:-'mdment to, letter from Mr. Frank will be brought to attention

of Chairman Eccles upon his return, Dr. Parryto keep in touch with SEC in meantime 9/24 1239

44aember banks failing to file agreements with Board under,FRBank of Chicago requested to communicate withWisconsin Dept. of Securities re whether loans

14'44 constitute violation 7/11 1017s exchange administration:

"elehm Municipal Water Authority bonds, ruled to be exemptedsecurities under Regulation T, FRBank of Phila-delphia requested to advise Philadelphia Stock

t 5or Exchange / 8 651rower sells part of stock securing loan and leaves proceeds

with bank as cashier's check securing loan, re-purchase of stock using cashier's check as pay-ment cannot be made under Regulation U withoutdeposit of additional cash or collateral 4/24 564181,

-yr acting on behalf of FDIC and selling unregistered securi-ties payable in installments, transaction is

exempt from provisions of Regulation T 11/20 1507

280Pages


L• can firmserldlng by broker in loan

customer,

No,- tion T4utiember banks failing to file agreements with Board under

Securities Exchange Act of 1934, FRBank ofChicago requested to communicate with Wisconsin

°lot• • authorities whether loans constitute violation

alnIng payment for purchase of securities in cash account un-der Regulation T, ruling sent Boston Stock Ex-change and copies sent FRBanks

Interpretation given to "liquidate" in recent ruling seems

?eh., most reasonable"- sYlvania Turnpike Commission 3-3/4% bonds, question of

whether they are exempted securities, SEC re-quested to render opinion

Ruled to be exempted securities under Regulation T, FRBankof Philadelphia requested to advise PhiladelphiaStock Exchange

G-Lstered non-exempted securities received by broker and loanedin loan crowd, application of Regulation T topayments by broker in connection with premiumsreceived, payment of cash and stock dividends,and increase in value of stock

securities held in account but not delivered againstsale, and securities later bought in to coversale, margin not required, Mr. Sinclair re-quested to advise F. B. Stansbury 1/ 3

‘JulK deposited with broker for him to lend, procedure for handl-ing under Regulation T 4/ 3

Statement with respect thereto ordered published in FRBul-

Sec,.ties exchange administration: (Continued)'dash on delivery transactions, copy of press statement and ar-

ticle for FRBulletin sent FRBankscopy of ruling sent FRBanks of New York and Minneapolis in

answer to inquiriesCust omer delivering stock to broker to lend in loan crowd on na-

tional procedure for handl-securities exchange,ing under Regulation T

ellstomers debit balances, data to be released to press as soonas available instead of being published inFRBulletin

.1.1gn business in securities, margin requirements cannot bereduced at request of foreign branches of Amen -

crowd of stocks delivered to him byprocedure for handling under Regula-

kle of

klbsidiary letincorporation, supplying funds to by means of purchas-

ing unsecured debentures of corporation, adviceto FRBank of New York that practice is not per-

missible under Regulation T but that change inregulation might be desirable

281Pages

10/26 1396

10/26 1401

4/ 3 446

10/19

12/13

1363

1602

4/3 446

7/11 1017

7/19 1052

9/21 1234

4/25 568

5/8 651

4/24 562

13

446

6/14 887


Seellrit*, les exchange administration: (Continued)trust Company of Georgia, Atlanta, Ga., granting concessions in

securities transactions, FRBank of Atlanta re-quested to investigate

Advice to SEC and FRBank of Atlanta that Board is takingno further steps in connection with aflegedpractices

Practices in sales and purchases of securities, advice toSEC that Board will advise of results of next

. examinationd-rmargined loans, amendments to Regulations T and U laid on

Vio table until called for by Mr. Draperlations of Securities Exchange Act and Regulation T, no ob-

jection to FDIC handling in same manner as vio-lations of Regulation U4,14,

bities market:ecline in Government securities, effect on capital structures

of banks, discussed at Advisory Council meeting,and view of Mr. Brown that survey should bemade to determine

Information sent to Edward E. Brown, President of AdvisoryCouncil, with request for opinion as to whether

(See study would be helpful

111,4, also Government securities)113-Lir prices:"line stated by Amortized Mortgages, Inc. to have impaired

capital accounts of banks, FHA requested to dis-courage such statements in future,

Victor A., Jr.: (See Nonmember banks, Citizens State Bank41

ective T of Fairmount, Ind.)No'

raining and Service Act:80n, F. A., designated by Board to handle personnel matters

St)I.under 10/22 1372

'4.1ng provisions of Regulation F, views of Mr. Charles F.Zimmerman to be incorporated in memo for circu-lation to Board members 8/27 1179Laurence, salary for research work at FRBank ofNew York in connection with Wagner question-naire approved 6/14 884

44112 Professor

Purchase from foreign countries, S. 785 to discontinue, resolu-tion of Advisory Council approving, ordered sent

to Senate Banking and Currency Committee and

press statement ordered releasedCessation of foreign purchases suggested as means

ing easy money problemFrank W.: (See American Bankers Association)

,1;111siness:ellks requested to send copies of all bulletins and circulars

issued re Government contracts with small busi-

ness to Director of Small Business Activities 12/13

282Pages

7/11 1019

8/13 1130

8/16 1144

6/4 842

10/25 1391

2/20 272

3/4 338

6/7 857

2/20 275of correct-

5/28 806


44411,1)1.1siness: (Continued)-Lalson officer at FRBanks between Defense Commission and in-

dustry to increase participation of, Mr. Draper

283Pages

to call FRBanks to see if they would cooperate 10/14 1330Advice that they would be glad to cooperate 10/14 1331Letter and press statement from Commission read, list of

suggested officers ordered prepared 10/25 1383Designated officers expected to be asked to Washington 10/25 1384Copy of letter and press statement sent FRBanks 10/25 1385Mr. Draper to work with Commission and FRBanks in carrying

out plan 10/25 1386Reply to Commission ordered prepared stating actions taken

in response to letter 10/25 1386Meeting in Washington set for November 17 and request for

names of representatives 11/ 1 1431Cost of two days' luncheons to be borne by Board 11/12 1455Results of meeting reported at Advisory Council meeting 11/18 1484

pa Another Conference might be necessaryIttioipation in national defense, discussion of work of

12/10 1580

kith LT FRBanks engaged in by Chairmen and Boardkth3 10"ar°1CI: (See Director of the Budget)

"ussell G.: (See National banks, Bank of America N.T. &

12/10 1580

S.A., San Francisco, Calif.)check information on conditions in particular industries,

FRBanks requested to furnish from time to timefor Advisory Commission to Council of National

tart Defense 8/10 1116Acic3r Board of Governors:

sory Commission to Council of National Defense, employeesgranted leave of absence until Jan. 1, 1941 to

Ake• accept appointment to1'3-can Bankers Association, Eastern Regional Conference on

Savings and Commercial Banking, staff to be au-thorized to attend after submission of memo

ta.nt. setting forth reasons for attendance' of America, program to end controversy with Comptroller,

Messrs. Eccles and McKee to name members ofstaff to attend conference between Comptroller,FDIC and Board, in case Comptroller agrees toconference

Advice that Comptroller could not give answer to suggestionthat conference be held to arrange program, Un-

til_ January 22-I'd Members' Section:kiiRart, Bishop, messenger, salary increased

4.ding and Maintenance:Dampley, Chester B., painter, salary increased

6/14

2/13

1/18

1/19

4/30

4/30

883

227

91

98

597

598


biu Board of Governors: (Continued)'411Aing and Maintenance: (Continued)

Glotfelty, Joseph T., Jr., third assistant engineer, salaryincreased

Handley, Thomas B., clerk, salary increasedHarvey, John C., fourth assistant engineer, salary increased

Jarvis, Ruth L., day maid, salary increasedLindamood, Charles D., second assistant engineer, salary in-

creasedMacklin, James H., porter, salary increasedNewton, J. Harvie, porter, salary increasedShlpp, Arad B., assistant gardener, salary increasedSPurney, F. E., Building Manager, salary increasedYoung, Herbert W., first assistant engineer, salary in-

creasedNirman's Office:

Thurston, Elliott, Special Assistant to the Chairman:Responsibility for editorial supervision of FRBulletin

vested inStudies on banking and monetary problems under Wagner

Resolution, named on committee to consider sug-gestions received and make changes, give studieseditorial revision, make recommendations as touse, etc.

Charwomen:Stone, Elizabeth R:

Leave of absence without pay granted for period Februaryto May, 1940, Board to continue contributionsto Retirement System provided she continues hercontributions

ResignationTambini, Frances, resignation acceptedWilliams, Elizabeth M., promoted from relief charwoman to

Chiauffeurs:Hall, Richard E., Jr., promoted from elevator operator

salary increasedPromoted to clerk in Building Manager's Office during

absence of regular clerk and salary increased

Hammond, Julian B., promoted to guard and salary increased

Hauser, Adam V., appointment and salary on temporary basis

for indefinite periodSanderson, James W., salary increased

Promoted to guard during absence of Julian Hammond and

salary increasedWilkinson, Clarence M., salary increased

284Pages

4/30 5984/30 5984/30 5984/30 598

4/30 5984/30 5984/30 5984/30 5987/16 1035

4/30 598

1/18 96

2/21 283

2/16 25810/28 140410/15 1335

charwoman 4/10 491

and6/21 927

10/31 14266/21 927

12/31 171511/12 1454

12/31 171511/12 1454


8 .t4ft.of Board of Governors: (Continued)

eamil Service:Ramspeck Bill, memo of Mr. Vest discussed, request that he

285Pages

prepare memo for use by Chairman in discussingmatter with President should bill be enactedinto law 3/1 323

Extension to employees, mention made of bills providing for,and for possible inclusion of FRBank employees 4/ 5 459

Classification under, no action to be taken at present onH.R. 960 4/19 530

Ramspeck bill authorizing President to place under, reportby Mr. Williams, Counsel's Office to keep Boardadvised 10/ 1 1269

Letter to President re Ramspeck bill ordered prepared foruse by Mr. Eccles together with letter to CivilService Commission for President's signature 11/26 1519

Possibility of extension to Board's staff referred to by

Cour, Mr. Eccles--sel's Office:

12/10 1572

Attorney to be sent to FRBank of New York to assist inwork on foreign exchange and deposits underExecutive Order and regulations of Treasury 5/10 664

Baumann, John C., Assistant Counsel:Designated to inspect returns filed by holding company

affiliates in connection with credits for in-come tax purposes 2/14 249

Salary increased 7/16 1035Boiseau, Edna B., Secretary, salary increased 4/30 598Chase, G. Howland, Assistant Counsel, salary increased 7/16 1035Dillon, Mary Morgan, stenographer, resignation 3/9 361Dolan, Helen V., stenographer, salary increased 4/30 598Dreibelbis, J. P., Assistant General Counsel:

Conference at Treasury re Bank of America, authorizedto attend 1/8 31

DYer, Sara A., Chief Stenographer, salary increased 4/30 598Entriken, S. Everett, law clerk, salary increased 4/30 598Hackley, Howard, Assistant Counsel, salary increased 4/30 598Hargett, Edward L., messenger, salary increased 4/30 598Hill, Richard A., file clerk:

Resignation 5/29 812Salary increased 4/30 598

Hooff,tilson L., Law Clerk, salary increased 4/30 598Hunley, John L., messenger, salary increased 4/30 598Hutchinson, Clara A., stenographer, salary increased 4/30 598

Inabnett, Lucy, secretary, salary increased 4/30 598McDonnell, Mary, stenographer:

Leave of absence to accept position with Advisory Com-

mission to Council of National Defense 7/8 1001Additional leave of absence to work for Advisory Com-

mission 12/19 1649Salary increased 4/30 598


havof Board of Governors: (Continued)

1/44nmael's Office: (Continued)Morgan, Mary: (See also Dillon, Mary Morgan)Muehlhaus, Margaret N., stenographer, appointment and sal-

ary 7/22 1058Nell, Charlotte M., stenographer, appointment and salary on

temporary basis, appointment to be made per-manent if services are satisfactory 3/15 386

Appointment made permanent and salary increased 6/21 927Shay, Jerome W., law clerk, salary increased 4/30 598Solomon, Frederic, Assistant Counsel:

Graduate School of Banking, selected to attend 1940 ses-sion, allowed leave with pay, travel expensesand tuition fees 3/22 395

Salary increased 4/30 598Vest, George B., Assistant General Counsel:

American Bankers Association Eastern Regional Conferenceon Savings and Commercial Banking, authorized toattend 2/23 287

Equipment for national defense, plan to prevent contrac-tors from having ownership without cost to bereviewed by 10/ 9 1318

Ramspeck Civil Service Bill, memo discussed, requestedto prepare memo for use by Chairman in discuss-ing with President should the bill become law 3/ 1 323

Williams, Kit, Assistant Counsel, salary increased 5/28 808Wingfield, B. Magruder, Assistant General Counsel:

Inspection of returns filed by holding company affil-iates in connection with credits for income taxpurposes, designated to make 2/14 249

Investment trusts, legislation proposed by SEC, memofor use in advising SEC of Board's commentspresented, and Messrs. Morrill, Wingfield, andCagle directed to revise and resubmit to Board 2/27 308

Revised memo approved 2/29 319Investment Company Act of 1940, review of important pro-

visions, requested to prepare letter to Bankingand Currency Committees 3/27 413

Mr. McKee to confer with, before discussing withSEC 4/ 2 439

Salary increased 7/16 1035WYatt, Walter, General Counsel:

American Bankers Association Eastern Regional Confer-ence on Savings and Commercial Banking, author-ized to attend 2/23 287

American Scientific Congress celebrating fiftieth anni-versary of Pan American Union, to attend as rep-resentative 5/ 9 657

286Pages


Staff02' Board of Governors: (Continued)'unsel's Office: (Continued)

Wyatt, Walter, General Counsel: (Continued)Self-insurance at FRBanks, appointed on committee to

study with FRBanksDeceased employees, Fiscal Agent authorized to make payment of

unpaid earned salary to person reasonably en-titled to receive it, when in doubt Counsel's

11) . Office to be consulted&vision of Bank Operations:

Bali, Margaret M., comptometer operator, salary increasedBoothe, Gardner L., II, Technical Assistant:

Salary increasedServices loaned to Coordinator of National Defense Pur-

chases to help work out procedure for purchas-ing supplies

Salary increased because of responsibilities in connec-tion with national defense program

Bryan, Evelyn, comptometer operator, salary increasedBuchanan, Avelyn, secretary, salary increased

2raighill, Ellen L., comptometer operator, salary increasedvaniels, Mortimer B., Technical Assistant, salary increased

Louise E., stenographer, salary increasedFarrell,r John R., clerk, salary increasedGlazebrook, Virginia T., stenographer, transferred to Cor-

respondence and Publications Section of Secre-tary's-Office

Goheen, Loretta M., comptometer operator-clerk, salary in-creased

Rainer, Sybil E., secretary, salary increasedHammond, Bray, Technical Assistant:

Made Chief of Correspondence and Publications Sectionof Secretary's Office

Studies on banking and monetary problems under WagnerResolution, named on committee to consider sug-gestions received and make changes, give studieseditorial revision, make recommendations as touse, etc.

Remminger, Tressa B., stenographer, salary increasedRorbett, J. E., Assistant Chief:

Eastern Regional Conference on Savings and Commercial

Banking sponsored by ABA, authorized to attend

Graduate School of Banking, selected to attend 1940 ses-

sion, and allowed leave with pay, travel expenses

and tuition feesSalary increased

Jones, Marjorie F., clerk, salary increasedXennedy, David M., Technical Assistant, salary increased

Salary increasedMartin, Dora, comptometer operator, salary increased

287Pages

8/24 1166

11/ 2 1435

4/30 600

4/30 599

10/ 4 1279

11/29 15354/3o 6004/30 6004/3o 6004/30 5994/30 6004/30 599

3/1 325

4/30 5994/30 599

3/1 324

2/214/30

283600

3/ 4 333

3/22 3957/16 10354/30 5994/30 59911/29 15354/30 600Digitized for FRASER


haft.tl,,of Board of Governors: (Continued)

ision of Bank Operations: (Continued)Mitchell, Willis H., clerk, salary increasedMYrick, L. S., temporary assignment to Advisory Commission

to Council of National DefenseOntrich, Neva E., senior stenographer:

Salary increasedTemporary assignment to Advisory Commission to Council

of National Defense to assist Mr. MyrickRowan, William J., retirement approved, and contribution

to increase retirement allowance, authorizedShaffer, Charlotte M., comptometer operator, appointment and

salarySherfy, R. E., clerk, salary increasedSmead, Edw. L., Chief:

Condition report call for State member banks, telegramto FRBanks that Board contemplates no immediatecall referred to Messrs. Davis and Smead fordecision re sending out

Self-insurance at FRBanks, appointed on committee tostudy with FRBanks

Stone, Harry B., clerk, salary increasedVan Fossen, John R., Assistant Chief, salary increasedWalker, F. A., clerk, salary increasedWilliams, Jerry L., messenger, salary increased

Zelpha M., comptometer operator, salary increasedv'sion of Examinations:Barker, Clarence S., assistant examiner, headquarters

changed from Atlanta to Washington!!errY, Benjamin D., messenger, salary increased'10Y3en, John T., assistant examiner, salary increasedBrown, Arch B., clerk-stenographer, salary increasedeagle, C. E., Assistant Chief, designated to inspect returns

filed by holding company affiliates in connec-tion with credits for income tax purposes

Conkling, Gerald M., examiner, designated to make inspectionof returns filed by holding company affiliatesin connection with credits for income tax pur-poses

Connell, John J., examiner, appointment and salary

Frosby, Joseph B., examiner, resignation.'L'„ougal, W. D., examiner, salary increasedznglish, J. Fred, examiner:

Graduate School of Banking, selected to attend 1940 ses-sion, allowed leave with pay, travel expensesfrom point where stationed, and tuition fees

Pranzoni, John C., assistant examiner, salary increasedGiovanetti, Eleanor, stenographer, salary increasedGoodman, Glenn M., examiner, salary increased

288Pages

4/30 599

12/23 1676

11/29 1535

12/23 1676

1/25 138

10/ 1 127111/29 1535

10/ 9 1307

8/24 116611/29 15357/16 103511/29 15354/30 6004/30 600

1/8 324/30 5994/30 5984/30 599

2/14 249

2/14 24811/20 15031/18 944/30 598

3/22 3954/30 5994/30 5994/30 599


hat0 of Board of Governors: (Continued)'orision of Examinations: (Continued)

Goshorn, Marion L., stenographer, leave with pay over and

289Pages

above accumulated leave with understanding itwould be charged to annual leave for 1941 11/22 1511

Highfield, Carroll, assistant examiner, salary increased 4/30 598Hopkins, Julia B., assistant examiner, salary increased 4/30 599Hostrup, C. C., examiner:

Designated to make inspection of returns filed by hold-ing company affiliates in connection with creditsfor income tax purposes 2/14 248

Salary increased 4/30 599Howard, Thomas P., assistant examiner, salary increased 4/30 599Johnson, Edwin J., assistant examiner, salary increased 4/30 599Jones, Laurence H., examiner, designated to make inspection

of returns filed by holding company affiliatesin connection with credits for income tax pur-poses 2/14 248

ICearney, Helene L., stenographer, salary increased 4/30 599IC0PPang, H. O., examiner, salary increased 4/30 598

Andrew W., assistant examiner, salary increasedxadeiros, Lulu C., stenographer-clerk, granted sick leave

4/30 599

with pay to compensate for leave already takenin excess of accumulated sick leave 3/13 377

Malone, C. T., examiner, designated to make inspection ofreturns filed by holding company affiliates inconnection with credits to be allowed for in-come tax purposes 2/14 249

Massey, E. Ralph, assistant examiner, salary increased 4/30 599McClelland, W. J., examiner, salary increased 4/30 599Millard, E. R., examiner, granted sick leave with per diem

allowance 8/ 7 1103!IrUrff, Gordon R., examiner, salary increased 4/30 598mlYers, Edward S., assistant examiner, salary increased 4/30 598Uelson, F. A., examiner:

Salary increased 4/30 599Transferred to Secretary's Office as Assistant Secretary

with no change in salary 6/ 3 826Newman, Harold J., examiner:

Promoted from assistant examiner 5/13 673Resignation to accept position as examiner for FRBank

7/22 1058of ChicagoSalary increased 4/30 599

4"11, J. C., examiner, transferred from assistant secretary6/ 3 826of Board

Peallger, Leo H., Chief, plan to visit FRBank of San Fran-cisco and to discuss applications of small banksfor membership 12/23 1670

Pollard, W. B., examiner, salary increased 4/30 599


290Pages

44ffBoard of Governors: (Continued)

'1471s1on of Examinations: (Continued)Porter, Nancy R., stenographer, appointment and salary 6/ 3 828Radford, J. R., Jr., examiner:

Designated to make inspection of returns filed by hold-ing company affiliates in connection withcredits for income tax purposes 2/14 249

. Salary increased 4/30 59931fts, L. A. A., headquarters changed from Baltimore to

Washington 3/ 4 332Skees, Laurence E., examiner, designated to inspect returns

filed by holding company affiliates in connec-tion with credits for income tax purposes 2/14 249

Sowers, John J., stenographer, resignation 3/15 387Stone, Harold F., clerk-stenographer, permitted to become

member of Retirement System 3/ 4 333Salary increased 4/30 599

11,1.1rnbull, Joseph A., assistant examiner, resignation 5/ 1 603ta:nkler, P. J., examiner, salary increased 4/30 599Wlshart, Harvey J., assistant examiner, additional sick

leave granted to 2/ 2 195Zidek, Louis, assistant examiner, transferred from Secre-

tary's Office to road force for temporary period 9/ 5 1192Appointment made permanent and salary increased 10/31 1427

'sion of Research and Statistics:Arthur, Henry B., authority given to Mr. Goldenweiser to

tender temporary appointment in connection withgold and price stabilization program 6/18 906Baldwin, Beatrice S., clerk, salary increased 4/30 601

4rco, Jane W., clerk, salary increased 4/30 60112arnett, Lucille, clerk, salary increased16arnett, M. Elizabeth, clerk, salary increasedbarton, H. C., Jr., Junior Economist, salary increased

4/304/30

601601

, Salary increased 0 1177u,:aum, Beulah S., clerk-stenographer, resignation of 10/22 13714'eal, Anne A., clerk, temporary appointment and salary 7/ 6 999, Appointment made permanent with no increase in salary 8/30 1189bergelin, John O., Junior Economist, salary increased 0

1/84/27600

Salary increased 1.77Blattner, George W., Special Statistician, appointment and

salary to supervise statistical manual, entiresalary to be paid by Board, and FDIC and Comp-

B troller to furnish needed assistance

n, Mary Hedda, clerk, appointment made permanent3/292/13

42Bobli8235

"Aseau, Natalie, Secretary, salary increased 4/30 600Boorstein, Edward, economic assistant, appointment and sal-

ary for one-year period, and allowed to becomemember of Retirement System 2/ 2 194


hati3 O-L Board of Governors: (Continued)L.uvision of Research and Statistics: (Continued)

Breithut, Richard C., Junior Economist, temporary appoint-ment extended

Bull, Susan L., clerk, resignation ofBurgess, Caroline M., Library Assistant, salary increasedCaskey, Franc S., secretary, salary increasedClerks, stenographers, and junior staff members in connec-

tion with new work, recommendations to be sub-

7/611/ 54/304/30

291Pages

9991440601600

mitted in usual manner 6/18 907Collier, Raymond J., economic assistant, salary increased 4/30 600Conklin, Maxwell R., Senior Economist, salary increased 4/30 600Counts, Catherine M., clerk, salary increased 4/30 601Currie, Lauchlin, Assistant Director, additional leave of

absence to assist President of the UnitedStates, no further contributions to be made toRetirement System 7/2 974

Deeds, Dorothy R., Secretary, salary increased 4/30 600Depenbrock, Barbara S., draftsman, salary increased 4/30 601Dirks, Frederick C., Junior Economist:

Authorized to attend ABA Eastern Regional Conference onSavings and Commercial Banking 3/4 333

Salary increased 4/30 600Services may be utilized for other purposes under new

plan for corporate bond study 5/8 646Doherty, George, Junior Economist:

Additional leave without pay to complete studies atLittauer School of Harvard University 5/13 674

Resignation of 11/12 1455Esser, Eleanor M., Library Assistant, salary increased 4/30 601Evans, Ethel L., clerk, salary increased 4/30 600Pishburn, Judith M., clerk, salary increased 4/30 601P(Ird, G. Elizabeth, clerk:

Leave of absence without pay granted, Board to continuecontributions to Retirement System on conditionshe continue own contributions

,s Salary increasedOster, Ray R., Junior Economist:

Increase in salaryServices cannot be loaned to Central Housing Committee

for work on statisticsPrase, Eleanor S., Economic Assistant, salary increasedGaither, Anna Margaret, clerk, temporary appointment and

salaryAppointment made permanent with no increase in salary

Gardner, Walter R., Senior Economist:American Scientific Congress celebrating fiftieth anni-

versary of Pan American Union, to attend as rep-

resentative

1/2 64/30 601

4/19 535

5/ 7 6434/30 600

7/6 l0008/30 1189

5/ 9 657


Staff _or Board of Governors: (Continued)lvision of Research and Statistics: (Continued)

Gardner, Walter R.: (Continued)Conference on establishment of Inter-American Bank, au-

thorized to state that Board questions economicjustification of bank and whether it should beadministered by central banks or governments

Garfield, Frank R., Senior Economist, salary increasedGehman, Clayton, Junior Economist, salary increased

1/ 84/304/30

292Pages

27600

Salary increased lnGlad, Maxine E., clerk, appointment and salary 8/ 2 1089Glaser, Vera R., stenographer, transferred from Secretary's

Office and salary increased 2/ 1 185Transferred to Correspondence and Publications Section

of Secretary's Office 3/ 1 325Transferred from Secretary's Office with no increase in

salary 6/ 7 854Glazier, William H., Economic Assistant, appointment and

salary approved 8/ 2 1086Goldenweiser, E. A., Director:

Advisory Commission to Council of National Defense ad-vised to get in touch with for any informationdesired

Business and credit conditions, advice to Mr. Lichten-stein that he would be present at preliminarymeeting between Advisory Council and Board,and that subsequent discussions with Council

7/ 3 995

could be held at any mutually convenient time 1/27 149Conference on establishment of Inter-American Bank au-

thorized to state that Board questions economicjustification of bank and whether it should beadministered by central banks or governments 1/ 8 27

Studies on banking and monetary problems under WagnerResolution, named chairman of committee to con-sider suggestions received and make changes,give editorial revision to studies, make recom-mendation as to their use, etc. 2/21 283

Hague, Cora-Jean, Library Assistant, appointment and salary 7/19 1051liaigh, Julia, clerk-stenographer, salary increasednansen, Alvin H., authority to tender temporary appointment

4/30 600

given to Mr. Goldenweiser in connection withgold and price stabilization program

Appointment on temporary basis and salary, Board to payrailway fare to Boston not more than once eachweek

Appointment on part time basis at expiration of tem-appointment and allowed travel expensesporary

Harrington, Mary Jane, clerk, appointment and salary

6/18 906

6/25 942

9/19 12258/27 1181


Star of Board of Governors: (Continued)u-LIrleion of Research and Statistics: (Continued)

Harrington, Mary Jane, clerk, appointment and salaryHermberg, Paul, authority to tender temporary appointment

given to Mr. Goldenweiser in connection withgold and price stabilization program

Appointment on temporary basis and salaryHersey, A. B., Senior Economist, salary increasedHill, Gretchen, clerk, appointment and salary

• Horne, Roman L., Senior Economist, transferred to Corres-pondence and Publications Section of Secretary'sOffice as Assistant Chief

Hutchison, Thelma L., clerk, appointment on temporarybasis and salary

Increases in personnel, memoranda of Mr. GoldenweiserJaszi, George, Junior Economist, appointment and salaryJohnston, Margaret, stenographer, transferred from Secre-

tary's Office and salary increasedJones, Ruth, secretary, salary increasedKamarck, Andrew M., Junior Economist, resignationKaplan, Melva R., clerk-stenographer, appointment and sal-

ary on temporary basis, and allowed to join Re-tirement System

Temporary appointment extended and not made permanent,question of employing married women to be dis-cussed at meeting in near future

Appointment made permanentKelly, Nancy B., appointment on temporary basis as clerk-

stenographer and salaryTemporary appointment extended with no change in salary

Kenny, Gunhild Anderson, Junior Economist, salary increasedKindleberger, Charles P., authority to tender temporary ap-

pointment given to Mr. Goldenweiser in connec-tion with gold and price stabilization program

Appointment and salary, travel expenses and freightcharges from Switzerland to be paid by Board

Kline, William A., printing clerk, transferred to Corres-pondence and Publications Section of Secretary'sOffice

Kriegel, Lottie, secretary, salary increasedKrost, Martin, Senior Economist, salary increasedLarson, Louise H., clerk, appointment on temporary basis

and salaryAppointment made permanent

Lischinsky, Melva K., clerk-stenographer, appointment madepermanent

(See also supra Kaplan)

293Pages

8/27 1181

6/18 9068/ 1 10834/30 6005/13 673

3/1 324

6/ 38/ 26/25

2/ 14/304/19

8281087942

186600535

2/12 221

5/8 6508/ 5 1099

7/ 8 10019/30 12624/30 600

6/18 906

7/11 1014

3/ 14/304/30

325601600

6/5 8498/30 1189

8/ 5 1099


Staff0,Of Board of Governors: (Continued)"-vision of Research and Statistics: (Continued)

Longley, Elizabeth F., clerk:Salary increased 4/30 601Death of, not required to make refund for unearned an-

nual leave taken 10/22 1372Longstreet, Victor M., Senior Economist, salary increased 4/30 600Maisel, Sherman J., Economic Assistant, appointment and sal-

ary 6/17 903Mann, Edward S., authority given to Mr. Goldenweiser to

tender temporary appointment in case services ofHenry B. Arthur are not available for gold, idlemoney, and price stabilization program

Marsh, Michael, Economic Assistant, salary increasedMartin, Robert B., clerk, appointment and salary on tem-

porary basis to assemble Federal and State bank-ing statistics, FDIC to reimburse Board forsalary 7/11 1015

Temporary appointment extended 10/30 1419Suggested to FDIC that appointment be extended for time

necessary to complete project on banking statis-tics 12/ 3 1544 -

12/11 1588Temporary appointment extended for indefinite periodMason, Helen L., draftsman, reappointment on permanent

basis not approved because of marital statuswith understanding that case would not serveas inflexible policy

McCloud, Lyndall C., Economic Assistant, salary increasedMilles, Mildred, clerk, appointment and salary on temporary

basis to assemble Federal and State banking sta-tistics, FDIC to reimburse Board for salary

Temporary appointment extendedSuggested to FDIC that appointment be extended for time

necessary to complete project on banking sta-tistics

Appointment extended for indefinite period!itorelle, Wilellyn, clerk, appointment made permanentu(erse, Chandler, Senior Economist, salary increasedMYer, Eleanor, secretary, additional leave of absence to

294Pages

6/18 9064/30 600

6/28 9584/30 600

7/11 101510/30 1419

12/ 3 154412/11 15882/13 2354/30 600

serve as Secretary to Mr. Currie in his assist-ance to President of U. S., no further contri-butions to be made to Retirement System 7/2 974

Nelson, Elsie T., clerk, appointment and salary 12/12 1596Newton, James H., messenger, transferred from Secretary's

Office 7/22 1058Transfer from Secretary's Office made permanent 10/19 1361

411an, Guy T., Junior Economist, appointment and salary 10/ 7 1284Paetow, Dorothea, clerk, salary increased 4/30 601


295Pages

,4 of Board of Governors: (Continued)ulvision of Research and Statistics: (Continued)

Parsons, Thomas M., Junior Economist, salary increased 4/30 600Personnel needs, reference made to memo of Mr. Goldenweiser,

and Secretary to advise him that it will be con-sidered at first full meeting of Board 2/13 229

Piser, Leroy M., Senior Economist:Memoranda on Government security market, no objection

to sending to Mr. Rouse, Manager of System OpenMarket Account 1/16 82

Salary increased 4/30 600System Open Market Account, change in accounting proce-

dure suggested by memo, Messrs. Piser and Smeador Van Fossen to prepare recommendation forOpen Market Committee meeting 2/13 228

Memo of Messrs. Piser and Smead made topic for dis-cussion at Committee meeting tomorrow 3/19 389

Title and salary, consideration to be given to 4/23 550Visits to New York and other cities to study investment

policies of large Government securities holders,desirability of less frequent visits discussed,consideration to be given to title and salary 4/23 549

Rackstraw, Elsie, Librarian, increase in salary 4/30 600Robinson, Roland I., Junior Economist, salary increased 4/30 600

Salary as Associate Economist increased 8/27 1177Rott, Neva E., secretary, salary increased 4/30 600Seasoned men, need cannot be met by continued employment of

men without substantial experience 8/ 2 1087Schultz, Rose H., secretary, salary increased 4/30 601Sherman, N. Merritt, services loaned by FRBank of San Fran-

cisco for four months, Board to reimburse FRBankfor salary and contributions to RetirementSystem, and to pay transportation expenses andper diem allowance 4/19 534

Temporary assignment from FRBank of San Francisco ex-tended and budget increased to take care ofsalary, per diem, transportation, etc. 12/14 1605

Sherrard, Alfred, Junior Economist, salary increased 4/30 600Simpson, Paul B., Junior Economist, appointment and salary 5/18 713Sissman, Louise S., Junior Economist, additional leave of

absence without pay for period not to exceedfour months, no payments to be made to Retire-ment System 1/ 9 44

Further leave of absence without pay to complete work atColumbia University 5/18 714

Slavik, Mrs. Walter: (See Mason, Helen L.)Smith, Jesse D., messenger, salary increased 4/30 601Smith, Robert L., Associate Economist, appointment and sal-

ary 11/16 1479Stevens, Kathryn, clerk, appointment on temporary basis and

salary 5/29 813Appointment made permanent with no increase in salary 8/30 1189Digitized for FRASER


296Pages

Starrof Board of Governors: (Continued)

ulvision of Research and Statistics: (Continued)Surguy, J. Robert, printing clerk, transferred to Corres-

pondence and Publications Section of Secre-tary's Office 3/ 1 325

Sutherland, Alvern H., Assistant Librarian, salary in-creased 4/30 600

Swindlehurst, Alice, clerk, salary increased

;//Tewksbury, Elizabeth P., clerk, salary increased

/E 1035 '1Thomas, Woodlief, Assistant Director, salary increasedThompson, Muriel W., clerk, salary increased 4/30 601

Leave of absence until March 1, 1941, because of confine-ment 8/15 1134

Thorne, Wendell E., Junior Economist, salary increased 4/30 600Tirana, Rifat, authority to tender temporary appointment

given to Mr. Goldenweiser in connection withgold and price stabilization program 6/18 906

Services loaned by FRBank of New York for six months,Board to reimburse FRBank for salary, pay con-tributions to Retirement System and subsistenceand travel expenses 6/29 962

Temporary assignment from FRBank of New York extended 12/ 7 1560Trescott, Charles G., messenger, salary increased 4/30 601Vacancies, statement of Mr. Goldenweiser that filling of two

vacancies would be recommended when satisfactorypersons were found 8/ 2 1087

Van Brakle, Raymond, messenger, salary increased 4/30 601Verner, Gertrude R., clerk, temporary appointment for three

months and salary 5/ 8 650Wald, Haskell, Economic Assistant, salary increased 4/30 601Wallace, Donald, authority given to Mr. Goldenweiser to

tender temporary appointment in case servicesof Henry B. Arthur are not available for gold,idle money and price stabilization program 6/18 906

Waybur, Bruce, Economic Assistant, salary increased110

600Weyl, Nathaniel, Junior Economist, appointment and salaryWhite, Mary, clerk, salary increased 4/30 601Williams, Lois A., secretary, salary increased 4/30 600Wills, Norma F., secretary, salary increased 4/30 600Wilson, Lucile G., clerk-stenographer, appointment and sal-

ary on temporary basis 7/12 1022• Temporary appointment extended with no change in

salary9/

1262'4.sion of Security Loans:

al 120 1394Branic, Otto H., messenger, salaryincreased 0/36 Brown, Bonnar, Special Assistant, salary increased 4/30 601Dembitz, Lewis N., Special Assistant, salary increased 4/30 601Hall, Catherine A., Economic Assistant, salary increased 10/26 1394


297Pages

Staff ,Of Board of Governors: (Continued)

ylvision of Security Loans: (Continued)Parry, Carl E., Chief:

Securities Exchange Acts, amendments to, to keep in

El os1:1 ch with SEC during absence of Mr. Eccles 9/24 1239

evator Operato Cameron, James A., Jr., appointment and salary 6/21 927

Promoted to guard and salary increased 12/31 1715Cooley, L. H., transferred from telegraph operator 2/19 263

Promoted to guard 11/27 1523Garner, Robert M., appointment and salary for period not to

exceed one year 11/27 1523Hall, Richard E., Jr., promoted to chauffeur and salary in-

creased 6/21 927Kern, Harry E., promoted to supply clerk 11/27 1523Kerns, Lawrence A., appointment and salary 6/21 927McGinniss, Harry W., III, resignation accepted 1/ 9 44Mount, Hubert T., appointment and salary for period not to

exceed one year 11/27 1523O'Sullivan, David, promoted to guard, salary increased, and

name changed to David Sullivan 1/11 55Treaoy, Norbert C., promoted to guard and salary increased 12/31 1715Zidek, Louis W., promoted to stenographer and salary in-

creased 6/ 7 855Cn

Aldrich, Clair M., resignation 7/ 3 988Anderson, E. F., senior guard, salary increased 6/ 7 854Bertol, Louis N., Captain, salary increased 8/ 5 1098Cameron, James A., Jr., promoted from elevator operator and

salary increased 12/31 1715Cooley, Leroy H., promoted from elevator operator 11/27 1523Hammond, Julian B.:

Promoted from chauffeur and salary increased 6/21 927Leave of absence for service with Marine Corps 12/16 1610

Heher, J. H., senior guard, salary increased 6/ 7 854Kelleher, Joseph E., Sergeant:

Promoted to Supervisor of Duplicating, Mails, and Sup-plies, in Secretary's Office on probationarybasis, with understanding that transfer willbe made permanent and salary increased if serv-ices are satisfactory 3/13 377

Langham, Lee W., salary increased 5/ 7 639C'Sullivan, David, promoted from elevator operator, salary

increased, and name changed to David Sullivan 1/11 55Phinney, Paul T., senior guard, salary increased 6/ 7 854Pool,W. S., transfer from telegraph office and reduction

in salary deferred pending review by Secretary'sOffice 8/ 2 1088


298Pages

Staffof Board of Governors: (Continued)

llards: (Continued)Pool, W. S.: (Continued)

Mr. Nelson to make investigation of ways to utilizeservices in Board's organization, or in otherGovernment departments, or both 10/ 1 1267

Sanderson, James W., promoted from chauffeur during ab-sence of Julian Hammond and salary increased 12/31 1715

Sullivan, David, promoted from elevator operator, salary in-creased, and name changed from David O'Sullivan 1/11 55

Treacy, Norbert C., promoted from elevator operator and sal-ary increased 12/31 1715

Unger, B. M., promoted to senior guard and salary increased 12/31 1715"surance premiums, employees called for military service to

be reimbursed for 11/14 1462Int er-American Bank, no objection to statement by department

that Board experts assisted in drafting legis-

Le lation 6/28 959av e regulations:Amended to liberalize sick leave and change compensatory

leave provisions 11/14 1460Amendment to provide that employees be charged with sick

leave only for absence on days upon which theywould otherwise work 5/18 718

44rried women, employment to be discussed at meeting in nearfuture 5/ 8 651

No action taken on question of general policy with under-standing that Miss Mason's case would not betaken as indicating an inflexible policy 6/28 958

esengers: Berry, Benjamin D., Division of Examinations, salary in-

creased 4/30 599Branic, Otto H., Division of Security Loans, salary in-

creased 10/26 1394Hargett, Edward L., Counsel's Office, salary increased 4/30 598Hart, Bishop, Board Members' Section, salary increased 4/30 597Hunley, John L., Counsel's Office, salary increased 4/30 598Newton, James H., Division of Research and Statistics, trans-

ferred from Secretary's Office 7/22 1058Transfer from Secretary's Office made permanent 10/19 1361

Smith, Jesse D., Division of Research and Statistics, sal-ary increased 4/30 601

Trescott, Charles G., Division of Research and Statistics,salary increased 4/30 601

Van Brakle, Raymond, Division of Research and Statistics,salary increased 4/30 601

Williams, Jerry L., Division of Bank Operations, salary in-creased 4/30 600


StaffBoard of Governors: (Continued)

'1-latary service:Employees who are members of Reserve Corps or National

Guard to be made available for military serv-ice in event of mobilization unless occupyingkey positions

Leave and salary payment for employees called for activeservice, made topic for discussion by Presi-dents' Conference

Matter left by Presidents in hands of subcommittee withpower to act

Recommendations of Mr. Szymczak to be considered individ-ually by Board members and information onFRBanks to be obtained

Deferment of certain employees, indicated by Board that nodeferments should be asked for unless clearlyjustified

RMPloyees to be advised they will be given leave of absenceand reinstated on discharge, pending determina-tion of policy

Recommendations of Mr. McKee approved and will be discussedwith Presidents' committee

APPointment of Mr. Nelson to handle personnel matters underSelective Training and Service Act

Procedure adopted similar to that approved for FRBank em-

New ployees- York World's Fair, personnel for information booths in

299Pages

8/ 9 1109

8/27 1178

9/28 1252

10/ 9 1314

10/ 9 1317

10/ 9 1317

10/17 1341

10/22 1372

11/14 1461

0ff • Federal Building cannot be furnished 4/23 548lee of Mr. Davis:

ot,,Piper, Carol S., secretary, salary increased 8/26 1168"Ice of Mr. Draper:

01N,Rauber, Margaret J., secretary, salary increased 8/26 1169"lee of Mr. McKee:

off Walters, Alvin C., secretary, salary increased 7/16 1035ice of Mr. Ransom:

off.Ootten, Anne, secretary, salary increased 8/26 1168Ice of Mr. Szymczak:Paul, Walter E., stenographer, transferred from Secretary's

Office with no change in salary

Nnee: Stone, A. M., secretary, salary increased"

Bishop, Bruce C., appointment and salary 6/ 3 827Salary increased 8/ 5 1098

!),IfurY, Robert F., resignation 2/13 234ize, Samuel B., Jr., increase in salary

/// 10935 9'87Salary increasedShock, Kermit E., appointment and salary 2/13 234

Salary increased 8/ 5 1098

7/11 10147/16 1036


StEtf; of Board of Governors: (Continued)ages: (Continued)

Shollenberger, Lewis, salary increasedSalary increased

Stocker, Edward E., appointment on temporary basis not toexceed four months and salary

Thorn, Stewart, promoted to clerk and salary increased, Turner, David F., salary increasedrolitical activities or assessments of funds for political cam-

paigns, advice to Senator Gillette that Boardhas issued no regulation on subject

Porters:

300Pages

4/30 5978/ 5 1098

5/24 7901/18 944/30 597

5/1 609

Accrocco, Russell A., resignation 7/ 3 988Boothe, John Woodley, appointment and salary on temporary

basis 7/20 1055Temporary appointment made permanent with no increase

in salaryBotts, Earl Eugene, appointment and salary on temporary

basisTemporary appointment made permanent with no increase in

salaryHyde, William, temporary appointment subject to termination

by return of employees from military serviceMorley, Michael, salary increasedNewton, James H., transferred to Division of Research and

Statistics as messengerTransfer to Division of Research and Statistics as mes-

senger made permanentSPargo, Calvin W., promoted to chauffeur for temporary

period of Richard Hall's assignment to otherduties and salary increased 10/31 1426

Sexton, W. H., salary increased 11/12 1454Sundberg, Roy Willard, appointment and salary on temporary

basis 7/20 1055

Deceased employees, Fiscal Agent authorized to make paymentto person reasonably entitled to receive it,Counsel's Office to be consulted in doubtfulcases 11/ 2 1435

Increases in the several divisions 4/30 596Military service, one month's unearned pay to be granted

those called for, in lieu of accrued annualleave 11/14 1461

'Procedure, report of Personnel Committee re adoption ofpermanent procedure and salary policy 3/27 417

Seasoned men, need cannot be met by continued employment of menwithout substantial experience 8/ 2 1087

10/21 1366

7/20 1055

10/21 1366

10/31 142611/12 1454

7/22 1058

10/19 1361


301Pages

Statff of Board of Governors: (Continued)6ecretary's Office:

Accrocco, Russell A., porter, resignation 7/ 3 988Aldrich, Clair M., guard, resignation 7/ 3 988Anderson, E. F., senior guard, salary increased 6/ 7 854Anderson, Eleanor K., file clerk:

Resignation accepted and not required to make refundfor excess leave taken 10/10 1322

Salary increased 4/30 597Baker, Seburn E., photographer, increase in salary 5/18 714Ball, Annie-Arden, stenographer, salary increased 4/30 597Bass, Sampson H., voucher clerk, salary increased 4/30 597Bastable, Claire A., stenographer:

Resignation 7/16 1036Salary increased 2/ 1 185

Bertol, Louis N., Captain of the Guard, salary increased 8/ 5 1098Bethea, L. P., Assistant Secretary, salary increased 7/16 1035Bishop, Bruce C., page, appointment and salary 6/ 3 827

Salary increased 8/ 5 1098Bloch, Stanley J., senior operator, duplicating devices, ap-

pointment and salary 6/27 950Salary increased 12/ 7 1560

Boothe, John Woodley, porter, appointment and salary ontemporary basis 7/20 1055

Temporary appointment made permanent with no increasein salary 10/21 1366

Botts, Earl Eugene, porter, appointment and salary on tem-porary basis 7/20 1055

Temporary appointment made permanent with no increasein salary 10/21 1366

Brennan, John C., Secretary to Mr. Bethea, salary increased 4/30 597Brown, Philip S., Assistant Chief in Correspondence and

Publications Section, appointment and salary 12/ 3 1540Burke, Catherine M., Chief Telephone Operator, increase in

salary 9/11 1208Butler, Marie, Editorial Assistant, appointment and salary

to edit banking studies 5/15 690Temporary appointment extended with no change in salary 10/26 1395

Cameron, James A., Jr., appointment and salary as elevatoroperator 6/21 927

Promoted to guard and salary increased 12/31 1715Carmichael, Elizabeth L., stenographer, appointment and

salary 12/ 7 1559Campbell, Frances Pauline, junior file clerk, appointment

on temporary basis and salary 8/13 1128Carpenter, S. R., Assistant Secretary:

Graduate School of Banking, selected to attend 1940 ses-sion, allowed leave, travel expenses and tuitionfees 3/22 395

Salary increased 7/16 1035Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

302Pages

haftSe '3f Board of Governors: (Continued)cret's Office: (Continued)Coffman, Hazel I., file clerk:

Resignation 5/29 812Salary increased 4/30 597

Conley, Helen G., stenographer, appointment and salary 9/13 1212Cooley, Leroy H., promoted from elevator operator to guard 11/27 1523Crews, Esther G., file clerk, salary increased 12/30 1710Crozier, Alma S., supervisor of charwomen, resignation of 11/28 1529Crump, Allison M., junior operator, office devices, salary

increased 5/18 714Davis, Margery, junior file clerk, salary increased 4/30 597

Salary increased 9/11 1208pedman Poor.+ r, ,., Jr., assistant index clerk, salary in-

creased 4/30 597Dewey, Ruth Ellen, junior file clerk, appointment on tem-

porary basis and salary 8/13 1128Dodd, Yvonne, secretary to Mr. Morrill, salary increased 4/30 597rury, Robert F., page, resignation 2/13 234DYeon, Nelson S., mimeograph operator, salary increased 5/18 714Ellison, Miles R., clerk, salary increased 4/30 597Fitzgerald, Frances S., senior clerk, salary increased 9/11 1208Pulwiler, Lucy E., stenographer, salary increased 2/ 1 185Garner, Robert M., elevator operator, appointment and salary

for period not to exceed one year 11/27 1523Glaser, Vera R., stenographer, transferred to Division of

Research and Statistics and salary increased 2/ 1 185Transferred from Division of Research and Statistics to

Correspondence and Publications Section 3/ 1 325Transferred to Division of Research and Statistics as

clerk-stenographer 6/ 7 854Glazebrook, Virginia T., stenographer:

Salary increased 9/11 1208Transferred from Division of Bank Operations to Corres-

pondence and Publications Section of Secretary'sOffice

11//lt 134554Glotfelty, Joseph T., Operating Engineer, salary increasedGoodloe, Ida, stenographer, appointment and salary 6/25 941Griffith, Flora J., telephone operator, salary increased 4/30 598Grimes, Frank H., Jr., assistant voucher clerk, salary in-

creased 4/30 597Haislip, Vivian, junior file clerk, salary increased 4/30 597

Salary increased 9/11 1208Hall, Richard E., Jr., promoted from elevator operator to

chauffeur and salary increased 6/21 927Promoted to clerk in Building Manager's office during

absence of regular clerk and salary increased 10/31 1426


303Pages

hart Of Board of Governors: (Continued)

°ecretaryt s Office: (Continued)Hammond, Bray:

Designated Chief of Correspondence and PublicationsSection

Salary increasedHammond, Julian B., guard:

Leave of absence for service with Marine CorpsPromoted from chauffeur and salary increased

Handley, Thomas B., clerk, military leave for duty withMarine Corps

Advice of entrance into military service sent Retire-ment Committee

Harvey, John C., plumber, resignation ofHauser, Adam V., chauffeur, appointed for indefinite period

on temporary basisHeher, J. G., senior guard, salary increasedHigdon, Margaret Lee, stenographer, salary increasedHorne, Roman L.:

Transferred from Division of Research and Statistics tobe Assistant Chief of Correspondence and Publi-cations Section

ResignationHuber, Frederick H., stenographer, resignationHunter, Beatrice, clerk, appointment on temporary basis and

3/ 17/16

12/166/21

11/13

11/2611/23

12/316/ 72/ 1

3/ 15/248/26

3241035

1610927

1457

15211516

1715854185

324790

1169

salary in Correspondence and Publications Sec-

tionHyde, William, porter, temporary appointment subject to ter-

mination by return of employees from militaryservice

Johnson, Claiborne, mail clerk, salary increasedJohnston, Margaret, file clerk, transferred to Division of

10/24

10/315/18

1379

1426714

Research and Statistics as stenographer, and

salary increased 2/ 1 186Jones, Robert H., mail clerk, salary increased 5/18 714Kausch, Ernest F., clerk, appointment and salary 8/16 1138Kay, George R., junior operator, office devices, salary in-

creased 5/18 714Kelleher, Joseph E., Supervisor of Duplicating, Mails and

Supplies, transferred from Guard on probationarybasis, with understanding that transfer would bemade permanent and salary increased if servicesare satisfactory 3/13 377

Appointment made permanent and salary increased 6/ 7 854Kenny, Francis S., senior operator, duplicating devices:

Resignation of 10/22 1371Salary increased 5/18 714

Kern, Harry E., promoted from elevator operator to supply

clerk 11/27 1523


304Pages

hap.,of Board of Governors: (Continued)

8ecretary's Office: (Continued)Kerns, Lawrence A., elevator operator, appointment and sal-

aryKidwell, P. Warren, promoted to junior operator, duplicat-

ing devices4i1ey, John N., Assistant Chief File Clerk:

Inquiry as to availability for immediate military mobil-ization in connection with application for com-mission in United States Naval Reserve

Salary increasedKilgore, J. Edward, Administrative Assistant, salary in-

creasedKirkland, Rexford M., operator, office devices, salary

Salary increasedlahold, Dorothy Y., stenographer, appointment and salaryKline, William A., printing clerk, transferred from Division

of Research and Statistics to Correspondenceand Publications Section 3/ 1 325

Kolinski, James, stenographer:Resignation of 11/20 1504Salary increased 4/30 597

6/21 927

11/27 1523

8/ 9 11094/30 597

4/30 5975/18 714

12/ 7 15608/30 1189

Krieger, D. Jeanne, Chief Stenographer, salary increased 4/30 597Leven, Mrs. Maurice: (See supra Butler, Marie)MacDowell, M. DuBose, inventory clerk, salary increased 9/11 1208Maize, Samuel B., Jr., page, salary increased 4/30 597

Salary increased 8/ 5 1098McAllister, Emily Ann, file clerk, appointment and salary

on temporary basis and admitted to RetirementSystem 12/30 1709

McCrary, Ruth, file clerk, appointment and salary 2/ 1 185Salary increased 4/30 597Salary increased 12/ 2 1538

MoGinniss, Harry W., III, elevator operator, resignationaccepted 1/ 9 44

McKnew, Elva H., clerk, salary increased 4/30 597McNeese, Marie G., file clerk, appointment made permanent,

salary increased, and allowed to join Retire-ment System 5/ 1 603

Meiser, E. Katherine, stenographer, salary increased 4/30 597Mitchell, Charlotte N., stenographer, appointment and sal-

ary al If/12 17 4

559Morley, Michael, porter, salary increasedMorrill, Chester, Secretary:

Alterations on Board's building by filling courts, etc.,to review drawings with Mr. Davis upon his re-turn and circulate memo for Board action 9/10 1202

Building addition committee, to act as secretary to 10/29 1411Conference at Treasury on Bank of America, authorized

to attend 1/ 8 31-2Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

hatP Of Board of Governors: (Continued)t'ecretaryt s Office: (Continued)

305Pages

Mount, Hubert T., elevator operator, appointment and salary

not to exceed one year 11/27 1523Mulranen, E. T., Chief Telegraph Operator, retirement ap-

proved and special contribution authorized 6/3 827Murphy, Royal J., marble maintainer, salary increased 11/12 1454Murphy, Sarah B., secretary to Mr. Carpenter, salary in-

creased 4/30 597Nelson, F. A., Assistant Secretary:

Salary increased 7/16 1035Selective Training and Service Act, designated to

handle personnel matters for Board 10/22 1372Transferred from Division of Examinations with no

change in salary 6/3 826Newton, James H., porter, transferred to Division of Re-

search and Statistics as messenger 7/22 1058Transfer to Division of Research and Statistics as mes-

senger made permanent 10/19 1361Noell, J. C., Assistant Secretary, transferred to Division

of Examinations as examiner and given authorityto examine FRBanks 6/3 826

O'Brien, Bernice, file clerk, salary increased 4/30 597O'Sullivan, David, promoted from elevator operator to guard,

salary increased, and name changed to DavidSullivan 1/11 55

Parkhill, Dorothy M., stenographer, salary increased 4/30 597Paul, Walter E., stenographer, salary increased 4/30 597

Transferred to Office of Mr. Szymczak with no change

in salary 7/11 1014Peregory, Walter L., junior operator, office devices, salary

increased 5/18 714Phinney, Paul T., senior guard, salary increased 6/7 854Pinn, William E., mail clerk, salary increased 5/18 714Pitzer, Ruby A., junior file clerk, salary increased 4/30 597Poeppel, Edna B., Chief File Clerk, salary increased 4/30 597Pool, W. S., transfer from telegraph office to guard and

reduction in salary deferred pending review 8/ 2 1088

Poundstone, John M., clerk, salary increased 4/30 597Rice, Margaret A., clerk, salary increased 9/11 1208

Transferred to Correspondence and Publications Section

of Secretary's Office 3/1 325

Rieseberg, Robert W., clerk:Resignation 7/2 977Resignation withdrawn 7/17 1042Salary increased 4/30 597

Riston, Percy C., assistant supervising janitor, salary in-

creased 11/12 1454Root, Rose D., file clerk, salary increased 12/30 1710


ha 0 A

44 Of Board of Governors: (Continued)Secretary's Office: (Continued)

Sanderson, James W., chauffeur:Promoted to guard during leave of Julian Hammond and

306Pages

salary increased 12/31 1715Salary increased 11/12 1454

Sexton, W. H., porter, salary increased 11/12 1454Shock, Kermit E., page, appointment and salary 2/13 234

Salary increased 8/ 5 1098Shollenberger, Lewis, page, salary increased 4/30 597

Salary increased 8/ 5 1098Sloan, Lida B., stenographer:

Leave of absence to take position with Advisory Commis-sion to Council of National Defense and to makeBoard's and own contributions to RetirementSystem 6/15 890

Additional leave of absence to work with Advisory Com-mission

Salary increasedSmith, Mildred F., stenographer, salary increasedSpeakman, Lillian E., telephone operator, appointment and

12/192/14/30

1649185597

salary on temporary basis 6/7 855Spargo, Calvin, promoted to chauffeur during period of

Richard Hall's assignment to other duties andsalary increased 10/31 1426

Spurney, F. E., Building Manager, salary increased 7/16 1035Steinacker, William A., operator, duplicating devices, ap-

pointment and salary 12/ 7 1559Stocker, Edward E., page, temporary appointment not to ex-

ceed four months and salary 5/24 790Sullivan, David, promoted from elevator operator to guard,

salary increased, and name changed from DavidO'Sullivan 1/11 56

Sundberg, Roy Willard, porter, appointment and salary ontemporary basis 7/20 1055

Surguy, J. Robert, printing clerk:Salary increased 5/18 714Transferred from Division of Research and Statistics to

Correspondence and Publications Section 3/1 325Talbott, Laura S., file clerk, appointment and salary on

temporary basis and allowed to join RetirementSystem 12/30 1709

Thomason, Louise, typist, salary increased 4/30 597Thompson, Robert K., General Assistant:

Leave of absence to accept position with Advisory Com-mission, and to make Board's contributions toRetirement System 7/1 965

Additional leave of absence to work for AdvisoryCommission 12/19 1649

Salary increased 4/30 597Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

307Pages

Statf,of Board of Governors: (Continued)

oecretary's Office: (Continued)Thorn, Stewart, promoted from page to clerk and salary in-

creased 1/18 94Salary increased 9/11 1208Transferred to Correspondence and Publications Section

of Secretary's Office 3/ 1 325Todd, Mildred Evelyn, file clerk:

Appointment made permanent, salary increased, and al-lowed to join Retirement System 5/ 1 603

Salary increased 12/ 2 1538Transferred as clerk to Duplicating, Mails and Supplies

Section with no change in salary 12/ 7 1560Treacy, Norbert C., promoted to guard and salary increased 12/31 1715Trott, Sarah L., stenographer, appointment and salary 9/13 1212Turner, David F., page, salary increased 4/30 597Tyler, Dorris M., stenographer, appointment and salary 6/25 941Tyrell, Alice E., file clerk, salary increased 4/30 597Unger, B. M., guard, promoted to senior guard and salary in-

creased 12/31 1715Ward, Thelma E., file clerk, appointment made permanent,

salary increased, and allowed to join Retire-ment System

Salary increasedWatkins, F. L., Chief Mail Clerk, salary increasedlitson, Mary H., file clerk, granted additional sick leave

with pay until January 1, 1941testergren, Ruth A., personnel clerk, salary increasedWheeler, Rutledge R., mail clerk:

Resignation ofSalary increased

Wilkinson, Clarence M., chauffeur, salary increasedZidek, Louis W., promoted to stenographer from elevator

5/ 1 60312/ 2 15385/18 714

10/16 13384/30 597

10/21 13665/18 71411/12 1454

operator and salary increased 6/ 7 855Transferred to Division of Examinations road force as

assistant examiner for temporary period 9/ 5 1192

Sp Youngblood, Marie M., junior file clerk, salary increased 12/ 2 1538cal Assistants:Warren, Robert B., employed for additional period not to

exceed fourteen days 1/18 93Woodward, Donald B., employment for additional period not

Slum- to exceed fourteen days 1/18 9344iLer schedule authorizing maintenance of skeleton force on

Saturdays approved subject to same regulationsas in force last year 4/26 583

graph operators:Cooley, L. H., transferred to Secretary's Office as elevator

operator with no change in salary 2/19 263


8taff of Board of Governors: (Continued)1 egraph operators: (Continued)Mulranen, F. T., Chief Operator, retirement approved and

special contribution authorized 6/ 3 827Retirement allowance increased by means of addition to

special contribution by Board 6/21 928Policy of Board because of installation of automatic equip-

ment to be reviewed 8/ 2 1088Pool, W. S., transfer to guard and reduction in salary de-

ferred pending review by Secretary's Office 8/ 2 1088Mr. Nelson to make investigation of possible ways to

utilize services in Board's organization, or in

Te other departments, or both 10/ 1 1267lephone operators:Burke, Catherine M., Chief Operator, salary increased 9/11 1208Griffith, Mrs. Flora J., salary increased 4/30 598Speakman, Lillian E.:

Temporary appointment and salary 6/ 7 855Resignation 7/ 9 1008

4-4er Questionnaire, Mr. Ransom to assign responsibility for

t4t18birr.,,. working up answers to questions 7/16 1032

--J, F. B., advised that margin not required under RegulationT for sale of securities held in account but notdelivered against sale, and securities bought in

arle to cover sale at later date 1/ 3 13Y, Rulon F., cost of luncheon in Board's dining room to be

ate 1, borne by Board 12/11 1594ti..s k supervisors:'Partment of Justice Committee on Administrative Procedure,

Board to ask committee to send card notifyingof public hearings 6/ 4 845Re of

U, administration as applicable to member and nonmem-ber insured banks, advice to FRBanks that super-

ate visors have agreed to cooperate 6/ 3 829te-arikers Associations:Partment of Justice Committee on Administrative Procedure,

Board to ask committee to send cards to secre-

e taries notifying of public hearings 6/ 4 845Re departments:

U, administration as applicable to member and non-member insured banks, advice to FRBanks thatState Bank Supervisors have agreed to cooperateand that FRBanks may wish to express their ap-preciation to banking departments 6/ 3 829

ilelease of securities deposited by banks terminating operationof fiduciary powers, FRBank of Kansas City re-quested to discuss with Nebraska authorities

308Pages

4/18 516

wk.Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Statepe_r,A_ rpa tment:441eican Scientific Congress celebrating fiftieth anniversary

of Pan American Union, Messrs. Wyatt andGardner to attend as representatives, adviceto Mr. Sumner Welles

4nco Central del Ecuador, technical adviser to, department re-

quested to make suggestions re recommending ap-

pointment of8ank of Uruguay, loan from Guaranty Trust Company of New York,

communication from bank ordered sent to State

Department for actionCentral Bank of Bolivia, shipment of gold by FRBank of New

York, suggested that State Department attorneys

investigate claim by Banco Mercantil, La Paz,

309Pages

5/ 9 657

941 1209

7/2 975

Bolivia before shipment is made 6/ 4 835Telegram from FRBank re possible courses received, Messrs.

Ransom and Wyatt to confer with Mr. Welles 6/12 873Letter ordered sent FRBank that Board hopes that wishes

of Government can be carried out and Mr. Ransomto discuss question of appropriate legislation

?/b3allk with State and Treasury Departments 6/17 893

of New York's correspondence with, re Neutrality Actwithout first submitting matter to Board, memoto be prepared for discussion with Mr. Harri-son

Inter-American Bank, Messrs. Goldenweiser and Gardner to attend

meeting of Treasury and State Department offi-

cials and state that Board questions economic

justification of bank and whether it should be

administered by central banks or governments,and Mr. Eccles to call Mr. Welles and suggesta determination of attitude of this Government

toward creation of such bankReport by Mr. Eccles of discussion with Mr. Berle and what

State Department hopes to accomplish by bank,and Mr. Eccles to request Messrs. Goldenweiserand Gardner to submit recommendation as to or-

ganization that might be set upMessrs. Gardner and Goldenweiser to prepare memo to, making

recommendations as to control, representationand capital, and letter ordered sent to Mr.Berle advising that memo was being prepared

Memo and letter approved with understanding that Board mem-

bers were not committed with respect to positionthey might ultimately take

Proposals submitted by Board and Treasury, agreement onpoints of difference, Mr. Goldenweiser to sug-gest to Mr. Berle that he undertake to get

agreement

1/10 52

1/ 8 27

1/15 67

1/16 71

1/19 99

1/25 131


hat

310Pages

1 Department: (Continued)liter-American Bank: (Continued)

Mr. Eccles authorized to meet with officials of Treasuryfor purpose of reaching agreement on a plan 1/26 140

Report of Mr. Gardner that it had been agreed that draft ofstatute does not preclude selection of Board orTreasury to direct bank and that draft would bechanged to eliminate implication that centralbanks would be precluded from management, andletter to Mr. Berle approved as amended with un-derstanding that Chairman would read it to Mr.Gaston before transmitting, and state thatBoard believed bank should be established bylegislative action

Organization by Congressional action only method thoughtdesirable by Board, Mr. Wyatt directed to ad-vise representatives of

Report by Mr. Eccles that he had advised Mr. Gaston thatlegislative action should be used and that Mr.Gaston had concurred

Report of Mr. Gardner on meeting of Board's representativeswith Treasury to consider changes in draft ofbylaws to remove implication that ownershipand control could not be in central banks

Advice that Mr. Berle agreed with view that draft of by-laws would be submitted to Governments andBoard would have opportunity to suggest fur-ther changes when suggestions of other coun-tries were considered

Charter under laws of United States, statement of Mr. Wyattthat procedure was now proposed, and would re-quire special legislation

Advice from Mr. Goldenweiser that Board will have oppor-tunity to state its position in case that suchprocedure is followed

Drafts of convention, special charter and bylaws approvedby Advisory Committee, letter recommendingchanges that Board believes should be made, or-dered prepared and transmitted to, with endeavorto obtain acceptance of recommendations priorto March 15

Advice to Mr. Berle that Board believes bylaws should beamended in two respects, letter approved and

1/29 151

1/29 153

1/29 157

2/ 2 191

2/ 2 193

2/ 2 194

2/ 2 194

2/13 230

copy ordered sent to Secretary of Treasury 3/ 8 357Letters to Mr. Berle, copies not to be sent to FRBank of

New York at this time 3/12 370Memo re conference at Treasury on points covered in Board's

letter to Mr. Berle, Messrs. Wyatt and Golden-weiser to revise draft of letter to Mr. Berle 3/26 407


teDepartment: (Continued)Illter-American Bank: (Continued)

Letter approved, copies ordered sent to Secretary of Treas-ury and President of Export-Import Bank

Governments designating central banking authority to ap-point director and represent government at itsrelations with, statement inserted in minutesof Financial and Economic Advisory Committee topermit, advice to Mr. Berle that Board is grat-ified suggestion was acceptable

No objection to statement by department that Board expertsassisted in drafting legislationItalian

Central Institute of Statistics, receipt and storage in

311Pages

3/27 412

4/ 8 474

6/28 959

Rome of articles addressed to Board, any arrange-

State ment will be satisfactory 10/31 1428ember banks:

'llerican Falls Bank, Inc., American Falls, Idaho, membership inFRSystem, application approved, situation to beclosely supervised and deposit with nonmemberbank to be reduced 12/21 1658

Inquiry from FRBank of San Francisco how Board acts on ap-plications of small banks, Messrs. McKee andPaulger to discuss with FRBank 12/23 1670

American Trust & Savings Bank, Dubuque, Iowa, membership inFRSystem, application approved, Dubuque Fire& Marine Insurance Co. ruled not to be holdingcompany affiliate for any purposes other thanthose of section 23A of FRAct 11/19 1498

Anier'ican Trust Company, San Francisco, Calif.:Branch banks, domestic:

Berkeley, Calif., removal of branch does not result inestablishment of new branch and Board's ap-proval not required 4/18 515

Retail installment paper held on call date, FRBank of SanFrancisco requested to obtain supplementary in-formation from bank in connection with attemptby Census Bureau to have statistics broken downby selected cities, and similar letters sent to

Atlant. c other FRBanks 1/ 6 23i Trust Company, Jacksonville, Fla., income taxes, cer-

tification to Bureau of Internal Revenue ofearnings devoted to acquisition of readily

kro marketable assets during 1936 5/ 9 656Ca State Bank, Avoca, Iowa, withdrawal from FPSystem, waiver

of six months notice and permission for im-mediate, FDIC granted permission to examine 12/31 1716


Statemember banks: (Continued)

312Pages

8ank of Alberta, Inc., Alberta, Va., membership in FRSystem,application approved, special powers may not beexercised without permission 11/ 4 1437Batik of America N.T. & S.A., San Francisco, Calif., trustee ac-count agreement as used by, bank's position isthat of debtor and not trustee in handling sav-ings and commercial accounts under 12/12 1598

8Wc of Babylon, New York, membership in FRSystem, applicationapproved, conditions re depreciation in fixed

Bank assets and capital adjustments not prescribed 10/29 1414

of Canton, Oklahoma, membership in FRSystem, applicationapproved, capital and number of directors tobe increased 6/14 886

B Certified to FDIC as member of FRSystem 7/12 1025ankof Carmel, Calif., banking quarters, expenditures approved

retroactively on condition that program of pro-vision for depreciation in premises and fixturesbe maintained 3/ 1 329

13411k of Christiansburg, Va., membership in FRSystem, applicationapproved, special powers not to be exercised bybank, and condition requiring elimination of

tanklosses not prescribedof Commerce, Oakland, Calif., designation of Oakland as Re-

serve city terminated, FRBank of San Francisco

kik requested to advise bank

of Crane, Missouri, membership in FRSystem, application ap-proved

ik of Great Neck, N. Y., condition is shown by examination re-port to be unsatisfactory and FRBank of New York

2/21 278

1/24 123

4/ 3 445

requested to attempt improvements 6/11 867of Greene,

krIkInc., Stanardsville, Va., membership in FRSys-tem, application approved, special powers maynot be exercised without permission and reserve

ilkak to be treated as valuation reserve 10/17 1348of Keytesville, Missouri, membership in FRSystem, applica-

tion approved, capital to be increased 2/ 2 195of Maxville, Arnold, Mo., membership in FRSystem, applica-

tion approved, excessive balance with nonmember

kik bank to be reduced 12/12 1597Of Monroe, Union, West Virginia, membership in FRSystem,

application approved 3/ 5 340of Montpelier, Indiana, membership in FRSystem, application

approved 4 9/17 1218of Ohio Valley, Pittsburgh, Pa., membership in

FRSystem,.41c

application approved, earnings record to bewatched and number of directors not to be re-duced below five 10/28 1405


313Pages

state, member banks: (Continued)'pal* of Ohio Valley: (Continued)

Reserves, permission to carry reduced upon admission tomembership in FRSystem

8arat of Orleans, Orleans, Ind., membership in FRSystem, appli-cation approved

Bank of Pioche, Incorporated, Pioche, Nevada, membership inFRSystem, application approved, savings ac-counts to be brought into conformity with reg-ulations 8/20 1150

Bank of Quinwood, West Virginia, membership in FRSystem, appli-cation approved subject to charge offs, certain

Bank ..... papers not properly authenticated 3/25 400ul Shawsville, Inc., Shawsville, Va., membership in FRSys-

tem, application approved, certain powers mayBanknot be exercised without permission 12/27 1696

of Sturgeon Bay, is.:Branch banks, domestic:

Ephraim, Wis., establishment of seasonal agency approvedBank if approved by State authorities

of Wadesboro, North Carolina, membership in FRSystem, ap-plication approved, special powers not to be

BA exercised--uk. of Wood County Company, Bowling Green, Ohio, membership in

FRSystem, application approved subject to chargeoff of losses

8"-e Ground State Bank, Battle Ground, Ind., membership inFRSystem, application approved, losses to becharged off and personnel strengthened

13elOit State Bank, Beloit, Wis., membership in FRSystem, appli-cation approved, charge off of certain lossesnot required but adequate security for certainloans must be maintained 12/27 1697B1 •00Infle1d State Bank, Bloomfield, Ind., certified to FDIC as

Bol iv

_ member of FRSystem 1/ 6 22ar State Bank Company, Bolivar, Ohio, membership in FRSys-

ten, application approved, restrictions ondividend payments should be endorsed on stock

BoundBrook

certificates 'k Trust Company, Bound Brook, N. J., membership in

FRSystem, application approved, certain powersmay not be exercised without permission of

8 BoardTrust Company of Brazil, Ind., membership in FRSystem,

application approved, compliance with condition6 waived because of Indiana law

11/ 4 1438

7/ 8 1004

4/18 514

2/23 286

2/13 235

8/26 1171

12/11 1590

8/24 1165

10/ 1 1272


314Pages

Stat e member banks: (Continued)8Nnx County Trust Company, New York City, N. Y.:

Branch banks, domestic:Bronx, Borough of, no objection to purchase of three

branches from National City Bank of New York 4/26 579Plans changed, Board will reconsider when necessary 5/ 1 605Advice that negotiations for purchase of three

branches from National City Bank had been ter-minatedBrooks 5/13 676

Bank and Trust Company, Torrington, Conn., banking quar-ters, no objection to expenditure to purchaseadjoining land 8/29 1186

13111ske State Bank, Burke, S. D., withdrawal from FRSystem, im-mediate withdrawal approved and permission toFDIC to examine in order to continue as nonmem-ber insured bank 2/26 304krlington City Loan and Trust Co., Burlington, N. J., member-ship in FRSystem, application approved, specialpowers may not be exercised without permission 10/30 1420California Bank, Los Angeles, Calif., absorption of AmericanNational Bank of Santa Monica, Calif., approved 11/29 1536

Retail installment paper held on call date, FRBank of SanFrancisco requested to obtain supplementaryinformation from bank in connection with at-tempt by Census Bureau to have statistics brokendown by selected cities, and similar letterssent to other FRBanks 1/ 6 23

Camillus Bank, Camillus, New York, membership in FRSystem, ap-plication approved, savings account to bebrought into conformity with regulations 12/18 1655

41110 Grove State Bank, Camp Grove, Ill., membership in FRSys-

eaPi tern, application approved 11/ 8 1452

tal requirements of State member banks with out-of-townbranches, reply to Senator Sherman Minton 8/ 5 1099

ehil3Pewa Trust Company, St. Louis, Mo., administering of twoexecutorships now held will not be objected to,with understanding that no other fiduciary busi-ness will be acquired without Board's permission 3/ 8 359

Bank, Hebron, Ind., fiduciary powers, application toexercise limited powers approved and conditions

zens of membership imposed 8/27 1183Bank & Trust Company, Big Timber, Mont., banking

quarters, no objection to expenditures for addi-

°It tional property and remodeling premises 4/25 567izeus Banking Company, Anderson, Ind., membership in FRSys-

tem, application approved, compliance with con-dition 6 waived, conflict between charter andbylaws to be corrected 12/23 1678Citizens

State Bank, Knox City, Texas, membership in FRSystemapplication approved 6/21 930 ,Digitized for FRASER


315Pages

: (Continued)Bank, Knox City: (Continued)of membership prohibiting engaging as business inselling obligations representing real estateloans does not prohibit infrequent and isolatedtransactions 7/ 2 978

Bank, Marshall, Ind., membership in FRSystem,application approved 10/17 1349

Bank of Ontonagon, Mich., membership in FRSys-tem, application approved 11/15 1474

Bank, Roby, Texas, membership in FRSystem, ap-plication approved 4/ 5 470

Bank of Strasburg, Ohio, membership in FRSystem,application approved, savings accounts to bebrought into conformity with Board's regula-tions

Citizens-Waynesboro Bank & Trust Co., Waynesboro, Va., member-ship in FRSystem, application approved, specialpowers not to be exercised by bank, conditionre elimination of losses not prescribed

of Washington, D. C., membership in FRSystem, appli-cation approved, Board's permission must be ob-tained before certain powers may be exercised

Company, Lorain, Ohio, membership in FRSystem, appli-cation approved

Farmers Trust Company, New York, N. Y., common trustfunds, three funds may be consolidated

Membership condition prohibiting purchase of stock of otherbanks, etc., action on request for cancelationdeferred pending studies

eitY Trust & Savings Bank, Youngstown, Ohio, capital stock re-duction approved to permit compromise of claimsby waiving depositors

Waiving depositors' agreement referred to in connection withmembership approval of Freeport State Bank, Free-port, Ohio

Lake Bank & Trust Company, Clear Lake, Iowa, membershipin FRSystem, application approved, dividend pay-ments to be supervised

Trust Company, New York, N. Y., absorption of Kings-boro National Bank of Brooklyn in New York

Trust Company, Kansas City, Mo., absorption of UnionAvenue Bank of Commerce, Kansas City, no objec-tion

Commerce Union Bank, Nashville, Tennessee:Absorption of Broadway National Bank, Board will insist upon

no action at this time

State member banksCitizens State

Condition

Citizens State

Citizens State

Citizens State

Citizens-State

City Bank

City Bank

eitY Bank

Clear

C010nial

C°Mmerce

5/7 639

2/21 280

6/29 963

5/1 604

7/24 1061

8/16 1143

6/25 945

7/17 1044

9/ 9 1199

5/24 793

6/21 931

8/27 1181


hate member banks: (Continued)

Commerce Union Bank, Nashville: (Continued)Capital stock increase, FRBank of Atlanta requested to re-

view again about first of February, 1941Examination, employees of Nashville Branch designated spe-

cial assistant examiners to assist inReal estate loans, sale of bonds, notes, etc., represent-

ing, no objection to plan under membership con-dition

C°mmercial Bank, Blue Hill, Nebraska, membership in FRSystem,application approved, duly constituted boardof directors of at least five members must beset up

C°Mmeroial

8/27

3/22

12/ 9

12/27

316Pages

1181

394

1566

1699Bank of Heber City, Heber, Utah, membership in

FRSystem, application approved, losses to becharged off

C°Mmeroial11/28 1531

Bank of Spanish Fork, Utah, savings accounts, with-drawal notice in pass books, correction to be

0. made in phraseology(1.mercial Trust and Savings Bank, Mitchell, S. D., considered

C 0 Tr... by Board to be member bank-"onwealth Trust Company of Pittsburgh, Pa., condition report

may be accepted despite differences in arrange-ment, provided amounts of items agree with cor-responding items of report filed with FRBank,letter to FRBank of Cleveland

Condition report, no objection to acceptance of statementspublished in manner followed, provided the re-vised groupings of the items is made for purpose

• of complying with State requirements(Indltion reports:

Call as of December 29, 1939Call as of March 26, 1940Call as of June 29, 1940Call not immediately contemplated by Board, telegram to

12/11 1593

12/11 1591

1/24 122

3/ 5 342

1/ 33/287/ 2

11422976

FRBanks referred to Messrs. Davis and Smeadfor decision whether it should be sent out

Farmers loans, showing in reports, copy of proposed sched-ule sent Department of Agriculture With requestthat copies be printed and sent to Board

10/ 9

5/28

1307

810FDIC may use data obtained in June call in press statement

showing condition of all insured commercialbanks 8/23 1161

Form F.R. 105, amendment to provide for correct reporting ofitems called for in Schedule D, Miscellaneous 1/31 174

Amended as recommended 5/16 703Forms and instructions for next call sent to State member

banks 3/19 391P°rms sent to FRBanks for next call 6/11 869


State member banks: (Continued)Condition reports: (Continued)

Forms and instructions for next call sent FRBanksInstallment paper, personal and retail, banks to be re-

quested to report in end-of-Year call reportPersonal and retail installment paper loans, data to be re-

quested in end-of-year call and Mr. Smead au-thorized to make changes in form

Pledged balances due from banks and pledged time depositson deposit should be included in item 4 ofSchedule D, letter to FRBanks

Temporary loan notes of local housing authorities, lettersto Comptroller and FDIC re proper method ofcarrying on reports

Corydon State Bank, Corydon, Iowa, membership in FRSystem, appli-cation approved, fiduciary powers not to be ex-ercised without permission

County Bank and Trust Company, Cambridge, Mass., banking quar-ters, no objection to purchase of property andexpenditures for alterations and improvements

County Trust Company, White Plains, N. Y.:Absorption of Hartsdale National Bank and establishment of

branch at Hartsdale, N. Y., approved in connec-tion with

Absorption of Mt. Pleasant Bank and Trust Co., Pleasant-ville, N. Y.

Establishment of branch at Pleasantville, N. Y., ap-proved

State Bank, Crosby, Texas, membership in FRSystem, ap-plication approved

State Bank, Crowell, Texas, membership in FRSystem, ap-plication approved, condition requiring chargeoff of losses not prescribed

County Bank, Gold Beach, Oregon, withdrawal from FRSys-tem, waiver of six months notice and permissionfor immediate

County Bank, Custer City, So. Dak., Custer, South Dakota,membership in FRSystem, application approved,irregularity re number of directors to be cor-rected

taxisard State Bank, Monroe, Mich., withdrawal from FRSystem,six months' notice waived and permission givenfor immediate withdrawal

Savings Bank, Dexter, Mich., membership in FRSystem, ap-plication approved

DuPo State Savings Bank, Dupo, Ill., membership in FRSystem, ap-plication approved

Crosby

Crowell

Olarrie

Custer

beXter

317Pages

12/13 1603

12/19 1651

11/29 1535 _1

1/24 125

5/22 771

6/10 860

1/30 166

5/21 757

6/18 910

7/10 1012

8/10 1116

5/17 709

5/ 7 640

9/24 1239

1/27 147

8/23 1161

4/26 5764


State member banks: (Continued)

318Pages

Early Savings Bank, Early, Iowa, membership in FRSystem, appli-cation approved 11/27 1524

Earnings and expenses for 1939, American Bankers Associationwill be furnished data when completed 5/14 684

East Side Trust and Savings Bank, Chicago, Ill., reserves, per-mission to maintain same reserves against netdemand deposits and time deposits as requiredto be maintained by Reserve City banks 1/16 81

Easton-Taylor Trust Company, St. Louis, Mo.:Delk Investment Corporation ruled not to be holding company

affiliate of, and bank need not publish condi-tion report of Corporation nor of Laclede Bond& Mortgage Company 1/23 116

Egg Harbor City Trust Company, Egg Harbor City, N. J., member-ship in FRSystem, application approved, not au-thorized to exercise powers not exercised attime of admission, management to be supervised,charge off of losses not prescribed 4/11 497

Elston Bank & Trust Company, Crawfordsville, Ind., membershipin FRSystem, application approved, adjustment tobe made in stock, management to be supervisedand Ben Hur Life Association ruled not to beholding company affiliate of 5/15 694

Etna Bank, Etna Green, Ind., membership in FRSystem, applicationapproved, losses to be charged off and compli-ance with condition 6 waived due to Indiana law 10/17 1347

EXchange Bank, Warren, Ind., membership in FRSystem, applicationapproved 7/17 1042

Fairmount State Bank, Fairmount, Ind., membership in FRSystem,application approved, condition requiring chargeoff of losses not prescribed, certificate of de-posit not in conformity with Regulation Q 7/10 1011

N11 River Trust Company, Fall River, Mass., banking quarters,no objection to purchase of building 1/13 62

Farmers and Bank of Amherst, Virginia, membership in FRSystem,application approved, stock program and amortiza-tion of premiums on bonds to be supervised 5/18 715

aF rmers and Citizens State Bank, Crestline, Ohio, membership inFRSystem, application approved, reserve to becreated for dividends, capital increased anddebentures not retired except on certain condi-tions

parmers and Merchants Bank of Blacksburg, Virginia, membershipin FRSystem, application approved, certainpowers may not be exercised without permissionof Board

Farmers and Merchants Bank, Bosworth, Ind., membership in FRSys-tem, application approved, losses to be chargedoff

6/10 859

8/15 1135


Nte member banks: (Continued)Farmers and Merchants Bank of Fenton, Mo., membership in FRSys-

tem, application approved, FRBank to watch forirregularities, affiliate relationship existsbetween bank and realty company 10/18 1356

Farmers and Merchants Bank of Linesville, Pa., membership inFRSystem, application approved, savings de-posits to be brought into conformity withBoard's regulations 5/23 776Farmers and Merchants Bank of Lodi, California, membership inFRSystem, application approved, losses to becharged off and savings account and loan broughtinto conformity with Board's regulations 7/19 1051

Parmers and Merchants Bank of Rich Creek, Virginia, membershipin FRSystem, application approved, certainpowers not to be exercised without permissionof Board 7/16 1036

Parmers and Merchants Bank Company, Arlington, Ohio, membershipin FRSystem, application approved, certain prac-tices in handling bank's securities account tobe corrected 5/ 4 630

Farmers and Merchants Bank Company, Sylvania, Ohio, absorptionby Sylvania Savings Bank Company 7/ 8 1005Farmers and Merchants State Bank, Logansport, Ind., membershipin FRSystem, application approved, losses tobe charged off, capital account and trust de-partment to be supervised 8/26 1172

Parmers and Merchants State Bank of Merrill, Mich., membershipin FRSystem, application approved 6/17 904

Parmers and Merchants State Bank, Oldenburg, Ind., membershipin FRSystem, application approved subject tocharge off of losses 1/13 61

Farmers and Traders Bank of California, Mo., membership inFRSystem, application approved subject to chargeoff of losses 2/21 282

Farmers Bank of Edinburg, Inc., Edinburg, Va., membership inFRSystem, application approved, permission ofBoard necessary to exercise any additionalpowers 10/10 1323F, powers

Bank of Mt. Pulaski, Ill., membership in FRSystem, ap-plication approved, number of directors to beincreased and charge off of losses not re-quired 12/14 1606

Farmers Bank, Shreve, Ohio, membership in FRSystem, application

Faapproved 8/ 2 1089

rmers Loan and Trust Company, Columbia City, Ind., membershipin FRSystem, application approved, losses to becharged off, adjustments made in stock and ex-cess balance with nonmember bank reduced

319Pages


320Pages

Sta te member banks: (Continued)Farmers State Bank, Cleveland, Texas, membership in FRSystem,

application approved, excess balance with non-member bank to be reduced

Farmers State Bank, Jesup, Iowa, membership in FRSystem, appli-cation approved

Bank, Sweetser, Ind., membership in FRSystem, ap-plication approved

Bank, Nest College Corner, Ind., membership inFRSystem, application approved, condition notprescribed requiring pledge of funds to replacetrust funds deposited in commercial department

Bank of Yorkville, Ill., membership in FRSystem,application approved 12/19 1649

Bank and Trust Company, Cuero, Texas, membershipin FRSystem, application approved, specialpowers not to be exercised without permission,supervision to be exercised over managementand excess balance with nonmember bank to bereduced 4/26 577

Company, Franklin, Ind., membership in FRSystem,application approved, condition not prescribedrequiring pledge of collateral for trust fundsdeposited in banking department 6/22 936

Company of Middletown, Pa., membership in FRSys-tem, application approved, certain powers notto be exercised without permission and requestfor information on capital

Company, Van Buren, Ind., membership in FRSystem,application approvedand loan association stock, purchase by TexasState member banks, copy of ruling sent FederalHome Loan Bank Board

Trust Company, Newark, N. J., capital stock, definiteplans for strengthening must be made without un-due delay

Farmers State

Farmers State

Farmers State

Farmers State

Parmers Trust

Parmers Trust

Farmers Trust

Pederal savin

Federal

Pirst Bank of Charlestown, Ind., membership in FRSystem, appli-cation approved, fiduciary business may not beexpanded without permission of Board

Bank and Trust Company, Cairo, Ill., membership in FRSys-tem, application approved, condition re realestate operations not prescribed

Bank and Trust Company of Utica, N. Y., membership inFRSystem, application approved, bank to takeover affairs of First Citizens Bank and TrustCompany

,. Certified to FDIC as member of FRSystem'Iz'st Capitol State Bank, West Columbia, Texas, membership in

FRSystem, application approved

gs

First

First

11/28 1531

5/21 756

6/17 904

5/18 716

12/23 1676

10/ 4 1279

8/15 1137

2/29 317

11/14 1468

12/27 1698

6/21 9287/ 8 1004

8/ 7 1104


hate member banks: (Continued)First Citizens Bank and Trust Company of Utica, N. Y., FDIC

granted permission to examine 6/ 3 828First Old State Bank, Elkhart, Ind., membership in FRSystem,

application approved, trust department to beoverhauled and compliance with condition retrust funds waived 12/ 6 1557

First-Owensboro Bank & Trust Co., Owensboro, Ky.:Assets segregated in accordance with State laws need not

be reported as pledged assets in condition re-3/25 405ports

First National Bank of Louisville granted general votingpermit to vote stock of 1/ 2 7

Trustees*w*First National Bank of Louisville, Ky., generalvoting permit granted to vote stock of 1/ 2 8

First Savings Bank of Ravenna, Ohio, membership in FRSystem,application approved, savings account to bebrought into conformity with Board's regula-tions 8/10 1115

Extension of time to accomplish 9/ 6 1198,. Extension of time to accomplish 10/ 8 13053-rst Security Bank of Idaho, Boise, Idaho:

Conversion into national bank, holding company should securenew general voting permit 10/30 1423

Conversion into First Security Bank of Idaho, N. A., andapplication for fiduciary powers approved 12/23 1680

Obligations of Commodity Credit Corp., are guaranteed byU. S. and may be purchased by State memberbanks without regard for Sec. 5136 R.S. 5/15 699

First State Bank, Aransas Pass, Texas, membership in FRSystem,application approved 12/23 1680

First State Bank, Bandera, Texas, membership in FRSystem, appli-cation approved 11/20 1504

P'irst State Bank, Bangs, Texas, membership in FRSystem, applica-tion approved, condition of bank to be improved 8/13 1129

Pirst State Bank of Decatur, Ind., membership in FRSystem ap-plication approved, losses to be charged off,adjustments made in capital and managementstrengthened 6/15 890

First State Bank, Dumas, Texas, membership in FRSystem, appli-cation approved 4/26 578

Pirst State Bank, Gladewater, Texas, membership in FRSystem,application approved 10/ 9 1319

pi State Bank, Kerrville, Texas, membership in FRSystem, ap-plication approved, excessive balance to be re-duced 1/31 171

Stock, capital, retirement of capital debentures approved 12/23 1681Pi rst State Bank of Marlin, Texas, membership in FRSystem, ap-

plication approved 9/ 5 1193

321Pages


St

First Trust

First Trust

First Trust

ate member banks: (Continued)First State Bank, Monahans, Texas, membership in FRSystem, ap-

plication approved, condition requiring chargeoff of losses not prescribed

First State Bank of Mounds, Ill., membership in FRSystem, appli-

322Pages

4/29 585

cation approved, excess balance with nonmemberbank to be reduced, and FRBank requested to for-ward certain papers 2/15 255

First State Bank of Olmstead, Ill., membership in FRSystem, ap-

plication approved, FRBank may decide whethercertain officers are executive officers 12/18 1633

First State Bank of Porter, Indiana, membership in FRSystem,application approved, common stock to be shownat par value 9/17 1218

First State Bank of Rankin, Texas, membership in FRSystem, ap-plication approved 1/30 165

First State Bank, Rocksprings, Texas, membership in FRSystem,application approved, management to be super-vised 12/31 1717

First State Bank of Taft, Texas, membership in FRSystem, appli-cation approved 11/18 1483

First State Bank, Talpa, Texas, membership in FRSystem, appli-cation approved 3/29 429

First State Bank of Yorktown, Texas, membership in FRSystem, ap-plication approved

First Trust & Deposit Co., Syracuse, N. Y.:Branch banks, domestic:

Baldwinsville, N. Y., establishment approved in connec-tion with merger of Baldwinsville State Bankinto

& Savings Bank, Aurelia, Iowa, membership in FRSys-tem, application approved

and Savings Bank of Canton, Ohio, membership inFRSystem, application approved subject to hav-ing charged off certain losses

and Savings Bank of Pasadena, Calif., condition re-

11/20 1504

3/28 423

12/ 4 1548

1/17 87

port, First Holding Corporation need not pub-lish

Forest City Bank and Trust Company, Forest City, Iowa, member-ship in FRSystem, application approved, minimumcapital structure prescribed, application forpermission necessary to exercise fiduciarypowers

2/16

4/10

260

493Extension of time to accomplish 4/25 567Certified to FDIC 5/31 824

Forest City National Bank, Forest City, Iowa, membership inFRSystem, application approved for State bankbeing organized to succeed 4/10 493

,


hat e member banks: (Continued)Freeport State Bank, Freeport, Ohio, membership in FRSystem, ap-

plication approved, management to be supervisedand reorganization papers inspected

Gallatin County Bank, Ridgway, Ill., membership in FRSystem,7/17

323Pages

1042

application approved 11/ 8 1452Gaylord State Savings Bank, Gaylord, Mich., membership in FRSys-

tem, application approved 9/27 1247Girard Trust Company, Philadelphia, Pa., absorption of two real

estate holding companies, letter approving or-dered revised so as to not approve fixed assetsinvestment or dividend policy 10/ 8 1303

Revised letter approved 10/ 9 1312Dividend policy left to discretion of FRBank of Phila-

delphia, examination should be made as soon aspossible 10/19 1362

Grant County Bank, Medford, Okla., membership in FRSystem, ap-plication approved, number of directors to beincreased, and advice of approval sent FDIC 10/18 1353

Certified to FDIC as member of FRSystem 10/29 1417Grant State Bank, Grant, Mich., membership in FRSystem, applica-

tion approved 10/10 1324Extension of time to accomplish 11/12 1455

Greenfield Banking Company, Greenfield, Ind., membership inFRSystem, application approved, securities ac-count to be supervised 8/16 1141

Guaranty Trust Company of New York, N. Y.:Authority of Treasury to rule in connection with Danish and

Norwegian balances in U. S., advice that bankhad questioned 4/23 547

Branch banks, foreign:Vichy, France, order authorizing establishment 7/25 1066

Loan to Bank of Uruguay, communication from bank orderedtransmitted to State Department for action 7/2 975

Guardian Trust Company of Houston, Texas, membership in FRSys-tem, application approved, condition re real

Gunnison Bank

Home Savings

Hoxie State

Hutchinson

estate not prescribed, arrangements must bemade for real estate mortgage loans in trustdepartment

and Trust Company, Gunnison, Colorado, membershipin FRSystem, application approved, certainpowers not to be exercised without permission

Bank, Milwaukee, Wis., membership in FRSystem, ap-plication approved, management to be supervised

Bank, Hoxie, Kansas, membership in FRSystem, appli-cation approved, criticised matters to beclosely followed

State Bank, Hutchinson, Kansas, alterations and im-provements in banking quarters, no objection toexpenditures

12/23 1661

7/20 1055

12/21 1657

5/15 697

k-


324Pages

State member banks: (Continued)Industrial Trust Company, Wilmington, Delaware, absorption of

City Bank and Trust Co., Wilmington, no objec-tion 9/ 5 1194

Integrity Trust Company, Philadelphia, Pa., withdrawal fromFRSystem, waiver of six months notice and per-mission for immediate 1/13 62

Jersey State Bank, Jerseyville, Ill., membership in FRSystem,application approved, bank to obtain approval ofFRBank before making distributions or payments totrustee for waiving depositors and contributingstockholders 2/ 1 186

Extension of time to accomplish 3/ 1 328Kinsley Bank, Kinsley, Kansas, meml-ership in FRSystem, applica-

tion approved, condition for prescribed forelimination of losses in viel, of circumstances 2/21 281

Certified to FDIC as member of FRSystem 3/ 5 341Kraft State Bank, Menomonie, Wis., membership in FRSystem, ap-

plication approved, losses to be charged off andtrust officers designated, FRBank of Minneapolisrequested to forward copy of form of capital de-bentures outstanding to RFC 4/11 498

La Salle State Bank, La Salle, Ill., membership in FRSystem,application approved, number of directors to beincreased and capital structure supervised 8/ 2 1090

Lake City Bank, Warsaw, Ind., membership in FRSystem, applica-tion approved, common stock to be increasedand management to be supervised 11/22 1512

Lake State Bank, Richland, Ind., membership in FRSystem, appli-cation approved 7/ 3 992

Lawyers Trust Company, New York, N. Y., membership condition re-quiring disposal of loans secured by own stock,canceled 2/14

Liberty State Bank of Dallas, Texas, election of Class B di-rector at Dallas, holding company allowed butone vote because this and other subsidiariesare in same electoral group 10/10 1324

Lincoln-Alliance Bank and Trust Co., Rochester, N. Y.:Branch banks, domestic:

Brighton, N. Y., establishment approved 11/16 1480Greece, N. Y., establishment approved 11/16 1480

Linden State Bank, Linden, Indiana, membership in FRSystem, ap-plication approved 1/22 110Lindenhurst.Bank, Lindenhurst, N. Y., membership in FRSystem,application approved, standard condition 6 pre-scribed but compliance waived for present 9/30 1263

Lodi State Bank, Lodi, Ohio, membership in FRSystem, applicationapproved, condition requiring charge off oflosses not prescribed, savings accounts to bebrought into conformity 4/26 575Digitized for FRASER


325Pages

St'a te member banks: (Continued)Lodi State Bank: (Continued)

Extension of time to complete 5/21 757Lorain Banking Company, Lorain, Ohio, membership in FRSystem,

application approved, increase in common stockto be encouraged 7/12 1023

Lorenzo State Bank, Lorenzo, Texas, membership in FRSystem, ap-plication approved, excess balance with non-member bank to be reduced 5/13 675

Louisville Trust Company, Louisville, Ky., trust funds depositedin commercial department, real estate mortgageloans cannot qualify as valid security, FRBankof St. Louis requested to take steps to correct 5/ 9 655

Mortgage loans are not readily marketable and cannot be usedto secure trust funds deposited in banking de-partment 6/21 931

Ludington State Bank, Ludington, Mich., membership in FRSystem,application approved, trust department opera-tions to be improved 4/18 513

Manatee River Bank and Trust Company, Bradenton, Fla., membership in FRSystem, application approved 7/ 2 977

Marblehead Bank Company, Marblehead, Ohio, membership in FRSys-tem, application approved subject to having pro-vided fidelity bond coverage for inactive offi-cers and reduced excessive balance with nonmem-ber bank 1/19 103

Marine Trust Company of Buffalo, N. Y.:Branch banks, domestic:

Holley, N. Y., establishment approved in connection withabsorption of State Exchange Bank of Holley 11/16 1480

Williamsville, N. Y., establishment approved in connec-tion with absorption of Bank of Williamsville 7/18 10L6

Vatinecock Bank of Locust Valley, N. Y., membership in FRSystem,application approved, savings account to bebrought into conformity with Board's regulations, 10/23director is member of security firm 1376

Menotolly Trust Company, Arlington, Mass., stock, capital, reduc-tion approved, formerly approved by PresidentYoung without authority 3/13 380

Mercantile Home Bank & Trust Co., Kansas City, Mo., membershipin FRSystem, application approved, capitalstructure to be increased and FRBank to super-vise 11/ 6 1444

Membership condition re not paying dividends until capitalstructure is strengthened, revised 11/20 1504

Merchants and Farmers Bank, Portsmouth, Va., extension of timeto complete compliance with condition of mem-bership 8/ 7 1104

Merchants and Miners Bank, Paint Borough, Pa., purchase of as-sets and assumption of liabilities by MndberTrust Co., Undber, Pa., no objection 2/14 245


Sta te member banks: (Continued)Merchants Bank of Winona, Minn., membership in FRSystem, appli-

cation approved, retirement of capital deben-tures to be followed by FRBank

Mid-City Trust Company, Plainfield, N. J., examination reportshows unsatisfactory condition and proposed re-tirement of preferred stock should be deferred

Milwaukee County Bank, West Allis, Wis., membership in FRSystem,application approved, bank not authorized tocarry on insurance business

Minden Bank and Trust Company, Minden, La.:Acquisition of stock of real estate corporation organized

for purpose of holding banking premises andreal estate acquired by bank, no objection

Violation by failure to deposit security in trust depart-ment to secure fiduciary funds deposited inbanking department, no action to be taken inview of proposed legislation and other circum-stances

Mohawk State Bank, Mohawk, Ind.:FDIC granted permission to examine in connection with or-

ganization of new bank to take over at expira-tion of corporate charter

Membership in FRSystem, application approved, submitted be-cause of expiration of charter, capital stockto be supervised

Monterey County Trust and Savings Bank, Salinas, Calif.:Branch banks, domestic:

Fort Ord Military Reservation, Monterey County, Calif.,establishment approved

Morrice State Bank, Morrice, Mich., membership in FRSystem,application approved, condition re charge offof losses not prescribed, bank's attention tobe called to 30 days' notice for savings de-posits withdrawals

Mount Pleasant Bank and Trust Company, Pleasantville, N. Y.:

326Pages

11/15 1474

4/23 558

11/28 1529

12/ 9 1568

4/29 586

4/23 559

5/25 795

11/18 1483

3/1 327

FDIC granted permission to examine in connection with ab-sorption by First National Bank of Pleasant-ville

FDIC granted permission to examine in connection with ab-sorption by County Trust Company, White Plains,

1/17 88

N. Y. 6/18 910Absorption by County Trust Company, White Plains, N. Y.

and establishment of branch at Pleasantville 7/10 1012Mount Union Bank, Alliance, Ohio, membership in FRSystem, ap-

plication approved, capital account to bestrengthened 9/ 6 1197


327Pages

Stat e member banks: (Continued)Muleshoe State Bank, Muleshoe, Texas, membership in FRSystem,

application approved 4/22 539Mutual Trust Co. of Westchester Co., Port Chester, N. Y., exami-

nations, FDIC granted permission to make in con-nection with sale to new bank 6/18 910

Merger with First National Bank & Trust Co. of Port Chester,Board willing to assist FDIC and copy of lettersent FRBank of New York 12/ 3 1543

Newtown Title and Trust Company, Newtown, Pa., membership inFRSystem, application approved, charge offs tobe supervised, savings accounts brought intoconformity, and Director Tyler to resign 5/16 700

North Jersey Trust Company, Ridgewood, N. J., membership inFRSystem, application approved, special powersmay not be exercised without permission andexcessive balance with nonmember bank to bereduced 10/18 1354

Northern Bank, Milwaukee, Wis., membership in FRSystem, appli-cation approved 12/14 1607

,Track Bank & Trust Company, Nyack, N. Y.:Certified to FDIC as member of FRSystem 2/ 2 196Marine Midland Corporation, general voting permit to vote

stock of, extension of time within which permitmay be issued 1/17 88

Membership in FRSystem, extension of time within which toaccomplish 1/ 3 12

Oaktown Bank, Oaktown, Ind., membership in FRSystem, applicationapproved 10/18 1353

Obligations of Commodity Credit Corp., RFC, U.S. Housing Au-thority and Federal Intermediate Credit Banksmay be purchased without regard to limitationsof Sec. 5136 R.S. 5/15 698

Ogdensburg Trust Company, Ogdensburg, N. Y.:Branch banks, domestic:

St. Regis Falls, N. Y., establishment approved in con-nection with absorption of St. Regis Falls Na-tional Bank 3/28 423

Old Farmers and Merchants State Bank, Hillsdale, Ill., member-ship in FRSystem, application approved, lossesto be charged off and capital account super-vised 8/26 1169

Paoli Bank and Trust Company, Paoli, Pa., stock, capital, re-duction approved 6/ 7 857

Pendleton Banking Company, Pendleton, Ind., membership inFRSystem, application approved, trust committeeto be appointed 3/22 396


328Pages

SIA te member banks: (Continued)Peoples and Union Bank, Lewisburg, Tennessee, membership in

FRSystem, application approved with understand-ing that charter has been validly amended, sav-ings accounts to be brought into conformitywith regulations 12/21 1656

Peoples Bank, Canton, Ohio, membership in FRSystem, applicationapproved, losses to be charged off and savingsaccounts brought into conformity 6/17 903

Peoples Bank of Cuba, Missouri, membership in FRSystem, appli-cation approved, condition requiring chargeoff of losses not prescribed 7/25 1072

Peoples Bank of Mount Jackson, Va., membership in FRSystem, ap-plication approved, special powers may not beexercised without permission 11/ 2 1434

Peoples Savings Bank, New Knoxville, Ohio, membership in FRSys-tem, application approved 3/ 1 326

Peoples Savings Bank Company, Mt. Gilead, Ohio, dormant bal-ances, correct way of showing in condition re-ports 10/19 1362

Peoples State Bank of Baldwin, N. Y., membership in FRSystem,application approved, losses to be charged off 9/11 1209

Peoples State Bank, Rossville, Kansas, membership in FRSystem,application approved, condition requiring chargeoff of losses not prescribed 12/ 4 1514.9

Peoples Trust Company, Brookville, Ind., membership in FRSys-tem, application approved, losses to be chargedoff and conflict re number of directors to beeliminated 7/ 8 1002

Placer County Bank, Auburn, Calif., membership in FRSystem, ap-plication approved, losses to be charged off 5/ 1 604

Stock, capital, retirement of preferred stock approved 8/ 9 1113Planters Bank of Bridgewater, Virginia, membership in FRSystem,

application approved, special powers not to beexercised without permission of Board, and col-lection policy to be made more rigid 10/29 1415

Plymouth State Bank of Plymouth, Ill., membership in FRSystem,application approved 12/11 1591

PlYmouth United Savings Bank, Plymouth, Mich., membership inFRSystem, application approved, FRBank to fol-low matter of providing for amortization ofbond premiums 7/ 3 991

Powder River County Bank, Powder River, Montana, earnings anddividends, report for calendar year 1939 ac-cepted in lieu of usual semi-annual report 2/ 6 204


329Pages

State member banks: (Continued)Retail installment paper held on call date, statistics broken

down by selected cities, letters to FRBanks ofSan Francisco, Boston, New York, Philadelphia,Cleveland, Richmond, Atlanta, and Chicago re-questing that supplementary information beobtained from certain banks having out-of-townbranches 1/6 23

Bureau of Census may publish data furnished by Board atany time and in any form it desires 4/26 581

Richland Trust Company, Mansfield, Ohio, membership in FRSys-tem, application approved 12/ 6 1556

Richwood Banking Company, Richwood, Ohio, membership in FRSys-tem, application approved 6/14 886

River Rouge Savings Bank, River Rouge, Mich., membership inFRSystem, application approved, losses to becharged off and management situation supervised 9/19 1226

Ronan State Bank, Ronan, Montana, banking quarters, no objectionto expenditure for banking site and erection ofbuilding 8/13 1130

St. Bernard Bank and Trust Company, Arabi, Louisiana, membershipin FRSystem, application approved, savings ac-count to be brought into conformity with regula-tions 8/13 1128

St. Clair Deposit Bank of Pittsburgh, Pa.:Membership in FRSystem, application approved, appropriate

action to be taken on interlocking status ofdirector 10/24 1379

Reserves, permission to carry reduced upon admission tomembership in FRSystem 11/ 4 1438

Sndborn Banking Company, Sandborn, Ind., membership in FRSys-tem, application approved, fidelity, burglaryand robbery insurance coverage to be inves-tigated 7/2 977

Certified to FDIC as member of FRSystem 7/16 1037Scott County State Bank, Scottsburg, Ind., membership in FRSys-

tem, application approved, charge offs to bemade and management to be supervised 3/26 408

Security State Bank, McIntosh, S. D., withdrawals from FRSystem,immediate withdrawal approved and FDIC grantedpermission to examine in connection with con-tinuance as nonmember insured bank 2/27 310

Security State Bank, New Hampton, Iowa, membership in FRSystem,application approved 10/28 1404

Security State Bank, Sheldon, Iowa, membership in FRSystem, ap-plication approved 11/15 1473

Shelby Loan and Trust Company, Shelbyville, Ill., membershipin FRSystem, application approved, management

to be supervised and check-up examination madeafter six months period 6/22 937


Stat e member banks: (Continued)Shenandoah County Bank and Trust Co., Voodstock, Va., membership

in FRSystem, application approved, certainpowers may not be exercised without permissionof Board

Silverton Bank, Silverton, Ohio, membership in FRSystem, appli-cation approved, debentures not to be retired

without increasing capital and excess balance

with nonmember bank to be reducedSouth Boston Bank and Trust Company, South Boston, Va., member-

ship in FRSystem, application approved, capital

position to be strengthened and defects in op-

erating details and accounting system correctedSouth Side Bank of Bay Shore, N. Y., membership in FRSystem, ap-

plication approved, condition re trust powers

prescribed but compliance waived

Southampton Bank, Southampton, N. Y., FDIC granted permissionto examine in connection with absorption by

First National Bank of Southampton and loan byFDIC to national bank

Southern Missouri Trust Company, Springfield, Mo., membershipin FRSystem, application approved, fiduciarypowers not to be exercised without permission,condition requiring charge off of losses notprescribed

Sprague State Bank, Caledonia, Minn.:Absorption of First National Bank of Caledonia, no objectionCondition of membership requiring annual depreciation in

banking house and furniture, etc., waived for

1938 in view of improvements added

Investment in City of Seattle Light and Power Bonds in ex-

cess of 10% of capital and surplus, noted

SPringdale Bank and Trust Company, Springdale, Conn., membership

in FRSystem, application approved, fiduciary

powers may not be exercised without permissionof Board

Spur Security Bank, Spur, Texas, membership in FRSystem, appli-cation approved, condition requiring charge

off of losses not prescribedCaledonia, Mich., membership in FRSystem, applica-

tion approved subject to charge off of losses,and excessive balance with nonmember bank to bereduced

Carthage, Ind., membership in FRSystem, applica-tion approved, fiduciary powers not to be ex-ercised without special permission, charge off

of losses not requiredClearing, Chicago, Ill., capital stock, extensionof time within which to increase, as required bycondition of membership

State Bank of

State Bank of

State Bank of

330Pages '

8/16 1139

10/ 9 1319 ;

9/18 1221

12/ 3 1541

4/ 8 /-,74

5/24 791

7/2 981

1/30 166

1/30 167

11/15 1471

4/ 3 445

2/15 254

7/11 1016

2/26 304

%A.A

A


331Pages

State member banks: (Continued)State Bank, Gladbrook, Iowa, membership in FRSystem, applica-

tion approved 7/11 1016State Bank of Harbor Beach, Mich., membership in FRSystem, ap-

State Bank of Hawley, Minn., membership in FRSystem, applica-tion approved, number of directors to be in-

State Bank of Kewaunee, Wisconsin, membership in FRSystem, ap-plication approved, losses to be charged off,trusts released and management supervised 5/21 754

State Bank of Keyesport, Ill., membership in FRSystem, applica-tion approved, number of directors to be in-creased, condition re certificates of depositnot prescribed 10/30 1421

State Bank of Lebanon, Missouri, membership in FRSystem, ap-plication approved 9/ 5 1193.

plication approved 12/ 9 1565

creased, condition requiring charge off oflosses not prescribed 5/10 670

State Bank of Nappanee, Indiana, membership in FRSystem, appli-cation approved, fiduciary powers not to be ex-ercised without permission

State Bank of Paradise, Pennsylvania, membership in FRSystem,application approved subject to charge off oflosses, two fiduciary accounts to be terminatedand no fiduciary powers to be exercised with-out permission of Board

State Bank of Remington, Inc., Remington, Va., membership inFRSystem, application approved, special powersnot to be exercised without permission ofBoard

State Bank of Rock Island, Ill., membership in FRSystem, appli-cation approved, weaknesses in securities ac-count to be followed by FRBank

State Bank of Sleepy membership in FRSystem, appli-Eye, Minn.,

8/29 1185

2/16 258

11/15 1473

10/21 1366

cation approvedState Savings Bank, Frankfort, Mich., membership in FRSystem,

application approved, losses to be charged offand fiduciary powers may not be exercised with-out permission

4/ 5

9/28

469

1259State Savings Bank of Manistique, Mich., membership in FRSystem,

application approved, trust powers not to beexercised without prior permission 5/10 669

State Savings Bank of West Branch, Mich., membership in FRSys-tem, application approved, losses to be chargedoff and reserve for dividends to be used for noother purpose 7/12 1024

Sterling State Bank, Mt. Sterling, Ohio, membership in FRSys-tem, application approved subject to charge offof losses and improvement of investment account 1/30 164

‘

-,-


332Pages

State member banks: (Continued)Stock Exchange Bank of Caldwell, Sumner County, Kansas, Cald-

well, Kansas, membership in FRSystem, appli-cation approved 12/23 1679

Certified to FDIC as member 12/28 1705Suffolk County Trust Company, Riverhead, N. Y., membership in

FRSystem, application approved, condition retrust funds prescribed but compliance waived 12/11 1589

Sulphur Springs State Bank, Sulphur Springs, Texas, membershipin FRSystem, application approved, time de-posits to be brought into conformity withBoard's regulations

Summit Trust Company, Summit, N. J., permission to continue asmajority stockholders of, and trustees for bondsof, the Summit Title and Mortgage Guaranty Com-pany

Swedesboro Trust Company, Swedesboro, N. J., purchase of assetsand assumption of liabilities of Swedesboro Na-tional Bank

Sylvania Savings Bank Company, Sylvania, Ohio, absorption ofFarmers and Merchants Bank Company, Sylvania,Ohio

Syracuse Trust Company, Syracuse, N. Y., examination by FDIC,permission not granted since matter has beenclosed

5/16

5/24

2/21

7/ 8

5/23

702

793

283

1005

777Trust Company of Georgia, Atlanta, Georgia, concessions in con-

nection with securities transactions, FRBank ofAtlanta requested to investigate 7/11 1019

Commissions charged in connection with purchases and saleof securities, advice to SEC and FRBank of At-lanta that Board is taking no further steps 8/13 1130

Advice to SEC that Board will advise of results of next ex-amination 8/16 1144

Trust departments, information re number of active departmentsin each State ordered furnished to Trusts andEstates Magazine 6/11 870

Union and New Haven Trust Company, New Haven, Conn., bankingquarters, no objection to purchase of quartersnow occupied by Hamden, Conn. branch 2/15 256

Union Avenue Bank of Commerce, Kansas City, Mo., absorption byCommerce Trust Company, Kansas City, no objec-tion

Union Bank and Trust Company, Delphi, Ind., membership inFRSystem, application approved, Board to bekept advised re increase in capital account

Union Banking and Trust Company of Du Bois, Pa., assumption ofdeposit liabilities of Peoples State Bank, DuBois, Pa., no objection

6/21 931

10/23 1377

5/13 676


State member banks: (Continued)Union Savings Bank, Sioux Falls, S. D., membership in FRSys-

tem, application approved subject to chargeoff of losses, condition not prescribed reloan to Union Realty Company

Union Trust Company, Greensburg, Ind., membership in FRSystem,application approved, compliance with condi-tion 6 waived, trust department to be super-vised

Union Trust Company of Maryland, Baltimore, Md., condition ofmembership requiring reserves for depreciationin furniture and fixtures and banking housewaived until 1942

United States Bank of Grand Junction, Colorado, membership inFRSystem, application approved, trust depart-ment to be supervised

Washington County State Bank, Brenham, Texas, membership inFRSystem, application approved

Washington Loan and Trust Company, Washington, D. C., bankingquarters, no objection to expenditure for im-proving and enlarging Nest End branch

Increase in proposed expenditure approvedVvest Branch Bank and Trust Company, Williamsport, Pa.:

Trustee of Savings Institution of City of Williamsport,may not continue to serve as director of

West Carrollton Bank, West Carrollton, Ohio, membership inFRSystem, application approved

'Western State Bank of Cicero, Ill., conversion into WesternNational Bank of Cicero and granted authorityto exercise fiduciary powers

Westfield Trust Company, Westfield, N. J.:Merger with First State Bank of Scotch Plains, N. J., FDIC

given permission to examine Westfield Trust Co.in connection with

Establishment of branch at Scotch Plains, N. J., in con-nection with merger with First State Bank ofScotch Plains approved

Unsafe practices, law provides for no extension of timewithin which to correct, and FDIC'is notplanning to proceed further with citation inanticipation of absorption by national bank,advice to Mr. Gidney

Wilmington Savings and Trust Company, Wilmington, N. C., exten-sion of time for disposal of stock in SocarnatBank Corporation would seem to be justified

Windber Trust Company, Windber, Pa., purchase of assets and as-sumption of liabilities of Merchants and MinersBank, Paint Borough, Pa., no objection to trans-action as consummated

333Pages

1/19 104

11/ 6 1443

6/7 855

8/20 1149

4/22 539

5/24 7937/2 978

2/14 250

8/ 1 1083

9/30 1264

3/29 430

6/13 878

1/ 3 12

2/19 264

2/14 245

-


State member banks: (Continued)Wood and Huston Bank, Marshall, Mo., fiduciary powers, applica-

tion to exercise additional powers approvedYellowstone Rank, Columbus, Montana, purchase of assets and as-

sumption of liabilities of Stillwater NationalBank, Columbus, Mont.

Ntistical manual:

334Pages

9/27 1247

12/27 1703

Blattner, George IV., appointment and salary as Special Statis-tician to prepare, entire salary to be paid byBoard and FDIC and Comptroller to furnish as-sistants 3/29 428

Publication to be joint project containing statistics of Board,FDIC and Comptroller, salary of Mr. Blattner tobe paid by Board, FDIC and Comptroller to fur-nish assistants

hatistics:3/29 428

Federal and State banking statistics, Robert B. Martin and

Mildred Milles employed by Board to bring to-gether for publication, FDIC to reimburse sal-aries 7/11 1015

Request for advice whether FDIC will reimburse salaries ofclerks if temporary appointments are extended 10/ 7 1285

Reimbursement will be continued for two months and temporaryappointments of Robert Martin and Mildred Millesextended 10/30 1419

Project sponsored by FDIC, Comptroller and Board, appoint-ments of two clerks extended 10/30 1419

Suggested to FDIC that appointments of two clerks be fur-

ther extended for time necessary for completion 31y/i? 155/4Appointments of two clerks extended indefinitely

Italian Central Institute of Statistics, receipt and storage

in Rome of articles addressed to Board, advice

to State Department that any arrangement issatisfactory

Officers of banks in Alabama and Colorado, no objection to pub-

lication by AIB in form proposed

Retail installment paper held by State member banks on calldate, breaking down by selected cities, lettersto FRBanks of San Francisco, Boston, New York,Philadelphia, Cleveland, Richmond, Atlanta,and Chicago requesting that supplementary in-formation be obtained from certain banks havingout-of-town branches

Retail trade reporting service, services of N. Merritt Shermanloaned to Board for four months by FRBank ofSan Francisco

Temporary assignment of Mr. Sherman extended to completework on

10/31 1428

8/13 1131

1/ 6 23

L/19 534

12/14 1605


335Pages

Statutes:Inter-American Bank, report of Mr. Gardner that agreement had

been reached at Treasury meeting that draft of

statutes does not preclude selection of Board

or Treasury as body which will participate in

ownership and direction, and that draft would

be changed to eliminate implication that cen-

tral banks would be excluded from management 1/29 151hock, capital:

American Trust & Savings Bank, Dubuque, Iowa, change in capitalstructure recommended 11/19 1499

Bank of America N.T. et S.A., San Francisco, Calif., preferredstock to be issued under Comptroller's require-

ments, advice that Secretary of Treasury wouldrequest PFC to purchase

Bank of Babylon, New York, condition of membership re futurecapital adjustments not prescribed

Bank of Great Neck, N. Y., condition of bank shown to be unsat-

isfactory and FRBank of New York requested to

attempt improvementsBoulevard Bank, Forest Hills, N. Y., membership requirements re

City Trust and Savings Bank, Youngstown, Ohio, reduction to per-

mit compromise of claim by waiving depositors

approvedCommerce Union Bank, Nashville, Tennessee, increase in, FRBank

of Atlanta requested to review again about first

of February, 1941Farmers and Citizens State Bank, Crestline, Ohio, increase as

condition of membershipFederal Trust Company, Newark, N. J., strengthening, definite

plans must be made without undue delay

First State Bank, Kerrville, Texas, retirement of capital de-

bentures approvedLawyers Trust Company, New York, N. Y., membership condition

requiring disposal of loans secured by ownstock, canceled

Lorain Banking Company, Lorain, Ohio, increase suggested in con-nection with membership

Member banks, effect of market decline on, discussed at AdvisoryCouncil meeting, and view of Mr. Brown that sur-vey should be made to determine

Information sent to Edward E. Brown, President of AdvisoryCouncil, with request for opinion as to whetherstudy would be helpful

Statistics: (Continued)• Spot-check information on conditions in particular industries,

FRBanks requested to furnish from time to timefor Advisory Commission to Council of NationalDefense 8/10 1116

3/ 7 351

10/29 1414

6/11 86710/24 1381

6/25 945

8/27 1181

6/10 859

2/29 317

12/23 1681

2/14 244

7/12 1024

2/20 272

3/ 4 338


Stock, capital: (Continued)Menotomy Trust Company, Arlington, Mass., reduction approved,

previously approved by President Young withoutauthority

Mercantile Home Bank and Trust Co., Kansas City, Mo., condition

336Pages

3/13 380

of membership requiring strengthening ofMerchants and Farmers Bank, Portsmouth, Va., extension of time

to dispose of stock held as collateral forloans

Merchants Bank of Vvinona, Minn., retirement of capital de-bentures to be followed by FRBank in connectionwith membership

11/ 6

8/ 7

11/15

1444

1104

1475Mid-City Trust Company, Plainfield, N. J., proposed retirement

of preferred stock should be deferred 4/23 558Old Dominion Bank of Arlington, Va., sum required to have in

order to be eligible for membership in FRSys-tem 6/28 960

Paoli Bank and Trust Company, Paoli, Pa., reduction approved 6/7 857Requirements of State member banks with out-of-town branches,

reply to Senator Sherman Minton 8/ 5 1099State Bank of Clearing, Chicago, Ill., extension of time within

which to increase, as required by condition ofmembership 2/26 304

State laws re capital of banks, trust companies, etc., compila-tion ordered published in FRBulletin 11/19 1502

State member banks with out-of-town branches, reply to Senator

Sto, Sherman Minton re requirementscy corporate:

8/ 5 1099

Federal savings and loan associations, purchase by State memberbanks in Texas, copy of ruling sent Federal HomeLoan Bank Board 8/15 1137

Membership condition prohibiting purchase of stock of otherbanks, etc., no justification for canceling 8/16 1142

Action on request of City Bank Farmers Trust Company forcancelation deferred pending studies 8/16 1143

Minden Bank and Trust Company, Minden, La. may invest in stockof real estate corporation organized to holdreal estate acquired by bank 12/ 9 1568

Real estate corporation organized to hold real estate of bank,no objection to Minden Bank & Trust Company,Minden, La. investing in 12/ 9 1568

Socarnat Bank Corporation, disposal by Wilmington Savings &Trust Company, Wilmington, N. C., extension oftime would seem to be justified 2/19 264

Summit Trust Company, Summit, N. J., permission to continue asmajority stockholder of, and trustees of bondsfor Summit Title & Mortgage Guaranty Co. 5/24 793


Stock, FRBank:Form F.R. 533, copies sent FRBanks for reporting changes in

stock holdings during semi-annual periods

Member bank holdings, reviews to be held annually hereafter

National banks newly organized, advice of issuance of stock

may be discontinuedReviews of member bank holdings to be annually hereafter, sup-

ply of F.R. 533 to be sent FRBanks, and advice

of issuance of stock to new national banks may

be discontinuedStc'ckoreferred:

Placer County Bank, Auburn, Calif., retirement approved

'tc'ek market:Closing to prevent further drop in security prices, Mr. Eccles

to recommend to SEC that it not be closed today

but that further consideration be given if mar-

ket drops again tomorrow

Minimum prices for stocks discussed as alternative for closing

of exchange4ock room:

Board of Governors:Secretary's Office authorized to purchase such supplies

necessary to meet requirements of organizationt°ckholders' meetings:

FRBank of Boston:Representatives to be reimbursed for railroad fare and

Pullman8tol

--en property:Legislation prohibiting possession of that stolen from banks,

statement ordered published in FRailletink]tolies:

Banking and monetary problems:

Copies to be sent to Advisory Council members for commentsand suggestions

Committee consisting of Messrs. Goldenweiser, Thurston, andHammond appointed to consider suggestions re-ceived and make changes, give editorial re-vision, make recommendations as to use ofstudies, etc.

Copies ordered sent to Chairmen of FRBanks for comments andsuggestions

Banking studies under Wagner Resolution, publication authorized

337Pages

11/23 151611/23 1516

11/23 1516

11/23 1516

8/ 9 1113

5/21 748

5/21 750

12/31

9/19

1712

1227

8/13 1132

2/20 269

2/21 283

2/26 305

and committee ordered to choose editor for em-ployment by Board 5/ 3 622

Inquiry to be made whether Advisory Council members, Chair-men or Presidents have any suggestions to make 5/ 3 624

Miss Marie Butler appointed editorial assistant 5/15 690


Si:tidies: (Continued)Banking studies: (Continued)

Suggested that Board and Advisory Council designate commit-

338Pages

tees to discuss together 5/20 720Copies ordered sent to Senate Banking and Currency Committee

when printed 5/24 786Request that Advisory Council advise Board when committee

has been appointed to consider 6/3 830Capital structures of banks, effect of decline in securities

market on, discussed at Advisory Council meet-

ing, and view of Mr. Brown that survey should

be made to determine 2/20 272Information sent to Edward E. Brown, President of Advisory

Council, with request for opinion as to whether

study would be helpful

Corporate bond study of National Bureau of Economic Research,

additional contribution by Board authorized,

part may be used for salaries and expenses of

persons other than members of Board's staff

3/ 4

5/8

338

646Findings to be made available if funds are not provided by

W.P.A., Mr. Goldenweiser to look into 5/8 647Salaries of FRBank officers, no objection to study to be con-

ducted by persons appointed by Chairmen, cost

to be borne by Board 4/2 435Secretary directed to prepare reply to Mr. Curtiss' letter

that board of directors were not in sympathy

with study 4/2 436Reply that Board does not feel study is inconsistent with

responsibilities of boards of directors, or is

review of past actions of boards 4/ 3 441Advice that FRBank of Cleveland directors wanted salary in-

creases for Messrs. Fleming, Zurlinden, etc.,

passed upon without waiting for study to be

completed 4/ 5 456Outline is satisfactory to Board 6/5 850

3

81.11*veYs:American

Report will be submitted in near future, no objection to

additional expenditure to completeRepresentative Hatton W., advice that Board favors H. R.

10365 to permit assignment of claims againstU. S. as collateral for loans

Bankers Association on new loans by member banks duringlast six months of 1939, advice that it wouldbe ready in near future

Capital structures of banks, effect of decline in securitiesmarket on, discussed at Advisory Council meet-

ing, and view of Mr. Brown that survey shouldbe made to determine

12/10 1570

8/21 1154

2/20 271

2/20 272


Surveys: (Continued)Capital structures of banks: (Continued)

Information sent to Edward E. Brown, Federal AdvisoryCouncil, with request for opinion as to whethersurvey would be helpful

Financing by member banks of industrial needs for constructing

new plants for national defense supplies,

FRBanks requested to determine willingness and

capacityAdvice to Advisory Commission that telegrams and letters

have been sent FRBanks and branches

Results of survey sent Commission and copy of Commission's

announcement sent FRBanks and branches

Salaries of FRBank officers, report will be submitted in near

future, no objection to additional expenditure

required to complete(See also Studies)

81Aran J. E., advice that margin requirements on business of foreignorigin cannot be lowered for foreign branches

of American firms

339Pages

3/ 4 338

9/20 1229

9/21 1236

9/25 1240

12/10 1570

12/13 1602

Taber, Louis J., cost of luncheon in Board's dining room to be borne

Taf+ by Board

- u, Senator Robert A., foreign account legislation, Mr. Dreibelbis5/23 780

to see, re alternative draft 9/10 1205Tax

assessor for District of Columbia: (See Assessor for District

Taxes: of Columbia)

Building of Board of Governors, Mr. Wyatt to discuss question

of exemption with Corporation Counsel of Dis-

trict of Columbia 7/17 1045Advice to Assessor for District of Columbia that Counsel

will discuss question with Corporation Counsel 7/24 1063Water Registrar asked to defer action on free use of water

until tax question is settled 7/25 1074Recommendations of Mr. Wyatt approved and letter to Commis-

sioners of District of Columbia 8/12 1125Advice to Commissioners of District of Columbia of officials

who will attend hearing on behalf of Board 8/26 1174Review by Mr. Ransom of meeting with Commissioners and Cor-

poration Counsel 9/10 1204Advice that Commissioners had decided to adhere to position

that property is taxable 10/ 1 1270Excess profits tax, advice from Mr. Ransom of discussions with

representatives of ABA and Comptroller re ef-fects of pending proposals 8/27 1179


340Pages

Taxes: (Continued)Income:

Atlantic Trust Company, Jacksonville, Fla., certificationto Bureau of Internal Revenue of earnings de-voted to acquisition of readily marketable as-sets 5/ 9 656

Barnett National Securities Corp., Jacksonville, Fla.,

credits claimed by, advice that Board will actpromptly when it receives advice from Commis-

sioner of Internal Revenue that information is

available 1/27 147

Board has been unable to inspect information in Bureauof Internal Revenue and necessary action cannotbe completed by March 15 3/ 7 353

Earnings certified to Bureau of Internal Revenue as de-

voted to acquisition of readily marketable as-

sets 4/29 587FRBank of Atlanta requested to obtain additional infor-

mation 6/27 951Certification to Bureau of Internal Revenue of earnings

devoted to acquisition of readily marketableassets during 1937 7/17 1044

Citizens and Southern Holding Co., Savannah, Ga., certifica-

tion to Commissioner of Internal Revenue of

earnings or profits devoted to acquisition of

readily marketable assets during 1936 6/22 938Certification to Commissioner of Internal Revenue of

earnings devoted to acquisition of readily mar-

ketable assets during 1937 8/ 7 1105

Holding company affiliates, credits to be allowed to, Sec-

retary of Treasury requested to permit desig-

nated Board representatives to inspect returns

filed by certain holding company affiliates 2/14 247Marine Midland Corporation, Jersey City, N. J., certifica-

tion to Bureau of Internal Revenue of earnings

devoted to acquisition of readily marketable

assets during 1936 7/24 1062Northwest Bancorporation, Minneapolis, Minn., certification

of earnings devoted to acquisition of readilymarketable assets during 1938 11/26 1521

TaYlor, Myron, advice that he had reported to President Rooseveltthat Vatican State would like to ship gold toFRBank of New York for safekeeping 5/22 762

echnical advisers:Banco Central del Ecuador, request that State Department send

suggestions for appropriate action to be fol-lowed by FRBank of New York

To-,ePhone conversations:

Harrison, George L., with Chairman Eccles on cable from Bank ofEngland

9/11 1209


341Pages

Territory:Charlotte Branch:

North Carolina banks, transfer of 26 from head office to,Mr. Leach to be invited to Washington to dis-cuss 4/15 511

Mr. Leach requested to come to Washington 4/19 533Transfer of sixteen counties from head office territory

approved if ten counties remaining in head of-fice territory have no objection 4/26 571

Any announcements to be made by FRBank of Richmond andnot by Board 4/26 573

Transfer of sixteen counties from head office to 5/18 717El Paso Branch:

Presidio County, transfer of Marfa National Bank, Maria,Texas from San Antonio Branch 5/ 3 628

PRBank of Richmond:North Carolina banks, transfer of 26 counties from head of-

fice to Charlotte Branch territory, discussed,Mr. Leach to be requested to come to Washingtonto discuss 4/15 511

Mr. Leach requested to come to Washington 4/19 533Transfer of sixteen counties to Charlotte territory ap-

proved if ten counties remaining in head officeterritory have no objection 4/26 571

Any announcements to be made by FRBank of Richmond andnot by Board 4/26 573

Sixteen counties transferred to Charlotte Branch 5/18 717PRBranch banks:

Numbering of checks, revision of ABA plan, letter to FRBanksrequesting advice whether they feel any changesshould be made in branch territorial lines be-fore revision is made 4/26 582

San Antonio Branch:Presidio County, transfer of Maria National Bank, Maria,

Texas to El Paso Branch territoryTexas: 5/ 3 628

Federal savings and loan associations, State member banks pur-chasing stock of, copy of ruling sent FederalHome Loan Bank Board

1111xaae,8/15 1137

E. W.:Cost of luncheon in Board's dining room to be borne by Board 6/18 911Visit with Mr. Ransom re self-dealing provisions of Regulation

8/27 1179T1, (See also First National Bank, Gettysburg, Pa.)-"cozon, H. A.: (See Conference of Allied Local Officials of Penn-

sylvania)


Travel expenses:

Tellrers, G. F., Governor of Bank of Canada, report of visit to FRBankof New York in connection with opening of ac-count

Kindleberger, Charles P., expenses for self and wife and house-hold goods from Switzerland to be paid by Board

Leland, Simeon E., expenses of trip to Washington re prospectiveservice as Class C director at Chicago to be

Treasury reimbursed

Department:Bank of America, Comptroller's requirements discussed, Mr.

Eccles to advise Mr. Bell that Board will join

with other agencies to present united front

in support of requirements, but that require-

ments should not be allowed to fail because

bank won't agree to full limit of paragraph

tworesolution had been sent to Mr. Delano and thatMr. Delano was sending copy of requirements toMr. Giannini

credit field, increase since 1933 in powers ofTreasury and other Government agencies, and

what FRSystem should do about it, referred toby Mr. Eccles at Conference of Presidents

Bank of Bolivia, gold shipment by FRBank of New York,Mr. Ransom to discuss appropriate legislationwith, and with State Department

deposits in U. S. in connection with war in Europe, at-

torney to be sent by Board to FRBank of New York

to assist in work under Executive Order and reg-

ulations of Treasury

Advice that

Banking and

Central

Foreign

Foreign securities in U. S. in connection with war, advice from

Mr. Eccles that he had called Mr. Cochran re

questions presented by cables from Bank of

England and Nederlandsche BankInter-American Bank, Messrs. Goldenweiser and Gardner to attend

meeting of Treasury and State Department offi-cials and state that Board questions economic

justification of bank and whether it should beadministered by central banks or governments,and Mr. Eccles to call Mr. V,elles and suggesta determination of attitude of this Governmenttoward creation of such bank

Messrs. Goldenweiser and Gardner to prepare memo to, makingrecommendations as to control, representationand capital, and letter ordered sent to Mr.Berle advising that memo was being prepared

342Pages

8/12 1121

7/11 1015

12/27 1703

2/24 289

2/27 306

5/28 803

6/17 893

5/10 664

5/14 681

1/ 8 27

1/16 71


71'easury Department: (Continued)Inter-American Bank: (Continued)

Memo and letter approved with understanding that Board mem-bers were not committed with respect to positionthey might ultimately take

Proposals submitted by Board and Treasury, agreement onpoints of difference, Mr. Goldenweiser to sug-gest to Mr. Berle that he undertake to get agree-

mentMr. Eccles authorized to meet with officials of Treasury

for purpose of reaching agreement on plan

Report of Mr. Gardner on details of draft of statute, and

letter to Mr. Berle expressing opinion that

bank should be established by legislative ac-

tionOrganization by Congressional action only method thought

desirable by Board, Mr. Wyatt to advise repre-

sentatives ofAdvice from Mr. Eccles that he had advised Mr. Gaston that

Board believed legislative action should be

used, and that Mr. Gaston had concurred

Report of Mr. Gardner re meeting of Board's representativeswith Treasury for purpose of considering changesin draft of bylaws to remove implications thatownership and control could not be in centralbanks

Advice that Mr. Berle agreed with view that draft of bylawswould be submitted to Governments and Boardwould have opportunity to suggest further

changes when suggestions of other countries

were considered

Charter under laws of U. S., statement of Mr. Vvyatt that

procedure was now proposed, and would require

special legislation

Advice from Mr. Goldenweiser that Board will have oppor-

tunity to state its position in case that pro-cedure is followed

Drafts of convention, special charter and bylaws approvedby Advisory Committee, letter recommendingchanges that Board believes should be made,ordered prepared and transmitted to, with en-deavor to obtain acceptance of recommendationsprior to March 15

Advice to Mr. Berle that Board believes bylaws should beamended in two respects, letter approved andcopy ordered sent to

Memo re conference at Treasury on points covered in Board'sletter to Mr. Berle, Messrs. Goldenweiser andWyatt to revise draft of letter to Mr. Berleand resubmit to Board

343Pages

1/19 99

1/25 131

1/26 140

1/29 151

1/29 153

1/29 157

2/ 2 191

2/ 2 193

2/2 194

2/ 2 194

2/13 230

3/ 8 357


344

Treasury Department: (Continued)Inter-American Bank: (Continued)

Letter approved, copies ordered sent to Secretary of Treas-ury and President of Export-Import Bank

Leased wire system of FRSystem, installation of new equipment,letter to giving basis for reimbursement toBoard for service under new plan

Norwegian and Danish balances in U.S., advice of retention of

3/27

4/29

Pages

412

587

Jay Crane to handle foreign exchange situation

due to war 4/15 508Reimbursement to FRBanks for expenses, telegram to FRBank

of Cleveland re submitting vouchers approved,

similar telegrams ordered sent to all FRBanks

when approved by Messrs. Bell and Heffelfinger 4/23 545Telegram revised by Mr. Bell and ordered transmitted,

similar telegram to be sent FRBanks 4/26 581Amendment to Trading with Enemy Act, Messrs. Wyatt and

Dreibelbis to study and if desirable Mr. Ransom

and members of staff to meet with Mr. Bell andBanking and Currency Committees 4/23 545

Board not to have representative at meeting and staff neednot immediately prepare statement of Board'sposition 4/23 552

Trust companies:Interlocking directorate relationship between those accepting

no deposits and member banks not exercisingfiduciary powers, amendment to Regulation L

permitting, adopted, and entry for policy

record approved 1/ 2 1Relationship not covered by sec. 2(d)(6) of Regulation L

but is covered by recent amendment 1/8 36Trust departments:

Assignment of savings bank deposits to trust department to sat-

isfy requirement that bank deposit collateral

in 11/27 1524Audits:

Lincoln National Bank and Trust Company of Syracuse, N. Y.,information as to compliance with Regulation Fsent to FRBank of New York for reply to Presi-dent W. B. Unbehend 2/27 311

State member banks, information re number of active departmentsin each State ordered furnished to Trusts andEstates Magazine

Trust funds:Common:

City Bank Farmers Trust Company, New York, N. Y., threefunds may be consolidated

Co-fiduciary funds held by bank may be invested in

6/11 870

7/24 106112/19 1650


Trust funds: (Continued)Common: (Continued)

Consolidation of three funds by City Bank Farmers TrustCompany, New York, N. Y., no objection

Operation as investment trusts for other than strictly fidu-ciary purposes, statement ordered published inFRBulletin

Regulation F, amendment permitting funds composed prin-cipally of mortgages, copy of letter from

Pennsylvania Bankers Assoc. and draft of re-

vision of amendment sent to Comptroller andFDIC with requests for comments

Amendment permitting funds composed principally of mort-gages, Board to consider when report is received

from Comptroller on brief submitted by Pennsyl-

vania Bankers Association committee

Copies to be sent FRBanks and Pennsylvania Bankers As-

sociation committee, and statement given to

pressRhode Island Hospital Trust Company, Providence, R. I.,

establishment of, draft of letter proposed tobe forwarded by FRBank of Boston to, approved

Webster and Atlas National Bank of Boston, Mass., proposedtrust fund is not in conformity with RegulationF, Board will be glad to receive bank's repre-sentatives

Deposit in commercial department and U. S. Savings Bonds setaside in trust department, advice to Mr. Bellthat in Board's opinion no difficulties will

arise if receiver is appointed for bank

Louisville Trust Company, Louisville, Ky., mortgage loans are

not readily marketable and cannot be used to

secure trust funds deposited in banking depart-

mentSavings accounts assigned to trust department as security for

funds used in commercial department will notsatisfy requirements

lust Indenture Act of 1939:Securities and Exchange Commission's rules and regulations,

statement ordered published in FRBulletintrt'llstee account agreement as used by Bank of America N.T. & S.A.,

bank's position is merely that of debtor and

not trustee in handling savings and commercialaccounts

345Pages

7/24 1061

4/29 590

2/16 261

4/ 5 465

5/ 3 612

7/13 1029

3/12 371

1/29 157

6/21 931

12/23 1682

2/14 252

12/12 1598


Trusts and Estates Magazine:Active trust departments of State member banks in each State,

information re number ordered furnished to%/mover of deposits and currency, stimulation of rate of, reply to

letter from George R. 'Walker

Hutt

Unbehend, W. B.: (See National banks, Lincoln National Bank &Trust Co. of Syracuse, N. Y.)

S. Government:Contracts under national defense program, reassignment of

claims and waiving Government's right of set

off recommended by Board to War Department

for inclusion in circular describing operationsunder Assignment of Claims Act

with private manufacturers for construction of

plants for production of defense supplies, tele-gram to FRBanks and branches accompanied by let-ter from Advisory Commission and form of con-tract

to Commission that telegrams, letters and copies ofcontracts had been sent FRBanks and branches

of survey sent Commission and copies of Commis-sion's announcement sent FRBanks and branches

plant facility contract, Defense Commission employeesto be asked to answer questions for AdvisoryCouncil members

to Council that they will be present if Council sodesires

To be present at meeting tomorrowPresent at meeting to discuss and answer questionsBoard commended by Advisory Council for helping develop,

and assistance in passage of bill to permit as-sigrmient of claims as collateral for loans

Loan rates on plant contracts discussed at Advisory Councilmeeting

Draft of contract presented by Mr.United States Government Manual:

National defense program, FRSystem'sto U. S. Informationinto

United States Housing Authority:Obligations are guaranteed by U. S. and may be purchased by

State member banks without regard to limita-tions of Sec. 5136 R.S.

Cooperation

Advice

Results

Emergency

Advice

Eaton and discussed

relationship to, adviceService how system ties

6/11

346Pages

870

12/30 1711

12/23 1674

9/20 1229

9/21 1236

9/25 1240

10/ 7 1283

10/ 7 129010/ 7 129710/ 8 1299

10/ 7 1288

10/ 7 128910/ 8 1299

6/27 952

5/15 698


United States Housing Authority: (Continued)Temporary loan notes of local housing authorities floated un-

der plans of U.S.H.A., letters to Comptrollerof Currency and FDIC re proper method of show-

347Pages

ing in condition reports 5/22 771Obligations may be classed as exempted securities, request that

Comptroller permit Board to publish ruling inFRBulletin 6/19 916

United States Information Service:National defense program, FRSystem's relationship to, advice

showing how System ties into 6/27 952United States Senate:

Legislative counsel:Indemnification of FRBanks in connection with accounts for

foreign governments, last sentence of proposed

amendment revised and letter ordered sent to

Mr. Wood 7/ 5 996Unsafe and unsound practices:

UrUguay:Loan for rearmament program, communication from Guaranty Trust

Company of New York re application received

through Bank of Uruguay ordered transmitted toState Department for action

Bank of America, program to end controversy with Comptroller,advice that agreement had been reached betweenagencies re presentation of program by Comp-troller, and report by Mr. McKee as to confer-

ence of agencies with representatives of bank

Girard Trust Company, Philadelphia, Pa., fixed assets investmentand dividend policy, letter ordered revised tostate

Revised letter approvedMatter left to discretion of FRBank of Philadelphia

Westfield Trust Company, Westfield, N. J., law provides for noextension within which to make corrections, andFDIC is not planning to proceed further under

the citation in anticipation of absorption by

a national bank, advice to Mr. Gidney

"V"

Vatican State:Gold shipments to FRBank of New York for safekeeping, no objec-

tion to arrangementVerrier, Roberto, cost of luncheon to be borne by BoardViolations:

Citizens Bank and Trust Company, Charlottesville, Va.:Securities Exchange Act and Regulation T, no objection to

FDIC handling in same manner as violations ofRegulation U

2/13 232

10/ 8 130310/ 9 131210/19 1362

1/ 3 12

7/2 975

5/22 76211/22 1514


348Pages

Violations: (Continued)Minden Bank and Trust Company, Minden, La., failure to deposit

security in trust department to secure fiduciaryfunds deposited in banking department, no actionwill be insisted upon at present in view of pro-posed legislation and other circumstances 4/29 586

National Bank of Commerce, Lincoln, Nebraska, absorption of out-

of-pocket charges for country bank depositors,

advice to Comptroller that no action has been

taken 9/25 1244Sec. 24A of FRAct:

Bank of Carmel, California, expenditure for banking quarters

approved retroactively subject to program for

depreciation 3/ 1 329

Sec. 30 of FRAct:Bank of America N.T. & S.A., Mr. Eccles to advise Comptrol-

ler that Board's staff will attempt to analyze

information, that conference would be helpful,

and copies of Collin's letters inclosed, and

memo covering history of bank ordered preparedby Division of Examinations and Counsel's Of-

fice 1/2 3Messrs. Eccles, McKee, Morrill, and Dreibelbis to at-

tend meeting at Treasury Department for consid-

eration of question whether notice should beserved to show cause why actions should not beinstituted 1/ 8 31

Advice from Mr. Eccles that Comptroller was planning in

addition to order to show cause why examination

report should not be published 1/10 47Staff of Board requested to make recommendation as to

what attitude Board should take as to proceed-

ings 1/10 51Mr. Morrill requested to obtain from Comptroller any

further documents needed by staff 1/10 51Telephone conversation held between Mr. McKee and Pres-

ident Day, and copy of order to show cause, copyof letter from secretary of bank, together with

resolution of directors approving letter toBoard from Mr. Collins requesting Board exam-ination, ordered sent to Mr. Day, and copy ofbank secretary's letter and inclosure ordered

sent to Comptroller 1/15 65Consensus that Board would not be committed to program

of Comptroller in case program was not acceptedand sec. 30 proceeding was begun 2/24 294


Violations: (Continued)Sec. 30 of FRAct: (Continued)

Bank of America: (Continued)Messrs. Eccles and McKee authorized to take any neces-

sary action on Board's behalf in connectionwith violation of provisions of agreement

Trust Company of Georgia, Atlanta, Ga., practices in purchasesand sales of securities, FRBank of Atlanta re-quested to investigate concessions

Advice to SEC that Board is taking no further stepsAdvice to SEC that Board will advise of results of next ex-

aminationWestfield Trust Company, Westfield, N. J., unsafe practices,

law provides for no extension of time withinwhich to correct, and FDIC is not planning toproceed further under the citation in anticipa-tion of absorption by a national bank, adviceto Mr. Gidney

Voting permits:Citizens and Southern Holding Company, Savannah, Ga., limited

permit to vote stock of Citizens and SouthernNational Bank of South Carolina, Charleston,S. C.

General permit to vote stock of Citizens and Southern Na-tional Bank of South Carolina, Charleston,S. C.

Citizens and Southern National Bank, Savannah, Ga., limitedpermit to vote stock of Citizens and SouthernNational Bank of South Carolina, Charleston,S. C.

General permit to vote stock of Citizens and Southern Na-tional Bank of South Carolina, Charleston,S. C.

First National Bank of Louisville, Ky., general permit to votestock of First-Owensboro Bank & Trust Company,Owensboro, Ky.

First Security Corporation of Ogden, Utah, new permit shouldbe secured to cover subsidiary bank convertinginto national bank

General:Conversion of subsidiary bank into national bank, holding

company should secure new general permitInvestment trusts, amendment to Investment Co. Act of 1940

excluding holding companies with general per-mits from definition of, Mr. McKee to discusswith SEC if desirable and to make further rec-ommendation if amendment is not agreed to

Mr. Wingfield to redraft letter and hold it pendingoutcome of discussions with SEC re amendment

349Pages

12/19 1648

7/11 10198/13 1130

8/16 1144

1/3 12

2/23 286

10/21 1367

2/23 286

10/21 1369

1/2 7

10/30 1423

10/30 1423

4/2 439

4/9 482


350Pages

Voting permits: (Continued)General: (Continued)

Investment trusts: (Continued)Procedure covering exchange of correspondence with SEC

approved, and letter to be sent to Banking andCurrency Committee of Senate when correspond-ence has been completed 4/19 522

Advice that letter had been transmitted upon exchange ofcorrespondence 4/23 548

Investment and Securities limited per-Company, Spokane, Wash.,mit to vote stock of Old National Bank and

Union Trust Company of Spokane, and First Na-

tional Bank in SpokaneLimited permit to vote stock of two national banks in

SpokaneMarine Midland Corporation, general permit to vote stock of

Nyack Bank and Trust Company, Nyack, N. Y.,extension of time within which permit may beissued

Old National Corporation, Spokane, Wash., limited permit tovote stock of Old National Bank and Union TrustCo. of Spokane, and First National Bank inSpokane

Limited permit to vote stock of two national banks inSpokane

Republic National Bank of Dallas, Texas, limited permit to votestock of First National Bank of Waco, Texas

General permit to vote stock in First National Bank of Waco,Texas

Transamerica Corporation, general permit to vote stock of Bank

of America, statement of Mr. Eccles that permitwould be canceled if national bank refused pro-

gram to end controversy with Comptroller, incase such program was worked out by Board

Telephone conversation between Messrs. Cagle and DeputyComptroller Upham re permit

Agreement executed in connection with, advice to Mr. Daythat question of whether requirements have beenmet by Corporation will be considered in connec-tion with review of report as of December 31,1939

Trustees***First National Bank of Louisville, Ky., general vot-ing permit to vote stock of First-Owensboro Bank& Trust Co., Owensboro, Ky.

Union Bond & Holding Company, Port Angeles, Calif., investmentIn department store stock without permissionof Board is violation of agreement

Wisconsin Bankshares Corporation, Milwaukee, Wis., limited per-mit to vote stock of Baraboo National Bank,Baraboo, Wis.

I/ 3 12

12/27 1701

1/17 88

1/ 3 12

12/27 1701

1/ 8 33

5/ 4 631

1/18 93

1/19 102

2/14 246

1/ 2 8

11/15 1475


War

trip

Wagner questionnaire:Seltzer, Laurence, salary for research work at FRBank of New

York approved(See also Questionnaires)

agner Resolution:Banking studies, Federal Advisory Council requested to inform

Board when committee has been appointed to con-sider

(See also Legislation, Wagner Resolution)ralker, George R., reply to letter from, re increasing and stimu-

lating rate of turnover of deposits and cur-rency

Wall Street Journal:Interlocking directorates, article re visit of Senators Glass

and Wagner to White House in connection withextension, reference made to at meeting

tallace, Donald, authority to tender temporary appointment givento Mr. Goldenweiser in case services of HenryB. Arthur are not available for work on gold,idle money and price stabilization program

War Department:Assignment of Claims Act of 1940, reassignment of claims and

waiving Government's right of set off recom-mended by Board for inclusion in manual describ-ing operations under

in Europe:English Government Deposits in U. S., protecting against enemy

attachment, cable from Bank of England dis-cussed, staff to study possible steps for recom-mendation if necessary

Foreign branches of member banks being established in belliger-ent countries, applications to be given specialconsideration by all Board members in Washingtonat time

Foreign exchange and deposits in U. S., Board to send attorneyto FRBank of New York to assist in work underExecutive Order and regulations of Treasury

Netherlands, account of Nederlandsche Bank transferred toDutch Government and FRBank of New York in-structed not to execute transactions unlessrequested through Bank of England

Norway and Denmark, report of Mr. Ransom covering events priorto issuance of Executive Order and procedure tobe adopted in effectuating its provisions

351Pages

6/14 884

6/3 830

12/30 1711

1/19 97

6/18 906

12/23 1674

5/14 679

7/25 1067

5/10 664

5/14 681

4/11 501


War in Europe: (Continued)Norway and Denmark: (Continued)

Water charges:Building of Board of Governors, Mr. Wyatt to discuss question

of exemption with Corporation Counsel of Dis-trict of Columbia

Water Registrar requested to defer action on free water usepending discussion with Corporation Counsel retaxability of real estate

Recommendations of Mr. Wyatt approved and letter to Commis-sioners of District of Columbia

Assumed no action will be taken toward collection until taxquestion is settled, advice to Water Registrar

Water Registrar for District of Columbia:Request that action on free use of water by Board be deferred

pending discussion with Corporation Counsel retaxability of real estate

Free use of water by, recommendations of Mr. Wyatt approvedand letter sent to Commissioners of District ofColumbia

Assumed no action will be taken toward collection until taxquestion is settled, advice to Acting WaterRegistrar

Memo of Mr. Ransom as to recent events and advice that JayCrane had been retained by Treasury to handleexchange situation and outline of procedure tobe followed

Reimbursement to FRBanks for expenses, telegram to FRBankof Cleveland re procedure for submittingvouchers, approved, similar telegrams orderedsent to all FRBanks when approved by Messrs.Heffelfinger and Bell

Telegram revised by Mr. Bell and ordered transmitted, sim-ilar telegram to be sent FRBanks

Amendment to Trading with Enemy Act, Messrs. Wyatt andDreibelbis to study and if desirable Mr. Ransomand members of staff to attend meetings of Mr.Bell with Banking and Currency Committee

Board not to have representative at meeting and staff neednot immediately prepare statement of Board'sposition

Norwegian balances in FRBank of New York to credit of NorgesBank, staff to investigate authority of FRBankto transfer account to name of Norwegian min-ister

War Relief Fund of American Red Cross, contribution by FRBank of St.Louis and branches not approved

352Pages

4/15 508

4/23 545

4/26 581

4/23 545

4/23 552

5/ 7 637

7/19 1053

7/17 1045

7/25 1074

8/12 1125

11/ 4 1 438

7/25 1074

8/12 1125

11/ 4 1438


Welfare and Recreational Association:Agreement with Board, proposed revision in management fee in-

cluding change in bonus to manager and assist-ant manager

Proposal for revision accepted provided Association con-tinues handling accounts in service diningrooms

Welfare Fund:FRBank of St. Louis, request for advice of status and plans for

ultimate dispositionUse for establishing Credit Union, request for advice as to

steps already takenWestern Union Telegraph Company:

Application for installation of new equipment on circuits of

leased wire system connected with Washingtonoffice and for service as set forth

White, William R.: (See National Association of Supervisors ofState Banks)

White Sulphur Springs, West Virginia suggested as possible placefor future conference of Chairmen with Board

Wilde, A. E., cost of luncheon in Board's dining room to be borneby Board

Willard, Charles L., cost of luncheon in Board's dining room to beborne by Board

Wisconsin Department of Securities, nonmember bank failing to fileagreement with Board under Securities ExchangeAct of 1934, inquiry whether loans by bank con-stituted violations

Withdrawals from FRSystem:Avoca State Bank, Avoca, Iowa, waiver of six months' notice and

permission for immediate, FDIC granted permis-sion to examine

Burke State Bank, Burke, S. D., immediate withdrawal approvedand permission to FDIC to examine in order tocontinue as nonmember insured bank

Currie County Bank, Gold Beach, Oregon, waiver of six monthsnotice and permission for immediate

Dansard State Bank, Monroe, Mich., waiver of six months' noticeand permission for immediate withdrawal

Integrity Trust Company, Philadelphia, Pa., waiver of sixmonths' notice and permission for immediate

Security State Bank, McIntosh, S. D., immediate withdrawal ap-proved and FDIC given permission to examine inconnection with continuance as nonmember in-sured bank

Wood, Henry G.: (See Legislative counsel of Senate)

353Pages

10/25 1386

12/ 5 1554

7/20 1057

8/30 1191

5/29 813

12/10 1577

12/11 1594

3/19 391

7/11 1017

12/31 1716

2/26 304

5/ 7 640

1/27 147

1/13 62

2/27 310


Wood, W. H., advice

(See also State

from Mr. Lassiter that he had talked with ontransfer of North Carolina counties from FRBankof Richmond to Charlotte Branchmember banks, American Trust Co., Charlotte,N. C.)

fly,'

York and Sawyer, New York, N. Y.:Anderson, Mr., cost of luncheon to be borne by Board

liZtt

354Pages

4/26 572

9/18 1223

Zimmerman, C. F.:Cost of luncheon in Board's dining room to be borne by Board 6/18 911Views on self-dealing provisions of Regulation F to be incor-

porated in memo for circulation to Board members 8/27 1179(See also, First National Bank, Huntingdon, Pa.)


1940_v27_part 1-4 index.pdf

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