1947_v34_part 1-4 index.pdf

INDEX TO MINUTES

OF

BOARD OF GOVERNORS

CF THE

FEDERAL RESERVE SYSTEM

1947

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

KEY TO INDEX

Branch Banks, Domestic, FRBanks andForeign, see Branch banks

Consumer Credit, see Regulations,Board of Governors, 71

Director of FRBanks and Branches,see Directors

Guarantee of War Loans, see War LoansNational 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, Membership and Nonmember Banks


INDEX 1947

IlAtl

Acceptances up to 100% of capital and surplus:American National Bank of Austin, Texas, authority

rescindedAmerican National Bank of Terrell, Texas, authority

rescindedBank of Commerce and Trusts, Richmond, Virginia, authority

rescindedCentral National Bank of Richmond, Virginia, authority

rescindedCitizens and Peoples National Bank of Pensacola, Florida,

authority rescindedCitizens National Bank of Hillsboro, Texas, authority

rescindedFirst and Merchants National Bank of Richmond, Va., authority

rescindedFirst National Bank of Baltimore, Maryland, authority

rescindedFirst National Bank in Brownwood, Texas, authority

rescindedFirst National Bank of Clarksville, Tennessee, authority

rescindedFirst National Bank of Danville, Virginia, authority

rescjndedFirst National Bank of Navasota, Texas, authority rescindedFirst National Bank of San Angelo, Texas, authority

rescindedFirst National Bank of Waco, Texas, authority rescindedMaryland Trust Company, Baltimore, Maryland, authority

rescindedMercantile-Commerce National Bank in St. Louis, Mo., au-

thority to be rescinded unless objection sub-mitted by bank

Authority rescindedMerchants' National Bank of Hampton, Virginia, authority

rescindedNational Bank of Commerce of Norfolk, Virginia, authority

rescindedNational Marine Bank of Baltimore, Maryland, authority

rescindedPeoples National Bank of Rock Hill, S. C., authority

rescindedSavannah Bank & Trust Company of Savannah, Georgia, authority

rescindedSeaboard Citizens National Bank of Norfolk, Virginia, au-

thority rescindedSouth Carolina National Bank of Charleston, S. C., authority

rescindedState National Bank of Corpus Christi, Texas, authority

rescindedWestern National Bank of Baltimore, Maryland, authority

rescinded

1Pages

3/18 421

3/18 421

14/9 5140

14/9 540

1/23 101

3/18 421

14/9 540

14/ 9 539

3/18 421

1/23 101

14/9 5403/18 421

3/18 4213/18 421

14/9 539

1/27 1323/21 445

14/9 540

11/9 5140

11/9 539

4/ 9 540

1/23 101

14/9 54o

14/9 54o

3/18 421

4/ 9 ')4c)Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Acquisitions of stock or assets of competing companies, dis-

cussion of including in Kefauver BillAddresses:

Distribution for Board members or staff, regulations to

reduce expenses, copies to be sent to Board

members and senior staffAdvertisements:

American Instalment Credit Corporation, consumer credit

statistics, investigation to be made re,

reply to letter from Mr. A. E. DuncanComplaints re American Bank Credit Plan in Automotive

News, data improperly ascribed to FRBulletin

and material misleadingBook Official Guide, attention called to type

to conform with Board's requestmisleading aspects to be discussed with In-

dustrial Bank of Commerce of New York& Co., Durham, N. C., advertisement re

cleaners in violation of Regulation W,

referred to FRBank of Richmond, advice

Kelly

Kelley Blue

Regulation g,

Sears Roebuck

Affiliates:Condition reports, forms and instructions for next call date

sent to FRBanks 6/ 2 829

John R. Coppin Company, determined not to be affiliate of

Peoples-Liberty Bank and Trust Company,

Covington, Kentucky 11/28 1677

Merchants & Newark Trust Company, Newark, New Jersey,affiliate reports covering J. S. Rippel &

Company, Guaranty Company of New Jersey, and

Securities Company of New Jersey, requirements

for submission waived 3/24 450

Peoples Trust Company of Bergen County, Hackensack, New Jersey,

expenditure for acquisition of stock of Westwood

Investment Company, affi]iate holding title to

banking premises occupied by Westwood branch,

approved 5/14 725

and Fayerweather v. Board, suit regarding removal of bank

directors, statement to be published in January

issue of FRBulletin 1/ 7 21

Aiken, Senator George D., employees of Board, statement sent to 3/ 7 351Air conditioning:

Charlotte Branch, no objection to completion of 4/30 664

FRBank of St. Louis, expenditure for alterations to fourth

floor of building, no objection to 3/ 5 336No objection to expenditure for installation and pur-

chase of compressor and necessary accessories 8/27 1218

vacuummatterto Mr.

2Pages

3/14 407

3/20 427

3/24 451

b/2 5oo

1/22 99

1/13 47

Agnew

Air travel:Amendments to Board's travel regulations approving 11/ 7 1537

10/ 8 1409


3Pages

Alaska:Legislation to authorize admission as State, amendment sug-

gested re membership of banks in FRSystem,comments requested from FRBank of San Francisco 7/25 1103

Membership of banks in FR.System, question in case of State-hood, memo and draft of letter to Congressional

committee to be prepared for consideration 8/ 7 1150Alien Property Custodian:

Trading with the Enemy Act, section 5(b), retention favoredby Board, advice to Mr. L'Heureux 3/ 3 320

Allman, Paul P., Regulations T and U, applicability to credit for

purchase of stock of Detroit Edison Company 4/ 1 495American Agricultural Editors Association, meeting and luncheon

4at Board 5/ 6 68 American Bankers Association:

Attendance of Board members and staff at annual conventions,policy re approved in connection with conven-tion to be held at Atlantic City 6/20 954

Consolidations of State and national banks, report of Mr.Vardaman on meeting with representatives onpossible legislation to equalize 3/14 401

Conversion or consolidation of national banks with State

banks, letter to Mr. Needham re proposedbill to permit 12/ 5 1710

Cooperation among banks to ensure sound lending standards,efforts to secure voluntary action 11/18 1571

Currency movements at member and nonmember banks, discussionwith FBI suggested 3/27 470

Luncheon invitation to be extended to State Associationsvisiting Washington, advice to be sent toMr. Needham 5/ 1 671

Midwinter Trust Conference, attended by Mr. Vardaman 2/ 4 163

Regulation J and circulars governing collection of checks,amendments expected on procedure as to de-layed return of unpaid items 12/ 9 1717

Robbery, precautions against, possibility of asking FBI todiscuss with 2/ 8 303

Section 5219 of U. S. Revised Statutes, taxation of na-tional banks by States, proposed amendmentto, no objection to, advice to Mr. Needham 1/30 152

S. 408, statement of Mr. Hanes against at meeting of execu-tive committee of Association of State BankSupervisors, statement of Chairman Eccles 4/11 553

Taxation, advantages re consolidation or merger of nationaland State banks, proposed amendment to remove,Mr. Vardaman to advise that Board would favorlegislation that would also remove discrimina-tion against member banks re capital require-ments for banks operating branches 3/ 7 345


American Bankers Association: (Continued)Trust Assets, information in examination reports of State

member banks to be furnished to Mr.

StephensonAmerican Instalment Credit Corporation:

Consumer credit statistics, in advertisement, investiga-

tion to be made re, reply to letter from

Mr. A. E. DuncanComplaints re American Bank Credit Plan in Automotive

News, data improperly ascribed to FRBulletin

and material misleadingAmerican-Philippine Financial Commission:

Cross, Howard, assigned to for three months, traveling ex-

penses and per diem to be paid by State De-

partment, with salary to be continued by FRBank

of New YorkJohn, report of work as member of

Eleanor, clerk-stenographer, assignment to approved,

travel expenses and per diem to be paid by

State Department. O., NADA, Regulation a, reply to letter re continua-

tion

Exter,Wirth,

Anderson, M

Annual reports:Board of Governors for 1946:

Capital requirements of member

remove discrimination

to be included in

Change suggested by Chairman Eccles to include section

for FOMC and discussions of monetary policies

instead of inclusion in annual report of FRBank

of New York, memo to be presented to Board for

study and discussion

Change to include section for FOMC and discussions of

national policies, memo of Chairman Eccles ap-

proved, further conference to be held with Mr.

SproulClassification plan for officers, statement not to be

published in, advice to Mr. Wilbur

Distribution, one copy to be sent to any bank request-

ing it, no change in list for members of Con-

gress and othersDistribution, copy to be furnished to any bank request-

ing it, change in procedure re

Policy record of Board, draft of entries covering 1946,

approved for publication in, references to

views of members of Board not present and not

voting on actions to be deleted

Policy record, FMC, approved for inclusion in

Revised draft to include statement re capital require-

ments for State banks approved with usual dis-

tribution procedure to be followed

banks, legislation toagainst, recommendation

4Pages

12/24 1828

3/24 451

14/2 5oo

1/7 118/20 1204

Vio 33

5/ 9 699

6/6 882

14/8 529

4/15 579

5/27 802

14/8 535

4/16 589

2/21 2374/25 646

6/17 931


Annual reports: (Continued)FRBank of New York for 1946, discussions of monetary,

credit and other national policies, sug-gestion of Chairman Eccles that sectionin Board's annual report be reserved forFOMC and such discussions, memo to bepresented to Board for study and discus-sion

Change to eliminate discussions of national pol-icies, memo of Chairman Eccles approved,further conference to be held with Mr.Sproul

FRBanks, discussion of question of publication byAuthority of Board re issuance by FRBanks or by

FOMC of reports that discuss national pol-icy questions, Mr. Vest to submit opinionon

Federal Reserve Board for 1917, designation of reservecities, statements discussed at Presi-dents Conference

First Security Corporation of Ogden, Utah, report for1946, reply to Mr. Volberg re form of

Holding company affiliates, form FR 437, to be obtained,instructions to FRBanks

Outside business activities of staff of Board, pro-cedure re to be prepared by PersonnelCommittee

Outside business and teaching activities of employees ofBoard's staff in Group M and above, pro-cedure and form approved

Retirement system, report to Board by Board's represen-tative, memo of Mr. Szymczak re, question tobe considered further

Transamerica Corporation, extension of time to March 1granted for filing, but special arrange-ment for extension of time for FR 437 dis-continued in 1945

Granted extension of time for filing report onFR 437

Xisconsin al.nkshares Corporation, Milwaukee, Kis., an-nual report to be obtained on FR 437,forms and instructions re

Appraisal guides:Automobiles, applicability to 1947 models, advice to

FRBanksKelley Blue Book, request for copies and notice re type

of advertisement to be usedOpposition to as provision of Regulation reply to

letter from Mr. Raynor

5Pages

)4/8 528

4/15 57914/8 529

14/15 580

10/ 7 1378

8/13 1172

12/15 1765

1021 1465

11/24 1632

lo/31 1494

1/24 111

12/24 1828

lo/22 1473

4/25 639

1/22 99

14/7 525


6

Appraisalguides: (Continued)Value of used automobiles, reply to inquiry from FRBank

of ClevelandArlington Memorial Amphitheatre:

Murphy, Royal J., release to wprk on marble for six

2/)4

Pages

174

months, not approved 1/16 68Assessments:

FRBanks for expenses of Board for last half of 1947 6/20 965FRBanks for expenses of Board for first half of 1948 12/15 1751

Assets and liabilities of banks, publication of single allbank series by Board, Comptroller of theCurrency and FDIC 6/5 854

Association of Reserve City Bankers:Absorption by FRBanks of transportation costs for cash

items, letter from Mr. Baird suggestingdiscussion of such actions in advancewith, reply to be prepared

Bank holding company legislation, suggestions re legisla-tion, discussion at meeting of FACwith Board

Reimbursement of member banks for transportation costson cash items, reply to letter fromMr. Baird, President, approved

Attorney General of United States:Question of including in discussions at Treasury of bank

holding opmpaniesS. J. Res. 123, to terminate war time legislation, ques-

tion of exemption of executive orderNo. 8843, consumer credit regulation,advice requested in letter to

Transamerica Corporation, investigation to be made remonopolistic aspects of expansion, ad-vice to be sent to

Wartime or emergency legislation,5(b) of Tradingexecutive Orderto Mr. Clark

lo/21 1466

5/2o 760

10/31 1500

3/14 409

6/10 900

10/31 1511continuance of sectionwith the Enemy Act andNo. 8843 desired, letter

12/12 1744Auditors, FRBanks:

Conference to be held in Washington within next threemonths, Division of Examinations tomake arrangements with Mr. Fogg ifagreeable, letter to Mr. Grady 1/10 38

Conference to be held in Washington on April 14-16, listof representatives requested, letterto FRBanks 2/14 213

Audits:Certified statements filed by insured banks with deposits

in excess of $5,000,000 in Illinoisand Iowa, advice to FRBanks of Chicagoand St. Louis re prckram of FDIC 1/16 70


7Pages

Audits: (Continued)Certified Statements submitted for assessment purposes

by insured banks, program of FDIC ex-tended to Michigan and Wisconsin 11/ 5

FRBanks, reports, procedure for submission, advice toFRBanks 9/ 4

Automobile Banking Corporation, Philadelphia, reply to lettersuggesting limit on price of new carsto determine maximum credit value underRegulationW 2/13

Manufacturers Association, request for special tabu-lations of data from surveys of consumerfinances 8/27 1219

Automobile

Automobiles:Board of Governors, use of, revised regulations to effect

reduction in expenses, copies to besent to Board members and senior staff

Plymouth station wagon and sale or trade-in of old stationwagon, referred to Mr. Draper

Bachrach, M. J., Regulation W, question of constitutionalityof Executive Order during peace, replysent to Congressman Hess

Baird, Julian, President of Association of Reserve CityBankers, absorption by FRBanks of trans-portation costs for cash items, sugges-tion that actions of Board be discussedwith Association in advance, reply toletter to be prepared

Reimbursement of member banks for transportation costs oncash items, reply to letter approved

Baldridge, Holmes, Department of Justice, discussion ofTransamerica Corporation with, state-ment of Mr. Townsend

Bank holding companies:Amendments to S. 829 to be recommended by Board, approved(See Holding Company affiliates)

Bank holiday:Act of March 9, 1933, section 4, termination favored by

Board, advice to Mr. L'HeureuxBank for International Settlements:

Activities, reply to letter from Governor Frere, adviceto FRBank of New York re

Banca d'Italia, Rome, no objection to loan by FRBank ofNew York, reply approved by Board

Banca d'Italia, Rome, credit by, reply of FRBank of NewYork, expressing no objection approvedby Board

Loan to Central Bank of Turkey, reply of FRBank of NewYork expressing no objection approvedby Board

1531

1248

207

3/2o 427

2/25 258

4/3° 663

1021 1466

lo/31 'Soo

2/25

5/23

251

783

3/3 321

8/ 1 1130

lo/28 1490

12/19 1816

9/29 1338


8Pages

Bank for International Settlements: (Continued)Loan to Central Bank of Turkey and future loans, policy

re, to be placed on agenda at nextmeeting of N. A. C. and paper re to beprepared by Staff Committee, letterof Chairman Eccles to Mr. Glasser 10/ 3 1370

Bank supervisory authorities:Commodity loans, handling by commercial banks, discussed

at meeting with Presidents 2/28 292Banking:

Labor legislation, discussion of including, with repre-sentatives of FDIC, Comptroller of theCurrency and Treasury 4/16 588

Banking conditions:Periodic reports on, discussion at Presidents Conference

of material to be used and purpose of 2/28Reports on, Presidents to be advised of Board's position

at joint meeting 2/27Banking quarters:

Charlotte Branch, no objection to completion of aircon-ditioning 4/30

Cincinnati Branch, purchase of Chamber of Commerce build-

ing to be discussed with Messrs.Brainard and Gidney 5/13

No objection to purchase of Chamber of Commerce Build-ing, provided legislation authorizingpurchase enacted by Congressr advice to

Mr. Gidney 5/15

Need for space, mentioned in letter to ChairmanWolcott 5/29

Purchase of Chamber of Commerce Building, acknowledg-ment of letter re plans for 8/14

Charge-offs on premises aid depreciation allowanceon machinery and equipment authorized 12/29

Commerce Guardian Bank, Toledo, Ohio, additional invest-

ment for opening of branch approved 1/27

Detroit Branch, preliminary plans for building to be sub-mitted for consideration of Board 10/13

El Paso Branch, no objection to expenditure to air con-dition outside space leased 1/31

FRBank of Atlanta, authorization to proceed with altera-tions to close in light well and pro-

vide additional space 1/27

FRBank of Boston, no objection to project for modern-ization of lightingarrangements 3/1)4

No objection to installation of acoustical ceilingin portion of third floor 5/19

FRBank of Chicago, modernization of elevator system, noobjection to expenditure for work attime when building conditions are im-proved 2/20

304

269

664

714

734

816

1181

1839

132

1427

154

122

410

744

233


9Pages

Banking quarters: (Continued)FRBank of Chicago: (Continued)

No objection to expenditure for enlarging concourseon QUincy street and remodeling certainspace in Bank 7/14 1055

No objection to charges in program for nversion ofelectric power to alternating currentand for modernization of elevator sys-tem 9/17 1280

FRBank of Cleveland, no objection to construction ofadditional vault 1/27 122

No objection to project for modernization of lighting 3/14 411No objection to program for modernization of lighting 9/23 1320

FRBank of Philadelphia., no objection to proposed altera-tions and additions 2/11 203

FRBank of Richmond, no objection to purchase of property 1/ 8 25FRBank of St. Louis, no objection to alterations and

additions to fourth floor, includinginstallation of airconditioning 3/ 5 336

Disposition of expenditures in connection with reha-bilitation of adjacent property approved,instructions re 3/14 404

No objection to expenditure for installation and pur-chase of compressor and accessories forair conditioning of Nugent Building 8/27 1218

No objection to expenditures for replacement of lightfixtures in Collection-Transfer Depart-ment 11/ 3 1518

Charge-off on Nugent property authorized 12/29 1840FRBanks and Branches:

Construction projects, no objection to necessaryalterations involving expenditure around$100,000, statement of Chairman Eccles 1/27 123

Letter to be prepared on future program and on devel-oping plans for buildings 3/28 482

FRBranch buildings, bill to repeal limitation on cost,draft with recommendation for enactmentsent to Chairmen of Sente and HouseBanking and Currency Committees 1/10 41

Removal of limitation on cost, legislation re, FAC toconsider matter farther 3/11 390

Removal of limitation on cost, letter to CongressmanJ. Hardin Peterson 3/25 465

Advice from Chairman Wolcott of elimination of pro-vision on limitation of cost and newbill not to be introduced now 3/28 481

S. 1225, Sparkman bill to remove limitation on expen-ditures, report to be deferred untildiscussion by Chairman Eccles with Mr.Wolcott 5/13 710


10Pages

Banking quarters: (Continued)FRBranch buildings: (Continued)

General letter re urgent needs not to be sent atpresent, but Mr. Smead to obtain addi-tional information 5/13 714

Legislation re, Chairman Eccles to talk with Mr.Wolcott to obtain views before furtheraction 5/13 714

Repeal of limitation in FRAct on expenditure, letterto Chairman Wolcott recommending re-peal or authorization for expendituresfor urgent cases up to $10,000,000, copysent to Senator Tobey 5/29 81h

Bill for additional authority for construction ofbuildings, preferred by Chairman Wolcottto bill for repeal of existing limita-tion, statement of Chairman Eccles 6/ 4 840

Repeal of limitation on cost, or authorization for ex-penditures for urgent cases up to$10,000,000, drafts of bills sent toChairman Wolcott of House Banking andCurrency Committee 6/ 5 852

Legislation re, review of present status by ChairmanEccles at Presidents Conference 6/ 6 893

Legislation to remove limitation on cost of buildings,letter to President re importance ofaction at present session of Congress 6/10 898

Legislation to remove limitation re, report by Chair-man Eccles on status 6/17 932

Legislation, letter to Chairman Wolcott re labor andmaterial needed for construction 6/12 905

Bill to permit expenditures up to $10,000,000 passedby Senate, advice to Mr. Gidney re statusof 7/14 1055

S. 1519, to permit expenditures for buildings up to$10,000,000, Board in favor of, reportto Bureau of the Budget 7/25 1102

Bill to authorize expenditures up to $10,000,000 signed by President, FRBanks requested to sendinformation re urgent needs 8/ 8 1160

Cost of, statement to be published in August issue afFRBulletin 8/11 1165

Construction, statement of standards to be prepared,discussed in connection with plans forPortland, Los Angeles, and JacksonvilleBranches 10/21 1460

Preliminary plans and estimates, information to besubmitted 12/ 5 1713

Federal Trust Company, Newark, New Jerscy, additionalinvestment of $21,000 to acquire landapproved 12/ 3 1683


11Pages

Banking quarters: (Continued)Fidelity Bank, Durham, North Carolina, additional invest-

ment approved 4/18 607First Trust & Savings Bank of Kankakee, Illinois, addi-

tional expenditure for remodeling bank-ing premises approved11/14 1555

Houston Branch, no objection to expenditure to air condi-tion annex 1/31 154

Industrial Trust Company, Providence, Rhode Island, addi-tional investment for Elmwood, Wickford,and Apponaug Branches approved 4/24 631

Additional investment to complete building for Elm-wood Branch approved 10/24 1479

Additional investment approved for building in Paw-tucket, R. I., and for consolidation oftwo branches there

Additional investment for improvements at East Provi-dence branch approved 12/30 1

Jacksonville Branch, discussion of proposed new buildingand vault construction, statement ofChairman Eccles re 10/21 1460

Jasper County Savings Bank, Newton, Iowa, expenditure for remodeling premises approved 2/ 5 176

Little Rock Branch, no objection to improvement of base-ment 1/ 8 25

No objection to purchase and installation of auxil-iary electric power equipment 12/ 9 1728

Los Angeles Branch, need for space, mentioned in letterto Chairman Wolcott 5/29 815

Construction of building, final plans and bids to besubmitted to Board

Plans and specifications to be submitted to Boardbefore asking for bids, Mr. Earhartto be advised

Construction of building, plans to be submitted toBoard before request for bids, infor-mation re vault construction to beobtained from Federal Works Agency

1016

10/21

10/27

1437

1460

1486Manufacturers Bank & Trust Company, St. Louis, Mo., no

objection to expenditures for remodel-ing banking house and purchasing park-ing lot 1/21 914

Memphis Branch, no objection to expenditures for replac-ing light fixtures 11/ 3 1518

Miami Deposit Bank, Yellow Springs, Ohio, additional ex-penditure in bank premises approved 1/10 314

National Savings and Trust Company, Washington, D. C.,increase in investment in bank premisesapproved 4/11 566


12Pages

Banking quarters: (Continued)New Orleans Branch, no objection to plans for use of

adjoining lot for loading and unload-ing purposes 4/ 2 504

Improvements, no objection to completion 6/30 996Peoples Trust Company of Bergen County, Hackensack, New

Jersey, expenditure for acquisition ofstock of Westwood Investment Company,affiliate holding title to bankingpremises occupied by Westwood branch,approved 5/14 725

Portland Branch, need for space, discussion of 5/13 709Need for space, mentioned in letter to Chairman

Wolcott 5/29 814Construction of building, final plans and bids to

be submitted to Board 10/16 1437Plans and specifications for building to be submitted

to Board before asking for bids, Mr.Earhart to be advised 10/21 1460

Information re vault construction to be obtained from Federal Works Agency 10/27 1486

Provident Trust Company of Philadelphia, Penna, expendi-ture for addition to main office ap-proved 5/ 6 686

San Antonio Branch, no objection to expenditure for airconditioning building and outsidespace leased 1/31 154

Seattle Branch, need for space, discussion of 5/13 710Need for space, mentioned in letter to Chairman

Wolcott 5/29 815Design of building, no objection by Board if selected

by directors, Mr. Earhart to be advised 10/31 1503State Bank of Albany, New York, additional investment for

building for new branch in Village ofMenands, Town of Colonie, New York, ap-proved 9/ 2 1244

State member banks, authority of Presidents of FRBanksto approve proposed investments sub-mitted under conditions of membershipby, broadened, advice to FRBanks 2/11 201

Texas Bank & Trust Company of Dallas, Texas, applicationfor membership approved, proposed ex-penditure for banking quarters ap-proved, additional powers not to be ex-ercised without permission of Board 11/ 7 1534

Barit, A. E., Regulation W, amendment suggested to liberalizematurity requirement f or automobiles, re-ply to 4/25 639

Reply to letter stating objections concerning low5/28 807income people


13Pages

Barker, Willard G., loan to employee to purchase stock ofSears, Roebuck and Co., applicabilityof Regulation U) reply to h/18 608

Beaty, John Y., Editor, Bankers Monthly, membership in FRSys-tem, information re reasons for andadvantages sent to 2/20 231

Beckworth, Honorable Lindley, reimbursement by FRBank for trans-portation charges on direct sent items,comments on statement by Mr. Faires re 12/15 1767

Blizzard conditions in Chicago District, penalties for deficien-cies in reserves waived because of 2/ 4 175

Board of Governors:Administration:

Chauffeurs, separation from guard force and openingof West Gate, not approved 1/14 52

Woman receptionist in oval, suggestion not approved 1/14 52Annual report for 1917, designation of reserve cities,

statement -liscussed at Presidents Con-ference 10/ 7 1378

Annual report for 1946:Policy record of Board, draft of entries covering 1946

approved for publication in, references toviews of menbers of Board not presentand not voting on actions to be deleted 2/21 237

Change suggested by Chairman Eccles to include sectionfor FOMC and discussions of monetarypolicies instead of inclusion in annualreport of FRBank of New York, memo tobe presented to Board for study and dis-cussion 4/ 8 529

Distribution, one copy to be sent to any bank request-ing it, no change in list for membersof Congress and others 14/ 8 535

Change to include section for FOMC and discussions ofnational policies, memo of ChairmanEccles approved, further conference tobe held with Mr. Sproul 4/35 579

Authority re issuance by FRBanks or by FOMC of re-ports that discuss national policy ques-tions, Mr. Vest to submit opinion on 4/15 580

Distribution, copy to be furnished to any bank request-ing it, change in procedure re )4/16 589

Policy Record, FOMC, approved for inclusion in 4/25 646Capitalrequirements of member banks) legislation to

remove discrimination againstI mcommen-dation to be included in 6/ 6 882

Revised draft to include statement re capital require-ments for State banks approved with usualdistribution procedure to be followed 6/17 931


14Pages

Board of Governors: (Continued)Annual reports:

Outside business and teaching activities of em-ployees of staff in Group M andabove, procedure and form approved 11/24 1632

Assignment of subjects for initial consideration 3/20 433Assignment of subjects for primary consideration, Per-

sonnel Committee, salary classifica-tion plans of FRBanks because of ill-ness of Mr. Vardaman, after completionof plans to revert to Mr. Vardaman 5/23 787

Assignment of subjects for primary consideration and ofalternates approved 6/20 955

Automobiles:Plymouth station wagon and sale or trade-in of old

station wagon, referred to Mr. Draper 2/25 258Use of, revised regulations to effect reduction in

expenses, copies to be sent to Boardmembers aid senior staff 3/20 427

Budget:Division of Administrative Services, increased to

cover cost of printing additional copiesof revised edition of FRAct 1/14 59

Increased to cover cost of printing 5,000 addi-tional copies of Banking Studies 1/23 103

Increased to cover cost of New Plymouth stationwagon 2/25 258

Increased to cover purchase of liability insurancefor employees driving personal cars incourse of employment 3/17 417

Increased to cover cost of luncheon for AmericanAgricultural Editors Association 5/ 6 684

Increased to cover expenses of publication ofFederal Reserve Charts 3/24 454

Increase to cover printing and distribution ofbooklet on "Federal Reserve System-ItsPurposes and Functions" 6/24 978

Unexpended balance for operation of IBM equipmentto be transferred from Division ofResearch and Statistics to 7/15 1057

Expenses of cafeteria for telephone service,electric light and power, ard steam tobe included in 1948 10/31 1515

Division of Bank Operations:Addition of $300 to item of Stationery and Supplies

in 1947 budget approved 1430Amount added to item of Printing and Binding

and to item of Telephone and Telegraphin 1947 non-personal budget 11/14 1556


15Pages

Board of Governors: (Continued)Budget: (Continued)

Division of Bank Operations: (Continued)Addition of $200 to item of Printing and Bind-

ing for 1947 approved 10/24 1484Division of Personnel Administration, sum of $300 to

13

be added to miscellaneous account totake care of payments for Reserve BoardClub librarian for 1947 10/ 6

3244

Addition of $200 to Personal Services item for1947 approved 10/15

Division of Research and Statistics, Mr. Lutz's nameto be included in L;roup of consultantsfor 1947 3/ 6 338

Increased to cover cost ofcontinued lease forIBM equipment 4/28 652

Increasedto cover claim submitted by Mr. Metz-ler in connection with checking ofpaper on "Exchange Rates and the Inter-national Monetary Fund" 6/ 4 846

To be increased to cover expenditures in connec-tion with survey of finances and spend-ing intentions of individuals by Univer-sity of Michigan 7/ 2

Costs of publication and distribution of "Debitsand .Clearings Statistics, Their Back-ground and Interpretation", by GeorgeGarvey, FRBank of New iork, to be ab-sorbed in 1947 7/ 2

Amount added to item of Stationery and Suppliesin 1947 non-personal budget 11/20

Division of Security Loans, amount added to item ofmiscellaneous expenses in 1947 budget 11/26

Secretary's Office, $300 to be added to item of Sta-tionery and Supplies in 1947 non-per-sonal budget 8/28

Addition of $300 to item of Printing and Bindingfor 1947 approved 10/15

1002

1019

160)4

1674

1229

1434To be increased to cover cost of dinner for National

Association of Supervisors of StateBanks at Idayflower Hotel

Item to be increased to cover cost of entertainment(golf and dinner) for Presidents andother guests at Burning Tree CountryClub

For 1948, approved, purchases of furniture and equip-ment to be given special considerationand personnel ceiling of 169 personsfor Division of Research and Statisticsapproved as "ideal"

6/20 952

9/26 1330

12/15 1749


16Pages

Board of Governors: (Continued)Building:

Insurance, fire, to be discontinued 11/ 7 1537Cafeteria:

Supervisor or Assistant Supervisor aathorized touse $50 of petty cash fund for pur-chases of food from farmers' market, etc. 6/26 987

Counsel's Office:Federal statutes, bills to repeal obsolete provisions,

study to be made and advice to be sentto Senator Wiley 4/30 664

Destruction of records, list approved 1/15 66Division of Bank Operations, todiscuss budgetary procedure

of FRBanks with Presidents ConferenceCommittee on Expense Accounting 4/15 583

Division of Research and Statistics:Forecast of work for next five years, statement by

Mr. Evans on 3/ 7 343IBM equipment, continued lease for 8 months approved 4/28 652Projects contemplated by, discussion of 12/15 1752

Expenses:Assessment on FRBanks for last half of 1947 6/20 965Assessment of FRBanks for first half of 1948 12/15 1751Reduction of, amenlments to travel regulations, use

of Board's automobiles, messenger serv-ice, etc., approved in connection with 3/20 425

Franking privilege, regulations to effect reduction in ex-pensesl copies to besentto Board mem-bers and senior staff 3/20 427

Information:Leaks re matters under discussion between Treasury and

Board or Favc, statement to staff oncon-fidentiality of business of Board

Insurance, liability for employees driving personal carsin course of enployment, purchase ap-proved

Leased wire system:Board - FRBank of New York via Philadelphia, no change

to be made at present, discussion ofmemo from Mr. Bethea

Intercity leased line telephone network to serve ac-tivities of Federal Government, Boardnot interested in proposed service atpresent, advice to Treasury Department

Meetint,s, executive sessionMembers:

Alturnates, assignment approvedAttendance at convention of American Bankers Associa-

tion

7/ 2 1013

3/17 417

5/13 717

6/2 83411/ 4 1519

6/2o 955

6/2o 954


17Pages

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

Clayton, Lawrence:Absorption of exchange charges by insured non-

member banks, to confer with Mr. Wigginsafter preparation of memo 7/11 10h9

Appointment as member of Personnel Committee for1947 2/25 250

Appointment as member of Personnel Committee for1947 3/20 437

Assignment of subjects for initial consideration 3/20 435Assignment of subject for primary consideration 6/20 958Assumption of duties under appointment to fill

vacancy in term ending January 31, 1952 2/14 209Bank credit policies during inflation, joint state-

ment to be revised and discussed withTreasury before review with executivecommittee of National Association ofSupervisors of State Banks 11/17 1560

Banking, inclusion in labor legislation, meet-ings re, to continue discussions withFDIC, Comptroller and Treasury to seekinclusion in Hartley bill 4/16 588

Designation of reserve cities, statement to beprepared re standard to be adopted

Holding company affiliates, information relgen-eral question to be considered by

12/17 1778

Mr. Han l and 6/23 969Oklahoma Bankers Association, to attend 50th

anniversary celebration in Tulsa 4/15 574Policy questions on holding company affiliates

to be discussed with Mr. Han l 7/ 9 1034Premiums on Government bonds, pressure by na-

tional bank examiners on banks to writeoff, effect on sale of bonds in market,recommendation to be made by 12/19 1804

Regulation D, amendments to, memo re 7/11 10146Reserve city designation suit threatened by Mr.

Stoddard, matter referred to Mr.Szymczak and 6/20 961

Memo prepared by Mr. Szymczak and, questionto be studied further by 7/ 2 1004

Alternative bases presented in memo 7/11 10h5Matter of new formula referred to for recom-

mendation at next meeting 10/17 1441To conduct hearing re 11/21 1610

Second alternate for Board members on executivecommittee of FOMC 3/20 436

To go to Dallas to discuss personnel situation 4/15 573


18Pages


Clayton, Lawrence: (Continued)To make arrangements for dinner for National

Association of Supervisors ofState Banks 6/20 953

Conduct and statements when visiting FRBanks, dis-cussion of, objections to Board pol-icies to be voiced at Board meetingsbut not on outside 3/20 437

Draper, E. G.:Assignment of subjects for initial consideration 3/20 434Assignment of subjects for primary consideration 6/20 956Career system tofill senior positions, question

as to what extent used at present 10/21 1465Elected Chairman pro tern during absence of Chair-

man Eccles until return of Mr. Szymczakfrom Europe 4/16 591

FRAct, section 13, proposed amendment, memo andletter to Presidents stating reasonsfor approving to be prepared by 3/ 7 347

Margin requirements, reduction, memo re 1/14 54Member of executive committee of FOMC 3/20 436Memorandum on separation of chauffeurs from guard

force and on employment of woman recep-tionist 1/14 53

Purchase of Plymouth station wagon and sale ortrade-in of old station wagon, referredto 2/25 258

Reserves, special plan for three-year period tocontrol expansion of bank credit, state-ment re vote in favor of 11/ 5 1525

Eccles, M. S.:Assignment of subjects for initial consideration 3/20 433Assignment of subjects for primary consideration 6/20 955Chairman of executive comnittee of FOMC, appoint-

ment approved 3/20 436Check collection service, statement to be made at

Presidents Conference approved 10/ 3 1365Credit controls, to appear before Joint Committee

on Economic Report and Banking and Cur-rency Committees of Congress at hear-ings re 11/18 1572

Reply to statement of FAC 11/18 1574Discount rate at FRBanks, increase to 1-1/4

suggested 12/ 5 1689Executive committee of State Bank Supervisors,

to speak before 4/11 553Inflation, authorization to make statement re bill

proposed in House and position of Board 12/15 1762


19Pages


Eccles, M. S.: (Continued)International Monetary Fund and International

Bank for Reconstruction and Develop-ment, invitation to attend annualconference of Governors in London,Mr. Knapp to attend in place of 6/20 959

Labor bill (Taft-Hartley), statement in favorof sending letter to White House re 6/17 927

Margin requirements, reduction to 75%, statementreleased to press 1/17 77

Not present at Board meeting becau3e of work onstatement to be presented before JointCommittee on Economic Report 11/21 1605

Report on meeting at White House and discussionof legislation to make authority ofBoard permanent 4/11 549

Retirement system, retention of services of em-ployee until age 70 andcompensationarrangement suggested by 11/ 4 1520

Retirement system investment policies, changesproposed by, memo to be prepared fordiscussion at Presidents Conference 12/ 5 1697

Special reserve plan, memo re discussed 12/17 1559Statement before Joint Committee on Economic

Report re means of correction for mone-tary and credit situation during in-flation, approved, copies to be sentto all banks in U. S. and to super-visors of banks in all States 11/26 1643

To attend meeting at Treasury to get agreementon progrim re Treasury bills 4/11 559

To be absent from April 18 to approximately May10 4/16 591

To present letters to Messrs. Tobey and Wolcotton repeal of Sec. 13h of FRAct when hevisits them 1/10 39

To present letters to Messrs. Tobey and Wolcotton amendments to FRAct when he visitsthem 1/10 40

To talk with Mr. Stettinius on appointment asClass C director at Richmond and des-ignation as Chairman 5/13 716

Evans, H. M.:Appointment as member of Personnel Committee for

1947 2/25 250Appointment as member of Personnel Committee for

1947 3/20 437Assignment or subjects for initial consideration 3/20 434Assignment of subjects for primary consideration 6/20 957


20Pages


Evans, R. M.: (Continued)Authorized to visit South American countries in

connection with agricultural problemsand to call at central banks to strengthenBoard's association with authorities 7/22 1087

Third alternate for Board members on executivecommittee of FOMC 3/20 436

To make arrangements for dinner for NationalAssociation of Supervisors of StateBanks 6/20 953

List of rending material received by Secretary's Officeto be sent to each member and materialthen to be sent upon request, proceduresuggested by Chairman Eccles approved 7/11 1044

Ransom, Ronald:Assignment of subjects for initial consideration 3/20 433Assignment of Jubjects for primary consideration 6/20 955Death of, telegram to Mr. Neely re 12/.3 1681First alternate for Board members on executive

committee of MAC in absence of Mr.Eccles and third in absence of Messrs.Szymczak and Clayton, upon return 3/20 436

Szymczak, M. S.:Assignment of subjects for primary consideration 6/20 956Elected Chairman pro tem fromd ate of return to

date of Chairman Eccles' return fromthe West 4/16 591

Elected to serve as Chairman pro tempore in ab-sence of Chairman Eccles during Mr.Ransom's absence because of illness 6/20 959

First alternate for Board members on executivecommittee of FOMC 3/20 436

Regulation D, amendments to, memo re 7/11 1045Reserve city designation suit threatened by Mr.

Stoddard, matter referred to Mr. Claytonand 6/20

Memo prepared by Mr. Clayton and, question to bestudied further by 7/ 2

Alternative bases presented in memo 7/11Matter of new formula referred to for recommen-

dation at next meeting 10/17-To conduct hearing re 11/21Statement to be prepared re standard to be

adopted 12/17Retention of FRBank officers or employees after

age 65, no change in present policy,memo 12/ 5

Retirement system, formulation and approval ofinvestment policies, to study problemfurther and Board to consider matteragain 7/18

601190 41045

14411610

1778

1692

1073Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis


21Pages

Szymczak, M. S.: (Continued)Retirement system: (Continued)

Memo re annual reports to Board, Board'srepresentative, and investment policies,further consideration to be given to

Retirement system investment policies, memo recom-mending no changes to be made, discussionof

Special reserve plan, questions re discussedTo serve as Acting Vice Chairman pending return to

10/31

12/ 511/17

1494

16961557

duty of Mr. Ransom, assignment of subjectsfor initial consideration 3/20 434Trustee of Retirement System, feeling of Mr. Ecclesthat he should serve another year 12/ 5 1699Travel outside of the U. S., trips to be approved byBoard, statement of Mr. Eccles in connectionwith proposed trip by Mr. Evans to SouthAmerica 7/22 1087Vardaman, J. K.:

Assignment of subjects for initial consideration 3/20 435Assignment of subjects for consideration, salaryclassification plans to be considered byPersonnel Committee until new Plans are ineffect and then to revert to Mr. Vardaman 5/23 787

Assignment of subjects for primary consideration 6/20 957Attendance at meeting of ABA and National Association 3/12 395

of Supervisors of State BanksCafeteria costs of FRBanks, question to be referred

to 8/ 7 1145Consumer credit, statement re continuation of Regula-

tion W 12/19 1801Designation of reserve cities, statement re proposed

standard to be adopted 12/17 1775Examination of reports of 28 insured banks, request

of GAO to FDIC for permission, •-,eeting tobe held with Comptroller of the Currency,Chairman of FDIC, Comptroller Generil, andTreasury representative to discuss 1/27 120

Holt, Thad, Director at Birmingham Branch, to berecorded as "not voting" for 3/28 478

Mangels, H. N., opinion that notice of election asFirst Vice President at San Francisco shouldstate that appointment as President was notimplied, disapproved 1/15 62

Member of executive committee of FOMC 3/20 1436


22Pages


Vardaman, J. K.: (Continued)Mergers or consolidations of State and national

banks, legislation to equalize posi-tion in, attendance at meeting inNew York re, no recommendation to bemade by /144 401

AMidwinter Trust Conference of B / 1

A, attended by 163Policy record of Board, references on occasions

when not present to be omitted 2/21 237Recommendation for salary increase for Mr. Pon-

drom at FRBank of Dallas 6/ 4 843Regulations T and U, amendments to supplements

to reduce margin requirements to 75%,approved by 1/17 83

Tax advantages reconsolidation or merger of na-tional bank and State bank, to adviseABA that Board would favor legislationthat would also remove discriminationagainst member banks re capital require-ments for banks operating branches 3/ 7 345

Travel expenses of FRBank officers and employees)question to be referred to 8/ 7 1143

Unable to attend Board meeting 11/21 1605Minutes approved:

December 19, 1946 1/20 88December 20 1/20 88December 26 1/20 88December 27 1/20 88December 30 1/20 88December 31 1/20 88January 2, 1947 1/20 88January 3 1/20 88January 7 1/20 88January 8 1/20 88January 10 1/20 88January 13 1/20 88January 14 1/20 88January 15 1/20 88January 16 1/20 88January 17 1/20 88January 20 1/21 93January 21 1/22 97January 22 1/23 101January 23 1/24 106January 24 1/27 129January 27 1/28 138January 28 1/29 140January 29 2/ 3 155January 30 2/ 3 155January 31 2/ 3 155


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

February 3, 1947February 4February 6February 7February 10February 11February 12February 13February 14February 17February 18February 19February 20February 21February 24February 25February 26February 27February 28 (also Pres.)March 3March 4March 5March 6March 7March 10March 11March 11 (FAC)March 12March 13March 14March 17March 18March 19'arch 20March 21March 24March 25March 27March 28March 31April 1April 2April 3April 4April 7April 8April 9April 10April 11

23Pages

2/10 1912/10 1912/10 1912/10 1912/11 2002/12 2042/14 2092/14 2092/17 2162/18 2192/19 2242/20 2262/21 2432/24 2452/25 2592/26 2622/27 2702/28 3173/3 3203/14 3263/5 3303/6 3383/7 3503/10 3573/11 3923/12 3953/12 3953/13 3973/14 4093/17 4133/18 4193/19 4223/20 4383/21 4423/24 4493/25 4613/27 4673/28 4873/31 49214/1 49414/2 49814/3 50514/14 51814/7 52214/8 53614/9 5384/10 5424/11 5634/1h 570



April 14April 15April 16April 17April 18April 21April 22April 23April 24April 25April 28April 29April 30May 1May 2May 5May 6May 8May 9May 12May 13May litMay 15May 16May 19May 20May 20 (FAC)May 21May 22May 23May 26May 27May. 28May 29June 2June 3June 4June 5June 6June 6 (Pres.)June 9June 10June 11June 12June 13June 16June 17

24Pages

4/15 5814/16 5914/17 6004/18 6944/23 6274/23 6274/23 6274/24 6304/28 6474/28 6474/30 6594/30 6595/1 6705/2 6735/ 5 6815/8 6905/8 6905/.9 6965/12 7025/13 7215/14 7245/15 7335/16 7355/19 7435/20 7475/21 7745/21 7745/22 7765/23 7925/26 7975/27 8005/28 8035/29 8236/2 8296/3 8356/14 8466/5 8516/6 8586/ 9 8946/9 8946/10 8966/11 9026/13 9076/13 9076/16 9246/17 9366/18 938



June 18June 19June 20June 23June 24June 25June 26June 27June 30July 1July 2July 3July 7July 9July 10July 11July 14July 15July 16July 17July 18July 21July 22July 23July 24July 25July 28July 29July 30July 31August 1August 4August 7August 8August 11August 12August 13August 14August 15August 18August 19August 20August 21August 22August 25August 26August 27August 28August 29

25Pages

6/19 9416/20 9626/23 9676/24 9736/25 9816/26 9856/27 9896/30 9927/1 9987/ 2 10147/ 3 10227/ 7 10247/ 9 10277/10 10367/11 10507/14 10547/15 10577/16 10607/17 10627/18 10757/21 10827/22 10907/23 10947/24 10987/25 11018/ 7 11518/ 7 11518/ 7 1)518/ 7 11518/ 7 11518/ 7 11518/ 7 11518/ 8 11528/11 11638/12 11678/13 11718/14 11788/15 11848/18 11918/19 11948/20 12058/21 12088/25 12128/25 12128/26 12158/27 12178/28 12208/29 12369/ 8 1254



September 2September 4September 5September 8September 9September 10September 11September 12September 16September 17September 18September 19September 22September 23 (FAG)September 23September 24September 26September 29September 30October 1October 2October 3October 6October 7October 7 (Pres.)October 8October 9October 10October 13October 14October 15October 16October 17October 20October 21October 22October 23October 24October 27October 28October 29October 31November 3November 4November 5November 7November 10November 12November 13

26Pages

9/ 8 12549/ 8 12549/ 8 12549/ 9 12619/10 12649/16 12759/16 12759/16 12759/17 12789/18 12819/22 12909/22 12909/23 13179/24 13219/24 13219/26 13329/29 13369/j0 134810/ 1 135510/ 2 135910/ 3 136810/ 6 137210/ 7 137510/ 8 140510/ 8 140510/13 142610/13 142610/13 142610/14 142810/15 143210/16 143510/17 145010/20 145310/21 146710/22 147210/24 147710/24 147710/27 148510/28 148810/29 149110/31 151211/ 3 151711/ h 152111/ 5 152711/ 7 153311/10 154011/12 154411/13 155o11/14 1554



November 14November 17November 18November 18 (FAG)November 19November 20November 21November 24November 25November 26November 28December 2December 3December 4December 5December 9December 9 (Pres.)December 10December 11December 12December 15December 16December 17December 18December 19December 22December 23December 24December 29December 30

Policy record:Draft of entries covering 1946, approved for publi-

27Pages

11/1711/1811/1911/1911/2011/2111/2411/2511/2611/2812/ 212/ 312/ 412/ 512/ 912/1012/1012/1112/1212/1512/1612/1712/1812/1912/2212/2312/2412/2912/3012/31

156415921594159415981628163216381672167516791681168517041727173017301733174217621769178417881812181718201827183618411844

cation in annual report, referencesto views of members of Board notpresent and not voting on actions tobe deleted 2/21 237

Interest rate to be paid by FRBanks on ninotes, notcovered by gold certificates, out-standing during first quarter of 1947 4/23 618

Members actually participating in actions, votes tobe recorded, but references to viewsof absent members to be deleted 2/21 237

Regulations T and U, amendment to supplements re-ducing margin requirements 1/17 76

Positions, full-time with salary rates of $9975 or more,forms sent to Mr. Baruch, Civil Serv-ice Commission 10/10 1418

Proceedings before, reply to Senator Wiley that Admin-istrative Practitioners Act is notnecessary for 4/ 3 510


Board of Governors: (Continued)Relationship to FRBanks compared with that of Bureau

of the Budget, General AccountingOffice, and Civil Service Commissionto other departments and agenciesof Government, statement of ChairmanEccles re at FAC meeting

Secretary's Office:List of reading material received to be sent to each

Board member and material then to besent upon request, procedure suggestedby Chairman Eccles approved

Stock room, supplies, Division of Administrative Servicesauthorized to purchase up to $15,000worth

Supervisory and other responsibilities, statement ap-proved with statement of responsi-bilities of directors

Transfer of employee to another office or division, tobe approved in advance unless forbrief period, salary to be chargedto office or division where working

28aPages

9/23 1310

7/11 1044

11/12 1549

11/21 1623

for any length of time 3/20 427Travel expenses, reduction in allowances for members

and staff to be considered 2/ 7 182Boz.;as, andHale, removal of limitation on cost of

Bonds: MBranch buildings, letter sent to 3/25 466

Fidelity coverage, FRBanks requested to cooperate in pro-gram of FDIC for State member banks 11/10 1541

Government: (See Government securities)Issue and redemption of savings, transfer from Branch banks

to head offices, not desirable atpresent, Mr. Smead to discuss matterwith Mr. Bartelt, topic to be placedon agenda for next meetings of Chair-men's and Presidents' Conferences 3/28

Kingdom of Norway, Ten Year 3-1/2 per cent Sinking FundExternal Loan Bonds of, reply to in-quiry from Mr. Arthur H. Dean 6/19 949

Savings bond campaign, cooperation of FRSystem in supportof, letter to Secretiry Snyder and in-formation to FRBanks 5/29 828

Savings bond program of Treasury, oost of printing bookletfor Treasury to be paid by Board 11/26 1670

Treasury 2-1/2 per cent, Investment Series A 1965, to bevalued at par in examination reports,

on advice to FRBanks 9/17 1279

Bost Stock Exchange: Listing of securities by corporations on, reply to letter

from Mr. Besse re difficulties 7/ 7 1025


28bPages

Boston Stock Exchange: (Continued)Stock Clearing Corporation, question of loans, appli-

cability of Regulations T and U 6/ 2 831Branch banks, domestic:

American Trust Company, San Francisco, California:Mill Valley, California, establishment of branch

subject to purchase of assets of MillValley Bank, Mill Valley, Calif., ap-proved 5/12 704

Sacramento, California, establishment of branch atAlhambra Boulevard and BroadwayStreet approved 1/29 141

Granted extension of time to establish branch 7/ 2 1016Granted extension of time to establish branch at

Alhambri Boulevard and Broadway Street 11/14 1556San Mateo County, Calif., establishment of branch at

Geneva Avenue and Rio Verde Streetapproved 3/19 423

Temporary establishment of brunch approved in con- .nection with Grand National LivestockExposition 10/15 1433

San Bruno, California, establishment of branch ap-proved IV 4 519

Granted extension of time to establish branchSan Pablo, California, establishment of branch ap-

provedGranted extension of time to establish branch

Sunnyvale, Calif., establishment of branch approvedGranted extension of time for establishment of

branch

8/14 1182

4/25 6378/14 11826/16 925

10/31 1515Walnut Creek, California, extension of time to estab-

lish branch approved 5/26 798Bank of America N. T. & S. A., applications to establish,

Mr. Leonard to prepare material for useof Mr. Wiggins in discussing matterwith Comptroller 3/14 409

Conversion of banks acquired by Transamerica intobranches, Chairman Eccles to ask Mr.Delano to defer action on applicationsuntil decision re investigation byBoard 11/17 1561

Capital requirements for member banks to establish, replyto Mr. Burmester, Union Bank of Com-merce, Cleveland, Ohio 3/25 464

Reply to Congressman Sundstrom on legislation to elim-inate discrimination 5/12 708

Banks that have withdrawn from menibership, conversions,etc., information in connection withproposed legislation on capital require-

7/28 1107ments of banks with branches


Branch banks, domestic: (Continued)Capital requirements for member banks: (Continued)

Presidents in favor of proposed bill to modify, butopposed to provision requiring ap-proval of Board for establishmentof intracity branches for State mem-ber banks

Discussion of memo of Legal Division re, questionsto be discussed with Comptroller ofthe Currency and matter to be dm-sidered in near future

Letter to Comptroller of the Currency with draftbill, views requested

Commerce Guardian Bank, Toledo, Ohio, purchase of build-ing for opening of branch approved

29Pages

10/ 7 1385

11/21 1626

12/ 5 1709

1/27 132Comronwealth Trust Company of Pittsburgh, Penn% establish-

ment of branch at McKees Rocks, Penna.,in connection with purchase of assetsand assumption of deposits of ChartiersBank, McKees Rocks, Penna., approved 3/1.0 359

County Trust Company, White Plains, New York, establishmentof eight branches in Westchester County,New York, approved in connection withproposed absorption through merger ofWashington Irving Trust Company, PortChester, N. Y., and Bank of Westchester,Yonkers, N. Y. 7/ 9 1029

Dollar Savings and Trust Company, Youngstown, Ohio, es-tablishment of branch in Campbell, Ohio,approved subject to purchase of assetsand assumption of deposits of City Trustand Savings Bank, Youngstown, Ohio 7/25 1101

Park Bank, Ecorse, Michigan, establishmentof branch in Ecorse, Michigan, coinci-dentally with removal of head office toLincoln Park approved

dompany, Endicott, New York, establishmentof branch in Town of Vestal, New York,approved

E3orse-Lincoln

Endicott Trust

Fidelity Bank, Durham, North Carolina, extension of timeto establish branch on Roxboro Road inDurham, County, N. C., approved

Granted extension of time to establish branchFidelity Trust Company, Baltimore, Md., establishment of

branch in Towson, Md., approved inconnection with proposed merger ofBank of Baltimore County, Towson, Md.

5/2o 747

1/10 33

5/19 74311/24 1634

11/28 1677


30Pages

Branch banks, domestic: (Continued)Fifth Third Union Trust Company, Cincinnati, Ohio, es-

tablishment of branch in Reading,Ohio, approved subject to absorp-tion of Reading Bank, Reading, Ohio 9/30 1349

First National Bank of Portland, conversion of banks ac-quired by Transamerica into branches,Chairman Eccles to ask Mr. Delano todefer action on applications until de-cision re investigation by Board 11/17 1561

Harvard Trust Company, Cambridge, Mass., establishmentof branch in Arlington, Mass., in con-nection with proposed absorption ofMenotomy Trust Company, Arlington, ap-proved 2/26 263

Industrial Trust Company, Providence, Rhode Island, addi-tional investment for Elmwood, Wick-ford, and Apponaug Branches approved b/24

6;37:9

Additional investment to complete building for Elm-wood Branch approved 10/24

Additional investment approved for building in Paw-tucket, R. I., and for consolidation

Additional investment for improvements at East Provi-dence branch approved 12/30 1

Intracity, proposed legislation to require approval byBoard for establishment of 11/21 1626

Legislation for establishment of branches of member banks,letter to Comptroller of the Currency to be prepared 11/26 1613

Manufacturers and Traders Trust Company, Buffalo, NewYork, extension of time granted toestablish branch at Eggertsville, NewYork 5/ 8 693

Nevada Bank of Commerce, Elko, Nevada, approval requiredfor establishment of branch but notfor removal of head office from Elkoto Reno, advice to FRBank of SanFrancisco 9/26 1335

Nevada Bank of Commerce, Reno, Nevada, establishment ofbranch in Elko, Nevada, approved inconnection with removal of head officefrom Elko to Reno12/3 1684

NorthevaNew York Trust Company, Watertown, New York, estab-lishment of branch in Adams, New York,in connection with proposed merger withCitizens and Farmers Trust Company, Adams,New York, approved, further applicationsnot to be made on basis involving re-duction of invested capital, MarineMidland Corporation, holding company

3/20 439affiliate, to be advised


31Pages

Branch banks, domestic: (Continued)Northern New York Trust Company, Watertown, N. Y.: (Continued)

Establishment of branch in Copenhagen, New York,approved in connection with pro-posed purchase of assets and assump-tion of liabilities of CopenhagenNational Bank 10/ 8

Portland Trust and Savings Bank, Portland, Oregon, es-tablishment of branch in Park Rose,Multnomah County, Oregon, approved 4/16 594

Granted extension of time to establish branch inPark Rose, Oregon 11/26 1674

Provident Savings Bank and Trust Company, Cincinnati, Ohio, establishment of branch atSharonville, Ohio, in connectionwith proposed absorption of Sharon-ville Bank, Sharonville, Ohio, ap-proved 4/21 613

Security Trust Company of Rochester, New York, applica-tion for membership approved, subjectto charge off of losses, retentionand operation of branches at Fairport,Pittsford, and Dansville, New York,approved 11/20 1600

Springfield Safe Deposit and Trust Company, Springfield, Mass., establishment of branch inEast Longmeadow, Mass., approved 12/11 1739

State Bank of Albany, New York, establishment of branchin Village of Menands, Tom of Colonie,New York, approved 8/18 1191

Additional investment for building for new branch inVillage of Menands, Town of Colonie,New York, approved 9/ 2 1244

Wachovia Bank and Trust Company, Winston-Salem, N. C., es-tablishment of two branches in StateCollege area and Hayes Barton area,

Branch banks,FRSystem:Raleigh, N. C., approved 1/22 98

Baltimore:Staff:

Armstrong, Bernard F., Assistant Cashier, salaryapproved 8/22 1210

Botorek, L. P., designation as special assistantexaminer 1/13 L06

Crowl, I. J., designation as special assistantexaminer 1/13 46

Cupit, John R., Cashier, salary approved 5/16 736Eckels, N. L., designation as special assistant

examiner 1/13 46


32Pages

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

Staff: (Continued)Enos, D. it., designation as

examinerGray, I. J., designation as

examinerHagner, Donald F., Assistant

provedSalary approved

Johnston, John A., Assistantapproved

Salary approvedJones, E. R., Jr., designation as special assist-

ant examinerMilford, W. R., Vice President, salary approvedOrem, J. S., designation as special assistant

examinerRitter, H. F., designation as special assistant

examinerRodey, E.H., designation as special assistant

examinerShipley, Eugene I., FRAgentis Representative,

salary approvedFRAgentls Representative and Manager, Ac-

counting Dept., salary approvedSperry, C. S., designation as special assistant

examinerSpriggs, J. W., designation as special assist-

ant examinerStewart, Alfred A., Jr., FRAgentls Representa-

tive, appointment and salary approvedSalary approvedFRAgent's Representative and Manager, Fiscal

Agency Dept., salary approvedWalter, W. E., designation as special assist-

ant examinerWhitaker, R. E., designation as special assist-

ant examinerMienert, Adolph C., Assistant Cashier, salary ap-

provedBanking quarters, billto repeal limitation on cost, draft

with recommendation for enactment sentto Chairmen of Senate and House Bank-ing and Currency Committees 41

Construction projects, no objection to necessary alterations involving expenditure around$100,000, statement of Chairman Eccles 1/27

Removal of limitation on cost, legislation re, FACto consider matter further 3/11

special assistant

special assistant

Cashier, salary ap-

Cashier, salary

1/13 46

1/13 46

5/16 7368/22 1210

5/16 7368/22 1210

V13 465/16 736

1/13 116

1/13 46

1/13 46

6/16 924

12/23 1822

1/13 146

1/13 46

4/11 5656/16 924

12/23 1822

1/13 46

1/13 46

5/16 736

123.

390


33Pages

Branch banks, FRSystem: (Continued)Banking quarters: (Continued)

Legislation to remove limitation, reply to letterfrom Congressman J. Hardin Peterson 3/25 465

Removal of limitation on cost, statement re elimina-tion of provision from H. R. 2233 3/28 481

Letter to FRBanks tobe prepared requesting informationre construction costs and statingthat plans should be for practicalneeds without ornate or pretentious

buildings 3/28 481S. 1225, Sparkman bill to remove limitation on ex-

penditures, report to be deferred un-til discussion by Chairman Eccleswith Mr. Wolcott 5/13 710

General letter re needs not to be sent at present,but Mr. Smead to obtain additionalinformation 5/13 714

Legislation re, Chairman Eccles to talk with Mr.Wolcott to obtain views before furtheraction 5/13 714

Repeal of limitation in FRAct on expenditure, letterto Chairman Wolcott recommending re-peal or authorization for expendituresfor urgent cases up to $10,000,000,copy sent to Senator Tobey 5/29 814

Review of present status of legislation by ChairmanEccles at Presidents Conference 6/ 6 893

Bill for additional authority for construction of,preferred by Chairman Wolcott to billfor repeal of existing limitation,statement of Chairman Eccles 6/ 4 840

Repeal of limitation on cost of buildings or au-thorization for expenditures for ur-gent cases up to $10,000,000, draftsof bills sent to Chairman Wolcott ofHouse Banking and Currency Committee 6/ 5 852

Amendment to FRAct to remove limitation on cost ofbuildings, letter to President re im-portance of action at present sessionof Congress 6/10 898

Letter to Chairman Wolcott re labor and material neededfor construction 6/12 905

Legislation to remove limitation re, report by Chair-

man Eccles on status 6/17 932Bill to permit expenditures up to $10,000,000 passed

by Senate, advice to Mr. Gidney restatus of 7/14 1055

S. 1519, to permit expenditures up to $10,000,000,Board in favor of, report to Bureau ofthe Budget 7/25 1102


Robert R., Chief, Accounting Division,continuation of temporary assignment

approvedGeorge J., Assistant Cashier, salary ap-

proved, to be effective also while

serving as Acting Manager at Head

Office for six monthsMilford A., Chief, Cash Division, con-

tinuation of temporary assignment

approvedKenneth P., Chief, Check Division, con-

tinuation of temporary assignment

approvedM. Monroe, Assistant Cashier, salary ap-

provedInsley B., General Manager, salary ap-

proved

Branch banks, FRSystem: (Continued)Banking quarters: (Continued)

Bill to authorize expenditures up to $10,000,000signed by President, FRBanks re-quested to send information re

3/21 443

34Pages

urgent needs 8/ 8 1160Cost of buildings, statement to be published in

August issue of FRBulletin 8/11 1165

Construction, statement of standards to be prepared,

discussed in connection with plansfor Portland, Los Angeles, andJacksonville Branches 10/21 1460

Preliminary plans and estimates, information to besubmitted 12/ 5 1713

Birmingham:Personnel classification plan, changes consisting of

increases in maximum annual salariesapproved 6/20 962

Staff:Beavers, P. L. T., Vice President, salary approved 5/16 737Frazer, H. C., Assistant Manager, salary approved 5/16 737Starr, Leo W., Assistant Cashier, salary approved 5/16 737

Buffalo: Urquhart, H. J., Cashier, s alary approved 5/15 737

Personnel classification plan, change consisting ofincrease in maximum annual salary forCharwoman approved 6/13 911

Changes consisting of abolition of Savings BondRedemption Division approved 8/ 5 1137

Salaries:Employees, minimum and maximum salaries approved

for respective grades, in connectionwith job cilssification plan 9/18 1282

Staff:Covert,

Doll,

Mead,

Smith,3/25 459

3/25 459Grote,

3/21 443

3/21 443Myers,

3/25 459


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

Staff: (Continued)Snow, Halsey W.,

Charlotte:Banking quarters, no

conditioningStaff:

Amrhein, Elizabeth S., Currency Counter, MoneyDept., salary approved

Amrhein, Mary G., Junior Clerk-A, salary approvedBagby, T. Wesley, FRAgent's Representative, sal-

ary approvedDesignation as special assistant examinerFRAgent's Representative and Manager, General

Service Dept., salary approvedBarrett, Thomas R., Shipping Teller, Money Dept.,

salary approvedBelk, Bryson B., Junior Clerk-A, salary approvedCherry, Robert L., Vice President, salary ap-

provedClark, Franklin S., designation as special assist-

ant examinerDrumheller, William B., designation as special

assistant examinerGable, Charles L., Junior Clerk-A, salary ap-

provedGilliam, Paul D., FRAgent's Representative,

pointment and salary approvedDesignation as special assistant examinerManager, Noncash Collection Dept., Secur-

ities Custodian, salary approvedHoneycutt, Robert L., Assistant Cashier, salary

approvedKeller, Winfred W., designation as special

ant examiner

Cashier, salary approved

objection tocompletion of air

35Pages

3/25 459

4/30 664

1/14 571/14 57

1/14 5714/3o 660

12/23 1822

. 1/11 571/14 57

5/16 737

4/30 660

4/30 660

1/14 57

4/11 5654/30 660

12/23 1822

5/16 737assist-

4/30 660

ap-

Krueger, Fred C., Jr., designation as specialassistant examiner

Ligon, Stanhope A., Cashier, salary approvedLowe, Charlie P., Teletype Operator, salary ap-

provedMondy, E. Clinton, Assistant Cashier, salary

approvedMorris, Charles E., Supervisor, Fiscal Agency

Dept., salary approvedMosbach, Mrs. M. W., Telephone Operator, salary

approvedOtten, Harry J., Supervisor, Fiscal Agency Dept.,

salary approvedDesignation as special examiner

4/30 6605/16 737

1/14 57

8/22 1211

1/1)4 57

1/14 57

1/14 574/30 660


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

Staff: (Continued)Parker, John P., Manager, Fiscal

salary approvedJoseph G., designation

ant examinerClarence H., Juniorapproved

Raymond R., designationant examiner

Woody, Vivian L., Stenographer-A,Yeager, Herman C., designation as

ant examiner

Denver:Sta

Parks,

Robinson,

Smith,

Cincinnati:Banking quarters, purchase of Chamber of Commerce

building to be discussed with Messrs.Brainard and Gidney

Purchase of Chamber of Commerce Building, noobjection provided legislation althor-izing purchase enacted by Congress,advice to Mr. Gidney

Need for space, mentioned in letter to ChairmanWolcott

Purchase of Chamber of Commerce Building, acknow-ledgment of letter re plans for

Charge-offs on prmises and depreciation allow-ance on machinery and equipment au-thorized

as

Agency Dept.,

special assist-

Clerk-A, salary

as special assist-

salary approvedspecial assist-

Salaries:Employees,

Staff:Geers, Phil J., kssistant Cashier, salary approvedHarrell, Clyde, Assistant Cashier, salary approvedHurst, G. W., analyst, continuation of assign-

ment approvedJohnson, R. G., Assistant Cashier, salary approvedLazar, B. J., Vice President, salary approvedMarsh, W. H., analyst, continuation of assign-

ment approvedOstendorf, Harry H., FRAgent's Representative,

salary approvedOtt, H. N., Cashier, salary approved

minimum and maximum salaries approvedfor respective grades, in connectionwith job classification plan

ff:Duck, Hubert G., Assistant Cashier, salary ap-

provedSalary approvedSalary approved

36Pages

1/14 57

4/30 660

1/14 57

4/30 6601/14 57

4/30 660

5/13 714

5/15 741

5/29 816

8/14 1182

12/29 1839

9/ 8 1254

4/29 6575/23 794

1/30 1474/29 6574/29 657

1/30 147

9/3o 13484/29 657

1/2 25/23 79012/26 1831


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

Staff: (Continued)Fisher, H. B., FRAgent's Representative, salary

37Pages

approved 1/9 30Larson, F.H., Cashier, salary approved 1/2 2

Salary approved 5/23 790Salary approved 12/26 1831

Pipkin, G. H., Vice President, salary approved 5/23 790Stempel, H. L., Assistant Cashier, salary ap-

proved 1/2 - 2Salary approved 5/23 790Salary approved 12/26 1831

Young, William R., FRAgent's Representative, sal-ary approved

Detroit: Banking quarters, preliminary plans for building to

be submitted for consideration ofBoard

1/9 30

10/13 1427Staff:

Bloomfield, Richard W., Assistant Cashier, sal-ary approved 4/ 4 516

Cameron, William T., Assistant Cashier, salaryapproved 4/ 4 516

Chalfont, Harlan J., Manager, salary approvedif fixed by Chicago board 4/ 4 517

Salary increase approved after new recommen-dation 5/ 1 670

Diehl, Harold L., Cashier,salury approved 14/14 516Haefele, Kenneth E., Assistant Counsel and Assist-

ant Cashier, salary approved 4/ 4 516To serve as local counsel with Mr. Hodge in

Detroit case if filed 4/15 579Harris, Ernest C., Vice President, salary ap-

proved if fixed by Chicago board 14/ 4 517Salary increase approved after new recom-

mendation 5/ 1 668Jones, Everett D., FRAgent's Representative, sal-

ary approvedPettke, August J., FRAgent's Representative, sal-

ary approved

12/

12/

3

3

1683

1683Wiegandt, Arthur J., Assistant Cashier, salary

approved h/ h 516Suit threatened by former employee under Fair Labor

Standards Act 4/15 575Federal laws, applicability to FRBanks, topic

for discussion at Presidents Confer-ence 5/ 9 700

Banks excepted under National Labor RelationsAct, discussion ut Presidents Con-ference 6/ 6 879


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

Suit threatened by former employee: (Continued)FRBank of Chicago to proceed with case without

defense that Act does not applyto FRBanks

El Paso:Banking quarters, no objection toexpenditure to air

condition outside space leasedStaff:

Barron, John H., Assistant Cashier, salary ap-proved 6/ 4 844

Berg, E. H., Cashier, salary approved 6/ 4 844Fraser, C. Hadley, FRAgent's Representative, sal-

ary approved 1/ 2 3Salary approved 6/30 993Designation as special assistant examiner 7/28 1105

Smyth, Mac C., Vice President, salary approved 2/24 246Salary approved 6/ 4 844

Fiscal agency operations, question of transfer to headoffices 2/11 196

Issue and redemption of savings bonds, transfer tohead offices, not desirable at present,Mr. Smead to discuss matter with Mr.Bartelt, topic to be placed on agendafor next meetings of Chairmen's andPresidents' Conferences 3/28 472

No objection to Treasury sendinganother letter toFRBanks asking for views, Board to con-sider matter further before finalinstructions from Treasury 4/ 8 533

Functions, transfer to head offices, undesirable atpresent, Mr. Smead to discuss matterwith Mr. Bartelt, topic to be placedon agenda for next meetings of Chair-men's and Presidents' Conferences 3/28 472

38Pages

7/ 2 1005

Helena:

Hospitalization, surgical benefits of Montana Phys-icians' Service to be available for,program approved 5/12 702

Personnel classification plan, change consisting ofestablishment of position of GeneralClerk approved 5/14 724

Staff: Larson, C.J., Assistant Cashier, salary approved 5/ 1 670Towle, H. E., Vice President, salary approved 5/ 1 670

Houston: Banking quarters, no objection to expenditure to air

condition annex 1/31 154


39Pages

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

Staff:Boyd, John A., FRAgent's Representative, salary

approved 1/ 2 3Holloway, W. H., Vice President, salary approved 2/24 246

Salary approved 6/ 844Troy, B.J., Assistant Cashier, salary approved 6/ 4 844Vice President in charge of, salary of $12,000

favored by Mr. Vandapan for 6/ 4 843Waller, W. D., Cashier, salary approved 2/24 246

Salary approved 6/ 4 844Jacksonville:

Banking quarters, discussion of proposed new buildingand vault construction, statement ofChairman Eccles 10/21 1460

Personnel classification plan, changes consisting ofincreases in maximum annual salariesapproved 6/20 962

Staff:Clark, T. C., Cashier, salary approved 5/16 737Ford, C. Mason, Assistant Cashier, salary ap-

proved 5/16 737Lanford, T. A., Vice President, salary approved 5/16 737Snyder, J. W., Assistant Cashier, salary ap-

Little Rock: proved 5/16 737

Banking quarters, no objection to improvement of base-ment 1/ 8 25

No objection to purchase and installation of aux-iliary electric power equipment 12/ 9 1726

Hospitalization, change in membership of employeesfrom blue Cross Association of St.Louis to Arkansas Health Plan approved 12/ 5 1704

Staff:

Bailey, A. F., Vice President, retirement, ad-vice of, letter to Mr. Wood re reso-lution 4/30 660

Chillers, Clay, Assistant Manager, salary ap-proved 6/13 912

Links, John A., FRAgent's Representative, salaryapproved 4/16 593

Salary approved 12/23 1823Stewart, C. M., Vice President, salary approved 6/13 912Wood, Clifford, Assistant Manager, salary ap-

proved 6/13 912Los Angeles:

Banking quarters, need for spice, mentioned in letterto Chairman Wolcott 5/29 815


40Pages

Branch banks, FRSystem: (Continued)Los Angeles: (Continued)

Banking quarters: (Continued)Construction of building, final plans and bids

to be submitted to BoardPlans and specifications to be submitted to

Board before asking for bids, Mr.Earhart to be advised

Plans to be submitted to Board before requestfor bids, information re vault con-struction to be obtained from FederalWorks Agency


for respective grades, in connectionwith job classification plan

14emPhis:Banking quarters, no objection to expenditures

replacement of light fixturesPersonnel classification plan, changes involved in

consolidation of Fiscal Agency, Col-lection, and Safekeeping Departmentsinto Collection - Fiscal Agency -Safekeeping Department approved

Manager, salary approvedManager, salary approvedmanager, salary approved

's Representative, salary

Staff:Ambrose, W. N., Vice President and Manager, sal-

ary approvedBarglebaugh, E. R., Assistant Manager, salary

approvedBold, Fred C., Assistant Manager, salary approvedJennings, A. F., designation as special assistant

examiner 1833McRitchie, M., Assistant manager, salary approvedMeyer, L. C., Assistant Manager, salary approvedRobinson, J. R., FRAgent's Representative, sal-

ary aoproved 10/20Vigus, V.E., redesignation as special assistant

examiner approved upon return frommilitary leave 7/ 2 1015

:t:kins, C. H., Assistant Manager, salary approved 4/11 555Louis

Staff:Burton, Fred, AssistantJenks, S. B., AssistantMoore, L. S., AssistantParsell, G. H., 7RALent

approvedSalary approved

Schacht, C. A., Vice President, salary approved

for

10/16 1437

10/21 1460

10/27 1486

8/28 1227

4/11 555

4/11 5554/11 555

555555

1454

6/13 9126/13 9126/13 912

4/16 59312/23 18236/13 912

11/ 3 1518

6/19 9113


41Pages

Branch banks, FhSystem: (Continued)Memphis: (Continued)

Personnel classification plan: (Continued)Changes consisting of consolidation of Pro-

tection Department and the Plann-in, and Utility, Mailing, Steno-graphic, Files, Purchasing andStock Room, Telephone, TelegraphDepartment under General ServiceDepartment approved 7/23 1095

Staff:Anderson, H. C., Assistant Aaanager, salary ap-

proved 6/13 912Belcher, S. K., Assistant Manager, salary ap-

proved 6/13 912Martin, C.E., Assistant Manager, salary approved 6/13 912Pollard, W. B., Vice President, salary approved 6/13 912Ritzel, Carl, FRAgent's Representative, salary

approved 4/16. 593Salary approved 12/23 1823

Tennant, L. E., Stock Clerk, in Ceneral ServiceDepartment, salary in excess of max-imum approved 10/23 1475

Nashville:Personnel classification plan, changes consisting of

increases in maximum annual salariesapproved 6/20 962

Staff:Campbell, M. C., designation as special assist-

ant examiner approved 9/ 8 1257Davis, 0. E., designation as special assistant

examiner approved 9/ 8 1257Fort, Joel B., Jr., Vice President, salary ap-

proved 5/16 738Harrison, E.R., Cashier, salary approved 5/16 738Moody, Robert E., Assistant Cashier, salary ap-

proved 5/16 738Newson, R. C., designation as special assistant

examiner approved 9/ 8 1257New Orleans:

Banking quarters, no objection to plans for use ofadjoining lot for loading and unload-ing purposes 4/ 2 504

Improvements, no objection to completion 6/30 996Personnel classification plan, changes consisting

of increases in maximum annual sal-aries approved 6/20 962

Staff:Chapman, L. Y., Assistant Cashier, salary approved 5/16 738Ducamus, D. J., Alt. FRAgent's Representative,

salary approved 12/30 1841


42Pages

Branch banks, FRSystem: ( Continued)New Orleans: (Continued)

Staff: (Continued)McNamara, Bernard T., designation as special

assistant examiner approved 7/ 2 1015Paris, E. P., Vice President, salary approved 5/16 738Sewell, LH., Cashier, salary approved 5/16 738Shaw, M. L., Assistant idanager, salary approved 5/16 738Vasterlin6, F. C., Assistant Cashier, salary

approved 5/16 738Oklahoma City:

Staff:Alexander, Forest W., Cashier, salary approvedChase, David E., FRAgent's Representative, sal-

ary approvedCordill, O. P., Vice President, salary approvedCox, Lee G., FRAgent's Representative, salary


Davenport, L. B., Assistant Cashier, salary ap-proved

Payment to heirs for accumulated annualleave owed at time of death, studyto be made of question at FRBanksbefore decision

Fritz, F. R., Assistant Cashier, salary approvedSalary approvedSalary approved

Mathes, R.L., Cashier, salary approvedSalary approved

Schmocker, Fred C., Assistant Cashier, salaryapproved

Salary approvedSalary approved

Omaha:Staff:

11/24 1633

1/ 9 305/23 790

1/ 9 306/30. 992

1/ 2 2

2/25 2571/ 2 25/23 79012/26 18321/ 2 25/23 790

3/18 4205/23 79012/26 1832

Berry, U. S., Assistant Cashier, salary approved 1/ 2 2Salary approved 5/23 791Salary approved 12/26 1832

Doran, William P., Assistant Cashier, salaryapproved 1/2 2


Earhart, L. H., Vice President, salary approved 5/23 791Fairley, William F., FRAgent's Representative,

salary approved 1/9 30Salary approved 6/30 992


Pittsburgh:Reimbursement



Portland:Banking quarters, need for space, discussion of

Need for space, mentioned in letter to ChairmanWolcott

Construction of building, final plans and bidsto be submitted to BaArd

Plans and specifications to be submitted toBoard before asking for bids, Mr.Earhart to be advised

Construction of building, plans to be submittedto Board before request for bids, in-formation re vault construction tobe obtained from Federal Works Agency

Staff:Dougherty, Dale A., job analyst, continuation of

assignment approvedSalary approved

Foster, A. G., Cashier,salary approvedHarrell, Clyde, Assistant Vice President, salary

approvedKossin, J. W., Vice President, salary approvedNolte, H., Assistant Cashier, salary approvedSchmidt, J. A., Assistant Cashier, salary ap-

provedSteinbrink, R. J., Assistant Cashier, salary ap-

provedTrowbridge, Gordon, FRAgentls Representative, ap-

pointment and salary approvedSalary approved



Staff:Bent, D. E., Assistant Manager, salary approved

43Pages

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

Staff: (Continued)Friedebach, J. K., Cashier, salary approved 1/2 2


Streeter, Earl O., FRAgentlssalary approved

Representative,1/9 30

of member banks for postage and othertransportation costs, reply to inquiryre report for week of August 18-23 8/11 1165

9/ 8 1254

1/30 1475/27 8014/29 657

4/29 6574/29 6574/29 657

4/29 657

4/29 657

1/7 129/30 1348

5/13 709

5/29 814

10/16 1437

lo/21 1460

10/27 1486

8/28 1227

4/11 556


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

Staff: (Continued)Blanchard, J. P., Assistant Manager, salary ap-


Davis, D. L., Vice President and Manager, sal-ary approved

Evans, G. L., designation as special assistantexaminer

Farrell, J. E., designation as special assistantexaminer

Gannett, G. 0.,designation as special assistantexaminer

Looker, W. H., designation as special assistantexaminer

MacEachron, S. A., Assistant Manager, salary ap-proved

Salt Lake City:Salaries:

Employees, minimum and maximum salaries approvedfor respective grades, in connectionwith job classification plan

San

Staff:

Barnard, 0. H., Assistant manager, salary ap-proved

Salary approvedEverson, R. E., Assistant Manager, salary ap-

provedGrundvig, L. C., designation as special assist-

ant examinerHallstrom, A. L., designation as special assist-

ant examinerHarwood, G. C., designation as special assist-

ant examinerHemmino, H. E., Assistant Manager, salary ap-


Larsen, L., FRAgent's Representative, salary ap-proved

Partner, W. L., Vice President and Manager, sal-ary approved

Scott, W. M., Assistant Manager, salary approvedAntonio:Banking quarters, no objection to expenditure for

air conditioning building and outsidespace leased

1414Pages

14/la 55612/31 18h6

h/13 556

12/26 1832

12/26 1832

12/26 1832

12/26 1832

4/11 556

8/28 1227

4/11 55612/31 1846

h/11 556

12/26 1832

12/26 1832

12/26 1832

6/19 9h312/31 18h6

10/20 1454

4/11 5564/11 556

1/31 154Staff:

Davis, H. K., Cashier, salary approved 6/ 14 8144Eagle, W. E., Vice President, salary approved 2/24 246

Salary approved 6/ 14 81414


45Pages

Branch banks, FRSystem: (Continued)San Antonio: (Continued)

Staff: (Continued)Mundt, Alfred E., Assistant Cashier, salary ap-

proved 6/ 4 844Rogers, Ralph, designation as special assistant

examiner 7/28 1105Stover, G. W., FRAgentis Representative, salary

approved 1/ 2 3Seattle:

Banking quarters, need for space, discussion of 5/13 710Need for space, mentioned in letter to Chairman

Wolcott 5/29 815Design of building, no objection by Board if selected

by directors, Mr. Earhart to be advised 10/31 1503Robberies, plans to rob messengers delivering money to

and from, information from FBI, questionto be discussed at Presidents Conference 2/19 225

Salaries:Employees, minimum and maximum salaries approved for

respective grades, in connection with jobclassification plan 8/28 1227

Staff:

4/11 556Russell, B. A., Assistant Manager, salary approved

Morrill, R. H., Assistant Manager, salary approved56

Sham, C. R., Vice President and Manager, salary 4/11 5

approved 4/11 556Simms, D. E., Assistant Manager, salary approved 4/11 556

Transfer of activities to head offices of Reserve Banks,Treasury proposal in connection with redemp-tion of savings bonds, discussion at Presi-dents Conference, no change to be made inservices at present 6/ 6 868

Vice Presidents in charge of, discussion of importance andmeans for obtaining and holding right men

Branch banks, foreigni: or 4/ 4 145

Bank of America N. T. and S. A.:Manila, Republic of Philippines, establishment of branch

at, order issued before Commonwealth ofPhilippines became a republic, authorityfor 3/18 420

Shanghai, China, granted extension of time to establishbranch at 6/20 964

Granted extension of time for establishment of 12/18 1790Tokyo, Japan, order authorizing establishment of branch

at 6/30 994


Branch banks, foreign: (Continued)Chase National Bank, New York:

Berlin, Germany, order authorizing establishmentof branch

Frankfurt am Main, Germany, order authorizing es-tablishment of branch

Stuttgart, Germany, approved, order authorizingestablishment of branch

Tokyo, Japan, order authorizing establishment ofbranch

First National Bank of Boston, orders authorizing es-tablishment of branches at Sao Pauloand Santos, United States of Brazil

International Banking Corporation, granted extension oftime to establish branch at Paris,France

National City Bank of New York:Cebu, Republic of the Philippines, approved, order

authorizing establishment of branchClark Field, Republic of the Philippines, order au-

thorizing establishment of branchManila, Republic of the Philippines, approved, order to

establish additional branchOsaka, Japan, approved, order authorizing establish-

ment of branchPorto Alegre, Brazil, granted extension of time to

establish branchBudgets:

Division of Administrative Services, increased to covercost of printing additional copiesof revised edition of FRAct

Increased to cover cost of printing 5,000 additionalcopies of Banking Studies

Increased to cover cost of new Plymouth stationwagon

Increased to cover purchase of liability insurancefor employees of Board driving per-sonal cars in course of employment

Increased to cover expenses of publication of Fed-eral Reserve Charts

Increased to cover cost of luncheon for AmericanAgricultural Editors Association

Increased to cover printing and distribution ofbooklet on "Federal Reserve System -Its Purposes and Functions"

Unexpended balance for operation of IBM equipmentto be transferred to

Expenses of cafeteria for telephone service, electriclight and power, and steam to be in-cluded in 19148

46Pages

l/7 523

10/21 1467

12/11 1736

6/30 993

5/8 691

7/ 2 1017

4/ 3 507

7/29 1110

5/ 9 697

8/ 8 1153

7/ 9 1030

1/14 59

1/23 103

2/25 258

3/17 417

3/24 454

5/6 684

6/24 978

7/15 1057

10/31 1515


47Pages

Budgets: (Continued)Division of Bank Operations, addition of $300 to item

of Stationery and Supplies in 1947budget approved 10/14 1430

Amount added to item of Printing and Binding and toitem of Telephone and Telegraph innon-personal budget 11/14 1556

Division of Examinations:Addition of .200 to item of Printing and Binding ap-

proved 10/24 1484Division of Personnel AdministrAtion, sum of $300 to be

added to miscellaneous account to takecare of payments for Reserve BoardClub librarian 10/ 6 1372

. Addition of $200 to Personal Services item approved 10/15 1434Division of Research and Statistics, Mr. Lutz's name to

be included in group of consultantsfor 1947 3/ 6 338

Increased to cover cost of continued lease for IBMequipment 4/26 652

Increased to cover claim submitted by Mr. Metzlerin connection with checking of paperon "Exchange Rates and the Interna-tional Monetary Fund" 6/ 4 846

Increased to cover expenditures in connection withsurvey of finances and spending in-tentions of individuals by Universityof Michigan 7/ 2 1002

Costs of publication and distribution of "Debits andClearings Statistics, Their Backgroundand Interpretation", by George Garvey,FRBank of New York, to be absorbed in

1947 7/ 2 1019Amount added to item of Stationery and Supplies in

1604Division of Security Loans) amount added to item of mis-

cellaneous expenses in 1947 budget 11/26 1674Secretary's Office, $300 to be added to item of Stationery

and Supplies in non-personal budget 8/28 1229Addition of $300 to item of Printing and Binding

approved 10/15 1434Board of Governors, to be increased to cover cost of

dinner for National Association ofSupervisors of State Banks at May-flower Hotel 6/20 952

Item to be increased to cover cost of entertainment(golf and dinner) for Presidents andother guests at Burning Tree CountryClub 9/26 1330


Budget: (Continued)Board of Governors:

1948, approved,

FRBank of Atlanta:Bank Examination and Research and Statistical func—

tions, reasons for exceeding approvedbudget requested

Department, revised budget for last halfof 1947 approved

in excess of estimate for last half of 1947,acknowledgment of letters

expenses, no action required as less thanamount approved in original 1947budget

Examination

Expenses

Research

FRBank of Boston:Bank Examination and Research and Statistical func—


Bank Examination Department, revised budget for 1947approved

Research and Statistical function, revised budget

FRBank of Chicago: for 1947 approved

Bank Examination and Research and Statistical func—tions, reasons for exceeding approvedbudget requested

Expenses in excess of estimate for last half of 1947,acknowledgment of letter re

Research and Statistical function, revised budgetfor 1947 approved

FRBank of Dallas:Bank Examination and Research and Statistical func—


Bank Examination Department, revised budget for 1947approved

Cafeteria expense for 1947, percentage absorbed tobe brought within 50%, informationrequested

Expenses in excess of estimate for last half of 1947,acknowledgment of letter

FRBank of Kansas City:Salaries, question of 5 per cent increase in 1948,

information requestedFRBank of Minneapolis:

Bank Examination and -Research and Statistical func—tions, reasons for exceeding approvedbudget requested

(Continued)purchases of furniture and equip—ment to be given special considera—tion and personnel ceiling of 169persons for Division of Researchand StItistics approved as "ideal"

48Pages

12/15 1749

11/ 7 1539

11/21 1629

12/31 1849

12/12. 1745

11/ 7 1539

11/21 1628

12/12 1745

11/ 7 1539

12/31 1850

12/12 1745

11/ 7 1539

11/21 1629

11/ 5 1532

12/31 1851

11/14 1554

11/ 7 1539Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

49Pages

Budget: (Continued)FRBank of Minneapolis: (Continued)

Report for 1948, explanatory statement re materialdifferences requested 11/ 3 1518

Research expenses, no action required as less thanamount approved in original 1947budget 12/12 1745

FRBank of New York:Bank Examination and Research and Statistical func-




FRBank of Richmond:Bank Examination and Research and Statistical func-



FRBank of St. Louis:Annual, reply to inquiry re procedure to be followed

for 1948 8/29 1242Bank Examination and Research and Statistical func-




FRBank of San Francisco:Bank Examination and Research and Statistical func-

tions, reasons for exceeding approvedbudget reopested 11/ 7

in excess of estimate for last half of 1947,acknowledgment of letter re 12/31

and Statistical function, revisedfor 1947 approved 12/12

Expenses

Research

FREanks:Annual,

budget

11/ 7

12/31

12/12

1539

1848

1745

11/ 7. 1539

12/12 1745

11/ 7

12/31

12/12

1539

1850

1745

1539

1852

1745

submission to Board to be resumed, on form

634a, instructions to FRBanks 2/ 4 164Review by Board Member, and Divisions of Bank

Operations and Examinations, dis-cussion of 2/ 4 166

Form FR 634a, instructions re, copies to be sentto FRBanks 4/10 546

Bank examination function approved for 1947 after dis-cussion, subject of examination policyto be placed on agenda for next meet-ings of Chairmen's and Presidents'Conferences 3/28 14714


SOPages

Budgets: (Continued)FRBanks: (Continued)

Luncheons, dinners, entertainment, etc., informa-tion re expenses to be included ingeneral budgets 2/ 4 168

Procedure to be developed, discussion at PresidentsConference of expenditures and plans,Presidents Committee on Operations towork with Board's staff 2/28 296

Procedure, suggestions from Presidents to be turnedover to Committee on Expense Account-ing and Division of Bank Operationsto discuss matter with Committee 4/15 583

Statistical and analytical for 1947 approved, addi-tional information re research de-partments to be obtained before sub-mission of 1948 budgets

Submission to Board to be not later than July 1, 19471947, to cover last half of year only, advice to

FRBanks1948 approved, additional information requested in

some cases, date of submission changed

Bureau of the Budget: to October 1, advice to FRBanks 12/19 1803

All-bank statistical series, Board to join with Comptrollerof the Currency and FDIC to arrangefor compilation and publication ofsingle, letter to Bureau 6/ 5 854

H. R. 2413, to amend FRAct and for other purposes, Boardin favor of bill as passed by Congress,advice to 4/24 633

H. R. 2800, to amend section 5 of Home Owners' Loan Actof 1933, and for other purposes, re-port recommending pocket veto sent to 7/30 1116

Joint Property Accountinc Staff, Mr. Bethea desicnatedliaison officer to collaborate with,advice to 9/18 1286

Robert Morris Project Schedule, extension approved, butto be discontinued after extensionif reporting service by Federal TradeCommission and SEC is approved byCongress 3/14 411

S. J. Res. 148, to authorize temporary continuation ofregulation of consumer credit, copy ofstatement for issuance by Presidentafter signing sent to 7/28 1106

S. 1070, to provide for cancellation of capital stock ofFDIC, etc., report in favor of Presi-dent's signing sent to 7/30 1116

3/ 73/14.

5/ 5

343405

682


Bureau of the Budget: (Continued)S. 1519, to amend section 10 of the FRAct and permit

expenditures for FRBranch build-

ings up to $10,000,000, Board in

51Pages

favor of, report to 7/25 1102

4

S. 1720, to amend National Housing Act, no objection toapproval of bill by President, advice

to 7/31 112Solomon, Frederic, Assistant Counsel of Board, loan of

services for one month to 2/18 219Loan of services extended for one week 3/24 449

Tax reduction bill, H. R. 1, letter of disapproval sent

to President, advice toBureau

6/9 895of Engraving and Printing:

FR notes, printing requirements for 1948, order placed for 6/19 950,p.),14rgess, Randolph, monetary reforms in Philippines, letter reOUrriS T

5 uames F., Jr., President, Association of Stock Ex-

change Firms, New York, Regulation T,

margin requirements, reply to letter re

4/11

2/10

560

192156, jSecond draft of reply to letter approved,tr-ton, C. F.:

3/28 477

Regulation WI reply to suggestion for relaxation for vet-

erans loans on automobiles 3/11 393Reserve requirements of member banks in reserve cities

where there are no FRBanks or

branches, reply to letterCafeteria:

3/13 399

Board of Governors:Expenses for telephone service, electric light and

power, and steam to be charged to budget

of Division of Administrative Services,

beginning in 1948 10/31 1515

Supervisor or Assistant Supervisor authorized to use

$50 of petty cash fund for purchases

or food from farmers' market, etc. 6/26 987FRB of Dallas, net expense to be brought within 50%

authorized, advice to Mr. Cilbert 11/ 7 1539Absorption of expense to be brought within 50%, in-

formation requested 11/ 5 1532Absorption of more than 50 per cent of expenses, re-

duction to be made as of Jan. 1, 1948,

and advice re plan to be used requested 12/ 5 1711Absorption of more than 50%, deferment of adjustment

in prices approved, advice re changes

to be made requested 12/29 1837FRB OP Kansas City, firm of experts employed to study

operations and to submit report 10/ 7 1393

Reduction of expenses absorbed below 50 per cent

limit, as of January 1, 1948, re-

quested 12/10 1731


52PaLes

Cafeterias: (Continued)FRBank of Philadelphia, survey of banks and insurance

companies made re 10/ 7 1391FRBanks, absorption of expenses, to be discussed at

Presidents Conference 2/ 4 169Statement of policy to be sent to FRBanks after de-

cision on travel expenses for Boardand staff 3/14 406

No change to be made in authorization at present,

question of free meals and chargesfor meals for employees, includingcafeteria employees, to be discussed

at Presidents Conference, views of

7:

Mr. Sproul requested

:16 79423

Reduction in authorization from 50 to 252, effec-tive January 1, 1948, view of Boardto be stated at Presidents Conference

Reduction to 25% by 1948, discussion at PresidentsConference 6 6, 885

Questions to be referred to Mr. Vardaman for studyand report to Board 8/ 7 1145

Discussion at Presidents Conference of reduction andof employment of experts to study ques-tion, Presidents not in favor of, sub-committee on Personnel Classificationand Job Evaluation to submit report

by next meeting of Presidents Confer-ence 10/ 7 1390

Hennessy, John L., Hotels Statler Company, Inc., to

be invited to luncheon to discuss

cafeteria operations, Presidents to

be invited to attend 9/22 1289Invited to luncheon to discuss problems, invi-

tation sent to Presidents to join

Canada: Board members in informal discussion 9/24 1324

Stettner, W. F., services requested by Canadian Government,

but not possible at present, advice

Castro 3 to Mr. T. C. Douglas 11/25 1639Salvador Castaneda, El Salvador, request for services

of Messrs. Musgrave and Grove in con-nection with fiscal reform program,

not possible to grant 8/ 4 1132Central for Cooperatives, eligibility of notes for re-

discount by FRBanks, question raised

17.511=7 Trust Company of New York 3/28 489Central

States School oAttendance by officers and employees of FRBanks, draft of

letter re to be revised and submittedto Board for further consideration 1/27 115


53Pages

Central States School of Banking: (Continued)Attendance by officers and employees: (Continued)

Policy of Board re expenses and leave of absence,

advice to FRBanks 2/ 3 159Centre Motor Company, Inc., Norfolk, Va., Regulation

reply to protest re credit for pur-

ChaPPe Jll, chase of used automobiles 1/13 50

J. W., Regulation T, applicability to cash trans-

Charge 2/ 4 173

-offs: actions with brokers, reply to letter

FRBank of Cleveland on Cincinnati Branch premises and de-preciation on fixed machinery and equip-ment 12/29 1839

FRE,ink of St. Louis on Nugent property 12/29 1840

CharM anks for 1947, authority to make 11/29 1838

Chartbook on consumer credit statistics, publication,

Chatham, price, and distribution approved 14/2)4. 634

Richard Thurman, Class C Director at FRBank of

Chi go Stock Exchange:

Richmond, consideration for 2/ 7 185a c

Plan for improving markets on, consistent with Regula-

Circul tion T

ars, Board of Governors: 7/18 1079

Accrual of earnings, adoption of uniform basis, views ofPresidents requested re plan 4/15 58)4

Procedure approved, advice to FRBanks 6/19 948All-bank statistical series, tabulation and publication

of single series of assets and liabil-

ities of all operating banks in U. S.by three Federal banking 3upervisory

agencies to take place of, pressstatement and advice to FRBanks 11/ 7 1535

Annual report, postal card with return reply to be sent

to all banks to signify desire for

copies 4/ 9 535Appraisal guides, applicability to 1947 used automobiles,

no reference necessary at present 4/25 639Assistant examiners, exemption under Fair Labor Standards

Act, question raised by vilank of

Atlanta, advice requested from FRBanksre procedure to be followed by Board 12/5 1706

Auditors' Conference, to be held in Washington on Aprillh-16, list of representatives re-quested 2/1h 213

Audits, reports of FRBanks, procedure for submission toBoard, advice to FRBanks 9/ 4 12h8

Bank credit policy during inflation, joint statement byFederal and State bank supervisory

11/24 1635agencies, issued, advice to FRBanks


54Pages

Circulars, Board of Governors: (Continued)Bank credit policy during inflation: (Continued)

Joint statement issued re, distribution to banks

in district, advice re procedure 11/25 1639Banking conditions in districts, quarterly report in

summary form requested, advice to

FRBanks 1/27 128Report, comments requested on certain points in

next 4/28 649Banking quarters of State member banks, authority of

Presidents of FRBanks to approve pro-

posed investments submitted under con-

ditions of membership broadened, ad-

vice to FRBanks 2/11 201Biographical data of directors and official personnel of

FRBanks, current information to be

sent

to Board 10/14 1429Budgets of FRBanks:

Annual, submission to Board to be resumed, on form634a, instructions to ERBanks 2/ 4' 164

To be submitted to Board not later than July 1, 1947,Presidents to be advised 3/14 405

Submission of annual, form FR 634a, instructionsre, copies to be sent to FRBanks 4/10 546

To cover last half of year only, advice to ±qi.Banks 5/ 5 682Approved for 1948, additional information requested

in some cases, date of submissionchanged to October 1, advice toFRBanks 12/19 1803

Buildint;s of FRBanks and branches, letter to be prepared

on program and on developing plans

not considered ornate or pretentious 3/28 482Cafeteria operations of FRBanks, Mr. nennessy to be in-

vitedto luncheon to discuss problems,

Presidents to be invited to attend 9/22 1289

Discussion of problems with Mr. Hennessy at luncheon

to be on October 3, invitation toPresidents to join Board members at

luncheon 9/24 1324Capital requirements for establishment of branches by

member banks and for admission of

State banks to membership, legislation

re to be submitted to Congress in

1948, drafts and transmittal letters

sent to FRBanks for comments, informa-tion in support of recommendationsrequested 7/28 1107


Circulars, Board of Governors: (Continued)Check collection procedures, plan to correct practice

of depositing with FRBanks dailyaverage of more than 300 items pay-

able in territory of another FRBank,

views of Presidents requested, other

changes to be discussed at Presidents

Conference in DecemberPlan to sort and list items separately, action to

be postponed, advice re remedyingof situation on voluntary basis to be

requested and progress to be dis-

cussed at next Presidents Conference

if desired, letter to be sent toFRBanks

Plan to sort and list items separately if over 300daily average, action postponed,advice to FRBanks

Closinp of books for year, procedure to be followed, ad-vice to FRBanks

Condition reports, spring call not to be made, advice

55Pages

10/22 1472

12/ 9 1723

12/16 1769

12/23 1825

to FRBanks 3/12 395State member banks and affiliates, forms and instruc-

tions sent to FRBanks for next calldate 6/ 2 829

Forms and instructions sent to 14RBanks for next calldate 8/15 1188

Forms and instructions sent to FHPanks for next call

date 11/21 1629Conference of FRBank Examiners, to be held in Washington

September 22, 23, and 26, names ofrepresentatives requested 8/ 1 1130

Consolidation or merger of State member banks by acquisi-

tion of assets of another institution,

simplified and uniform procedure ap-

proved 3/ 5 334Credit, expansion of bank, reply to FAC statement approved,

copies to be sent to Joint Committee on

Economic Report, FRBanks and FAG 11/26 1659Credit situation, telegram to FRBanks requesting infor-

mation 11/12 1548Credit situation during inflation, statement by Mr. Eccles

before Joint Uommittee on Economic Re-

port, approved, copies to be sent to

all banks in U. S. and to supervisorsof banks in all States 11/26 1643

Custodyreceipts of city correspondent banks, acceptance byFRBanks as collateral for loans to mem-ber banks, procedure re, advice toFRBanks 11/25 1640


56Pages

Circulars, Board of Governors: (Continued)Deficiencies in reserves of member banks, computation

for holiday period, advice toFRBanks 12/23 1826

Dinners, luncheons, and special gatherings for Boardmembers or staff, arrangements to re-quire Board approval unless FRBanks

initiate plans for Lood of System 3/20 428Directors of FRBanks and branches, appointment not to

be made of individual 70 years old orwho would attain age 70 prior toexpiration of tern reappointment notto be made if 70 or over, advice toFRBanks 12/15 1764

Directors of FRBanks, revised statement of responsibil-ities and relation to Board approved,copies to be sent to FRBanks 12/19 1798

Discount rates, increase in, action to be deferred untilJanuary, advice to FRBanks 12/17 1783

Dividends, semiannual payment for first half of 1947approved 6/23 972

Earnin. s reports for first half of 1947, amounts of cer-tain items requested from FRBanks 9/10 1267

Election of Class 4 or Class B Directors, indication offirst choice only sufficient if onlytwo candidates, statement to be in-cluded on ballot, advice to FRBanks 12/ 5 1704

Examination reports of national banks, recommendationsof Conference of Examiners re analysisapproved, advice to FRBanks 11/20 1603

FDIC stock held by FRBanks, cancellation, stock certifi-cates to be transmitted to Treasury forpresentation to FDIC, advice toFRBanks 9/16 1277

Payments under section 13b(e) not to be made toTreasury after cancellation by FRBanks,

instructions to FRBanks for 1947 re-port on FR 418 12/23 1824

FRBranch buildings, bill to authorize expenditures up to$10,000,000 signed by President, in-formation re urgent needs of branches

requested 6/ 8 1160Information to be submitted with preliminary plans and

estimates 12/ 5 1713Federal Reserve exchange draft, limitation removed, action

of Presidents Conference approved 4/15 584FRnotes, interest charge on, telegram to FRBanks re reply

to be made to letter from Mr. Spahr 7/22 1089Interest rate on, confidentiality of discussions

between Board and Presidents statedin reply to inquiry from Mr. Spahr,advice to FRBanks 7/23 1096


Circulars, Board of Governors: (Continued)FRnotes, interest charge on: (Continued)

Establishment for three months period ending June

30, advice to FRBanksEstablishment of interest rate for three months

period ending September 30, 1947,advice to FRBanks

Federal Reserve System--Its Purposes and Functions, re-

vised edition, distribution and cost,advice re number of copies neededby FRBanks requested

Fees and allowances of Directors of FRBanks and Branchesand Federal Advisory Council, scheduleapproved, FRBanks requested to sendcopies of schedules adopted by boardsof directors

Fidelity coverage, FRBanks requested to cooperate inprogram of FDIC and examiners to re-

57Pages

7/30 1115

10/27 1485

9/10 1268

2/ 7 183

port on internal safeguards 11/10. 1541Fa 107, earnings and dividends, forms to be sent to

FRBanks for 1947 report 12/ 9 1728FR 107b, earnings and dividends reports, forms and in-

structions sent to FRBanks for semi-annual report 6/ 9 894

FR 414, computation of reserve tobe carried with PaBankby member banks, revised form re ter-

mination of exemption of war loan

deposits from reserve requirements,

copy and instructions sent to FRBanks 5/16 741Form FR 437; annual reports of holding company affiliates

to be obtained, instructions to

FRBanksFR 635 and FR 644, revision, copies sent to FRBanks, sup-

ply to be forwardedForms for commercial banks to report disbursements to In-

ternational Bank for Reconstruction

and Development, FRBanks to be re-

quested to distributeFunctional Expense Manual, revision approved, copies

with FR 634 to be available for dis-

tribution by April 15Functional expense reports, revised manual of instruc-

tions for preparation, instructions

re, copies to be sent to FRBanks 4/10 544FR 96 and FR 34 to agree with revised form FR 634,

tnstnictions to FRBanks 6/19 946Gold, international transactions at premium prices, state-

ment by Treasury and Board requestingAmericans to refrain from encouragingand facilitating, copy sent to FRBanksfor publicity 7/22 1093

12/15 1765

7/31 1125

6/24 978

V 1 h97


58Pages

Circulars, Board of Governors: (Continued)Industrial loans and commitments, semiannual list to

be discontinued 10/10 1425Interest rate on Fhnotes to be paid by FRBanks, estab-

lishment approved, advice to FRBanks 4/23 618Press statement re to be sent to member banks if de-

sired, advice to FRBanks 4/24 633International Bank Debentures, purchase Iv national and

State member banks up to ten per centof capital and surplus permissible,advice to FRBanks, statement to bepublished in July issue of FRBulletin 6/24 979

International Bank for Reconstruction and Development,forms for apmmercial banks in report-ing disbursements under letters ofcredit in connection with transactionsfinanced by, to be distributed byFRBanks 6/24 975

Job evaluation and classification, advice to FRBanks resalary structures and status ofstudies on 6/17 933

Approved, letter of commendation for work, new planto be effective as soon as wage struc-tures adopted and approved by Board 8/12 1169

Loans:

"Suggestions for improving statistical information onBank Loans", copies of report sent toFRBanks for comments and suggestions 9/ 8 1259

Telephone survey of general character of increases inbank loans requested by Treasury,FRBanks to give information 11/19 1596

Membership conditions and proposed amendments to Regula-

tion F re investment of trust funds,action to be deferred until conclusion

of litigationspecial benefits, January 1, 1948, to

be termination date for employees en-tering, advice to FRBanks

Association of Supervisors of State Banks, to

be held in Washington September 24

and 25, advice to FRBanksof member banks for 1947, work sheets(form FR 456) to be sent to FRBanksupon completion of printing 10/ 8 1410

Overtime at FRBanks, restrictions on payments to e)emptemployees terminated 3/19 423

Paul H. Davis & Co., new partnership agreement with Mr.Franklin E. Evans, applicability ofRegulation T, information sent toFRBanks 6/ 4 848

Military service, 4/ 7 525

11/12 1544National

8/ 1 1130Operating ratios


CfIrculars, Board of Governors: (Continued)Photographs of directors and chief executive officers,

submission to Board to be discon-

tinuedother transportation costs on cash items

routed direct to FRBanks and branches,

reimbursement of member banks for,

information to FRBanks 6/26

held by RFC, retirement by banks requested,

FRBanks to cooperate in 3/17

consumer goods, study assigned by Congress

to three subcommittees, cooperation of

FRBanks requestedby FBI, completion of, letters withrecommendations to be sent to FRBanks,advice to FRBanks and request for re-port in connection with action

termination of program, letter from Mr.Rice re and instructions sent toFRBanks

Custodian Bulletin No. 1185 re expense vouchers, in-structions to FRBanks for audit ofvouchers by RFC representatives

re "Revision of Procedures", motivated byeconomy objectives and not reflectionon services of FRBanks

amendments proposed, views of Presidents

requestedand U, amendments to supplements to reduce

margin requirements to 75% and press

statements re sent to FRBanks

section h(c), amendment to extend time forsettlement for bona fide cash trans-

action in special cash account rec-

ommended by National Association of

Securities Dealers, Inc., copies of

correspondence and draft of amend-

ment sent to FRBanks for considerationV loans, reports of applications for guarantees

(FR 581), statement re dianges to be

discontinued, advice to FRBanks

V Program, history of 77-loan and T-loan pro-

grams prepared by Mr. Hackley, copies

sent to FRBanks on confidential basis

Postage or

Preferred

Price

stock

level of

Protective surveys

Ration banking,

RFC

No. 1192

Regulation D,

Regulations T

Regulation

Regulation

Regulation

T,

Regulation W:Conferences, disciplinary, tabulation of letters of

commendation not to be made, adviceto FRBanks

Continuation until November 1, 1947, all Registrantsto be advised by FRBanks, suggested

circular sent to FRBanks

59Pages

3/10 358

986

8/ 8 1161

8/ 14 1134

7/11 1053

6/18 939

7/ 9 1034

4/28 650

1/17 83

12/ 4 1686

2/17 217

9/ 4 1247

1/7 17

8/ 8 1159


60Pages

Circulars, Board of Governors: (Continued)Regulation W: (Continued)

Enforcement Reports, summary for December sent to

FRBanks 1/20 91Summary for February sent to i.HBanks, increase

in proportion of violators to investi-

gations and problems in automobilefield noted 3/24 451

Summaries for April sent to FRBanks 5/28 807

Sumrary for August sent to FRBanks 9/26 1335

Summaries for September sent to FRBanks 10/29 1493Summary for october sent to FRBanks 11/21 1628

Frozen food cabinets, applicability of 5/ 2 676Kitchen cabinets, not to be considered as furniture,

ruling to be published in FRBulletin 2/ 3 158Sets and croups of articles, requisites for deter-

mination of, letter to FRBanks 2/ 3 157Statement to all registrants (re discontinuance) to

be sent to FRBanks before November 1,advice to FRBanks 10/20 1454

Reserve city designation, proposal to be submitted toPresidents and FAC, draft of letterto be prepared 7/11 1047

Discussion of plan and period for review, letter toPresidents transmitting plan to be re-drafted to incorporate changes dis-cussed 1140

Plan approved, copy sent to FREanks and FAC, to bediscussed at Presidents Conference andFederal Advisory Council meeting in

September 8/13 11714Statement of proposed changes approved for publication ,

in Federal Register, advice to FRBanks 10/21 11159Hearing to be held at Board before publication of for-

mula, advice to FRBanks concerned with

changes 11/21 1610Standard for Classification approved, to be published

in Federal Register and copies to be

sent to FRBanks 12/19 1797Reserves for bad debts on loans, to be reported in earn-

ings reports and deducted from loans

inconlition reports, advice to FABanks 12/26 1835Safekeeping of custody accounts for nonmember banks, ter-

mination approved, instructions to

FRBanks 6/18 940Safekeeping of Treasury bil]s and certificates of indebted-

ness of nonmember banks, service byFRBanks to be terminated, advice toFRBanks 5/ 6 689


Circulars, Board of Governors: (Continued)Salaries of employees of FRBanks, cancellation of state-

ment in letter X-95321 with adoptionof new plan of job classification

Salaries of officers at FRBanks, to be prepared by staff

for consideration by BoardLetter stating views of Board

Savings bond campaign, cooperation of FRSystem in supportof, reply to Secretary Snyder and in-formation to FRBanks

of banking, attendance by officers and employeesof FRBanks, policy of Board re ex-penses and leave of absence, adviceto FRBanks

S. 408, to repeal section 13b and to amend section 13 ofFRAct, letter to FRBanks stating needfor affirmative action promptly

3268, industrial loans bills, advicere status

and H. R. 3268, industrial loans, letter to FRBanksre statement on "Meeting the SpecialProblems of Small Business" by Researchand Policy Committee for Economic De-

velopmenton Foreign Interests, first meeting postponed,

advice re future meeting to be madeStatements made during war re reduction of individual debt

and accumulation of inventories of con-

sumer goods, rescinded after discussionwith Comptroller of the Currency and

FDIC, advice to FRBanksof FDIC held by FRBanks, exchange and reissue of,

old certificate to be forwarded to

Board to be exchanged for new issue

bycertificates sent to FRBanks and old ones returned

to FDICTravel expenses of FRBanks, schedule and reimbursement

policy, draft of letter to FRBanks to

be revised, after discussion with Presi-

dents and approval by Board, Board's

travel regulations to be amended to

increase per diem for employees to $8reimbursement, draft of letter to Presi-

dents discussed, to be circulated

among Board members for consideration

reimbursement, letter to Presidents ap-proved, to be discussed at PresidentsConference

Schools

S. 408 and H. R.

S. b08

Staff

Stock

group

New

Schedule and

Schedule and

61Pages

9/ 4 1246

3/25 4613/28 483

5/29 828

2/3 159

3/21 416

6/13 917

7/29 1111

3/11 394

10/28 1489

1/29 141

3/ 7 354

9/26 1328

9/30 1345

10/ 3 1360


62Pages

Circulars, Board of Governors: (Continued)Travel expenses of PI-Wanks: (Continued)

Schedule and reimbursement policy, action deferred, re-

ports on total anount of traveling

expenses by various groups requested 11/24 1633Treasury bills for commercial banks, purchase rate to be

set daily by FOMC, sugLestion of Mr.

Spencer, to be discussed at next

meeting of FOMC, advice to FRBanks 8/26 1215Treasury Ponds, 2-1/2 per cent, Investment Series A 1965,

to be valued at par in examination re-

ports, advice to FRBanks 9/17 1279Trust assets, information in reports of examination fur-

nished to Trust Research Department

of American Bankers Association, ad-

Voting p vice to FRBanks re 12/24 1828

ermits, issuance of general and limited, procedure

Weekly re to be followed 3/10 361

porting member banks, revision of report form,

copy of FR 416 and instructions sent

to FRBanks 3/ 5 335Weekly member bank press statement, revision approved,

Circulars F

advice to FRBanks 3/28 49°RBank of Poston:

Check collections, thanes because of recent law in

Circ Massachusetts, letter to FRBank on 11/ 5 152914ars, FRBanks:Check collection amendment with respect to protest and

wire advice of nonpayment of cash

Circular items 12/31 1847Treasury:

Bank loans, telephone survey of general character of in-

creases requested, FRBanks to give in-

formation 11/19 1596Issue and redemption of war savings bonds, transfer from

branches to head offices, views of

ServiceFRBanks to be obtained 4/ 8

ommission:534Civil

Positions C in Board of Governors, full-time with salary

rates of (49975 or more, forms sent toMr. Baruch

Retirement and Disability Fund, r. Johnson, designated

as responsibile for census at Board,

10/10 1418

advice to Mr. BrownClaYton Antitrust

9/10 1265

Act:Proceeding against Transamerica group, investigation being

made in connection with 11/ 7 1561Transamerica Corporation, investigation to be made by

Mr. Townsend in connection with pro-ceeding a_ainst 11/24 1634


63Pages

Clearing and Collection:Absorption of exchange charges by member banks, Presi-

dents to be advised of Board's posi-

tion at joint meeting 2/27 269

Acceptance of nonpar items free of exchange by mem-

ber bank in Baltimore, reply to in-

quiry from Mr. Albert D. Graham re

violation of Regulation Q 7/18 1077

Commercial Bank and Trust Company of 'Jackson, Miss.,

request for information 4/11 566

Guaranty Bank and Trust Company of Alexandria, La.,information received 4/11 566

Information to be sent to Board by Messrs. Leach,

McLarin, and Davis and matter to be

taken up with Treasury and FDIC, dis-cussion at Presidents Conference 2/28 305

Insured nonmember banks, digest of information re-ported by FRBanks of Richmond, Atlanta,and St. Louis, memo to be preparedre and Air. Clayton to confer withUnder Secretary of the Treasury Wiggins 7/11 1048

Merchants and Farmers Bank, Meridian, Miss., informa-

tion requested 4/11 566

Nonmember banks, information requested re banks inMississippi 4/11 566

ALrption by FRBanks of transportation costs for cash

items, letter from Mr. Baird, Associa-tion of Reserve City Bankers re, replyto be prepared

Borrowing by member bank from FRBank against securitiesheld by correspondent in Liew York City,

acceptance of trust receipt of corres-pondent bank or of FRBank in district

as collateral suggested, matter to be

discussed at Presidents ConferenceCash items, reimbursement to member banks for postage

on items routed direct to other FRBanks

and branches, record to be submittedCharges for shipments of currency to nonmember banks, ab-

sorption by member banks, reply to

FRBank of Dallas re elimination of

practice by FRBanks of St. Louis and

Atlanta 1/ 8 24United Bank and Trust Company of St. Louis, shipments

to correspondent banks, advice to

FRBank of St. Louis 1/30 150

10/21 1466

9/30 134 4

6/26 986


64Pages

Clearing and collection: (Continued)Check collection circulars, changes to provide for ac-

ceptance of unsorted cash items and toshorten maximum time for defermentof credit for cash items, discussionof memo of Mr. Sme ad, r. Smead todiscuss statement with Chairman ofPresidents Conference Committee onCollections aid other officers ofFRBanks, and proposal for discussionat Presidents Conference to be sub-mitted to Board 7/18 1067

Check collection procedures, plan to correct practice ofdepositing with FHBanks daily averageof more than 300 items payable interritory of another FRBank viewsof Presidents requested, other changesto be discussed at Presidents Confer-ence in December 10/22 1472

Changes re immediate credit for cash items and sort-ing and listing of items separatelydiscussed at Presidents Conference,letter to be sent to Presidents post-poning action until July 1, 1948, ad-vice re remedying of situation onvoluntary basis to be requested andprogress to be discussed at next Con-ference if desired 12/ 9 1723

Checkcollection service, modernization of, to be dis-cussed by Chairman Eccles with Presi-dents 9/30 1345

Statement to be made by Chairman Eccles at rresidentsConference approved, distribution not

to be made to Presidents 10/ 3 1365Check collection system, origin, use, and development to

be studied by Presidents' ConferenceCommittee, statement of Mr. Sproul re 6/ 6 861

Modernization and maximum development, to be discussedat meeting of FAC 10/31 1502

Changes in, discussion at meeting of FAC with Board,FAC opposed to giving of immediatecredit on all items, no change to bemade before expression of views bybanks 11/18 1586

Plan tosort and list items separately if over 300

daily average, action to be postponeduntil June 1, 1948, draft of letterto Presidents discussed, matter to bediscussed at ?residents Conference 12/ 5 1702


Clearing and collection: (Continued)Check collection system: (Continued)

Plan to sort and list items separately if over 300

daily average, action postponed, ad-vice to FRBanks

control proposals, Presidents to be advised of

Board's position at joint meeting

items collected through FRSystem, pro-

cedure for immediate discussed in-formally with Presidents, to be dis-cussed with Presidents in December,letter to be revised

of unpaid items, progress report at Pres-idents Conference re, amendment toRegulation J expected, no action atpresentchanges in daeck collection circularsproposed, problem being consideredfor all FRBanks, but no objectionif necessary at present

Reserve exchange draft, limitation on amountremoved, action of Presidents' Confer-ence approved

change suggested by Mr. Peyton and anyother desired changes referred toCommittee on Operations, advice toMr. Peyton

Removal of $50,000 limit, notification of permiJsion

to issue to be continued, future changesto be considered by Committee on Op-

erations, aivice to FRBank of Cleve-land

Changes in wording approved, question of issuance bymember banks, action deferred pending

receipt of minutes of Presidents Con-ference

Credit

Credit on all Gush

Delayed return

FRBank of

Federal

Boston,

Fitexchange draft,

Hawaii and Alaska, service to banks in, discussionuse of air mail and function ofof San Francisco

Maximum deferment of credit for cash items, Presidents

to be advised of Board's position atjoint meeting

Reduction to two days, matter to be referred back

Presidents Conference Committee, Board':staff to make study, further reportsto be made to Presidents

65Pages

12/16 1769

2/27 269

lo/17 1449

12/ 9 1716

11/ 5, 1530

4/15 584

7/10 1037

12/ 9ofFRBank

10/17

2/27to

1717

1447

269

2/28 2714


66Pages

CleaFing and collection: (Continued)laximum deferment of credit for cash items and receipt

of unassorted cash items in one cashletter, matter to be studied furtherafter discussion at Presidents Con-ference and proposal to be submittedto Presidents prior to next jointmeeting of Presidents and Board 6/6 860

Maximum deferment of credit forcash items, discussionof memo of ivir. Smead, question of sort-ing and listing separately to be dis-cussed by Chairman Eccles with Presi-dents 9/30 1339

44embership in FRSystem, effect of service on, discussionof 9/30 13h1

Postal money orders, procedure for handling by FRBanks,no change to be made in present prac-tice, advice to ir. Lawler, PostOffice Department 8/ 5 1137

Protest and wire advice of nonpayment of cash itenis, rec-

Amendment to

Reimbursement of

ommendations of Presidents ConferenceCommittee on Collections re suggestedchanges in uniform instructions re,approved

provisions of check collection cir-culars re, ABA in favor of similarchange for commercial banks, letterto Mr. Leach

direct sending banks for shipping costson cash items, recommendation of Pres-

1/22 100

12/31 1847

idents Conference approved 6/ 6 865Reimbursement of member banks for postage and other trans-

portation costs, resolution of bankingand clearing house associations inDallas District protesting, discussion,procedure to become effective August1, advice to Mr. Gilbert, other banksto be advised by telephone 7/31 1119

Reply to inquiry from FRBank of Cleveland re reportfor week of August 18-23 8/11 1165

Resolution adopted by Fort Worth Clearing House As-sociation, reply to 14r. Smith andadvice to FRBank of Dallas 8/19 1196

Protest from Mr. Thompson of First National Bank andTrust Company of Tulsa, Okla., adviceto FRBank of Kansas City 8/25 1212

Reply to letter from Mr. Wilbur sent to CongressmanWorley 9/18 1285

Discussion at FAG meeting of opposition by TexasBanks and relationship with Regulation

9/23 1297


67Pages

Clearing and collection: (Continued)Reimbursement for postage and other charges: (Continued)

Reply to Mr. Miller, Wichita Falls Clearing HouseAssociation, Wichita Falls, Texas 9/29 1338

Reply to letter from Mr. Baird, Association of ReserveCity Bankers, approved 10/31 1500

Comments on statement by Mr. Faires, letter to HonorableLindley Beckworth 12/15 1767

United Bank and Trust Company of St. Louis:Absorption of cost of shipments of currency, further

correspondence with FRBank of St. Louisre investigation of matter 2/ 4 171

Procedure to be followed in advising member banks

CO ins re practice, advice to FRBank of St. Louis 2/12 204

Booker T. Washington commemorative, no objection to plan ofSpecial ommittee for distribution 3/10 367

ercial Credit Corporation:Comm

Advertisement by American Installment Credit Corporation,figures improperly ascribed to FRBulletin,

Committees: information re sent to Mr. Millians 4/ 2 502

Banking and Currency of House:FRAct, bill to repeal section 13b and to amend section

13, letter to Chairman Wolcott revised toincorporate reference to statement con-tained in President's budget message 1/23 104

FRBranch buildings, repeal of limitation in FRAct in ex-penditure, letter to Chairman Wolcott recom-mending repeal or authorization for expendi-tures for urgent cases up to $10,0001000,copy sent to Senatory Tobey 5/29 814

Banking and Currency of House and Senate:FRAct, bill to repeal section 13b and to amend section

131 copy and recommendation for enactmentsent to Chairman 1/10 39

Bill to amend FRAct and for other purposes, draft withrecommendation for enactment sent toMessrs. Tobey and Wolcott 1/10 40

Banking and Currency of Senate:Amending or terminating certain laws, reply to letter

from Mr. L'Heureux 3/ 3 320Request of Chairman Tobey for draft of bill on special

reserve plan 11/26 1665S. 408, Board in favor of, letter to Senator Tobey

stating views 2/24 247S. 1740, to establish a Federal Small Business Corpora-

tion, letter to Senator Tobey opposing bill 10/1 1356Employees of Board:

Group life insu'r'ance, amendments suggested to increasebenefits, matter referred to PersonnelCommittee 7/11 1040


68Pages

Committees: (Continued)Expenditures in Executive Departments, report re number of

employees sent to Senator Aiken, Chairman 3/ 7 351Federal Open Market:

Annual report of Board, section for, suggestion of

Chairman Eccles, memo to be presented toBoard for study and discussion 4/ 8 529

Anti-inflation program, increase in discount rate con-templated in 10/17 1440

Buying and repurchase option rate on Treasury billdetermined by 7/ 9 1027

Executive committee:Alternates:

Clayton, Lawrence, second alternate for Boardmembers 3/20 436

Evans, R. M., third alternate for Board members 3/20 436Gidney, Ray M., first alternate for Presidents 3/20 436

Peyton, John N., second alternate for Presidents 3/20 436

Ransom, Ronald, first alternate in absence of Mr.Eccles, and third in absence of Messrs.Syzmczak and Clayton, upon return 3/20 436

Szymczak, M. S., first alternate for Boardmembers 3/20 436

Members:Davis, Chester C., appointment approved 3/20 436Draper, E. G., appointment approved 3/20 436Eccles, M. S., Chairman, appointment approved 3/20 436Informal discussion of service for ensuing year 2/25 250Sproul, Allan, Vice Chairman, appointment ap-

proved 3/20 436Vardaman, J. K., appointment approved 3/20 436

Members and alternates 6/20 959

Government securities market, program for support, tran-

sition to be made to lower point 12/17 1782

Inflation, reply to letter from Mr. McCabe re, ques-

tions of policy within jurisdiction of 5/28 809

Long-term bond issue, memo re to be presented to Treas-

ury by Messrs. Eccles and Sproul, discussion

at meeting of FAC with Board 3/11 388Policy, Messrs. Eccles and Sproul to discuss with

Treasury 2/ 4 168Policy record:

Draft of entries for 1946, question of recordingpersonal views of Mr. Sproul, letter to Mr.Sproul to be prepared by Messrs. Clayton andCarpenter 2/21 238

Approved for inclusion in Board's annual report for19146 4/25 6146


69

CoPages

mmittees: (Continued)Federal Open Market: (Continued)

Reserves, special reserve requirement plan for three-

year period to control expansion of credit

by banks, authority to be vested in, to be

recommended by Chairman Eccles to White

House 11/ 5 1524Retirement system, proposal of Chairman Eccles that

members of FOMC constitute investment com-

mittee, discussion 10/31 1496

Treasury bills for commercial banks, purchase rate tobe set daily by, suggestion of Mr. Spencer,

to be discussed at next meeting of, advice

to FRBanks 8/26 1215

Foreign relationships:Staff Group on Foreign Interests, representation from

FRBanks at meetings, plan approved subject

to certain qualifications, advice to Mr.

Sproul 1/27 136

Informal Policy Group on Foreign Interests, memo re

national gold policy, proposed press state-

ment to request American banks to refrain

from facilitating international traffic in

gold at premium prices, copy sent to Secre-

tary of the Treasury for comments 7/ 2 1018Herter Committee, Board to participate in compilation of ma-

terial for determination of foreign policy,

Mr. Thomas or Mr. Gerschenkron to attend

first meeting, after which Mr. Hinshaw to be

assigned to task 9/26 1333House:

Judiciary, hearing on Kefauver Bill, statement of Mr.

Townsend to subcommittee 4/ 8 529Post Office and Civil Service,Employees separated by

reduction in force, report sent to Chairman

Rees 2/26 262

Industrial Advisory:FRBank of Atlanta:

French, W. W., reappointment for year 1/21 93Milner, I. C., reappointment for year 1/21 93Randall, Luther H., reappointment for year 1/21 93Sanford, John E., reappointment for year 1/21 93Winship, George, reappointment for year 1/21 93

FRBank of Boston:Dennett, Carl P., reappointment for one year 1/16 69

Draper, Paul A., reappointment for one year 1/16 69

Graham, Edward M., reappointment for one year 1/16 69

Lewis, J. Colby, reappointment for one year 1/16 69

Thompson, Ralph E., reappointment for one year 1/16 69


70

Co mmittees: (Continued) Pages

Industrial Advisory: (Continued)FRBank of Chicago:

Doyle, Edward J., appointment for 1947 approved 1/15 60Harnischfeger, Walter, appointment for 1947 approved 1/15 60Kerwin, Edwin M., appointment for 1947 approved 1/15 60Moxley, G. Barret, appointment for 1947 approved 1/15 60Palmer, James L., appointment for 1947 approved 1/15 60

FRBank of Cleveland:Emerson, Sam W., reappointment approved 2/18 220Hood, C. F., reappointment approved 2/18 220Ladds, H. P., reappointment approved 2/18 220Neff, Herman R., reappointment approved 2/18 220Withington, W., reappointment approved 2/18 220

FRBank of Dallas:Hamon, Jake L., reappointment approved 2/18 221Moore, Charles R., reappointment approved 2/18 221Moore, Ira T., reappointment approved 2/18 221Pollock, Lawrence S., reappointment approved 2/18 221Simmons, E. P., reappointment approved 2/18 221

FRBank of Kansas City:Forrester, D. Bruce, reappointment approved 2/26 263McNally, Thomas, reappointment approved 2/26 263Thompson, Mason L., reappointment approved 2/26 263Vacancies not to be filled at this time 2/26 263

FRBank of Minneapolis:Bush, John M., reappointment for one year 1/16 69Follett, C. 00, reappointment for one year 1/16 69Miller, Albert L., reappointment for one year 1/16 69Wood, Sheldon V., reappointment for one year 1/16 69

FRBank of New York:Nelson, Arthur G., reappointment approved 2/10 191Noble, Edward J., reappointment approved 2/10 191Pouch, William H., reappointment approved 2/10 191

FRBank of Philadelphia:McDade, John T., reappointment for 1947 3/12 396Mechling, B. F., reappointment for 1947 3/12 396Powlison, Keith, reappointment for 1947 3/12 396Schultz, Daniel H., reappointment for 1947 3/12 396Skinner, James M., reappointment for 1947 3/12 396

FRBank of Richmond:Dennis, Overton D., reappointment approved 2/18 220Holtzclaw, J. G., reappointment approved 2/18 220Manning, William L., reappointment approved 2/18 220Stuart, Walker D., reappointment approved 2/18 220Whitehurst, John L., reappointment approved 2/18 220

FRBank of St. Louis:Finch, M. E., reappointment approved 2/18 221Heuser, G. A., reappointment approved 2/18 221Norris, Wm. K., reappointment approved 2/18 221VanDykel Jacob, reappointment approved 2/18 221


Committees: (Continued)Industrial Advisory: (Continued)

FRBank of San Francisco:Baker, Wakefield, reappointment approvedCrandall, Shannon, reappointment approvedHayes, Edmund, reappointment approvedNichols, Henry D., reappointment approvedStarr, Walter A., reappointment approved

Joint

71Pages

2/212/212/212/212/21

244244244244244

Committee on Economic Report, statement by Mr.Eccles re meansof correction for monetaryand credit situation during inflation, ap-proved, copies to be sent to all banks inU. S. and to supervisors of banks in allStates 11/26 1643

National Advisory Council on Domestic Credit Extension,draft of bill prepared by Treasury Depart-ment to establish, Board not in favor of,Mr. Lynch, General Counsel of Treasury, to

1be advised 2/15 1747Personnel of Board, assignment of subjects for initialconsideration 3/20 436

Assignment of subjects for primary consideration 6/20 958Consultants, services of part-time, to be requested

with approval of Board upon recommendationof 10/ 3 1362

Expenditures of Board, question of charges to bereferred to 3/20 429

FRBank of Dallas, report of Mr. Eads re discharge of44 employees, statement of Mr. Townsend resituation, recommendation as to procedureto be followed to be submitted by 4/ 8 531

Group life insurance for employees of Board, amendmentssuggested to increase benefits, matterreferred to 7/11 1040

Job evaluation and personnel classification plan atFRBanks, authorized to approve final plans 7/22 1084

Members of 6/20 959Clayton, Lawrence, appointment for 1947 2/25 250

Appointment for 1947 3/20 437Evans, R. M., appointment for 1947 2/25 250

Appointment for 1947 3/20 437Outside business activities of staff of Board, procedure

re to be prepared by 10/21 1465Retirements in official staff of Board, problems and

possible changes to be studied by 5/13 720Salary classification plans of FRBanks, subject assigned

to until completion of work, then to revertto Mr. Vardaman 5/23 787

Matter of scales and variation referred to for studyand recommendation before PresidentsConference 5/23 788


72

C ommittees: (Continued)

Pages

Personnel of Board: (Continued)Travel expenses, increase in per diem allowance for non-

official personnel of Board, question to bereferred to 10/17 1442

Travel regulations, proposed trips to be approved inadvance by 3/20 425

Policy group on foreign interests, to make recommendationsto Treasury re loans by American commercialbanks on foreign-owned gold 5/20 751

Presidents, Conference:Bank examination policy, to be appointed to confer with

Board of Governors 6/ 6 885Committee on Collections, recommendations re suggested

changes in uniform instructions regardingprotest and wire advice of nonpayment of cashitems, approved 1/22 100

Committee on Operations, FRexchange draft, change sug-gested in form by Mr. Peyton and any otherdesired changes referred to, advice to Mr.Peyton / 2 1018

Reimbursable Expenditures to consider discontinuanceof charges to fiscal agency units for ex-penses incurred in "service units" of revisedfunctional expense manual, topic to be dis-cussed at Presidents Conference

4/23 625

Special Committee, no objection to plan for distribution of Booker T. Washington commemorative coins,advice to Mr. Leach 3/10 367

Research and Policy Committee of Committee for EconomicDevelopment, statement on "Meeting the Spe-cial Problems of Small Business", endorsementof S. 408 and H. R. 3268, FRBanks requestedto publicize 7/29 1110

Retirement system, investment committee, not necessary forBoard representative on board of trustees tobe member of 12/ 5 1700

Section 522(c) of Tariff Act of 1930, proposed amendment toand question of service of Board's staff oncommittee to assist Treasury in administra-tion of, letter from Mr. Sproul re circulatedto Board for information 1/27 135

Senate:Banking and Currency Committee:

FRBranch buildings, repeal of limitation in FRAct onexpenditure, letter to Chairman Wolcott recom-mending repeal or authorization for expendi-tures for urgent cases up to $10,000,0001 copysent to Senator Tobey 5/29 814

Reply to letter from Mr. LIHeureux re retaining, amend-ing or terminating certain laws 3/ 3 320


Co mmittees: (Continued)Senate: (Continued)

Public Lands:

73Pages

Compulsory membership in FRSystem of national banksin Hawaii, amendment to H. R. 49 recommended,matter to be taken up with Messrs. Han l andDelano before action 10/17 1447

Staff Group on Foreign Interests, first meeting postponsed,advice re future meeting to be sent toFRBanks 3/11 394

Subcommittee on Personnel Classification and Job Evaluation,to study question of cafeterias at FRBanksand submit report by next meeting of Presi-dents Conference 10/ 7 1394

System Research Advisory:Classification of deposits for reserve purposes, di-

rected to study possible chanLes in law 7/ 2 1005Reserves, computation of member banks', to recommend

changes in law as soon as possible 12/17 1778Statistical reports and surveys, discussion at Presi-

dents Conference of clearance of studiesat policy level, report to be made by 10/ 7 1401

Comnodity Credit Corporation:Lending activities, objectionsof FAC to, statement to be

revised 11/18 1579Co revisedof the Currency:

All-bank statistical series, Board to join with Comptrollerand FDIC to arrange for compilation and pub-lication of single, letter to Bureau of theBudget 6/ 5 854

Bank credit policies during inflation, joint statement to beissued re, to be revised by Mr. Clayton anddiscussed with Treasury before review withexecutive committee of National Associationof Supervisors of State Banks 11/17 1560

Joint statement re, discussion, to be considered byBoard while being reviewed by representa-tive group of Supervisors of State Banks 11/21 1606

Capital requirements and establishment of intracity branchesto be discussed with 11/21 1628

CaPital requirements for State member banks and for estab-lishment of branches by member banks, letterwith draft bill sent to, views requested 12/ 5 1709

Condition reports of national banks:Call as of December 31, 1946 1/ 3Spring call not to be made 3/12 395Call as of June 30 7/ 2 1014

ebt, reduction of individual as restraint upon rising livingcosts, joint statement issued re, eliminationfrom reports of examination of State memberbanks planned, opinion of Mr. Delano request-ed 10/ 8 1411


74Pages

ConTtroller of the Currency: (Continued)Examination of reports of 28 insured banks, request by GAO

for permission, Messrs. Leonard and Townsend

to discuss matter with FDIC and 1/17 7)4

Inventories of consumer goods, accumulation of, statement of

Chairman Eccles in 1942 re, elimination from

reports of examination of State number banks

planned, opinion requested 10/ 8 1411

Accumulation of, statement of Chairman Eccles in 1942 re,

elimination from reports of examination,

advice to FRBanks 10/28 1489Investments in and loans on Government securities, joint

statement issued in 1942, no instructionsto be issued to examiners re, opinion re-quested lo/ 8 1411

Joint statements issued in 1942 re individual debt and in-vestments in and loans on Government securi-ties, discussion of cancellation, no actionto be taken by Board as to further statement 7/ 2 1011

Instructions to be made to examiners re, opinion request-ed lo/ 6 1411

Request that comments be included in reports of exami-nation rescinded, advice to FRBanks 10/28 1489

Joint statement on bank credit policy during inflationissued 11/24 1635

Legislation on capital requirements for admission of Statebanks to membership and for establishmentof branches by member banks, letter to beprepared 11/26 1643

National Association of Supervisors of State Banks, to beinvited to dinner given by Board for 6/20 952

Reports of examination, availability to Government agencies,

requests to be submitted in accordance with

approved procedure, discussed in connection

with request of Treasury Intelligence Unit

for information from report of examination

of Annapolis Bank and Trust Company, Annapolis,

Md. 2/25 254

Policy re, advice to 3/17 414

Service of Samuel L. Fuller and W. R. Lovett under Sec. 32

of Banking Act of 19332 letter on action to

be taken 9/30 1353Transamerica Corporation, investigation to be made re mono-

polistic aspects of expansion, advice to besent to 10/31 1511

Anti-trust proceeding against, investigation to be made

to determine decision re, Mr. Townsend desig-

nated to proceed with, request that decisionon pending applications for branches by Bankof America and First National Bank of Portland

11/24 1635be deferred, letter to Mr. Delano


75Pages

ConTtroller of the Currency: (Continued), Voting permits, copies now sent to 11/20 1602Londition reports:

Bankers Company of New York, New York, call as of December31, 1946 1/ 2 I

Call as of June 30 7/ 7 1024Chase Bank, New York, N. Y., call as of December 31, 1946 1/ 2 1

Call as of June 30 7/ 7 1024Connecticut State member banks, publication as of September

30 instead of October 6 approved in accord-ance with State law 10/ 9 1416

FR 105, change made for reporting reciprocal balances ofprivate banks and bankers, copy sent toFRBank of New York 5/26 797

First of Boston International Corporation, Boston, Mass.,

7///Call as of June 30

call as of December 31, 1946

100214

F oreign banking corporations, call as of June 30French American Banking Corporation, New York, call as of

December 31, 1946 Call as of June 30 Y/ 10214

International Banking Corporation, New York, N. Y., call asof December 31, 1946

11 102114Call as of June 30 7/ 7Lewis Investment Company, Kansas City, Missouri, submission

of report and listing of affiliates onSchedule "0", form FR 105b, not required 8/ 1 1129

Loan schedule, copies of report, "Suggestions for improvingstatistical information on Bank loans", sentto FRBanks for comments and suggestions 9/ 8 1259

McAllen State Bank, McAllen, Texas, errors in published state-ment, republication of report not required 7/25 1102

Merchants & Newark Trust Company, Newark, N. J., affiliatereports covering J. S. Rippel & Co., GuarantyCompany of New Jersey and Securities Companyof New Jersey not required to be published 3/24 450

Morgan & Cie, Incorporated, New York, N. Y., call as of De-cember 31, 1946 1/ 2 1

Call as of June 30 7/ 7 1024National banks, call as of December 31, 1946 1/ 3 7

Spring call not to be made 3/12 395Call as of June 30Call as of October 6, 1947

Reserves for bad debts on loans, to be reported in earningsreports and deducted from loans in, adviceto FRBanks

State banks:Summaries, special, not required since publication of

single series of assets and liabilities bythree banking supervisory agencies to takeplace of all-bank statistical series, pressstatement and advice to FRBanks

7/ 2 101410/ 8 1405

12/26 1835

II/ 7 1535


Counsel of

Examiners

Credit

Condition reports: (Continued)State member banks:

call as of December 31, 1946 1/ 3Spring call not to be made 3/12Revised form FR 105 approved 4/ 7Forms and instructions sent to FRBanks for next call date 6/ 2Call as of June 30 7/ 2Forms and instructions sent to FRBanks for next call date 8/15To be available to FDIC for confidential use of Department

of Agriculture for tabulation of data 9/16Call as of October 6, 1947 10/ 8Forms and instructions sent to FRBanks for next call date11/21

Weekly reporting member banks, revision, copy of form FR 416and instructions sent to FRBanks 3/ 5

cRevision approved, advice to FRBanks 3/28

Confere

Auditors, to be held in Washington within next three months,Division of Examinations to make arrange-ments with Mr. Fogg if agreeable, letter toMr. Grady 1/10

To be held in Washington on April 14-16, list of repre-sentatives requested, letter to FRBanks 2/14

Chairmen:Manner of investigating defalcations and per diem payments

to former officer not to be taken up with 11/26Meeting to be held on December 1-2, Chairman to be invited

to dinner on first evening and cost to bepaid by Board 9/30

Topics for discussion:Agenda for meeting on December 1-2, completion of

preliminary draft 10/17Branch banks, transfer of functions to head offices 3/28Examination policy of FRBanks 3/28Limitation on length of service of directors of

FRBanks 10/17Relations of boards of directors of FRBanks to Board

of Governors 10/17Revised statement of responsibilities and letter

of transmittal approved by Board if no fur-ther changes suggested at next conference 11/21

FRBanks, to be called to convene in Washingtonin November, topics for agenda to be sub-mitted to Mr. Vest 7/22

of FRBanks, to be held in Washington September 22,23, and 26, names of representatives re-quested 8/ 1 1130

matters, joint statements issued re, discussionof instructions to be given to examiners re,letters to Messrs. Han l and Delano request-ing opinion of planned procedure 10/ 8 1411

76Pages

739552682910141188

127614051629

335490

38

213

1671

1347

1443472476

1h)13

1443

1612

1088


Conferences: (Continued)International Monetary Fund and International Bank for Recon-

struction and Development, Mr. Knapp author-

ized to attend annual conference in London inplace of Chairman Eccles and to visit other

countries in Europe 6/20 959International Fund and Bank in London, Mr. Knapp to attend

and also to visit central banks in Europe,

advice to FRBank of New York 8/ 1 1129

Midwinter Trust Conference of ABA, attended by Mr. Vardaman 2/ 4National Association of Supervisors of State Banks, to be

held in Washington September 24 and 25, let-

ter to FRBanks 8/ 1 1130National Tax Association at Miami, Fla., Mr. Musgrave to pre-

pare report on papers and discussions ofinterest to Board 11/13 1550

Personnel classification plans of FRBanks, meeting at FRBank

of Philadelphia to discuss uniform plan,statement by Mr. Nelson 1/27 125

Personnel officers of FRBanks, leaves of absence, plan forsick and annual at FRBanks to be submitted

to 8/ 7 1147Presidents:

Absorption of exchange charges, information to be sent

to Board by Messrs. Leach, McLarin, and Davis

and matter to be taken up with Treasury and

FDIC 2/28 305

Annual, sick andcther leave at FRBanks, schedule for,discussion of, problem to be studied by per-sonnel officers of Banks and Board's staff

and report to be submitted 6/ 6 872

Bank examination policy and coordination of Federal Re-

serve policy and supervision policies through-

out the System, Presidents' committee to con-

fer with Board 6/ 6 884Bank holding company bill (S. 829 and H. R. 3351), re-

view of present status by Chairman Eccles 6/ 6 893Benefits to employees in military service, discussion

of uniform policy, letter to be sent to

FRBanks outlining program 10/ 7 1388

Branch bank building legislation, review of present

status by Chairman Eccles 6/ 6 893

Cafeteria expenses, absorption of, to be reduced to

25% by 1948, discussion of 6/ 6 885Discussion of reduction and of employment of experts

to study question, Presidents not in favor

of, subcommittee on Personnel Classification

and Job Evaluation to submit report by next

meeting of 10/ 7 1340

77Pages

163


78Pages

Conferences: (Continued)Presidents: (Continued)

Capital requirements of member banks without branches,amendment to FRAct re, discussion 2/28 309

Consideration of legislation not possible at this

session of Congress 3/ 7 348

Legislation to remove discrimination against, re-

commendation to be included in annual report

and Board to take steps to introduce bill at

next session of Congress 6/ 6 881

Presidents in favor of proposed bill to modify but

opposed to provision requiring approval of

Board for establishment ofintracity branches

for State member banks 10/ 7 1385Check collection procedures, to be discussed at next

meeting 12/ 5 1703

Changes re immediate credit for cash items and sort-ing and listing of items separately discussed,letter to be sent to Presidents postponingaction until July 1, 1948, advice re reme-dying of situation on voluntary basis to berequested and progress to be discussed atnext Conference if desired 12/ 9 1723

Collateral to secure uninvested trust funds, amendmentto Regulation F not possible, amendment toRegulation H re membership to be consideredfurther 2/28 290

Consumer credit-Regulation WI legislation re continua-tion, statement of Chairman Eccles re con-versation with Congressman Wolcott 2/28 286

Chairman Eccles to testify at hearings on bill re,statement re status and letter received fromthe President 6/ 6 879

Credit control proposals, "Analysis of Credit Control

Proposals" report accepted, further studydesirable, discussion by Chairman Eccles re 2/28 283

Currency movements, precautions against robbery dis-

cussed at recent meeting, letter to Mr. J.Edgar Hoover advising of 3/27 470

Custody of short-term Government securities for nonmem-

ber banks, termination of service approved 6/ 6 866Delayed return of unpaid items, progress report re amend-

ment to Regulation J expected, no action at

present 12/ 9 1716Dinner and golf at Burning Tree Country Club during Con-

ference and other guests invited 9/26 1330

Directors of FRBanks, composition of boards, topic notdiscussed 2/28 316

Directors fees, schedule of maximum fees and allowances,differential between head office and branchdirectors, discussion 2/28 301


79Pages


Examination policy with respect to member bank loans,new statement of policy to be prepared byBoard and bank supervisory agencies 2/28 292

Examination reports of national banks, recommendationsof Conference of Examiners re analysis ap-proved, advice to FRBanks 11/20 1603

Expenditures of FRBanks, budget procedure to be devel-oped, discussion of plans, Presidents Com-mittee on Operations to work with Board'sstaff 2/28 297

Budgetary procedure, suggestions from Presidents tobe turned over to Committee on ExpenseAccounting and Division of Bank Operationsto discuss matter with Committee 4/15 583

Federal labor laws, applicability to Reserve Banks, Re-serve Banks excepted under National LaborRelations Act, but to attempt to complywith provisions of Fair Labor StandardsAct 6/ 6 879

FRBank stock, dividend rate on, topic not discussed 2/28 316Federal Reserve exchange draft, limitation removed,

action approved 4/15 584Changes in wording approved, question of issuance

by member banks, action deferred pendingreceipt of minutes of Conference 12/ 9 1717

Frequency of pay days, bi-weekly or weekly basis favoredif possible to work out satisfactorily 2/28 282

Functional expense accounting, revision of FR 634 andmanual to be made, reports to be submittedmonthly for present 2/28 273

Functional expense reports:Changes in dates for submission and instructions to

be recommended by Presidents to alleviatedifficulties, discussion 10/ 7 1400

Submission quarterly rather than monthly, recommen-

dation to be approved 12/ 9 1718Gold problem, revision of Gold Reserve Act and Treasury

regulations and reduction of handling chargeon purchases and sales of gold recommendedno action at present 2/28 316

Industrial loans, S. 408, discussion of additional pro-visions, matter to be left open for furtherconsideration 2/28 306

Industrial loan bill (5.408)„ review of present statusby Chairman Eccles 6/ 6 893

Interlocking relationships with security concerns, Sec-tion 32 of Banking Act of 1933, discussionof suggested change 2/28 290

Job evaluation and personnel classification plans, finalplans to be discussed 1/27 126



Job evaluation: (Continued)New plan to be put in effect by July 1Discussion of progress made, further study to be

made to reach 25% variation

80Pages

2/28 281

6/ 6 869,888

Legislative situation, review of present status of in-dustrial loan bill, bank holding company bill,

and branch bank building legislation byChairman Eccles 6/ 6 893

List of topics submitted by Presidents considered by

Board, Mr. Eccles to state views of Boardat joint meeting 10/ 7

Loan value of Treasury bills, to be maturity value,views of Presidents approved by Board 12/ 9

Luncheon at which Mr. John L. Hennessy will be presentto discuss operation of cafeterias, Presi-dents invited to attend 9/24

Maximum deferment of credit for cash items, reduction totwo days, matter to be referred back to Com-mittee on Operations and Board's staff to make

1374

1718

1324

study, reports to be made to Presidents 2/28 274Receipt of, and unassorted cash items in one cash

letter, matter to be studied further by Board's

staff and proposal to be submitted to Presi-dents prior to next joint meeting 6/ 6 860

Meeting with Board 2/28 273

Meeting with Board 6/ 6 860



Officers' salaries, discussion in connection withadoption of personnel classification plans,

increases for junior officers to be con-

sidered, but adjustments for senior officers

to be submitted at time of regular annual

reviewbusiness connections of officers of ReserveOutside

10/ 7 1387

Banks, existing situations to be reviewed

by Board further 6/6 888

Payment of portion of Reserve Bank earnings to Treas-

ury, discussion of various methods, but no

conclusions reached 2/28 310

Periodic reports on banking conditions, discussion ofmaterial to be used and purpose of 2/28 304

Precautions against robbery, survey to be made by FBI

of practices of FRBanks in handling moneyand securities, and educational campaign tobe conducted among member banks 2/28 302

Protective measures, recommendations of FBI, continuingattention to be given to matter 10/ 7 1399


Conferences:Presidents

Rates,

Regulations

81Pages

(Continued): (Continued)fortnightly establishment, amendment to FRAct

recommended, no action to be taken atpresentT and U, administration and enforcement,liberalization re substitution of securities

in undermargined accounts, matter to be con-sidered further 2/28 293

2/28 285

Reimbursement for expense of "service units", continua-

tion of policy, recommendation of Presidents

approved unless amounts requested by Treasuryshould become controversial 6/ 6

Reimbursement of direct sending banks for shipping costs,recommendations approved, FRBanks to be noti-fied of effective date 6/ 6

Relations with Board, advance notice to FRBanks re amend-ments and other material to be released topress, discussion of procedure to be

867

865

followed 2/28 294FRBanks to be given as much advance notice as

possible of Board action 3/'7 346Reports and surveys, regular and special statistical,

number to be reduced as much as possible 6/6 883Reserve and central reserve cities, designation, Presi-

dents opposed to plan to be effective Janu-ary 1, 1948, discussion of legislation 10/ 7 1377

Reserves, problem of excess, no action required in con-nection with 2/28 315

Reserves of member banks, amendment to Regulation D tochange period for calculation of, recom-mended by 4/28 650

Retirement system, changes proposed in Board plan reinvestment policies, discussion, no actionto be taken at present, matter to be dis-cussed further at next Conference 12/ 9 1719

S. 408, industrial loan bill, proposed amendment tosection 13 of FRAct, letter to FRBanks tobe prepared 3/ 7 347

Statistical reports and surveys, overburdening of banks

and business concerns with, discussion ofclearance of studies at policy level, SystemResearch Advisory Committee to make reporton matter 10/ 7 1401

System moving picture, FRBank of Cleveland to make

original picture for educational job forSystem, authorization to be requested, dis-cussion of 10/ 7 1402

Topics discussed at joint meeting with Board, considera-tion by Board 3/ 7 346


82Pages


Topics for discussion: (Continued)Absorption of exchange charges by member banks,

Presidents to be advised of Board's position

at joint meeting 2/27 269

Bank examination policy, statement of Mr. Leonard

submitted to Presidents for study before

joint meeting with Board 6/ 3 836

Borrowing by member bank from FRBank against securi-

ties held by correspondent in New York City,

acceptance of trust receipt of corres-

pondent bank or of FRBank in district sug-

gested as collateral 9/30 1344Budgets of FRBanks, annual, submission to Board to

be resumed, procedure to be discussed, advice

to FRBanks 2/ 4 166Branch banks, transfer of functions to head offices 3/28 472

Cafeterias of FRBanks, absorption of expenses 2/ 4 169Question of free meals and charges for meals for

employees, including cafeteria employees, to

be discussed, views of Mr. Sproul requested 5/16 740

Absorption of expenses, reduction in authoriza-

tion from 50% to 25% effective January 1,

1948, view of Board to be stated at 5/23 791

Absorption of expenses, subcommittee to study

question and submit report by next meeting 10/ 7 1394

Capital requirements of member banks, legislation

re, Presidents to be advised of Board's

position at joint meeting 2/27 269

Charges to fiscal agency units for expenses incurred

in "service units" of revised functional ex-

pense manual 4/23 625

Check collection procedures, changes to be discussed

in December, with one exception of deposit

at FRBanks of daily average of more than 300

items payable in territory of another FRBank10/22 1472

Sorting and listing of items separately, matter

to be left to FRBanks, progress reports to

be discussed if desired 12/ 9 1723Statement to be made by Chairman Eccles ap-

proved, distribution not to be made to

Presidents 12/ 3 1365Plan to sort and list items separately if over

300 daily average, draft of letter to FRBanks

re 12/ 5 1702

Clearing and collection, modernization of check

collection service and question of sorting

and listing separately to be discussed by

Chairman Eccles with 9/30 1339



Topics for discussion: (Continued)Collateral to secure uninvested trust funds, Presi-

dents to be advised of Board's position atjoint meeting

Consumer Credit - Regulation W, Presidents to be ad-vised of Board's position at joint meeting

Credit control proposals, Presidents to be advisedof Board's position at joint meeting

Credit on all cash items collected through FRSystem,procedure for immediate

Custody of short-term Government securities for non-banks, advice to FRBank of Chicago 5/16 741

Custody receipts of city correspondent banks, ac-ceptance by FRBanks as collateral for loansto member banks, procedure re 11/25 1640

Directors fees, Presidents to be advised of Board'sposition at joint meeting 2/27 269

Discount rates, advance in, no change to be made untilincrease in rate on Treasury certificates,matter to be considered at October meeting 7/18 1066

Increase in, action to be taken before end ofyear 12/ 5 1689

Examination policy re member bank loans, Presidentsto be advised of Board's position at jointmeeting 2/27 269

Examination policy of FRBanks 3/28 476Expenditures of Reserve Banks, Presidents to be ad-

vised of Board's position at joint meeting 2/27 269Federal funds, purchase and sale by member banks in

New York District, practice in connectionwith all banks to be discussed 10/ 3 1368

Fiscal agency costs, absorption of more 2/ 4 167Absorption of greater portion by FRBanks, to be

discussed with Presidents before review withTreasury Department 2/11 198

Absorption by FRBanks, Mr. Smead to discuss mat-ter with Presidents Conference Committee onFiscal Agency Operations and ReimbursableExpenses 2/21 240

Franchise tax, restoration of, or other means ofchanneling excess earnings to Treasury, Presi-dents to be advised of Board's position atjoint meeting 2/27 269

Frequency of pay days, Presidents to be advised ofBoard's position at joint meeting 2/27 269

Functional expense accounting, Presidents to be ad-vised of Board's position at joint meeting 2/27 269

Industrfal loans, possible legislation re, Presidentsto be advised of Board's position at jointmeeting 2/27 269

83Pages

2/27 269

2/27 269

2/27 269

10/17 1449


84Pages


Topics for discussion: (Continued)Interlocking relationships with security concerns,

Presidents to be advised of Board's positionat joint meeting 2/27 269

Job evaluation and personnel classification plans,final plans to be discussed 1/27 126

Presidents to be advised of Board's position atjoint meeting 2/27 269

Labor laws, applicability to FRBanks 4/15 576Applicability to FRBanks 5/ 9 700

Leave schedule for FRBanks, to be developed by Presi-dents Conference Committee in consultationwith Mr. Nelson for consideration by Con-ference and Board 3/ 5 330

List of topics submitted by Presidents considered byBoard, Chairman Eccles to state views atjoint meeting 6/ 6 858

Loan fund for employees of FRBanks„ draft of letterto Mr. Sproul to be prepared 12/15 1761

Maximum deferment of credit for cash items, Presi-dents to be advised of Board's position atjoint meeting 2/27 269

Receipt of, and unassorted cash items in one cashletter, matter to be studied further by Board'sstaff and proposal to be submitted to Presi-dents prior to next joint meeting 6/ 6 860

Mr. Smead to discuss statement further and sub-mit proposal to Board 7/18 1067

Military service, discontinuance of additional bene-fits, service credit under Retirement Systemand reimbursement for cost of premiums onNational Service Life Insurance 7/18 1076

NLRB, question of jurisdiction in case of FRBank ofDallas re discharge of 39 employees 2/11 196

Outside business relations of officers of FRBanks,to be placed on agenda for next meeting 4/11 558

Letter to Mr. Sproul re 5/ 9 700Periodic reports on banking conditions, Presidents

to be advised of Board's position at jointmeeting 2/27 269

Precautions against robbery, Presidents to be ad-vised of Board's position at joint meeting 2/27 269

Rates, fortnightly establishment, Presidents to beadvised of Board's position at joint meeting 2/27 269

Regulations T and U, administration and enforcementof, Presidents to be advised of Board's posi-tion at joint meeting 2/27 269

Relations of FRBanks with Board, Presidents to be ad-vised of Board's position at joint meeting 2/27 269


85Pages


Topics for discussion: (Continued)

Reserve cities, designation.of,suit IT Michigan

National Bank of Lai sing, Mich., to be de-

ferred pending further Board action after

next meeting 7/ 2 1004

Reserve city designations and reserve require-

ments, plan approved, copy sent to FRBanks

and FAC 8/13 117L

Change suggested by Chairman Eccles, memo re to

be prepared and revised formula to be dis-

cussed 9/26 1329

Reserve requirements of central reserve city

banks, not to be increased at present, view

to be expressed at 12/ 5 1689Retirement system, retention of services of employ-

ees until age 70, change in system and com-

pensation arrangement suggested by Chairman

Eccles 11/ 4 1520

Retirement system investment policies, memo outlin-

ing changes proposed by Chairman Eccles to

be prepared for discussion 12/ 5 1699

Changes proposed in Board plan 12/ 9 1719

Robberies of messengers delivering money to and from

Seattle Branch, information from FBI re plans

for 2/19 225

Travel expenses of FRBanks and absorption of cafe-

teria expenses 3/14 4o6Establishment of schedule 5/ 8 694Schedule and reimbursement policy 9/26 1328

Schedule and reimbursement, letter to Presidents

approved, to be discussed at 10/ 3 1360

Treasury bills, loan value to be established by

FRBanks, letter to Mr. Sproul re, matter to

be discussed 12/ 5 1708

Wagner Questionnaire matters, Presidents to be ad-

vised of Board's position at joint meeting 2/27 269

Transfer of activities from branches to head offices of

Reserve Banks, Treasury proposal in connection

with savings bonds redemption, no change to

be made in services at present 6/ 6 868

Travel expenses of officers and employees of FRBanks

policy re reimbursement, problem to be

studied by personnel officers of Banks and

Board's staff and report submitted 6/ 6 886

Discussion of schedule and reimbursement, Presidents

not in favor of, Board to make decision 10/ 7 1395Re gulation W, disciplinary, tabulation of letters of com-

mendation not to be made, advice to FRBanks V 7 17


Conferences: (Continued)Staff members of Board and FRBanks, expense of dinners not

to be paid by BoardSystem Conference of Examiners and System Research Advisory

Committee, meeting of committee to studyloan data available from call reports, exam-ination reports, etc.

Connecticut:Gondition reports of State member banks, provisions of State

law on publication of 10/ 9 1416Con

solidations:American National Bank of Miami and First National Bank of

Miami, Florida, question of holding companyaffiliate relationship of Genesee Corpora-tion and W. R. Reynolds & Company and neces-sity for obtaining voting permitCompany, San Francisco, California, estab-lishment of branch in Mill Valley, California,subject to purchase of assets of Mill ValleyBank, Mill Valley, Calif., approvedCompany, Pittsburgh, Penna., no objection topurchase of assets and assumption of lia-bilities of Carrick Bank, Pittsburgh

National Bank of Kansas City, Kansas, with KansasTrust Company, authority to exercise fidu-ciary powers granted

Trust Company of Pittsburgh, Penna., establish-ment of branch at McKees Rocks, Penna., inconnection with purchase of assets and as-sumption of deposits of Chartiers Bank,McKees Rocks, Penna., approved

Company, White Plains, New York, establishmentof eight branches in Westchester County, NewYork, approved in connection with proposedabsorption through merger of Washington IrvingTrust Company, Port Chester, N. Y., and Bank

of Westchester, Yonkers, N. Y. 7/ 9and Trust Company, Youngstown, Ohio, establish-ment of branch in Campbell, Ohio, approved sub-ject to purchase of assets and assumption ofdeposits of City Trust and Savings Bank,

Youngstown, Ohio 7/25Company, Baltimore, Md., establishment ofbranch in Towson, Md., approved in connectionwith proposed merger of Bank of BaltimoreCounty, Towson, Md. 11/28

Union Trust Company, Cincinnati, Ohio, establish-ment of branch in Reading, Ohio, approvedsubject to absorption of Reading Bank, Read-ing, Ohio 9/30

86Pages

2/b 170

American Trust

Colonial Trust

Commercial

Commonwealth

County Trust

Dollar Savings

Fidelity Trust

Fifth Third

9/ 8 1259

5/12

3/ 4

1/8

3/10

5/14 726

704

327

23

359

1029

1101

1677

13)49


87Pages

Consolidations: (Continued)Harvard Trust Company, Cambridge, Mass., establishment of

branch in Arlington, Mass., in connection

with proposed absorption of Menotomy Trust

Company, Arlington, approved 2/26 263Industrial Trust Company, Providence, R. I., acquisition of

assets and assumption of liabilities of

Ashaway National Bank, Ashaway, R. I., no

objection to 3/ 5 336Legislation to equalize position of State and national banks

in, statement of Mr. Vardaman re meeting in

New York, no reoommendation to be made 3/14 401

National banks with State banks, proposed bill to permit,

letter to Mr. Needham, ABA, re 12/ 5 1710

Northern New York Trust Company, Watertown, New York, estab-

lishment of branch in Adams, New York, in

connection with proposed merger with Citizens

and Farmers Trust Company, Adams, New York,

approved, further applications not to be made

on basis involving reduction of invested

capital, Marine Midland Corporation, holding

company affiliate, to be advised 3/20 439Proposed absorption of Bank of Philadelphia, New York,

discontinuance of negotiations for, advice

to FDIC 4/ 3 508Absorption of Citizens and Farmers Trust Company, Adams,

New York, and expansion program, opinion of

Board sent to FDIC 4/ 3 508Negotiations with Copenhagen National Bank and Carthage

National Exchange Bank, nothing imminent re,

advice to FDIC 4/ 3 508Establishment of branch in Copenhagen, New York, approved

in connection with proposed purchase of assets

and assumption of liabilities of Copenhagen

National Bank 10/ 8 1408Pennsylvania Company for Insurances on Lives and Granting

Annuities, Philadelphia, Pa., purchase of

assets and assumption of liabilities of Ken-

sington National Bank of Philadelphia and

merger with Germantown Trust Company, Phil-

adelphia, no objection to 2/24 246Pennsylvania Company for Banking and Trusts, Philadelphia,

Pa., merger of Common Trust Fund of German-

town Trust Company into Discretionary Common

Trust Fund of, no objection to 8/ 8 1155

Planters Bank and Trust Company, Hopkinsville, Ky., assumption

of deposit liabilities of Bank of Kirkmans-

ville, Kentucky, no objection to 2/19 224

Provident Savings Bank and Trust Company, Cincinnati, Ohio,

establishment of branch at Sharonville, Ohio,

in connection with proposed absorption of

Sharonville Bank, Sharonville, Ohio, approved4/21 613


88

Consolidations: Pages

(Continued)Safe Deposit and Title Guaranty. Company, Kittanning, Penna.,

no objection to purchase of assets andassumption of deposits of National Kittan-ning Bank, Kittanning, Penna. 2/14 211

State member banks, acquisition of assets of another insti-tution by merger, consolidation or purchase,simplified and uniform procedure approved 3/ 5 334

Tax advantages favoring national charter instead of Statecharter, proposed amendment to remove,Mr.Vardaman to advise ABA that Board would favorlegislation that would also remove discrimina-tion against member banks re capital require-ments for banks operating branches 3/ 7 345

Consumer finances, agreement with University of Michigan forThird National Survey 8/15 1189

Third national survey, letter to University of Michigan

Consumer amending agreement 11/ 7 1536goods, study of inter-relation between intentions to

purchase and prices and income expectations, .letter to University of Michigan on

6proposal /26 987Consumer instalment credit:

Regulation of, restoration discussed at meeting with Federal

00 Advisory Council 11/18 1590nstuners Home Equipment Company and A. B. Chereton, violations

of Regulation WI report of Mr. Townsend onappeal in Cincinnati 4/ 8 5300

ontributions:Jefferson National Expansion Memorial Association, addi-

tional contribution by FRBank of St. Louisnot approved 2/11 198

Police Boys Club, reply to request of Mr. Simmons that em-ployees be solicited for 2/17 218

P°11oy of Board re, discussion in connection with requestby FRBank of St. Louis for permission tomake additional contribution to Jefferson

Conventions: National Expansion Memorial Association 2/11 199

American Bankers Association, attendance of Board membersand staff at conventions, policy approvedin connection with convention to be held at

6/20 954Conversions:

Atlantic City

Commerce National Bank of Toledo, Ohio, application for ficu-ciary powers approved upon conversion fromCommerce Guardian Bank, Toledo, Ohio 5/ 6 687

first National Bank of Akron, Ohio, application for fiduciarypowers approved upon conversion from First-Central Trust Company, Akron, Ohio 2/27 271


89Pages

Conversions: (Continued)Tax advantages present when State bank is converted into na-

tional bank, proposed amendment to remove,Mr. Vardaman to advise ABA that Board wouldfavor legislation that would also removediscrimination against member banks re capi-tal requirements for banks operatingbranches 3/ 7 345

Union National Bank of East St. Louis, Illinois, applicationfor fiduciary powers approved upon conversionfrom Union Trust Company of East St. Louis,

1/27 133Cooper, Charles R., Regulation T, reply to inquiry sent to Con-

gressman Gearhart 1/23 102Corbett, H. S., invitation to visit with Board members and to

ell of Economicluncheon trip to Washington 7/22 1091

Colin •

Consumer credit, permanent authority of Board to regulate,report to President recommending, discussionby Chairman Eccles 4/11 549

Inflationary situation, report requested by President onmeans for dealing with 11/ 5 1523

Survey re consumerspending plans requested by, to be under-taken by Board, advice to Chairman ofCouncil 5/29 818

counsel, FRBanks:Conference to be called to convene in Washington in November,

topics for agenda to be submitted to Mr.Vest 7/22 1088

FRBank of Cleveland, employment of outside counsel to bediscontinued after May 1, 1948, Bank to beadvised at time of formal approval ofofficers' salaries 4/11 554

Outside counsel not to be employed after April 30, 1948 4/29 657FRBank of Philadelphia, employment of outside counsel to be

discontinued after May 1, 1948, Bank to beadvised at time of formal approval of officers'salaries 4/11 554

Outside counsel not to be employed after April 30, 1948 4/29 655MacCoy, Brittain, Evans and Lewis, FRBank of Philadelphia,

retainer fee approved, outside counsel notto be employed after April 30, 1948 4/29 655

Squire, Sanders and Dempsey, FRBank of Cleveland, payment ofretainer fee approved, outside counsel notto be employed after April 30, 1948 4/29 657

Payment of fee for special services in connection withpurchase of Chamber of Commerce Building,Cincinnati, Ohio, approved 10/17 1452

ounsel, private: Garey, Kissam & Garey, retained by Mr. Stoddard in connection

with threatened suit re amendment to Regu-lation D 6/20 960


90Pages

C°11ilsel, special:Boston, Lyon, Special Attorney at FRBank of New York, salary

approved 1/13 45Cowan, J. Harding, Special Attorney at FRBank of New York,

Court cases: salary approved 1/13 45

American Tobacco Co. v United States, reference in connectionwith question of anti-trust proceeding againstTransamerica Corporation 2/25 251

American Tobacco case in relation to Transamerica matter,views of Secretary of the Treasury requested 4/15 582

Consumers Home Equipment Company and A. B. Chereton, viola-tions of Regulation W, report of Mr. Townsendon appeal in Cincinnati 4/ 8 530

FRBank of Chicago, suit threatened by former employee ofDetroit Branch, if filed answer to be de-layed until after action by Congress on pend-ing labor legislation 4/15 575

Suit threatened by former employee of Detroit Branch inconnection with Fair labor Standards Act,Banks excepted under National Labor RelationsAct, discussion at Presidents Conference 6/ 6 879

Suit filed in Detroit re Fair Labor Standards Act, Bankto proceed with case without defense thatAct does not apply to FRBanks 7/ 2 1005

Michigan National Bank of Lansing, Michigan, threatened suitre amendment to Regulation D, matter referredto Messrs. Clayton and Szymczak, Board tosubmit alternative actions to FRBanks and FAC,Mr. Garey, Attorney, to be advised 6/20 960

Suit re amendment to Regulation D, filing to be deferredpending further Board action re designation ofreserve cities after next meetings of Presi-dents and Federal Advisory Council 7/ 2 1003

Against Board to test amendment to Regulation D, men-tioned at Presidents Conference 10/ 7 1383

Peoples Bank of Lakewood Village, California, position ofmember bank upheld by U. S. District Courtof Appeals, case to be appealed to U. S.Supreme Court 4/15 580

Suit regarding condition of membership, statement tobe published in May issue 4/22 617

Petition to Supreme Court to grant writ to review deci-sion of Court of Appeals requested of Depart-ment of Justice, letter to Mr. George T.Washington 5/12 706

Issuance of writ of certiorari authorized by Departmentof Justice 5/13 719

Amendment to Regulation D to be deferred while case pend-7/11 1048ing in courts


91Pages

Court cases: (Continued) Suit regarding removal of bank directors, statement to be

published in January issue of FRBulletin 1/ 7 21Transamerica Corporation, question of anti-trust proceeding

against, letter to Attorney General Clarkrequesting opinion re 2/25 250

Applicability of Clayton Act, investigation to be madeby legal Division before issuing complaintand holding hearing 10/31 1504

United States v. Corrigan, et al., production of V-Loan ap-

plication for guarantee by Navy Department

of loan to Pollak Manufacturing Company inU. S. District Court authorized in case of,

Credit: advice to FRBank of New York 6/ 2 833

Bank credit policies during inflation, joint statement to beissued by Federal and State bank supervisoryagencies, to be revised by Mr. Clayton and tobe discussed with Treasury representative be-fore review with executive committee ofNational Association of Supervisors of State .Banks 11/17 1560

Statement re, to be considered by Board while beingreviewed by representative group of super-visors of State Banks 11/21 1606

Joint statement by Federal and State bank supervisoryagencies issued, advice to FRBanks 11/24 1635

Joint statement issued, advice to FRBanks re distribu-tion to banks in districts 11/25 1639

Control proposals, "Analysis of Credit Control Proposals,"report accepted, further study desirable,discussion at Presidents Conference by Chair-man Eccles re 2/28 283

Controls, steps to correct expansion of bank credit, to bediscussed at meeting of FAC 10/31 1502

Regulation of consumer instalment credit and specialreserve plan to be recommended to WhiteHouse by Chairman Eccles 11/ 5 1522

Telegram to FRBanks requesting information re situation

in each District 11/12 1548Mr. Eccles to appear before Joint Committee on Economic

Report and Banking and Currency Committees

joint hearings 11/17 1559Statement of Mr. Eccles before Joint Committee on Eco-

nomic Report re means of correction formonetary and credit situation during in-flation, approved, copies to be sent toall banks in U. S. and to supervisors ofbanks in all States 11/26 1643


Currency:

Credit: (Continued)Expansion of bank credit, statement of FAC and reply of

Chairman Eccles, discussion of special re-serve plan and other means of correction,statement of FAC to be revised

Statement of FAC revised and presentation by ChairmanEccles requested at hearing before JointCommittee on Economic Report and Bankingand Currency Committees

Draft of reply to statement submitted by FAC to be pre-pared by staff of Board

Reply to statement by FAC approved, copies to be sentto Joint Committee on the Economic Report,FRBanks and FAC

Joint statement issued re in 1942, discussion of instruc-tions to be given to examiners for reportsof examination of State member banks, let-ters to Messrs. Harl and Delano requestingopinion of planned procedure

National Advisory Council on Domestic Credit Extension,draft of bill prepared by Treasury to es-tablish, Board not in favor of, Mr. LynchGeneral Counsel of Treasury, to be advised

S. 217, to continue authority of RFC for credit to smallbusinesses, no report to be made by Board,Comptroller or Treasury re, discussion at

92Pages

11/18 1567

11/18 1592

11/21 1606

11/26 1659

10/ 8 1411

12/15 1747

Credit unions: FAC 3/11 383

Detroit Edison Employees Credit Union, applicability ofRegulations T and U to credit for purchaseof stock of Detroit Edison Company 4/ 1 495

Phillippine currency program, letter stating views of Boardsent to Secretary of the Treasury afterreceipt of letter from Mr. Randolph Burgess 4/11 560

Protection for movements, discussion by FBI with ABA sug-gested, advice re discussion of question at

,.... Presidents Conference 3/27 470all,vency shipments:

Absorption of cost of shipments by banks to correspondentbanks, letter to Mr. Davis on correspondencewith United Bank and Trust Company of St.Louis 1/30 150

Absorption of cost by member bank for correspondent banks,letter to Mr. Davis 2/ 4 171

Member banks to correspondent banks, absorption of cost,letter on practice of United Bank and TrustCo. of St. Louis 2/12 204

Nonmember banks at request of member banks, letter to FRBankof Dallas on absorbing expenses by memberbanks 1/8 )4


Currey, C. B., Regulation 'if, reply to letter re sent to Congress-

93Pages

man Springer 5/28 805Dean, Arthur H., Ten Year 3-1/2 per cent Sinking Fund External

Loan Bonds of Kingdom of Norway, reply to

Deaths: re 6/19 949inquiry

Owen, Robert L., former Senator and Chairman of Senate Bank-

ing and Currency Committee at time of passage

of FRAct, floral tribute for funeral approved7/21

Debt: Ransom, Ronald, Vice President, telegram to Mr. Neely re 12/ 3

Reduction of individual as restraint upon rising livingcosts, joint statement issued re, elimina-tion from reports of examination of Statemember banks planned, opinion of FDIC andComptroller of the Currency requested 10/ 8

Joint statement issued re, request that comments be in-cluded in reports of examination rescinded,

Debt public: advice to FRBanks 10/28

10821681

1411

1489

Re gulation W, discussion at FAC meeting in connection with •

D question of continuation of 3/11 379

ecorations: Grove, David L., from Ecuador for services, to be tendered

through State Department, advice re 6/26 986

National Order of Merit, with rank of Officer, by Govern-ment of Ecuador, to be held in custody ofDepartment of State at present 11/ 5 1527

DePartment of Agriculture:Condition reports of State member banks, to be available to

FDIC for confidential use of 9/16 1276

Farm Credit Administration, violations of Regulation W, noobjection to adoption of modified procedure

for checking compliance 4/ it 521DePartment of the Army:

Chase National Bank, New York, order authorizing establish-

ment of branch at Frankfurt am Main, Germany,

advice to Secretary Royall 10/21 1468DePartment of Commerce:Inflationary situation, Secretary Harriman requested by

President to submit program to combat, plan

discussed at Board's offices 11/ 5 1524S. 408, guarantees of business loans by FRBanks, letter of

Mr. William C. Foster re merits, letter toSenator Tobey on 4/25 644

Department of Justice:Farmers and Merchants Bank of Long Beach, California, trans-

actions with Long Beach Federal Savings andLoan Association, determined by examinationnot be to illegal, advice to 2/ 5 177


9)4

Department of Justice: (Continued) Pages

1222222s Bank v. Marriner S. Eccles et al., petition toSupreme Court to grant writ to review deci-sion of Court of Appeals requested of, letterto Mr. G. T. Washington 5/12 706

Peoples Bank of Lakewood Village case, issuance of writ ofcertiorari authorized by 5/13 719

Subversive persons in Federal service, information on employ-ment or dismissal of Board personnel sent toMr. Vanech 1/ 9 27

Transamerica Corporation, question of anti-trust proceedingagainst, letter to Attorney General Clarkrequesting opinion re 2/25 250De requesting

of State:Letter to Bank for International Settlements from FRBank of

New York, matter should be presented through

%)osits: Board of Governors 8/ 1 1130

Interest payment by Federal Home Loan Bank at Cincinnati andsolicitation of transfer of funds from na-tional bank, letter to Mr. Fahey 2/26 266

se 548, to insure bank deposits up to maximum of $15,000,Board not in favor of, advice to SenatorLanger 4/17 602

Time, funds received by member bank pursuant to railroadequipment trust agreement, classificationunder Regulation Q, reply to inquiry fromFRBank of Richmond 10/ 7 1375

Tougia5_,William, question of payment of interest on certi-ficates that expired during war 3/24 454Des truction of records:

List submitted to National Archives for review 4/30 665Material in files of Board on previously approved lists, de-

0st struction approved 1/15 66roit Edison Employees Credit Union, applicability of Regula-

tions T and U to credit for purchase of stockof Detroit Edison Company, advice to Mr.Allman 4/ 1 495

Chairmen, to be invited to dinner during Conference, December9 3o 13471-2, cost to be paid by Board /

Conferences of members of staff of Board and FRBanks, expensesnot to be paid by Board 2/ 4 170

Expenses of FRBanks, to be included in general budgets 2/ 4 168National Association of Supervisors of State Banks, annual

meeting in Washington, invitation for lunch-eon or dinner to be extended if no objectionby Chairman Eccles 4/23 624


Dinners: (Continued)National Association of Supervisors: (Continued)

To be guests of Board at Mayflower Hotel on September 25,invitations to include Comptroller of theCurrency, representatives from Treasury, andBoard of FDIC, Messrs. Evans and Clayton tomake arrangements for

To be guests of Board for dinner at Mayflower Hotel dur-ing annual conference, letter to Mr. Elmorere

Presidents and other guests to be invited for golf and dinnerat Burning Tree Country Club, item in Board'sbudget to be increased to cover cost

Special gatherings at FRBanks or Branches for Board membersor staff, regulations to reduce expenses,arrangements to require Board approval, ad-

95Pages

6/20 952

6/30 996

9/26 1330

vice to FRBanks 3/20 428Directors:

FRBank of Atlanta:Neely, Frank H., Class CI reappointment for three-year

term and redesignation as Chairman and FRAgent •for 1948 12/15 1756

Porter, J. F., Deputy Chairman, appointment for 1948 12/15 1757FRB ank of Boston:

Creighton, Albert M., Class CI ineligible for reappoint-ment because of age 9/26 1331

Class C and Chairman and FRAgent, reappointment dis-cussed because of ruling re age 70 12/ 5 1694

Reappointment for three-year term and redesignationas Chairman and FRAgent for 1948 12/15 1756

David, Donald K., Deputy Chairman, appointment for 1948 12/15 1757Resignation accepted 12/31 1844

Hodgkinson, Harold D., Deputy Chairman, appointment for1948 12/30 1841

FRBank of Chicago:Avery, Clarence W., Class B, appointment considered for

Class C director and Chairman and FRAgent 2/ 7 186Class C and Chairman and FRAgent, to be appointed

for unexpired portion of term if willingto accept, Mr. Hoffman to be asked to con-fer with 2/21 240

Appointment as Class C and designation as Chairmanand FRAgent for unexpired portion of termapproved 3/ 6 339

Appointment and designation approved for unexpiredportion of term, formerly Class B director 3/ 6 339

Salaries of officers of FRBanks, invited with Mr.Young to discuss matter with PersonnelCommittee 3/25 460

Salaries of officers discussed at meeting with Per-sonnel Committee 4/ 4 512

Redesignation for 19148 12/15 1757


96Pages

Directors: (Continued)FRBank of Chicago: (Continued)

Class C and Chairman and FRAgent, recommendations forappointment to be considered at future date 2/ 7 186

Hoffman, Paul G., Deputy Chairman, appointment for 1948 12/15 1757Kline, Allan, Class C, to be appointed for three-year

term if willing to accept '12/15 1756Appointment for three-year term approved 12/19 1812

FRBank of Cleveland:Baker, A. Z., Class C, reappointment, question to be

submitted later 12/15 1754Reappointment recommended, but because of irregu-

larity of attendance desirable to findother successor to Messrs. Klages andBrainard 12/17 1779

Reappointment to be made if possible to improveattendance at meetings 12/19 1806

Appointment for three-year term 12/22 1817Brainard, George C., Chairman, present at Board meeting

to discuss purchase of Chamber of CommerceBuilding in Cincinnati 5/15 727

Chairman and FRAgent, redesignation for 1948 12/15 1757Class C, appointment in place of Mr. Baker, Personnel

Committee to make recommendation 12/17 1779Klages, Reynold E., Deputy Chairman, appointment for

1948 12/15 1757Mellon National Bank and Trust Company and Farmers De-

posit National Bank of Pittsburgh botheligible to vote in election of 9/26 1334

Millsop, Thomas E., Class B, service to be discontinuedat end of year because of election as Mayorof City of Weirton, West Virginia 10/24 1478

Taft, Charles P., Class C, to be appointed for three-year term if willing to accept 12/17 1781

Appointment not to be made because of politicalactivities 12/19 1806

FRBank of Dallas:Anderson, R. B., Deputy Chairman, appointment for 1948 12/15 1757Frierson, G. A., Class C, reappointment for three-year

term 12/15 1756Parten, J. R., discharge of 39 employees at Bank, state-

ment re 2/11 194Chairman and FRAgent, personnel administration of

Bank, to discuss matter with Personnel Com-mittee of Board 4/11 551

Redesignation for 1948 12/15 1757FRBank of Kansas City:

Caldwell, Robert B., Chairman and FRAgent, redesignationfor 1948 12/15 1757

Mehornay, Robert L., Class C, reappointment for three-year term 12/15 1756

Deputy Chairman, appointment for 1948 12/15 1757


97Pages

Directors: (Continued)FRBank of Minneapolis:

Cochran, W. D., Deputy Chairman, appointment for 1948 12/15 1757

Shepard, Roger B., Class C, reappointment for three-year

term and redesignation as Chairman and FRAgent

for 1948 12/15 1756

FRBank of New York:Class C and Chairman and FRAgent, recommendation for ap-

pointment to be considered at future date 2/ 7 186

Class C vacancy, information re additional names to be

considered to be circulated before recom-

mendation 7/ 2 1010

Class C, recommendation to fill vacancy to be made by

Chairman Eccles as soon as possible 12/15 1755

Myers, William I., Deputy Chairman, appointment for

1948 12/15 1757

Page, Arthur Wilson, Class C and Chairman and FRAgent,

to be appointed for unexpired portion of

term if willing to accept, Chairman Eccles

to confer with in New York 2/21 240

Question of acceptance, no discussion by Chairman

Eccles but indications of inability to accept

because of connection with Chase National

Bank 7/ 2 1010

FRBank of Philadelphia:Balderston, C. Canby, Class C reappointment for three-

year term 12/15 1756

McCabe, Thomas B., Chairman, reply to letter suggesting

means for checking inflation, increased

interest rates, etc., questions of policy

within jurisdiction of FOMC 5/28 809

Chairman and FRAgent, redesignation for 1948 12/15 1757

Whittier, Warren F., Deputy Chairman, appointment for

1948 12/15 1757

FRBank of Richmond:Chatham, Richard Thurman, Class CI consideration for ap-

pointment 2/ 7 185

Class CI further recommendations to be made by Personnel

Committee for future consideration 2/ 7 186

McCormick, Charles P., Class C, reappointment for three-

year term 12/15 1756

Deputy Chairman, appointment for 1948 12/15 1757

Stettinius, Edward R., Jr., Class C, to be appointed if

willing to accept, designation as Chairman

and FRAgent following termination of Mr.

Wysorts term to be indicated 3/20 438

To be appointed for unexpired portion of term if

willing to accept and able to attend meetings,

to be designated Chairman and FRAgent Jan. 1,

1948, or Jan. 1, 1949, pending talk of Chair-

man Eccles with Mr. Arysor 4/11 556


98Pages

Directors: (Continued)FRBank of Richmond: (Continued)

Stettinius, Edward R., Jr.: (Continued)Appointment and Chairmanship to be discussed with

Chairman Eccles further concerning questionof Mr. Wysorts term 5/13 716

Appointment for unexpired portion of term, with nocommitment as to designation as Chairman and

FRAgent, press statement to be made by Board 7/ 2 1010,Ilysor, W. G., discussion of redesignation as Chairman in

connection with appointment of Mr.Stettinius 5/13 715

Chairman and FRAgent, redesignation for 1948 12/15 1757FRBank of St. Louis:

Brown, S. Toof, Class C, to be appointed for three-year

term and to be appointed Deputy Chairman for19h8 if willing to accept 12/15 175L

Dearmont, Russell L., Chairman and FRAgent, redesigna-tion for 1948 12/15 1757

Smith, Tom K., Class A, contribution to Jefferson Na-tional Memorial Association, question dis-cussed with Chairman Eccles 2/11 198

FRBank of San Francisco:Class B, election of, participation of Bank of America

N. T. & S. A., information to be requested 9/29 1336

Determined to be ineligible 10%17 1451Fees and allowances, those approved on Jan. 29, 1946, to

be continued until adoption of new schedule 1/ 8 22Grady, Henry F., Chairman and FRAgent, appointment as

Ambassador to India, selection of successorconsidered 4/16 587

Resignation accepted, to become Ambassador to India,letter of appreciation for services 4/22 615

Wallace, William R., Jr., Class C, to be appointed forunexpired portion of term if willing toaccept

Appointment for unexpired portion of term approved

Reappointment for three-year termWellman, Harry R., Deputy Chairman, appointment for

1948Wilbur, Brayton, Chairman and FRAgent, designation to

9/269/3012/15

12/15

133213491756

1757

succeed Mr. Grady to be tendered if desir-

able to Chairman Eccles during visit to San

Francisco 4/16 588

Designation and salary approved 5/ 2 675

Redesignation for 1948 12/15 1757FRBanks:

Appointments:Publishing business, persons engaged in not to be

appointed as Class 3 12/15 1758


99Pages

Directors: (Continued)FRBanks: (Continued)

Biographical data, information re changes to be reported

to Board currently, advice to FRBanks 10/14 1429

Boards of, composition, topic not discussed at Presi-

dents Conference 2/28 316

Chairmen and FRAgents, designation for terms beginning

January 1, 1948 12/15 1753

Class C:Appointment not to be made of individual 70 years

old or who would attain age 70 prior to

expiration of term, reappointment not to be

made if 70 or more, amendment to policy

approved 12/ 5 1696

Appointments for terms beginning January 1, 1948 12/15 1753

Appointment not to be made of individual 70 yearsold or who would attain age 70 prior toexpiration of term, reappointment not to be

made if 70 or over, advice to FRBanks 12/15 1764

Deputy Chairmen, appointment for terms beginning January

1, 1948 12/15 1753

Election of Class A or Class B, indication of firstchoice only sufficient if only two candidates,

statement to be included on ballot, advice to

FRBanks 12/ 5 1704

Fees and allmances, schedule approved, FRBanks requested

to send copy of schedule adopted by board ofdirectors 2/ 7 183

Fees, Presidents to be advised of Board's position at

joint meeting 2/27 269

Schedule of maximum fees and allowances, differential

between head office and branch directors, dis-

cussion at Presidents Conference 2/28 301

Photographs of, submission to Board to be discontinued,

advice to FRBanks 3/10 358

Responsibilities and relations to Board of Governors, to

be discussed at Chairmen's Conference 10/17 1443

Statement of responsibilities and letter of trans-

mittal approved by Board if no further changes

suggested at next Conference of Chairmen 11/21 1612

Statement approved 11/21 1612

Revised statement of responsibilities approved,

copies to be sent to FRBanks 12/19 1798

Service, limitation on length, to be discussed at Chair-

men's Conference 10/17 1443Directors, FRBranch banks:Appointment not to be made of individual 70 years old or who

would attain age 70 prior to expiration of

term, reappointment not to be made if 70 or

more, amendment to policy approved 12/ 5 1694

Advice to FRBanks 12/15 1764


Directors, FRBranch banks: (Continued)Appointments:

Publishing business, persons engaged in not to be ap-pointed

Terms beginning January 1, 1948Baltimore:

Shriver, James M., reappointment for three-year term

Birmingham:Curry, John, continuance of service until expiration of

term approvedFaucett, J. Roy, to be appointed if willing to accept

Appointment for three-year term approvedHolt, Thad, to be appointed for unexpired portion of

term if willing to accept, after discussion

of business connection, Mr. Vardaman to be

recorded as "not voting"Appointment for unexpired portion of term approved

Buffalo:Brugler, Mercer, appointment to be made if willing to ac-

director of

Business

Charlotte:Ebert, R. E., appointmentPeace, Roger, appointment

in publishingCincinnati:

cept and to resign positionmutual savings bank

connections, discussion in connection with proposed

appointment of Mr. Holt, manager of radio

station, at Birmingham Branch

for three-year termnot approved because engagedbusiness

Blazer, Paul G., reappointment for three-year termDenver

Alexander, J. A., reappointment for two-year termDetroit.

Brown, Prentiss M., resignation considered because of

election as director of National Bank of De-

troit, to continue service until expiration

of term at end of year 7/18 1079

Marsh, Ben R., to be appointed if willing to accept 12/15 1760

Appointment for two-year term approved 12/19 1813

Paso:Bogle, Hal, reappointment for three-year term 12/15 1759Corbett, H. S., invitation to visit Board and to luncheon

while in Washington 7/22 1091

Election as director of national banks Prentiss M. Brown

to serve Detroit Branch until end of year 7/18

and allowances, schedule approved, FRBanks requested to

send copy of schedule adopted by board of

directors 2/ 7 183Pees, schedule of maximum fees and allowances, differential

between head office and branch directors, dis-cussion at Presidents Conference 2/28 301

El

as

100Pages

12/15 175812/15 1753

12/15 1759

9/ 912/1512/19

126217591812

3/28 478i/31 492

Pees

12/17 1780

3/28 478

12/31 1845

12/15 1758

12/15 1759

12/15 1759

1077


Little Rock:Resolution

Los Angeles:

Dire ctors, FRBranch banks: (Continued)Helena:

101Pages

Iz, Malcolm E., reappointment for two-year termHous

tal= 12/15 1759

Wheat, J. E., reappointment for three-year term 12/15 1759Jacksonville:

Bland, W. T., appointment for unexpired portion of termapproved 3/10 358

Howell, Marshall F., to be appointed if willing toaccept 12/15 1759

Appointment for three-year term 12/22 1818Matherly, Walter J., Chairman, letter to Congressman

Peterson re limitation on construction costsfor branch banks, reply to

on retirement of Mr. A. F. Bailey

3/25 465

4/30 66o

Freeman, Y. Frank, reappointment for two-year term 12/15 1759Memphis:

Moore, M. P., to be appointed if willing to accept 12/15 1760Appointment for three-year term approved 12/19 1813

Nashville:Brehm, C. E., to be appointed if willing to accept 12/15 1760

Appointment for three-year term approved 12/19 1812New Orleans:

Batson, E. 0.1 appointment for unexpired portion of termapproved 6/23 968

Chalkley, H. G., Jr., reappointment for three-year term 12/15 1759Oklahoma City:

Cotton, Cecil W., to be appointed if willing to accept 12/15 1760Appointment for two-year term approved 12/19 1813

Omaha:

Seacrest, Joe X., appointment not approved because en-gaged in publishing business 12/15 1758

Pittsburgh:Koch, Josiah M., reappointment for three-year term 12/15 1759Swarts, T. C., no objection to service as director and

as member of State Banking Board 11/12 1545Portland:

Frank, Aaron M., reappointment for two-year term 12/15 1759Salt Lake City:

Dixon, Henry A., reappointment for two-year term 12/15 1759San Antonio:

Hale, Edward E., appointment for three-year term to bemade if willing to accept 12/19 1805

Appointment for three-year term approved4scounts:

12/23 1823

Participation certificates, discount under Section 13b forFulton National Bank, rate of one per centon purchases approved for FRBank of Atlanta 11/18 1592


Dividends:FRBanks, semiannual payment for

Semiannual payment for lastRate on FRBank stock, topic not

ferenceDollar exchange:

Bank of America N.T. & S.A., granted permission to accept

drafts or bills of exchange for purpose of

furnishing 6/13 912

102Pages

first half of 1947 approved 6/23 972half of 1947 authorized 12/29 1838discussed at Presidents Con-

Drafts:

Federal Reserve exchange, limitation removed, action of Presi-

dents Conference apnrovedRemoval of $50,000 limit, notification of permission to

issue to be continued, future changes to be

considered by Committee on Operations, advice

to FRBank of Cleveland4atson S., Regulation T, withdrawal of cash from margin

account on sale of securities to pay income

tax, not permitted byconsumer credit statistics in advertisement of

American Instalment Credit Corporation, in-

vestigation to be made re, reply to letter 3/24 451

Dudley

Dune

Earn

A. E.,

ings, FRBanks:Accrual, adoption of uniform basis, views of Presidents re-

quested re plan 4/15 584, Uniform basis, procedure approved, advice to FRBanks 6/19 948r4ccess, interest rate to be paid Treasury on FRnotes to

absorb, Mr. Eccles to discuss with Treasury 2/ 4 168

Interest charge on FRnotes not secured by gold certifi-

cates, proposed means of channeling earningsto Treasury, discussion at Presidents Confer-

ence 2/28 310

rate on FRnotes proposed as means of transferring

to Treasury Department 4/11 558

rate on FRnotes to be paid by FRBanks, establish-

ment approved to make payment to Treasury 4/23 618

operations, performance without reimbursement

proposed as means of channeling earnings to

Treasury, discussion at Presidents Conference

restoration of, or other means of channeling

excess earnings to Treasury, Presidents to be

advised of Boardts position at joint meeting

Restoration proposed for channeling Reserve Bank earnings

to Treasury, discussion at Presidents Confer-

encePaYment of portion of earnings to Treasury, discussion of

various methods at Presidents Conference,

no conclusions reachedDiscussion in connection with hearings before House Bank-

ing and Currency Committee of H. R. 2233, noconclusions reached

2/28 316

4/15 584

7/10 1037

1/7 15

Interest

Interest

Fiscal agency

Franchise tax,

2/28 310

2/27 269

2/28 310

2/28 310

3/ 7 348


Elevators:FRBank

Ellender,

1111310Yees

Educational

Edwards, R.

El Salvador:Study of

Ea Pilings and dividends:FR 107b, forms and instructions sent to FRBanks for semi-

annual reportFR 107, forms to be sent to FRBanks for 1947 report

FRBanks for 1947Reports for first half of 1947, amounts of certain items

requested from FRBanksReserves for bad debts on loans, to be reported in and de-

ducted from loans in condition reports, ad-

vice to FRBanksEcuador:

Grove, David L., Economist, missionExtension of stay authorizedDecoration for services, to be tendered through State

Department, advice re

Statement re work as consultant to Government of

Granted National Order of Merit, with rank of Officer,

by Government of, decoration to be held in

custody of Department of State at present

expenses, no objection to exterision of employees'

loan fund at FRBank of Richmond to employees

for 9/10

Stafford, Regulation ;11 reply to letter re elimination

of and removal of certain articles from list

fiscal system, request for services of Messrs. Mus-

grave and Grove for, not approved, but Mr.

Wallich to visit on return trip from South

America, advice to Mr. V. Manuel Valdel

Request for services of Messrs. Musgrave and Grove in connec-

tion with fiscal reform program, not possible

to grant

of Chicago, no objection to plans for modernizing when

building conditions improve

Senator Allen J., removal of limitation on cost of

FRBranch buildings, letter re sent to

of Board separated by reduction in force, report sent

to House Committee on Post Office and Civil

Service, (See also Staff of Board)4%aminations:

Annapolis Bank and Trust Company, Annapolis, Md., information

in report of examination desired by Treasury

Intelligence Unit, request to be submitted in

acoordance with approved procedure

Assistance to Board's examiners by examiners of FRBank of

Richmond in examination of FRBank of New York,

voucher approved

1/9

103Pages

6/9 89412/ 9 172812/29 1838

9/10 1267

12/26 1835

approved, instructions re 3/ 76/13

341909

6/26 9868/20 1205

11/ 5 1527

1265

30

5/19 744

8/ 4 1132

2/20 233

3/25 466

2/26 262

2/25 254

9/ 2 1244


1011Pages

Examinations: (Continued)Bank examination policy and coordination of Federal Reserve

examination and supervision policies through-out System, statement of Mr. Leonard submit-ted to Presidents for study before joint meet-ing with Board 6/ 3 836

Discussion at Presidents Conference, Presidents committeeto confer with Board re 6/ 6 884

Bank of Chestnut, Illinois, permission granted to FDIC to

Chase Bank, New York, N. Y.:Meyer, Harry J., appointed examiner of Board to partici-

pate in examination of Chase Bank, New York,N. Y. 9/30 1348

Report, copy forwarded to bank 11/12 1546uommercial State Bank, Sinton, Texas, permission granted to

FDIC to examine for continuance of insuranceafter withdrawal from membership in FRSystem 8/21 1208

Cranford Trust Company, Cranford, New Jersey, permission grant-ed to FDIC to examine for continuance of insur-ance after withdrawal from FRSystem 6/23 969

Farmers and Merchants Bank of Long Beach, California, trans-actions re Long Beach Federal Savings and Loan

examine for continuance of insurance afterwithdrawal from membership in FRSystem 12/11 (See Files

Association, determined not to be illegal,advice to Department of Justice 2/ 5 177

FRBank of Atlanta, copy of report left for information ofChairman and directors, comments requested 6/11 903

PRBank of Cleveland, copy of report left for information ofChairman and directors, comments requested 8/ 8 1161

Schofield, G. i., payment in connection with and reim-bursement to FRBank of New York for traveling

BankFR expenses approved 6/25 983of Dallas, copy of report left for information of Chair-

man and directors, comments requested, advice

FRre personnel situation also desired )-m/ 1 497Bank of Kansas City, copy of report left for information of

ilic:.airman and directors, comments requested 4/23 629Rpank of New

Assistance by examiners of FRBank of Richmond in, payment

of voucher approved 9/ 2 1244Discussion of manner of conducting investigation of recent

defalcation and of per diem payments to formerAsst. Vice President serving as assistant toSecretary of Treasury, not to be discussed atChairmen's Conference and not to be taken upwith FRBanks 11/26 1671

Report considered, suggestions of Board re investigationconducted in recent defalcation in ClearingsDivision, and per diem payments to Mr. Overbywhile serving as Assistant to Secretary ofthe Treasury 10/21 1170


105Pages

Examinations: (Continued)FRBank of Philadelphia, copy of report left for information

of Chairman and directors, comments requested 1/22 99FRBank of Richmond, copy of report left for information of

Chairman and directors, comments requested 2/24 248Copy of report left for information of Chairman and di-

rectors, comments requested 11/25 1641FRBank of San Francisco, copy of report left for information

FRBanks: of Chairman and directors, comments requested 1/15 66

Assistance in examination of FRBank of Cleveland by Mr.G. 7. Schofield, member of auditing staff ofFRBank of New York, payment and reimbursementto Bank for traveling expenses approved 6/25 983

Mr. Leonard authorized and directed to conduct for 1948 12/15 1766Scope of work performed at each FRBank discussed in con-

nection with adoption of budget 3/28 474First Bank Stock Corporation, Minneapolis, Minn., report,

copy to be furnished to Mr. Beatty, DistrictChief National Bank Examiner, for confidential,information and use 10/10 1422Ge neral Accounting Office, request to FDIC for permissionto examine reports of 28 insured banks, Messrs.Leonard and Townsend to discuss matter withFDIC and Comptroller of the Currency 1/17 74

Mr. Vardaman to meet with Comptroller of the Currency,Chairman of FDIC, Comptroller General, andrepresentative of Treasury Department todiscuss, reports of State member banks to beavailable under same terms as national bankreports by FDIC if necessary 1/27 117

Reports of State member banks to be available for examina-tion under same terms as national bank reportsby FDIC, advice to FDIC, prior to conferencere 2/L 171

Availability of reports in connection with audit of FDIC,discussion with Mr. Newman, arrangements formeeting with Treasury, Comptroller, and FDICnot completed 2/21 241

Holding company affiliates by Commissioner of Banks ofMassachusetts, FRBank of Boston authorizedto furnish information re Baystate Corporationand Shawmut Corporation, information from re-ports of examination of national banks to beobtained from Comptroller of the Currency orDistrict Chief National Bank Examiner inBoston 7/10 1036

Joint statements by bank supervisory agencies re examina-tion and supervisory policy re investment inand loans on Government securities, no actionas to further statement to be taken by Board 7/ 2 1011


Exand-nations: (Continued)Member banks, policy with respect to loans, statement should

be issued by bank supervisory authoritiesNational banks, report that examiners were putting on pres-

sure to write off premiums on Governmentbonds

Cttoville Bank Company, Ottoville, Ohio, permission grantedto FDIC to examine for continuance of insur-ance after withdrawal from FRSystem

106Pages

2/28 292

12/19 1804

7/ 2 1017RFC-Custody Divisions of FRBanks and branches, regular exami-

nations by RFC to be discontinued, no objec-tion 9/ 9 1263

Reports:Availability to GAO for examination of 28 insured banks,

Messrs. Leonard and Townsend to discuss matter1/17 . 74with FDIC and Comptroller of the Currency

Mr. Vardaman to meet with Comptroller of the Currency,Chairman of FDIC, Comptroller General, andrepresentative of Treasury Department to dis-cuss, reports of State member banks to beavailable under same terms as national bankreports by FDIC if necessary 1/27 117

Availability to GAO for examination of insured banks, re-ports of State member banks to be availableunder same terms as national bank reports byFDIC, advice to FDIC, prior to conference re 2/ 4 171

Availability to Government agencies, requests to be sub-mitted in accordance with approved procedure,discussed in connection with request of Treas-ury Intelligence Unit for information from re-port of examination of Annapolis Bank and Trust

2/25 254Company, Annapolis, Md.Policy re, advice to FDIC and Comptroller of the

Currency 3/17 414Availability to General Accounting Office of reports of

five State member banks in connection with cur-rent review of FDIC operations, no objection onsame basis as earlier reports, but not to be

used for new review 11/17 1562Bank Shares Incorporated, Minneapolis, Minn., copy of re-

port to be furnished to Mr. Beatty, DistrictChief National Bank Examiner for confidentialinformation and use 7/18 1078

Information re trust assets to be furnished to Mr.

Stephenson, ABA, advice to FRBanks 12/24 1828Loan data available from, discussion at joint conference,

copies of "Suggestions for improving statis-tical information on Bank Loans" sent toFRBanks for comments and suggestions 9/ 8 1259

National banks, recommendations of Conference of Examinersre analysis approved, advice to FRBanks 11/20 1603


nations: (Continued)Reports: (Continued)

State member banks:Government securities, investments in and loans on,

joint statement issued in 1942 re, no in-

structions to be issued to examiners, opin-

ion of ilDIC and Comptroller requested

107Pages

10/8 1411

Inventories of consumer goods, accumulation of,

statement of Chairman Eccles in 1942 re,

elimination from, opinions of FDIC and

Comptroller requested lo/8 1411

Advice to FRBanks 10/28 1489

Joint statement re reduction of individual debt,

elimination planned, opinions of FDIC and

Comptroller of the Currency requested 10/8 1411

Elimination, advice to FRBanks 10/28 1489

Treasury bonds, Investment Series A 1965, to be valued

at par 9/17 1279

Seattle and Portland Branches, loan of services of Examiners,

FRBank of Minneapolis, payment of excess

travel expenses approved 12/12 1745

State Bank of Blue Island, Illinois, permission granted

to FDIC to examine for continuation of insur-

ance after withdrawal from FRSystem 7/17 1064

Transamerica Corporation:Report, statement re readily marketable assets, information

to be requested 11/12 1547

Board of Governors:?),-Lrtz, Charles H., FRExaminer, salary inc:re&sed(3ggs, James R., Assistant FRExaminer, appointment and salary

approved

4/28

2/11

648

200

Resignation accepted 9/17 1278t,1,1gg, Lawrence H., Asst. FRExaminer, salary increased 1/28 139

John F., Asst. FRExaminer, salary increased 9/5 1251

°°key R. W., Assistant FRExaminer, change in headquarters ap-

D proved

on 6, Frederick, AsA. FRExaminer, salary increased

4/241/28

630139

-age, Leonard P., appointment as Assistant FRExaminer and

Pis salary approved

ler, James V., Assistant FRExaminer, appointment for one

4/10 542

art, year and salary approved

John J., Asst. FRExaminer, salary increased

3/294/28

439648

'ighfield, C. R., FRExaminer, salary increased 9/5 1251

Resignation of 11/25 1638

°wan, Conrad K., Assistant FRExaminer, appointment and salary

approved 12/26 1830Ir°ns, David B., Asst. FRExaminer, salary increased 1/28 139

Resignation accepted 9/23 1315x

ellYon, Kenneth A., Asst. FRExaminer, salary increased 1/28 139

Granted leave with pay and to be reimbursed for expenses

for attendance at Graduate School of Banking 1/30 146

Xiley, John N., Jr., Asst. FRExaminer, salary increased9/5 1251


108Pages

Examiners, Board of Governors: (Continued)Lang, Arthur H., FRExaminer, salary increased 9/ 5 1251Lassen, W. B., appointment as Assistant FRExaminer and salary

approved 4/18 605Malone, Charles To, FRExaminer, request for leave without pay

to accept position to serve with occupation4/23 625

Resignation accepted 4/26 646forces in Japan, not approved

McGeary, James E., Assistant FRExaminer, appointment andsalary approved 1/17 84

Salary increased 9/ 5 1251Meyer, Harry J., appointed examiner to participate in exami-

nation of The Chase Bank, New York, N. Y. 9/30 1348Murff, Gordon R., FRExaminer, assignment as examiner in charge

of road force and salary increase approved 1/21 93Schoenhoff, Robert, Asst. FRExaminer, salary increased 1/28Schumacher, V. P., Assistant FRExaminer, resignation accepted 3/13Smith, Carl A., Asst. FRExaminer, salary increased 4/28Smith, William D., appointment as examiner on temporary basis

and salary approved 6/11 902Troup, Fred W., FRExaminer, salary increased 4/28 648ailliams, George, Asst. FRExaminer, salary increased 4/28 648Williams, Jay W., Asst. FRExaminer, appointment and salary

approved 6/19 941Zidek, Louis W., Asst. FRExaminer, salary increased 1/28 139

Resignation accepted 5/12 702E, . Appointment and salary approved 8/ 1 1127

FRBank of Atlanta:Assistant, exemption under Fair Labor Standards Act, question

raised re, advice requested from FRBanks reprocedure to be followed by Board 12/ 5 1705

Crowe, Vestus L., designation as special assistant examiner 3/18 420Denmark, J. E., appointment as examiner approved and designa-

tion as officer in charge of Bank ExaminationsDepartment approved 5/16 738

Doss, Thomas E., Jr., appointment as assistant examiner ap-proved, indebtedness to national bank to beeliminated 2/ 5 176

Hardin J. L., appointment as assistant examiner and salary2approved /20 227

Appointment as assistant examiner approved 6/19 943Appointment as examiner approved, formerly assistant

examiner 12/11 1734King, Griffin Lewis, appointment as assistant examiner ap-

proved, indebtedness to Bank of Camden, Tenn.,nonmember bank, to be liquidated 10/24 1479

Mobley, Thomas High, appointment as assistant examinerapproved 8/11 1163

Onens, Charles D., appointment as assistant examiner approved 3/21 44h;album, Adolphus D., assistant examiner, salary approved 4/2)4 630

Appointment as examiner approved, formerly assistant examiner 8/ 4 1133

139397648


109Pages

Examiners, FRBank of Boston:Bullen, Richard C., designation as special assistant

examiner 11/ 3 1517Gittins, ailliam Clifford, designation as special assistant

examiner approved 11/10 1541Gramstorff, C. Herman, designation as special assistant ex-

aminer 11/ 3 1517Lacks, Stanley B., designation as special assistant examiner 11/ 3 1517Latham, Earle 0.1 appointment and designation as officer in

charge of Bank Examinations Department 5/ 9 697Martin, Edward Wright, appointment as assistant examiner

6approved /10 898Nye, Loring C., designation as special assistant examiner 11/18 1592Smiles, Archie C., designation as special assistant examiner 4/16 593_ Appointment as assistant examiner approved 12/31 1844

t, wells, George E., designation as special assistant examiner 11/ 3 1517zxaminers, FRBank of Chicago:

Carter, Charles L., designation as special assistant examinerapproved 7/ 9 1029

Appointment as assistant examiner approved 12/22 1818otNeill, Hugh, designation as special assistant examiner

approved 8/28 1228Reilly, Charles Henry, Jr., designation as special assistant

examiner approved 8/25 1212Appointment as assistant examiner approved 12/22 1818

Sorg, Robert E., appointment as examiner approved, formerlyassistant examiner 6/ 3 836

Spaeth) Carl F., Jr., designation as special assistantexaminer 10/24 1479

Wells, alter N., appointment as examiner approved, formerlyassistant examiner 6/ 3 836

4anliners, FRBank of Cleveland:Coleman, Kenneth S., appointment as assistant examiner

3approved /10 358Coulter, William Alexander, appointment as assistant examiner

approved 5/ 8 691Gottschalk, Ray, designation as special assistant examiner 1/30 146Holl, Carl E., designation as special assistant examiner 1/30 146Kegerreis, Robert J., designation as special assistant

1examiner /30 146May, Willard S., designation as special assistant examiner 1/30 146Miller, Elfer E., designation as special assistant examiner 1/30 146Plagman, Alvin Chester, appointment as assistant examiner

approved 5/ 8 691Schellenberger, Walter, designation as special assistant

Ex examiner 1/30 146 „. aners, FRBank of Dallas:13ain, Travis Whitsett, appointment as assistant examiner

6approved / 4 846Appointment as examiner, formerly assistant examiner 12/11 1735


Examiners, FRBank of Dallas: (Continued)Clayton, Howard, designation as special assistant examinerGillespie, Marvin Earnest, appointment as assistant examiner

4/ 7 522

approved 6/11 903Quisenberry, Roy Mims, appointment as assistant examiner

approved 12/30 1842Rodgers, Samuel Andrew, designation as special assistant

examiner approved 6/ 4 847Appointment as assistant examiner approved 12/26 1832

Schumacher, Victor Peter, appointment as examiner approved 3/13 398Simmons, James Pat, assistant examiner, appointment approved 7/ 1 1000Zimmerman, Robert Elkin, appointment as assistant examiner

Exa1approved /29 140

miners, FRBank of Kansas City:Brown, Lewis A., designation as special assistant examiner 1/17 86Copeland, Edward L., designation as special assistant

examiner 1/17 86Fogle, William C., designation as special assistant examiner 1/17 86Poister, Clarence Emerson, appointment approved 3/25 463Screechfield, Elmer L., appointment as assistant examiner

Steffens, Harry approved 12/ 9 1728Thomas, reappointment as assistant examinerapproved 5/14 725

Tawson, Lawrence d., designation as special assistant

E . examiner 1/17 86xarniners, FRBank of Minneapolis:

Burke, Charles H., designation as special assistant examinerapproved 7/ 9 1031

Johnson, Robert C., designation as special assistantexaminer 12/ 5 1704

Loan of services to Board for examinations of Seattle andPortland Branches, payment of voucher forexcess amount for travel expenses approved 12/12 1745

McConnell, H. G., appointment as examiner and designation asofficer in charge of Bank Examination Depart-ment and salary approved 5/ 1 670

McNulty, Arthur J., appointment as examiner approved, formerlyassistant examiner

11/10

1541Rockwell, George M., designation as special assistant exami-

ner approved 3/: T97t, VanderHorck, Karl, salary noted without objection 1

'anliners/ FRBank of New York:Armbruster, John P., designation as special assistant

examiner 8/ 4 1133Eaton, Charles, designation as special assistant examiner 8/ 4 1133

Appointment as assistant examiner approved 9/ 9 1261Emond, Eugene P., designation as special assistant examiner 8/ 4 1133Gordon, Joseph P., designation as special assistant examiner 8/ 4 1133Holland, ailliam F., appointment as examiner approved 1/ 9 29Kirmss, Alfred, appointment as assistant examiner approved 1/ 9 29Mahn, Edward B., appointment as examiner approved 1/ 9 29

110Pages


111Pages

Examiners, FRBank of New York: (Continued)McGee, Eugene M., designation as special assistant examiner 8/ h 1133

Appointment as assistant examiner approved 9/ 9

1261Mittricker, Franklin F., Jr., designation as special assistant

examiner 8/ 4 1133Piderit, Fred W., Jr., appointment as examiner approved 1/ 9 29Raubenheimer, gallace 0., designation as special assistant

examiner 8/ 4 1133lard, Francis T., Jr., appointment as assistant examiner

approved 1/ 9 29Worsnopp, Fred S., appointment as assistant examiner approved 1/ 9 29gulff, Daniel E., appointment as assistant examiner approved,

FHA mortgage to be placed with someone otherthan First National Bank of Freehold, New

• Jersey 11/13 1552ExoliTh.ners, FRBank of Philadelphia:

Beck, Edward G., designation as special assistant examiner 4/ 4 519Berstein, Jack A., designation as special assistant examiner 10/ 8 1408Bowman, Cyril J., designation as special assistant examiner 10/ 8 1408Brutschea, Francis J., designation as special assistant ex-

aminer 10/ 8 1408Deckert, George W., designation as special assistant examiner 4/ 4 519Ferguson, Robert R., designation as special assistant

examiner 10/ 8 1408cunsser, William A., appointment as examiner approved 1/31 154erlin, Quintin G., designation as special assistant examiner 4/ 4 519O'Grady, John J., designation as special assistant examiner h/ 4 519Robinson, D. Patrick M., designation as special assistant

examiner 10/ 8 14o8Sink, John M., Jr., appointment as examiner approved 3/ 4 326Staats, Robert F., designation as special assistant examiner 4/ 4 519Teal, J. Richard, designation as special assistant examiner . 4/ It 519Touhill, Rollin S., designation as special assistant examiner 4/ It 519

Yan Sant, Albert J., designation as special assistant examiner4/ 4 519Aalaners, FRBank of Richmond:

Assistanoeto Board's examiners in examination of FRBank of New

York, payment of voucher approved for 9/ 2 1244CreerY, P. T., Asst. Trust Examiner, salary below minimum

approved for temporary period 12/29 1837ID

approvedSamuel A., designation as special assistant examiner12/ 3 1682

11 sworth, Jesse H., designation as special assistant

examiner approved 4/22 615Hughes, Douglas T., appointment as assistant examiner

approved 12/11 1734Marshall, Ellwood P., designation as special assistant

examiner 2/24 245Meador, Veron J., assistant examiner, appointment approved 6/19 942Mills, U. H., salary below minimum approved for temporary

period 12/29 1837Ncsker, John L., appointment as examiner approved, formerly

assistant examiner 12/24 1827


Examiners, FRBank of Richmond: (Continued)Robinson, Norman F., Jr., designation as special assistant

112Pages

examiner 2/24 245Shelburne, Clarence D., appointment as examiner approved,

formerly assistant examiner 12/24 1827Turner, J. Gillette, designation as special assistant

examinerExaminers,

11/28 1675FRBank of St. Louis:

Archer, 4illiam Howard, appointment as assistant examiner

4 approved,rnAJlers, FRBank of San Francisco:

6/25 981

Aamodt, John N., appointment as assistant examiner approved,no objection to indebtedness to Bothell StateBank, Bothell, Wash., for loans to make im-provements to home 6/25 981

Bishop, E. S., designation as special assistant examiner 12/26 1832IBrennan, Robert M., appointment as examiner approved 12/16 1769i

armon, Myron J., designation as special assistant examiner 7/ 2 1015i_olman, A. G., designation as special assistant examiner 12/26 1832iCellY, Douglas C., appointment as assistant examiner approved,

no indebtedness to banks permissible 9/16 1276Mo •rris, John c., Jr., appointment as assistant examiner

approved 7/24 1098Staricco, John D., designation as special assistant examiner 7/ 2 1015Vandermark, John, Jr., assistant examiner, appointment

Exapproved

aminers , FRBanks: 3/ 3 3 21

Assistant, exemption under Fair Labor Standards Act, questionraised by FRBank of Atlanta, advice requestedfrom FRBanks re procedure to be followed byBoard in case 12/ 5 1706

Conference to be held in Washington September 22, 23, and26, names of representatives requested 8/ 1 1130

Travel expenses, reimbursement, discussion at Presidents Con-

ference, problem to be studied by personnel

officers of Banks and Board's staff andreport submitted 886

106)//17Information for period of one year to be compiled byVice President in charge of examinations, to be responsible

directly to president of bank, letter to Mr.McLarin in connection with designation of Mr.

Denmark 5/16 7384and-ners, FRBranch banks:

Baltimore:Botorek, L. P., designation as special assistant exam-

iner 1/13 46Crow", I. J., designation as special assistant examiner 1/13 46Eokels, N. L., designation as special assistant examiner 1/13 46Enos, D. R., designation as special assistant examiner 1/13 46Gray, I. J., designation as special assistant examiner ]/13 46

Jones, E. R., Jr., designation as special assistant ex-aminer 1/13 46


Examiners, FRBranch banks: ( Continued)Baltimore: (Continued)

Orem, J. S., designation as special assistant examinerRitter, H. F., designation as special assistant examinerRodey, E. H., designation as special assistant examinerSperry, C. S., designation as special assistant examinerpriggs, J. W., designation as special assistant examinerJalter, a. E., designation as special assistant examinerWhitaker, R. E., designation as special assistant

Charlotte: examiner

Bagby, T. Viesley, designation as special assistantexaminer

Clark, Franklin S., designation as special assistantexaminer

Drumheller, William B., designation as special assistantexaminer

Gilliam, Paul D., designation as special assistant exami-ner

Keller, jinfred J., designation as special assistant• examiner

Krueger, Fred C., Jr., designation as special assistantexaminer

Otten, Harry J., designation as special assistantexaminer

Parks, Joseph G., designation as special assistantexaminer

Smith, Raymond R., designation as special assistantexaminer

Yeager, Herman C., designation as special assistantexaminer

El Paso:Frazer, C. Hadley, designation as special assistant

examinerLos AnReles:

Jennings, A. F., designation as special assistant exami-ner

Vigus, V. E., redesignation as special assistant examinerapproved upon return from military leave

New

Nashville:Campbell, M. C., designation as special assistant exami-

nerDavis, 0. E., designation as special assistant examiner

approvedNewson, R. C., designation as special assistant examiner

approvedOrleans:cNamara3 Bernard T., designation as special assistant

examiner approved

113Pages

1/131/131/131/131/131/13

464646464646

1/13 46

4/30 660

4/30 b6o

4/30 660

LI/30 b6o

4/30 660

4/30 66o

4/30 660

4/30 b6o

4/30 660

4/30 66o

7/28 1105

12/26 1833

7/ 2 1015

9/ 8

9/ 8

9/ 8

1257

1257

1257

7/ 2 1015


Examiners, FRBranch banks:Portland:

(Continued)

Exec

San Antonio:Rodgers, Ralph, designation as special assistant examiner 7/28

Examiners, national banks:Examination report of Bank Shares Incorporated, Minneapolis,

Minn., to be furnished to 7/18 1079Examination report of First Bank Stock Corporation, Minnea-

polis, Minn., copy to be furnished to 10/10 1422Government bonds, pressure on bank3 to write off premiums

on, effect on sale of bonds in market, Mr.Clayton to study matter and make recommenda-tion 12/19 1804

utive orders:Consumer credit, bill H. R. 2542 by Congressman Hagen to in-

validate, reply to request for views on 4/ 4 520O. 8843, consumer credit regulation, question of exemption

from S. J. Res. 123, to terminate war timelegislation, advice requested in letter toAttorney General

Regulation W, President not to take action re until action ofCongress determined, statement of ChairmanEccles 7/18 1065

consumer credit regulation, continuance desirable,letter to Attorney General Clark 12/12 1744

Evans, G. L., designation as special assistantFarrell, J. E., designation as special

norGannett, G. C., designation as

nerLooker, W. H., designation as

Salt Lake City:Grundvig, L. C.,

nerHallstrom, A. L.,

nerHarwood, G. C.,

ner

114Pages

examiner 12/26 1832assistant exami-

12/26 1832

12/26 1832special assistant examiner 12/26 1832

special assistant exami-

designation as special assistant exami-

designation

designation as

as special

special

assistant

assistant exami-

No. 8843,

Perises, Board of Governors:Cafeteria, authority to use not over $50 to purchase food

from farmers market or other placesTelephone service, electric light and power, and steam,

to be charged to budget of Division of Ad-ministrative Services, beginning with 1948

Charges, matters to be referred by Division of AdministrativeServices to Personnel Committee

Dinners in connection with conferences of staff members ofBoard and FRBanks, not to be paid by Board

Floral tribute for funeral of Robert L. Owen approvedReduction of, amendments to travel regulations, use of

Board's automobiles, messenger service, etc.,approved in connection with

12/26exami-

12/26

12/26

1832

1832

1832

1105

6/10 900

6/26 987

lo/3a

3/2o

2/ 47/21

1515

429

1701082

3/20 425


115

E Pages

xPenses, Board of Governors: (Continued)Reserve Board Club:

Library, contribution of $100 per month approved for

attendant in 10/ 6 1372Expenses, FRBank of St. Louis:

Disposition of expenditures in connection with rehabilitation

of adjacent property approved, instructions

re 3/14 404Expenses, FRBaks:n

Budget procedure to be developed, discussion of plans, Presi-

dents Committee on Operations to work with

Board's staff 2/28 296

Cafeteria, absorption of expenses, to be discussed at Presi-

dents Conference 2/ 169to fiscal agency units for expenses incurred in

"service units" of revised functional expensemanual, discontinuance, to be discussed atnext Presidents Conference 4/23 625

Fiscal agency operations, absorption of more costs, discussionto be continued at Presidents Conference 2/ 4 167

Greater absorption by FRBanks, Chairman Eccles to discussquestion with Treasury 2/ 4 168

Absorption of greater portion by FRBanks, to be discussedwith Presidents before review with TreasuryDepartment 2/11 198

Absorption by FRBanks, question of submission for consid-eration by Presidents Conference, Mr. Smead todiscuss matter with Presidents ConferenceCommittee 2/21 240

Functional expense accounting, Presidents to be advised ofBoard's position at joint meeting 2/27 269

Revised manual of instructions, to be effective July 1,

1947 instead of April 1 3/14 406Revision of FR 6314 and manual to be made, reports to be

submitted monthly for present, discussion at

Presidents Conference 2/28 273Luncheons, dinners, entertainment, etc., information to be in-

cluded in general budgets 2/ 4 168Regulations to reduce, arrangements for Board members or

staff to require Board approval 3/20 428Presidents to be advised of Board's position at joint meeting 2/27 269Reimbursement for expense of "service units", continuation of

policy, recommendation of Presidents Conference

approved unless amounts requested by Treasury

Exbe should become controversial 6/ 6 867-

shouldGovernment:

F,I, Reduction in, discussion at meeting of FAC with Board 3/11 385'-ileY, John H.:

Federal Home Loan Bank at Cincinnati, solicitation of transferof funds from national bank and payment ofinterest on deposits by, comments requested 2/26 266


Pair Labor Standards Act:Exempt employees under, threatened suit against FRBank of

Chicago by former employee of DetroitBranch, if filed answer to be delayed untilafter action by Congress or pending legis-lation 4/15 576

Federal Advisory Council:Bank holding company legislation, advice re general attitude

toward requested 2/11 203Opinions to be given by May meeting, statement of Chairman

Eccles re status of bill 3/1J 385S. 829, discussion of proposed amendments suggested by

Council and Association of Reserve City Bank-ers, resolution stating views for use at hear-ings to be considered at separate meeting 5/20 760

Passage of S.829 favored by, review of legislative situa-tion by Chairman Eccles 9/23 1313

Present status reviewed by Chairman Eccles at meetingwith Board 11/18 1590

Check collection system, changes in, discussion of, FAC op-posed to giving of immediate credit on allitems, no change to be made before expressionof views by banks 11/18 1586

Classification of banks in preventive strike legislation,discussion, no action to be taken 3/11 369

C nsumer credit, authority of Board to regulate, views re-quested before next meeting 2/11 202

Continuation of Board's authority to regulate, oppositionto, discussion at meeting with Board 3/11 378

C°rrespondent bank relationships, discussion by Board ofmatters affecting, desired before action, dis-cussion in connection with reimbursement ofmember banks for postage and other transpor-tation costs 9/23 1297

Credit, expansion of bank, statement revised and presenta-tion by Chairman Eccles requested at hearingbefore Joint Committee on Economic Report andBanking and Currency Committees 11/18 1591

Statement re and reply of Chairman Eccles, discussionof special reserve plan and other means ofcorrection, statement to be revised 11/18 1567

Statement submitted by, draft of reply to be preparedby staff of Board 11/21 1606

Reply to statement approved, copies to be sent to JointCommittee on Economic Report, FRBanks andFAC 11/26 1659

Designation of reserve cities, threatened suit by Mr. Stod-dard, alternative actions to be submitted to fg 19:

Proposal to be submitted to 1

Differential margin requirements, opposition to, discussion atmeeting with Board 3/11 375

116Pages


Federal Advisory Council: (Continued)

117Pages

Direct purchases of Government securities from Treasury,legislation to make permanent authority for,views requested before next meeting 2/11 203

Extension of authorty for three years recommended byFAC, discussion at meeting with Board 3/11 383

Discount rates, increase suggested by FAC to control expansionof bank credit, discussion at meeting withBoard 11/18 1570

Executive committee:Members:

Brown, E. E., election for 1947Burgess, g. Randolph, election for 1947Fleming, Robert V., election for 1947McCoy, John H., election for 1947Spencer, Charles E., Jr., election for 1947Jilliams, David E., election for 1947

RBranch buildings, removal of limitation on cost, legislationre, FAC to consider matter further

Fees and allowances, schedule approved, FRBanks requested to

3/113/113/113/113/113/11

3/11

368366368368368368

390

send copy of schedule adopted by board of di-rectors 2/ 7 183

Gc)vernment expenditures, reduction in, discussion at meetingwith Board 3/11 385

Industrial loan bill, S.408, proposed amendments, resolutionto be submitted by Board to Chairmen of Senateand House Banking and Currency Committeesafter approval by FAC 3/11 369

OPposition by Council if RFC powers continued, discussionat meeting with Board, further considerationto matter to be given at next meeting 9/23 1313

Inflationary situation, to be discussed with Chairman Eccles

at luncheon meeting 9/23 1316Loans by American commercial banks on foreign-owned gold,

policies, discussion at meeting with Board,

policy group on foreign interests to make

recommendations to Treasury 5/20 750Prospects re demand for business loans, loans secured by

real estate, and for consumer credit, state-

ment of FAC and discussion at meeting with

Board 5/20 754Lo ng-term bond issue, refunding issue desirable, discussion

at meeting with Board 3/11 387Margin requirements, question as to lower under Regulation U

for banks than under Regulation T for brokers,views requested before next meeting 2/11 202

Reduction, discussion at meeting with Board 5/20 756.ieeting with Board 3/11 3681,4eeting, next to be held on May 19-20 3/11 390'leeting with Board 5/20 749Meeting, next to be held on September 21-23 5/20 772


Pederal Advisory Council: (Continued)Meeting to be held in Washington, advice to Mr. Prochnow re

luncheon arrangements and topics for discrsion

Meeting with Boar'Jeeting, next to be held in Jashington on November 16-18Meeting with BoardMembers:

118Pages

8/26 12159/23 12929/23 131611/18 1566

Brown, E. E., President, election for 1947 3/11 368Spencer, Charles E., Jr., Vice President, election for

1947 3/11 368°facial personnel and salaries at FRBanks, discussion of

present situation as compared with previous 9/23 1307Procedure for meetings with Board, improvement noted at meet-

ing, memos prepared by staff in connectionwith topics desired in future 3/11 391

Purchase of new Treasury bond issue by commercial banks, ap-

proved by Council although contrary to policyof reducing volume of Government securities

held by commercial banks 9/23 1312Real estate mortgage situation, discussion in connection with

credit control, FAC in agreement with Board asto dangers resulting from Veterans Administra-tion and Federal Housing Administration pres-sures, statement to be prepared 11/18 1578

Regulation N, restoration of authority, statement of ChairmanEccles re support for 11/18 1590

Reimbursement of member banks for transportation costs on cashitems sent direct to other FRBanks and

Branches, discussion of opposition by Texasbanks and relationship with Regulation Q 9/23 1297

Reserve and central reserve cities, formula for designation10/17 1441

Attitude on grmula for designation of 10/21 1456

Designation of, designation of, discussion of formula

proposed by Board and reserve requirements,

Council opposed to formula 9/23 1301Reserve Requirements, reduction in, opposition to suggestion,

discussion at meeting with Board, no action

to be taken 9/23 1306Special reserve plan to control expansion of bank credit,

opposition expressed in statement at meeting

with Board 11/18 1570See

retaryls Office, proposed changes to cover expenses to be

S. 1 submitted to Board for approval 2/ 7 184

5.,, Veterans Employment and National Economic Development

Corporation Act of 1946, Board opposed to 3/11 3703. 217, to continue authority of RFC for credit to small busi-

ness enterprises, no report to be made byBoard, Comptroller or Treasury re 3/11 383

3. 408, industrial loan bill, statement indicating preferencefor bill rather than extension of lending pow-ers of RFC 11/18 1566


Pederal Advisory Council: (Continued)Staff:

Lichtenstein, Walter, Secretary, election for 1947 3/11 368

Prochnoa, Herbert V., Acting Secretary, election for 1947 3/11 368Topics for discussion:

Bank holding company legislation, opinions to be given at

May meeting 4/16 590Bills offered directly to FRBanks by commercial banks,

policy of purchasing at price to be deter-

mined daily by FRBank of New York, advice

to Mr. Prochnow 8/18 1193

Check collection system, modernization and maximum de-

velopment 10/31 1502

Credit controls, steps to correct expansion of bank

credit 10/31 1502

Increase in certificate rate or issuance of long-term

security to prevent further decline in long-

term rate 4/16 591

Legislative situation at close of 80th Congress, copies

of Chairman Ecclesf letter to Presidents sent

to FAC 8/26 1216

List for next meeting sent to Mr. Brown 5/ 2 679

Loans, demand for business loans, policies, and rates 5/ 2 679

Loans on foreign-owned gold by American commercial banks,

policies re 5/ 2 679Memo of subjects submitted •by FAC discussed informally by

Board, Chairman Eccles to discuss subjects at

meeting with Board 3/10 357Chairman Eccles to state views of Board at joint

meeting 5/20 746

Views of Board to be stated by Chairman Eccles at


Views of Board to be stated by Chairman Eccles at


Reserve cities, designation of, suit by Michigan National

Bank of Lansing, Mich., to be deferred pend-

ing further Board action after next meeting 7/ 2 1004

Reserve city designations and reserve requirements, plan

approved, copy sent to FRBanks and FAC 8/13 1174

Copy of letter re plan sent to Mr. Prochnow 8/26 1216

S. 408, industrial loan bill, to be considered further 10/31 1502S. 629, bank holding company bill 5/ 2 679

Subjects listed for views of Council at meeting on March

10 and 11 2/11 202

Transactions by commercial banks in gold 5/ 2 679

Treasury bills, termination of fixed buying rate and re-

purchase option on 4/16 590

Treasury bill policy, advice to Mr. Prochnow 8/26 1216

Transactions by American commercial banks in gold at premium

prices, discussion at meeting with Board,

policy group on foreign interests to recommendto Treasury issuance of statement re 5/20 752

119Pages


120Pages

Federal Advisory Council: (Continued)Treasury bills, purchase by FRBanks at price to be determined

daily, discussion of position of FRBank ofNew York in discouraging purchases, furtherinformation to be obtained before considera-tion of change in procedure for System 9/23 1293

ral Bureau of Investigation:C4zrency movements, protection for, discussion with ABA sug-

gested to, advice re discussion of questionat Presidents Conference 3/27 470

Protective surveys, completion of, letters with recommenda-tions to be sent to FRBanks, reply to Mr.

4Hoover re and instructions to FRBanks 8/ 1134Protective measures at FRBanks, recommendations re, discussion

at Presidents Conference, continuing attentionto be given to matter 10/ 7 1399

Robberies of messengers delivering money to and from Seattle

Branch, information re plans received from,question to be discussed at Presidents Con-ference 2/19 225

Robbery, precautions against, survey to be made of practices

of FRBanks in handling money and securities,and educational campaign to be conducted amongmember banks, discussion at Presidents Confer-ence 2/28 302

Federal Deposit Insurance Corporation:'sorption of exchange charges, information to be sent to Board

by Messrs. Leach, McLarin, and Davis and matterto be taken up with Treasury and FDIC, discus-sion at Presidents Conference 2/28 305

All-bank statistical series, Board to join with Comptroller ofthe Currency and FDIC to arrange for compila-tion and publication of single, letter toBureau of the Budget 6/ 5 854Audit of certified statements filed by insured banks withdeposits in excess of $5,000,000 in Illinoisand Iowa, advice to FRBanks of Chicago andSt. Louis re program 1/16 70

Experimeiftal program to be extended to Indiana, advice

to FRBanks of Chicago and St. Louis 5/28 806ExPerimental program to be extended to Wisconsin and Michi-

gan, advice to FRBanks of Chicago, St. Iouis,

13ani and Minneapolis 11/ 5 1531credit policies during inflation, joint statement to be

issued re, to be revised by Mr. Clayton anddiscussed with Treasury before review withexecutive committee of National Association ofSupervisors of State Banks 11/17 1560

Joint statement re, discussion, to be considered by Boardwhile being reviewed by representative groupof Supervisors of State Banks 11/21 1606


Federal Deposit Insurance Corporation: (Continued)Bank of Chestnut, Ill., permission granted to examine for

continuance of insurance after withdrawal

from membership in FRSystemBank of Sheridan, Montana, management problem, discussion

with, no objection to admission to membership

Ban in FRSystem under present management 3/ 4 326

king to be included in labor legislation discussed by Yr.

Ce • Clayton with representatives of 4/16 588

rtiflcation of banks as members of FRSystem:Bell Gardens Bank, Bell Gardens, California 5/ 2 675

Citizens State Bank, Ysleta, Texas 5/ 5 681

DeKalb State Bank, Doraville, Georgia 1/20 88Farmers and Stockmens Bank, of Valier, Montana

1(1)//273 14736First State Bank of Green's Bayou, Houston, TexasFirst State Bank of Greggton, Texas 12/11 1738First State Bank, Junction, Texas 11/13 1552

Gallatin County State Bank, Ridgway, Illinois 5/22 777Grants State Bank, Grants, New 6/20 963

Hampton Oaks State Bank, Houston, Texas 2/18 221

Hereford State Bank, Hereford, Texas 6/18 938Jeff Davis Bank & Trust Company, Jennings, La. 3/ 3 320Liberty County Bank, Chester, Montana 9/23 1319

Livingston State Bank, Livingston, Montana 9/ 4 1247, Security State Bank, Littlefield, Texas 10/ 9 1416uommercial State Bank, Sinton, Texas, permission granted to

examine for continuance of insurance after

withdrawal from membership in FRSystem 8/21 1208Condition reports of State member banks, to be available for

confidential use of Department of Agriculture

for tabulation of data 9/16 1278Cranford Trust Company, Cranford, New Jersey, permission

granted to examine for continuance of insurance

after withdrawal from FRSystem 6/23 969Debt, reduction of individual as restraint upon rising living

costs, joint statement issued re, elimination

from reports of examination of State member

banks planned, opinion of Yr. Han l requested 10/ 8 1411Examination of reports of 28 insured banks, request by GAO for

permission, Messrs. Leonard and Townsend to

discuss matter with FDIC and Comptroller of

the Currency 1/17 74Mr. Vardaman to meet with Comptroller of the Currency,

Chairman of FDIC, Comptroller General, and

representative of Treasury Department to dis-

cuss, reports of State member banks to be

available under same terms as national bankreports by FDIC if necessary 1/27 118

Examination reports of State member banks, to be made avail-able to GAO under same terms as national bankreports by FDIC, advice to Mr. Han, prior toconference re 2/ 4 171

121Pages

12/11 (See Files


122Pages

Federal Deposit Insurance Corporation: (Continued)Examination reports of five State member banks, to be avail-

able to GAO in connection with current reviewof operations, but not to be used for new

review 11/17 1562Fidelity coverage, FRBanks requested to cooperate in program

for State member banks 11/10 1541First Trust and Savings Bank, Paris, Tenn., permission grant-

ed to examine for continuance of insurance

after withdrawal from membership in FRSystem 4/23 628

Continuance of insurance after withdrawal from membership

in FRSystem approved, withdrawal permissible,

advice to FRBank of St. Louis 9/23 1319GAO, availability of reports of examination in connection with

audit by, visit of Mr. Newman to Board, arrange-

ment for meeting with Treasury, Comptroller

and FDIC not completed 2/21 241Holding company affiliates, information re, general question

to be considered in preliminary discussions by

Mr. Sailor and Mr. Leonard, or in his absence,

Mr. Millard 7/ 9 1034Inventories of consumer goods, accumulation of, statement of

Chairman Eccles in 1942 re, elimination fromreports of examination of State member banks

planned, opinion requested 10/ 8 1411Elimination from reports of examination, advice to

FRBanks 10/28 1489Investments in and loans on Government securities, joint

statement issued in 1942 re, no instructions

to be issued to examiners, opinion requested 10/ 8 1411Joint statement by bank supervisory agencies issued in 1942

on individual debt and investments, discussion

of cancellation, no action to be taken by

Board as to further statement 7/ 2 1011

Instructions to be made to examiners re, opinion re-

quested 10/ 8 1411

Request that comments be included in reports of examina-

tion rescinded, advice to FRBanks 10/28 1489j°int statement on bank credit policy during inflation

issued 11/24 1635Membership in FRSystem, withdrawals advised by representatives,

letter to Mr. Han l protesting such practices 2/ 7 186Practices, reply to letter re, Messrs. Sailor and Leonard

to discuss matter 4/ 8 536

Applications for, views of FDIC to be taken into consid-eration, in connection with application of

Falcon Heights State Bank, St. Paul, Minn. 6/19 943National Association of Supervisors of State Banks, members

of Board to be invited to dinner given byBoard of Governors Zor 6/20 952


Pederal Deposit Insurance Corporation: (Continued)Northern New York Trust Company, expansion program, ab-

sorption of Citizens and Farmers TrustCompany, Adams, New York, opinion 02 Board

re sent to Mr. Han l 4/ 3 508Ottoville Bank Company, Ottoville, Ohio, permission granted

to examine for continuance of insurance after

withdrawal from FRSystem 7/ 2 1017Reports of examination, availability to Government agencies,

requests to be submitted in accordance withapproved procedure, discussed in connectionwith request of Treasury Intelligence Unit

for information from report of examinationof Annapolis Bank and Trust Company, Anna-polis, Md. 2/25 254

Availability to Government agencies, policy re, advice to 3/17 41)4S. 548, to increase insurance from 85,000 to $15,000, request

from Clerk of Senate Banking and CurrencyCommittee for, to be filed without reply 2/21 244

To insure bank deposits up to maximum of $15,000, Boardnot in favor of, advice to Senator Langer 4/17 602

S. 1070, to cancel capital stock and to repay Treasury andFRBanks, Board in favor of bill with certainchanges, advice to Senator Tobey 4/18 b09

To provide for cancellation of capital stock, paymentfor retirement of stock by FRBanks, omissionof provision requested to avoid confusion,letter to Senator Tobey 6/13 922

To provide for cancellation of capital stock, etc., re-

port in favor of President's signing sent toBureau of the Budget 7/30 1116

State Bank of Blue Island, Illinois, permission granted toexamine for continuation of insurance after

withdrawal from FRSystem 7/17 1064Stock held by FRBanks, exchange and reissue of, old certifi-

cate to be forwarded by FRBanks to Board for

exchange, advice to FRBanks 1/29 141New certificates sent to FRBanks and old ones returned to

FDIC, advice re 3/ 7 354Cancellation of, statement to be published in August

issue of FRBulletin 8/11 1165Cancellation, stock certificates to be transmitted to

Treasury for presentation to, advice to FR- 9/16 1277Banks

Payments under section 13b(e) not to be made to Treasuryafter cancellation by FRBanks 12/ 2 1679

Payments under section 13b(e) not to be made to Treasuryafter cancellation by FRBanks, instructionsto FRBanks for 1947 report on FR 418 12/23 1824

Supervising examiner in Madison, nsconsin, letter to Mr. Hanlon activities to keep State banks out ofFRSystem 2/ 7 186

123Pages


124

Fede Pages

ral Deposit Insurance Corporation: (Continued)Transamerica Corporation, investigation to be made re monopo-

listic aspects of expansion, advice to besent to Chairman of 10/31 1511

Trust Company of Georgia Associates of Atlanta, Georgia, in-formation requested re, letter to Mr. Hanlsuggesting that he and Governor Clayton con-sider general question of information reholding company affiliates 6/23 969Feder holding

funds, purchase and sale by member banks in Nev YorkDistrict, discussion of practice in connectionwith all banks, question to be discussed atPresidents Conference 10/ 3 1368

Purchase and sale by member banks in New York district, noaction to be taken on intradistrict or inter-district basis 10/17 1447

Federal Home Loan Bank at Cincinnati:Transfer of funds from national bank to, letter to Mr. Fahey

re solicitation and payment of interest on

Fede deposits by 2/26 266ral Home Loan Bank Administration:Farmers and Merchants Bank of Long Beach, California, trans-

actions with Long Beach Federal Savings andLoan Association, determined by examinationnot to be illegal, advice to Department ofJustice 2/ 5 177

Transfer of funds from national bank to Federal Home LoanBank at Cincinnati, letter to Mr. Fahey resolicitation and payment of interest on

Ferl_ deposits by 2/26 266al Interdepartmental Safety Council:Kelleher, J. E., to serve as representative on, advice to Mr.

Blanchard 3/12 396Fe Blanchard Register:

Margin requirements, amendments to Regulations T and U to re-duce to 75%, statement re 1/17 83

Reserve city designation, statement of proposed changes ap-proved for publication in, advice to FRBanks 10/21 1455

PRAct•Standard for Classification approved, to be published in 12/19 1797

Obsolete provisions, reply to letter from Senator Wiley re

bills to repeal obsolete laws 7/ 9 1033Revised edition, printing of additional copies approved 1/14 59Section 13b(e), payments to Treasury not to be made after

cancellation of FDIC stock by FRBanks, adviceto FRBank of San Francisco 12/ 2 1679

Payments to Treasury not to be made after cancellationof FDIC stock by FRBanks, instructions to

Se FRBanks for 1947 report on FR 418 12/23 1824

c. 19, draft of bill to amend by adding section to providespecial reserve plan 11/26 1665


FRAgents, Assistants:Allendoerfer, Maurice, FRBank of Kansas City, salary approved 1/ 9 30Barnett, Mrs. Genevieve M., Alternate at FRBank of Atlanta,

salary approved 7/29 1110Boles,1/ 2 3J. ;%, FRBank of Dallas, salary approvedBraker, Elwood J., Alternate at FRBank of Philadelphia, sal-

ary approved 10/15 1433Burr, Glendon M., Alternate at FRBank of Philadelphia, appoint-

ment and salary approved 3/ 5 331Salary

Ferman, approved 10/15 1433_

W. S., Alternate at FRBank of Minneapolis, salary

approved 12/18 1789Fricek, Elmer F., Alternate at FRBank of Cleveland, salary

approved 9/30 1348Galvin, E. H., Alternate at FRBank of San Francisco, salary

approved 1/ 8 22

Salary approved 10/20 1454. Salary approved 12/30 1842Hlggason, Beverly P., Alternate at FRBank of Richmond, sal-

ary approved 1/14 56

Salary approved 12/23 1822Hoppe, Edward H., Alternate at FRBank of St. Louis, appoint-

ment and salary approved 5/ 2 674

Salary approved 12/23 1822Johnson, John, Alternate at FRBank of Minneapolis, salary

approved 12/18 1789Kidd, 1/ 2 3La

W. B Alternate at FRBank of Dallas,salary approved.,moneY, Levings 4., Alternate at FRBank of Atlanta, appointment

and salary approved 1/24 107

(3neY, John F., Alternate at FRBank of Boston, salaryapproved 12/15 1763

Morrissey, Clifford E., Alternate at FRBank of Boston, salary

Newcomb, Margaret

12/15 1763

mcomb, Margaret R., Alternate at FRBank of Philadelphia,

salary approved 10/15 1433Parker, Frank S., FRBank of St. Louis, salary approved

Salary approved 192/213 1ZPrice, Edward, Alternate at FRBank of Dallas, salary ap-

proved 1/ 2 3Rehfuss, J. Frank, FRBank of Philadelphia, salary approved 10/15 1433ReYnolds, Mrs. Edna K., Alternate at FRBank of New York,

salary approved 1/ 7 11s Salary approved 12/29 1836canlon, Charles J., Alternate at FRBank of Chicago, salary

approved 12/ 3 1663Schelling, Carl, FRBank of Chicago, salary approved 12/ 3 1683Self, Kenneth B., Alternate at FRBank of Kansas City, salary

1/ 9 30approvedShep herd,P Robert L., FRBank of Richmond, salary approved 1/14 56

Salary approved 12/23 1822Stone, P. M., FRBank of San Francisco, salary approved 10/20 1454

125Pages


PRAgents, Assistant: (Continued)Stoyle, Lewis E., Alternate at FRBank of Boston, salary

approved 12/15 1763

Stryker, J. V. D., FRBank of New York, salary approved 12/29 1836Thompson George E., Jr., Alternate at FRBank of Richmond,

appointment and salary approved 4/ 2 498_. Salary approved 12/23 1822..:111ander, C. E., FRBank of Minneapolis, salary approved 12/18 1789=r, Edward A., FRBank of St. Louis, salary approved 4/16 593patig

Avery, Clarence W., FRBank of Chicago, to be appointed for

unexpired portion of term if willing to accept,

Mr. Hoffman to be asked to confer with 2/21 240

Designation for 1947 approved 3/ 6 339Redesignation for 1948 12/15 1757

Brainard, George C., FRBank of Cleveland, present at Board

meeting to discuss purchase of Chamber of

Commerce Building in Cincinnati 5/15 727_ Redesignation for 19h8 12/15 1757ualdwell, Robert B., FRBank of Kansas City, redesignation

for 19h8 12/15 1757Creighton, Albert M., FRBank of Boston, redesignation for

1948 12/15 1757Dearmont, Russell, L., FRBank of St. Louis, redesignation

for 1948 12/15 1757Grady, Henry F., San Francisco, appointment as Ambassador to

India, selection of successor considered 4/16 587

Resignation to become Ambassador to India, letter ofappreciation for services 4/22 615

McCabe, Thomas B., FRBank of Philadelphia, redesignation for

1948 12/15 1757Neelm -Y, Frank H., FRBank of Atlanta, redesignation for 1948 12/15 1757'age, Arthur Nilson, FRBank of New York, to be appointed for

unexpired portion of term if willing to accept,

Chairman Eccles to confer with in New York 2/21 240Parten J. R.,FRBank of Dallas, redesignation for 1948 12/15 1757Shepard,Roger B., FRBank of Minneapolis, redesignation for

1948 12/15 1757

Wilbur, Brayton, FRBank of San Francisco, Mr. Eccles author-

ized to tender appointment if desirable 4/16 588Designation as Chairman and FRAgent and salary approved 5/ 2 675

12/15 1757

PRA

yi Redesignation for 194812/15 1757 , Ys°r, 17. G., FRBank of Richmond, redesignation for 1948

Tits' Representatives:agbY, T. /esley, Charlotte Branch, salary approved 1/14 57

Salary approved 12/23 1822

Boyd,Chase John A., Houston Branch, salary approved 1/ 2 3

L„.thase, 1/ 9 30David E., Oklahoma City Branch, salary approveduc3x, Lee G., Oklahoma City Branch, salary approved 1/ 9 30_ Salary approved 6/30 992uucamus, D. J., Alternate at New Orleans Branch, salary ap-

proved 12/30 1841

126Pages


PRAgentst Representatives: (Continued)Pairley, William F., Omaha Branch, salary approved. Salary approvedGilliam, Paul D., Charlotte Branch, appointment and salary


Fisher, H. B., Denver Branch, salary approvedFraser, C. Hadley, El Paso Branch, salary approved

Salary approved

Larsen,Jones, ry Everett D., Detroit Branch, salary approved

L., Salt Lake City Branch, salary approvedLinks, John A., Little Rock Branch, salary approved

Salary approvedOstendorf, Harry H., Cincinnati Branch, salary approvedParsell, G. H., Louisville Branch, salary approved

Salary approvedPettke, August J., Detroit Branch, salary approvedRltzel, Carl, Memphis Branch, salary approved

Salary approvedRobinson, J. R., Los Angeles Branch, salary approvedShipley, Eugene L., Baltimore Branch, salary approved

Salary approvedStewart,t Alfred A., Jr., Baltimore Branch, appointment and

salary approvedSalary approvedsalary approved

Stover, G. :Y., San Antonio Branch, salary approvedsreeter, Earl O ,Omaha Branch, salary approved

t,Trowbridge Gordon, Pittsburgh Branch, appointment and sal-ary approved

y Salary approvedD1113, °I-Ing, .!filliam R., Denver Branch, salary approved

of Atlanta:Banking quarters, authorization to proceed with alterations

to close in light well and provide additional

Budet space

Bank Examination and Research and Statistical functions,reasons for exceeding approved budget re-quested 11/ 7 1539

Examination Department, revised budget for last half of1947 approved 11/21 1629

Expenses in excess of estimate for last half of 1947, ac-knowledgment of letters re 12/31 1849

Research expenses, no action required as less thanamount approved in original 1947 budget 12/12 1745

Examination, copy of report left for information of Chairmanand directors, comments requested 6/11 903

PanoteL,_ s, supplemental order for printing 9/18 1286"11 fund for employees, no objection to use of funds for,

advances to be included on Form FR 34 4/11 566

127Pages

1/9 306/30 992

4/11 56512/23 18221/9 301/ 2 36/30 99312/ 3 168310/20 14544/16 59312/23 18239/30 13484/16 59312/23 182312/ 3 16834/16 59312/23 182310/20 14546/16 92412/23 1622

4/11 5656/16 92412/23 18221/2 31/9 30

1/7 129/30 13481/9 30

1/27 122


128Pages

'''1113anit of Atlanta: (Continued)Personnel classification plan, changes involving transfer

of Cafeteria from Service Department toPersonnel Department approved 1/13 46

Changes consisting of increases in maximum annual sal-

aries approved 6/20 962Rates:

Discounts:Participation certificates, discount under Section

13b for Fulton National Bank, rate of one

S per cent on purchases approved for 11/18 1592

alaries: Employees, noted without objection 3/18 419

Employees, minimum and maximum salaries approved forrespective grades, in connection with jobclassification plan 8/28 1224

Staff:Officers approved 5/16 737

Assistant examiners, exemption under Fair Labor StandardsAct, question raised re, advice requested fromFRBanks re procedure to be followed by Board 12/ 5 1706

Barnett, Mrs. Genevieve M., Alt. Asst. FRAgent, salaryapuroved 7/29 1110

Bowden, J. H., Assistant Vice President, salary approved 5/16 737Bowman, V. K., Vice President, salary approved 5/16 737Camp, C. R., Asst. Vice President, salary approved 5/16 737Clark, L. no, First Vice President, reference to resent-

ment of directors to statement as to appoint-ment 1/15 63

Salary approved 5/16 737Conniff, H. F., Vice President, salary approved 5/16 737

Contribution to retirement system approved, but lessthan requested 5/27 801

Crowe, Vestus L., designation as special assistantexaminer 3/18 420

Denmark, J. E., Vice President, salary approved, appoint-

ment as examiner and designation as officer in

charge of Bank Examinations Department ap-

proved 5/16 737D055, Thomas E., Jr., appointment as assistant examiner

approved, indebtedness to national bank to be

eliminated 2/ 5 176

Hardin, J. L., assistant examiner, appointment and salary

approved 2/20 227Appointment as assistant examiner approved 6/19 943Appointment as examiner approved, formerly assistant

4examiner 12/11 173 King, Griffin Lewis, appointment as assistant examiner

approved, indebtedness to Bank of Camden,Tenn., nonmember bank, to be liquidated 10/24 1479

Laney, Levings v., Alt. Asst. FRAgent, appointment andsalary approved 1/24 107


FRBank of Atlanta: (Continued)Staff: (Continued)

Martin, F. H., Asst. Vice President, salary approved

Martin, I. H., Asst. Vice President, salary approved

McCravey, J. R., Jr., Asst. Vice President, salary ap-

provedMcLarin, if. S., Jr., President, salary approved

Mobley, Thomas High, appointment as assistant examiner

approvedNeely, Frank H., FRAgent, redesignation for 1948

Owens, Charles D., appointment as assistant examiner

provedPatterson, Harold T., Counsel, salary approvedPike, W. E., General Auditor, salary approved

Rainey, E. C., Asst. Vice President, salary approved

Rauber, E. L., Director of Research, salary approved

Schuessler, S. P., Vice President, salary approved

War

129Pages

5/16 7375/16 737

5/16 7375/16 737

8/11 116412/15 1757

ap-3/21 4445/16 7375/16 7375/16 7375/16 7375/16 737

Wilburn, Adolphus D., assistant examiner, salary approved 4/24 630

Appointment as examiner approved, formerly assistant8/ 4 1133

loans: examiner

Attorneyts fee incurred in connection with, approval ofpayment by War Department requested in letter

Bank of Boston: to Secretary Royall 8/29 1240PR

Banking quarters, no objection to project for modernizationof lighting arrangements 3/14 410

No objection to installation of acoustical ceiling in por-

tion of third floor 5/19 744Budget:


Bank Examination Department, revised budget for 1947approved 11/21 1628

Research and Statistical function, revised budget for

1947 approved 12/12 1745heck collection circulars, proposed changes in, problem be-

,

ing considered for all FRBanks, but no objec-

tion if necessary at present 11/ 5 1530

FRnotes, supplemental order for printing 5/ 5 682Salaries:

Employees, noted without objection 3/18 419

Employees, minimum and maximum salaries approved for re-

spective grades, in connection with job clas-

sification plan 8/28 1221

Officers, approved 5/ 9 696t a

Adams, Elmo O., Asst. Cashier, salary approved 12/15 1764

Berge, Ansgar R., Secretary and Assistant Counsel, salaryapproved 5/ 9 697

Blanchard, Joseph S., political office held by, relation-ship to be terminated unless additional in-

formation received 2/17 216Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

PRBank Of Boston: (Continued)Staff: (Continued)

Boardman, Elliot S., Budget Officer, salary approved 12/15 1764Bullen, Richard C., designation as special assistant

examiner 11/ 3 1517Creighton, Albert M., FRAgent, redesignation for 1948 12/15 1757Davis, Edward A., Jr., Assistant Vice President, salary

approved 5/ 9 697Fogg, John J., Auditor, connection with Frances E. Willard

Settlement to be terminated within year, Mr.Creighton to be advised of no change inBoard's position 1/17 73

Connection with Frances E. Willard Settlement to beterminated within year, further review ofmatter but no change in decision, letter toMr. Creighton approved 3/14 402

Salary approved 5/ 9 697Gilbody, Frank C., Assistant Cashier, salary approved 5/ 9 697

Salary approved 12/15 1764ittins, William Clifford, designation as special assist-

ant examiner approved 11/10 1541Gramstorff, C. Herman, designation as special assistant

examiner 11/ 3 1517Harvey, Robert B., Assistant Cashier, salary approved 5/ 9 697

Salary as Cashier approved 7/ 9 1028Hauser, William O., political office held by, relationship

to be terminated unless additional informationreceived 2/17 216

Hult, Ellis G., Vice President, salary approved 5/ 9 697Hunter, John C., Cashier, salary approved 5/ 9 697Lacks, Stanley B., designation as special assistant ex-

aminer 11/ 3 1517Latham, Earle O., Vice President, appointment as exam-

iner, designation as officer in charge of BankExaminations Department, and salary approved 5/ 9 697

Martin, Edward Wright, appointment as assistant examiner6approved /10 898

Mooney, John F.,Alt. Asst. FRAgent, salary approved 12/15 1763Morrissey, Clifford E., Alt. Asst. FRAgent, salary ap-

proved 12/15 1763Murphy, Edward R., Assistant Cashier, salary approved

Salary approved 151/1 9 5 1 9674Neal, Alfred C., Director of Research, appointment as

officer noted and salary approved 1/16 69Salary approved 5/ 9 697

Nye, Loring C., designation as special assistant examiner11/18 1592Officers, reappointments noted 1/16 69O'Neil, Edward W., Asst. Cashier, salary approved 12/15 1764Pitman, Carl B., Vice President, salary approved 5/ 9 697Rock, John J., Asst. Cashier, salary approved 12/15 1764Sawyer, Dana D., Assistant Vice President, salary

approved 5/ 9 697Salary approved 12/15 1764

130Pages


of Boston: (Continued)Staff:

(Continued)Schlaikjer, Oscar A., Vice President and General Counsel,

salary approved 5/ 9Smiles, Archie C., designation as special assistant

examiner 4/16Appointment as assistant examiner approved 12/31

Stoyle, Lewis E., Atl. Asst. FRAgent, salary approved 12/15Van Amringe, Roy F., Assistant Vice President, salary

approved 5/ 9 697Salary as Vice President approved 7/ 9 1028

Wells, George E., designation as special assistant examiner 11/ 3 1517

Whittemore, Laurence F., President, salary approved 5/ 9 697Willett, William, First Vice President, salary approved 5/ 9 697Zehner, Louis A., Assistant Vice President, salary

approved 5/ 9 697

VisSalary approved 12/15 1764

it s by representatives of Government agencies, acknowledg-ment of letterP1/24 113

of Chicago: nking quarters, modernization of elevator system, no objec-

tion to expenditure for work, at time whenbuilding conditions are improved 2/20 233

No objection to expenditure for enlarging concourse onQuincy Street and remodeling certain spacein Bank 7/14 1055

No objection to changes in program for conversion ofelectric power to alternating current andfor modernization of elevator system 9/17 1280Budget:

Bank Examination and Research and Statistical functions,reasons for exceeding approved budget request-

Expenses

Research

edin excess of estimate for last half of 1947,

acknowledgement of letter reand Statistical function, revised budget for

1947 approvedFRno tee, supplemental order for printingSupplemental order for printingPe —

r°0nnel classification plan, changes consisting of in-creases in maximum annual salaries for posi-tions of janitor, charwoman, elevator starter,elevator operator, split watch operator, andassistant starter approved

of member banks for postage and other transpor-tation costs, procedure to become effectiveAugust 1, member banks to be notified, Secre-

Ileserl, tary to advise President

- ves, penalties for deficiencies resulting from blizzardconditions waived for District 2/ 4 175

Reimbursement

131Pages

697

593'8441763

11/ 7

12/31

12/125/219/24

1539

1850

1745775

1325

8/ 5 1137

7/31 1122


FRBank of Chicago: (Continued)Salaries:

132Pages

Employees, noted without objection 3/18 419Employees, minimum and maximum salaries approved for re-

spective grades, in connection with jobclassification plan 8/28 1224

Officers, Messrs. Young and Avery to be invited to discussquestion of salaries of FRBank with PersonnelCommittee 3/25 460

Discussion of Messrs. Young and Avery with PersonnelCommittee 4/ 4 512

Approved for 1947, after discussion of entire program,further recommendations for officers aboverank of Cashier, including Manager of DetroitBranch, to be considered upon submission byChicago Bank 4/ 4 515

Increases approved after new recommendation 5/ 1 667sho rt-term Government securities, custody for non-member banks,to be considered at Presidents Conference,delay of removal permissible if desired 5/16 741Staff:

Avery, Clarence W., FRAgent, to be appointed for unex-pired portion of term if willing to accept,Mr. Hoffman to be asked to confer with

Designation for 1947 approvedRedesignation for 1948

Bachman, William C., Assistant Vice President, salaryapproved if fixed by Chicago board, after

2/213/ 612/15

2403391757

discussion of increase 4/ 4 516Barton, Orville C., Assistant Counsel, salary approved 4/ 4 516Black, Allan M., Cashier, salary approved if fixed by

Chicago board, after discussion of increase 4/ 4 516Bristow, Edward D., Assistant Cashier, salary approved 4/ 4 516Carroll, Phil C., Assistant Cashier, salary approved 4/ 4 516Carter, Charles L., designation as special assistant

examiner approved 7/ 9 1029Appointment as assistant examiner approved 12/22 1818

Dawes, Neil B., Vice President, salary approved if fixedby Chicago board 4/ 4 516

. Salary increase approved after new recommendation 5/ 1 668Diercks, Wilford R., Vice President in charge of Bank Ex-

amination Department, designation and salaryapproved 1/15 61

Salary approved after discussion of increase 4/ 4 516Dillard, J. H., Vice Presidentlsalary increase proposed,

discussion of work and contribution to opera-tion of Bank 4/ 4 513

Salary approved if fixed by Chicago board, after dis-cussion of capabilities 4/ 4 516

Salary increase approved after new recommendation 5/ 1 668


FREankOf Chicago: (Continued)

Staff: (Continued)Dunn, Charles B., First Vice President, salary increase

proposed, Messrs. Young and Avery invited todiscuss question of salaries with PersonnelCommittee 3/25 460

Salary approved if fixed by Chicago board 4/ 4 516Endres, John J., Auditor, salary approved after discus-

sion of proposed increase 4/ 4 516Examining departments, plan of loaning to other depart-

ments in connection with executive develop-ment program 8/28 1228

Garvy, John W., Asst. General Counsel, salary approved 4/ 4 516Heath, Edward A., Assistant Cashier and Assistant Secre-

tary, salary approved 4/ 4 516Hodge, Paul C., General Counsel, salary approved 4/ 4 516Hopkins, Walter A., Assistant Cashier, salary approved 4/ 4 516Jones, Laurence H., Assistant Vice President, salary ap-

proved 1/21 94Salary approved 4/ 4 516

Laibly, Clarence T., Assistant Cashier, salary approved 4/ 4 516Langum, John K., Vice President, salary approved after

discussion of increase 4/ 4 516Lies, Mark A., Asst. Vice President, salary approved 4/ 4 516Lindsten, Frank A., Assistant Vice President, salary ap-

proved 1/21 94Salary approved 4/ 4 516

Meyer, Louis G., Asst. Vice President, salary approved 4/ 4 516Netterstrom, Otto J., Vice President, salary approved if

fixed by Chicago board 4/ 4 516Salary increase approved after new recommendation 5/ 1 668

Newman, Harold J., Assistant Cashier, salary approved 4/ 4 516Olson, Arthur L., Vice President, salary approved if fixed

by Chicago board 4/ It 516Salary increase approved after new recommendation 5/ 1 668

O'Neill, Hugh, designation as special assistant examinerapproved 8/28 1228

Petersen, Ingolf J., Assistant Cashier, salary approved 4/ 4 516Purrington, F. L., Asst. Vice President, salary approved 4/ 4 516Reilly, Charles Henry, Jr., designation as special as-

sistant examiner approved 8/25 1212Appointment as assistant examiner approved 12/22 1818

Saltnes, Carl M., Assistant Cashier, salary approved 4/ 4 516Scanlon, Charles J., Alt. Asst. FRAgent, salary approved 12/ 3 1683Schelling, Carl, Asst. FRAgent, salary approved 12/ 3 1683Sihler, Alfred T., Vice President, salary approved if

fixed by Chicago board 4/ 4 516Salary increase approved after new recommendation 5/ 1 668

Sorg, Robert E., appointment as examiner approved, for-mer7y assistant examiner 6/ 3 836

Spaeth, Carl F., Jr., designation as special assistantexaminer 10/24 1479

133Pages


134PRBank Pages

of Chicago: (Continued)Staff: (Continued)

Turner, William W., Asst. Vice President, salary approved 4/ 4 516Wells, Xalter W., appointment as examiner approved, form-

erly assistant examiner 6/ 3 836Young, C. S., President, salary increase not approved, in-

vited to discuss question of salaries of

officers of FRBanks with Personnel Committee 3/25 460Salaries of officers discussed at meeting with Per-

sonnel Committee 4/ 4 512Salary approved if fixed by Chicago board 4/ 4 516Proposed salary increase not approved 5/ 1 669

suit threatened by former employee of Detroit Branch, iffiled answer to be delayed until after action

by Congress on pending labor legislation 4/15 575Suit •filed in Detroit re Fair Labor Standards Act, Bank to

proceed with case without defense that Act

does not apply to FRBanks 7/ 2 1005--tim of Cleveland:B•anking conditions in districts, report re, reply to letter

Bank from Mr. Gidney 4/28 651

i-ng quarters, no objection to construction of additionalvault 1/27 122

No objection to project for modernization of lighting 3/14 411t_ No objection to program for modernization of lighting 9/23 13204amination, copy of report left for information of Chairman

and directors, comments requested 8/ 8 116]PRntem oo_. s, supplemental order for printing 1/ 3 10

"lng picture, original to be made for System use, authoriza-tion to be requested, discussion at Presidents

1Pi Conference 0/ 7 1402lms to be used as educational project, authorization for

expenditure deferred 10/17 1444Isteplation V, information re experience under 1/20 91d_Laries:


spective grades, in connection with job classi-

fication plan 9/ 8 1254

Payment below minimum for eleven approved for tempo- 12/29 1836tempo-

rary periodOfficers, informal discussion, employment of outside

counsel to be discontinued after May 1, 1948,

Bank to be advised at time of formal approval

of salaries 4/11 554si„Officers, approved 4/29 656

Sanders and Dempsey, retainer as counsel approved,outside counsel not to be employed after April30, 1948 4/29 657

Staff:

Anderson, J. B., Assistant Cashier, salary approved 4/29 657Blair, "4-. T., Secretary, salary approved 4/29 657


nk of Cleveland: (Continued)Staff: (Continued)

Bolthouse, C. J., Assistant Cashier, salary approved 4/29 657Brainard, George C., FRAgent, to appear before Board

on purchase of building for Cincinnati Branch 5/13 710Present at Board meeting to discuss purchase of

Chamber of Commerce Building in Cincinnati 5/15 727Redesignation for 1948 12/15 1757

Clouse, R. R., Asst. Vice President, salary approved 4/29 657Coleman, Kenneth S., assistant examiner, appointment ap-

proved 3/10 358Coulter, William Alexander, appointment as assistant

examiner approved 5/ 8 691Daeuble, F. William, Supervisor of Government Coupon

Division, salary approved 1/16 69Ehninger, C. F., Auditor, salary approved 4/29 657Emde, G. H., Assistant Cashier, salary approved 4/29 657Findeisen, W. L., Asst. Vice President, salary approved 4/29 657Fletcher, W. H., First Vice President, salary approved 4/29 656Fricek, Elmer F., Alt. Asst. FRAgent, salary approved 9/30 1348Fulton, W. D., Vice President, salary approved 4/29 656Gidney, Ray M., first alternate for Presidents on execu-

tive committee of FOMC 3/20 436Salary approved 4/29 656Present at Board meeting to discuss purchase of

Chamber of Commerce Building in Cincinnati 5/15 727To appear before Board on purchase of building for

Cincinnati Branch 5/13 710Gottschalk, Ray, designation as special assistant examiner1/30 146Holl, Carl E., designation as special assistant examiner 1/30 146Hostetler, L. M., Manager, Research Department, salary

approved 4/29 657Kegerreis, Robert J., designation as special assistant

examiner 1/30 146Laning, A. H., Vice President and Cashier, salary approved4/29 656Lowe, J. R., Assistant Cashier, salary approved 4/29 657

Salary approved 11/20 1600May, Willard S., designation as special assistant ex-

aminer 1/30 146Miller, Elfer E., designation as special assistant ex-

aminer 1/30 146Miller, J. M., Assistant Cashier, salary approved 4/29 657

Salary approved 11/20 1600Morrison, M., Vice President, salary approved 4/29 657Olsen, Jeanette F., analyst, continuation of assignment

approved 1/30 147Flagman, Alvin Chester, appointment as assistant examiner

approved 5/ 8 691Robinson, Donald C., analyst, continuation of assignment

approved 1/30 147

135Pages


FRBank of Cleveland: (Continued)Staff: (Continued)

136Pages

Ross, Geo. R., Assistant Cashier, salary approved 4/29 657Salary approved 11/20 1600

Schellenberger, Walter, designation as special assistant

examiner 1/30 146

Seavert, Edward, Expense Ledger and Voucher Clerk in Ex-

pense Accounting Department, continuation of

temporary assignment and salary approved 5/ 8 691Smith, H. E. J., Asst. Vice President, salary approved 4/29 657

Smith, Virginia L., analyst, continuation of assignment

approved 1/30 147

Squire, Sanders & Dempsey, payment of fee for special serv-

ices in connection with purchase of Chamber

of Commerce Building, Cincinnati, Ohio,

approved 10/17 1452Stetzelberger, P. C., Asst. Vice President, salary ap-

proved 4/29 657

Taylor, N. F., Vice President, salary approved 4/29 657

Thompson, D. S., Vice President, salary approved 4/29 657

Wendt, Karl P., analyst, continuation of assignment ap-

proved 1/30 147ank of Dallas:Bank and public relations program, changes in official staff

Budget:

Bank Examination and Aesearch and Statistical functions,

reasons for exceeding approved budget re-

quested 11/ 7 1539

Bank Examination Department, revised budget for 1947approved 11/21 1629

Cafeteria expense for 1947, percentage absorbed to be

brought within 50%, information requested 11/ 5 1532Expenses in excess of estimate for last half of 1947, ac-

knowledgment of letter re 12/31 1851

Cafeteria, absorption of expense to be brought within 50%,

information requested 11/ 5 1532

Net expense to be brought within 50% authorized, advice

to Mr. Gilbert 11/ 7 1539

Absorption of more than 50 per cent of expenses, reduc-

tion to be made as of Jan. 1, 1948, and ad-

vice re plan to be used requested 12/ 5 1711

Absorption of more than 50%, deferment of adjustment in

prices approved, advice re changes to be made

requested 12/29 1837Currency shipments to nonmember banks at request of member

banks, letter on absorbing expenses by member

banks sent to 1/ 8 240'

banksof 39 employees, NLRB to hold informal investigation,

statement to be sent to Board 2/11 193Examination, copy of report left for information of Chairman

and directors, comments requested, advice re

personnel situation also desired 4/ 1 1497

in connection with 2/24 245


137

PR PagesBank of Dallas: (Continued)PRnotes, supplemental order for printing 5/ 9 701

Supplemental order for printing 9/ 3 1260Supplemental order for printing 10/27 1487

Labor union problems, NLRB to hold informal investigation redischarge of 39 employees, statement to besent to Board 2/11 193

Report of Mr. Eads re discharge of 44 employees, statementof Mr. Townsend re situation, Personnel Com-mittee to submit recommendation as to procedureto be followed

No action to be taken at present to reinstate two formeremployees, Messrs. Clouse and Terry

Personnel administration, Personnel Committee to discussmatter with Mr. Parten

Discussion of matter by Mr. ClaytonClayton to go to Dallaswith Messrs. Parten andCommittee of Bank

Personnel classification plan, changes involving PersonnelDepartment approved

RFC capital stock, retirement by banks, program to be devel-oped, acknowledgment of letter re

Salaries:Employees,Employees,

OfficersStaff:

with Mr. Parten, Mr.to discuss situationGilbert and Personnel

noted without objectionminimum and maximum salaries approved for re-spective grades, in connection with job clas-sification plan

approved

Austin, E. B., Vice President, salary approvedSalary approved

Bain, Travis Whitsett, appointment as assistant examinerapproved

Appointment as examiner approved, formerly assistant

examinerBevill, O. C., salary in excess of maximum approvedBoles, J. V. Asst. FRAgent, salary approved

14/8 531

4/11 551

4/11 551

4/15 573

2/19 224

4/14 570

3/18 419

1226844

246844

846

8/286/ 4

2/246/ 4

6/ 4

Carrithers, Howard, Assistant Cashier, salary approved 2/24

Salary approved 6/ 4Clayton, Howard, designation as special assistant examiner4/ 7Clouse, Mr., reinstatement discussed but no action taken 4/11Coleman, R. B., Vice President, salary approved 6/ 4Cook, J. L., Assistant Cashier, salary approved 6/ 4Coomer, Emily, salary in excess of maximum approved 11/19Cummins, Elizabeth, salary in excess of maximum approved 11/19DeMoss, H. R., Vice President, salary approved 6/ 4Discharge of 39 employees, informal investigations to be

held by NLRB, statement re to be sent toBoard

Dupree, Mildred, salary in excess of maximum approvedDye, Marion, salary in excess of maximum approved

17351595

324684452255184484415951595844

2/11 19311/19 159511/19 1595


138Pages

PRBank of Dallas: (Continued)Staff: (Continued)

Gentry, X. D., First Vice President, salary approved butat less than recommended 6/ 4 845

Gilbert, R. R., President, discharge of 39 employees,statement re 2/11 194

Salary approved 6/ 4 844Reimbursement of member banks for postage and other

transportation costs, discussion of resolutionre, procedure to become effective August 1 7/31 1120

Gillespie, Marvin Earnest, appointment as assistant exami-ner approved 6/11 903

Irons, do H., Vice President, salary approved 6/ 4 844Johnson, C. P., salary in excess of maximum approved 11/19 1595Johnson, H. D., Counsel, salary approved 6/ 4 844Kidd, W. B., Alt. Asst. FRAgent„ salary approved 1/ 2 3Michaelis, A. C., Assistant Cashier, salary approved 6/ 4 844Novey, F. T., General Auditor, salary approved 6/ 4 844Parten, J. R., FRAgent, redesignation for 1948 12/15 1757Peck, G. F., salary in excess of maximum approved 11/19 1595Pondrom, L. G., Vice President and Cashier, salary ap-

proved 2/24 246Salary approved but at less than recommended by Mr.

Vardaman 6/ 4 844Price, Edward, Alt. Asst. FRAgent, salary approved 1/ 2 3Quisenberry, Roy Mims, appointment as assistant examiner

approved 12/30 1842Renner, H. B., salary in excess of maximum approved 11/19 1595Rice, Morgan H., Asst. Vice President and Secretary,

salary approved 6/ 4 844Rodgers, Samuel Andrew, designation as special assistant

examiner 6/ 4 847Appointment as assistant examiner approved 12/26 1842

Rowland, C. M., Assistant Cashier, salary approved 6/ 4 844Rytikow, Neville, salary in excess of maximum approved 11/19 1595Schumacher, Victor Peter, appointment as examiner ap-

proved 3/13 398Simmons, James Pat, assistant examiner, appointment ap-

proved 7/ 1 1000Starr, Mary Katherine, salary in excess of maximum ap-

proved 11/19 1595Steil, Gladys, salary in excess of maximum approved 11/19 1595Terrys Mr., reinstatement discussed but no action taken 4/11 551gebb, R. 0., Assistant Cashier, salary approved 6/ 4 844Zimmerman, Robert Elkin, appointment as assistant examiner

FIN, approved 1/29 140of Kansas City:

ildget for 1948, question of 5 per cent increase in salaries,information requested 11/14 1554ca

reteria, firm of experts employed to study operations andto submit report 10/ 7 13930 afeteria expenses, reduction of portion absorbed below 50per cent limit, as of January 1, 1948, re-quested 12/10 1731Digitized for FRASER

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

139PRPages

Bank of Kansas City: (Continued)Examination, copy of report left for information of Chairman

and directors, comments requested 4/23 629FRnotes, supplemental order for printing 5/21 775Hospitalization, expenditure approved for program with ex-

ception of sponsored dependents 2/ 7 189Loan fund for employees, increase requested, memo to be pre-pared by Mr. Smead, draft of letter to Mr.Sproul to be prepared asking that matter beconsidered at Presidents Conference 12/15 1760

Reimbursement of member banks for postage and other trans-portation costs, procedure to become ef-fective August 1, member banks to be notified,

Salaries: Secretary to advise President 7/31 1122



Stag ficers) approved 5/23 790

Alexander, F. .V., Assistant Cashier, salary approved 1/ 2 2Salary approved 5/23 790

Allendoerfer, Maurice, Asst. FRAgent, salary approved 1/ 9 30Brown, Lewis A., designation as special assistant

examiner 1/17 86Caldwell, Robert B., FRAgent, redesignation for 1948 12/15 1757Copeland, Edward L., designation as special assistant

examiner 1/17 86Fogle„ Xilliam C., designation as special assistant ex-

aminer 1/17 86Gregory, G. A., Assistant Vice President, salary approvedl/ 2 2

Salary approved 5/23 790Johns, Delos C., Vice President, General Counsel, and

Secretary, salary approved 5/23 790Kennedy, Joseph G., retention in active service until

December 31, 1947, and salary approved 7/ 1 1000Koppang, Henry 0., First Vice President, salary approved 5/23 790Leody, H. G., President, salary approved 5/23 790

Reserve city designation, changes suggested in pro-posed formula, decision not to be made atpresent 11/21 1610

Mathes, Russell L., Vice President, salary approved 11/24 1633Park, M. N. E., Assistant Cashier, salary approved 5/23 790

Salary approved 1/ 2 2Parrish, Bess G., salary approved for active service

during period January - June 30, 1947 1/30 147Phillips, John, Jr., Vice President, salary approved 5/23 790Poister, Clarence Emerson, appointment as examiner ap-

3/25 )463proved


FRBank of Kansas City: (Continued)Staff: (Continued)

Robb, T. Bruce, Director of Agricultural Research,salary approved

Director of Research, designation as officer incharge of Research Department and salaryapproved

Sandy, C. E., Auditor,Salary approved

Screechfield, Elmer L.,approved

Self, Kenneth B., Alt. Asst. FRAgent, salary approvedSherman, E. U., Assistant Cashier, salary approved

Salary approvedStannard, Albert M., Chief Telegraph Operator, salary

approvedSteffens, Harry Thomas, reappointment as assistant exam-

iner approvedStewart, Virgil A., carpenter, payment to retirement system

approved, approval to be obtained for salaryif active service continued

Salary approved for retentionpayments waived

'Lawson, Lawrence W., designation as special assistantexaminer

Tyner, E. P., Assistant Cashier, salary approvedSalary approved, retirement age to be reached on

May 30Salary and retention in active service through Decem-

ber 31, 1947, approvedSalary approved for retention in service,

payments waivedVaughn, George A., retention in active service and

approved for 1947Woolley, D. W., Vice President and Cashier, salary

approved12k of Minneapolis:zlIdget:

Bank Examination and Research and Statistical functions,reasons for exceeding approved budget re-quested 11/ 7

Report for 1948, explanatory statement re materialdifferences requested 11/ 3

Research expenses, no action required as less than amount

H• approved in original 1947 budget°sPitalization and surgical benefits, expenditure for pro-

gram approved, but cost of membership to beshared by Bank only for members of immediatefamily of employee

Personnel classification plan, change consisting of increasein maximum salary for Personnel Supervisorapproved

in service, retirement

retirement12/31

salary

9/24

12/31

1/171/ 2

5/23

6/6

5/2

5/23

salary approved

140Pages

5/231/ 25/23

appointment as assistant examiner12/ 9 17281/9 301/2 25/23 790

7912

790

6/27 991

5/14 725

1323

1845

862

790

858

1845

674

790

1539

1518

12/12 1745

3/25 462

5/14 724


FRBank of Minneapolis: (Continued)Reimbursement of member banks for postage and other trans-

portation costs, procedure to become ef-fective August 1, member banks to be notified,Secretary to advise President 7/31 1122

Reserve-, penalties for deficiencies, no objection to con-tinuance of procedure re handling on currentinstead of monthly basis 2/18 223

Salaries:Employees, noted without objection, including salary

of Mr. Karl VanderHorck, Examiner 3/18 419Employees, minimum and maximum salaries approved for re-

spective grades, in connection with job clas-sification plan 8/28 1225

Staff: Officers, approved 5/ 1 669

Burke, Charles H., designation as special assistant exam-iner approved 7/ 9 1031

Core, H. C., Personnel Officer, salary approved 5/ 1 670Dudich, Simon, guard, salary approved 1/22 98Ferrian, N. S., Review Clerk and Alt. Asst. FRAgent,

salary approved 12/18 1789Johnson, John, Head of Collection Dept. and Alt. Asst.

FRAgent, salary approved 12/18 1789Johnson, Robert C., designation as special assistant ex-

aminer 12/ 5 1704Larson, A. R., Assistant Cashier, salary approved 5/ 1 670Larson, E. B., Assistant Vice President, salary approved 5/ 1 670Lysen, M. E., Operating Research Officer, salary approved 5/ 1 670McConnell, H. G., Vice President, appointment as examiner,

designation as officer in charge of BankExamination Department, and salary approved 5/ 1 670

McCracken, P. N., Director of Research, salary approved 5/ 1 670McNulty, Arthur J., appointment as examiner approved,

formerly assistant examiner 11/10 1541Mills, A. W., Vice President and Cashier, salary approved 5/ 1 670Ohnstad, O. W., Auditor, salary approved 5/ 1 670Peterson, W. E., Assistant Cashier, salary approved 5/ 1 670Peyton, John N., second alternate for Presidents on

executive committee of FOMC 3/20 436Salary approved 5/ 1 670

Powell, O. S., First Vice President, salary approved 5/ 1 670Preston, O. R., Vice President, salary approved 5/ 1 670Rockwell, George M., designation as special assistant

examiner approved, to be assigned to BankExamination Department temporarily 9/ 8 1257

Pyan, James P., guard, salary approved 1/22 98Shepard, Roger B., FRAgent, redesignation for 1948 12/15 1757Strothman, M. H., Jr., Assistant Counsel, salary approved 5/ 1 670Swanson, E. W., retirement, supplemental contribution not

to be granted 1/ 3 8Swenson, Louis X., Supervisor of Guards, salary approved 1/22 98

1111Pages


142

FRBan Pages

k of Minneapolis: (Continued)Staff: (Continued)

Teachworth, Gaylord H., Supervisor of Guards, salary

approved 1/22 98Tillander, C. E., Chief Examiner and Asst. FRAgent,

salary approved 12/18 1789Turner, 4. H., Assistant Cashier, salary approved 5/ 1 670Ueland, Sigurd, Vice President and Counsel, salary

approved 5/ 1 670

VanderHorck, Karl, salary as examiner approved 3/18 419Ziemer, H. I,, Vice President and Secretary, salary

FR Bank of New York:

approved 5/ 1 67o

Annual report, draft of 1946 submitted and contents dis-

cussed, proposal of Mr. Eccles to be

submitted for study 4/ 8 528Changes to eliminate discussions of national policies,

memo of Chairman Eccles approved, further

conference to be held with Mr. Sproul 4/15 579Bank for International Settlements, reply to be made to

letter from Governor Frere, advice re sent

to 8/ 1 1130Budget:

Bank Examination and Research and Statistical functions,

reasons for exceeding approved budget

requested 1 11/ 7 1539Expenses in excess of estimate for last half of 1947,

acknowledgment of letter 12/31 1848Research and Statistical function, revised budget for

1947 approved 12/12 1745Custodian of Government securities pledged as collateral

for loans made by other Reserve banks to

member banks in their districts 11/25 1640In of, assistance by examiners of FRBank of

Richmond, payment of voucher approved 9/ 2 1244Report considered, suggestions of Board re investiga-

tion conducted in recent defalcation in

Clearings Division, and per diem payments

to Mr. Overby while serving as Assistant

to Secretary of the Treasury 10/21 1470Discussion of manner of conducting investigation of

recent defalcation and of per diem payments

to former Asst. Vice President serving as

assistant to Secretary of Treasury, not to

be discussed at Chairmen's Conference and

not to be taken up with FRBanks 11/26 1671Federal funds, purchase and sale by member banks in New

York district, no action to be taken onintradistrict or interdistrict basis 10/17 1446

Fc)reign accounts:Austrian National Bank, opening of account approved 12/18 1791Banco Central de la Republica Dominicana, opening and

maintenance of account approved 10/24 1484Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

143PR A-0_ Pages

of New York: (Continued)Forel gn accounts: (Continued)

Central Corporation of Banking Companies, Budapest,Hungary, no objection to new letter of terms,and conditions in form of usual standardletter, advice to 7/24 1100Porei gn funds, operations of foreign correspondence to conformto domestic monetary policy, progress of in-formation re, Board to be kept advised ofdevelopments 8/13 1176I

nternational Bank for Reconstruction and Development, toact as fiscal agent re bond issue of, agreement

23 1095/approvedLeased telephone line from Board, no change to be made at

present, discussion of memo from Mr. Bethea 5/13 717Loans:

Banco Central de Bolivia approved subject to certain condi-tions 3/21 447

Banco Central del Ecuador approved subject to certainconditions 5/ 2 678

Bank of England, approved subject to certain conditions 4/18 611Increase in loan approved, subject to certain condi-

tions 8/15 1189Bank of France, approved 11/26 1674Bank Polski, loan approved subject to certain conditions 2/14 214

Extension of loan approved subject to certainconditions 7/ 2 1012



Extension of loan approved subject to certainconditions 10/15 1434

Three months extension of loan approved 12/ 5 1714Extension of three loans approved 12/16 1771

Banque Centrale de la Republique de Turquie, loan orloans approved subject to certain conditions 190/A T55

Increase in loan or loans approvedBanque de Grece, three months extension approved sub-

ject to certain conditions 3/21 448Extension approved subject to certain conditions 6/20

9Extension approved, subject to certain conditions 9/19 122Extension of loan for three months approved 12/19 1815M anagement of investments of retirement system, discussion

M of transfer to 12/ 5 1697einu

1,er banks requested not to buy and sell Federal funds

outside of district, policy discussed at

M meeting with Federal Advisory Council 9/23 1293.Me to staff members who served in World Afar II and to

those who died in service, authorized by CPA 1/ 3 9


PRBa.nk of New York: (Continued)National Bank of Nicaragua, application for loan, draft of

letter from Mr. Sproul, comments re 3/ 4 328Personnel classification plan, changes consisting of estab-

lishment of two new positions approved 1/22 97Changes involving Cable Division of Foreign Department

approved 2/ 3 155Changes involving abolition of certain positions in RFC

Custody and Savings Bond Redemption Depart-ments approved 4/ 2 498

Changes involved in consolidation of Records Section withDelivery Section of Savings Bond Issue Divi-sion, Government Bond Department, approved 4/18 606

Changes consisting of increases in maximum salaries forpositions of Day Charwoman and Night Charwomanapproved 5/27 801

Changes involved in consolidation of Treasury Check andCard Check Divisions into Government CheckDivision, and elimination of Ration CheckSection approved 7/15 1059

RFC; capital stock, retirement of, acknowledgment of letter reprogram for 5/29 826

Retirement system, agent for, discussion of suggestion, ques-tion to be considered further 10/31 1496Salaries:


spective grades, in connection with job classi-fication plan 9/18 1282

Officer, approved 3/25 456Staff:

Abrahams, William F., Manager, Security Custody Depart-ment, salary approved 3/25 458

Allen, Loren B., Asst. Vice President, salary approved 3/25 457Armbruster, John P., designation as special assistant

examiner 8/ 4 1133Athern, Charles R., Foreign Department, assignment in un-

assigned position to be continued for sixmonths 1/27 131

Auchter, Joseph C., continuation of temporary assignmentfor six months approved 7/15 1059

Barrows, Dudley H., Manager, Unassigned, salary approved 3/25 458Bilby, Harold A., Asst. Vice President, salary approved 3/25 457Boston, Lyon, Special Attorney, salary approved 1/13 45Bowman, Curtis R., Manager, Credit Department and Discount

Department, salary approved 3/25 458Boyd, Harry M., Manager, Safekeeping Department, salary

approved 3/25 458Burt, Nesley N., Manager, Savings Bond Redemption Depart-

ment, salary approved 3/25 458Cameron, Donald J., Asst. General Auditor, salary approved3/25 459

144Pages


145Pages

PRBank of New York: (Continued)Staff: (Continued)

Carroll, James J., Manager, Planning Department, salaryapproved 3/25 458

Clarke, John J!, Asst. Counsel and Asst. Secretary/salary approved 3/25 459

Cowan, J. Harding, Special Attorney, salary approved 1/13 45Crosse, Howard D., assigned to American-Philippine Finan-

cial Commission for three months, travelingexpenses and per diem to be paid by StateDepartment, with salary to be continued atBank 1/7 11

Manager, Collection Department, salary approved 7/14 1055Davis, Felix T., Asst. Vice President, salary approved 3/25 457Davis, Norman Pop Asst. Vice President, salary approved 3/25 458Dillistin, William H., General Auditor, salary approved 3/25 459Douglas, Edward 0., Vice President, salary approved 3/25 457Eaton, Charles, designation as special assistant examiner 8/ 4 1133

Appointment as assistant examiner approved 9/ 9 1261Emmons, Henry T., continuation as Job Analyst "T", Per-

sonnel Department, for six months approved 2/28 319Continuation of temporary assignment for six months

approved 7/15 1059Emond, Eugene P., designation as special assistant exam-

iner 8/ 4 1133Endresen, Ingrid, payment to retirement system on behalf

of, approved 1/ 9 29ritchen, Paul R., Manager, Cash Custody Department, salary

approved 3/25 458Gaden, Elmer L., continuation of temporary assignment for

six months approved 7/15 1059Garvey, George:

"Debits and Clearings Statistics, Their Backgroundand Interpretation", publication and distri-bution authorized by Board 7/ 2 1019

Gilson, James C., extension of temporary assignment forsix months approved 8/12 1170

Gordon, Joseph P., designation as special assistant ex-

aminer 8/ 4 1133Harris, Marcus A., Manager, Government Bond Department,

salary approved 3/25 458Heinl, William A., Manager, Personnel Department, salary

approved 3/25 458Holland, William F., appointment as examiner approved 1/ 9 29Howard, Thomas P., continuation of unassigned position in

Cash and Collection Function approved forsix months 4/ 1 495

Jones, J. Nilson, Vice President, salary approved 3/25 457Kimball, Herbert H., Vice President, salary approved 3/25 457Keena, Vivian E., extension of temporary assignment for

six months approved 8/12 1170


146

FRBarilc Pages

of New York: (Continued)Staff: (Continued)

Kirmss, Alfred, appointment as assistant examinerapproved 1/ 9 29

Knoke, L. derner, Vice President, salary approved 3/25 457Trip to Latin American countries to visit central

banks approved, visit to Central and SouthAmerica to be deferred 2/25 260

Lang, Peter P., Manager, Foreign Department, salary ap-proved 3/25 458

Lindsay, Thomas F., continuation of temporary assignmentapproved 3/28 488

Logan, Nalter S., Vice President and General Counsel,salary approved but at less than recommended 3/25 459

Luechinger, Urban, contination of temporary assignmentfor six months approved 7/15 1059

Macdonnel, Moylan, continuation for six months in unas-signed position in Purchasing Division ofPlanning Department approved 1/15 60

Mahn, Edward B., appointment as examiner approved 1/ 9 29Marsh, Spencer S., Jr., Manager, Accounting Department,

salary approved 3/25 458McGee, Eugene M., designation as special assistant exam-

iner 8/ 4 1133Appointment as assistant examiner approved 9/ 9 1261

McLaughlin, Michael J., Manager, Collection Department,salary approved 3/25 458

Meyer, Harry J., appointed examiner of Board to partici-pate in examination of Chase Bank, New York,N. Y. 9/30 1348

Miller, Silas A., Asst. Vice President, salary approved 3/25 458Mittricker, Franklin F., Jr., designation as special as-

sistant examiner 8/ 4 1133Moore, 0. Ernest, Manager, Research Department, salary

approved 3/25 458Trip to visit central banks of South and Central

America and possibly Mexico approved 8/ 1 1129Morgan, Donald J., continuation of temporary assignment

approved 3/28 488Officers, assignment of duties mentioned in letter to Mr.

Sproul 1/27 115O'Toole, Cyril A., continuation of temporary assignment

for six months approved 7/15 1059Overby, Andrew N., per diem payments by FRBank while serv-

ing as Assistant to Secretary of the Treasury,objection by Board, in connection with exam-ination report 10/21 1470

Page, Arthur dilson, FRAgent, to be appointed for unex-pired portion of term if willing to accept,Chairman Eccles to confer with 2/21 240

Peterson, Franklin E., Manager, Bank Relations Department,salary approved 3/25 1458


147Prigank Pages

of New York: (Continued)Staff: (Continued)

Phelan, Arthur, Vice President, salary approved 3/25 457Piderit, Fred ff., Jr., appointment as examiner approved 1/ 9 29Post, Everett B., extension of temporary assignment for

six months approved 8/12 1170Ramsey, Andrew M., continuation as Job Analyst "T", Per-

sonnel Department, for six months approved 2/28 319Continuation of temporary assignment for six months

approved 7/15 1059Raubenheimer, Wallace 0.1 designation as special assistant

examiner 8/ 4 1133Reynolds, Edna K., Alt. Asst. FRAgent, salary approved 12/29 1836

Salary approved 1/ 7 11Roelse, Harold V., Vice President, salary approved 3/25 457Rounds, Leslie R., First Vice President, salary approved 3/25 457

Fiscal agent for International Bank for Re-Constructionand Development, current information re dutiesrequested 6/25 983

Rouse, Robert G., Vice President, salary approved 3/25 457Rozell, Walter H., Jr., Manager, Foreign Department,


Sanford, Horace L., Asst. Vice President, salary approved 3/25 458Trip to visit central banks of South and Central

America and possibly Mexico approved 8/ 1 1129Scheffer, Ralph W., Manager, Check Department, salary

approved 3/25 458Schmidt, William H., assignment to new position, noted 3/28 489Schofield, G. W., payment in connection with examination

of FRBank of Cleveland and reimbursement toFRBank of New York for traveling expensesapproved 6/25 983

Sheehan, William F., Chief Examiner, salary approved 3/25 458Sproul, Allan, President:

Appointment as Vice Chairman of executive committeeof FOMC, approved 3/20 436

Question of recording personal views in Policy recordof FOMC, letter re to be prepared by Messrs.Clayton and Carpenter 2/21 238

Salary approved 3/25 457Stanton, Aloysius J., continuation in assignment as

Senior Clerk "TA" approved 2/20 226Stryker, J. V. D., Asst. FRAgent, salary approved 12/29 1836Ten Eyck, Otto We, Asst. Vice President, salary approved 3/25 458Tiebout, Todd G., Asst. General Counsel, salary approved 3/25 457Treiber, William F., Asst. Vice President and Secretary,

salary approved 3/25 458Trimble, Rufus J., Asst. General Counsel, salary approved 3/25 457Van Houten, Charles N., Manager, R.F.C. Custody Department,



PR Bank of New York: (Continued)Staff: (Continued)

Von Klemperer, Alfred, granted six-month leave withoutpay for services with military governmentin Europe

Wallich, Henry C., trip to Latin American countries tovisit central banks approved, visit toCentral and South America to be deferred

To visit El Salvador on return trip from South Amer-ica

Ward, Francis T., Jr., appointmentapproved

Wendell, Roy E., Manager, Cash Department andCheck Department, salary approved

Wessel, Harold M., Manager, Planning Department,approved

Xilliams, John H., Economic Adviser, status and salaryarrangement for full-time or part-time basisapproved

Salary arrangement for full or part-time basis ap-proved

Willis, Valentine, Vice President, salary approvedWiltse, Reginald B., Vice President, salary approvedNorsnopp, Fred S., appointment as assistant examiner

approvedWulff, Daniel E., appointment as assistant examiner ap-

proved, FHA mortgage to be placed with someoneother than First National Bank of Freehold,New Jersey 11/13

pro3 Wurts, John H., Asst. Vice 3/25a/T:1k of Philadelphia:anking quarters, no objection

additionsCa f

eterias, survey of banks and insurance companiesExamination of, copy of report left for information

man and directors, comments requested 1/22Brittain, Evans and Lewis, retainer as Counsel approved,

outside counsel not to be employed after April30, 1948 4/29

Mac Coy,

Sal

as assistant examiner

Government

salary

President, salary approved

to proposed alterations and2/11

made re 10/ 7of Chair-

aries:Employees, noted without objectionEmployees, minimum and maximum salaries approved for re-

spective grades, in connection with job clas-sification plan

Adjustments to minimum of grade in connection withjob classification plan, list and reasons fordeferments after January 1, 1948, to be sub-mitted to Board

Officers, informal discussion, employment of outsidecounsel to be discontinued after May 1, 1948,Bank to be advised at time of formal approvalof salaries

Approved

148Pages

11/20 1600

2/25 260

5/19 744

1/9 29

3/25 458

3/25 459

1/27 115

3/253/253/25

459457457

1/9 29

1552458

2031391

99

655

3/18 )09

8/28 1223

9/ 9 1262

4/11 55465514/29


PRIlmlic of Philadelphia: (Continued)Staff:

Aff, Edward A., continuation of temporary assignmentpending completion of job evaluation programapproved

Apple, Elwood E., continuation of temporary assignmentpending completion of job evaluation programapproved

Beck, Edward G., designation as special assistantexaminer

Bernstein, Jack A., designation as special assistantexaminer

Bopp) Karl R., Director of Research, salary approvedSalary as Vice President approved

Bowman, Cyril J., designation as special assistant exam-iner

Braker, Elwood J., Alt. Asst. FRAgent, salary approvedBrutschea, Francis J., designation as special assistant

examinerBurr, Glendon M., Alt. Asst. FRAgent, appointment and

salary approvedSalary approved

Catanach, W. M., Assistant Cashier, salary approvedSalary approved

Daniels, Jay M., salary increase, Board approval notnecessary

Dash, Norman G., General Auditor, salary approvedSalary approved

Davis, j. J., First Vice President, salary approvedDeckert, George W.I.designation as special assistant

examinerDonaldson, L. E., Assistant Vice President, salary

approvedFerguson, Robert R., designation as

examinerFredericks, Morgan H., continuation

ment pending completionprogram approved

Gamber, Emily M., continuation of temporary assignment

pending completion of job evaluation program

approvedHarriet P., salary increase, Board approval not

necessaryGunsser, William A., appointment as examiner approvedHilkert, Robert N., Vice President, salary approvedHill, E. C., Vice President, salary approvedKauffman, John R., salary increase, Board approval not

necessaryKerlin, Quintin G., designation as special assistant

examinerMann, Clara L., continuation of temporary assignment

pending completion of job evaluation programapproved

Gray)

special assistant

of temporary assign-of job evaluation

149Pages

3/E) 357

3/10 357

4/ 4 519

10/ 8 14084/29 6557/ 9 1028

10/ 8 1408lo/15 1433

10/ 8 1408

3/5 3311o/15 14334/29 6551o/21 1467

10/15 14334/29 65510/21 14674/29 655

4/ 4 519

4/29 655

10/ 8 1408

3/10 357

3/Jo 357

1o/15 14331/31 1544/29 6554/29 655

1o/15 1433

)4')4 519

3/10 357


FRBa nk of Philadelphia: (Continued)Staff: (Continued)

McCabe, Thomas B., FRAgent, redesignation for 1948 12/15 1757McCreedy, Nm. G., Vice President and Secretary, salary

approved 4/29 655McIlhenny, C. A., Vice President, salary approved 4/29 655Newcomb, Margaret R., Alt. Asst. FRAgent, salary approved10/15 1433Noonan, David P., continuation of temporary assignment

pending completion of job evaluation programapproved 3/10 357

O'Grady, John J., designation as special assistant exam-iner

Poorman,4/ 4 519

P. M., Cashier, salary approvedRehfuss, J. Frank, Asst. FRAgent, salary approved 1 0 1MRobinson, D. Patrick M., designation as special assistant

examiner 10/ 8 1408Roeder, Harry N., continuation of temporary assignment

Taylor, Jeanette C., continuation of temporary assignmentpending completion of job evaluation programapproved 3/10

Teal, J. Richard, designation as special assistant ex-aminer

Touhill, Rollin S., designation as special assiexaminer

Van Sant, Albert J., designation as specialexaminer

Vergari, J. V., Asst. Vice President and Asst.salary approved

Salary approvedaalton, Elsie M., continuation of temporary assignment

pending completion of job evaluation programapproved

Wilgus, Richard G., Assistant Cashier, salary approvedSalary approved

:villiams, Alfred H., President, salary approvedailliams, R. R., Asst. Vice President and Asst. Secre-

tary, salary approvedSalary approved

Of Richmond:Banking quarters, no objection to purchase of property1Budget:

Bank Examination and Research and Statistical functions,reasons for exceeding approved budget re-quested

150Pages

pending completion of job evaluation programapproved 3/10 357

Runser, Dorothy E., continuation of temporary assignmentpending completion of job evaluation programapproved 3/10

Sienkiaaicz, C. A., Vice President, salary approved 4/29Sink, John M., Jr., examiner, appointment approved 3/ 4Staats„ Robert F., designation as special assistant ex-

aminer 4/ 4 519

stant

assistant

Secretary,

4/ 4

4/ 4

4/ 4

4/29 65510/21 1467

357655326

357

519

519

519

3/10 3574/29 65510/21 14674/29 655

4/29 65510/21 1467

1/8 25

11/ 7 1539


fication planOfficers approved

Staff:

Armistead, N. L., Chief Examiner, salary approvedBarbour, Iola, cafeteria maid, salary approvedBrock, R. S., Jr., Auditor, salary approvedCreery, P. T., Assistant Trust Examiner, salary below

minimum of present grade approved for tempo-

PRBank of Richmond: (Continued)Budget: (Continued)

151Pages

Research and Statistical function, revised budget for1947 approved 12/12

Examination, copy of report left for information of Chairman and directors, comments requested 2/24

Copy of report left for information of Chairman and di-rectors, comments requested 11/25

Loans to employees for educational expenses, no objection toextension of employees' loan fund for 9/10

Regulation V loans1 no objection to publication of study on 4/11Salaries:

Employees, noted without objection 3/13Employees, minimum and maximum salaries approved for re-

spective grades, in connection with job classi-8/285/16

1745

248

1641

1265567

419

1224736

5/16 7361/14 575/16 736

12/29 1837assistant

12/ 3 1682

4/22 615assistant

Kincaid, Elbert A., Vice President, salary approvedLeach, Hugh, President, salary approvedMarshall, Ellwood P., designation as special assistant

examiner 2/24 245Martin, Upton S., Assistant Cashier, salary approved 5/16 736Meador, Vernon J., Assistant examiner, appointment

approved 6/19 942Mercer, Roger X., Vice President, salary approved 5/16 736Mills, U. H., Examiner, salary below minimum approved for

temporary period 12/29 1837Neville, Sophie, hospital maid, salary approved 1/14 57Nosker, John L., appointment as examiner approved, form-

erly assistant examiner 12/24 1827Nowlan, Joseph M., Assistant Cashier, salary approved 5/16 736Pickens, Robert W., Assistant Chief Guard, salary ap-

proved 1/14 57

rary periodDerieux, Samuel A., designation as special

examinerEllsworth, Jesse H., designation as special

examiner approvedGuthrie, Claude L., Vice President and Cashier, salary

approved 5/16 736Higgason, Beverly P., Alt. Asst. FRAgent, salary approved 1/14 56

Alt. Asst. FRAgent and Supplies Shipping Clerk,salary approved 12/23 1822

Hughes, Douglas T., appointment as assistant examinerapproved 12/11 1734

Johnstone, Albert S., Assistant Cashier, salary approved 5/16 7365/16 7365/16 736


FRBank of Richmond: (Continued)Staff: (Continued)

Robinson, Norman F., Jr., designation asant examiner

Shelburne, Clarence D., appointmentassistant examiner

Shepherd, Robert L., Asst. FRAgent,Salary approved

Strathy, Clair B., Vice President and Secretary, salaryapproved

Thompson, George E., Jr., Alternate Assistant FRAgent,appointment and salary approved

And Utility Discount and Credit Clerk, salary ap-proved

Tucker, Jesse R., Information Clerk, salary approvedTurner, J. Gillette, designation as special assistant

examinergakeham, Wythe B., Assistant Cashier, salary approvedWalden, John S., Jr., First Vice President, salary ap-

proved 5/16Wallace, Maxwell G., Counsel, salary approved 5/16Waller, Edward, Jr., Assistant Cashier, salary approved 5/16Watson, K. Brantley, Director of Personnel, salary

approved 2/20Salary approved 5/16

ffayne, Edward A., Vice President, salary approved 5/16PRpt, Wysor, W. G., FRAgent, redesignation for 1948 12/15-eTk of St. Iouis:Banking quarters, no objection to alterations and additions

to fourth floor, including installation ofair conditioning 3/ 5

No objection to expenditure for installation and purchaseof compressor and accessories for air condi-tioning of Nugent Building 8/27

No objection to expenditures for replacement of light fix-tures in Collection-Transfer Department 11/ 3

1311dgCet7ge-off on Nugent property authorized 12/29

Annual, reply to inquiry re procedure to be followed for1948 8/29

Bank Examination and Research and Statistical functions,reasons for exceeding approved budget re-quested 11/ 7

Expenses in excess of estimate for last half of 1947,acknowledgment of letter re 12/31

Research and Statistical function, revised budget for1947 approved 12/12

Charge-offs in connection with rehabilitation of propertyadjacent to bank 3/14

Contributions:Jefferson National Expansion Memorial Association, addi-

tional contribution not approved

special assist-

152Pages

2/24 245as examiner, formerly

12/24 1827salary approved 1/14 56

12/23 1822

5/16 736

L/2 498

12/23 18221/14 57

11/28 16765/16 736

736736736

227736736

1757

336

1218

15181840

12)42

1539

1850

1745

404

2/11 198


153

FRBank Pagesof St. Louis: (Continued)

ExPenditures in connection with rehabilitation of adjacentproperty, disposition approved, instruc-tions

A nlnotes, supplemental order for printingPersonnel classification plan, change consisting of estab-

lishment of position of Coordinator of Em-ployee Activities approved 3/ 5 332

Changes consisting of establishment of three new positionsin Check Collection Department approved 4/16 594

Changes consisting of establishment of positions of ChiefAnalyst, Personnel Department, Assistant Mana-ger, Budgets, Operations Analysis and Plan-ning Department, and Manager, Bank RelationsDepartment, approved 6/16 924

Salaries:Employees, noted without objection 3/18 419Employees, minimum and maximum salaries approved for re-


taff:Officers) approved 6/13 911

S

Archer, William Howard, assistant examiner, appointmentapproved 6/25 981

Arthur, L. K., Assistant Vice President, salary approved 6/13 912Attebery, Olin M., Vice President, salary approved 6/13 912Carstarphen, Lewis H., General Counsel and Secretary,


Davis, Chester C., President, member of executive com-mittee of FOMC 3/20 436

Salary approved 6/13 912

Additional payments to retirement system approved 10/31 1499Dearmont, Russell L., FRAgent, redesignation for 1948 12/15 1757Gales, J. Ho, Assistant Vice President, salary approved 6/13 912

Gilmore, S. F., Assistant Vice President, salary approved 6/13 912Hall, F. N., Assistant Vice President, salary approved 6/13 912Hitt, F. Guy, First Vice President, salary approved 6/13 912

Hollocher, G. O., Assistant Vice President, salary ap-

proved 6/13 912

Hoppe, Edward H., Alternate Assistant FRAgent, appointment

and salary approved 5/ 2 674Salary approved 12/23 1822

192//2 14 3 .Parker, Frank S., Assistant FRAgent, salary approved

182gSalary approved Peterson, Wm. E., Vice President, salary approved 6/13 912Stead, William H., Vice President, no objection to part-

time service with National Council of EconomicAdvisers to President Truman 3/ 5 332

Salary approved 6/13 912Stewart, C. M., Secretary, resignation accepted, salary

as Vice President approved 4/18 6o6


FRBank of St. Louis: (Continued)Staff: (Continued)

Neigel, Howard H., Assistant Vice President, salary

154Pages

6approved /13 912Notawa, J. C., General Auditor, salary approved 6/13 912

FR Zehner, Edward A., Assistant FRAgent, salary approved 4/16 593114 of San Francisco:Budget:


Expenses in excess of estimate for last half of 1947,acknowledgment of letter re 12/31 1852

Research and Statistical function, revised budget for

1947 approved 12/12 1745E xamination, copy of report left for informat4_on of Chairman

and directors, comments requested 1/15 66Plinotes, supplemental order for printing 1/21 96Fees and allowances of directors, schedule previously ap-

proved to be continued until new schedule

Pe adopted 1/ 8 22

rsonnel classification plan, changes approved 2/ 3 155Change consisting of increase in maximum salary for Ex-

aminer approved 5/21 774Salaries:


spective grades, in connection with job clas-sification plan 8/28 1226

Officers recommended for increase and contingent on ap-pointment of Mr. Mangels as First VicePresident, effective Jan. 1, 1947 1/30 148

Officers, approved for 1947 4/1] 555Chairman Eccles to discuss matter with directors,

acknowledgment of comments re 4/18 607

Official acknowledgment of letter re Board's views on 5/27 802Staff: 3

Aamodt, John N., assistant examiner, appointment approved,

no objection to indebtedness to Bothell State

Bank, Bothell, Wash., for loans to make im-

provements to home 6/25 981Agnew, Albert C., General Counsel, salary approved 4/11 555Ambrose, 4. N., Vice President, salary approved 1/15 63Armstrong, H.,Assistant Cashier, salary approved 4/ 11 555Barrett, T. W., Assistant Cashier, salary approved 4/11 555

Salary approved 12/31 1846Bishop, E. S., designation as special assistant examiner 12/26 1832

Brennan, Robert M., appointment as examiner approved 12/16 1769

Davis, D. L., Vice President, salary approved 1/15 63

Earhart, C. E., President, salary approved 4/11 555Galvin, E. H., Alt. Asst. FRAgent, salary approved 1/ 8 22



155FR PagesBank of San Francisco: (Continued)

Staff: (Continued)Grady, Henry F., FRAgent, appointment as Ambassador to

India, selection of successor considered 4/16 587Resignation to become Ambassador to India, letter of

appreciation for services 4/22 615Hardy, R. T., Assistant Vice President, salary approved 4/11 555Harmon, Myron J., designation as special assistant ex-

aminer 7/ 2 1015Holman, A. G., designation as special assistant examiner 12/26 1832Holman, F. H., General Auditor, salary approved 4/11 555Kelly, Douglas C., appointment as assistant examiner ap-

proved, no indebtedness to banks permissible 9/16 1276Leisner, J. M., Vice President and Cashier, salary ap-

proved 1/15 63Salary approved, effective Nov. 7, 1946 3/ 5 333Salary approved ,, 4/11 555

Mailliard, E. C., Assistant Vice President, salary ap-proved 4/11 555

Mangels, H. N., First Vice President, appointment andsalary approved, after statement of Mr. Gradyre discussions with bank officers in thedistrict 1/15 61

Salary adjustment effective January 1, 1947, adviceto FRBank 1/30 148

Salary adjustment to coincide with date of approvalof appointment, advice to Mr. Grady 3/ 5 333

Salary approved 4/11 555Milliken, R. C., Assistant Cashier, salary approved 4/11 555

Salary approved 12/31 1846Morris, John C., Jr., appointment as assistant examiner

approved 7/24 1097Mane, John A., Assistant General Counsel, salary ap-

proved 4/11 555Osmer, J. M., Assistant Vice President, salary approved 4/11 555Partner, N. L., Vice President, salary approved 1/15 63Randall, J. A., Assistant Cashier, salary approved 4/11 555Shaw, C. R., Vice President, salary approved 1/15 63Slade, H. F., Vice President, salary approved 1/15 63

Effective Nov. 7, 1946 3/ 5 333Salary approved 4/11 555

Staricco, John D., designation as special assistant ex-aminer 7/ 2 1015

Stone, P. M., Assistant FRAgent, salary approved 10/20 1454SYmns, Ronald T., Assistant Vice President, salary

approved 1/15 63Salary approved, effective November 7, 1946 3/ 5 333Salary approved 4/11 555

volberg, W. F., Vice President, salary approved 1/15 63Salary approved, effective Nov. 7, 1946 3/ 5 333Salary approved 4/11 555

Vandermark, John Jr., assistant examiner, appointmentapproved 3/ 3 321


PR Dank of San Francisco: (Continued)Staff: (Continued)

Nheeler, 0. P., Vice President, salary approvedSalary approved

Wilbur, Brayton, FRAgent, designation and salaryproved

Redesignation for 1948FRBanks:

Annual reports, discussion of question ofAssessment for expenses of Board for last

For first six months of 1948Audits, reports of, procedure for submission,

FRBanksof Government securities, bill to make exist-ing authority permanent, draft with recom-mendation for enactment sent to Chairmen ofSenate and House Banking and Currency Com-mittees

Legislation to make permanent, views of FAC requestedRequest for permanent, advice to Mr. LtHeureuxHearings before House Banking and Currency Committee of

H. R. 2233, discussion of payment of portionof earnings of FRBanks to Treasury in con-nection with

Extension of authority for three years recommended byFAC, discussion at meeting with Boardto authorize HBanks to purchase Governmentsecurities directly from Treasury, Board infavor of bill as passed by Congress, adviceto Bureau of the BudgetGovernment obligations by, amendment to Sec-tion 14(b), statement to be published in

B FRBulletin

anir examination policy, statement of Mr. Leonard submitted

to Presidents for study before joint meetingwith Board

conditions in districts, report, comments requestedon certain points in next

Banking quarters:Construction projects, no objection to necessary altera-

tions involving expenditure around $100,000,statement of Chairman Eccles

Direct purchase

H. R. 2413/

Purchase of

Banking

Budget:

Annual, submission to Board to be resumed, on form 634a,instructions to FRBanks

To be reviewed by Board Member and Divisions of BankOperations and Examinations, discussion of

To be submitted to Board not later than July 1, 1947Form FR 634a, instructions re, copies to be sent to

FRBanks

ap-

publication byhalf of 1947

advice to

156Pages

1/15 634/11 555

5/2 67512/15 1757

b/8 5296/2o 96512/15 1751

9/ 4 12h8

i/lo2/113/ 3

ho203321

3/ 7 349

3/11 383

4/24 633

5/2o 748

6/3 636

4/28 649

1/27 123

2/)4 16h

2/b 1663/14 405

4/10 546


FRBanks: (Continued)Budget: (Continued)

Bank examination function apnroved for 1947 after dis-cussion, subject of examination policy tobe placed on agenda for next meetings ofChairmen's and Presidents t Conferences 3/28 474

Luncheons, dinners, entertainment, etc., expenses to beincluded in general budgets 2/ 4 168

Statistical and anayltical function for 1947 approved,additional information re research depart-ments to be obtained before submission of1948 budgets 3/ 7 343

Budget for 1947, to cover last half of year only, advice toFRBanks 5/ 5 682

Budgets for 1948 approved, additional information requestedin some cases, date of submission changedto October 1, advice to FRBanks 12/19 1803

Budgetary procedure, suggestions from Presidents to be turnedover to Committee on Expense Accounting andDivision of Bank Operations to discuss matterivith Committee 4/15 583

Cafeterias, absorption of expenses, to be discussed at Presi-dents Conference 2/ 4 169

Absorption of, statement of policy to be sent to FRBanksafter decision on travel expenses for Boardand staff 3/14 406

No change to be made in authorization at present, questionof free meals and charges for meals for em-ployees, including cafeteria employees, to bediscussed at Presidents Conference, views ofMr. Sproul requested 5/16 740

Reduction in authorization from 50% to 25% effectiveJanuary 1, 1948, view of Board to be statedat Presidents Conference 5/23 791

Reduction to 25% by 1948, discussion at Presidents Con-ference 6/ 6 885

Question to be referred to Mr. Vardaman for study andreport to Board

Mr. Hennessy to be invited to luncheon to discuss opera-tions, Presidents to be invited to attend

Discussion at Presidents Conference of reduction and ofemployment of experts to study question, Presi-dents not in favor of, subcommittee to submit

Char report by next meeting of Presidents Conferer= 7 1,,3v,ci p-offs, authority to make, for 1947°Bing of books for year, procedure to be followed, advice

Des4 to 12/23 1825-1-gnat1on of reserve cities, threatened suit by Mr. Stod-

1) • dard, alternative actions to be submitted to 6/20 961ividends, semiannual payment for first half of 1947 approved 6/23 972

Semiannual payment for last half of 1947 authorized 12/29 1838

157Pages


158FRBa. , Pages

(Continued)Earnings:

Accrual of, adoption of uniform basis, views ofPresidents requested re plan 4/15 584

Interest rate to be paid Treasury on FRnotes to absorbexcess, Mr. Eccles to discuss with Treasury 2/ 4 168

Payment of portion to Treasury, discussion of variousmethods at Presidents Conference 2/28 310

Payment of portion to Treasury, discussion in connectionwith hearings before House Banking and Cur-rency Committee of H. R. 2233, no conclusionsreached 3/ 7 346

Earnings and expense reports, procedure for uniform basisfor treating accrual of earnings 6/19 948

Earning and expenses for 1947 12/29 1838Examinations of RFC-Custody Divisions, regular examinations

• by RFC to be discontinued, no objection

minations for 1948, Mr. Leonard authorized and directed to 9/ 9 1263

Exa

conduct 12/15 1766ExPenditures, Presidents to be advised of Board's position at

joint meeting 2/27 269Fair Labor Standards Act, app.licability to, discussion in con-

nection with threatened suit against FRBankof Chicago by former employee of DetroitBranch 4/15 575

Job evaluation and personnel classification plan, discussionat Philadelphia meeting, plan to be sent toPresidents and report to be ready for dis-cussion at Presidents Conference, statementof Mr. Nelson 1/27 125

Personnel consultants employed by, to be invited to meetwith Personnel Committee and other Board mem-bers prior to Presidents Conference 1/27 126

Presidents to be advised of Board's position at jointmeeting 2/27 269

New plan to be put in effect by July 1, discussion atPresidents Conference 2/28 281

Discussion of policy re wage scales, further discussionto be held before Presidents Conference 6/ 4 845

Advice to FRBanks re salary structures and status ofstudies on job evaluation and classification 6/17 933

Plan approved, letter to FRBanks commending work, new planto be effective when new wage structures areadopted and approved 8/12 1169

Leave Policies, study to be made, including question of ac-cumulation of annual leave and payment in eventof death or separation from service, discussedin connection with case of Mr. Davenport,former Assistant Cashier at Oklahoma CityBranch 2/25 257

Leave schedule, officers and employees, to be developed byPresidents Conference Committee in consulta-tion with Mr. Nelson for consideration byPresidents Conference and Board 3/ 5 330


FRB 159anks: (Continued) PagesLeave schedule: (Continued)

Annual, sick, and other leave, schedule for, discussionat Presidents Conference, problem to bestudied by personnel officers of Banks andBoard's staff and report to be submitted 6/ 6 872

Plan for uniform schedule to be transmitted by Mr. Nelsonto personnel officers of FRBanks for con-sideration at meeting in fall of 1947 8/ 7 1147

National Labor Relations Act, excepted under, discussion atPresidents Conference, Banks to attempt tocomply with provisions of Fair LaborStandards Act 6/ 6 879

°vertime, restrictions on payments to exempt employeesterminated 3/19 423

Pay days, frequency of, Presidents to be advised of Board'sposition at joint meeting 2/27 269

Frequency of, bi-weekly or weekly basis favored if possi-ble to work out satisfactorily, discussionat Presidents Conference 2/28 282

Postal money orders, procedure for handlinglno change to bemade in present practice, advice to Mr. Lawler,Post Office Department 8/ 5 1137

Presidents:Designation of reserve cities, proposal to be submitted

to 7/11 1047Protective facilities, letter to FRBanks re completion of

survey by recommendations to be sent toFRBanks and report to be made re action inconnection with 8/ 4 1134

Recommendations of FBI, discussion at Presidents Confer-ence, continuing attention to be given tomatter 10/ 7 1399

Reimbursement of direct sending banks for shipping costs,recommendations of Presidents Conference ap-proved, FRBanks to be notified of effectivedate 6/ 6 865

Reimbursement of member banks for postage or other trans-portation costs on cash items routed directto FRBanks and branches, information sent to 6/26 986

Reimbursement for expense of "service units", continuation ofpolicy, recommendation of Presidents Confer-ence approved unless amounts requested byTreasury should become controversial 6/ 6 867

Relations with Board, Presidents to be advised of Board'sposition at joint meeting 2/27 269

Advance notice re amendments and other material to bereleased to press, discussion at PresidentsConference of procedure to be followed 2/28 294

Advance notice of non-confidential matters to reachFRBanks as early as possible 3/ 7 3)46


160

F1113,0_ Pages9441&e: (Continued)Relations with Board: (Continued)

Compared with that of Bureau of the Budget, GeneralAccounting Office and Civil Service Commis-sion to other departments and agencies ofGovernment, statement of Chairman Ecclesre at FAC meeting 9/23 1310

RePorts and surveys, regular and special statistical, numberto he reduced as much as possible, discussion

Rob at Presidents Conference 6/ 6 883

},-erY, precautions against, Presidents to be advised ofBoard's position at joint meeting 2/27 269

Survey to be made by FBI of practices of FRBanks in hand-ling money and securities, and educational

S campaign to be conducted among member banks 2/28 302alaries:

Classification plans, subject assigned to Personnel Com-mittee until completion of work, after whichassignment to revert to Mr. Vardaman 5/23 787

Matter of scales and variation referred to PersonnelCommittee for study and recommendation beforePresidents Conference 5/23 788

Discussion at Presidents Conference of progress made,further study to be made to reach 25%

6variation / 6 867,888

Discussion of draft of final report, Personnel Com-mittee authorized to approve plans and uponcompletion of uniform plan letter to be sentto FRBanks commending work and recommendingnarrowing of spread between highest and lowest.salary structures j/22 1084

Cancellation of statement in letter X-9532, with adop-tion of new plan of job classification, adviceto FRBanks 9/ 4 1246

Classification plans, available to member banks,statement of Chairman Eccles at FAC meeting 9/23 1311

Officers, letter to FRBanks stating views of Board to be

prepared 3/25 461Salary classification plan or formula for, adoption

suggested by discussion of officers' salariesat New York and Chi.cago Banks 3/25 461

Letter to FRBanks stating views of Board re 3/28 483Senior officer, discussion of 4/ 4 517Acknowledgment of letter from FRBank of San Francisco

re Board's views on 5/27 802Discussion of quality of management and salary situa-

tion at meeting of FAC with Board 9/23 1307Discussion at Presidents Conference in connection with

adoption of personnel classification plans,increases for junior officers to be considered,but adjustments for senior officers to be sub-mitted at tir of regular annual review 10/ 7 1387


161

PRBa,,_ Pages"As: (Continued)Salaries: (Continued)

Officers: (Continued)Change in date for submitting, suggested by Mr.

Vardaman 12/19 1803S. 828, to extend authority to purchase securities directly

from Treasury, report in favor sent to Chair-man of Senate Banking and Currency Committee 3/2)4 452

To continue authority for direct purchases of securitiesfrom Treasury, to be brought up in Senate this

Staff: week 4/15 572

Officers, discussion of quality of management and salarysituation at meeting of FAC with Board 9/23 1307

Official, changes in business affiliations and assignmentsto be reported to Board currently, advice toFRBanks 10/14 1429

Retentions in active service, compensation for more than90 days after age 65 not to be more than sal-ary less retirement benefits, FRBanks to beadvised 12/ 5 1692

Schools of banking, attendance of officers and employees,discussion in connection with question ofCentral States School of Banking and PacificNorthwest School of Banking, letter re to berevised for further consideration 1/27 115

Attendance of officers and employees of FRBanks,policy of Board re expenses and leave ofabsence, advice to FRBanks 2/ 3 159

Stock held in FDIC, new certificates sent to FRBanks and old

Tra- ones returned to FDIC 3/ 7 354vel expenses, schedule of maximum allowances, to be consid-

ered after information obtained from Office of

the Comptroller, FDIC, and RFC re allowances,and after Board consideration of reduction in

allowances for Board members and staff 2/ 7 182Schedule to be established, matter to be placed on agenda

for Presidents' Conference, letter to Mr.Sproul 5/ 8 694

Schedule and reimbursement policy discussed, question to

be referred to Mr. Vardaman 8/ 7 1143Draft of letter to Presidents to be circulated to members

of Board 9/30 1345Letter sent to Presidents for discussion at next confer-

ence of Presidents 10/ 3 1360Schedule and reimbursement policy, discussion at Presi-

dents Conference, Presidents not in favor of,Board to make decision re lo/ 7 1395

Schedule for maximum allowances, no action to be takenuntil information prepared by examiners forone year compiled, revised letter to be pre-pared for consideration by Board 10/17 14141


162

PRBulletin: Pages

Article on instalment credit by banks, publication suggested

by Mr. Wegner 10/ 8 1409Cancellation of stock of FDIC, statement to be published in

August issue 8/11 1165Cessation of Hostilities, statement by the President and Proc-

lamation 2714, statement re to be published in

January issue 1/ 7 20Common trust funds, acquisition of interest in participations, 7/23

statement to be published in August issue 1096

Operation as investment trust, statement to be published

in September issue 8/25 1214Consumer credit, authorization to continue Regulation, state-

ment to be published in August issue 8/11 1165

Automobile appraisal guides, statement to be published in

June issue 5/20 748Automobile license taxes and fees, statement to be pub-

lished in March issue 2/27 272

Conviction for violating Regulation W, statement to be pub-

lished in May issue 4/22 617

Kitchen cabinets, not to be considered as furniture,

ruling to be published in 2/ 3 157Kitchen cabinets, statement to be published in March issue2/27 272Sets and groups of articles, statement to be published

in March issue 2/27 272

Status of rulings under Regulation W made prior to Revi-sion of December 1, 1946, statement to be pub-lished in March issue 2/27 272

FRBranch Bank buildings, cost of, statement to be publishedin August issue 8/11 1165

P°reign funds control:Treasury Department Regulation, statement to be published

in February issue 1/23 103

Treasury Department releases, statement to be published

in February issue of 1/23 103

Statement to be published in March issue 2/27 272

Statement to be published in May issue /2

617

M • Statement to be published in January issue 1/2 1819

argln requirements for purchasing securities, Supplements

to Regulations T and U, statement to be pub-

lished in February issue 1/23 103

Borrowing of securities, statement to be published in

August issue 7/23 1097urchase of Government obligations by FRBanks, amendment to

Section 14(b), statement to be published in

Pu June issue 5/20 748

rchase of International Bank Debentures, statement to be

R published in July issue 6/24 979

e -Th. gulation (See supra Consumer credit)"eserves, classification of reserve cities, statement to be

published in January issue 12/22 1819

sales of mortgages by State member banks, statement to be5/20 748published in June issue


163PRaial . Pages,4-euln: (Continued)olit regarding condition of membership, Peoples Bank v.

Eccles, et al., statement to be publishedin May issue 4/22 617

Suit regarding removal of bank directors, statement to bepublished in January issue 1/ 7 21

Termination of licensing of member banks, Presidential proc-lamation, statement to be published in Mayissue 4/22 617

Federal Reserve Charts on Bank Credit, Money Rates and Business tobe published on monthly basis and subscription

der price fixed 3/24 454'Aeral Reserve exchange drafts, changes in wording suggested by

?Rnotes: Presidents of FRBanks 12/ 9 1717

Pak of Atlanta, supplemental order for printing 9/18 1286f.atBank of Boston, supplemental order for printing 5/ 5 682"aank of Chicago, supplemental order for printing 5/21 775

Supplemental order for printing 9/24 1325IZBank of Cleveland, supplemental order for printing 1/ 3 10'ItBank of Dallas, supplemental order for printing 5/ 9 701

Supplemental order for printingSupplemental order for printing

9/ 8 126010/27 1487

29ank of Kansas City, supplemental order for printing 5/21 775'ZBank of St. Louis, supplemental order for printing 10/21 1471

.',..1tBank of San Francisco, supplemental order for printing 1/21 96Interest rate to be paid Treasury on those not secured by

gold certificates, to absorb excess earningsof FRBanks, Mr. Eccles to discuss with Treas-ury 2/ 4 168

Discussion at Presidents Conference 2/28 310Action not to be taken until after meeting of Chairman

Eccles with Treasury, press statement to besent to Mr. Sproul for suggestions, verifica-tions of computations to be obtained fromFRBanks re payments to be made to Treasury 4/11 558

Establishment approved, advice to FRBanks 4/23 618Press statement re to be sent to member banks if desired,

advico to FRBanks 4/24 633Letter from Mr. Spahr to FRBanks re, telegram to FRBanks

suggesting that reply state approval to matter

rested with Board 7/22 1089Confidentiality of discussions between Board and Presi-

dents stated in reply to inquiry from Mr.Spahr, advice to FRBanks 7/23 1096

Establishment for three months period ending June 30,

advice to FRBanks 7/30 1115Establishment for three months period ending September 30,

P . advice to FRBanks 10/27 1485rinting requirements for 1948, order placed with Bureau of

Engraving and Printing 6/19 950


Federal Reserve Policy, postwar pamphlet No. 8, publicationauthorized 11/26 1672

PRSYstern:

Films to be used as educational project, authorization toFRBank of Cleveland for expenditure deferred 10/17 1444

Its Purposes and Functions, printing and distribution of

164Pages

booklet authorized 6/24 978Publication on purposes and functions, letter to FRBanks on

number of copies desiredFederal savings and loan associations, H. R. 2800 to amend section

9/10 1268

5 of Home Owners' Loan Act of 1933 and broadenlending authority of, report recommendingpocket veto sent to Bureau of the Budget 7/30 1116

S. 1176, to extend lending power of, enactment opposed byBoard, report to Senator Tobey

Federal Savings and Loan Insurance Corporation:6/13 918

S. 1178, to reduce premium rate for insurance by, enactmentopposed by Board, report to Senator Tobey 6/13 918

Small Business Corporation, S. 1740 to establish, Boardnot in favor of enactment, report sent to

Federal Works Ag

Senator Tobey 10/ 1 1356ency:

Vault construction, information to be obtained from Mr.Pees: Reynolds, Public Buildings Administration 10/27 1487

Attorney's fee incurred by FRBank of Atlanta as agent for WarDepartment in connection with guaranteed warloan, approval of payment requested in letterto Secretary Royall 8/29 1240

1)i-rectors of FRBanks and branches, schedule approved 2/ 7 183Presidents to be advised of Board's position at joint

meeting 2/27 269Differential between head office and branch directors,

Members of at Presidents Conference 2/28 301

mbers of Federal Advisory Council to be under same scheduleF4 as for directors 2/ 7 183-rgilson, Senator Homer, Regulation W, reply to telegram from

Grand Rapids Used Car Dealers Associationsent to 1/27 134

:19-x*.Y powers:'arnett National Bank, Jacksonville, Fla., name of trust

investment committee immaterial 10/24 1480Citizens' National Bank of Evansville, Indiana, application

approved 7/ 9 1032zens National Bank of Orlando, Florida, application •

approved 9/24 1324Collateral to secure uninvested trust funds, Presidents to

be advised of Board's position at jointmeeting 2/27 269

Cc)mmerce National Bank of Toledo, Ohio, application approvedupon conversion from Commerce Guardian Bank,Toledo, Ohio 5/ 6 687


165Pi Pages

(111,arY powers: (Continued)uommercial National Bank of Kansas City, Kansas, application

approved 1/ 8 23Fayette National Bank and Trust Company of Uniontown, Penna.,

application approved 5/ 8 693First and Peoples National Bank of Gallatin, Tenn., sur-

render approved 7/ 9 1031First Citizens National Bank of Upper Sandusky, Ohio, author-

ity to act as trustee for local municipal bondissues granted 3/13 398

First National Bank of Akron, Ohio, application approved uponconversion from First Central Trust Company,

2/27 271Akron, OhioFirst National Bank of Anchorage, Alaska, application for,

form to be filled out and sent to Board, ad-vice to bank and to FRBank of San Francisco 3/10 360

APPlication approved 5/ 1 672First National Bank of Catawba County, Hickory, North Carolina,

First Napplication approved 1/13 46

ational Bank of Eldorado, Texas, granted authority toact as executor and trustee of will andestate of d. A. Davis 10/ 2 1359

First National Bank of Mooresville, North Carolina, surrenderapproved 10/ 3 1369

First Savings Bank and Trust Company, Ravenna, Ohio, appli-cation approved 2/27 270Ha

rPeth National Bank of Franklin, Tennessee, applicationKa approved 9/ 8 1257nsas State Bank, Newton, Kansas, application for limited

Ma powers approved 1/ 7 14rquette National Bank, Chicago, Illinois, application

Nebrask approved 7/21 1082

a City National Bank, Nebraska City, Neb., surrender

Noy.w. --aY National

approved Bank, Norway, Maine, supplemental application

4/30 662

Old approved 2/18 222Colony Trust Company, Boston, Mass., application of sec-

tion 17(c)(5) of Regulation F to three trusts

Pen,, under a will 3/10 365-v-Les National Bank of Lynchburg, Virginia, application

he approved 4/ 9 540--Lx National Bank of Providence, Rhode Island, application

RiPle roved app 12/24 1827see Y County Bank, Osgood, Indiana, application approved 8/19 11914

ity State Bank, Keota, Iowa, application approved 9/ 8 1258State Bank of Escanaba, Michigan, application approved 10/10 1423State Bank of Milan, Indiana, application approved 5/12 704

°n. Bank, Loogootee, Indiana, no objection to acceptance ofguardianship of minor war veteran, but no otherfurther fudiciary business to be acquiredwithout permission of Board 5/26 798


166Pages

arY powers: (Continued)union National Bank of East St. Louis, Illinois, applica-

tion upon conversion from Union TrustCompany of East St. Louis, Ill. 1/27 133

Wheaton National Bank, Wheaton, Illinois, application made• by Nheaton Trust and Savings Bank, approved 7/ 1 1000

Field) Killiam J., capital requirements for member banks to estab-lish branches, reply to Congressman Sundstromre letter 5/12 708

Finance company credit operations, Board to conduct national sur-vey of volume of sales in cooperation with

• FRBanks 11/17 1564'4.ua1 needs of industry, letter to Robert Morris Associates

Fiscal discontinuing cooperative arrangement 11/19 1596agency expenses, discontinuance of reimbursement to FRBanks

for expense of service units, recommendationof Presidents Conference approved 6/ 6 867

8-L agency operations:l'anch banks, question of transfer to head offices 2/11 196

Transfer of issue and redemption of war savings bonds tohead offices, no objection to Treasury sendinganother letter to FRBanks asking for views,Board to consider matter further before finalinstructions from Treasury 4/ 8 533

C°sts, absorption of more, discussion to be continued atPresidents Conference 2/ 4 167

Chairman Eccles to discuss question with Treasury 2/ 4 168Absorption of greater portion by FRBanks, to be discussed

with Presidents before review with TreasuryDepartment

Question of submission for consideration by PresidentsConference, Mr. Smead to discuss matter withPresidents Conference Committee on Fiscal

FR Agency Operations and Reimbursable ExpensesBank of Dallas, discharge of 39 employees, mostly from

FRB functions ofaak of New York, to act as fiscal agent re bond issue of

International Bank for Reconstruction andPerp Development, agreement approved

'°rmance without reimbursement proposed as means of

2/1]

2/21

2/11

7/23

198

240

194

1096

channeling earnings of FRBanks to Treasury,discussion at Presidents Conference

Robert V., to be invited to join Board members and Presi-dents for golf and dinner at Burning TreeCount Clubry

increase in daily average amount of FRBanks if suggestionsas to reduction in maximum time for deferment

;-1:1- tributes:

of credit are adopted

en, Robert L., former Senator and Chairman of Senate Bankingand Currency Committee at time of passage ofFRAct, approved for funeral of

2/28

9/26

9/30

7/21

310

1330

1341

1082


Plor ence, Fred F., President of Republic National Bank and Repub-lic National Company and also Treasurer ofCity of Dallas, discussion in connection

Foie with applications for voting permits 8/29 1232Y, Raymond M., bill to limit eligibility of mortgages or loans

for insurance, guaranty, or purchase by Fed-eral Agency, general indorsement by Board,

• advice to 12/22 1818°reign accounts:

Austrian National Bank, opening of account by MBank of NewYork approved 12/18 1791

Banco Central de la Republica Dominicana, opening and main-tenance of account by FRBank of New Yorkapproved 10/24 1484

Central Corporation of Banking Companies, Budapest, Hungary,no objection to new letter of terms andconditions in form of usual standard letter,advice to FRBank of New York 7/24 1099°Aerations of foreign correspondents of FRBank of New York toconform to domestic monetary policy, progressof information re, Board to be kept advised of

Porei developments 8/13 1176Bgn banking corporations:ankers Company of New York, New York:

Condition report, call as of December 31, 1946 1/ 2 1

all 7/ 7 1024

ase Bank, New York, N. Y.:Call as of June 30

Condition report, call as of December 31, 1946 1/ 2 1Call as of June 30 7/ 7 1024

Meyer, Harry J., appointed examiner of Board to partici-pate in examination of 9/30 1348

0_ 1.teport of examination sent to 11/12 1546iiA!ndition reports, call as of June 30 7/ 7 102411'st of Boston International Corporation, Boston, Mass.:Condition report, call as of December 31, 1946 1/ 2 1

Call as of June 30 7/ 7 1024ench American Banking Corporation, New York:Pr

Condition report, call as of December 31, 1946 1/ 2Call as of June 30 7/ 7 1024

International Banking Corporation, New York, N. Y.:Condition report, call as of December 31, 1946 1/ 2 1

Call as of June 30 7/ 7 1024Granted extension of time to establish branch at Paris,

France 7/ 2 101714°r"6an & Cie, Incorporated, New York, N. Y.:Condition report, call as of December 31, 1946 1/ 2 1

Call as of June 30 ?,

4-gn banks. 7/ 7 1024

448trian National Bank, opening of account by FRBank of NewBan York approved 12/18 1791

ca Oltalia, Rome, credit by Bank for International Set-tlements, no objection by FRBank of New York,reply approved by Board 10/28 1490

167Pages


Fojgn banks: (Continued)

Banca dlItalia: (Continued)Credit by Bank for International Settlements, reply of

FRBank of New York expressing no objectionapproved by Board 12/19 1816

Nazionale DIAlbanial Rome, Italy, gold reserves, Boardnot to intervene on behalf of 2/14 215

Central de Bolivia, loan by FRBank of New York approvedsubject to certain conditions 3/21 447

Central de la Republica Dominicana, opening and main-tenance of foreign account by FRBank of NewYork approved 10/24 1484

Central del Ecuador, loans by FRBank of New York approved

B subject to certain conditions 5/ 2 678anco de Mexico:

Pan American Trust Co. of New York, resale of shares takenover by Nacional Financiera and Banco Nacionalde Comercio Exterior, information requested asto status of matter 1/22 100

Banco Nacional de Comercio Exterior, sale of stock of PanAmerican Trust Company of New York to privateinvestors) advice to FRBank of New York 3/31 493Bank of England, loan by FRBank of New York approved subjectto certain conditions 4/18 611

Increase in loan by FRBank of New York approved, subject

13Bank _- to certain conditions 8/15 1189

11/26 1674 °I France, loan by FRBank of New York approvedflit of Mexico, Mexico, D. F.:Pan American Trust Company of New York, sale of shares

held by Nacional Financiera and Banco Nacionalde Comercio Exterior to private investors, re-

Banca

Banco

Banco

Banco

Bard, ply to Mr. NovoaPolski, loan by FRBank of New York approved subject to

certain conditionsExtension of loan approvedExtension of loan approvedExtension of loan approvedExtension of loan approvedThree months extension of loan approved

Ban Extension of three loans approvedue Centrale de la Republique de Turquie, loan by FRBank

168Pages

4/16

2/147/ 2

9/ 510/ 3lo/1512/ 512/16

598

214101212521371143417141771

of New York approved subject to certain con-

ditions 9/24 13258 Increase in loan or loans approvedanclue de Grece, three months extension of loan by FRBank of

10/10 1425

New York approved subject to certain condi-tions 3/21 448

Extension of loan approved 6/2o 964Extension of loan approved 9/19 1288

Ce Extension of loan for three months approvedral Bank of Turkey, credit by Bank for International

12/19 1815

Settlements, reply of FRBank of New York ex-pressing no objection approved by Board 9/29 1338


ore --Lgn banks: (Contineud)Central Bank of Turkey: (Continued)

Loan by Bank for International Settlements, matter to

be placed on agenda at next meeting of

N. A. C., letter of Chairman Eccles to Mr.Glasser 10/ 3 1370

Lo ans by commercial banks on foreign-owned gold, issuance oflicenses to be discussed with Treasury 5/20 750

Nacional Financiera, sale of stock of Pan American Trust Com-

pany of New York to private investors, advice

to FRBank of New York 3/31 493National Bank of Nicaragua, application for loan, draft of

---L letter from Mr. Sproul to, comments re 3/ 4 328

gn funds: Nerations of foreign correspondents of FRBank of New York to

conform to domestic monetary policy, progress

of information re, Board to be kept advised

of developments 8/13 11767r-Lgn funds control:r

ading with the Enemy Act, section 5(b), retention favored by

Tr Board, advice to Mr. L'Heureux 3/ 3 320easury Department Regulation, statement to be published in

Tre February issue of FRBulletin 1/23 103

asury Department releases, statement to be published in

February issue of FRBulletin 1/23 103

Statement to be published in March issue of FRBulletin 2/27 272

S Statement to be published in FRBulletin for January 121/24 7Statement to be published in May issue of FRBulletin

1 1119g4 relationships of FRSystem:

Ilador, statement of Mr. Grove re work as consultant to

El Government of 8/20 1205Salvador, Mr. Wallich to visit on return trip from South

America, advice to Mr. V. Manuel Valdes 5/19 744Request for services of Messrs. Musgrave and Grove for

study of fiscal system, not approved, reply

to Mr. V. Manuel Valdes 5/19 744Request for services of Messrs. Musgrave and Grove in

connection with fiscal reform program of,

not possible to grant 8/ 4 11324ans, R. M., authorized to visit South American countries in

connection with agricultural problems and to

call at central banks to strengthen Board's

association with authorities 7/22 1087

4ter, John, return from Manila via Hong Kong, Siam, India,

and Europe approved, Board to share expenseswith State Department 4/15 572

Return trip from Manila via Pacific and Europe and expenses

Gro- authorized 4/16 591

ve, David L., mission to Ecuador, instructions re and ad-

vice to Mr. Navarro 3/ 7 341Extension of stay in Ecuador authorized 6/13 909

Granted National Order of Merit, with rank of Officer, by

Government of Ecuador, decoration to be held

in custody of State Department at present 11/ 5 1527

169Pages


170Pages

Fore. relationships of FRSystem: (Continued)

Informal Policy Group on Foreign Interests:Gold, international traffic at premium prices, proposed

press statement to request American banksto refrain from facilitating, memo re sentto Secretary of Treasury for comments 7/ 2 1018

Latin America, trips of Messrs. Knoke and Wallich to visit

central banks of Peru, Bolivia, Chile, Argen-tina, Uruguay, Paraguay, and Brazil approved,visits to Central and South America to bedeferred 2/25 260

FhiliPPine currency program, letter stating views of Boardsent to Secretary of the Treasury after re-

Ph ceipt of letter from Mr. Randolph Burgess 4/11 560illPpine Government, Messrs. Grove and Exter to assist in

organization of central bank 12/19 1808Staff Group on Foreign Interests, representation from FRBanks

at meetings, plan approved subject to certainqualifications, advice to Mr. Sproul 1/27 136

First meeting postponed, advice re future meeting to besent to FRBanks 3/11 394

Visits to central banks of South and Central America and possi-bly Mexico by Messrs. Sanford and Moore of

4-1-gn trade: FRBank of New York approved 8/ 1 1128

s. 414, government system of export credit insurance, Boardnot in favor of enactment, report to Senator

Forza. Tobey 4/ 2 499

PRexchange draft, change suggested by Mr. Peyton and any otherdesired changes referred to Committee on Opera-tions, advice to Mr. Peyton 7/ 2 1018

FR 34 , advance of loan to employees at FRBank of Atlanta,to be included on 4/11 566

Procedure for reports in connection with closing of books

FR 1nr at end of year 12/23 1825

condition reports, revised form approved 4/ 7 526Change made for reporting reciprocal balances of private

banks and bankers, copy sent to FRBank of New

PR York 5/26 797

45, FR 105a, FR105b, FR 105e, FR 105e-1, and FR 105j, con-

dition reports of State member banks, copies

and instructions sent to FRBanks for next call6/ 2 829

10 date

10510, 105e, 105e-1, condition reports of State memberbanks, forms and instructions sent to FRBanks

PRinr for next call date 8/15 1188105b, 105e, 105e-1, and 105k, condition reports of State

member banks, forms and instructions sent toFRBanks for next call date 11/21 1629PR 1

07, earnings and dividends reports of State member banks,forms to be sent to FRBanks for 19147 report 12/ 9 1728


171

Forfts:(Continued)

Pages

FR 107b, earnings and dividends reports, forms and instruc-tions sent to FRBanks for semiannual report 6/ 9 894

FR 220, reports of affiliates:Merchants & Newark Trust Company, Newark, N.J., affiliate

reports covering J. S. Rippel & Company,

Guaranty Company of New Jersey, and Securi-

ties Company of New Jersey, requirements for

submission waived 3/24 450FR 220, FR 220a, FR220b, affiliate reports, copies and in-

structions sent to FRBanks for next call date 6/ 2 829Forms and instructions sent to FRBanks for next call date 8/15 1188Forms and instructions sent to FRBanks for next call

FR Li date 11/21 1629

FRBank summary reports, change to cover periods end-

ing on Thursdays, proposed in amendments toRegulation D, views of Presidents requested 4/28 650

Semimonthly summaries of member bank deposits, reserves,and borrowings from FRBanks, no change to be

made at present 5/16 741PR 10-4, computation of reserve to be carried with FRBank by

member banks, revised form re termination ofexemption of war loan deposits from reserverequirements, copy sent to FRBanks 5/16 741

Change made for reporting reciprocal balances of privatebanks and bankers, copy sent to FRBank ofNew York 5/26 797

FR 416, weekly reporting member banks, revision, copy and insent to FRBanks 3/ 5 335

PR 418, to be discontinued after 1947 for payments under sec-tion 13b(e) of FRAct 12/23 1824

111 437, annual reports of holding company affiliates:Instructions to FRBanks 12/15 1765Transamerica Corporation annual report, extension of time

to March 1 granted for filing, but specialarrangement for extension of time discontinued

in 1945 1/24 111Transamerica Corporation granted extension of time for

filing annual report on 12/24 1828Wisconsin Bankshares Corporation, Milwaukee, Wisconsin,

annual report to be obtained, copies and in-10/22 103

PR structions re

456, operating ratios of member banks, work sheets for1947, to be sent to FRBanks upon completion

of printing 10/ 8PR 581, report of applications for guarantees of war loans,

statement re changes to be discontinued, ad-

FR to FRBanks 2/17 217634, revision to be made, reports to be submitted monthly

for present, discussion at Presidents Con-ference 2/28 273

Revision approved, to be available for distribution byApril :15, advice to FRBanks 4/ 1 497


kmis: (Continued)FR 634: (Continued)

Revised form, instructions re, copies to be sent toFRBanks 4/10 544

Functional expense reports, FR 96 and FR 34 to agreewith revised form, advice to FRBanks 6/19 946

Submission quarterly rather than monthly, recommendationof Presidents Conference to be approved 12/ 9 1718

634a, annual budget of FRBanks, submission to be resumed,instructions to FRBanks 2/ 4 164

Annual budgets of FRBanks, instructions re, copies to besent to FRBanks 4/10 546FR 6

35, deposits, reserves, and borrowings, revision toeliminate item of war loan accounts, copysent to FRBanks 7/31 1125

FR 644, copy with proposed revisions, sent to FRBanks 7/31 1125International Bank for Reconstruction and Development, forms

for commercial banks in reporting disburse-ments under letters of credit in connectionwith transactions financed by, to be dis-tributed by FRBanks 6/24 978

ficial accounts of Government officers and agencies main-tained with State member banks, informationre to be obtained through FRBanks for Treasury,form to be prepared by three bank supervisory

11°It agencies and copy to be sent to Mr. Smead 8/ 4 1133

Worth Clearing House Association, resolution adopted rereimbursement of member banks for postageand other transportation costs, reply to Mr.

?I'OZeri p Smith and advice to FRBank of Dallas 8/19 11964-00d cabinets, applicability of Regulation W to plan for

financing use of 5/ 2 676°Ilau. expense reports, revised manual of instructions to be

Re. effective July 1, 1947 instead of April 1 3/14 406vision of manual approved, copJes with FR 634 to be avail-

able for distribution by April 15, adviceto FRBanks 4/ 1 497

Revised manual of instructions for preparation, instructionsre, copies to be sent to FRBanks 4/10 544PR 634,

revised form, FR 96 and FR 34 to agree with, instruc-tions to FRBanks 6/19 946

ange6 in dates for submission and instructions to be recom-mended by Presidents to alleviate diffi-

Pol,m , culties, discussion at Presidents Conference10/7 1400b341 submission quarterly rather than monthly, recom-

mendation of Presidents Conference to beapproved 12/ 9 1718

172Pages


Garey)

Kissam Garey, attorneys, retained by Mr. Stoddardas counsel in connection with threatened

Gearhart, Bertrand

General Accounting

Exazination of

Request

suit re amendmentW„ Regulation T,Charles R. CooperOffice:

to Regulation Dreply to inquiry from Mr.sent to

173Pages

6/2o 960

1/23 102

reports of 28 insured banks, request to FDICfor permission, Messrs. Leonard and Townsendto discuss matter with FDIC and Comptrollerof the Currency 1/17

to FDIC for permission, Mr.Vardaman to meet withComptroller of the Currency, Chairman of FDIC,Comptroller General, and representative ofTreasury Department to discuss, reports ofState member banks to be available under sameterms as national bank reports by FDIC ifnecessary 1/27available under same terms as national bankreports by FDIC, advice to FDIC, prior to con-ference re 2/ 4

Availability in connection with audit of FDIC, discus-sion with Mr. Newman, arrangements formeeting with Treasury, Comptroller, and FDICnot completed 2/21

No notto availability in connection with current

review of FDIC operations, but not to be usedfor new review 11/17of bank supervisory agencies, discussion withMr. Newman re

To be made

Giarthi

L. M.

Pi 4.rsu National

POrei

gn -owned,

Gerzan

Reo,,=ganization

04 Klemperer, Alfred, FRBank of Newleave without pay forgovernment in Europe,partment

meeting with Secretary of the Treasury Snyder,Under Secretary of the Treasury Wiggins, andComptroller of the Currency Delano, probablediscussion of conversion of banks intobranches, discussion in connection with pro-posed investigation to be made of Trans-america Corporation

Bank and Trust Company of New Haven, Conn,,account used for trafficking in, statementof Treasury and FRBoard to be brought toattention of holder and no positive actionto be made in support of gold operationsloans by American commercial banks on, poli-cies re, topic for discussion at meetingof FAC

York, granted six-monthservices with militaryat request of War De-

2/21

74

117

171

241

1562

241

11/20 1600

10/31 1505

8/18 1192

/2 679


G°14: (Continued)Imports, statement of Mr. Eccles on prospective large

imports and effect on member bank reservesInternational traffic in gold at premium prices, proposed

press statement to request American banks

to refrain from facilitating, memo re sent

to Secretary of the Treasury for commentsInternational transactions at premium prices, statement by

Treasury and Board requesting Americans to

refrain from encouraging and facilitating,

copy sent to FRBanks for publicity

Loans--by American commercial banks on foreign-owned, poli-

9/23

7/ 2

7/22

174Pages

1306

1018

1093

cies, discussion at meeting of FAC with Board

policy group on foreign interests to make

recommendations to Treasury 5/20 750Problem of, revision of Gold Reserve Act and Treasury regu-

lations and reduction of handling charge on

purchases and sales of gold recommended at

Presidents Conference, no action at present 2/28 316Transactions by commercial banks in at premium prices, topic

for discussion at meeting of FAC 5/ 2 679

Eiseussion at meeting of FAC with Board, policy group

on foreign interests to recommend to Treasury

issuance of statement re 5/20 752'rent agencies:

xamination reports information available to, letter to FDIC

on policy of the Board as to furnishing 3/17 414Goersecurities:

thority of FRBanks to make direct purchase from Treasury,

request for permanent, advice to MT.

L'Heureux 3/3 321

-s offered directly to FRBanks by commercial banks, policy

of purchasing at price to be determined daily

by FRBank of New York, to be discussed at next

meeting of FAC, advice to Mr. Prochnow 8/18 1193

kstody of short-term securities for nonmember banks, termi-

nation of service approved as recommended by

Presidents Conference 6/ 6 866Safekeeping of custody accounts for nonmember banks,

Clas termination approved, instructions to FRBanks 6/18 940

vody receipts of city correspondent banks, acceptance by

FRBanks as collateral for loans to member

Di banks, procedure re, advice to FRBanks 11/25 1640rect purchase by FRBanks from Treasury, bill to make

existing authority permanent, draft with

recommendation for enactment sent to Chairmen

of Senate and House Banking and Currency

Committees 1/10 4oLegislation to make permanent authority for, views of

FAC requested 2/11 203


C"rnment securities: (Continued)R. 22331 to extend authority of FRBanks to purchase

directly from Treasury, hearings beforeHouse Banking and Currency Committee, dis-cussion of payment of portion of earningsof FRBanks to Treasury in connection with

Extension of authority for three years recommended byFAC, discussion at meeting with Board

4' R. 2413, to authorize FRBanks to purchase directly fromTreasury, Board in favor of bill as passedby Congress, advice to Bureau of the BudgetIssuance of long-term security to prevent further declinein long-term rate, topic for discussion atFAC 4/16 591

Issue and redenption of war savings bonds, transfer from

Investments in branches to head offices discussed 4/ 8 533and loans on, joint statement issued in 1942,re, no action to be taken in instructions toexaminers, opinion of FDIC and Comptroller ofthe Currency requested 10/ 8 1411

Long-term bond issue, refunding issue desired by FAO, dis-

re cussion at meeting with Board 3/11 387

mP lUfllS on bonds, pressure by examiners of national banks

on banks to write off, effect on sale ofbonds in market, Mr. Clayton to study matterand make recommendation 12/19 1804

Purchase of Government obligations by FRBanks, amendment toSection 14(b), statement to be published inFRBulletin 5/20 748

PUrchase of new Treasury bond issue by commercial banks, ap-proved by FAC although contrary to policy ofreducing volume of Government securities heldby commercial banks, discussion at FAC meeting

9/23 1312Reflladi rr.

with Boardn bond issue, desired by FAC, discussion at meeting

with Board 3/11 387

Refunding of Treasury securities and issuing rate on Treasury

certificates, proposals of FOMC to be ac-cepted by Treasury, statement of Chairman

Eccles 10/17 1440S. 828, to extend authority of FRBanks to purchase directly

from Treasury, report in favor sent to Chair-

man of Senate Banking and Currency Committee 3/24 452To continue authority for direct purchases by FRBanks

from Treasury, to be brought up in Senate thisweek 4/15 572

Short-term, securities for nonmember banks, custody of, to

be considered at Presidents Conference, delayof removal at FRBank of Chicago permissible ifdesired 5/16 7141

175Pages

3/ 7 349

3/11 383

4/24 633


C*vernmentTender

securities: (Continued)of matur:_ng bills in exchange for new bills issued

by Treasury, approved by Secretary of theTreasury

bill policy, topic for discussion at meeting ofFAC, advice to Mr. Prochnow

bills for commercial banks, purchase rate to be setdaily by FOMC, suggestion of Mr. Spencer, tobe discussed at next meeting of FOMC, adviceto FRBanks

bills, purchase by FRBanks at price to be deter-mined, daily, discussion at FAC meeting ofposition of FRBank of New York in discouragingpurchases, further information to be obtainedbefore consideration of change in procedurefor System

Bonds, 2-1/2 per cent, Investment Series A 1965, tobe valued at par in examination reports,advice to FRBanks

certificates, rate on, no change in discount rateto be made until increase in, matter to be

GO e considered at Presidents Conferenceillment security market:oupport of, transition to be made to lower point, increase

4achlat in discount rate to be deferred because of 12/17

A , e School of Banking at Rutgers:-4ttendance by officers and employees of FRBanks, discussion

in connection with attendance at other schools1/27 115

Treasury

Treasury

TreaSury

Treasury

Tre

176Pages

asury

of bankingAttendance by officers and employees of FRBanks, policy of

Board re expenses and leave of absence,

Prn,.. • advice to FRBanks 2/ 3 159-,i4oni, John C., granted leave with pay and to be reim-

bursed for expenses for attendance 1/30 146-0'on, Kenneth A., granted leave with pay and to be reim-

bursed for expenses for attendance 1/30 146Albert D., acceptance of nonpar items free of exchange

by member bank in Baltimore, reply to inquiry4arld ,, re violation of Regulation Q 7/18 1077

1%Pid5 Used Car Dealers Association, reply to telegram re,4e

ater n,_. Regulation Vi sent to Senator Ferguson 1/27 134Chicago Used Car Dealers Association, Regulation W, reply

to letter recommending elimination for goodseri of automobile industry 1/30 149

Ilrcol ' Harold C., Regulation W, reply to inquiry concerning lift-ocking of restrictions on consumer credit 4/ 4 520

Miss Manye, article re value of membership in FRSystem,-ten , reply sent to 8/28 1229b 3 ,tobert M., statement against S. 408 at meeting of executive

'IlrclY committee of State Bank Supervisors 4/11 553' Dr. Charles 0., price level of consumer goods, study to be

made, details to be communicated to FRBanks 8/ 8 1161

4/23 618

8/26 1216

8/26 1215

9/23 1293

9/17 1279

7/18 1066

1782


Legislation

Membership

Compulsory

Headquarters:Cooke, R •ftiR. • .„

ilealY) Tho3.

k,onsumer

177Pages

to authorize admission as State, amendment sug-gested re membership of banks in FRSystem,comments requested from FRBank of SanFrancisco

of banks in FRSystem, question in case of State-hood, memo and draft of letter to Congres-sional committee to be prepared for considera-tion 8/ 7 1150

membership of national banks upon admission asState, matter to be taken up with Messrs.Marl and Delano before action, letter to be

sent to Senate Committee on Public Lands 10/17 140

7/25 1103

changed from Chicago, In., to Washington,D. C. 4/24 630

J., margin requirements, reply to letter re reduc-tion 9/30 1350

credit legislation, to be held on June 10, ChairmanEccles to make statement on 6/ 4 842

Chairman Eccles to testify at hearings on bill re, state-ment re status and letter received from thePresident 6/ 6 880

Appearance of opponents before Senate Banking and Cur-rency Committee, statement of Chairman Ecclesre 7/ 2 1006

ding company bill (S. 829) by Senate Banking and CurrencyCommittee, suggestion by Mr. Eccles that itbe postponed for a few days 5/13 719

Industrial loans bill, report by Chairman Eccles on appearancebefore House Banking and Currency Committee in

Joi.- connection with 6/ 4 839Lit Committee on Economic Report and Banking and Currency

Committees on credit controls, Mr. Eccles toappear before 11/17 1559

Chairman Eccles to appear before in connection with

Ju . credit controls proposed 11/18 1572diciary Committee of House on Kefauver Bill, Mr. Townsend

to attend and to present position of Board

if desirable 3/1h 407Statement of Mr. Townsend to subcommittee on Kefauver

Re Bill 4/ 8 529serve city designation, to be held at Board before publica-

tion of formula, advice to FRBanks of dis-

tricts concerned with changes, stenographicrecord of proceeding to be made 11/21 1610

Statement by Mr. Clayton re results of 12/17 1773


liqtnes-8Y, John L., Hotels Statler Company, Inc., to be invited

to luncheon to discuss cafeteria operations,Presidents to be invited to attendTo discuss cafeteria problems with Board at luncheon,tation to Presidents

--J, Oliver B., margin requirements on security transactions,Res. reply to letter re 1/ 7

Q3 Congressman William E., Regulation WI constitutionality ofExecutive Order during peace, reply to letter

Ri from Mr. M. J. Bachrach sent to 4/30ggi ns, Edgar T., Regulation W, reply to letter re continuation

110.dino, of 4/16bA mcompany affiliates:

linnual reports on Form FR 437 to be obtained, instructions

13.." to FRBanksanuuhio Corporation, Columbus, Ohio, issuance of general

voting permit to vote stock of First NationalBank of Wilmington, Ohio, subject to certaincondition

company problem, discussion of present statusand possibility of bringing Attorney Generalinto discussions at Treasury

America N. T. and S. A., branch at Manila, Republicof Philippines, order issued before Common-wealth of Philippines became a republic,

Bank authority for establishment ofohares Incorporated, Minneapolis, Minn., copy of report

of examination to be furnished to Mr. Beatty,District Chief National Bank Examiner for con-fidential information and use 7/18

Corporation, Boston, Mass., examination reports,information to be furnished by FRBank ofBoston to Commissioner of Banks of Mass. 7/10

Company, Incorporated, New London, Conn., determinednot to be except for purposes of section 23A ofFRAct 1/21

by Commissioner of Banks of Massachusetts, FRBankof Boston authorized to furnish informationre Baystate Corporation and Shawmut Corpora-tion, information from reports of examinationof national banks to be obtained from Comp-troller of the Currency or District ChiefNational Bank Examiner in Boston 7/10

-calcial Institutions, Inc., Warsaw, New York, issuance oflimited voting permit to vote stock of WyomingCounty Bank and Trust Company, Warsaw, NewYork, approved

?ill8t Bank Stock Corporation, Minneapolis, Minn., issuanceof general permit to vote stock of FirstNational Bank of Cloquet, Minn., approved 1/ 3

Report of examination, copy to be furnished to Mr. Beatty,District Chief National Bank Examiner, for

confidential information and use 10/10

holding

Bank of

Vstate

C. W. H.

zarriinations

178Pages

9/22 1289

9/24 1324

15

663

595

12/15 1765

9/ 5 1252

3/14 409

3/18 420

1079

1036

94

1036

1/15 65

8

1422Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

First National

Determined

Rescinding

Determined

First

First

National

Security

Genesee

Illtormation

General

Legislation,

179Pages

company affiliates: (Continued)''Lr8t Farmers and Merchants National Bank of Troy, Alabama,

determined not to be except for purposesof section 23A of FRAct

First National Bank in Dallas, Texas, issuance of generalpermit to vote stock of American NationalBank of Oak Cliff, Dallas, Texas, approved,subject to certain conditionsBank of Tampa, Florida, status, question tobe reconsidered because of change in situa-tionto be under section 2(c) of Banking Act of1933, reversing previous decisionof determination re status with Union Security& Investment Company, Tampa, Fla., copies sentto Comptroller of the Currency 11/20not to be except for purposes of section23A of FRAct 12/ 5Securities Company in Dallas, Texas, issuanceof general voting permit to vote stock ofAmerican National Bank of Oak Cliff, Dallas,Texas, approved subject to certain conditionsCorporation of Ogden, Utah, annual report for1946, reply to Mr. Volberg re form of

Corporation, of American National Bank of Miami,Florida, necessity of obtaining voting permitto vote for consolidation of American NationalBank of Miami and First National Bank ofMiami, Flordia

re, general question to be considered by Mr.Han, FDIC, and Governor Clayton, suggestionin connection with request for informationre Trust Company of Georgia Associates ofAtlanta, Ga.

question to be considered in preliminary discus-sions by Mr. Sailor, FDIC, and Mr. Leonard,or in his absence, Mr. Millard

advice of FAC re general attitude toward,requested

Reference to in connection with question of anti-trustproceeding against Transamerica Corporation,letter to Attorney General Clark approved 2/25 251

'Pinions of FAC to be given by May meeting, statementof Chairman Eccles re status of bill 3/11 3850•Pinions of FAC to be given at May meeting with Board 4/16 590

°. 829, to provide for control and regulation of bankholding companies, and for other purposes,report to Chairman of Senate Banking andCurrency Committee

Bank holding company bill, topic for discussion atFAC meeting

12/31 1846

4/25 637

5/29 827

7/22 1091

4/25

8/13

5/1)4

6/23

7/9

2/11

1603

1707

638

1172

726

969

1034

203

4/17 601

5/2 679


11(24i ng companyaffiliates: (Continued)

Legislation: (Continued)S. 829, hearings to be postponed, Chairman Eccles and

Mr. Townsend to meet with holding companygroups to discuss proposed amendments to

S. 829, discussion 5/13 719

at meeting of FAC of proposed amend-ments suggested by Council and Associationof Reserve City Bankers, resolution statingviews for use at hearing to be considered atseparate meeting of FAC 5/20 760

Suggestion of Mr. Thomson, President of Northwest Ban-corporation, endorsed by Reserve City Bankersand FAC, letter to Secretary of the Treasuryrequesting approval 5/22 778

Amendments approved after explanation by Mr. Townsend 5/23 779S. 829 and H. R. 3351, review of present status by Chair-

man Eccles at Presidents Conference 6/ 6 893Letter to President re importance of action at present

session of Congress 6/10 899Report by Chairman Eccles on status 6/17 932Regulation D, amendment to be deferred during considera-

tion of bill 7/11 1048Passage prior to adjournment of Congress not likely be-

cause of request of Transamerica Corporationto testify before House Banking and CurrencyCommittee, statement of Chairman Eccles 7/18 1065

S. 829, passage favored by FAC, review of legislativesituation by Chairman Eccles at meeting ofFAC with Board 9/23 1313

Present status of bill reviewed by Chairman Eccles at

Lelitr4 meeting of FAC with Board 11/18 1590--Ls Investment Company, Kansas City, Missouri, submission

of report and listing of affiliates on

Mar; Schedule "0", form FR 105b, not required 8/ 1 1129-,ne Midland Corporation, absorption and establishment of

branches by Northern New York Trust Company,Watertown, New York, further applications notto be made on basis involving reduction ofinvested capital 3/20 439

lon National Bank and Trust Company, Pittsburgh, Pa.,granted limited permit to vote stock of FarmersDeposit National Bank of Pittsburgh, Pa. 1/13 47

Determined not to be holding company affiliate exceptfor purposes of section 23A of FRAct 8/14 1180

Determined not to be, eligible to vote in election ofdirector at FRBank of Cleveland 9/26 1334

Determination not to be holding company affiliate ofFarmers Deposit National Bank of Pittsburgh,copies sent to Comptroller of the Currency 11/20 1602

180Pages


11°14ing company affiliates: (Continued)National Shawmut Bank of Boston, Mass., issuance of general

permit to vote stock of three nationalbanks approved 1/10 36Northwest Bancorporation, bank holding company legislation(S. 829), suggestion of Mr. Thomson re 5/22 778Re (S.

National Bank of Dallas, Texas, issuance of limitedpermit to vote stock of three national banksapproved 1/10 37Re approved

National Company, Dallas, Texas, issuance of limitedpermit to vote stock of three national banksapproved 1/10 37

Application to vote stock in affiliated banks, not to beapproved until additional capital funds pro-vided or other arrangements for holding bankstocks now carried with City funds are made 8/29 1231Sc stocks

Corporation, Froid, Montana, determined not to beexcept for purposes of section 23A of FRAct 1/24 109

ShaNmut Association, Boston, Mass., issuance of general votingpermit to vote stock of three national banksapproved 1/10 34

Issuance of general voting permit, Mr. Edward S. Stimpsonto be advised re 1/14 58

Examination reports, information to be furnished byFRBank of Boston to Commissioner of Banks of

S • Mass. 7/10 1036ucusion J. Serralles, Ponce, Puerto Rico, determined not to

be except for purposes of section 23A of

Tr FRAct 10/10 1420ansamerica Corporation:Annual report to be filed on FR 437, extension of time to

March 1 granted, but special arrangement forextension discontinued in 1945 1/24 111

Assets, readily marketable, information re compliance withrequirements to be requested by FRBank ofSan Francisco 11/12 1547

Expansion, monopolistic aspects, investigation recom-mended by Mr. Townsend to be made by LegalDivision, letters to be sent to Attorney Gen-eral, Comptroller of the Currency, and Chair-man of FDIC, Chairman Eccles to discuss matterwith Under Secretary of the Treasury Wigginsif desired 10/31 1505

Granted extension of time for filing annual report onFR 437 12/24 1828

Question of anti-trust proceeding against, letter toAttorney General Clark requesting opinion re 2/25 250

Voting permit requested to vote stock of First NationalBank of Arizona, Phoenix, Ariz., to be con-sidered by Board, but further information in

letter requested 10/10 114214

181Pages


Rolding company affiliates: (Continued)

182Pages

Transamerica Corporation: (Continued)Voting permit: (Continued)

Issuance of limited voting permit to vote stock ofFirst National Bank of Arizona, Phoeniz,Arizona, approved 11/ 5 1529

Trust Company of Georgia Associates of Atlanta, Georgia, in-formation requested by FDIC re, letter toFDIC suggesting that Governor Clayton andMr. Han l consider general question of informa-tion re holding company affiliates 6/23 969

Security & Investment Company, Tampa, Florida, status,question to be reconsidered because of changein situation 5/29 827

Determined to be under section 2(c) of Banking Act of1933, reversing previous decision 7/22 1091

Dete mined not to be except for purposes of section 23Aof FRAct 12/ 5 1707

Union

Unit ed States National Corporation, Portland, Oregon, sur-render of permit to vote stock of Clark CountyNational Bank, Vancouver, Wash., not necessaryas taken over by Seattle-First National Bank of

Vctin Seattle, Wash. 9/12 1273-g permits, issuance of general and limited, procedure to

be followed, advice to FRBanks 3/10 361w RC°Pies of lists sent to Comptroller of the Currency 11/20 1602• • Reynolds & Company, question of relationship in connec-

tion with proposed consolidation of AmericanNational Bank of Miami and First National

Wi-c Bank of Miami, Fla.()nein Bankshares Corporation, Milwaukee, Wis., annual

report to be obtained on FR 437, forms andinstructions relidays:

December 24)

li°11arld, Senator

44Pitalization:

PRBank of Kansas

Helena

Little

Olities:p-88ati0n of, statement by President, and Proclamation 2714,

statements to be published in January issueof FRBulletin 1/ 7 20

5/14 726

10/22 1473

1947, closing of Board's offices at 12:45 p.m.approved 12/12

Spessard Le, removal of limitation on cost ofFRBranch buildings, letter re sent to 3/25

1743

466

189

1462

702

City, expenditure approved for program withexception of sponsored dependents 2/ 7

of Minneapolis, expenditure for program approved, butcost of membership to be shared by Bank onlyfor members of immediate family of employee 3/25

Branch, surgical benefits of Montana Physicians' Serv-ice to be available for, program approved 5/12

Rock Branch, change in membership of employees fromBlue Cross Association of St. Louis toArkansas Health Plan approved 12/ 5 1704


C. L.„ profit policy for banks, reply to letter reestablishment of 4/11 567

Corporation of Banking Companies, Budapest, no ob-jection to new letter of terms and con-ditions in form of usual standard letter,advice to FRBank of New York

certified statements submitted for assessment pur-poses by banks with deposits of $5,000,000or more, letter to FDIC on program as

Indebtedness experiment 1/16

and outside business relations:N., appointment as assistant examiner at FRBank

of San Francisco approved, no objection toindebtedness to Bothell State Bank, Bothell,Wash., for loans to make improvements to home 6/25 981

%eland, Morris A., Special Consultant at Board, granted leavewithout pay to teach at Johns Hopkins Univer-sity, after discussion of Board's policy reoutside teaching connections 7/ 2 1007

Thomas E., Jr., appointment as assistant examiner atFRBank of Atlanta approved, indebtedness tonational bank to be eliminated 2/ 5 176

Auditor at FRBank of Boston, connection withFrances E. Willard Settlement to be termi-nated within year, Mr. Creighton to be ad-vised of no change in Board's position

Connection with Frances E. Willard Settlement to beterminated within year, further review ofmatter but no change in decision, letter toMr. Creighton approvedXing,

Griffin Lewis, appointment as assistant examiner atFRBank of Atlanta approved, indebtedness toBank of Camden, Tenn., nonmember bank, to beliquidated 10/24appointment to succeed Mr. Musgrave, discus-sion, no objection to outside teaching acti-vities, Mr. Thomas to negotiate with 10/21

of FRBanks, report of Mr. Millard re, discussion,matter to be placed on agenda for nextPresidents' Conference 4/11 558

Discussion at Presidents Conference, existing situationsto be reviewed by Board further 6/ 6 888RePort s made by examiners of Board during past two years tobe reviewed by Division of Examinations and

Staff report to be submitted to Board 3/14Of Board of Governors, annual statement to be submitted,

Personnel Committee to submit procedure for 10/21Annual report of outside business and teaching activities

of employees in Group M and above, procedureand form approved 11/24 1632

7/24 1099

Rungary:

Central

Illinois:

Audit of

Aaniodt , John

DOSs,

POggs

John J.,

Oakes Ellgene

Officers

183Pages

70

1/17 . 73.

3/14 402

1479

1464

404

1465


184'fldebtPages

e-ess and outside business relations: (Continued)ot-.ead, William H., Vice President at FRBank of St. Louis,

no objection to part-time service withNational Council of Economic Advisers to

Tenr4,4 President Truman 3/ 5 332--.4-ng connections, Board's policy discussed in connection

with granting of leave without pay to Mr.

T Morris A. Copeland, Special Consultant 7/ 2°Pic for discussion at Presidents Conference, letter to Mr.

In% Sproul re 5/ 9endent Bankers Association of Twelfth FRDistrict, in favor

of bank holding company bill 11/18

1007

700

1590

Grady, Henry F., appointment as Ambassador to, selection ofsuccessor as Chairman and FRAgent at FRBankof San Francisco considered 4/16 587

dit of certified statements submitted for assessment pur-poses by insured banks, experimental programof FDIC to be extended to Indiana, advice toFRBanks of Chicago and St. Louis 5/28 808

Bank credit expansion, reply to Mr. Eccles to statement ofFederal Advisory Council 11/26 1659

Bank credit policies during, joint statement to be issuedby Federal and State bank supervisory agen-cies, to be revised by Mr. Clayton and tobe discussed with Treasury representativebefore review with executive committee ofNational Association of Supervisors of State

Fed Banks 11/17 1560eral Advisory Council to discuss situation with Chairman

Le,, Eccles at luncheon meeting 9/23 131646-1-slation, anti-inflation bill proposed in House, discus-

sion of reserve requirements to be restoredby, Chairman Eccles authorized to make state-ment re inflationary situation before Senate

Mcoftl. committee 12/15 1761°")e, Thomas B., reply to letter suggesting means for

checking, discussion of increased interestrates, etc., questions of policy within

Pr, jurisdiction of FOMC 5/23 809-gram to combat, issuance of statement re consumer instal-

ment credit to be made 10/17 1440Increase in discount rates contemplated in connection

with 10/17 1440Outlined by FOMC, statement re termination of Regulation

W to be issued in connection with, Mr.Thurston to prepare draft 10/21 1459

Recommendations re consumer credit regulation and specialreserve plan to be made to President forpresentation to Congress 11/ 5 1523


Irifl,uion: (Continued)S

tatement of Mr. Eccles before Joint Committee on EconomicReport on monetary and credit steps to dealwith 11/26Inforrnation:

Farmers

Leaks re

List cf

Official

Illetitute of

TrIt

185Pages

1643

and Merchants Bank of Long Beach, California, exami-nation re Long Beach Federal Savings and LoanAssociation, transactions determined not tobe illegal, advice to Department of Justice 2/ 5 177

matters under discussion between Treasury and Boardor FOMC, statement to staff on confiden-tiality of business of Board 7/ 2 1013

reading material received by Secretary's Office tobe sent to each Board member and materialthen to be sent upon request, procedure sug-gested by Chairman Eccles approved 7/11 1044

accounts of Government officers and agencies main-tained with State member banks, informationre to be obtained through FRBanks for Treasuryform to be prepared by three bank supervisoryagencies and copy to be sent to Mr. Smead 8/ 4 1133

Life Insurance, request for special tabulations ofdata from surveys of consumer finances 8/27 1219

Boardt .s liability for employees driving personal cars incourse of employment, purchase approved 3/17 417

13G1,T:ding of Board, fire insurance to be discontinued 11/ 7 1537P life for employees of Board, amendments suggested to

increase benefits, matter referred to Per-sonnel Committee, Board to bear only nominal

Nati°nal expense

Service Life, reimbursement for cost of premiums,discontinuance to be discussed at PresidentsConference

government system of export credit insurance, Boardnot in favor of enactment, report to SenatorTobey

credit insurance, mentioned in letter to SenatorTobey re S. 1740 10/ 1

increase FDIC insurance from $5,000 to $151000,request from Clerk of Senate Banking and Cur-rency Committee for, to be filed without

To reply

bank deposits up to maximum of $15,0001 Board

3. 4114,

Export

S. 548, to

insureer Am . not in favor of, advice to Senator Langerer

lean Statistical Institute:keeti ng to be held in Washington September 6-18, Messrs.

Thomas, Knapp, Gerschenkron, and Grove tobe named as delegates

7/11

7/18

4/ 2

1040

1076

499

1358

2/21 244

4/17 602

5/22 777


Interest:

Deposits, payment by Federal Home Loan Bank at Cincinnatiand solicitation of transfer of fundsfrom national bank, letter to Mr. Fahey 2/26 266

Filnotes: (See FRnotes)l'aYment on certificates that expired during war, letter

from Mr. Tougias, and views of Board as

Interl payment 3/24 454

ocking directorates:racken,B

tol)T. A., Jr., service as vice president and trust

officer of Real Estate Trust Company ofPhiladelphia and as director of PennsylvaniaWarehousing and Safe Deposit Company,Philadelphia, not permissible under Regula-tion L 8/19 1195

Brown, Prentiss M., Director at Detroit Branch, resignationconsidered because of election as directorof National Bank od Detroit, to continueservice until expiration of term at end of

No year 7/18 1077

thern National Bank at Presque Isle, Maine, and WashburnTrust Company at Washburn, Maine, not con-tiguous or adjacent under Clayton Act, tele-gram to FRBank of Boston 1/8 23

%national Bank for Reconstruction and Development:"rms for commercial banks in reporting disbursements under

letters of credit in connection with trans-actions financed by, to be distributed by

6/24 978nARou

FRBanks-vs, L. R., fiscal agent for, current information re

Bee • duties, requested 6/25 983urities to be offered by, Treasury issue should not inter-

fere with 3/11 390FRBank of New York to act as fiscal agent re bond issue of,

Iriternati agreement approved 7/23 1096onai Business Machine tabulation equipment, continued

lease for 8 months approved 4/28 6528quiPment, to be leased on continuing basis and responsibili-

ty of operation to be transferred from Divi-sion of Research and Statistics to Divisionof Administrative Services 7/15 1057

C°Urses in use of mechanical equipment, advice to FRBank ofChicago re selection of Board representatives

LI+ to take 8/12 1168"610nal Monetary Fund and International Bank for Recon-

An/p., struction and Development:Conference of Governors to be held in London, Mr.

Knapp authorized to attend in place of Mr.Eccles and to visit other countries inEurope 6/20 959

186Pages


Inventories:Consumer goods, accumulation of, statement of Chairman

Eccles in 1942 re, elimination from reports

of examination of State member banks planned,

opinions of FDIC and Comptroller requested

Accumulation of, advice to FRBanksJoint statements by bank supervisory agencies to discourage

unnecessary purchase of goods and accumula-

tion of inventories in excess of minimum re-

quirements, no action re further statement

to be taken by Boardii/‘iestalent of of Retirement ystem, amendment to rulesfunds

and regulations approvedillvestment Policies of retirement system, proposed changes to

be discussed at meeting with Presidents8 tanen t securities purchase by member banks, reply to Mr.

187Pages

10/8 141110/28 1489

7/2 1011

10/17 1447

12/5 1696

Arthur H. Dean on bonds of Kingdom of

Norway101,18.:6/19 949

Alldit of certified statements submitted for assessment pur-

poses by banks with deposits of $5,000,000

or more, letter to FDIC on program as ex-

periment 1/16 70

8) N. Leonard, margin requirements, reduction suggested by,

Jeffe_ reply of Chairman Eccles to 12/11 1740

,rson National Expansion Memorial Association:jolo ontribution by FRBank of St. Louis, additional not approved 2/11 198

:nluation and classification:-eAEank of Kansas City:

Lohmann, M. R., consultant, employment by board on tempo-

rary basis approved, compensation to be on

daily basis and traveling expenses to be paid

by BoardFRBank

2/21 236s

plan discussed at Philadelphia meeting to be sent to

Presidents and report to be ready for dis-

cussion at Presidents Conference, statement

of Mr. Nelson 1/27 125Personnel consultants employed by FRBanks, to be invited to

meet with Personnel Committee and other Board

members prior to Presidents Conference 1/27 126Presidents to be advised of Board's position at joint meeting 2/27 269

4scussion at Presidents Conference, new plan to be put in

effect by July 1 2/28 2814scussion at Presidents Conference of progress made, further

study to be made to reach 25 variation 6/6 867,888

Advice to FRBanks re salary structures and status of studies 6/17 933

'‘u4s, discussion of draft of final report, Personnel Com-

mittee authorized to approve plans and upon

completion of uniform plan letter to be sent

to FRBanks commending work and recommending

narrowing of spread between highest and

lowest salary structures 7/22 1084


Job evaluation and classification: (Continued)Plan approved by Board, letter to FRBanks of commendation

for work, new plan to be effective as soonas wage structures adopted and approved by

Joint ph.Board 8/12 1169llippine-American Financial Commission:

'')cter, John, return from Manila via Hong Kong, Siam, India,and Europe approved, Board to share expenseswith State Department 4/15 572

Return trip via Pacific and Europe and expenses author-ized 4/16 591

Mone tary reforms in Philippines, letter stating view of Boardsent to Secretary of the Treasury after

ktit statements:

receipt of letter from Mr. Randolph Burgess 4/11 560

Bank Credit policies during the inflation, to be issued byFederal and State bank supervisory author-ities 11/17 1560

To be issued by bank supervisory authorities 11/21 16068 Issued by Federal and State bank supervisory agencies 11/24 1635ank supervisory agencies, issued in 1942, discussion of

cancellation, no action as to further state-ment to be taken by the Board 7/ 2 1011

sued by Board, Comptroller of the Currency, and FederalDeposit Insurance Corporation, new

Jos instruc-

tions to examiners being considered lo/ 8 1411eon, Edgar, Jr., travel bureau business, propriety of na-

tional bank entering, reply to letter 7/ 2 1019'-uty Clearing House Association, resolution objecting to

reimbursement of member banks for postage onKeei direct sent cash letters 8/25 1213") Floyd Y., Orvis Brothers & Co., margin requirements,

1, Mar - reply to letter suggesting reduction 10/ 1 1355\E:11 gln requirements, reply to letter suggesting reduction 10/14 1429

Y3 Thomas F., Hoover Company, Regulation WI elimination ofvacuum cleaners from list, reply to letter

Re re 2/26 266Y to further correspondence requesting removal or amend-

merit 5/15 733 vertisement re vacuum cleaners in violation of Regulation

WI matter referred to FRBank of Richmond,advice to 10/ 8 1409

tileht

"A Regulation W, reply to letter re sent to Congress-

man Thomas 1/21 95) Milton S., margin requirements, reply to suggestions

Ico°/Itz A from 4/ 3 509) G., Regulation W, reply to letter in favor of

Labor: continuation 2/25 261

=,awc of Chicago, suit threatened by former employee of De-

troit Branch, answer to be delayed until afteraction by Congress on pending labor legis-lation 4/15 575

188Pages


Lab or: (Continued)

FRBank of Chicago: (Continued)Suit filed in Detroit re Fair Labor Standards Act,

Bank to proceed with case without defense

Labor laWS that Act does not apply- to FRBanks 7/ 2 1005

National Labor Relations Act, applicability to Reserve Banksdiscussion at Presidents Conference, Banksto attempt to complywith provisions of FairLabor Standards Act even though excepted

Labor unions:

under 6/ 6 879

rederal laws, applicability to FRBanks, topic for discussion

FRB at Presidents Conference 5/ 9 700arik of Dallas, NLRB to hold informal investigation re

discharge of 39 employees, statement to besent to Board by 2/11 193

Report to Mr. Eads re discharge of 44 employees, statementof Mr. Townsend re situation, Personnel Com-mittee to submit recommendation as to proce-dure to be followed 4/ 8 531

No action to be taken at present to reinstate two former141),—TAr employees, Messrs. Clouse and Terry 4/11 551) -enator William, reply that Board does not favor S. 548

to increase maximum insurance on deposits of

14thalt any one depositor 4/17 6021 Henry J., Regulation W, reply to letters from Messrs.

tatth Anlerica:

O'Leary and Mackay re abolition sent to 1/13 48'

Tr ills of Messrs. Knoke and Wallich to visit central banks of

Peru, Bolivia, Chile, Argentina, Uruguay,Paraguay, and Brazil approved, visits to

Leaks. Central and South America to be deferred 2/25 260141. ormation re matters under discussion between Treasury and

Board or FOMC, statement to staff on con-fidentiality of business of Board 7/ 2 1013

Wire system:QoardrRBank of New York via Philadelphia, no change to be

made at present, discussion of memo from Mr.

lt• Bethea 5/13 717erelty leased line telephone network to serve activities

of Federal Government, Board not interested

Leoein proposed service at present, advice toTreasury Department 6/ 2 8344ricif absence:

accumulated not to exceed 60 days, amendment toSection 2.3 of Board's leave regulations

BucL, approved 8/15 1187'4-0Y, Thomas N., telegraph operator, reinstatement upon

return from military leave and salary ap-proved 1/27 130

189Pages


Lealres of absence: (Continued)Copeland, Morris A., Special Consultant, granted leave

without pay to teach at Johns Hopkins Uni-versity, after discussion of Board's policyre outside teaching connections 7/ 2 1007

Edwards, Mrs. Evelyn L, stenographer in Counsel's Office,granted leave without pay because of illness 1/30 143

Egbert, Va Lois, secretary to Mr. Eccles, granted sick leave,not to be charged to sick leave subsequently

FRB accruing 1/3a4,2%.s, study to be made of policies, including question

of accumulation of annual leave and payment

in event of death or separation from service,

discussed in connection with case of Mr.Davenport, former Assistant Cashier at

Oklahoma City Branchand employees, schedule, to be developed by

Presidents Conference Committee in consulta-

tion with Mr. Nelson for consideration by

Presidents Conference and Board

PRBank officers

FRBanks,

Plan

annual,

for

tion at meeting in fall of 1947

zgerald, Mrs. Frances, General Assistant in Secretary's

Office, granted extension of leave with-

out pay to Sept. 1, 1948, at which

she will retire

John C., granted leave with pay and to be

bursed for expenses for attendance

Graduate School of Banking

Alexander, Chief of Foreign Areas Section,

Division of Research and Statistics, granted

official leave to deliver three lectures in

Berkeley, California

Anna Grace, clerk in Division of Research and Statistics,

granted leave without pay because of illness 6/3Pia •ltlgan, Helen A., file clerk, extension of leave

without

pay for three months approvedkenv-

n, KInneth A., granted leave with pay and to be

reimbursed for expenses for attendance at

Graduate School of' Banking

Edward, reinstatement as Administrative

Assistant in Division of Personnel Adminis-

tration and salary approved upon return from

military leave

?renzoni,

Gerschenkron,

ICtigore, J.

time

reim-at

190Pages

7

2/2) 2-7

3/5 330sick, and other leave, schedule for discussion

at Presidents Conference, problem to be

studied by personnel officers of Banks and

Board's staff and report to be submitted

uniform schedule to be transmitted by Mr. Nelson

to personnel officers of FRanks for considera-8/7

(/6 872

1147

)/8 690

1/30 146

4/3 505

835

4/9 238

1/30 146

4/3 )o6


LeaveOf absence: (

Malone, Charles

Maroney, Mary

MIIITIV) Royal

Policy

Continued)T., FRExaminer, request for leave without

pay to accept position to serve with

occupation forces in Japan, not approved

economist, granted leave without pay to

accompany sister to International Trade

and Employment Conference at Geneva,

SwitzerlandJ release to work on marble of Arlington

Memorial Amphitheatre for six months,

not approvedof Board reloan of employees to other Government

to be granted only for experience

• ,

• I

agencies,Board returnto increase value to upon

Reeves/ Mrs. Dorothy D., secretary to Mr. Young, granted

leave without pay for six monthsRegulations, amendments to conform with regulations of

Federal Government approved

Violet M., Division of Research and Statistics, re-

signation accepted upon termination of

military leave

Norbert C., guard, resignation accepted upon re-

turn from military leave

redesignation as special assistant examiner

at Los Angeles approved upon return from

military leave

r, Alfred, FRBank of New York granted six-month

leave without pay for services with mili-

tary government in Europe

nor, clerk-stenographer, extension of official

Treacy,

vigus, V. E.,

VO4 Klempere

Wirth, Elea

Leggett, Thomas,

IN18.1 ation:

Absorption

Act or Apri

Of MarcAct

leave for work with American-Philippine

Financial Commission approved

Association of State Bank Supervisors, pro-

posed amendment to remove certain tax ad-

vantages re consolidation or conversion of

national and State banks

191Pages

4/23 625

3/28 487

1/16 68

4/23 626

10/8 1406

8/15 118)

2/26 2(2

2/14 211

7/2 1015

1 1/20 1560

)/22 776

3/7 34)

of exchange charges by member banks, Presidents

to be advised of Board's position at joint

meeting1 13, 1943, exemption of war loan deposits from re-

serve requirements, no further legislation

needed, advice to Mr. L'Heureux

h 9, 1933, section 4, Emergency Banking Act, ter-mination favored by Board, advice to

Mr. L'Heureux

2/27

3/3

3/3

269

321

321


192

Legislnti (Continued)

Pages

t̀ualinistrative Practitioners Act, participation in proceedings

of Federal agency, bill not needed in connec-

tion with operations of Board, advice to

Senator Wiley, Chairman, Committee on the

Judiciary 4/3 510Alaska, bill to authorize admission as State, amendment sug-

gest re membership of banks in FRSystem,

comments requested from FRBank of San

Francisco 7/25 1104Anti

Franciscobill proposed in House, discussion of reserve

requirements to be restored by, Chairman

Eccles authorized to make statement re

inflationary situation before Senate12/15 1761

Auth0,44 committee

of FRBanks to make direct purchase of Government

securities from Treasury, request for

Bank permanent, advice to Mr. L'Heureux 3/3 321

holding company, advice of FAC re general attitude to-

ward requested 2/11 203Reference to in connection with question of anti-trust

proceeding against Transamerica Corpora-

tion, letter to Attorney General Clark2approved /25 251

()Pinions of FAC to be given by May meeting, statement of

Chairman Eccles re status of bill 3/11 38)Discussion of present status 3/14 409

Pinions of FAC to be given at May meeting with Board 4/16 590

Ilearings on S. 829 to be postponed, Chairman Eccles and

Mr. Townsend to meet with holding com-

pany groups to discuss proposed amend-

mentsDiscussion at meeting of FAC of proposed amendments sug-

gested by Council and Association of Re-

serve City Bz:nkers, resolution stating

views for use at hearing to be considered

at separate meeting of FAC 5/20 760

Suggestion of Mr. Thomson, President of Northwest Ban-

corporation, endorsed by Reserve City

Bankers and PAC, letter to Secretary of

the Treasury requesting approval )/22 778

S• 829 and H. R. 3351, proposed amendments, state-ment re by Mr. Townsend 503 779

Amendments approved 5/23 783

Review of present status by Chairman Eccles at

Presidents conference 6/6 893Letter to President re importance of action at present

session of Congress 6/10 899RePort by Chairman Eccles on status 6/17 932

)/13 719


Legi

Present status

Banking,

13(3ard of

tranches

193Pages

slation: (Continued)Bank holding company: (Continued)

Amendment to Regulation D to be deferred during considera-tion of

Passage prior to adjournment of Congress not likely be-cause of request of Transamerica Corpora-tion to testify before House Banking andCurrency Committee, statement of ChairmanEcclesof reviewed by Chairman Eccles at meetingwith FAC

inclusion in pending labor legislation, meetings re,Mr. Clayton to continue discussions withFDIC, Comptroller and Treasury to includein Hartley Bill

Governors, requiring action before expiration date ofJune 30 and legislation needing action atpresent session of Congress, reply to inquiryfrom President of the U.S. 6/10

of State member banks, to require approval by Boardfor establishment of intracity 11/21

aPital requirements of member banks, Presidents to be ad-vised of Board's position at joint meet-ing 2/27

Amendment to FRAct re, discussion at Presidents Conference 2/28Action not possible at this session of CongressRePlY to Mr. Burmester, Union Bank of Commerce, Cleveland,

OhioReply to Congressman Sundstrom re letter from Mr. William

J. FieldLegislation to remove discrimination, recommendation to be

included in annual report and Board to takestups to introduce bill at next session ofCongress

Statement to be included in annual report for 1946Legislation re to be submitted to Congress in 1948, drafts

and transmittal letters sent to FRBanksfor comments, information in support of

recommendations requestedin favor of proposed bill to modify, but

opposed to provision requiring approval

of Board for establishment of intracity

branches for State member banksof memo of Legal Division re, questions to be

discussed with Comptroller of the Currencyand matter to be considered in near future 11/21

letter to Comptroller of the Currency to be pre-pared re 11/26

to Comptroller of the Currency with draft bill,views requested 12/5

Presidents

Discussion

DI'aft of

Letter

7/11 1048

7/18 1065

11/18 1590

4/16 588

898

1626

269309

3/7 348

3/25 464

5/12 708

6/6 8816/17 931

7/28 1107

10/7 1385

1626

1642

1709


Legj 81A 4

(Continued)..lompulsorY membership of national banks in territories and

their admission as States, amendment toH.R. 49 to require national banks inHawaii to become members of FRSystemupon admission of Hawaii as State, mat-ter to be taken up with Messrs. Han l andDelano before actione0 Delano

or merger of national and State banks, proposedamendment to remove certain tax advantages,

Mr. Vardaman to advise ABA that Board wouldfavor legislation that would also remove

discrimination against member banks recapital requirements for banks operatingbranches

continuationoppositionwith Board 3/11

proposed bill to make permanent authority of Bardto regulate prepared by Mr. Solomon and state-ment re prepared by Mr. Parry, to be studiedby Board 4/11

of Board's authority, recommendation of Councilof Economic Advisers to President, discussionby Chairman Eccles 4/11

of Chairman Eccles to testify on, letter to Chairmenof Banking and Currency Committees transmit-ting proposed bill and letter for signatureof the President re to be submitted to Board 5/23

bill to authorize regulation by Board and draft ofletter for signature of President discussed,drafts to be revised and alternative draftof bill proposing broader authority to be pre-

pared, matter to be discussed further 5/29 821bill to be sent to Chairmen of Banking and Currency

Committees with letter of transmittal and

explanatory statement, Chairman Eccles to

testify at hearings on, and letter for

signature of President approved 6/4 84oto continue regulation by Board sent to Chair-

men of Banking and Currency Committees of Con-

gress 6/5 853Chairman Eccles to testify at hearings on bill,statement at Presidents Conference re statusand letter received from the President 6/6 879

to President re importance of action at present ses-sion of Congress 6/10 900

by Chairman Eccles on status 6/17 932

ConsUmer credit,

Draft of

Continuation

Desire

Draft of

Draft of bill

Regulation W,

Letter

RePort

of Board's authority to regulate,of FAC to, discussion at meeting

194Pages

lo/17 1447

3/7 345

378

548

549

789


195

Legisi

„-!Ltion: (Continued) Pages

'..onsUiller Credit: (Continued)Authorization for one-year period sUggested as com-

promise by Board, Chairman Eccles

authorized to inform Senator Buck thatBoard has no further suggestions 7/2 1006

Status, Chairman Eccles to bring matter to attention

of President to decide whether to revoke

Executive Order 7/11 1050President not to take action re Executive Order until

action of Congress determined, state-

ment of Chairman Eccles 7/18 1065Extension until November 1, letter to Mr. Clark Clifford

recommending signing or Joint Resolution

by President and enclosing suggested state-

ment for issue 7/28 110-)Restoration of authority of Board, to be recommended to

White House by Chairman Eccles to control

expansion of credit by Banks 11/) 1524Passage of S. J. Resolution 157 by Senate, procedure to

be followed if also passed by House out-

lined by Mr. Parry, discussion of increase

In credit limit and broadening of list of

Con,, articles, further study to be made 12/19 1799-version or consolidation of national banks with State

Banks, letter to Mr. Needham, ABA, re pro-

posed bill to permit 12/5 1710elsedit

controls proposed, Mr. Eccles to appear before Joint

Committee on Economic Report and Banking

ectand Currency Committees joint hearings 11/17 15)9 .

Purchase of Government securities, bill to make exist-

ing authority permanent, draft with

recommendation for enactment sent to

Chairmen of Senate and House Banking and

Pe Currency Committees 1/10 4oCurrencyauthority for FRBanks, views of FAC requested 2/11 203

krzpuest for permanent authority, advice to Mr. L'Heureux 3/3 321

48 of FRBanks, payment of portion to Treasury, discussion

in connection with hearings of H. R. 2233

before House Banking and Currency Committee,

no conclusions reached 3/7 _' Labor Standards Act:

Ass istant examiners, exemption under, question raised by

FBBenk of Atlanta, advice requested from

FRBanks re procedure to be followed by

Board 12/5 17064111 labor laws, applicability to FRBanks, topic for dis-

cussion at Presidents Conference 5/9 700


196

tegi;lation:(Continued)

Pages

4t) bill to amend and for other purposes, draft withrecommendation for enactment sent to

Banking and Currency Committees of

Senate and House 1/10 4oBill to repeal section 13b and to amend section 13, copy

and recommendation for enactment sent toChairmen of Senate and House Committees onBanking and Currency 1/10 39

Letter to Chairman Wolcott revised to incorporate

reference to statement contained in

President's budget message 1/23 104S. 408 to amend, Board in favor of, letter to Senator

Tobey stating views 2/24 247Amendment to section 13, memo and letter to Presidents

stating reasons for approving to be pre-

pared by Mr. Draper and staff 3/7 347PRI31'anch buildings, bill to repeal limitation on cost, draft

with recommendation for enactment sent toChairmen of Senate and House Banking and

Currency Committees 1/10 41Removal of limitation on cost, FAC in favor, of and to con-

sider matter further 3/11 390Reply

toletter from Congressman J. Hardin Peterson 3/25 465tr o FRBanks to be prepared requesting informa-

tion re construction costs and statingthat plans should be for practical needswithout ornate or pretentious buildings 3/28 482

S. 1225, Sparkman bill to remove limitation re, reportto be deferred until discussion by Chair-man Eccles with Mr. Wolcott 5/13 710

airman Eccles to talk with Mr. Wolcott to obtain viewsbefore further action 5/13 714

RePeal of limitation in FRAct on expenditure, letter toChairman Wolcott recommending repeal orauthorization for expenditures for urgent

cases up to $10,000,000, copy sent toSenator Tobey 5/29 814

13111 for additional authority for construction of, pre-

ferred by Chairman Wolcott to bill for

repeal of existing limitation, state-

ment of Chairman Eccles 6/4 840RePeal of limitation on cost, or authorization for

expenditures for urgent cases up to

$10,000,000, drafts of bills sent to

Chairman Wolcott of House Banking and

Currency Committee 6/5 852


:eryi ,'''rts',,ation: (Continued)'ul'reZch Buildings: (Continued)

Review of present status by Chairman Ec,A..es at Presi-

dents Conference

AI:le/lament to section 10 of FRAct to remove limitation,

letter to President re importance of

action at present session of Congress

Letter to Chairman Wolcott re labor and material needed

for constructionRequest to Congress to permit expenditures in excess of

present limitation, report by Chairman

Eccles on statusNo objection to purchase of Chamber of Commerce Building

for Cincinnati Branch, provided legisla-

tion authorizing purchase enacted by

Congress, advice to Mr. Gidney 5/1) 732Bill to permit expenditures up to $10,000,000 passed by

Senate, advice to Mr. Gidney re status

of 7/14 1055

13111 to authorize expenditures UlD to $10,000,000 signed

by President, information re urgent

needs of branches requested 8/8 1160[eral statutes, bills to repcal obsolete provisions, study

to be made by Legal Division and advice to

be sent to Senator Wiley 4/30 C644arinhi,etax, restoration of, Presidents to be advised of

Board's position at joint meeting 2/27 269

Ge°11Ce Act, applicability to request of GAO for permission to

examine reports of examination of 28 in-

sured banks 1/17 746.1'tley bill, inclusion of banking in list of industries

affecting interstate commerce, Mr. Clayton

to continue discussions with FDIC,

Comptroller, and Treasury 4/16 88-,, to authorize admission as State, amendment sug-

gested re membership of banks in FRSystem,

comments requested from FRBank of San

i, Francisco 7/25 1103

'-tan and Alaskan banks, question of compulsory membership

for national banks outside continental

United States, memo and draft of letter to

Congressional committee to be prepared for

n, consideration 8/7 1150

i:-)1Trier's Loan Act of 1933:R. 2800, to amend section 5, report recommending pocket

veto sent to Bureau of the Budget 7/30 1116

197Pages

6/6 893

6/10 898

6/12 90)

6/17 932


198

4E41;1+4 Pages

--Lon: (Continued)11. J• Res. 222, to terminate Regulation W except during

war or national emergency, reported by

8. House Banking and Currency Committee 7/11 1050

R. 49, amendment to require national banks in Hawaii

to become members of FRSystem upon ad-

mission of Hawaii as State, letter to

Chairmen of Senate Committee on Public

Lands, matter to be taken up with Messrs

R. Hari_ and Delano before action 10/17 1447

R' 176, Regulation W, Authority of Board, advice to

Congressman Rees re expiration date,

expenditure for activity and number of

R. 10 personnel engaged in 10/29 1492

"• 515, Kefauver Bill, to amend section 7 of ClaytonAct, hearings to be held before House

Judiciary Committee, Board to await

hearings before Senate Committee and Mr.

Townsend to attend House hearings and

to present Board's position if necessary 3/14 407Statement of Mr. Townsend before subcommittee of House

Judiciary Committee, Chairman Eccles to

1[.talk to Senator O'Mahoney re Senate bill 4/8 5294‘. 2233, to extend authority of FRBanks to purchase

sc.urttes (:'Irectly from Treasiry, discussion

of payment of portion of earnings of FRBanks

to Treasury in connection with hearings be-

fore House Banking and Currency Committee3/7 349Limitation on cost of FRBranch building, removal of,

portion of bill rejected, mentioned in

letter to Congressman J. Hardin Peterson 3/25 465

Removal of limitation on cost of FRBranch buildings,

eliminatI-la of provision, statement

D of Chairman Wolcott to Mr. Eccles 3/28 481• 2315, concerning common-trust funds and to make

uniform law re, Board in favor of bill

with suggested amendments, advice to

D Congressman Dirksen 4/11 5682413, to amend FRAct and for other purposes, Board

in favor of bill as passed by Congress,

II. A advice to Bureau of the Budget 4/24 633

'" P542, to invalidate Executive Order for RegulationW, reply to Congressman Hagen re inquiry

concerning lifting of restrictions on

11. To. 279_, consumer credit 4/4 520

• similar to S. 1178, enactment opposed by

Board 6/13 918


Legislation: (Continued)H. R. 2800, similar to

To amend section 5anding

S. 1176, enactment opposed by Boardof Home Owners' Loan Act of 1933,

for other purposes, report recommend-

pocket veto sent to Bureau of the

BudgetR. 3268, industrial loans bill, advice to Presidents re

R. 4488,status

a bill to amend Servicemen's Readjustment Act

of 1944, Board not in favor of enact-

ment, advice to Hon. RogersIndustrial Loans, possible legislation re, Presidents to

be advised of Board's position at joint

meetingRePort by Chairman Eccles on iippearance before House

Banking and Currency Committee in connec-

tion with(S.408), review of present status by Chairman Eccles at

Presidents ConferenceLetter to President re importance of action at present

session of CongressLetter to FRBanks referred to by Chairman EcclesOPPosition by FAC if RFC powers continued, discussion

at FAC meeting with Board, further

consideration of matter to be given at

next meeting

applicability to FRBanks, topic for discussion at

Presidents Conference

of banking in, meetings re, Mr. Clayton to

continue discussions with FDIC, Comp-

troller and Treasury to obtain same

treatment for banking in Hartley bill

as is given to other industriesapplicability to FRBanks, topic for

discussion at Presidents Conference

(Taft-Hartley), letter in favor sent to 'White

House after discussion and talk with

Presidential Aide Clifford144ssachusetts, law permitting delayed remittance for cash

Items, letter to FRBank of Boston on

changes in check collection circularor consolidations of State and national banks,

equality of pcsition in, statement of

Mr. Vardaman re meeting in New York,

no recommendation to be made

Labor,

Inclusion

Federal laws,

4bor bill

tlev.`gers

199Pages

6/13 918

7/30 1116

6/13 917

12/17 1786

2/27 269

6/4 839

6/6 893

6/10 8996/17 932

9/23 1313

4/15 576

4/16 588

5/9 700

6/17 927

11/5 1530

3/14 401


Legis114+4la-.4on: (Continued)v".88(3uri Valley Authority, S. 1156 to establish, reply to

routine inquiry to be deferred, ChairmanEccles to send letter to Senator Murrary

re, and Messrs. Vest, Morrill, and

Thurston to discuss matter with Mr. AndersonK3rtgage8 or loans for insurance, guaranty, or purchase by Fed-

eral Agency, bill to limit eligibility,

general indorsement by Board, advice to

Mr. Foley, Housing and Home Finance Agency

Advisory Council on Domestic Credit Extension, draft

of bill prepared by Treasury Department to

establish, Board not in favor of, Mr. Lynch,

General Counsel of Treasury, to be advised1404onal Labor Relations Act, amendment to exempt agencies of

Federal Government, discussion in connec-

tion with threatened suit against FRBank

Rese of Chicago

rve Banks excepted under, discussion at Presidents

Conference, Banks to attempt to comply with

provisions of Fair Labor Standards Act

bills to repeal, reply to letter from Senator

Wiley re provisions of FRAct

263, withdrawal of contributions from Civil

Service Retirement System upon separation

with less than ten years of service, not

applicable to Board of Governors Plan of

Rates Retirement System, resolution adopted re 8/20, fortnightly establishment, amendment to FRAct recommended,

no action to be taken at present 2/28Ree048 truction Finance Corporation, bill to extend, and on

general credit situation, request for

testimony by Chairman Eccles at hearings

declinedcontinuation, discussion at Presidents Conference,

statement of Chairman Eccles re conversation

C with Congressman Wolcott 2/28

nstitutionality of Executive Order during peace, reply to

letter from Mr. M. J. Bachrach sent to

Ileorft Congressman Hess 4/30

'45a4ization Act, work by GAO and Bureau of the Budget

duplication in connection with bank supervi-

sory agencies, statement of Chairman Eccles 2/21 243

"e city designation, discussion at Presidents Conference 10/7 1380

National

°Ibscaete laws,

Law No.

atiOn W)

200Pages

5/13 719

12/22 1818

12/15 1747

4/1) 576

6/6 879

7/9 1033

5/23

1206

235

789

286

663


201

Legislati Pages

on: (Continued)Reserve requirements, to be considered by Congress in

connection with adoption of formulafor designation of reserve cities,statement of Chairman Eccles at FACmeeting 9/23 1304

Special reserve plan for three-year period to controlexpansion of bank credit, to be recom-mended to White House by Chairman Eccles 11/5 1522

Special reserve plan proposed to control expansion of bankcredit, discussion of Chairman Eccles'memo and of questions raised by Mr.Szymczak, Chairman Eccles to make state-ment before joint hearings of JointCommittee on Economic Report and Bankingand Currency Committees 11/17 1557

Bill to provide for special to be held by banks, and

for other purposes, draft approved, to betransmitted to Chairmen of Banking andCurrency Committees 11/26 1665

Section 32 of Banking Act of 1933, interlocking relation-ships with security concerns, discussionof suggested change at Presidents Con-ference 2/28 290

Section 522(c) of Tariff Act of 1930, proposed amendment to,and question of service of Board's staffon Committee to assist Treasury in adminis-tration of, letter from Mr. Sproul recirculated to Board for information 1/27 135

Section 5219 of U. S. Revised Statutes, taxation on nationalbanks by States, proposed amendment to,no objection to 1/30 152

S' 104, bill to amend Clayton Act, report sent to SenatorL/16 596

S. 15,, O'Mahoney

I Veterans Employment and National Economic Develop-ment Corporation Act of 1946, discussion

at FAC, Board opposed to 3/11 370s• 217, to continue authority of RFC for credit to small

business enterprises, no report to be made

by Board, Comptroller or Treasury re,

discussion at FAC meeting with Board 3/11 383s. 4o8, industrial loans, to amend sec. 13b of YRAct, views

of Board re bill introduced by Senator

Tobey 2/20 228Board in favor of, letter to Senator Tobey stating

views 2/24 247


Legisl n4..

(Continued)S. 408: (Continued)

Discussion at Presidents Conference of additionalprovisions, matter to be left openfor further consideration

Proposed amendments, discussion at FAC, resolution tobe submitted by Board to Chairmen ofSenate and House Banking Committees afterapproval by FAC

To repeal section 13b and to amend section 13 of FRAct,letter to FRBanks stating need for af-firmative action promptly

Statement of Yr. Hanes, ABA, against at meeting ofexecutive committee of Association ofState Bank Supervisors, statement ofChairman Eccles re

Chairman Eccles to testify before Senate Banking andCurrency Committee re

Letter submitted by Board to be incorporated in hearingssent to Senator Tobey after letter fromMr. John D. Goodloe read into record

Letter to Senator Tobey concerning comments of Mr.William C. Foster, Acting Secretary ofCommerce, re

Effectiveness as to veterans housing projects, reply toletter from Mr. Louis E. Starr sent toSenator Tobey

Desire of Chairman Eccles to testify onLetter to President re importance of action at present

session of CongressAdvice to Presidents re status of billLetter to FRBanks re statement on "Meeting the Special

Problems of Small Business" by Researchand Policy Committee of Committee forEconomic Development

Mentioned in letter to Senator Tobey re S. 1740To be considered further at meeting of FACStatement of FAC indicating preference for bill rather

S. 414,

than extension of lending powers of RFCgovernment system of export credit insurance, Board

not in favor of enactment, report toSenator Tobey

Export credit insurance, mentioned in letter to SenatorTobey, re S. 1740S. ci

-)48, to increase FDIC insurance from $5,000 to $15,000,request from Clerk of Senate Bankingand Currency Committee for report, to befiled without reply

202Pages

2/28 306

3/11 369

3/21 445

4/11 553

14/16 587

4/25 6140

4/25 644

5/2 6775/23 789

6/10 8996/13 917

7/29 111110/1 135710/31 1502

11/18 1566

4/2 499

10/1 1358

2/21 21414


203

legis, Pagess:x.1.: (Continued)

D.r. (Continued)To insure bank deposits up to maximum of $15,000, Board

not in favor of, advice to Senator

.814, si • Langer 4/17 602

se 828

mllar to S. 1178, enactment opposed by Board 6/13 918to extent authority of FRBanks to purchase

Government securities directly from

Treasury, report in favor sent to

Chairman of Senate B,nking and Cur-

rency Committee 3/24 452To

continue authority for direct purchases of securities

by FRBanks from Treasury, to be brought

8up in Senate for consideration this week 4/15 572

. 829, to provide for control and regulation of bank holding

companies, and for other purposes, report

to Chairman of Senate Banking and Cur-

rency Committee 4/17 601

holding company bill, topic for discussion at FAC

meeting 5/2 679

Passage favored by FAC, review of legislative situation

by Chairman Eccles at meeting of FAc

8with Board 9/23 1313

' 1070, to cancel capital stock of FDIC and to repay Treasury

and FRBanks for amounts received on ac-

count of subscriptions, Board in favor of

bill with certain changes, advice to

To Senator Tobey 4/18 609

provide for cancellation of capital stock of FDIC, pay-

ment for retirement of stock by FRBanks,

omission of provision requested to avoid

confusion, letter to Senator Tobey 6/13 922

Report in favor of President's signing of bill sent to

8' 1149, Bureau of the Budget 7/30 1116

similar to S. 1178, enactment opposed by Board 6/13 9181156, to establish Missouri Valley Authority, reply to

routine inquiry to be deferred, Chairman

Eccles to send letter to Senator Murray

re, and Messrs. Vest, Morrill, and Thurston

S' 1176, to to discuss matter with Mr. Anderson 5/13 719

extend lending power of Federal savings and loan

associations, enactment opposed by Board,

report to Senator Tobey 6/13 9181178, to reduce premium rate for insurance by Federal Savings

and loan Insurance Corporation, enactment

S. 122,, opposed by Board, report to Senator Tobey6/13 918

SParkman bill to remove limitation on expenditures for

FRBranch buildings, report to be deferred

until discussion by Chairman Eccles with

Mr. Wolcott )/13 710


204PagesLe

gislation: (Continued)S. 1519, to amend section 10 of FRAct and permit expendi-

tures for FRBranch buildings up to$10,000,000, Board in favor of, reportto Bureau of the Budget 7/25 1102S. 1720, to amend National Housing Act, no objection toapproval of bill by President, advice toBureau of the Budget

Ss 1740, to establish a Federal Small Business Corporation,7/31 1124

Board not in favor of enactment, reportsent to Senator TobeyS. 10/ 1 1356J. Res. 123, to terminate war time legislation, questionof exemption of executive order No. 8843,consumer credit regulation, advice requestedfrom Attorney General 6/10 900S. J. Res. 148, to authorize continuance of Regulation W untilend of 1947 under certain conditions, re-ported out by Senate Banking and CurrencyCommittee 7/11 1050

To authorize temporary continuation of regulation of con-sumer credit, copy of statement for issuanceby President after signing sent to Bureau ofthe Budget 7/28 1106S. J. Resolution 157, to authorize Board to regulate consumerinstalment credit, passage by Senate, proce-dure to be followed outlined by Mr. Parry,if also passed by House, discussion of in-crease in credit limit and broadening of listof articles, further study to be made 12/19 1799Situation at close of 80th Congress, copies of ChairmanEccles' letter to Presidents sent to Mr.

8/26 1215Strike ProchnowPreventive, classification of banks in, discussion at

FAC, no action to be taken 3/11 369urPlus Property Act of 1944, Board has no surplus property

to report, advice to WAA 3/ 7 353Tart to

Labor Bill, letter in favor of sent to WhiteHouse after discussion and talk with Presi-dential Aide Clifford 6/17 927

Exemption for FRBanks from National Labor Relations ActTa% • contained in 7/ 2

bill, H. R. 11 letter to President recommending veto of 6/ 51005849

Letter of disapproval sent to President, advice to Bureauof the Budget 6/ 9 895

Letter to President in opposition to, mentioned in con-nection with discussion of proposed Taft-Hartley Labor Bill

ding with the Enemy Act, section 5(b), retention favoredby Board, advice to Mr. L'Heureux

6/17

3/ 3

928

320Exemption from S. J. Res. 123, question of exemption of

executive order No. 8843, consumer creditregulation, advice requested from AttorneyGeneral 6/10 900Digitized for FRASER

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

205Le Di Pages

slation: (Continued)Trading with the Enemy Act:(Continued)

Section 5(b)1 continuance of war and emergency legisla-tion desirable, letter to Attorney GeneralClark 12/12 1744

Transamerica Corporation, applicability of Clayton Act,investigation to be made by Legal Division 10/31 1506W agner Questionnaire matters, Presidents to be advised of

Lette f Board'srs position at joint meeting 2/27 269

o appreciatio Grady,Henry F., resignation as Chairman and FRAgent at FRBank

of San Francisco to become Ambassador toIndia 4/22 615

alamock, Miss Many-e, for article re value of membership in

Ran FRSystem of Bank of Hartsville, Tenn. 8/28 1229Ransom, Ronald, telegram of sympathy on occasion of death,

sent to Mr. Neely, Chairman at FRBank of

Letters _- Atlanta 12/ 3 16810.1 congratulation:Grove,David L., on award by Government of Ecuador in appre-

Letters , ciation of work 11/ 5 1527introduction:Exter, John, to be used in visits made on return trip from

LtRettre Philippines 4/16 592ux Robert D., reply to letter re retaining, amending or

Lieelises, terminating certain laws 3/ 3 321Te rmination of licensing of member banks, Presidential procla-

mation, statement to be published in MayLoaz issue of FRBulletin 4/22 617

04..eMployees to other agencies:Howard, FRBank of New York, to be assigned to American-

Philippine Financial Commission for threeMalon-,months 1/ 7 11

Charles T., FRExaminer, request for leave without payto accept position to serve with occupationforces in Japan, not approved by PersonnelCommittee 4/23 626

karshall Plan for assistance to European countries, partici-pation of members of Division of Researchand Statistics in work connected with ap-proved after discussion 7/11 1042

Participation in special projects involving submission ofstatement or memorandum as expression ofBoard's views or position to require Boardapproval 7/11 1042

P°11-cY of Board re, to be granted only for experience toSn" increase value to Board upon return 4/23 626

-"Ion, Frederic, Assistant Counsel, to Bureau of the Bud-get for one month approved 2/18 219

Loan to Bureau of the Budget, extension for one weekapproved 3/24 14149


Loan .of employees: ((Continued)Stettner, W. F., services requested by Canadian Governmentbut not possible at present, advice to

Von Klemperer,

Wirth, Eleanor,

Loans:

American

Amortization of

Banca dlItalia,

Credit

Banco Central

14400 Central13azik

sank

credit

206Pages

4r. Douglas 11/25 1639Alfred, FRBank of New York, granted six-monthleave without pay for services with mili-tary government in Europe, at request ofWar Department

clerk-stenographer, assignment to American-Philippine Financial Commission for fourmonths

Banksof England, loan by FRBank of New York approved

to certain conditionsIncrease in loan by FRBank of New York approved, subject

taw., to certain conditionsof France, loan by FRBank of New York approved

-4 Polskil loan by FRBank of New York approved, subjectcertain conditions 2/14 214Extension of loan by FRBank of Newto certain conditions 7/2 1012Extension of loan by FRBank of Newto certain conditions 9/ 5 1252Extension of loan by FRBank of New York approved subjectto certain conditions 10/ 3 1371Extension of loan by FRBank of New York approved subjectto certain conditions 10/15 1434

1600

33

543

1490

1816

447

678

Business Shares, Inc., loan to purchase or carrystock of, not subject to provisions of Regu-lation U 4/10bank loans not subject to Regulation W, threestatements issued by bank supervisory agen-cies during 1942, discussion of cancellation,no action re further statement to be takenby Board 7/ 2

Rome, credit by Bank for International Settle-ments, reply of FRBank of New York expres-sing no objection approved by Board 10/28

by Bank for International Settlements, replyof FRBank of New York expressing no objec-tion approved by Board 12/19

de Bolivia, loan by FRBank of New York approvedsubject to certain conditions 3/21

del Ecuador, loans by FRBank of New York ap-proved subject to certain conditions 5/ 2

policies during inflation, joint statement to beissued by Federal and State bank supervisoryagencies, to be revised by Mr. Clayton andto be discussed with Treasury representativebefore review with executive committee ofNational Association of Supervisors of State

11/17subject

4/18

8/1511/26

to

York approved

York approved

subject

subject

1560

611

11891674


Loans: (Continued)Bank Polski: (Continued)

Extension of loan for three months by FRBank of NewYork approved 12/ 5 1714

, Extension of three loans by FRBank of New York approved 12/16 1771aanque Centrale de la Republique de Turquie, loan or loans

by FRBank of New York approved subject tocertain conditions 9/24 1325

, Increase in loan or loans by FRBank of New York approved10/10 1425aanque de Grece, three months extension of loan by FRBank of

New York approved, subject to certainconditions 3/21 448

Extension of loan by FRBank of New York approved subjectto certain conditions 6/20 964

Extension of loan by FRBank of New York approved subjectto certain conditions 9/19 1288

„e Three months extension by FRBank of New York approved 12/19 1815

u ntral Bank of Turkey, credit by Bank for InternationalSettlements, reply of FRBank of New Yorkexpressing no objection approved by Board 9/29 1338

Policy re future loans, to be placed on agenda at nextmeeting of N. A. C. and paper re to beprepared by Staff Committee, letter ofChairman Eccles to Mr. Glasser 10/ 3 1370

Clisto,v' receipts of city correspondent banks, acceptance byFRBanks as collateral for loans to memberbanks, procedure re, advice to FRBanks 11/25 1640

EMPloyees of FRBanks, increase in loan fund requested by FRbank of Kansas City, memorandum to be pre-pared by Mr. Smead, draft of letter to Mr.Sproul to be prepared asking that matterbe considered at Presidents Conference 12/15 1760

8xa1tination policy re member bank loans, Presidents to beadvised of Board's position at jointmeeting 2/27 269

New statement of policy to be prepared by Board and banksupervisory agencies, discussion at Presi-dents Conference 2/28 292

4Pansi0n of bank credit, statement of FAC and reply ofChairman Eccles, discussion of specialreserve plan and other means of correction,statement of FAC to be revised 11/18 1567

RBank of Atlanta, no objection to use of funds for loans toemployees, advances to be included on FormFR 34 4/11 566

uns to employees for educational expenses, no objectionto extension of employees' loan fund to

p. employees at FRBank of Richmond 9/10 126511"8t National Trust and Savings Bank of San Diego, Calif.,

loans to trustors of revocable living trust,applicability of Regulation F 6/19 9145

207Pages


208Loa,

(Continued) Pages

F0 (Continued)gold, policies by American commercial banks

in making or participating in loans on,topic for discussion at meeting of FAC 5/ 2 679

Loans by American commercial banks on, policies, dis-cussion at meeting of FAC with Board,policy group on foreign interests to makerecommendations to Treasury 5/20 750H. R. 28co, to amend section 5 of Home Owners' Loan Act of1933, and for other purposes, report recom-mending pocket veto sent to Bureau of theBudget 7/30 1116

Indristrial Bank of Commerce of New York, N. Y., misleadingadvertisements to be discussed with 1/13 47Industrial, bill to repeal section 13b and to amend section13 of FRAct, copy and recommendation forenactment sent to Chairman of Senate andHouse Committees on Banking and Currency 1/10 39

Bill to repeal section 13b and to amend section 13,letter to Chairman Wolcott revised to in-corporate reference to statement containedin President's budget message 1/23 104

Views of Board on S. 408 introduced by Senator Tobey 2/20 228S. 408, to amend FRAct, Board in favor of, letter to

Senator Tobey stating views 2/24 247Legislation re, Presidents to be advised of Board's

position at joint meeting 2/27 269Discussion at Presidents Conference of additional provi-

sions, matter to be left open for furtherconsideration 2/28 306

Section 13, proposed amendment, memo and letter to Presi-dents stating reasons for approving to beprepared by Mr. Draper and staff 3/ 7 3)47Proposed amendments, discussion at FAO, resolution to besubmitted by Board to Chairmen of Senate andHouse Banking Committees after approval byFAC 3/11 369

To repeal section 13b and to amend section 13 of FRAct,letter to FRBanks stating need for affirma-tive action promptly 3/21 4h5Statement of Mr. Hanes, ABA, against, at meeting ofexecutive committee of Association of StateBank Supervisors, statement of ChairmanEccles 4/11 553

To authorize FRBanks to guarantee, Chairman Eccles calledto testify before Senate Banking and Cur-rency Committee 4/16 587Guarantees of business loans by FRBanks, letter submittedby Board to be incorporated in hearings sentto Senator Tobey after letter from Mr. JohnD. Goodloe read into record 4/25 640


209

44m.• (Continued)

Pages

Industrial: (Continued)Guarantees of business loans by FRBanks„ letter to

Senator Tobey concerning comments of Mr.William C. Foster, Acting Secretary ofCommerce 4/25 644

Demand for, policies re, and rates, topic for discussionat meeting of FAC 5/ 2 679

Effectiveness as to veterans housing projects, reply toletter from Mr. Louis Starr sent to SenatorTobey 5/ 2 677

Desire of Chairman Eccles to testify on bill 5/23 789Legislation to authorize FRBanks to guarantee, report of

Mr. Eccles on appearance before House Com-mittee on Banking and Currency 6/ 4 839

Review of present status of legislation by Chairman Ecclesat Presidents Conference 6/ 6 893

Letter to President re importance of action at presentsession of Congress 6/10 899

Advice to Presidents re status of legislation 6/13 917Legislation to authorize FRBanks to guarantee, letter to

FRBanks mentioned by Chairman Eccles 6/17 932Letter to FRBanks re statement on "Meeting the Special

Problems of Small Business" by Researchand Policy Committee of Committee for Econo-mic Development 7/29 1111

OPposition by FAC if RFC powers continued, discussion atFAC meeting with Board, further considera-tion of matter to be given at next meeting 9/23 1313

Mentioned in letter to Senator Tobey re S. 1740 10/ 1 1357Semiannual list of loans and commitmonts outstanding, to be

discontinued 10/10 1425To be considered further at meeting of FAC 10/31 1502Statement of FAC indicating preference for bill rather

than extension of lending powers of RFC 11/18 1566Participation certificates, discount under Section 13b

for Fulton National Bank, rate of one percent on purchases approved for FRBank ofAtlanta 11/18 1592

Section 13b(e) of FRAct, payments to Treasury not to bemade after cancellation of FDIC stock byFRBanks, advice to FRBank of San Francisco 12/ 2 1679

FRBank of New York, elimination of maximum commitmentsrate of one-fourth per cent or flat fee notto exceed $50 on Section 13b loans approved 12/ 5 1689

Payments to Treasury not to be made after cancellationof FDIC stock by FRBanks, instructions toFRBanks for 1947 report on FR 418 12/23 1824

Mortgages or loans for insurance, guaranty, or purchase byFederal Agency, bill to limit eligibilitygeneral indorsement by Board, advice to Mr.Foley, Housing and Home Finance Agency 12/22 1813


210Loans, Pages

(Continued)National Advisory Council on Domestic Credit Extension,

draft of bill prepared by Treasury toestablish, Board not in favor of, Mr.Lynch, General Counsel of Treasury, tobe advised 12/15 1747

National Bank of Nicaragua, application for, draft of letterfrom Mr. Sproul to, comments re 3/14 328National Shawmut Bank, Boston, Mass., loans to beneficiariesfor purchase of stock of trust, applica-bility of Regulation U 4/24 631Prospects re bank loans, demand for business loans, loans se-cured by real estate, and for consumercredit, statement of FAC and discussionat meeting with Board 5/20 754

Reserves for bad debts, should be reflected in earnings andcondition reports as other valuation allow-ances 12/26 1835

Sales of mortgages by State member banks, statement to bepublished in FRBulletin 5/20 748

Sears, Roebuck and Co., proposed loan to employee to purchasestock of, applicability of Regulation U,reply to Mr. Willard G. Barker 4/18 608Stock

Clearing Corporation of Boston, question of loans inconnection with Boston Stock Exchange,applicability of Regulations T and U 6/ 2 831

"Suggestions for improving statistical information on Bankloans", copies of report sent to FRBanks

S for comments and suggestions 9/ 8 1259urlrY of general character of increases requested by Treas-

ury, FRBanks to give information 11/19 1596asury bills, loan value to be established by FRBanks,

letter to Mr. Sproul, re, matter to be dis-cussed at Presidents Conference 12/ 5 1708

Loan value by FRBanks to be maturity value, views ofPresidents Conference approved 12/ 9 1718

Veterans h ousing, H. R. 4488, bill to amend Servicemen'sReadjustment Act of 1944, Board not infavor of enactment, advice to Hon. Rogers 12/17 1786

Veterans loans on automobiles, relaxation of terms of Regu-lation W for, reply to suggestion from Mr.

Vet.— Burton, City Bank, Washington, D. C. 3/11 393ns mortgage, abuse of credit regulation in field,

°catio

dis-cussion at meeting of FAC with Board 3/11 381

n of banks:Nevada Bank of Commerce, Reno, Nevada, removal of head office

from Elko and establishment of branch in

4*44ann, Elko approved 12/ 3 1684

M. R., consultant, employment on temporary basis forwork on FRWage and Salary AdministrationPlan for FRBanks approved, conpensation tobe on daily basis and traveling expensesto be paid by Board 2/21 236


143ng Beach Federal Savings and Loan Association:Farmers and Merchants Bank of Long Beach, California,

examination of, transactions determinednot to be illegal, advice to Department

Lot, of Justice 2/ 5 177Russell G., control of stock market credit, letter to

Senator Tobey in reply to correspondence

Mar i from 5/ 6 687Low.. g n requirements, reply to letter sent to Senator Tobey 6/13 914.‘°3-ana Bankers Association, luncheon with Board, invitationLotus; to be extended during visit to Washington 5/ 1 671

'ana Furniture Company, Regulation W investigation, under

Llinchsons: consideration by Board 10/16 1437

American Agricultural Editors Association, to be invited asguests of Board in connection with meetingat Board 5/ 6 684

Anerican Bankers Association, invitation to luncheon withBoard to be extended to State Associations

Exp^...Il_ visiting Washington 5/ 1 671

Federal of FRBanks, to be included in general budgets 2/ 4 168

"Qeral Advisory Council, on September 23 at the Board,advice re arrangements to Mr. Prochnoa 8/26 1216Henn

essY, John L., Hotels Statler Company, Inc., to be in-vited to luncheon to discuss cafeteriaoperations, Presidents to be invited to

9/22 1289we

Lo • attend4-lana Bankers Association, to be invited to have luncheon

4i with Board during visit to Washington 5/ 1 671nnesota Bankers Association, to be invited to have luncheon

Nat with Board during visit to Washington 5/ 1 671ional Association of supervisors of State Banks, annual

meeting in Washington, invitation for lunch-eon or dinner to be extended if no objection

Nat by Chairman Eccles 4/23 624tonal Conference of Business Paper Editors, to be invited

by Board to lunch during meeting in Wash-

Pennsyl ington 5/23 791

vania Bankers Association, invitation to luncheonwith Board to be extended during visit toWashington 4/23 623

At Board, followed by informal discussion with Mr. ThomasPre,. answering questions presented by 5/ 1 670

'ldents of FRBanks invited to luncheon at which Mr. John

latak L. Hennessy will discuss operation of

9/24 1324ay T) cafeteriasA., Regulation W, abolition of, reply to letter sent

girl r̂ . to Congressman Latham 1/13 48Arl_.quirements:'llnistration of, letter to Senator Tobey in reply to letter

from Mr. Russell G. Longmire 6/13 914

211Pages


212

Maroi- Pagesb.0 requirements: (Continued)Administration of: (Continued)

Letter to Senator Tobey in reply to letter from Mr.R. R. Wilson 6/13 915

Letter to Senator Tobey in reply to letter from Mr.W. T. Scott 6/13 916

General purpose Congress intended by, reply to lettersfrom Mr. Francis Adams Truslow 6/24 975

APPlication of Regulation T to switching of securities infrozen accounts, reply to inquiry from Dr.Amos R. Shirley 5/28 804

Borrowing of securities, statement to be published in August

issue of FRBulletin 7/23 1097Burns, James F., Jr., reply to letter re Regulation T 2/10 192Differential in, discussion at meeting of FAC with Bdard,

Hen FAC opposed to 3/11 375

T ry, Oliver Be, reply to letter re Board's regulations 1/ 7 15L'ongmire, Russell G., reply to letter re control of stock

market credit sent to Senator Tobey 5/ 6 687Reduction in, discussion, draft of statement to be considered

at meeting on January 17, Chairman Ecclesto advise White House and Treasury ofcontemplated reduction, SEC to be advisedof action to be taken 1/14 54

Reduction to 75% approved 1/17 77Reduction and relaxation of rules, second draft of reply to

Mr. James F. Burns, Jr., approved 3/28 477Reduction in, reply to suggestions from Mr. Milton S. Koblitz4/ 3 509

Discussion at meeting of FAC with Board 5/20 756Reply to letter from Mr. Thos. J. Healy 9/30 1350Reply to letter from Mr. Floyd Y. Keeler 10/ 1 1355

11._ Reply to letter from Mr. Keeler suggesting reduction 10/14 1429'ttduction to 33-1/3 required for purchase of grain contracts,

reply to suggestion from Mr. F. C. Willis,

R . Greensboro, N. C. 10/24 1481Red

suggested by Mr. N. Leonard Jarvis, reply ofChairman Eccles to 12/11 1740

Regulations T and U, administration and enforcement, liberal-

ization re substitution of securities in

under-margined accounts, discussion at Presi-

dents Conference, matter to be considered

further 2/28 293Regulation U for banks and Regulation T for Brokers, views

requested from FAC before next meeting 2/11 202Schrs am, Emil, letter from Chairman Eccles in reply to 3/10 366

)(6), depositPecial Miscellaneous Account under section 4(fof securities for protection of broker,reply to inquiry from Paine, Webber, Jackson

‘0,Ilit & Curtin 2/26 265, Manfred R., Regulation W, reply to letter suggesting

repeal sent to Senator Myers 2/14 212


411%ha11 Plan for assistance to European countries, participa-tion of members of Division of Research andStatistics in work connected with approvedafter discussion'Alassachusetts:

Examinations of holding company affiliates by Commissionerof Banks of, FRBank of Boston authorizedto furnish information re Baystate Corpora-tion and Shawmut Corporation, informationfrom reports of examination on nationalbanks to be obtained from Comptroller ofthe Currency or District Chief NationalBank Examiner in Boston 7/10 1036Law permitting delayed remittance for cash items, letter toFRBank of Boston on changes in check'col-

I ttri lection circular 11/ 5 1530A_gs:'Imerican Agricultural Editors Association, at Board, to hear

talks by Chairman Eccles and Messrs. Thomas,Young and Knapp 5/ 6 6841,3,oard of Governors, executive session 11/ 4 1519

‘Jonsumer credit, report of Council of Economic Advisersread to President and others at White House,discussion by Chairman Eccles 4/11 549

Inter American Statistical Institute, meeting to be held onSeptember 6-161 Messrs. Thomas, Knapp,Gerschenkron, and Grove to be named asdelegates 5/22 777

National Advisory Council, Chairman Eccles to attend before

Nat' leaving for 'hest 4/16 587nal Association of Supervisors of State Banks, annual,

to be held in Washington, invitation tobe extended for luncheon or dinner if no

0 objection by Chairman Eccles 4/23 6241Qahorna Bankers Association, Mr. Clayton to attend 50thTre,, Anniversary celebration in Tulsa 4/15 574-'11rY, Messrs. Eccles and Sproul present to discuss

Treasury financing, report of ChairmanTreat., Eccles 4/23 618

kekber °IarY financing, Chairman Eccles to attend at Treasury

before leaving for 'Nest 4/16 587AlniA in FRSystem:AlZama Exchange Bank, Tuskegee, Alabama, application approved5/19 743

8kan banks, amendment to bill to authorize admission ofAlaska as State suggested re, comments re-quested from FRBank of San Francisco 7/25 1104

AMerican State Bank, Mackay, Idaho, application approved, nocash dividends to be paid on common stockfor first three years and fixed assets to bedepreciated at maximum rates allowable forincome tax purposes 5/28 803

213Pages

7/11 1042


Menb ership in FRSystem: (Continued)APPlication for, views of FDIC to be taken into considera-

tion, in connection with application of

214Pages

Falcon Heights State Bank, St. Paul, Minn. 6/19 943APPlications disapproved:

Union State Bank, Carrizo Springs, Texas, applicationnot approved after discussion of recommenda-tions of FRBank of Dallas and Division ofExaminations 8/20 1198

AAplications, doubtful:Falcon Heights State Bank, St. Paul, Minnesota, action

to be deferred until agreement reached re

adequacy of capital 6/19 943Article in Nashville Tennessean Magazine on value to small

bank 8/28 12298ank of Bluffs, Illinois, application approved 1/ 2 4Bank of Commerce, Newark, New Jersey, application approved

subject to condition re paid up and unim-paired capital stock, trust powers not tobe exercised without permission of Board 4/30 661

Bank of Houston, Missouri, granted extension of time toaccomplish 1/29 141

Bank of Leighton, Alabama, application approved, to be en-titled to benefits of deposit insurance underprovisions of section 12B of FRAct 7/31 1123

ank 01 Meeker, Oklahoma, application approved, losses to beeliminated, management procedures to beimproved 3/27 467

Bank of Rhame, North Dakota, application approved, number ofdirectors to be increased to not less thanfive

Granted extension of time to accomplish, no objection toadmission with only three directors, numberto be increased as required later

9/23

10/21

1318

14698 Granted extension of time to accomplisha k of Sheridan, Montana, question of resolving management

satisfactorily, to be held in abeyance for

discussion at Presidents Conference ifagreement not reached at FRBank of

12/ 2 1679

Minneapolis 2/20 227No objection to admission with present management, after

discussion with FDIC, extension of time

granted to complete 3/ 4 326Bastrop Bank & Trust Co., Bastrop, Louisiana, application

approved 2/ 6 179ul Gardens Bank, Bell Gardens, California, application

approved, three months allowed for

Bla accomplishment 4/ 7 523t ckshear Bank, Blackshear, Georgia, application approved 1/29 140'''°awell State Bank, Boswell, Oklahoma, application approved 4/22 616


Membership in FRSystem: (Continued)Bronxville Trust Company, Bronxville,

approved, subject to

Capital

Capital

New York, applicationcharge off of esti-

mated losses 5/23

requirements of banks without branches, amendment tosection 9 of FRAct suggested by Presi-dents Conference 2/28

requirements of banks with branches, letter to FRBanksfor information and comments on proposed

legislationCapital requirements for admission of State banks, views of

Presidents on proposed legislationDiscussion of memo of Legal Division re, questions to

be discussed with Comptroller of the Cur-rency and matter to be considered in nearfuture

Letter to Comptroller of the Currency with draft bill,views requested

Check collection service, effect on, discussion ofCitizens Bank of Cape Vincent, New York, application

approvedCitizAns Bank, Colquitt, Georgia, application approved, ex-

balances in banks to becess nonmember re-duced to within statutory limits

Citizens Bank of Darlington, South Carolina, application ap-proved, subject to charge off of estimatedlosses, practice re withdrawal of savings

215Pages

794

309

7/28 1107

10/ 7 1385

11/21 1625

12/ 5 17099/30 1341

12/15 1764

1/17 86

deposits to conform with regulations 1/24 107Citizens Bank of Saline, Michigan, application approved 8/28Citizens Bank, Savannah, Tennessee, application approved,

additional powers not to be exercised with-

1228

out permission of Board 3/ 7 353Citizens Banking Company, Celina, Ohio, application approved,

savings accounts to be brought into con-formity with law and corrective action re

loans in violation of Regulation U to be

taken 3/ 7 352Citizens State Bank, Anton, Texas, application approved 8/29 1239Citizens State Bank, Ysleta, Texas, application approved,

additional powers not to be exercised with-

out permission, three months given to

accomplish 3/27 469Cleo State Bank, Cleo Springs, Oklahoma, application ap-

proved, subject to condition re paid-upand unimpaired capital 1/15

Commercial Bank of Delta, Utah, application approved 12/26C°mmercial Bank of Payson, Utah, application approved,

subject to condition re paid-up and unim-paired capital stock 12/26

641834

1833


216

Me Pages

mbership in FRSystem: (Continued)Community Bank and Trust Company, New Haven, Conn., appli-

cation approved, savings accounts to bebrought into conformity with law, properorganization for fiduciary business to besecured at once, and compliance with con-dition 6 waived 12/19 1814

Compulsory of national banks in territories and their ad-mission as States, amendment to H. R. 49to require national banks in Hawaii tobecme members upon admission of Hawaiias State, matter to be taken up with Messrsi

0/17 1447Conditions:

Han l and Delano before action

Changes in, and proposed amendments to RegulatiOn F reinvestment of trust funds, action to bedeferred until conclusion of litigationre, advice to FRBanks 4/ 7 525

No. 3, applicability to sale of real estate mortgagesby State member banks 5/13 721

No. 6, suggestion of Presidents as to amendment regard-ing uninvested trust funds 2/28 290

Security Trust Company, Lexington, Kentucky, change undercondition 2 in corporate powers to permitconduct of commercial banking businessapproved 10/31 1514

C rn City State Bank, Deshler, Ohio, application approved 3/27 467Culbertson State Bank of Culbertson, Montana, application

approved, number of directors to be in-creased to not less than five 1/24 111

o°10bs Ferry Bank, Dobbs Ferry, New York, application approved,corrections to be brought about in activi-ties of trust department 1/ 7 12

Dollar Savings Bank Company, Niles, Ohio, application approved,subject to condition re paid-up and unim-paired capital stock 1/ 2 3

p Granted extension of time to accomplish 1/30 148alcon Heights State Bank, St. Paul, Minnesota, application

for, action to be deferred until agreement

re adequacy of capital 6/19 943armerts and Merchants State Bank of Rush County, LaCrosse,

Kansas, application approved, requirementsre withdrawal of savings deposits to be

PpIn brought into conformity with law,-, practices and policy re, reply to letter from Mr. Han,

Messrs. Sailor and Leonard to discussmatter 4/ 8 536

First State Bank of Froid, Montana, application approved,number of directors to be increased to notless than five, letter to Schnitzler Corpo-ration re holding company affiliate statusto be transmitted 1/24 108

3/25 463


217Pagestlemb ership in FRSystem: (Continued)

First State Bank, Gould, Oklahoma, application approved,excess balance on deposit with nonmemberbank to be reduced 10/31 1513

First State Bank of Green's Bayou, Houston, Texas, applica-tion approved, bank situated in unincorpora-ted community of Green's Bayou outside ofHouston 10/16 1435

First State Bank of Greggton, Texas, application approved,time to accomplish limited to 60 days 9/23 1318

. Granted extension of time to accomplish 10/28 1489First State Bank, Junction, Texas, application approved 10/ 8 1408

Granted extension of time to accomplish 10/28rirst State Bank, LaMarque, Texas, application approved,

additional powers not to be exerciedwithout permission of Board 8/28

1488

1228First State Bank, Premont, Texas, application approved, power

Gallatin

to issue and sell investment certificatesnot to be exercised without permission ofBoard 5/29 825

County State Bank, Ridgway, Illinois, applicationapproved, subject to certain condition re

5/ 6paid up and unimpaired capital stockGrants State Bank, Grants, New Mexico, application approved 6/12HaMp ton Oaks State Bank, Houston, Texas, granted extension of

time to accomplish 1/ 2Hawaiian banks, amendment to bill to authorize admission of

Hawaii as State suggested re, comments re-quested from FRBank of San Francisco 7/25Hawaiian and Alaskan banks, question of compulsory membershipfor national banks outside continentalUnited States, memo and draft of letter toCongressional committee to be prepared forconsideration 8/ 7

Hereford State Bank, Hereford, Texas, application approved,power to issue and sell investment certi-ficates not to be exercised without per-mission of Board

Hopkins State Savings Bank, Hopkins, Michigan, applicationwithdrawn upon advice of FDIC examiners,

5/23

Jeff letter to FDIC protesting such practices 2/ 7Davis Bank & Trust Company, Jennings, Louisiana, appli-

Libcation approved 1/27ertY County Bank, Chester, Montana, application approved,

subject to increase in number of directorsto not less than five

vingston State Bank, Livingston, Montana, applicationapproved

triteno State Bank, Manteno, Illinois, application approved"roe State Bank, Monroe, Utah, application approved, reser-

vation of right to require 30 days writtennotice before withdrawal of savings depositsnecessary 12/11 1736

685904

4

1103

1150

795

186

131

9/10 1266

8/11 11647/ 7 1024


trItthe •rship in FRSystem: (Continued)Nassau Union Bank, Glen Cove, New York, application ap-

proved 6/16 925Reasons for and advantages of, information sent to Mr. John

Y. Beaty, Editor, Bankers Monthly 2/20 231Security State Bank, Littlefield, Texas, application approved, .

exercise of trust powers not to be under-taken without permission of Board 9/29 1337

Security Trust Company of Rochester, New York, applicationapproved, subject to charge off of losses,retention and operation of branches at Fairport,Pittsford, andDamville approved 11/20 1600

State Bank of Morton, Washington, application approved,number of directors to be increased to not

12/17 1784T less than fiveexa. Bank & Trust Company of Dallas, Texas, application

approved, proposed expenditure for bankingquarters approved, additional powers notto be exercised without permission of Board 11/ 7 1534

Union State Bank, Carrizo Springs, Texas, application notapproved after discussion of recommendationsof FRBank of Dallas and Division of Exam-inations, FRBank of Dallas to be notifiedby telephone 8/20 1198

Ullion State Bank, Upton, Wyoming, application approved,subject to condition re paid-up and unim-paired capital stock 10/ 9 1414

Waxahachie Bank and Trust Company, Waxahachie, Texas,application approved )4/ 7 522

PRBank of New York, erection of memorial to staff members whoserved in World War II and to those who died

Itzler, Lloyd A., transportation expenses and salary approvedin service, authorized by CPA 1/ 3 9

in connection with checking of paper on "Ex-change Rates and the International Monetary

Fund" 6/ 4 846

Audit of certified statements submitted for assessment purposesby insured banks, experimental program by

vsrsity of: (See University of Michigan)FDIC to be extended to 11/ 5 1531

ii!r7 service:'nefits, discontinuance of additional, service credit under

Retirement System and reimbursement for costof premiums on National Service Life Insur-ance, to be discussed at PresidentsConference 7/18 1076

Special, January 1, 1948, to be termination date foremployees entering, advice to FRBanks 11/12 1544

218Pages


tarY service: (Continued)Buckley, Thomas N., telegraph operator, reinstatement upon

return from military leave and salaryapproved 1/27 130gore, J. Edward, reinstatement as Administrative Assistantin Division of Personnel Administration andsalary approved upon return from militaryleave 4/ 3 506

Retirement system, benefits to employees, discontinuance ofcertain, discussion at Presidents Conferenceof uniform policy, letter to be sent to

Rice FRBanks outlining program 10/ 7 13883 Violet M., resignation accepted upon termination of

leave 2/26 262Tre acY, Norbert C., guard, resignation accepted upon return

from military leave 2/14 211V. E., redesignation as special assistant examiner at

Los Angeles approved upon return from7/ 2 .1015

41-11" military leave

2 A. M., reimbursement by FRBanks to member banks of postageand other transportation costs on cash items,reply to letter enclosing resolution adoptedby Wichita Falls Clearing House Association,

kLrm Wichita Falls, Texas 9/29 1338-Leap •°118 Anti-inflation Council, Regulation Ar, reply to letter

Mirth from Mrs. Olson sent to Congressman Judd 5/26 799--esc)ta Bankers Association, luncheon with Board, invitationki to be extended during visit to Washington 5/ 1 671

Ecuador:

Grove, David L., trip to advise Government on monetarymatters approved, instructions re 3/ 7 341871 Valley Authority:

1156, to establish, reply to routine inquiry to be deferredChairman Eccles to send letter to SenatorMurray re, and Messrs. Vest, Morrill, and

Idota Thurston to discuss matter with Mr. Anderson 5/13 719e, E. W., applicability of Section 32 of Banking Act of 1933

to special partner of firm in underwritingbusiness and to sister of individual, reply

1441el, , to inquiry 9/30 1353Zeliveries:berY of messengers delivering money to and from Seattle

Branch, information from FBI re plans for,

ko question to be discussed at Presidents

219Pages

Conference 2/19 225Sta.

te member banks, issuance of capital debentures to share-holders in lieu of common capital stock,reply to FRBank of Minneapolis re 7/ 9 1030


tfOrtgages :

Sales by State

Moving pictures:

SYstem, FRBank

member banks, statement to be published inFRBulletin

of Cleveland to make original picture foreducational job for System, authorizationto be requested, discussion at PresidentsConference

Films to be used as educational project, authorizationfor expenditure to be deferred

Senator Francis J., Regulation W, reply to letter fromMr. Marini suggesting repeal of, sent to

Nationa.1 Advisory

National Affairs

14tionID al Archives: 1/15 65

Nationtruction of records, list submitted for review"d1

4/30 665Association of Securities Dealers, Inc., amendment to

section 4(c) of Regulation T to extend timefor settlement for bona fide cash transactionin special cash account recommended by,copies of correspondence and draft of amend-ment sent to FRBanks for consideration 12/ 4 1686

meeting to be held in Washington, invitation to beextended for luncheon or dinner if no ob-jection by Chairman Eccles 4/23 624

Dinner guests of Board at Mayflower Hotel on September 25,invitations to include Comptroller of theCurrency, representatives from Treasury,and Board of FDIC, Messrs. Evans and Claytonto make arrangements for 6/20 952

Letter to Mr. Elmore re dinner 6/30 996credit policies during inflation, joint statement to be

issued re, to be revised by Mr. Clayton anddiscussed with Treasury before review with 11/17 1560

Joint statement re, discussion, to be considered by Boardwhile being reviewed by representativegroup of 11/21 1606

/3 Joint statement on bank credit policy issued 11/24 1635"Ilk holding company bill, in favor of 11/18 1590

220Pages

5/20 748

10/ 7 1402

10/17 1444

2/14 2127/24 1099

Ikrers,

Rep].Y to letters from constituents objecting to--41.3a Advisory Council:LOan by Bank for International Settlements to Centrai Bank

of Turkey and policy re future loans, to beplaced on agenda at next meeting and paperre to be prepared by Staff Committee, letterto Mr. Glasser 10/ 3 1370

Council on Domestic Credit Extension, draft ofbill prepared by Treasury Department toestablish, Board not in favor of, Mr. Lynch,General Counsel of Treasury, to be advised 12/15 1747

Committee, Vacuum Cleaner Manufacturers Asso-ciation, Regulation W y reply to letter re-questing removal of credit restrictions onvacuum cleaners


National banks: (Continued)American National Bank of Austin, Texas, acceptances up to

100% of capital and surplus, authorityrescinded 3/18 421

American National Bank of Jacksonville, Florida, grantedpermission to maintain same reserves as banksoutside central reserve and reserve cities 9/30 1349

American National Bank of Miami, proposed consolidation withFirst National Bank of Miami, Fla., questionof holding company affiliate relationshipof Genesee Corporation and W. R. Reynolds &Company and necessity for obtaining votingpermit 5/14 726American National Bank of Terrell, Texas, acceptances up to100% of capital and surplus, authorityrescinded 3/18 421

Anglo California National Bank of San Francisco, Ca:1if.,Regulation W, reply to inquiry concerningapplicability to acceptance of trade-infor automobile 6/2 832

AshawaY National Bank, Ashaway, R.I., acquisition of assetsand assumption of liabilities by IndustrialTrust Company, Providence, R.I. 3/5 336

Bank of America National Trust and Savings Association, SanFrancisco, Calif., mentioned in letter toMr. Sproul on loan to National Bank ofNicaragua 3/4 329

Applications to establish branches, material to beprepared for Mr. Wiggins in discussions withComptroller of the Currency 3/14 409

Establishment of branch at Manila, Republic of the Phil-ippines, previously authorized 3/18 420

Granted permission to accept drafts or bills of exchangefor purpose of furnishing dollar exchange 6/13 912

Granted extension of time to establish branch at ShanghaiChina 6/20 9 6 4

Order authorizing establishment of branch at Tokyo,Japan 6/30 9 9 4

Participation in election of Class B director at FRBankof San Francisco, information to be requestedfrom, telegram to FRBank of San Francisco 9/29 1336

Ineligible to participate in election of Class A andClass B directors of FRBank of San Fran-cisco 10/17 1451

Conversion of banks acquired by Transamerica into branchesof, Chairman Eccles to ask Mr. Delano todefer action on applications until decisionre investigation by Board 11/17 1561

Granted extension of time for establishment of branchat Shanghai, China 12/18 1790

221Pages


222Nationni Pages

banks: (Continued)Barnett National Bank, Jacksonville, Florida, trust invest-

ment committee under Regulation Fy name

Be immaterial, advice to FRBank of Atlanta

Beach Haven National Bank and Trust Company, Beach Haven,New Jersey, penalties for deficiencies inreserves waived

Branches, letter to be prepared to Comptroller of the Cur-rency on legislation to correct discrimina-tion11/26Br

°adway National Bank of Tampa, Florida, penalty for defi-ciency in reserves waived

nage National Exchange Bank, negotiations with NorthernNew York Trust Company, nothing imminent

10/24 1480

2/13 206

1643

12/26 1834

Central N re, advice to FDIC 4/ 3 508

ational Bank of Richmond, Virginia, acceptances upto 100% of capital and surplus, authority

Chaserescinded 4/ 9 540National Bank, New York, order authorizing establish-

ment of branch at Berlin, Germany 4/ 7 523Order authorizing establishment of branch at Tokyo,

Japan 6/30 993Order authorizing establishment of branch at Frankfurt10/21 1467am Main, Germany

Order authorizing establishment of branch in Stuttgart,Germany, approved 12/11 1736

citi2sns and Peoples National Bank of Pensacola, Florida,acceptances up to 100% of capital and surplus,

Citi7 authority rescinded 1/23 101-ens, National Bank of Evansville, Indiana, application

Citizeris for fiduciary powers approved 7/ 9 1032

National Bank of Hillsboro, Texas, acceptances upto 100% of capital and surplus, authority

°itiz rescinded 3/18 421

sns National Bank of Orlando, Florida, application forfiduciary powers approved 9/24 1324

County National Bank, Vancouver, Washington, acquisi-tion of assets and assumption of liabilitiesby Seattle-First National Bank of Seattle,Washington, not necessary for United StatesNational Corporation to surrender voting

Comm_ permit 9/12 1273-"rce National Bank of Toledo, Ohio, application for fi-

duciary powers approved upon conversion fromCorn, Commerce Guardian Bank 5/ 6 687

cial National Bank of Kansas City, Kansas, applicationfor fiduciary powers approved 1/ 8 23

—41Llon reports:Call as of December 31, 1946 1/ 3 7SPring call not to be made 3/12 395


lonal banks: (Continued)Condition reports: (Continued)

Gall as of June 30Call as of October 6

C°11tinental National Bank of Fort Worth, Texas, oppositionto policy of reimbursement for transporta-tion costs on cash items, discussion atFAC meeting 9/23 1298

or consolidation with State banks, proposed billto permit, letter to Mr. Needham, ABA, re 12/ 5 1710

National Bank, Copenhagen, N. Y., negotiationswith Northern New York Trust Company, noth-ing imminent re, advice to FDIC

Establishment of branch in Copenhagen by Northern NewYork Trust Company, Watertown, N. 1., ap-proved in connection with proposed pur-chase of assets and assumption of lia-bilities of 10/ 8 1408Exaraination reports, recommendations of Conference ofExaminers re analysis approved, advice toFRBanks 11/20 1603examiners to write off premiums on Govern-ment bonds 12/19 1804

National Bank of Pittsburgh, Pa., eligibleto vote in election of director at FRBank

Paof Cleveland 9/26 1334

Yette National Bank and Trust Company, of Uniontown, Penna.,application for fiduciary powers approved 5/ 8 693First and Merchants National Bank of Richmond, Va., accept-ances up to 200% of capital and surplus,

Firauthority rescinded 4/ 9 540 st and Peoples National Bank of Gallatin, Tenn., surrender

Firof fiduciary powers approved 7/ 9 1031

st Citizens National Bank of Upper Sandusky, Ohio, authori-ty to act as trustee for local municipalbond issues granted 3/13First Farmers and Merchants National Bank of Troy, Alabama,determined not to be holding company affiliateexcept for purposes of section 23A of FRAct 12/31

Bank of Akron, Ohio, application for fiduciarypowers approved upon conversion from First-Central Trust Company, Akron, Ohio 2/27

Bank of Anchorage, Alaska, application forfiduciary poKers, form to be filled out andsent to Board, advice to bank and to FRBankof San Francisco 3/10

APPlication for fiduciary powers approved 5/ 1....vst National Bank of Arizona, Phoenix, Ariz., voting permitissued to Transamerica Corporation to votestock of 11/ 5

Nat •

Conversion

Copenhagen

Pressure by

Farmers Deposit

Pi rst National

Pi rst National

223Pages

7/ 2 101410/ 8 1405

4/ 3 508

398

1846

271

360672

1529


224PagesNatdonal banks: (Continued)

First National Bank of Baltimore, Maryland, acceptances upto 100% of capital and surplus, authorityrescinded 4/ 9 539

Acceptance of nonpar items free of exchange by memberbank in Baltimore, reply to inquiry fromMr. Graham re violation of Regulation Q 7/18 1077

First National Bank of Boston, orders authorizing establish-ment of branches at Sao Paulo and Santos,United States of Brazil 5/ 8 691

First National Bank in Brownwood, Texas, acceptances up to100% of capital and surplus, authorityrescinded 3/18 421First National Bank, Canadian, Texas, absorption of postageand other charges for certain banks, replyto letter from Mr. Wilbur sent to Congress-man Worley 9/18 1285

First National Bank of Catawba County, Hickory, North Caro-lina, application for fiduciary powersapproved 1/13 46First National Bank of Clarksville, Tennessee, acceptancesup to 100% of capital and surplus, authorityrescinded 1/23 101p. rescinded

National Bank in Dallas, Texas, issuance of generalvoting permit to vote stock of AmericanNational Bank of Oak Cliff, Dallas, Texas,approved subject to certain conditions 4/25 637

OPposition to policy of reimbursement for transportationcosts on cash items, discussion at FACmeeting 9/23 1298

First National Bank of Danville, Virginia, acceptances up to100% capital and surplus, authority rescind-

P. ed b/9 540lrst National Bank of Eldorado, Texas, granted authority to

act as executor and trustee of will andestate of W. A. Davis 10/ 2 1359

First National Bank of Handley, Fort Worth, Texas, grantedpermission to maintain same reserves asbanks outside central reserve and reserve

12/11 1739cities'-'St National Bank of Miami, proposed consolidation with

American National Bank of Miami, Fla.,question of holding company affiliaterelationship of Genesee Corporation andW. R. Reynolds & Company and necessity forobtaining voting permit 5/14 726

Pirst National Bank of Mooresville, North Carolina, surrenderof fiduciary powers approved 10/ 3 1369p. of

National Bank of Navasota, Texas, acceptances up to100% of capital and surplus, authorityrescinded 3/18 421


225N Pagesat 013a1 banks: (Continued)

First National Bank, Palestine, Texas, letter to Mr. Hufsmithon establishment of profit policy for banks 4/11 567First National Bank of Portland, conversion of banks acquiredby Transamerica into branches of, ChairmanEccles to ask Mr. Delano to defer actionon applications until decision re investi-gation by Board 11/17 1561

First National Bank of San Angelo, Texas, acceptances up to100% of capital and surplus, authorityrescinded 3/18 421

First National Bank of Tampa, Florida, holding company affili-ate status, question to be reconsideredbecause of change in situation 5/29 827

Determined to be holding company affiliate, reveYsingprevious decision 7/22 1091

Determined not to be holding company except for purposesof section 23A of FRAct 12/ 5 1707Fir of

Bank of Waco, Texas, acceptances up to 100%of capital and surplus, authority rescinded 3/18 421

First National Bank and Trust Company, Bridgeport, Conn., in-quiry re investment of certain funds inparticipations in common trust fund operatedby, contrary to provisions of Regulation F2advice to Mr. Wheeler 8/ 8 1157First National Bank and Trust Company of New Haven, Conn.,account used for trafficking in gold, state-ment of Treasury and FRBoard to be broughtto attention of holder and no positiveaction to be made in support of gold

Fir, operations 8/18 1192su National Bank and Trust Company of Tulsa, Okla., pro-

test re reimbursement to member banks fortransportation costs on direct sent cashlettersladvice to FRBank of Kansas City 8/25 1212

First National Trust and Savings Bank of San Diego, Calif.,loans to trustors of revocable living

?ltrust, applicability of Regulation F 6/19 945at on National Bank, Atlanta, Ga., discount of participa-tion certificates for, rate fixed forFRBank of Atlanta 11/18 1592

4vsth National Bank of Franklin, Tennessee, applicationfor fiduciary powers approved 9/ 8 1257

.̀1, compulsory membership in FRSystem in event of admis-

RaWa 4 sion as a State discussed 10/17 1447

4-Lan and Alaskan banks, question of compulsory member-ship in FRSystem for national banks outsidecontinental United States, memo and draftof letter to Congressional committee to beprepared for consideration 8/ 7 1150


National banks: (Continued)Kensington National Bank of Philadelphia, Pa., purchase of

assets and assumption of liabilities by-Pennsylvania Company for Insurances onLives and Granting Annuities, Philadel-

Lo • phial Pa.

uislan National Bank, Baton Rouge, Louisiana, penaltiesfor deficiencies in reserves waived

14.a.rquette National Bank, Chicago, Illinois, application forfiduciary powers approved

liklalon National Bank and Trust Company, Pittsburgh, Pa.:granted limited permit to vote stock of

226Pages

2/24 246

8/29 1239

7/21 1082

Farmers Deposit National Bank of Pittsburgh,Pa. 1/13 47

Determined not to be holding company affiliate exceptfor purposes of section 23A of FRAct 8/1/1 1180

Determined not to be holding company affiliate, eligibleto vote in election of director at FRBankof Cleveland 9/26 1334Me of

National Bank in St. Louis, Mo.:Ac cF,.ptancesup to 100% of capital and surplus, authority

to be rescinded unless objection submittedby bank 1/27 132

Acceptanca3up to 100% of capital and surplus, authorityrescinded 3/21 445

Purchase of capital stock by Mercantile-Commerce Bankand Trust Company, St. Louis, not permissible

Me under Banking Act of 1933 8/14 1181rchantsf National Bank of Hampton, Virginia, acceptances

up to 100% of capital and surplus, authorityrescinded 4/ 9 540

National Bank of Lansing, Michigan, threatened suitagainst Board re amendment to Regulation D,matter referred to Messrs. Clayton andSzymczak, Board to submit alternative actionsto FRBanks and FAC, Mr. Carey, Attorney,to be advised 6/20 960

re amendment to Regulation DI filing to be deferredpending further Board action re designationof reserve cities after next meetings ofPresidents and Federal Advisory Council 7/ 2 1003

Bank of Commerce of Norfolk, Virginia, acceptancesup to 100% of capital and surplus, author-ity rescinded 4/ 9 540

Bank of Detroit, Mich., election of Prentiss M.Brown as director, to continue to serveDetroit Branch until end of year 7/18 1077

Bank of Mt. Olive, Illinois, penalty for deficiencyin reserves waived 12/19 1815

City Bank of New York, order authorizing establish-ment of branch at Cebu, Republic of thePhilippines, approved 4/ 3 507

Michigan

Si-t

44tional

National

National

National


227Pages

National banks: (Continued)National City Bank of New York: (Continued)

Letter from Mr. Randolph Burgess, Vice Chairman, statingviews re monetary reforms in Philippines 4/11 560

Order to establish additional branch at Manila, Republicof the Philippines, approved 5/9 697

Granted extension of time to establish branch at PortoAlegre, Brazil 7/9 1030

Order authorizing establishment of branch at Clark Field,Republic of the Philippines 7/29 1110

Order authorizing establishment of branch in Osaka, Japan,approved 8/8 1153

Natio nal Kittanning Bank, Kittanning, Penna., no objectionto purchase of assets and assumption ofdeposits by Safe Deposit and Title GuarantyCompany, Kittanning, Penna. 2/14 211

National Marine Bank of Baltimore, Maryland, acceptances upto 100% of capital and surplus, authorityrescinded 4/9 539

National Shawmut Bank of Boston, Mass., issuance of generalvoting permit to vote stock of three nationalbanks approved 1/10 36

Loans to beneficiaries for purchase of stock of trust,applicability of Regulation U 4/24 631

National Stock Yards National Bank, National Stock Yards,Illinois, objection to designation of cityas reserve city 11/21 1610

Nebraska City National Bank, Nebraska City, Nebr., surrenderof fiduciary powers approved 4/30 662

Northern National Bank at Presque Isle, Maine, and WashburnTrust Company at Washburn, Maine, not con-tiguous or adjacent under Clayton Act, tele-gram to FRBank of Boston 1/8 23

N°PllaY National Bank, Norway, Maine, supplemental applicationfor fiduciary powers approved 2/18 222

Pe oPles National Bank of Lynchburg, Virginia, applicationfor fiduciary powers approved 4/9 540

Pe oples National Bank of Rock Hill, S.C., acceptances up to100% of capital and surplus, authorityrescinded 4/9 540P •henlx National Bank of Providence, Rhode Island, applica-tion for fiduciary powers approved 12/24 1827

RePUblic National Bank of Dallas, Texas, issuance of limitedvoting permit to vote stock of threenational banks approved 1/10 37

RePublic National Bank of Dallas, Texas, and Republic NationalCompany, Dallas, applications to vote stockin affiliated banks, not to be approved untilRepublic National Company provides additionalcapital funds or makes other arrangements forholding bank stocks now carried with Cityfunds 8/29 1231


228Pages

National banks: (Continued)Seaboard Citizens National Bank of Norfolk, Virginia,

acceptances up to 100% of capital andsurplus, authority rescinded 4/ 9 540Seattle-First National Bank of Seattle, Washington, ac-quisition of assets and assumption ofliabilities of Clark County National Banknot necessary for United States NationalCorporation to surrender voting permit 9/12 1273

Section 5219 of U. S. Revised Statutes, taxation by States,proposed amendment to, no objection to 1/30 152

South Carolina National Bank of Charleston, S. C.) accept-ances up to 100% of capital and surplus,authority rescinded 4/ 9 540

State National Bank of Corpus Christi, Texas, acceptancesup to 100$ of capital and surplus, authorityrescinded 3/18 421

Travel bureau business, propriety of entering, reply toletter from Mr. Edgar Josephson, Jr. 7/ 2 1019

Union Natjonaj. Bank of East St. Louis, Illinois, applicationfor fiduciary powers approved upon conver-sion from Union Trust Company of East St.Louis, Ill. 1/27 133

West Seattle National Bank of Seattle, Washington, grantedpermission to maintain same reserves as banksoutside central reserve and reserve cities 11/ 5 1528

Western National Bank of Baltimore, Maryland, acceptances upto 100% of capital and surplus, authorityrescinded 4/ 9 540

Wheaton National Bank, Wheaton, In., application for fidu-ciary powers made by Wheaton Trust and

Natio Savings Bank approved 7/ 1 1000jial Bureau of Economic Research:uurveY of urban real estate mortgage loans by, assistance by

Natin FRSystem approved 7/ 2 1020-nal Conference of Business Paper Editors, to be invited by

Natio Board to lunch during meeting in Washington 5/23 791fla.1 Council of Economic Advisers:

'tead, William H., FRBank of St. Louis, no objection to part-time service with 3/ 5 332

i-nal Housing Act:S• 420, to amend, no objection to approval of bill by Presi-

dent,, advice to Bureau of the Budget 7/31 1123"e4 Labor Relations Act, amendment to exempt agencies of

Federal Government, discussion in connectionwith threatened suit against FRBank of

Na+.• Chicago 4/15 576„Lop .1.1. Labor Relations Board:lBank of Dallas, informal investigation to be held to deter-

mine facts in case of discharge of 39employees, Mr. Van Arkle to be advised ofapproval of Board and FRBank of Dallas 2/11 193


114 ional Labor Relations Board: (Continued)FR Bank of Dallas: (Continued)

Jurisdiction in case, question to be discussed atPresidents Conference 2/11 196

Report of Mr. Eads re discharge of 44 employees, state-ment of Mr. Townsend re situation, Person-nel Committee to submit recommendation asto procedure to be followed 4/ 8 531

No action to be taken at present to reinstate twoformer employees, Messrs. Clouse and Terry 4/11 551tiloar

r°, Manuel A., mission of Mr. Grove to Ecuador, letter ad-

-ulember banks: vising of plans 3/ 7 341Nor—

Absorption of exchange charges in violation of Regulation Qllist of 7/11 1048

Bank of Baltimore County, Towson, Md., establishment ofbranch in Towson, Md., by Fidelity TrustCompany, Baltimore, Md., approved in con-nection with proposed merger of 11/28 1677

Bank of Kirkmansville, Kentucky, assumption of deposit lia-bilities by Planters Bank and Trust Com-pany, Hopkinsville, Ky., no objection to 2/19 224

of Philadelphia, New York, proposed absorption by North-ern New York Trust Company, discontinuanceof negotiations for, advice to FDIC 4/ 3 508

Bothell State Bank, Bothell, Washington, no objection toindebtedness of Mr. John N. Aamodt, Asst.Examiner at FRBank of San Francisco, forloans to make improvements to home 6/25 981

Carrick Bank, Pittsburgh, Penna., purchase of assets andassumption of liabilities by Colonial TrustCompany, Pittsburgh 3/ h 327

Chartiers Bank, McKees Rocks, Penna., establishment of branchat McKees Rocks by Commonwealth Trust Com-pany of Pittsburgh in connection with ab-sorption of, approved 3/10 359

Cormercial Bank and Trust Company of Jackson, Miss., absorp-tion of exchange charges, informationrequested 4/11 566

ell'ItodY accounts for nonmember banks, safekeeping of Treasurybills and certificates of indebtedness byFRBanks to be terminated 5/ 6 689

To be considered at Presidents Conference 5/16 741To be discontinued, discussion at Conference of

Presidents 6/ 6 866pal Ter mination approved, instructions to FRBanks 6/18 940'eon Heights State Bank, St. Paul, Minnesota, application

for membership, action to be deferred untilagreement re adequacy of capital 6/19 943Ger

mantown Trust Company, Philadelphia, Pa., absorptionthrough merger by Pennsylvania Company forInsurances on Lives and Granting Annuities,Philadelphia, Pa. 2/24 246

229Pages


Nonmember banks: (Continued)Germantown Trust Company: (Continued)

Merger of Common Trust Fund into Discretionary CommonTrust Fund of Pennsylvania Company forBanking and Trusts, no objection to 8/ 8 1155

Guaranty Bank and Trust Company of Alexandria, La., ab-sorption of exchange charges, informationreceived 4/11 566

Industrial Bank of Commerce of New York, misleading aspectsof advertisement to be discussed with 1/13 47

Kansas Trust Company, Kansas City, Kansas, consolidation withCommercial National Bank of Kansas City,application of national bank for fiduciarypowers approved 1/ 8 23Merchants and Farmers Bank, Meridian, Miss., absorption ofexchange charges, information requested 4/11 566

Mill Valley Bank, Mill Valley, Calif., purchase of assets byAmerican Trust Co., San Francisco, Calif.,and establishment of branch in Mill Valley 5/12 704Sharonville Bank, Sharonville, Ohio, absorption by ProvidentSavings Bank and Trust Company, Cincinnati,Ohio, and establishment of branch atSharonville 4/21 613

Union State Bank, Carrizo Springs, Texas, application formembership not approved after discussion ofrecommendations of FRBank of Dallas andDivision of Examinations, FRBank of Dallasto be notified by telephone 8/20 1198Washburn Trust Company at Washburn, Maine, and Northern Na-tional Bank at Presque Isle, Maine, notcontiguous or adjacent under Clayton Act,

No1Nray. telegram to FRBank of Boston 1/8 23

8onds, Sinking Fund External Loan, reply to Mr. Arthur H.Novon Dean on purchase by member banks 6/19 949,

Mr. Carolos, capital shares of Pan American Trust Companyof New York, sale of those held by NacionalFinanciera and Banco Nacional de ComercioExterior to private investors, reply toletter from 4/16 598

Eugene, appointment to succeed Mr. Musgrave, discussionno objection to outside teaching activities,

Oftic, Mr. Thomas to negotiate with 10/21 1464Employees International Union, complaint re discharge of

39 employees by FRBank of Dallas sent toOIQNLRB, discussion 2/11 193wioma

Bankers Association, Mr. Clayton to attend anniversaryOtL._ celebration in place of Mr. Eccles 4/15 574

A. E., Regulation WI abolition of, reply to letter sentto Congressman Latham 1/13 48

230Pages


Olso Magnus, Secretary of Minneapolis Anti-inflation

Council, Regulation W, reply to letter in041,1, support of sent to Congressman Judd—44eY, Senator Joseph C. Chairman Eccles to advise of views

of Board on Senate draft of Kefauver Bill013e2..1041 report on, sent to

'ating ratios of member banks, work sheets (Form 456)Orders:

Bank of America N. T. & S. A., orderof branch at Tokyo, Japan

Chase of

Bank, New York, N. Y., to establish branchBerlin, Germany

authorizing establishment of branch at Tokyo,Japan

authorizing establishmentam Main, Germany

authorizing establishment

Order

Order

Order

°Irtirote. approved14_ . payments, FRBanks:'"Ietrictions on payments to exempt employees terminated,

°well advice to FRBanks) Robert fromer Senator and Chairman of Senate Banking

and Currency Committee at time of passageof FRAct, death of, floral tribute forfuneral approved

School of Banking:officers and employees of FRBanks, draft of

letter re to be revised and submitted toBoard for further consideration

Board re expenses and leave of absence, adviceto FRBanks

Jackson & Curtis, margin accounts, reply to in-quiry re deposit of securities in SpecialMiscellaneous Account under section 4(0(6)for protection of broker 2/26

certificates, discount under Section 13b for FultonNational Bank, rate of one per cent on pur-chases approved for FRBank of Atlanta 11/18

FRBanks

of branch

231Pages

5/26 799

14/8 5304/16 596

sent to10/ 8 1410

authorizing establishment6/30

in4/ 7

6/30

10/21of branch

at Frankfurt

in Stuttgart,Germany, approved 12/11

First National Bank of Boston, orders authorizing establish-ment of branches at Sao Paulo and Santos,

N United States of Brazil 5/ 8•Nat City Bank of New York authorized to establish branchat Cebu, Republic of the Philippines 4/ 3

Order to establish additional branch at Manila, Republicof the Philippines, approved 5/ 9

Order authorizing establishment of branch at Clark Field,Reuublic of the Philippines 7/29

Order authorizing establishment of branch in Osaka, Japan,8/ 8

Aacifi

L.,

c At Northwesti•

vendance by

Policy ofA41

'Iebber,

Nrt-ciPat ion

994

524

993

1468

1737

692

508

698

1110

1153

3/19 423

7/21 1082

1/27

2/3

115

159

265

1592


PataH. Davis & Co., partnership agreement with Mr. Franklin B.

Paydays Evans, applicability of Regulation T 6/ 4 847

, frequency of, to be discussed at meeting with

Pel, Presidents 2/27 2694.44zYlvania Bankers Association, to be invited to luncheon with

Board during visit to Washington 4/23 623Luncheon at Board, followed by informal discussion with Mr.

Peter.. Thomas answering questions presented by 5/ 1 670;-°11, J. Hardin:Limitation on construction costs for FRBranch banks, legis-

lation re, reply to letter from 3/25 465Na&gulation W, reply to inquiry re present status of 3/20 440phil in, Philip J., Regulation W, terms, reply to inquiry re 1/13 49-'44)Pine Government, Messrs. Grove and Exter to assist in

Phil organization of central bank 12/19 1808nes, monetary reforms in, letter from Mr. Randolph

Burgess re and letter stating views ofBoard sent to Secretary of the Treasury 4/11 560Nt

ographs.Directors and chief executive officers, submission to Board

to be discontinued401cal examinations:Weiner, Louis, economist, appointment on temporary basis

and salary approved in spite of failureto pass usual examination

Polioe Boys Club:1)0nations to, reply to request of Mr.

Polio be solicited for.4,e,Y records, Board of Governors:"eeignation of reserve and central reserve

of classification adoptedDraft of covering 1946, approved for publication

in annual report, references to views ofmembers of Board not present and not votingon actions to be deletedbe paid by FRBanks on FRnotes, notby gold certificates, outstandingfirst quarter of 1947participating in actions, votescorded, but references to viewsmembers to be deletedRe

gulations and U. amendment to supplements

Interest

entries

rate to

Members actually

margin requirements-7,g record, Federal Open Market Committee:'raft of entries for 1946, question of recording personal

views of Mr. Sproul, letter to Mr. Sproulto be prepared by Messrs. Clayton andCarpenterA

PProved for inclusion in Boardts annual report for 1946

Simmons that employees

cities, standard

coveredduring

to be re-of absent

reducing

232Pages

3/10 358

8/14 1178

2/17 218

12/19 1793

2/21 237

4/23 618

2/21 237

1/17 76

2/21 2384/25 646


political affiliations: •Blanchard, Joseph S., FRBank of Boston, relationship to beterminated unless additional informationreceived 2/17 216

Hauser, William 0., FRBank of Boston, relationship to beterminated unless additional informationreceived 2/17 216Millsop, Thomas E., Class B director at FRBank of Cleveland,service to be discontinued at end of yearbecause of election as Mayor of City ofWeirton, West Virgnnia 10/24 1478

Swartel T. C., no objection to service as director of Pitts-burgh Branch and as member of State Banking

Pc)st ofp,-L

Board 11/12 1545p -Lce Department:°stal money orders, procedure for handling by FRBanks, no

change to be made in present practice,Pc)staget: advice to Mr. Lawler 8/ 5 1137

Reintursement of direct sending banks for shipping costs,

recommendations of Presidents Conferenceapproved, FRBanks to be notified of ef-

Re fective date 6/ 6 865babursement of member banks for postage or other transpor-

tation costs on cash items routed directto FRBanks and branches, information sentto FRBanks 6/26 986

Discussion of resolution of banking and clearing houseassociations in Dallas District protest-ing, procedure to become effective August1, advice to Mr. Gilbert, other banks tobe advised by telephone 7/31 1119

Reply to inquiry from FRBank of Cleveland re report forP4tal week of August 18-23 8/11 1165

money orders:lng by FRBanks, procedure re, no change to be made in

present practice, advice Post Office De-partment

0:nt Of the U. S.:Quation of Hostilities, statement by, and Proclamation

2714, statements re to be published inJanuary issue of FRBulletin 1/ 7 20

C°11sUmer credit, continuation of Board's authority, in favorof, discussion of procedure to be followed 4/11 549

C°11s1 mer credit legislation, letter for signature to be sub-mitted to Board 5/23 789

Draft of letter for signature discussed 5/29 821co_Form of letter for signature of President approved 6/ 4 842"sumer credit - Regulation W, letter re legislation to be

enacted, statement of Chairman Eccles atPresidents Conference 6/ 6 881

233Pages

8/ 5 1137


234PagesPre sident of the U. S.: (Continued)

Consumer credit legislation to be brought to attention offor decision on revocation of Regulation

7/11 1050Letter to Mr. Clark Clifford recommending signing of

Joint Resolution extending Regulation Wuntil November 1 and enclosing suggestedstatement for issue 7/28 1105

Credit control during period of inflation, recommendationsrequested 11/ 5 1523

Labor bill (Taft-Hartley), letter in favor sent to WhiteHouse after discussion and talk with Presi-dential Aide Clifford 6/17 927

Leg islation affecting Board of Governors requiring action

before expiration date of June 30 andlegislation needing action at present ses-sion0 of Congress, reply to inquiry 6/1 898

Margin requirements, to be advised that Board is consideringreduction in 1/14 56

Regulations T and U, amendments to supplements to reducemargin requirements to 75%, no objectionto 1/17 83Tax pre..H. R. 1, letter from Board recommending veto of 6/ 5 849us bill,statements:

All-bank statistical series, tabulation and publication ofsingle series of assets and liabilities ofall operating banks in U. S. by three Fed-eral banking supervisory agencies to takeplace of, press statement and advice toFRBanks 11/ 7 1535

Bank credit policy during inflation, joint statement byFederal and State bank supervisory agenciesissued, advice to FRBanks 11/24 1635

Joint statement re, advice to FRBanks re distributionto banks in districts 11/25 1639

Consumer instalment credit, statement to be issued by Board,in connection with program to combat infla-

10/17 1440Go 1d, tion

transactions by American commercial banks in, atpremium prices, policy group on foreigninterests to recommend to Treasury issuanceof statement 5/20 753

International traffic at premium prices, proposed state-ment to request American banks to refrainfrom facilitating, memo re sent to Secre-tary of Treasury for comments 7/ 2 1018

International transactions at premium prices, statementby Treasury and Board requesting Americansto refrain from encouraging and facilitating,copy sent to FRBanks for publicity 7/22 1093


235Pre se statements: (Continued)

Pages

Interest rate on FRnotes, Mr. Eccles authorized to makechanges in 4/11 559

Establishment approved 4/23 618Copies to be sent to member banks if desired, advice to

FRBanks 4/24 633Uargin requirements reduced to 75%, statement of Chairman

tic,A1 Eccles 1/17 77

-..len State Bank, McAllen, Texas, errors in publishedstatement, republication of report notrequired

Notice to FRBanks re amendments and other material to bereleased to press, discussion at PresidentsConference of procedure to be followedNotice to FRBanks re non-confidential matters to be sent asearly as possible

Regulations T and U, amendments to supplements to reducemargin requirements to 75%Re

gulation W, termination, statement to be issued, Mr.

7/25 1102

2/28 294

3/ 7 346

1/17 83

Thurston to prepare draft 10/21 1459,., Statement re discontinuance, text sent to FRBanks 10/24 1482''ettinius, Edward R., Jr., Class C Director, appointment

for unexpired portion of term at FRBankof Richmond, usual press announcement tobe made 7/ 2 1011

? IVeeklroe' Y member bank, revision approved, advice to FRBanks,,!.mattpns:

3/28 490

4114 on cessation of hostilities, to be published inPrA FRBulletin 1/ 7 20°AictiLe on Credit Associations:

riding activities, objections of FAC to, statement to be

Viol . revised 11/18 1579.Lations of Regulation W found in, letter to Mr. C. H.

P Arnold onl'°fit n 1

4/ 4 521-,°-iaY for banks, reply to letter from Mr. C. L. Hufsmith

Nbli re establishment of 4/11 5674A. ations:

-4-11ank statistical series, Board to join with Comptrollerof the Currency and FDIC to arrange forcompilation and publication of single, letter

AUtomotive news,

to Bureau of the Budget 6/ 5 854advertisement of American Bank Credit Planon figures ascribed to FRBulletin on in-stallment credit 4/ 2 500

Riankers Monthly, membership in FRSystem, information rereasons for and advantages sent to Mr.

Bahl.. John Y. Beaty, Editor 2/20 231—Q-ng Studies, printing of additional copies and sale price

Oh approved 1/23 103artbook on consumer credit statistics, publication, price,

and distribution approved 4/24 6314


236

1°11blications: (Continued) Pages

"Debits and Clearings Statistics, Their Background andInterpretation", by George Garvey, FRBankof New York, publication and distributionauthorized 7/ 2 1019Di

stribution for Board members or staff, regulations to re-duce expenses, copies to be sent to Boardmembers and senior staff 3/20 427

Extension of instalment credit by banks and question of non-recourse paper, publication of article inFRBulletin suggested by Mr. Wegner, inap-propriate for Board 10/ 8 1409

Federal Reserve Charts on Bank Credit, Money Rates, andBusiness, to be published on monthly basis,expenses and distribution approved 3/24 454

PRAct, $ printing of additional copies approved 1/14 59Federal Reserve Policy, postwar pamphlet No. 80 publication

authorized 11/26 1672Federal Reserve System—Its Purposes and Functions, printing,

distribution, and price approved, subjectto approval of manuscript by Governor Evans 6/24 978

Revised edition, distribution and cost, advice re numberof copies heeded by FRBanks requested 9/10 1268

Meeting the Special Problems of Small Business, by Researchand Policy Committee of Committee for Eco-nomic Development, endorsement of S.408and H. R. 3268, FRBanks requested topublicize 7/29 1111

Rewation V loans, study re, no objection to publication,

Sa advice to FRBank of Richmond 4/11 567'rings bond booklet of Treasury, cost of printing to be

Nroa paid by Board 11/26 1670ns Thomas R.Ishort selling on stock exchange, reply to

kkrii letter sent to Senator Tobey 6/13 913leiorPoration of America:levision sets, classification under RegulationiN as listed

4,14 articles 6/16 926equiPment, classification for purposes of Regulation WI

reply to inquiry from FRBank of New York 8/ 8 1159Aci

%',"uPtances, increase in buying rates, minimum buying rates

to be increased accordingly 12/23 1823-hg and repurchase on Treasury bills, rate determined by

Federal Open Market Committee 7/ 9 10271/uYing on Treasury bills, suggestion that daily rate be fixed

Certificate by FOIE 8/26 1215

rtificate, increase in or issuance of long-term securityto prevent further decline in long-termrates topic for discussion at FAG 4/16 591

0unt, advance in, no change to be made until increase inrate on Treasury certificates, matter to beconsidered at Presidents Conference 7/18 1066


237Pages

Rate 8: (Continued)Discount: (Continued)

Increase contemplated in connection with anti-inflationprogram, statement of Chairman Eccles 10/17 1440

Increase suggested by FAC to control expansion of bankcredit, discussion of at meeting withBcard 11/18 1570

PRBank of Atlanta:Discounts or purchases, participation certificates, dis-

count under Section 13b for Fulton Na-tional Bank, rate of one per cent on pur-chases approved 11/18 1592

Industrial advances under section 13b, one per cent tofive per cent rate approved 11/21 1606

Schedules approved: 1/10 321/24 1062/7 1812/21 2352/28 3173/7 3403/21 4424/4 5174/18 6045/2 6735/9 6965/23 7796/6 8576/20 9526/27 9897/3 10227/18 10668/1 11268/15 11848/29 12369/12 12729/29 132710/10 141810/2.4 1147711/7 153311/21 160612/5 168812/19 179212/26 1830

PRBank of Boston:Schedules approved: 1/3 6

1/17 721/31 1532/14 2092/28 317


R4E181 FRBank of Boston: (Continued)Schedules approved: (Continued)

eark of Chicago:

edules approved:

238Pages

3/14 4023/28 4734/11 5474/25 6365/ 9 6965/23 7796/6 8576/20 9527/ 3 10227/18 10668/i 11268/15 11848/29 12369/12 12729/26 1327

10/10 '41810/24 147711/ 7 153311/21 160512/ 5 168812/19 1792

1/31/101/171/241/312/72/142/213/ 73/143/213/2814/144/114/185/25/ 95/165/235/296/136/206/277/ 37/117/18

63272106153181209235340402442473517547604673696735779813907952989

102210391066


Batas, PRBank of Chicago: (Continued)Schedules approved: (Continued)

FRBank of Cleveland:Schedules approved:

239Pages

7/25 11018/ 1 11268/ 8 11528/15 11848/22 12108/29 12369/ 5 12509/12 12879/26 1327

lo/lo 1418lo/17 1439lo/31 151111/ 7 153311/14 155411/21 160511/28 167612/ 5 168812/12 174212/19 179212/26 1830

Vio 321/24 1062/7 1812/14 2092/28 3173/14 4023/28 4734/11 5474/25 6365/ 9 6965/23 7796/6 8576/13 9076/27 9897/11 10397/25 11018/ 8 11528/15 11848/29 12369/12 12729/26 1327

lo/io -008lo/24 147711/ 7 1533illi4 155411/28 167612/12 174212/19 179212/26 1830


Rates, FRBank of Dallas:Schedules approved:

118,FRBank of Kansas City:Schedules approved:

240Pages

1/101/242/72/142/283/143/284/114/255/95/236/66/136/277/117/258/ 88/229/ 59/129/26

10/10 10/2411/ 711/1411/2812/1212/26

3210618120931740247454863669677985790798910391101115212101250127213271h18147715331554167617421830

1/3 61/10 321/24 1062/7 1812/14 2092/28 3173/14 4023/28 4734/11 5474/25 6365/2 6735/ 9 6965/23 7796/6 8576/20 9526/27 9897/ 3 10227/18 10668/ 1 11268/15 11814


4tes, FRBank of Kansas City: (Continued)Schedules approved: (Continued)

Rat es FRBank of Minneapolis:Schedules approved:

teif!'liBank of New York:'cePtances, bankers, increase in buying rates and sales

contract rate, discussion of minimum rateand letter to Mr. Rouse re

Increase in buying rates, minimum buying rate to be in-creased accordingly

Increases in buying rates, minimum rate to be raisedaccordingly, advice to Mr. Sproul

241Pages

8/29 12369/12 12729/26 1327

10/10 141810/24 147711/ 7 153311/14 155411/28 167612/12 174212/19 1792

1/10 321/24 1062/7 1812/14 2092/28 3173/14 4023/28 4734/11 5474/25 6365/9 6965/23 7796/6 8576/13 9076/27 9897/11 10397/25 11018/ 8 11528/15 11848/29 12369/12 12729/26 1327

10/10 141810/24 147711/ 7 153311/14 155411/28 167612/12 174212/26 1830

12/ 5 1690

12/23 1823

12/23 1823


4415 aBank of New York: (Continued)Acceptances: (Continued)

Minimum buying, advice that increase is not contemplated,to be advised that it should not be belowdiscount rate in effect 12/ 5 1691

Minimum buying, to be raised at time of increases inbuying rates for acceptances, advice toMr. Sproul 12/23 1823

Tradelbuying rate fixed at 1-1/2 per cent 12/ 5 1691schedules approved: 1/ 3 6

1/10 321/17 721/24 1062/7 1812/14 2092/21 2352/28 3173/7 3403/14 4023/21 4424/ 4 5174/18 6o45/2 6735/ 9 6965/16 7355/23 7796/6 8576/13 9076/20 9527/11 10397/18 10668/1 11268/15 11848/29 12369/ 5 12509/12 12729/19 12879/26 132710/ 3 136210/10 141810/17 14391031 151111/ 7 153311/14 155411/21 160512/12 174212/19 17924,40"-Lon 13b loans, elimination of maximum commitment rate

of one-fourth per cent or flat fee not toexceed $50 approved 12/ 5 1689

242Pages


ZLZI91INT1z5ITWIT6COT696Lo6L596LL9699005CL1zotiLTC60Z*Z3.1901ZC

z6LT99915091ce5TLot6111z91Len0531OTZTZ5TI10119901ZZOTZ56L596LL5ELCL9tio9LT5zn1one5Cz191901

9

zi/66/951/99 /95z/LIT/LLz/9CT/99 /9Cz/56

/2/11

ez/3twzL /ztiz/T(NT

61/Z15 /ZTTz/TTL /T1tizjoTLT/OT/oi

61/65 /6zz/99 /95z/L9T/LC /Loz/99 /9Cz/59T/5Is

gTin1 A

L /CTz/zL /ztiztrLitEC

savaCtiZ


Rates, FRBank of Richmond: (Continued)Schedules approved: (Continued)

Rates, FRBank of San Francisco:Schedules approved:

244Pages

9/26 132710/10 141810/24 147711/ 7 153311/14 155411/28 167612/12 174212/26 1830

1/3 61/10 321/17 721/24 1061/31 1532/7 1812/14 2092/21 2352/28 3173/7 3403/14 4023/21 4423/28 47414/14 5174/11 5484/18 6045/2 6735/9 6965/16 7355/23 7795/29 8136/6 8576/20 9526/27 9897/ 3 10227/11 10397/18 10677/25 11018/ 1 11268/ 8 11528/15 11848/22 12108/29 12369/ 5 12509/12 12729/19 12879/26 132710/ 3 1362


44e8,Drliaank of San Francisco: (Continued)Schedules approved: (Continued)

Rates, FRBank of St. Louis:Schedules approved:

245Pages

10/10 141810/17 143910/24 14771031 151111/ 7 153311/14 155411/21 160512/ 5 168812/12 174012/19 179212/26 1830

1/3 61/10 321/17 721/24 1o61/31 1532/7 1812/14 2092/21 2352/28 3173/7 3403/14 4023/21 4423/28 47314/14 5174/11 5474/25 6365/9 6965/16 7355/29 8136/6 8576/13 9076/27 9897/11 10397/18 lo668/ 1 11268/ 8 11528/15 11848/22 12108/29 12369/ 5 12509/12 12729/19 12879/26 132710/ 3 136210/10 141810/24 14771031 1511


Rates, FRBank of St. Louis: (Continued)

Schedules approved: (Continued)

Rates, FRBanks:Ac coptances, bankers:

Minimum buying rate, not to be below rate of discountfor discounts of and advances to memberbanks, advice to Mr. Sproul 12/ 5 1691

Minimum buying rates on acceptances, to be increased attime of increase in buying rates at FRBank

Dis of New York 12/23 1823

count, increase proposed, discussion and statement byChairman Eccles, action to be taken beforeend of year to advance, to be discussed atPresidents Conference 12/ 5 1689

Increase, action to be deferred until January, adviceto FRBanks 12/17 1781

F°rtnightly establishment of, Presidents to be advised ofBoard's position at joint meeting 2/27 269

Amendment to FRAct recommended, no action to be takenat present, discussion at PresidentsConference 2/28 285

Government securities, actions as means of credit control,

discussed at meeting with Presidents 2/28 284Inflation, Chairman Eccles to make statement re wartime

policy of low rates in appearance before

Int Senate Committee 12/15 1762erest, suggestion of Mr. McCabe to increase to check in-

nation, reply to letter re 5/28 809Interest on FRnotes to be paid Treasury to absorb excess

earnings of FRBanks, Mr. Eccles to discusswith Treasury 2/ 4 168

Action not to be taken until after meeting of Chairman

Eccles with Treasury, press statement to be

sent to Mr. Sproul for suggestions, veri-

fications of computations to be obtainedfrom FRBanks re payments to be made toTreasury 4/11 558

Establishment approved, advice to FRBanks 4/23 618Press statement re to be sent to member banks if desired,

advice to FRBanks 4/24 633Letter from Mr. Spahr to FRBanks re, telegram to FRBanks

suggesting that reply state approval ofmatter rested with Board 7/22 1089

246Pages

11/ 7 153311/14 155411/21 160511/28 167612/ 5 168812/12 174212/19 179212/26 1830


247Pages

FRBanks:Interest rate on FRnotes to be paid by FRBanks: (Continued)

Confidentiality of discussions between Board and Presi-dents stated in reply to inquiry from Mr.Spahr, advice to FRBanks 7/23

Establishment for three months period ending June 30,advice to FRBanks 7/30

Establishment of interest rate for three months periodending September 30, 1947, advice to FRBanks10/27

Treasury bills, termination of fixed buying rate and repur-

1096

1115

1485

chase option on, to be discussed at FACmeeting with Board 4/16 590Tr easurY certificates, no change in discount rate to be madeuntil increase in level of 7/8 per cent,matter to be considered at Presideats Con-ference 7/18 1066

Termination of program, letter from Mr. Rice re and instruc-R. sent to FRBanks 7/11 1053

McC arthy Motor Company, St. Louis, Mo.:Regulation W enforcement, visits made re violations, action

to be deferred until clarification of futurekw), status of Regulation 7/ 3 1023

s Milton T., Regulation W, opposition to appraisal guide

s•L estate:

provision, reply to letter 4/ 7 525

Ido rtgage situation, discussion in connection with creditcontrol, FAC in agreement with Board as todangers resulting from Veterans Adminis-tration and Federal Housing Administrationpressures, statement to be prepared 11/18 1578

11°Itgage8, sale by State member banks, applicability ofcondition of membership No. 3, advice toFRBank of Chicago 5/13 721

SurveY of urban real estate mortgage loans by National Bureauof Economic Research, assistance by FRSystem

R 7/ 2 1020 e approvede°48-trc_ uction Finance Corporation:

ustodian Bulletin No. 1185 re expense vouchers, instructionsto FRBanks for audit of vouchers by RFC

Cus.‘ . representatives 6/18 939tiodian Bulletin No. 1192 re "Revision of Procedures",

motivated by economy objectives and notreflection on services by FRBanks, advice

to FRBanks 7/ 9 1031i841ninati0n5 of RFC-Custody Divisions of FRBanks and branches,

regular examinations to be discontinued,no objection 9/ 9 1263

4ten3ion of powers, discussion in connection with industrialloan bill (S. )408) and opposition of FACto 9/23 1313


Reco

S• 2173 to

S.

Reeords:

R Regulation Ar,

eddsoounts:Bankers Trust

netruction Finance Corporation: (Continued)Legislation, bill to extend, request for testimony by

Chairman Eccles at hearings declinedLending

activities, objection of FAC to, statement to be

revisedLoan powers discussed at meeting with Federal Advisory

Council in considering S. 498 on in-dustrial loans

Retirement of preferred capital stock by banks, FRBanksrequested to cooperate in

Program to be developed at FRBank of Dallas, acknowledg-

ment of letter reAcknowledgment of letter re program for FRBank of New

Yorkcontinue authority for credit to small businesses,

no report to be made by Board, Comptrolleror Treasury re

08, guarantees of business loans by FRBanks, letter fromMr. John D. Goodloe read into record

preservation suggested in case of reissue 11/12

Company of New York City, eligibility forrediscount by FRBank of notes of CentralBank for Cooperatives, permission of Boardnot required

Central Bank for Cooperatives, eligibility of notes forrediscount by FRBank, permission of Boardnot required, reply to inquiry from BankersTrust Company of New York City

Clyde M., reserve city designation proposal pub-lished by Board, reply to request for in-formation re

regulation of consumer credit, advice re ex-piration date of Regulation, expenditure

for activity and number of personnelengaged in

Board of Governors:

Senator

°) Edward

atiensD:

H.,

248Pages

5/23 789

11/18 1579

3/11

3/17

4/111

5/29

370

415

570

826

3/1] 383

4/25 640

1547

3/28 489

3/28 489

12/ 5 1700

10/29 1492

Amendments proposed, views of Presidents requested 4/28 650

Amendments to, alternative suggestions in memo of Messrs.

Szymczak and Clayton, action to be deferred

during consideration of holding company

bill and while Lakewood Village case pend-

ing in courts 7/11 1046

Amendment and formula for designation of reserve cities

suggested in memo of Messrs. Smead, Vest,

and Townsend, not desirable at present,

draft of letter to Presidents and FAC to be

prepared as agreed upon at meeting of July

11 7/18 1073


Relnotu-Lations, Board of Governors: (Continued)F:

First National Bank and Trust Company, Bridgeport,Conn., investment of certain funds inparticipations in common trust fund opera-ted by, contrary to provisions of

Loans to trustors of revocable living trusts, reply toinquiry from First National Trust and Sav-ings Bank of San Diego, Calif., re appli-cability of

Trust Company, Boston, Mass., application ofsection 17(c)(5) to three trusts under awill 3/10

Section 9(b), collateral to secure uninvested trust funds,amendment not possible, discussion' atPresidents Conference 2/28

Trust funds, proposed amendments re investment, actionto be deferred until conclusion of litiga-tion re, advice to FRBanks 4/ 7

Trust investment committee under, name immaterial, replyto inquiry from Barnett National Bank, Jack-sonville, Flordia 10/24

Membership conditions, proposed changes and amendmentsto Regulation F re investment of trust funds,action to be deferred until conclusion oflitigation re, advice to FRBanks 4/ 7

Section 6(b), amendment re collateral to secure unin-vested trust funds, to be considered further,discussion at Presidents Conference 2/28

Delayed return of unpaid items, progress report at Presi-dents Conference re, amendment to Regulation

Lea expected, no action at present 12/ 9ye, amendments to conform with regulations of Federal

Government approved 8/15Section 20, amendment approved, accumulated annual leave

not to exceed 60 days 8/15Q:

Old Colony

Absorption

Advice

Absorption

8/8

6/19

of costs of shipments of currency by UnitedBank and Trust Company of St. Louis, ship-ments to correspondent banks, advice toFRBank of St. Louis re 1/30

to FRBank of St. Louis re procedure to befollowed in advising member banks concerningpractice 2/12

of exchange charges by insured nonmember banks,digest of information reported by FRBanks ofRichmond, Atlanta, and St. Louis, memo to beprepared re and Mr. Clayton to confer withUnder Secretary of the Treasury Wiggins 7/11 1048

249Pages

1157

945

365

290

525

1480

525

290

1717

1185

1187

150

204


250Pages

Regulations, Board of Governors: (Continued)Q: (Continued)

Funds received by member bank pursuant to railroadequipment trust agreement, classificationas time deposit under, reply to inquiryfrom FRBank of Richmond 10/ 7 1375

Reimbursement of member banks for transportation costson items sent direct to other FRBanks andbranches, discussion of relationship to 9/23 1299

Retirement System, amendments to change benefits proposed

T: by trustees, not approved by Board 7/18 1070

Administration and enforcement of, Presidents to be ad-vised of Board's position at joint meeting 2/27 269

Liberalization re substitution of securities inundermargined accounts, discussion at Presi-dents Conference, matter to be consideredfurther 2/28 293

Amendment to supplement to reduce margin requirements to75% approved 1/17 77

Amendment to section 4(c) to extend time for settlementfor bona fide cash transaction in specialcash account recommended by National Asso-ciation of Securities Dealers, Inc., copiesof correspondence and draft of amendmentsent to FRBanks for consideration 12/ 4 1686

Recommendation of Mr. Fulton and tentative draftsent to Mr. Treanor, SEC 12/18 1790

Cash transactions, requirements re, reply to letter ofMr. J. X. Chappell 2/ 4 173

Chicago Stock Exchange, plan for improving markets on,consistent with 7/18 1079

Detroit Edison Employees Credit Union, applicability tocredit for purchase of stock of DetroitEdison Company, advice to Mr. Allman 4/ 1 495

Joint account for trading in securities, applicabilityof, advice to FRBank of San Franesco 6/23 970

Margin accounts, reply to inquiry from Mr. Charles R.Cooper sent to Congressman Gearhart 1/23 102

Application to switching of securities in frozen, re-ply to inquiry from Dr. Amos R. Shirley 5/28 8014

Margin requirements, reply to letter from Mr. Henry re I/ 7 15Reduction in, discussion, draft of statement to be

considered at meeting on January 170 Chair-man Eccles to advise White House and Treasuryof contemplated reduction, SEC to be advisedof action to be taken 1/14 54

Supplement, statement to be published in Februaryissue of FRBulletin 1/23 103

Reply to letter from Mr. James F. Burns, Jr., re 2/10 192Brokers, question of being more than requirements

under Regulation U for banks, views re-quested from FAC before next meeting 2/11 202


NMI tima__ons, Board of Governors: (Continued)1: (Continued)

Margin requirements: (Continued)Differential in, discussion at FAC meeting with

Board, FAC opposed to 3/11 375Otis & Co. of Cleveland, Ohio, determined to be subject

to, advice to SEC 1/20 89Paul H. Davis 8c Co., partnership agreement with Mr.

Franklin B. Evans, applicability of 6/ 4 847Section 4(f)(6), deposit of securities for protection of

broker in Special Miscellaneous Accountunder, reply to inquiry from Paine, Webber,Jackson 8c. Curtis 2/26 265

Section 6(h), applicability to borrowing of securitiesif lender is private individual, reply toinquiry from FRBank of New York 7/11 1051

Stock Clearing Corporation of Boston, question of loans,applicability of 6/ 2 831

Withdrawal of cash from margin account on sale of securi-ties to pay income tax, not permitted by,advice to Mr. Watson S. Dudley 1/ 7 15

avel, as amended.l T r

3/20 429As amended further, approval of Personnel Committee not

to be required for automobile travel byemployees in Divisions of Examinations,Bank Operations, and Personnel Administra-tion 4/30 665

To be amended to increase per diem for employees afterapproval of letter to FRBanks re travelexpenses 9/26 1328

Increase in per diem allowance referred to PersonnelCommittee for recommendation 10/17 1442

Per diem allowance for employees increased to $8.00 andchanges made to include items in Governmentregulations 10/31 1504

Amendments approved, vouchers to be supported by receipts,sentence re sharing of expense for sharedaccommodations to be deleted, and air tray-el approved 11/ 7 1537

Administration and enforcement of, Presidents to beadvised of Board's position at jointmeeting 2/27 269

Liberalization re substitution of securities inundermargined accounts, discussion at Presi-dents Conference, matter to be consideredfurther 2/28 293

Amendment to supplement to reduce margin requirements to75% approved 1/17 77

American Business Shares, Inc., loan to purchase orcarry stock of, not subject to provisionsof 4/10 5143

251Pages


252

Re Pages

gul t.•a_ilns, Board of Governors: (Continued)U: (Continued)

Detroit Edison Employees Credit Union, applicabilityto credit for purchase of stock ofDetroit Edison Company, advice to Mr.Allman 4/ 1 495

Margin requirements, reduction in, discussion, draft ofstatement to be considered at meetingon January 17, Chairman Eccles to adviseWhite House and Treasury of contemplatedreduction, SEC to be advised of action tobe taken 1/14 54

Supplement, statement to be published in Februaryissue of FRBulletin 1/23 103

Banks, question of being lower than requirementsunder Regulation T for brokers, viewsrequested from FAC before next meeting 2/11 202

Differential in, discussion at FAC meeting withBoard, FAC opposed to 3/11 375

National Shawmut Bank, Boston, Mass., loans to bene-ficiaries for purchase of stock of tryst,applicability to 4/24 631

Sears, Roebuck and Co., proposed loan to employees topurchase stock of, applicability, replyto Mr. Willard G. Barker 4/18 608

Stock Clearing Corporation of Boston, question of loans,applicability of 6/ 2 831

V, War Loans:Information from FRBank of Cleveland re experience under 1/20 91"Regulation V Program", history of V-loan and T-loan pro-

grams prepared by Mr. Hackley, copies sentto FRBanks on confidential basis 9/ 4 1247

Study re, no objection to publication, advice to FRBankof Richmond 4/11 567

Consumer Credit:Abandonment of, reply to letter from Mr. T. Schlesinger 5/13 722

Abolition of, reply to letters of Messrs. 0/Leary andMackay sent to CongressannLatham 1/13 48

Advertising, misleading aspects to be discussed withIndustrial Bank of Commerce of New York 1/13 47

Amendment to provide maturity of 24 months on financingof new passenger automobiles, reply to sug-gestion of Mr. Rex P. Teeters 1/ 7 19

American Installment Credit Corporation, advertisementsmisleading and improperly ascribed to FRBulletin, letter re sent to 4/ 2 500

Anglo California National Bank of San Francisco, replyto inquiry re acceptance of trade-in forautomobile 6/ 2 832


253

Regill Pages

ations, Board of Governors: (Continued)43 Consumer Credit: (Continued)

Appraisal guides:Kelley Blue Book, request for copies and notice

re type of advertisement to be used 1/22 99Value of used automobiles, reply to inquiry from

FRBank of Cleveland 2/ 4 174Provision, reply to letter from Mr. Raynor expressing

opposition to 4/ 7 525Applicability to 1947 models of automobiles, advice

to FRBanks 4/25 639Statement to be published in FRBulletin 5/20 748

Authority of Board, advice to Congressman Rees re expira-tion date, expenditure for activity andnumber of personnel engaged in . 10/29 1492

Automobile license taxes and fees, statement to be pub-lished in March issue of FRBulletin 2/27 272

Automobiles:Sale of new by used car dealers, reply to inquiry

from FRBank of Minneapolis 1/ 7 19Credit for purchase,of used, reply to protest of

Centre Motor Company, Inc., Norfolk, Va. 1/13 50Taxes and fees as prerequisite for license plates,

to be added to appraisal guide value, adviceto FRBank of Chicago 1/28 139

Limit on price of new cars to determine maximumcredit values reply to suggestion from Auto-mobile Banking Corporation, Philadelphia 2/13 207

2/3 selling price permissible for loan on 1947 usedcar if no average retail value quoted inguide books, advice to FRBank of Cleveland 2/21 244

Applicability of appraisal guides to 1947 models,advice to FRBanks 4/25 639

Amendment suggested to liberalize maturity require-ment for, reply to Mr. A. E. Barit 4/25 639

Barit, A. E., reply to letter stating objections con-cerning low income people 5/28 807

Chartbook on consumer credit statistics, publication,price, and distribution approved 4/24 634

Conferences, disciplinary, tabulation of letters of com-mendation not to be made, advice to FRBanks 1/ 7 17

Constitutionality of Executive Order during peace, replyto letter from Mr. M. J. Bachrach sent toCongressman Hess 4/30 663

Continuation of and removal of certain articles from list,reply to letter from Mr. R. Stafford Edwards]] 9 30

Reply to letter from Mr. A. G. Koontz in favor of 2/25 261Views of FAC requested before next meeting 2/11 202Legislation re, discussion at Presidents Conference,

statement of Chairman Eccles re conversationwith Congressman Wolcott 2/28 286


254

Re . Pages

gulations, Board of Governors: (Continued)Iff Consumer Credit: (Continued)

Continuation of and removal of certain articles: (Continued)FAC opposed to, discussion at meeting with Board 3/11 378Reply to Congressman Hagen re inquiry concerning

lifting of restrictions on and H. R. 2542 4/ 4 52oDraft of proposed bill prepared by Mr. Solomon and

statement re by Mr. Parry, to be studied

by Board 4/11 548Recommendation of Council of Economic Advisers to

President, discussion by Chairman Eccles 4/11 549Reply to letter of Mr. Edgar T. Higgins 4/16 595Reply to letter from Mr. M. O. Anderson, NADA 5/ 9 699Reply to letter from Mr. C. B. Currey stating objec-

tions re doctor and hospital bills, sent toCongressman Springer 5/23 805

Status of legislation, Chairman Eccles to bring mat-ter to attention of President to decidewhether to revoke Executive Order 7/11 1050

Extension until November 1, letter to Mr. ClarkClifford recommending signing of JointResolution by President and enclosing sug-gested statement for issue 7/28 1105

Authorization to continue, statement to be published

in August issue of FRBulletin 8/11 1165

Until November 1, 1947, all Registrants to be advisedby FRBanks, suggested circular sent toFRBanks 8/ 8 1159

Wartime or emergency legislation desirable, letterto Attorney General Clark 12/12 1744

Conviction for violating, statement to be published in

May issue of FRBulletin 4/22 617

Electrical products, removal from listed articles re-

quested by National Electrical Manufac-turers Association 1/ 9 30

Elimination for good of automobile industry, reply to

letter from Greater Chicago Used Car Dealers

Association 1/30 149

Enforcement methods, letters commending not to be counted

by FRBanks 1/ 7 17

Enforcement reports, summary sent to FRBanks:

December 1/20 91

February, increase in proportion of violators to

451

13337514931628

classed as air conditioners 5/ 9 698

investigations and problems in automobile

field noted 3/24

AprilAugust 42September 10/29

October 11/21

Evaporative air coolers without refrigerating unit not


255Pages

Reg Pages

ations, Board of Governors: (Continued)W, Consumer Credit: (Continued)

Frozen food cabinets, applicability of 5/ 2 676Grand Rapids Used Car Dealers Association, reply to

telegram re sent to Senator Ferguson 1/27 134Instalment credit by banks, extension of and question of

nonrecourse paper, publication of article inFRBulletin suggested by Mr. Wegner, con-sidered inappropriate for Board 10/ 8 ili09

Kitchen cabinets, not to be considered as furniture,ruling to be published in FRBulletin 2/ 3 158

Statement to be published in FRBlilletin 2/27 272

Legislation, desire of Chairman Eccles to testify on,letter to Chairmen of Banking and CurrencyCommittees transmitting proposed bill andletter for signature of the President re tobe submitted to Board 5/23 789

Draft of bill to authorize regulation by Board anddraft of letter for signature of Presidentdiscussed, drafts to be revised and alter-native draft of bill proposing broaderauthority to be prepared, matter to be dis-cussed further 5/29 821

Original bill to be sent to Chairmen of Banking andCurrency Committees with brief letter oftransmittal and explanatory statement,Chairman Eccles to testify at hearings,and letter for signature of President ap-proved 6/ 4 84o

Draft of bill to continue regulation sent to Chairmenof Banking and Currency Committees ofCongress 6/ 5 853

Chairman Eccles to testify at hearings on bill, state-ment at Presidents Conference re status andletter received from the President 6/ 6 879

Letter to President re importance of action at pres-ent session of Congress 6/10 900

Report by Chairman Eccles on status 6/17 932

Authorization for one-year suggested by Board ascompromise, Chairman Eccles authorized to

inform Senator Buck that Board has no further

suggestions 7/ 2 1006President not to take action re Executive Order until

action of Congress determined, statement of

Chairman Eccles 7/18 1065

Objections to, reply to letters from constituents ofSenator Myers 7/24 1099

Presidents to be advised of Board's position at joint

meeting 2/27 269


256Pages

Re Pages

Board of Governors: (Continued)lir

Consumer Credit: (Continued)Radio equipment, receivers without transmitters for

receiving broadcasts as well as for com-

munication purposes not excluded fromGroup B-8, advice to FRBank of New York 8/ 8 1159

Records, preservation of, advice to FRBank of Kansas

City 11/12 1547

Relaxation of, reply to letter from Mr. S. A. Knightsent to Congressman Thomas 1/21 95

Removal or amendment of, reply to further correspondence

from Mr. Kelly 5/15 733Repeal of, reply to suggestion of Mr. Manfred R. Marini

sent to Senator Myers 2/14 212

Restoration of authority to be recommended to White Houseby Chairman Eccles to control expansion ofcredit by banks 11/ 5 1524

Statement of Chairman Eccles at FAC meeting re sup-port for 11/18 1590

Sears Roebuck & Co., Durham, N. C., advertisement revacuum cleaners in violation of, matterreferred to FRBank of Richmond, advice toMr. Kelly 10/ 8 1409

S. J. Res. 123, to terminate war time legislation,question of exemption from, advice re-quested in letter to Attorney General 6/10 900

S. J. Res. 148, to authorize temporary continuation of,copy of statement for issuance by Presidentafter signing sent to Bureau of the Budget 7/28 1106

S. J. Res. 157, passage in Senate, procedure to be fol-lowed if also passed by House outlined by

Mr. Parry, discussion of increase in credit

limit and broadening of list of articles,

further study to be made 12/19 1799

Sets and groups of articles, determination of, views of

FRBank of Chicago requested 1/ 7 17

Interpretation of section 6(h), reply to letter from

Mr. Dillard at FRBank of Chicago 2/ 3 156

Requisites for determination of, letter to FRBanks 2/ 3 157

Statement to be published in FRBulletin 2/27 272

Statement re consumer instalment credit to be issued by

Board, in connection with program to combat

inflation 10/17 1440

Statement to all Registrants (re discontinuance) to be

sent to FRBanks before November 1, advice

to FRBanks 10/20 1454

Statement to be issued re discontinuance, text of pressstatement sent to FRBanks 10/24 1482

Support of, reply to letter from Mrs. Magnus Olson re

sent to Congressman Judd 5/26 799


>111ations, Board of Governors: (Continued)W, Consumer Credit: (Continued)

Statistics in advertisement of American InstalmentCredit Corporation, investigation to bemade re, reply to letter from Mr. A. E.Duncan 3/214 1451

Status of rulings made prior to revision of December 1,191461 statement to be published in FRBulletin 2/27 272

Status of, reply to inquiry from Congressmen J. HardinPeterson 3/20 440

Television sets, classification as listed articles, replyto inquiry from RCA 6/16 926

Termination, statement to be issued, Mr. Thurston toprepare draft 10/21 1549

Terms, reply to letter from Congressman Philbin 1/13 49Vacuum cleaners, reply to letter from National Affairs

Committee, Vacuum Cleaner ManufacturersAssociation re removal of restrictions oncredit 1/15 65

Elimination from list, reply to letter from Mr.Thomas F. Kelly 2/26 266

Reply to Mr. Schlesinger on request for eliminationfrom provisions of 5/13 723

Veterans loans on automobiles, relaxation of terms for,reply to suggestion from Mr. Burton, CityBank, Washington, D. C. 3/11 393

Veterans mortgage loans, abuse in field of, discussionat meeting of FAC with Board 3/11 381

Violations:Consumers Home Equipment Company and A. B. Chereton,

report of Mr. Townsend on appeal in Cincin-nati 4/ 8 530

Farm Credit Administration, no objection to adoptionof modified procedure for checking compli-ance 4/ 4 521

Louisiana Furniture Company, recent investigationunder consideration 10/16 1437

Ray McCarthy Motor Company, St. Louis, Mo., visits

made re, action to be deferred until clari-

fication of future status of Regulation 7/ 3 1023Reply to Yr. Thomas F. Kelley on those reported by

him 5/15 734Wire recorders, not included under "phonographs", but not

exempt if incorporated in radio receivingsets or combinations 4/29 658

lations with dealers in securities:Agnew and Fayeraeather v. Board, suit regarding removal of

bank directors, statement to be publishedin January issue of FRBulletin 1/ 7 21

257Pages


258Pages

ons with dealers in securities:Babbage, John D., ineligible to serve on board of directors,

of Bank of Lancaster, Kilmarnock, Va.,and as employee of W. H. Bell & Co., Inc.,Washington, D. C. 1/15 64Barnhardt, William H., service as director of Commercial Na-tional Bank of Charlotte and as director ofR. S. Dickson & Company, Inc., prohibitedby Section 32 of Banking Act of 1933 5/12 703

Chase, John P., service as director of Second National Bankof Boston and as trustee of investmenttrust, not in violation of section 32 ofBanking Act of 1933 11/17 1538

Fuller, Samuel L., service as director of Commercial NationalBank and Trust Company of New York and aspartner in firm of Merrill Lynch, Pierce,Fenner & Beane, question of conformity withsection 32 of Banking Act of 1933, matterto be reviewed further 7/18 1080

Service prohibited by Section 32 of Banking Act of 1933 9/30 1350ureer, H. Lyman, service as Vice-President of Fifth Third

Union Trust Company, Cincinnati, Ohio, andas director of Haydock Fund, Inc., in vio-

T,lation of section 32 of Banking Act of 1933 10/24 1480Lovet,1

W. Re, service as director of Atlantic National Bankof Jacksonville, Florida, and as partnerin firm of Merrill Lynch, Pierce, Fenner8c Beane, prohibited by Section 32 of BankingAct of 1933 9/30 1352Merrill Lynch, Pierce, Fenner & Beane, applicability ofsection 32 of Banking Act of 1933 in con-nection with service of Mr. Fuller as direc-tor of Commercial National Bank and TrustCompany of New York and as partner in firmof, matter to be reviewed further 7/18 1080

Applicability of Section 32 of Banking Act of 1933 inconnection with service of Messrs. Fullerand Lovett 9/30 1350

1111yeen, John, Jr., partner in John Nuveen & Co., service asofficer or director of national bank pro-hibited by Section 32 of Banking Act of1933 4/16 594Prentice, Bernon S., service as special partner of Dominick& Dominick and as director of Fulton TrustCompany of New York, applicability of sec-tion 32 of Banking Act of 1933, Board to re-view matter 7/18 1080

Presidents to be advised of Board's position at joint meetingwith Board

section 32 of Banking Act of 1933, discussion of suggestedchange at Presidents Conference

2/27

2/28

269

290


lielations with dealers in securities: (Continued)Section 32 of Banking Act of 1933: (Continued)

Applicability to special partner of firm in underwritingbusiness and to sister of individual,reply to inquiry from Mr. E. N. Moise

Special partner in firm or sister of individual, reply toMr. E. W. Moise on applicability of Sec.32

Company:use of mechanical equipment, Messrs. Thompson,

Conkling, and Kelleher selected as Boardrepresentatives to take, advice to FRBankof Chicago

of bank supervisory agencies, work of GAO andBureau of the Budget duplication, opinionof Chairman Eccles, discussion in connec-tion with Mr. Newman's visit

Remington RandCourses in

Reorganization

RePorts:Analysis of

259Pages

9/30 1352

9/30 1353

8/12 1168

2/21 243

credit control proposals, report accepted byBoard, further study desirable, discussionby Chairman Eccles at Presidents Conference 2/28 283

...ang conditions in districts, quarterly summary to be sentto Board, letter to FRBanks 1/27 128

anlcLng conditions, Presidents to be advised of Board's posi-tion at joint meeting 2/27 269

Discussion at Presidents Conference of material to beused and purpose of 2/28 304

Comments requested by FRBanks on certain points in nextreport 4/28 649

r Reply to letter from Mr. Gidney re 4/28 651'arnings and dividends, FR 107b2 forms and instructions

sent to FRBanks for semiannual report 6/ 9 894Earnings for first half of 1947, amounts of certain items

requested from FRBanks 9/10 1267vloyees of Board, statement re sent to Senator Aiken 3/ 7 351

nInctional expense, revised manual of instructions, to beeffective July 1, 1947, instead of April 1 3/14 406

Revised manual of instructions for preparation, instruc-tions re, copies to be sent to FRBanks 4/10 544

revised form, FR 96 and FR 34 to agree with, in-structions to FRBanks 6/19 946

Changes in dates for submission and instructions to berecommended by Presidents to alleviate dif-ficulties, discussion at Presidents Con-ference 10/ 7 1400

submission quarterly rather than monthly, recom-mendation of Presidents Conference to beapproved 12/ 9 1718

industrial, semiannual list of loans and commitmentsoutstanding, to be discontinued 10/10 1425

FR 634,

FR 634,

Loans,


Reports: (Continued)Outside business and teaching activities of employees of

Board's staff in Group M and above, proce-form approved 11/24summary sent to FRBanks for:

dure andRegulationli Enforcement,

DecemberFebruary, increase in

gations

AprilAugustSeptemberOctober

260Pages

1632

1/20 91proportion of violators to investi-and problems in automobile field noted

3/24 4515/28 8079/26 133510/29 149311/21 1628

Statistical, regular and special, discussion at ?residentsConference, number to be reduced as much aspossible

Overburdening of banks and business concerns with requestsfor, discussion at meeting with Presidents 10/7 1401

Re Surplus property, Board has none to report, advice to WAA 3/7 353P°rts on bills:Administrative Practitioners Act, participation in proceedings

of Federal agency, bill not needed in connec-tion with operations of Board, advice toSenator Wiley, Chairman, Committee on theJudiciary 4/3 510

tax reduction bill, letter of disapproval sent toPresident, advice to Bureau of the Budget 6/9 895

15, concerning common-trust funds and to make uniformlaw re, Board in favor of bill with suggestedamendments, advice to Congressman Dirksen 4/11 568

13, to amend FRAct and for other purposes, Board infavor of bill as passed by Congress, adviceto Bureau of the Budget 4/24 633

a bill to amend Servicemen's Readjustment Act of1944, Board not in favor of enactment, ad-vice to Hon. Rogers 12/17 1786

bill to amend Clayton Act, report sent to Senator

42/ 247

Wiriahoney 596Board in favor of, letter to Senator Tobey stating

views /::

Guarantees of business loans by FRBanks, letter submittedby Board to be incorporated in hearings sentto Senator Tobey after letter from Mr. John

D. Goodloe read into record 4/25Letter to Senator Tobey concerning comments of Mr. William

C. Foster, Acting Secretary of Commerce 4/25414, government system of export credit insurance, Board

not in favor of enactment, report to SenatorTobey 4/2 499

548, to increase FDIC insurance from $5,000 to $15,000, re-quest from Clerk of Senate Banking and Cur-rency Committee for, to be filed withoutreply 2/21

R. 23

R. 24

H.

H.

H.

H.

S.

S.

S.

S.

R. 1,

R. 4488,

104,

408,

6/6 883

640

61414

2)414Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Re)orts on bills: (Continued)S. 828, to extend authority of FRBanks to purchase Govern-

ment securities directly from Treasury,report in favor sent to Chairman of SenateBanking and Currency Committee 3/24 452

S. 829, to provide for control and regulation of bank holdingcompanies, and for other purposes, report toChairman of Senate Banking and CurrencyCommittee 4/17 601

S• 1070, to cancel capital stock of FDIC and to repay Treasuryand FRBanks for amounts received on accountof subscriptions, Board in favor of bill withcertain changes, advice to Senator Tobey 4/18 609

To provide for cancellation of capital stock of FDIC, etc.,report in favor of President's signing sentto Bureau of the Budget 7/30 1116

S. 1176, to extend lending power of Federal savings and loanassociations, enactment opposed by Board,report to Senator Tobey 6/13 918

8. 1178, to reduce premium rate for insurance by Federal Sav-ings and Loan Insurance Corporation, enactmentopposed by Board, report to Senator Tobey 6/13 918

Se 1519, to permit expenditures for FRBranch buildings, up to$10,000,000, Board in favor of, report toBureau of the Budget 7/25 1102

S. 1720, to amend National Housing Act, no objection to approvalof bill by President, advice to Bureau of theBudget 7/31 1124

Se 1740, to establish a Federal Small Business Corporation,Board not in favor of enactment, report sentto Senator Tobey 10/ 1 1356

8. 2800, to amend Home Owners Loan Act of 19330 letter toBureau of the Budget recommending veto toPresident 7/30 1116

'7e and central reserve cities:Chattanooga, Tenn., discussion of classification in connection

with proposed formula for designation of re-serve cities 9/23 1302C.lassIfication of deposits for reserve purposes, System ResearchAdvisory Committee directed to study possiblechanges in law 7/ 2 1005

Designations, alternative plans discussed, Messrs. Szymczakand Clayton with staff members to continueto study problem and to submit furtherrecommendation47/ 2 100

Alternative bases presented in memo of Messrs. Szymczakand Clayton, one proposal to be submitted toPresidents and Federal Advisory Council 7/11 1045

Amendment to Regulation D and formula suggested ia memo ofMessrs. Smead, Vest, and Townsend, not desir-able at present, draft of letter to Presidentsand FAO to be prepared as agreed upon at meet-ing of July 11 7/18 1073

261Pages


262Pages

Res Pages

and central reserve cities: (Continued)

Designations: (Continued)Discussion of plan and period for review, letter to

Presidents transmitting plan to be re-

drafted to incorporate changes discussed 8/ 7 11h0

Plan approved, copy sent to FRBanks and FAC, to be dis-

cussed at Presidents Conference and FAC

meeting in September 8/13 1174

Plan selected for, copy of letter re sent to Mr. Prochnog

for discussion at FAC 8/26 1216

Discussion at FAC meeting of formula proposed by Board and

reserve requirements, Council opposed toformula 9/23 1301

Formula, change suggested by Chairman Eccles, memo re to

be prepared and revised formula to be dis-

cussed at Presidents Conference 9/26 1329

Discussion at Presidents Conference, Presidents opposed

to plan to be effective January 1, 1948,in favor of going to Congress before action

re change 10/ 7 1377

Discussion of new formula proposed by Chairman Eccles,

matter referred to Messrs. Szymczak and

Clayton for recommendation at next meeting 10/17 1440

Statement of proposed changes approved for publication

in Federal Register, advice to FRBanks 10/21 1455Hearing to be held at Board before publication of formula,

advice to FRBanks concerned with changes 11/21 1610

Proposal published by Board, reply to request of SenatorClyde M. Reed for information re 12/ 5 1700

Hearing at Board's offices, statement by Mr. Clayton

re results of 12/17 1773

Standard to be adopted, statement to be prepared by Mes-

srs. Szymczak and Clayton to incorporate

provisions re continuance of designation of

reserve cities not included in formula and

to reapply standard at end of each three-year

period from March 10 1948 12/17 1778

Standard for Classification approved, to be published in

Federal Register and copies to be sent to

FRBanks 12/19 1793

Classification of reserve cities, statement to be pub-

lished in FRBulletin 12/22 1319

Grand Rapids, Michigan, discontinuance of designation as re-

serve city, no action to be taken prior to

January 1, 1948 adoption of formula 10/31 1502

Kansas City, Kansas, hearing requested before action to publish

formula re designation of 11/21 1609

Michigan National Bank of Lansing, Michigan, threatened suit

against Board re amendment to Regulation D,

matter referred to Messrs. Clayton and Szymczak,

Board to submit alternative actions to FRBanks

and FAC, Mr. Garey, Attorney, to be advised 6/20 960


263

Res Pages

erve and central reserve cities: (Continued)Michigan National Bank of Lansing: (Continued)

Suit re amendment to Regulation D, filing to be deferredpending further Board action re designationof reserve cities after next meetings ofPresidents and Federal Advisory Council 7/ 2 1003

National City, Illinois, discussion at FAC meeting of classi-fication in connection with proposed formulafor designation of reserve cities 9/23 1302

National Stock Yards, Illinois, letter from National Stock

Yards National Bank objecting to designation

of city as reserve city 11/21 1610St. Joseph, Missouri, hearing requested before action to pub-

lish formula re designation of 11/21 1609

Spokane, Washington, discussion at FAC meeting of nlassifica-

tion in connection with proposed formula fordesignation of reserve cities 9/23 1303

Toledo, Ohio, discussion at FAC meeting of classification inconnection with proposed formula for designa-

tion of reserve cities 9/23 1302

Letter from Mr. Rohr re designation read and discussed atBoard meeting 9/26 1329

Termination of designation, resolution of Toledo ClearingHouse Association opposing, to be considered

by Board, advice to Mr. Rohr 11/20 1603Washington, D. C., letter to Mr. Burton on status of cities

Res., in which there are no FRBanks or branches 3/13 399I've Board Club:Library, contribution of $100 per month by Board approved for

Re, attendant in 10/ 6 1372

American National Bank of Jacksonville, Florida, granted per-

mission to maintain same reserves as banksoutside central reserve and reserve cities 9/30 1349

Bad debts onloans, to be reported in earnings reports and de-

ducted from loans in condition reports, ad-

vice to FRBanks 12/26 1835

Sanca Nazionale DIAlbania, Rome, Italy:Gold reserves, Board not to intervene on behalf of 2/14 215

Bar Harbor Banking and Trust Company, Bar Harbor, Maine,

penalty for deficiency waived 11/Th 1555Beach Haven National Bank and Trust Company, Beach Haven, New

Jersey, penalties for deficiencies waived 2/13 206Bridgeport-City Trust Company, Bridgeport, Conn., penalties

for deficiencies waived 3/21 444

Broadway National Bank of Tampa, Florida, penalty for defici-ency14 waived 2/26 183

Capital requirements for State banks, statement to be included

in annual report for 1946 6/17 931

Classification of reserve cities, statement to be published

in FRBulletin 12/22 1819


264Pages

Ileserves: (Continued)ComPutation of member banks', System Research Advisory

Committee to recommend changes in law assoon as possible 12/17 1778

Deficiencies, computation for holiday period, advice toFRBanks 12/23 1826

Excess, problem of, no action required in connection with,discussion at Presidents Conference

Farmers and Merchants State Bank of Rush County, La Crosse,Kansas, penalties for deficiencies waived

PRBank of Chicago, penalties for deficiencies resulting fromblizzard conditions waived for District

PRBank of Minneapolis, penalties for deficiencies, no objectionto continuance of procedure re handling oncurrent instead of monthly basis .

FR 414, computation of reserve to be carried with FRBank bymember banks, revised form re termination ofexemption of war loan deposits from reserverequirements, copy and instructions sent to

2/28 315

5/12 703

2/ 4 175

2/18 223

FRBanks 5/16 741Change made for reporting reciprocal balances of private

banks and bankers, copy sent to FRBank ofNew York 5/26 797

First National Bank of Handley, Fort Worth, Texas, grantedpermission to maintain same reserves as banksoutside central reserve and reserve cities 12/11 1739

Louisiana National Bank, Baton Rouge, Louisiana, penalties fordeficiencies waived 8/29 1239

Manufacturers Bank and Trust Company of St. Louis, Mo., grantedpermission to maintain same reserves as banksoutside of central reserve and reserve cities 2/14 212

National Bank of Mt. Olive, Illinois, penalty for deficiencywaived 12/19 1815

Regulation DI amendments proposed, views of Presidents re-quested 4/28 650

Amendments suggested in memo of Messrs. Szymczak and Clayton,

action to be deferred during consideration

of holding company bill and while LakewoodVillage case pending in courts 7/11 1046

Amendment and formula for designation of reserve cities

suggested in memo of Messrs. Smead, Vest, and

Townsend, not desirable at present, draft of

letter to Presidents and FAC to be prepared

as agreed upon at meeting of July 11 7/18 1073Requirements:

Basis for establishing, suggestion for consideration of10/21 1456Congress

Central reserve city banks, not to be increased at present,view to be expressed at Presidents Conference12/ 5 1689

Increase, Chairman Eccles authorized to make statementopposing in appearance before Senate Committee 12/15 1762


265Pages

R e serves: (Continued)Requirements: (Continued)

Member banks in reserve cities where there are noFRBanks or branches, reply to letter fromMr. C. F. Burton 3/13 399

Reduction in, opposition to suggestion discussed at FAC meeting with Board, no action to be taken 9/23 1306

Special reserve plan for three-year period to control expansionof bank credit, to be recommended to WhiteHouse by Chairman Eccles 11/ 5 1522

Plan proposed to control expansion of bank credit, discus-sion of Chairman Eccles' memo and of questionsraised by Mr. Szymczak, Chairman Eccles tomake statement before joint hearings of JointCommittee on Economic Report and Bankingand Currency Committees 11/17 1557

Opposition of FAC to plan expressed in statement at meet-ing with Board 11/18 1570

Plan suggested by Mr. Eccles in statement before JointCommittee on the Economic Report 11/26 1654

Bill to provide for, draft approved, to be transmitted toChairmen of Banking and Currency Committee 11/26 1665

Memo of November 25 re not sent to FRBanks, draft of billnot to be sent until after introduction 11/26 1670

nien Trust Company, Greensburg, Indiana, penalties for de-ficiencies waived 11/ 7 1535

Wachovia Bank and Trust Company, Winston-Salem, North Carolina,request to submit semi-monthly reports ofdeposits with exception of Charlotte, in lieuof weekly reports, matter to be discussed withMr. Leach 11/26 1673

War loan deposits, exemption from requirements, no furtherlegislation needed after termination of Actof April 130 1943, advice to Mr. L'Heureux 3/ 3 321

West Seattle National Bank of Seattle, Washington, grantedpermission to maintain same reserves as banksoutside central reserve and reserve cities 11/ 5 1528

-.,mington Trust Company, Wilmington, Delaware, penalty for484 deficiencies waived 12/ 3 1683

4.gnation5:I burrow, Mrs. Margaret M., secretary to Mr. Thomas, accepted 4/11 564Akers, Mrs. Dorothy H., cafeteria helper, separation from

service, without prejudice, approved, reim-bursement for overdrawn leave to be obtained 5/20 747

AAmrin, Joyce, cafeteria helper, accepted 9/11 1271'Very, Clarence W., Class B director of FR2ank of Chicago,

tendered in order to accept appointment asClass C director and designation as Chairmanand FRAgent for unexpired portion of term 3/ 6 339

Baird, Frieda, economist, accepted 7/ 9 1028Bigler Mrs. Sandra, elevator operator, accepted 3/25 462


Resignations: (Continued)Blake, Lillian, clerk-stenographer in Division of Research

and Statistics, acceptedBocuilis, Adelal clerk in Division of Research and Statistics

acceptedBoggs, James R., Asst. FRExaminer, acceptedBolac, Mrs. Ethel M., cafeteria helper, acceptedBoucher, Mrs. Anna Mae, page, acceptedBoyd, Mrs. Kathrine, charwoman, acceptedBramlet, Phyllis, secretary to Mr. Thomas, acceptedBrown, Alice C., clerk, acceptedBrown, Mrs. Reba S., cafeteria helper, acceptedBunce, Arthur C., economist, acceptedC111111101 Allison, operator, duplication devices, acceptedCurtis, Mrs. Mary Gwyn, library assistant, acceptedDavid, Donald K., Class C Director at Boston, acceptedDavis, Mercedes, clerk-typist in Division of Research and

Statistics, acceptedDernburg, Hans J., economic specialist, acceptedDeskin, Mrs. Attie L., charwomanlappointment terminatedDoebler„ Mrs. Leila M., Clerk in Division of Research and

Statistics, acceptedFaust, Ralph L., guard, acceptedPauteux, Blanche D., clerk, acceptedFrey, Mrs. Ann B., clerk-typist, acceptedGarrick, Anna E., clerk-stenographer, acceptedGlotfelty, Joseph T., Jr., operating engineer, acceptedGlover, Mrs. Hazel M., cafeteria helper, acceptedGrady, Henry F., Chairman and FRAgent at FRBank of San Fran-

cisco to become Ambassador to India, letterof appreciation for services

Green, Anna G., clerk in Division of Research and Statistics,accepted

Haltigan, Helen A., file clerk, acceptedHarloff, Mrs. Moynelle E., clerk-stenographer, acceptedHart, Richard F., research assistant, acceptedHermberg, Paul, economist, accepted!"lighfield, Carroll R., FRExaminer, acceptedHopkins, Ernest J., Economic Specialist, accepted after dis-

cussion at Board meetingHurst, Donald A., clerk, acceptedIrons, David B., Asst. FRExaminer„ acceptedJeffries, Ardith E., file clerk, acceptedJones, Ruth, cafeteria helper, acceptedJordan, Eugene P., operating engineer, acceptedXeefe, Mrs. Josephine B., page, acceptedXekenes, Mary F., clerk-typist in Division of Bank

acceptedXelly, Mrs. Dorothea B., file clerk, acceptedLee, Andrew W., Technical Assistant in Division of Bank

Operations, accepted

Operations

266Pages

3/ 7 351

10/ 39/178/11

10/244/228/ 511/138/285/288/288/2012/31

4/214/119/10

7/3012/179/129/ 89/296/182/28

1368127811631478615113615511220803122012051844

6135641265

11131784127312541336938318

4/22 615

12/22 18177/16 10606/17 9368/21 120810/14 142811/25 1638

1/27 1179/23 13179/23 13179/10 12649/17 127912/ 9 17275/27 800

6/26 98510/ 6 1372

2/25 260


Resignations: (Continued)Loyd, Geraldine, clerk-stenographer, accepted 12/ 3 1681Malone, Charles T., FRExaminer, accepted 4/28 648McCutchan, Mrs. Marjorie B., file clerk, accepted 5/ 2 673McGarvey, Margaret M., file clerk, accepted 1/27 129McGuire, Mrs. Mary C., cafeteria helper, accepted 1/17 86McNally, James Ho, clerk-stenographer in Division of Adminis-

trative Services, accepted 1/17 85Date change from February 6 to January 31, 1947 1/31 153

Mercer, Esther M., clerk-stenographer in Secretary's Office,accepted 4/14 570

Mitchell, Mrs. Madge M., file clerk, accepted 4/21 612Morse, Chandler, Assistant Director of Division of Research

and Statistics, accepted 9/ 5 1250MoYe, Audrey L., stenographer, accepted 2/28 318Murphy, Royal J., marble mason, accepted 3/12 395Musgrave, Richard A., Chief of Government Finance Section,

accepted at expiration of annual leaveremaining to credit 9/26 1333

Nelson, Mrs. Evelyn Underwood, leave clerk, accepted 1/ 3 7Nikonenko, Mrs. Maria, clerk in Division of Research and

Statistics, accepted 2/ 4 173O'Connell, Mrs. Catherine E., substitute nurse, accepted 1/ 9 27Pagenkopf, Myrtle J., file clerk, accepted 10/10 1419Painter, Mary S., economist, accepted 4/ 4 519Payne, Mrs. Marguerite A., secretary to Mr. Paulger,

accepted 3/25 461Price, Myrtle C., clerk-typist in Division of Examinations,

accepted 7/29 1109Rice, Violet M., Division of Research and Statistics, ac-

cepted upon termination of military leave 2/26 262Roberts, Mrs. Mary Jane Po, economist, accepted 10/20 1453Sadler, Albert J„ general mechanic, accepted 8/14 1179Schelling, Nancy, research assistant, accepted 8/14 1179Schumacher, V. P., Assistant FRExaminer, accepted 3/13 397Simpson, Hazel Lee, file clerk, accepted 4/21 612Stewart, C. M., Secretary at FRBank of St. Louis, accepted,

to assume managership of Little Rock Branch 4/18 6o6SwYgert, Rebecca M., Asst. Supervisor of Cafeteria, accepted11/19 1595Tavenner, Mrs. Mary, cafeteria helper, accepted 3/31 492Treacy, Norbert C., guard, accepted upon return from military

leave 2/14 211Wasnetsky, Mary, file clerk, accepted 7/ 2 1015Wells, Virginia E., clerk-typist in Division of Examinations,

accepted 3/ 3 321White, Barry M. laborer, accepted 3/ 3 321Williams, Mrs. Rose L., cafeteria helper, accepted 2/20 226Wirth, Eleanor, clerk-stenographer, accepted 12/10 1730Wooten, James P., accounting clerk in Division of Bank

Operations, accepted 7/29 1109Worthen, Mrs. Helen B., stenographer, accepted 4/ 9 539Zidek, Louis W., Assistant FRExaminer, accepted 5/12 702

267Pages


268Pages

Resolutions:Assessment on FRBanks for expenses of Board:

Last half of 1947 6/20 965First six months of 1948 12/15 1751

Bank holding company legislation, resolution by FAC statingviews for use at hearing to be consideredat separate meeting of FAC 5/20 772

Forth Worth Clearing House Association, re reimbursement ofmember banks for postage and other trans-portation costs, reply to Mr. Smith andadvice to FRBank of Dallas 8/19 1196

Public Law No. 263, withdrawal of contributions from CivilService Retirement System upon separationwith less than ten years of service, notapplicable to Board of Governors'Plan ofRetirement System, resolution adopted re 8/20 1206

Reimbursement of member banks for postage and other transpor-tation costs, resolution of banking and clear-ing house associations in Dallas Districtprotesting 7/31 1119

S. J. Res. 123, to terminate war time legislation, questionof exemption of executive order No. 8843,consumer credit regulation, advice requestedfrom Attorney General 6/10 900

Toledo Clearing House Association, in opposition to termina-tion of designation of Toledo as reservecity, to be considered by Board, advice toMr. Rohr 11/20 1603

Wichita Falls Clearing House Association, Wichita Falls,Texas, reimbursement by FRBanks to memberbanks of postage and other transportation

eta costs on cash items, reply to letter 9/29 13384t. credit, survey for 1947 approved 12/15 1752

lrsment system:Amendments to Rules and Regulations proposed, not approved

by Board, advice to Mr. Rounds 7/18 1070Annual report to Board by Board's representative, memo of

Mr. Szymczak re, question to be consideredfurther 10/31 1494

Benefits:Basic pension benefit, change from cash refund to straight

life basis proposed, approved for futuremembers, advice to Mr. Rounds 12/30 1842

Employees in military service, discussion at PresidentsConference of uniform policy and discontin-uance of certain, letter to be sent toFRBanks outlining program 10/ 7 1388

Board of trustees, Board's representative onlmemo of Mr.Szymczak re, question to be consideredfurther 10/31 1494

Board's representative and report to Board by, action onrotation of membership to be deferred pend-ing decision on investment policy 12/ 5 1699


Retirement system: (Continued)Contributions:

Conniff, H. F., Vice President at FRBank of Atlanta,contribution approved, but less thanrequested 5/27 801

Swanson, E. W., FRBank of Minneapolis, supplemental con-tribution not to be granted 1/ 3 8

Disability retirements:Shaw, Yvonne Dodd, allowance approved from December 1,

1945 3/11 392Approved 4/ 8 536

Extensions of service:Parrish, Bess G., FRBank of Kansas City, salary approved

for active service during period January 1 -

June 30 I 1/30 147

4Watson, Mary H., to be retained to end of 1947

3 22

91/FRBanks, benefits of officers, discussion at FAC meeting 1310

Investment committee, not necessary for Board representative

on board of trustees to be member of 12/ 5 1700

Investment policies, formulation and approval, Mr. Szymczak

and staff members to study problem and matterto be considered further 7/18 1072

Amendment to Section 7, Subdivision 3 of Rules and Regu-lations approved, advice to Mrs. Frank 10/17 1447

Discussion re management of funds and purchase and sale

of securities, Mr. Szymczak to submit furtherrecommendation for discussion 10/31 1494

Discussion of Mr. Szymczakis memo re, memo outliningchanges proposed by Chairman Eccles to be

prepared for discussion at Presidents Con-

ference 12/ 5 1696

Changes proposed in Board plan, discussion at Presidents

Conference, no action to be taken at present,

matter to be discussed further at nextConference 12/ 9 1719

FRBank of New York, suggested as Agent for handling

investments, discussion at Presidents

Conference, no action at present 12/ 9 1720

Malone, Charles T., not to be charged interest under Board

Plan for service prior to Jan. 1, 1944 and

withheld interest to be restored to account

after return from military service 2/18 219

Military service benefits, discontinuance of service credit

and reimbursement for cost of premiums onNational Service Life Insurance, to be dis-cussed at Presidents Conference 7/18 1076

January 1, 1948, to be termination date for special bene-fits for employees entering, advice to

FRBanks 11/12 1544

269Pages


Retirement system: (Continued)Northern Trust Company, Chicago, Ill., arrangement for

managing fund, termination suggested byChairman Eccles

Payments:Davis, Chester C., FRBank of St. Louis, additional pay-

ments on behalf of, approved 10/31 1499Endresen, Ingrid, payment by FRBank of New York approved 1/ 9 29Stewart, Virgil A., FRBank of Kansas City, approved, ap-

proval to be obtained for salary if activeservice continued 9/24 1323

Public Law No. 263, withdrawal of contributions from CivilService Retirement System upon separationwith less than ten years of service, notapplicable to Board of Governors Plan of,resolution adopted 8/20 1206

Retentions in service:Compensation for more than 90 days after age 65 not to

be more than salary less retirement bene-fits, FRBanks to be advised 12/ 5 1692

Employees until age 70, change in system and compensa-tion arrangement suggested by ChairmanEccles, matter to be discussed at Presi-dents Conference 11/ 4 1520

Fletcher, Wilson T., foreman operator (mimeograph), tobe retained in active service at presentsalary until 1948 7/15 1058

Jordan, Eugene P., operating engineer, retention in activeservice until end of 1947 with no changein salary approved 7/17 1063

Kennedy, Joseph G., FRBank of Kansas City, retention inactive service until December 31, 1947, andsalary approved 7/ 1 1000

Stewart, Virgil A., carpenter at FRBank of Kansas City,salary approved 12/31 1845

Tyner, E. P., Assistant Cashier at FRBank of KansasCity, salary and retention in active servicethrough December 31, 1947, approved

62/3

18g85Salary approved

1

Vaughn, George A., FRBank of Kansas City, retention inactive service and salary approved for 1947 5/ 2 674

1;latson, Mrs. Mary H., file clerk, continuation in activeservice through June 30, 1948, approved 11/19 1594

Retirements:Anderson, E. F., sergeant on guard force, effective March

1, noted 2/ 4 173Bailey, A. F., Vice President at Little Rock Branch,

advice of, letter to Mr. Wood re resolution 4/30 660

270Pages

lo/31 1496


271Pages

Retirement, system: (Continued)Retirements: (Continued)

Dyson, Seaton, messenger, retirement to be effectiveAugust 1, 1947, noted 7/ 3 1022

Fitzgerald, Mrs. Frances, granted extension of leave without pay to September 1, 1948, at whichtime she will retire 5/ 8 690

Fletcher, Wilson T., foreman operator (mimeograph), re-tirement effective December 31, 1947, noted12/11 1734

Lamb, Mrs. Ruth S., clerk, to be retained in activeservice until September 30, 1947 8/12 1167

Retirement effective October 1, 1947, retention inactive service past age 65 due to incorrectinformation re date of birth 9/11 1270

Official staff of Board, problems re successoTs and pos-sible changes to be studied by PersonnelCommittee and recommendations to be sub-mitted to Board later 5/13 720

Paulger, Leo, Special Adviser, to be effective April 1,noted 3/24 449

Tyner, E. P., Assistant Cashier at FRBank of Kansas City,retirement age to be reached on May 30,1947 5/23 790

Rules and Regulations, amendment to Section 7, Subdivision3 re investment of funds approved, adviceto Mrs. Frank 10/17 1447

Withdrawal of contributions, resolution adopted that PublicLaw No. 263 not apply to Board of Gover-nors plan /20 1206

vercomb, Senator Chapman, reply to request for report on S.• 1156 not to be made 5/13 717

..Leed Statutes:Section 5219, taxation of national banks by States, proposed

amendment to, no objection to 1/30 152Robberies:Messengers delivering money to and from Seattle Branch, reply

to Mr. Hoover on information as to plans for2/19 225Precautions against, Presidents to be advised of Board's

position at joint meeting 2/27 269Survey to be made by FBI of practices of FRBanks in

handling money and securities, and educa-tional campaign to be conducted among memberbanks, discussion at Presidents Conference 2/28 302

Discussion by FBIwithABA suggested, advice re discussionof question at Presidents Conference 3/27 470

11°bert Morris Associates, study to be continued during 1947 1/27 124Study of financial needs of industry, discontinuance of co-

operative arrangement, advice to Mr. Duningassistance of Board in credit analysis tobe available 11/19 1596


272Pages

Robert Morris Project Schedule, extension approved by Bureau ofthe Budget, but to be discontinued after

extension if reporting service by FederalTrade Commission and SEC is approved byCongress 3/14 411

licers)Edith Nourse, H. R. 4488, a bill to amend Servicemen'sReadjustment Act of 1944, Board not in

favor of enactment advice to 12/17 1786John T., designation of Toledo as reserve city, letter

read at Board meeting 9/26 1329Resolution adopted by Toledo Clearing House Association

opposing termination, to be considered by

Board, advice to 11/20 16034rekeeP1ng of Treasury bills and certificates, service to non-

member banks by FRBanks to be termiAated,

T advice to FRBanks )/6 689

1,on be considered at Presidents Conference 5/16 741UStody accounts for nonmember banks, termination of service

as recommended by Presidents Conference

- approved 6/6 866

23rm1nat1on approved, instructions to FRBanks 6/18 940

PRBank of Atlanta:Employees, noted without objection 3/18 419

Employees, minimum and maximum salaries approved for re-spective grades, in connection with jobclassification plan 8/28 1224

Officers, approved V16 737R1148.nk of Boston:



spective grades, in connection with job

classification plan 8/28 1221

Officers, approved 5/9 696'408.nk of Chicago:

Employees, noted without objection 3/18 419EMployees, minimum and maximum salaries approved for re-

spective grades, in connection with job-


Officers, Messrs. Young and Avery to be invited to .dis-

cuss question of salaries of FRBanks with

Personnel Committee 3/25 46o• Officers, discussion of Messrs. Young and Avery with Per-

sonnell Committee 4//i 512

• Officers, approved for 1947 after discussion of entire

program, further recommendations for officers

above rank of Cashier, including Manager of

Detroit Branch, to be considered upon submis-

sion by Chicago Bank 4/4 515


Salaries: (Continued)FRBank of Chicago: (Continued)

Officers, salary increases approved after new recom-mendation 5/ 1 667

FRBank of Cleveland:Employees, noted without objection 3/18 419



classification plan 9/ 8 1254

Employees payment below minimum for eleven approved for

temporary period 12/29 1836

Officers, informal discussion, employment of outside

counsel to be discontinued after May 1,

1948, Bank to be advised at time of formal

approval of salaries 4/11 554Officers, approved 4/29 656

FRDank of Dallas:Employees, noted without objection 3/18 419



Officers, approved 6/ 4 8411FRBank of Kansas City:

Cost of living adjustment suggested in consideration ofbudget for 1948 11/14 1554


Employees, minimum and maximum salaries approved forconnection with jobrespective grades, in

classificationOfficerslapproved

FRBank of Minneapolis:Employees, noted without objection, including salary of

Mr. Karl VanderHorck, ExaminerEmployees, minimum and maximum salaries approved for re-



Officers, approved 5/ 1 669

PRBank of New York:Employees, noted without objection 3/18 419

Employees, minimum and maximum salaries approved for

respective grades, in connection with job

classification planOfficers, approved

FRBank of Philadelphia:Employees, noted without objectionEmployees, minimum and maximum salaries approved for

respective grades, in connection with job

classification plan

273Pages

9/24 13215/23 790

3/18 419

9/18 12823/25 /156

3/18 419

8/28 1223


Salaries: (Continued)FRBank of Philadelphia: (Continued)

Employees, adjustments to minimum of grade in connectionwith job classification plan, list andreasons for deferments after January 1,19481 to be submitted to Board

Officers, informal discussion, employment of outsidecounsel to be discontinued after May 1,1948, Bank to be advised at time of formalapproval of salaries

Officers, approvedFRBank of Richmond:

EmployeesEmployees

, Officers,rRBank of St.

EmployeesEmployees

Officers,FRBank of San

Employees,Employees,

Officers,Officers,

FRBanks:

noted without objection1 minimum and maximum salaries approved for

respective grades, in connection'with jobclassification plan

approvedLouis:

5 noted without objection3 minimum and maximum salaries approved for

respective grades, in connection with jobclassification

approvedFrancisco:noted without objectionminimum and maximum salaries approved forrespective grades, in connection with jobclassification plan 8/28 1226

approved for 1947 4/11 555Chairman Eccles to discuss matter with direc-

tors, acknowledgement of comments re 4/18 607

27hPages

9/ 9 1262

4/11 5544/29 655

3/18 419

8/28 12245/16 736

3/18 419

8/29 12376/13 911

3/18 419

Classification plans, available to member banks, state-ment of Chairman Eccles at FAC meeting 9/23 1311

Employees, cancellation of statement in letter X-95321with adoption of new plan of job classifi-cation, advice to FRBanks 9/ 4 126

Frequency of pay days, bi-weekly or weekly basis favoredif possible to work out satisfactorily, dis-cussion at Presidents Conference 2/28 282

Officers, letter to FRBanks stating views of Board to beprepared 3/25 h61

Salary classification plan or formula for, adoptionsuggested by discussion of officers' sala-ries at New York and Chicago Banks 3/25 461

Letter to FRBanks stating views of Board re 3/28 1133Senior officers at FRBanks, discussion of 4/ 4 517Acknowledgement of letter from FRBank of San

Francisco re Board's views on 5/27 802


PRBranch Banks:Buffalo Branch:

Employees, minimum and maximumrespective grades, inclassification plan

Cincinnati Branch:Employees, minimum and maximum

respective grades, inclassification plan

Salaries: (Continued)FRBanks: (Continued)

Officers: (Continued)Discussion of quality of management and salary

situation at meeting of FAG with BoardDiscussion at Presidents Conference in connection

with adoption of personnel classificationplans, increases for junior officers to beconsidered, but adjustments for senior of-ficers to be submitted at time of regularannual review

Change in date for submitting, suggested by Mr.Vardaman

Salary classification plans, subject assigned to Person-nel Committee until completion of work,after which assignment to revert to Mr.Vardaman 5/23

Matter of scales and variation referred to PersonnelCommittee for study and recommendation be-fore Presidents Conference

Discussion of policy re wage scales, further discus-sion to be held before Presidents Con-ference 6/ 4

Discussion at Presidents Conference of progress made,further study to be made to reach 25%variation 6/ 6

5/23

Advice to FRBanks re salary structures and status ofstudies on job evaluation and classifica-tion 6/17

Discussion of draft of final report, Personnel Com-mittee authorized to approve plans and uponcompletion of uniform plan letter to be sentto FRBanks commending work and recommending

narrowing of spread between highest andlowest salary structures 7/22

Plan approved by Board, letter to FRBanks of commenda-

tion for work, new plan to be effective as

soon as wage structures adopted and approvedby Board 8/12

275Pages

9/23 1307

10/ 7 1387

12/19 1803

787

788

845

867,888

933

1084

1169

salaries approved forconnection with job

9/18 1282


9/ 8 1254


Policy

(See also-eurain, Emil,

Se"t3 Ar. T.,

8ears Roebuck

Secretary of theBank holding

Salaries: (Continued)FRBranch Banks: (Continued)

Houston Branch:Vice President in charge of, salary of $12,000

favored by Mr. Vardaman forLos Angeles Branch:

Employees, minimum and maximum salaries approved forrespective grades, in connection with jobclassification plan

Pittsburgh Branch:Employees, minimum and maximum


Portland:Employees, minimum and maximum


Salt Lake City:Employees, minimum and maximum


Seattle:Employees, minimum and maximum

respective grades, in

Selo_ classification8 ,s, te'‘Lsinger, T., Regulation W, reply to letter re abandonment of 5/13 722'noels of banking:

Attendance of officers and employees of FRBanks, discussionin connection with question of Central StatesSchool of Banking and Pacific NorthwestSchool of Banking, letter re to be revisedfor further consideration 1/27

of Board re expenses and leave of absence, adviceto FRBanks

Graduate School of Banking)margin requirements, letter from Chairman Eccles

in reply tomargin requirements, reply to letter sent to Sena-

tor Tobey& Co., Durham, N. C., advertisement re vacuum

cleaners in violation of Regulation W, matterreferred to FRBank of Richmond, advice toMr. Kelly 10/ 8 1409

Treasury:company legislation (S. 829), suggestion of Mr.

Thomson, President of Northwest BanCorpora-tion, endorsed by Reserve City Bankers andFAO, letter sent to Mr. Snyder requestingapproval




276Pages

6/ 4 843

8/28 1227

9/ 8 1254

8/28 1227

8/28 1227


8/28 1227

2/3

115

159

3/10 366

6/13 916

5/22 778


277PagesSecretary of the Treasury: (Continued)

Snyder, John, to be invited to join Presidents and Boardmembers for golf and dinner at BurningTree Country Club 9/26 1330

Transamerica Corporation, anti-trust proceeding against,views of Secretary Snyder requested con-cerning American Tobacco case and entiresituation 4/15 582

Secretary's note:Cincinnati Chamber of Commerce Building, no objection to

purchase, provided legislation authorizingpurchase enacted by Congress, advice toMr. Gidney 5/15 732

Credit, expansion of bank, statement of FAC revised and pre-sentation by Chairman Eccles requested athearing before Joint Coanittee on EconomicReport and Banking and Currency Committees 11/18 1591

Malone, Charles T., FRExaminer, request for leave withoutpay to accept position to serve with oc-cupation forces in Japan, not approved byPersonnel Committee 4/23 626

Regulations T and U, amendments to supplements to reduce mar-gin requirements to 75%, advice from Mr.Eccles of approval by White House, Secretaryof the Treasury, and Mr. Vardaman 1/17 83

Reserves, special reserve plan, memo of November 25 re, notsent to FRBanks 11/26 1670Taft-Hartley Labor Bill, letter in favor sent to White House

Se after talk with Presidential Aide Clifford 6/17 931

International Bank Debentures, purchase of, statement to bepublished in July issue of FRBulletin, ad-vice to FRBanks 6/24 979Securities and Exchange Commission:

°tie & Co. of Cleveland, Ohio, determined to be subject toRegulation T, advice to Mr. Loss 1/20 89

Regulation T, amendment to section 4(c) to extend time forsettlement to be made for bona fide cashtransaction in special cash account, recom-mendation of Mr. Fulton and tentative draft

Sem sent to Mr. Treanor 12/18 1790'Ilrities exchange administration:American Business Shares, Inc., loan to purchase or carry

• stock of, not subject to provisions ofRegulation U 4/10 543

Borrowing of securities if lender is private individual,applicability of section 6(h) of RegulationT, reply to inquiry from FRBank of NewYork 7/11 1051

Boston Stock Exchange, listing of securities by corporationson, reply to letter from Mr. Besse redifficulties 7/ 7 1025


278Pages

Securities exchange administration: (Continued)Cash transactions, requirements of Regulation T, reply to

letter of Mr. J. W. Chappell 2/4 173

Chicago Stock Exchange, plan for improving markets on, con-sistent with Regulation T 7/18 1079

Control of stock market credit, letter to Senator Tobey inreply to correspondence from Mr. Russell G.Longmire 5/6 687

Detroit Edison Employees Credit Union, applicability of

Regulations T and U to credit for purchase

of stock of Detroit Edison Company, advice

to Mr. Allman )4/1 495Enforcement of Regulations T and U, Presidents to be advised

of Board's position at joint meeting 2/27 269Joint account for trading in securities, applicability of

Regulation T, advice to FRBank of San

Francisco 6/23 970Margin accounts, reply to inquiry re Regulation T from Mr.

Charles R. Cooper sent to Congressman

Gearhart 1/23 102

Application of Regulation T to switching of securities

in frozen, reply to inquiry from Dr. Amos

R. Shirley 5/28 804

Margin requirements, reply to letter from Mr. Oliver B. Henry 1/7 15

Reduction in, discussion, draft of statement to be con-sidered at meeting on January 17, ChairmanEccles to advise White House and Treasuryof contemplated reduction, SEC to be ad-vised of action to be taken 1/14

Reduction to 75% approved 1/17 77Supplements to Regulations T and U, statement to be

published in February issue of FRBulletin 1/23 103

Reply to letter from Mr. James F. Burns, Jr. 2/10 192

Schram, Emil, letter from Chairman Eccles in reply to 3/10 366

Differential in, discussion at meeting of FAC with Board,

FAC opposed to 3/11 375Reduction and relaxation of rules, second draft of reply

to Mr. James F. Burns, Jr., approved 3/28 477Reply to suggestions of Mr. Milton S. Koblitz 4/3 509

Reduction in, discussion at meeting of FAC with Board 5/20 756Reply to letter from Mr. Russell G. Longmire sent to

Senator Tobey 6/13 914Reply to letter from Mr. R. R. Wilson sent to Senator

Tobey 6/13 915

Reply to letter from Mr. W. T. Scott sent to Senator

Tobey 6/13 916

General purpose Congress intended by administration of,reply to letters from Mr. Francis AdamsTruslow 6/24 975

Borrowing of securities, statement to be published in

August issue of FRBulletin 7/23 1091


Securities exchange administration: (Continued)Margin requirements: (Continued)

Reduction in, reply to letter from Mr. Thos. J. Healy 9/30Reply to letter from Mr. Floyd Y. Keeler, Orvis Brothers

& Co. 10/1Reply to letter from Mr. Floyd Y. Keeler suggesting re-

duction in 10/14Reduction to 33-1/3 required for purchase of grain con-

tracts, reply to suggestion from Mr. F. C.Willis, Greensboro, N. C. 10/24

Reduction suggested by Mr. N. Leonard Jarvis, reply ofChairman Eccles to 12/11

National Shawmut Bank, Boston, Mass., loans to beneficiariesfor purchase of stock of trust, applica-bility of Regulation U 4/24

Otis 8c Co. of Cleveland, Ohio, determined to be subject toRegulation T, advice to SEC 1/20

Paul H. Davis & Co., partnership agreement with Mr. FranklinB. Evans, applicability of Regulation T 6/

Regulation T, amendment to section 4(c) to extend time forsettlement for bona fide cash transactionin special cash account recommended by Na-tional Association of Securities Dealers,Inc., copies of correspondence and draft ofamendment sent to FRBanks for consideration12/ 4

Recommendation of Mr. Fulton and tentative draft sent toMr. Treanor, SEC 12/18

Regulations T and U, administration and enforcement, liberal-ization re substitution of securities inunder-margined accounts, discussion atPresidents Conference, matter to be con-sidered further 2/28

and Co., proposed loan to employee to purchasestock of, applicability of Regulation Upreply to Mr. aillard G. Barker 4/18

and other matters re stock markets, reply toletter from Mr. Von Nostitz concerningBoard's regulations 10/16

n stock exchange, reply to letter from Mr.Thomas R. Furman sent to Senator Tobey 6/13

Special Miscellaneous Account under section 4(f)(6), depositof securities for protection of broker,reply to inquiry from Paine, Webber, Jack-son & Curtis

Stock Clearing Corporation of Boston, question of loans,applicability of Regulations T and U

Withdrawal of cash from margin account on sale of securitiesto pay income tax, not permitted by Regula-tion T, advice to Mr. Watson S. Dudley

R., Regulation T, application to switching ofsecurities in frozen margin accounts, replyto inquiry

Sears, Roebuck

Security loans

Short selling o

811.1-Lra.ey, Dr. Amos

2/26

6/ 2

1/ 7

5/28

279Pages

1350

1355

1429

1481

1740

631

89

849

1686

1790

293

608

1436

913

265

831

15

804


4111mons, Robert

smaal business:FRAct, bill

C., donations to Police Boys Club, reply torequest that employees be solicited for

to repeal section 13b and to amend section 13,copy and recommendation for enactment sentto Chairmen of Senate and House Committeeson Banking and Currency

Letter to Chairman Wolcott revised to incorporate ref-erence to statement contained in President'sbudget message

Sraith, Roscoe C.)

South America:Evans, R. M.,

8Pahr, Walter E.,

Manufacturing and trade concerns, study in cooperation withRobert Morris Associates to be continuedin 1947

S. 408, bill introduced by Senator Toby, views of Board reTo repeal section 13b and to amend section 13'of FRAct,

letter to FRBanks stating need for affirma-

280Pages

2/17 218

39

1/23 104

1/27 1242/20 228

tive action promptly 3/21S. 1740, to establish a Federal Small Business Corporation,

Board not in favor of enactment, report sentto Senator Tobey lo/ 1

resolution adopted by Fort Worth ClearingHouse Association re reimbursement of mem-ber banks for postage and other transporta-tion costs, acknowledgment of letter and

445

1356

advice to Mr. Gilbert 8/19 1196

authorized to visit in connection with agricul-tural problems and to call at central banksto strengthen Board's association withauthorities 7/22 1087

Economists' National Committee on MonetaryPolicy, letter to FREanks re interest chargeon FRnotes, telegram to FRBanks suggestingthat reply state approval of matter restedwith Board

Confidentiality of discussions between Board and Presidentsstated in reply to inquiry, advice toFRBanks 7/23 1096

81 'inger„ Congressman Raymond S., Regulation WI reply to letter

4;11)4 from Mr. C. B. Currey sent to

Jaization, internationalInternational Bank Debentures, purchase of, statement to be

published in July issue of FRBulletin, ad-vice to FRBanks

International Bank for Reconstruction and Development:FRBank of New York to act as fiscal agency re bond issue

of, agreement approvedForms for commercial banks in reporting disbursements

under letters of credit in connection withtransactions financed by, to be distributedby FRBanks

Rounds, L. R., fiscal agent for, current information re. duties requested

7/22 1089

5/28 8o5

6/24 979

7/23 1096

6/24 978

6/25 983Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

281Pages

Stabilization, international: (Continued)International Fund and Bank Conference in London, Mr. Knapp

to attend and also to visit central banksin Europe, advice to FRBank of New York 8/ 1 1129

Staff of Board of Governors:Attendance at convention of American Bankers Association to

be only when there is a specific reason 6/20 954Board Members Section:

Malia, Anne, secretary to Mr. Morrill, permanent assign-

ment and salary increase approved 6/13 910

Paulger, Leo, Special Adviser, retirement to be effective

April 1, noted 3/24 449Payne, Mrs. Marguerite A., secretary to Mr. Paulger,

transfer to Division of Examinations as

secretary to Mr. Sloan with no'change in


Resignation accepted 3/25 461

Shaw, Yvonne Dodd, secretary to Mr. Morrill, disability

retirement allowance approved from December1, 19h5 3/11 392

Disability retirement approved 4/ 8 536Cafeteria:

Adwell, Mrs. Lydia M., cafeteria helper, appointment ontemporary basis and salary approved 12/23 1821

Akers, Mrs. Dorothy H., cafeteria helper, appointmenton temporary basis and salary approved 3/19 422

Separation from service, without prejudice, approved,

reimbursement for overdrawn leave to beobtained 5/20 747

Amrin, Joyce N., cafeteria helper, appointment on tempo-

rary basis and salary approved 6/13 911

Extension of appointment without change in salaryapproved 8/12 1168


Bissett, Alvin, cook, salary increased 1/30 145Bolac, Mrs. Ethel M., cafeteria helper, appointment on

temporary basis and salary approved 3/14 410

Extension of temporary appointment without change in

salary approved 5/14 724Resignation accepted 8/11 1163

Boyd, Mrs. Kathrine, cafeteria helper, appointment on

temporary basis and salary approved 10/ 8 1406Extension of appointment on temporary basis without

change in salary approved 12/ 9 1727Broadhurst, Blanche, cafeteria helper, salary increased 1/30 145Brown, Eva, baker, salary increased 1/30 145

Brown, Mrs. Reba S., cafeteria helper, appointment on




282Pages

Staff of Board of Governors: (Continued)Cafeteria: (Continued)

Canter, Mrs. Mary Ethel, cafeteria helper, appointment

on temporary basis and salary approved 7/16 1061

Appointment made permanent with no change in salary 9/17 1278

Crawford, Mary, Head Cook, salary increased 1/30 145Gill, Katie, cafeteria helper, salary increased 4/ 1 495Glover, Mrs. Hazel M., cafeteria helper, appointment on

temporary basis and salary approved 221/N

85

Resignation accepted 318

Harrison, Dora, Junion Supervisor, salary increased 1/30 145Huffman, Mrs. Lena Eo p cafeteria helper, appointment on

temporary basis and salary approved 10/ 1 1355Imhoff, Mrs. Anna, cafeteria helper, appointment made

permanent without change in salary 2/14 210

Salary increased 12/18 1789

Jones, Ruth E., cafeteria helper, appointment on tempo-

rary basis and salary approved 6/19 942Extension of appointment without change in salary

approved 8/12 1168Resignation accepted 9/17 1279

McGuire, Mrs. Mary C., cafeteria helper, resignation

accepted 1/17 86McVearry, Florence, cafeteria helper, salary increased 8/27 1218Myers, William, cafeteria helper, salary increased 4/ 1 495Preble, Mildred Louise, Assistant Supervisor, appoint-

ment on temporary basis and salary approved 12/ 3 1682Psomos, George, cafeteria helper, salary increased and

appointment made permanent 12/18 1789

Supervisor or Assistant Supervisor authorized to use $50

of petty cash funa for purchases of food

from farmers' market, etc. 6/26 987

Swygert, Rebecca M., Assistant Supervisor, appointment


Appointment made permanent and salary increased 8/27 1217


Tavenner, Mrs. Mary, cafeteria helper, resignation

accepted 3/31 492Taylor, Harry, cafeteria helper, salary increased

1/3) 3(() 1111-55Tull vi, Winnie, Junior Supervisor, salary increased

Williams, Mrs. Rose L., cafeteria helper, resignation

accepted 2/20 226

Career system to fill senior positions, questions raised by

Mr. Draper 10/21 1465

Charwomen:Bertolini, Madalena, salary increased 11/13 1551

Boyd, Mrs. Kathrine, resignation accepted 14/22 615

Boyd, Libbie L., salary increased 11/13 1551

Cook, Clara Ray, salary increased 3/17 414

Corbin, Sarah F., salary increased 11/13 1551


283Pages

St Pages

of Board of Governors: (Continued)Charwomen: (Continued)

Crowell, Teresa Fo p salary increasedDalton, Margaret, salary increasedDeskin, Mrs. Attie L., appointment terminated

Enrico, Mary Jo, salary increasedPeacock, Blanche E., salary increasedRichardson, Mrs. Constance Rix, appointment on tempo-

rary basis and salary approved

Steiner, Almeda, salary increasedSunderman, Ethel M., salary increased

Thorne, Grace L., salary increased

11/13 155111/13 15519/10 1265

11/13 155111/13 1551

9/11 127111/13 155111/13 15517/30 1114

Utz, Anna M., salary increased 4/ 1 495Wrightson, Mrs. Louise A., appointment on temporary

basis and salary approved 4/29 654Extension of appointment without change in salary

6approved /26 985

Young, Elizabeth M., salary increased 3/17 414

Chauffeurs:Bell, J. Frank, Head Chauffeur, salary increasedCrowell, Charles E., salary increasedGardner, William, salary increasedProposal re handling of cars and separation from guard

4/281/3012/18

6491451789

force not approved, study re reduction in

number of guards and chauffeurs to be made 1/14 52

Stull, Howard W., salary increased 4/28 649

Consultants:Goldenweiser, E. A., services to be continued until end

of 1948, further retention to be considered

in connection with annual budget 10/ 3 1364

To assist with Board's work on present legislative

program, compensation and per diem approved 11/26 1672

Haberler, Gottfreid, arrangement for services discon-

tinued 10/ 3 1364

Hansen, Alvin, arrangement for services discontinued 10/ 3 1364

Lutz, Friedrich A., services to be continued until end

of 1948, further retention to be considered 10/ 3 1364

in connection with annual budget

Morse, Chandler, appointment discussed, memo re to be

rewritten 10/ 3 1362

Appointment, compensation, and traveling expenses

approved until end of 1948, question of

further retention to be raised in connection

with annual budget 10/31 1512

Musgrave, Richard A., recommendation re appointment to

be submitted 10/ 3 1364

Appointment, compensation, and traveling expenses

approved until end of 1948, question offurther retention to be raised in connection

with annual budget 10/31 1512


Staff of Board of Governors: (Continued)Consultants: (Continued)

Musgrave, Richard A.: (Continued)To prepare critical analysis of statement on taxes

and the budget, compensation and expensesfor

To prepare reports on papers and discussions whileattending Conference of National TaxAssociation

Services of part-time, to be requested with approval ofBoard upon recommendation by Personnel Com-mittee after consultation with divisionhead or member of Board, request to be ap-proved for entire project at one time

Counsel's Office:Baumann, John C., statement re applications of Republic

National Bank and Republic National Company,Dallas, Texas, for voting permits 8/29 1232

Crosby, Jean, stenographer, salary increased 4/30 659Edwards, Mrs. Evelyn W., stenographer, granted leave

without pay because of illness 1/30 143Federal statutes, bills to repeal obsolete provisions,

study to be made and advice to be sent toSenator Wiley 4/30 664

Hackley, Howard H., history of V-loan and T-loan programs

284Pages

11/10 1540

11/13 1550

10/ 3 1362

prepared by, copies sent to FRBanks onconfidential basis

Knox, Mrs. Ruth Esther, stenographer, appointment andsalary approved

McColloch, Lucy I., secretary to Mr. Vest, salaryincreased

Solomon, Frederic, Assistant Counsel, loan to Bureau ofthe Budget for one month approved

Extension of loan for one week approved

9/ 14

1/30

4/30

2/1884

1247

143

659

219449

Townsend, J. Leonard:Amendments to bank holding company bill (S. 829 and

H. R. 3351), statement at Board meeting re 5/23 779Examination reports of State member banks, use by GAO,

to meet with representatives of FDIC andComptroller of the Currency 1/17 76

Kefauver Bill (H. R. 515), statement before subcom-mittee of House Judiciary Committee 4/ 8 529

To serve as associate counsel in Detroit suit 4/15 579Transamerica Corporation, monopolistic aspects of

expansion, investigation recommended in memoto be made 10/31 1506

Designated to visit San Francisco and other placeson West Coast for investigation re Trans-america Corporation, advice to Mr. Earhart 11/24 1634

Title changed to Associate General Counsel and salaryincreased 12/19 1807


285Pages

Staff of Board of Governors: (Continued)Division of Administrative Services:

Anderson, E. F., sergeant on guard force, retirementeffective March 1, noted 2/ 4 173

Anderson, Helen M., clerk, appointment made permanentand salary increased 4/28 648

Arnold, Mrs. Mary Rose, stenographer, appointment andsalary approved 4/ 1 494

Ball, L. L., Assistant Supervisor (Telegraph), salaryincreased 4/ 1 495

Bare, Edith, page, salary increased 8/27 1218Barnes, Bricen, operator, (duplicating devices), salary

increased and appointment made permanent 3/17 413Bass, S. H., Chief, Fiscal Section, salary increased 7/30 1114Bell, J. Frank, Head Chauffeur, salary increased 4/28 649Bertol, Louis N., Captain of the Guard, salary increased 8/27 1218Bertolini, Madalena, charwoman, salary increased 11/13 1551Bethea, L. P., Director, designated liaison officer to

collaborate with Joint Property Accounting

Staff, Bureau of the Budget 9/18 1285Bigler, Sandra, elevator operator, salary increased 3/17 414


Blash, John, Maintenance Mechanic, salary increased 4/ 1 495Bloch, Stanley J., Foreman Opr. (Dup. Devices), salary

increased 12/18 1789

Boothe, Woodley, General Mechanic, salary increased 10/ 9 1414Boucher, Anna Mae, page, salary increased 8/27 1218

Resignation accepted 10/24 1478Boyd, Mrs. Kathrine, charwoman, resignation accepted 4/22 615

Boyd, Libbie L., charwoman, salary increased 11/13 1551

Brown, Alice C., clerk, salary increased 3/17 413Resignation accepted 11/13 1551

Buckley, Thomas N., telegraph operator, reinstatement

upon return from military leave and salaryapproved 1/27 130

Capozio, Mrs. Helen Marie, tabulating machine operator,

appointment on temporary basis and salary

approved 11/ 5 1528

Carmichael, E. L., Supvr. Publications Sec., salaryincreased 10/ 9 1414

Carter, Beverly A.1mail clerk, to be transferred from

Division of Research and Statistics 12/15 1763

Carter, Robert, laborer, salary increased 7/30 1114Chauffeurs, proposal re handling of cars and separation

from guard force not approved, study re re-

duction in number of guards and chauffeursto be made 1/14 52

Clarke, Mary T., clerk-stenographer, salary increased 6/13 910

Transfer to Division of Research and Statisticswithout change in salary approved 12/23 1820


286Pages

Staff of Board of Governors: (Continued)

Division of Administrative Services: (Continued)

Constable, Frank W., Operator (Dup. Devices), salaryincreased 5/21 771i

Cook, Clara Ray, charwoman, salary increased 3/17 414

Cook, Thomas Go, guard, salary increased 11/13 1551

Corbin, Sarah F., charwoman, salary increased 11/13 1551

Crowell, Charles E., chauffeur, salary increased 1/30 145

Crowell, Teresa F., Charwoman, salary increased 11/13 1551

Crump, Allison, operator, duplicating devices, resigna-

tion accepted 8/28 1220

Dalton, Margaret, charwoman, salary increased 11/13 1551

Deakins, Thomas R., guard, salary increased 7/30 1114

Dellatorre, Mary V., stenographer, salary increased 3/17 413

Transfer to Office of Mr. Darper without'change in

salary approved 6/ 3 836

Deskin, Mrs. Attie L., charwoman, appointment terminated 9/10 1265

Dinkins, Benjamin L., laborer, appointment on temporary

basis and salary approved 10/ 8 1407

Extension of appointment on temporary basis with no

change in salary approved 12/ 4 1686

Dorsey, Mary E., Printing Clerk, salary increased 10/ 9 1414

Duckett, Vivian R., page, appointment on temporary basis

and salary approved 6/ 5 851

Dyson, Nelson S., Operator (Dup. Devices), salary


Dyson, Seaton, messenger, retirement to be effective

August 1, 1947, noted 11%13 1Ta

022

Eaton, Marjorie, stenographer, salary increased

Enrico, Mary J., charwoman, salary increased 11/13 1551

Faber, Philip D., Supply Clerk, salary increased 10/ 9 1414

Faust, Ralph L., guard, resignation accepted 12/17 1784

Flagg, M. P., Telegraph Operator, salary increased 7/30 1114

Fletcher, Wilson T., foreman operator (mineograph), to be

retained in active service at present salary

until 1948Retirement effective December 31, 1947, noted 172/A

10581734

Florea, Hiram H., guard, appointment on temporary basis

and salary approved 9/ 9 1261

Fowler, Preston E., laborer, salary increased 5/21 774

Gardner, William, chauffeur, salary increased 12/18 1789

Glotfelty, Joseph T., Jr., operating engineer, resigna-

tion accepted 6/18 938

Glover, Mrs. Hazel M., elevator operator, appointment on


Appointment on temporary indefinite basis with no

change in salary approved 10/15 1432

Griffith, Flora J., Chief Telephone Operator, salary



287Pages


Division of Administrative Services: (Continued)

Hardy, William E., laborer, transfer to Division of

Research and Statistics as messenger with

increase in salary approved

Harloff, Mrs. Moynelle E., clerk-stenographer, transfer

to Division of Research and Statistics with-

out change in salary approved

Resignation acceptedHauser, Adam V., guard, salary increased

Herdman, Arthur P., general mechanic, appointment on

temporary basis and salary approved

Hulen, Helen L., clerk-stenographer, salary increased

Hurst, Donald A., clerk, resignation accepted

IBM equipment, additional operator to be employed upon

later recommendationTo be leased on continuing basis and responsibility

of operation to be transferred from Division

of Research and Statistics to

8/13

6/126/1711/13

9/1910/ 99/23

7/15

7/15

1171

9049361551

1287

14141317

1057

1057

Jasper, Miriam P., clerk, salary increasedN8

6497 1218

Johnson, Mary E., telephone operator, salary increased

Johnson, Sven, Foreman of Laborers, salary increased 10/ 9 1414

Jones, Robert H., mail clerk, salary increased 1/30 145

Jordan, E. P., Operating Engineer, salary increased 1/30 145

Retention in active service until end of 1947 with

no change in salary approved 7/17 1063

Resignation accepted 12/ 9 1727

Keefe, Mrs. Josephine B., page, appointment and salary

approved e/12-7

45Resignation accepted 800

Kelleher, J. E., to serve as representative on Federal

Interdepartmental Safety Council, advice to

Mr. Blanchard 36//1 Z6)Assistant to Director, salary increased

Selected as representative to take courses in use of

mechanical equipment 8/12

Kennely, Marion, laborer, appointment on temporary basis

7 22

and salary approved

/2Extension of temporary appointment for two months

without change in salary approved 9/6

Kern, Harry E., Supvr. Procurement Sec., salary increasedy/298

Kidd, Marjorie, page, salary increased

1168

11 0 3:114

Transfer to Secretary's Office as file clerk without

change in salary approved

Kramer, F. Allison, Accounting Clerk, salary increased

Langham, Lee N., Sergeant, salary increased

Larson, Bernard W., Operating Engineer, salary increased

Lewis, Evelyn, elevator operator, salary increased

Lynch, James P., reservation clerk, appointment on tempo-

rary basis, and salary approved

Appointment made permanentSalary increased

6/131/306/134/ 13/17

1/276/2311/13

908145910495414

1309681551


288Pages

Staff of Board of Governors: (Continued)Division of Administrative Services: (Continued)

Lyon, John N., Accounting Clerk, salary increased 1/30 145Mayhew, Morris, gardener, salary increased 3/17 413McNally, James H., clerk-stenographer, resignation

accepted 1/17 85Resignation date changed from February 6-to January

31, 1947 1/31 153Moffett, Bruce L., Operator (Duplicating Devices), salary

increased 1/30 145Moon, Donald W., clerk, salary increased 1/30 145Moye, Audrey L., stenographer, resignation accepted 2/28 318Mull, Reba, clerk, salary increased 1/30 145Murphy, Gertrude M., clerk-stenographer, salary increased 1/30 145

Transfer to Division of Bank Operations 'without changein salary approved 7/30 1114

Murphy, Royal J., leave of absence without pay to workon marble of Arlington Memorial Amphitheatrenot approved 1/16 68

Marble mason, resignation accepted 3/12 395Nichols, Charles R., guard, salary increased 11/13 1551Orndoff, Sydnor C., painter, salary increased 4/ 1 495Oros, Susie T., Accounting Clerk, salary increased 1/30 145Palmer, Mrs.Ethelyn M., stenographer, appointment and

salary approved 8/20 1205Peacock, Blanche E., charwoman, salary increased 11/13 1551Peregory, Walter L., Operator (Dup. Devices), salary

increased 12/18 1789Pollard, W. A., Asst. Chief, Fiscal Section, salary

increased 10/ 9 1414Poundstone, John M., Pay Roll Clerk, salary increased 10/ 9 1414Preble, Mildred Louise, appointment as Assistant Super-

visor of Cafeteria and salary approved 12/ 3 1682Reading, Benjamin R., clerk, transfer from Division of

Personnel Administration with no changein salary approved 6/23 968

Salary increased 10/ 9 1414Reamey, Dorothy, page, salary increased 4/28 649Reid, Joyce S., clerk-stenographer, salary increased 7/30 1114Richardson, Mrs. Constance Hix, charwoman, appointment on

temporary basis and salary approved 9/11 1271Rogers, Edward D., messenger, transfer from Division of

Research and Statistics without change insalary approved 7/23 1095

Salary increased 11/13 1551Saieed, Pearl Mae, clerk-stenographer, appointment and

salary approved 12/23 1821Sadler, Albert J., general mechanic, resignation

accepted 8/14 1179Saunders, Dorothy Lee, stenographer, appointment and



289Pages


Seagle, Mary S., Telegraph Operator, salary increased 4/ 1 495Sharkey, Dorothy E., clerk-stenographer, appointment and

salary approved 9/ 5 1251Shipp, Arad 13•2 gardener, salary increased 3/17 413Smallwood, Ruth M., stenographer, salary increased 1/30 145Smoot, William E., guard, salary increased 10/ 9 1414Staley, Enid W., Printing Clerk, salary increased 10/ 9 1414Steger, Karl J., General Mechanic, salary increased 10/ 9 1414Steiner, Almeda, Charwoman, salary increased 11/13 1551Stull, Howard 4., Chauffeur, salary increased 4/28 649Sunderman, Ethel M., charwoman, salary increased 11/13 1551Sweeney, Helen Louise, clerk, appointment on temporary

basis and salary approved 11/25 1638Taylor, Franklin, Operator (Dup. Devices), salary

increased 5/21 774Thomas, Mrs. Laura K., stenographer, appointment and

salary approved 5/27 800Transfer to Office of Mr. Vardaman without change

in salary approved 7/16 1061Thorne, Grace L., charwoman, salary increased 7/30 1114Tobler, Herman L., guard, salary increased 4/28 649Tobler, Nellie Gray, elevator, salary increased 1/30 145Treacy, Norbert C., guard, resignation accepted upon

return from military leave 2/14 211Trivett, Gertrude Ellen, stenographer, appointment and

salary approved 2/12 204Salary increased 7/30 1114

Tulenko, Joseph G., tabulation planner, appointment made

permanent and transfer from Division ofResearch and Statistics without change insalary approved 7/15 1057

Twomey, R. C., Supvr., Dup. and Mail, salary increased 74//3208 116119tUnger, B. M., Sergeant, salary increasedUtz, Anna M., charwoman, salary increased 4/ 1 495Wall, Peggy Lee, Clerk-stenographer, appointment on

temporary basis and salary approved 190//2 laWarner, Robert P., Accounting Clerk, salary increased

Washington, Sidney, clerk in Mr. Ransom's office, detailedto work in Duplicating and Mail Sectionwhen not needed for Mr. Ransom 3/28 488

Operator, duplicating devices, transfer from Officeof Mr. Ransom without change in salaryapproved 7/ 1 999

Weikel, Mary A., Telephone Operator, salary increased 1/30 145White, Barry M., laborer, resignation accepted 3/ 3 321Wiesner, Mrs. Cecile C., page, appointment on temporary

basis and salary approved 6/13 910Wike, Mabel Elizabeth, page, appointment on temporary

basis and salary approved 9/11 1270



Wolcott, Helen B., Secretary to Mr. Bethea, salaryincreased

Wolfe, Margaret L., secretary to Mr. Boothe, salaryincreased

Woman receptionist, proposal re not approvedWorthen, Mrs. Helen B., stenographer 1 resignation

acceptedWright, Cecil, laborer, appointment on temporary basis

and salary approvedWrightson, Mrs. Louise A., charwoman, appointment on

temporary basis and salary approvedExtension of appointment without change in salary

approvedYoung, Elizabeth M., charwoman, salary approved

Division of Bank Operations:Ball, Margaret K., clerk, salary increasedBanton, Patricia June, clerk-stenographer, appointment

made permanentBenson, Catherine L., clerk, salary increasedBoyer, Rita S., clerk, salary increasedBryan, Evelyn, clerk, salary increasedBudget of FRBanks, annual to be reviewed byChadik, Mary Ann, clerk, salary increasedCollier, Raymond J., Technical Assistant, salary

increasedConkling, Gerald M., Technical Assistant, selected

representative to take courses in use

mechanical equipmentDodge, Mrs. Jane Gray, clerk-stenographer, transfer from

Office of Mr. Draper with salary increase

approvedFarrell, John R., Technical Assistant, salary increased

Ford, Dorothy H., clerk, salary increasedFranzoni, John C., granted leave with pay and to be

asof

290Pages

5/21 774

8/27 12181/14 52

)4/9 539

8/11 1164

4/29 654

6/26 9853/17 414

7/17 1062

6/3 8367/17 10627/17 10627/17 10622/)4 166

11/ 7 1534

II/ 7 1534

8/12 1168

bursed for expenses for attendance atGraduate School of Banking 1/30

Salary increased 7/17Garrison, Doris A., clerk, salary increased 11/ 7Goheen, Loretta M., Senior Clerk, salary increased 7/17Griset, Margaret, clerk-stenographer, salary increased II/ 7Hurley, John J., Statistical Analyst, salary increased 11/ 7'vie, Patricia B., clerk-stenographer, salary increased II/ 7Johnson, Edwin J., technical assistant, appointment and

salary approved 14/3Salary increased 11/ 7

Jones, Marjorie F., Senior Clerk, salary increased 7/17Kekenes, Mary F., clerk-typist, resignation accepted 6/26Kolb, Raymond C., analyst, salary increased 4/23

60010621534

146106215341062153415341534

50615341062985627


291Pages

Staff of Board of Governors: (Continued)Division of Bank Operations: (Continued)

Lee, Andrew W., Technical Assistant, resignationaccepted 2/25 260

Lipps, Jane, clerk, appointments and salary approved 1/22 97

Salary increased 11/ 7 1534Millea, Gerald F., analyst, appointment and salary

approved /Salary increased 1./ 1n14

Murphy, Gertrude M., clerk-stenographer, transfer from

Division of Administrative Services without

change in salary approved12Salary increased 107 15

Myrick, L. S., Assistant Director, appointment andsalary increase approved 11/ 4 1519

Neill, John H., Jr., analyst, transfer to Division of

Research and Statistics as Administrative

Assistant and salary approved 3/21 443Peck, Mrs. Esther G., clerk, appointment made permanent 6/23 967


Roberts, Mary Louise, clerk, appointment and salaryapproved 11/24 1632

Severud, Esther, clerk-stenographer, transfer to Division

of Examinations as secretary to Mr. Sloanand salary increase approved 4/ 9 538

Skinner, Carl M., clerk, salary increased 7/17 1062

Smead, E. L.:Building needs of FRBranches, to obtain additional

information re 5/13 714Check collection circulars, changes re maximum defer-

ment of credit for cash items and receipt

of unassorted cash items, statement to be

discussed further and proposal for discus-

sion at Presidents Conference to be submitted

to Board 7/18 1067

Computation of amounts to be paid Treasury if interest

rate on FRnotes established, to request

verification from FRBanks 4/11 558

Condition report forms for mid-year call, memorandum

submitting for approval 4/ 7 526

Fiscal agency operations as to issue and redemption

of war savings bonds, transfer from branches

to head offices suggested 4/ 8 533Issue and redemption of savings bonds, transfer from

branches to head office, to be discussed with3/28 472

Mr. Bartelt at TreasuryLoan fund for employees of FRBanks, memo re to be

prepared by 12/15 1761

Maximum time for deferment of credit for cash items,

reduction in, memo suggesting arrangement

to provide for 9/30 1339


292Pages


Division of Bank Operations: (Continued)

Smith, Paul F., analyst, appointment and salary approved // , 7 152t

Salary increased

1

Trott, Sarah L., secretary to Mr. Horbett, salary

increased 11/ 7 1534

Turner, Carrie, clerk-typist, appointment on temporary

basis and salary approved8Van Order, Grace Lucille, clerk, appointment on temporary1;2

: 1153

1475

basis and salary approved

0

. Wooten, James P., accounting clerk, resignation accepted 7/29 1109

Division of Examinations:Bartz, Charles H., FRExaminer, salary increased 4/28 648

Boggs, James Re, Assistant FRExaminer, appointment and



Budgets of FRBanks, annual to be reviewed by 2/ 4 166

Bugg, Lawrence H., Asst. FRExaminer, salary increased 1/28 139

Clark, John F., Asst. FRExaminer, salary increased 9/ 5 1251Cooke, R. w., Assistant FRExaminer, change in headquarters

approved 4/24 630

Cowger, Mrs. Anna Mae, stenographer, appointment and


Dons, Frederick, Asst. FRExaminer, salary increased 1/28 139

Eager, Leonard P., Assistant FRExaminer, appointment and4/10 542salary approved

Fisler, James V., Assistant FRExaminer, appointment for

one year and salary approved 3/20 439

Hart, John J., Asst. FRExaminer, salary increased 4/28 648

Highfield, C. R., FRExaminer, salary increased11/255 265R

esignation accepted

Howan, Conrad K., Assistant FRExaminer, appointment and


Irons, David B., Asst. FRExaminer, salary increased 1/28 139


Jenkins, Margaret E., stenographer, appointment made

permanent 5/23 79310/31 1513

Salary increased

Kearney, Helene L., secretary to Mr. Leonard, salary

increasedar

'//258

1251

Kenyon, Kenneth A., Asst. FRExaminer, salary increased . 139

Granted leave with pay and to be reimbursed for ex-

penses for attendance at Graduate School of

Banking 1/30 146

Kiley, John N., Jr., Asst. FRExaminer, salary increased 9/ 5 1251

Lane., Arthur H., FRExaminer, salary increased 9/ 5 1251

Lassen, W. B., appointment as assistant examiner and

salary approved )4/l8 605

Leaman, Virginia, stenographer, salary increased 1/28 139

Transfer to Secretary's Office as clerk-stenographer

without change in salary approved 4/21 612


293Pages


Division of Examinations: (Continued)

Leonard, R. F,2 Director:Audit of FDIC by GAO, statement re visit of Mr.

Newman 2/21 241

Authorized and directed to conduct examinations of

FRBanks for 1948 12/15 1766

Bank examination policy, statement submitted to

Presidents for study before joint meeting

with Board 6/ 3 836

Examination reports of State member banks, use by

GAO, to meet with representatives of FDIC

and Comptroller of the Currency 1/17 76

Examination reports, availability to GAO, statement

re discussion with representatives of FDIC

and Office of Comptroller of the Currency 1/27 117

FDIC practices and policy as to membership in FRSystem,

to work out problem with Mr. Sailor 4/ 8 536

Holding company affiliates, information re, general

question to be considered in preliminary

discussions with Mr. Sailor, FDIC 7/ 9 1034


Union State Bank, Carrizo Springs, Texas, statement

re application for membership 8/20 1200

Malone, Charles T., FRExaminer, not to be charged interest

under Board Plan in Retirement System for

service prior to Jan. 1, 1944 and withheld

interest to be restored to account after

return from military service 2/18 219

Request for leave of absence without pay to accept

position to serve with occupation forces

in Japan, not approved V/2238 66nResignation accepted

McGeary, James E., Assistant FRExaminer, appointment


Salary increased 9/ 5 1251Meyer, Harry J., appointed examiner to participate in

examination of Chase Bank, New York, N. Y. 9/30 1348

Morris, Ruth E., stenographer, appointment made permanent 5/23 793

Salary increase approved 10/31 1513

Murff, Gordon R., FRExaminer, assignment as examiner in

charge of road force and salary increase

approved 1/21 93

Outside business affiliations of officers of FRBanks,

reports made by examiners during past two

years to be reviewed and report to be sub-

mitted to Board 3/1)i h04

Payne, Mrs. Yarguerite A., secretary to Mr. Sloan, trans-

fer with no change in salary approved 3/17 413



Staff of Board of Governors: (Continued)Division of Examinations: (Continued)

294Pages

Piper, Robert L., messenger, salary increased 1/28 139

Porter, Nancy R., Supervisor, Recording and Steno-

graphic Section, salary increased 1/28 139

Price, Myrtle-C., clerk-typist, resignation accepted 7/29 1109

Schoenhoff, Robert, Asst. FRExaminer, salary imreased 1/28 139

Schumacher, V.P., Assistant FRExaminer, resignation ac-

cepted 3/13 397Scott, Frances, secretary to Mr. Millard, salary in-

creased 9/5 1251

Severud, Esther, secretary to Mr. Sloan, transfer from

Division of Bank Operations and salary in-

crease approved 4/9 538

Smith, Carl A., Asst. FRExaminer, salary inareased 4/28 648

Smith, William D., FRExaminer, appointment on temporary


Stewart, Anne Marie, clerk, appointment and salary

approved 7/30 1113

Troup, Fred W., FRExaminer, salary increased 4/28 648Vicars, Mary M., stenographer, transfer to Division of

Research and Statistics as clerk-stenographer


Wells, Virginia E., clerk-typist, resignation accepted 3/3 321

Williams, George, Asst. FRExaminer, salary increased 4/28 648Williams, Jay W., Assistant FRExaminer, appointment and


Zarin, Mrs. Thelma M., stenographer, appointment and


Zidek, Louis W., Asst. FRExaminer, salary increased 1/28 139


Appointment and saaary approved 8/1 1127

Division of Personnel Administration:Allen, Dwight L., Personnel Technician, salary increased 6/10 897

Ayers, June E., Personnel Technician, salary increased 6/10 897

Chelberg, Nancy Lee, clerk-stenographer, salary increased6/10 897

Clements, Sylvia I., clerk-stenographer, transfer from

Secretary's Office with no change in salary

approved 3/21 443

Crane, Betty, clerk-typist, appointment made permanent

and salary increased 10/28 1488

Huffman, Margaret C., Personnel Clerk, salary increased 10/28 1488

Jarvis, Mrs. Ruth, maid, salary increased 8/15 1185

Johnson, Herbert, Personnel Officer, contributions to

Police Boys Club to be received in office of 2/17 218

Census for Civil Service Retirement and Disability

Fund designated as responsible for 9/10 1265

Kilgore, J. Edward, Administrative Assistant, reinstate-

ment and salary approved upon return from

military leave 4/3 506


Staff of Board of Governors: (Continued)Division of Personnel Administration: (Continued)

Lamb, Mrs. Ruth S., clerk, to be retained in activeservice until retirement on October 1, 1947

Retirement effective October 1, 1947, retention inactive service past age 65 due to incorrectinformation re date of birth

Leatherwood, Lois M., clerk-stenographer, salary increas-ed

M.R., consultant, employment on temporary basisfor work on Wage and Salary Administration Planfor FRBanks approved, compensation to be ondaily basis and traveling expenses to be paidby Board

Services to be continued untilevaluation program

Malarkey, Mrs. Mary Virginia,creased

Markevich, Anna J., clerk-stenographer, appointment ontemporary basis and salary approved

Nelson, Mrs. Evelyn Underwood, leave clerk, resignationaccepted

Nelson, Fred A:Personnel classification plans of FRBanks, meeting

at FRBank of Philadelphia to discuss uniformplan, statement re

O'Connell, Mrs. Catherine E., substitute nurse, resigna-tion accepted

Quarforth, Elaine L., leave clerk, appointment ontemporary basis and salary approved

Benjamin R., leave clerk, transfer to Divisionof Administrative Services as clerk with nochange in salary approved

Phyllis E., secretary to Mr. Nelson,creased

Stone, Harry B., Personnel Technician, salary increasedWestergren, Ruth A., Supervisor, Personnel Records Unit,

salary increasedWickline, M. Callie, nurse, salary increased

Division of Research and Statistics:Aburrow, Mrs. Margaret M., secretary to Mr. Thomas,

resignation acceptedAllen, Philip T., Economist, salary increasedArason, Mrs. Marylou, secretary to Mr. Knapp, salary in-

creasedArnold, Mrs. Helen B., clerk, appointment on temporary

basis and salary approvedBaird, Frieda, economist, resignation acceptedBanner, Paul H., economist, appointment on temporary


Lohmann,

Reading,

Stewart,

completion of job

clerk-typist, salary in-

salary in-

295Pages

8/12 1167

9/11 1270

2/6 179

2/21 236

7/14 1054

4/3 507

7/15 1058

1/3 7

1/27 125

1/9 27

6/27 990

6/23 968

10/28 14882/6 179

10/28 14882/6 179

4/11 5644/4 518

5/29 824

3/7 3507/9 1028

4/18 604


StaiT of Board of Governors: (Continued)

Division of Research and Statistics: (Continued)

Bean, Robert W., Economist, salary increased

Blake, Lillian, clerk-stenographer, resignation

Bocuilis, Adela, clerk, salary increased

Resignation acceptedBramlet, Phyllis, secretary to Mr. Thomas, resig

acceptedBrill, Daniel H., economist, appointment on temp


Broida, Arthur L., economist, appointment on temporary

basis and salary approvedSalary increased

Brown, Bonnar, Assistant Director, transfer from

Division of Security Loans and salary increase

approved 10/10

Brown, Weir, M., economist, appointment made permanent 6/27

Bruderer, Doris, clerk-stenographer, salary increased 5/29

Appointment made permanent 6/24

Bulla, Beatrice, economist, salary increased 2/7

Bunce, Arthur C., economist, resignation accepted 5/28

Burgess, Caroline M., library assistant, salary increased 2/7

Cagle, Caroline H., economist, salary increased 4/17

Carrick, Elsie N., clerk-stenographer, salary increased 10/29

Carter, Beverly A., messenger, to be transferred to Divi-

sion of Administrative Services as mail clerk 12/15

Chapin, Harold F., economist, salary increased 10/29

Cheadle, Harold L., economist, appointment on temporary

basis and salary approved 12/4

Churchill, John B., Research Assistant, salary increased 11/20

Clark, Mary T., clerk-stenographer, transfer from Divi-

sion of Administrative Services without change

in salary approved 12/23

Cleaver, George H., economist, salary increased 5/16

Coone, Melba M., clerk, salary increased 6/24

Cooper, Sophia, research assistant, appointment on tem-

porary basis and salary approved 7/18

Copeland, Morris A., Special Consultant, granted leave

without pay to teach at Johns Hopkins Uni-

versity, after discussion of Board's policy re

outside teaching connections

Crews, Esther G., clerk, salary increased

Curtis, Mrs. Mary Gwyn, library assistant, resignation

acceptedDavis, Mercedes, clerk-typist, resignation accepted

Dernburg, Hans J., economic specialist, resignation ac-

cepted 4/11

Dippre, Doreen, clerk-stenographer, salary increased 2/14

Doebler, Mrs. Leila M., clerk, resignation accepted 7/30

nation

296Pages

4/4 518accepted 3/7 351

4/3 50610/3 1368

8/5 1136

5/6 685orary

1/28 13810/29 1491

14199908259741888031896001492

17631492

16851599

1820736974

1075

7/2 10076/24 974

8/20)4/21

1205613

56h2101113


Staff of Board of Governors: (Continued)Division of Research and Statistics: (Continued)

297Pages

Duarte, Genevieve Gilardi, clerk, appointment made per-

menent 6/24 975Dyer, Helen R., library assistant, salary increased 2/7 189

Ernst, Rosa, research assistant, salary increased 2/7 188Evans, Ethel L., clerk, salary increased 11/20 1599Exter, John, economist, salary increased 2/7 188

Return from Manila via Hong Kong, Siam, India,

and Europe approved, Board to share ex-

penses with State Department 4/15 572Letter of introduction for use on return trip from

Philippines 4/16 592

Return trip from Manila via Pacific and Europe and

expenses authorized 4/16 591

Expense account as result of trip to Philippine

Islands approved 8/12 1167

Report of work as member of joint America-Philippine

Financial Commission 8/20 1204

To assist Philippine Government in organization of

central bank, assignment for three months and

travel expenses approved 12/19 1808Advance of funds for official trip to Republic of

Philippines approved 12/23 1820

Fauteux, Blanche D., clerk, appointment on temporary



Fauver, Clarke L., economist, appointment on temporary


Forecast of work for next five years, status of, state-

ment of Mr. Evans re 3/7 3143

Fowler, Gretchen Hill, clerk, salary increased 2/14 210

Fox, Charles E., Jr., research assistant appointment on

temporary basis and salary approved 9/18 1281Frase, Eleanor S., economist, salary increased 10/29 1492

Frey, Mrs. Ann B., clerk-typist, resignation accepted 9/8 1254

Furth, Josef Herbert, economist, salary increased 4/10 542

Garber, Margaret L., clerk, salary increased 6/6 858

Garrick, Anna E., clerk-stenographer, appointment on



Gehman, Clayton, economist, salary increased 4/10 542Gerschenkron, Alexander, Chief of Foreign Areas Section,

granted official leave to deliver three

lectures in Berkeley, California 4/3 505

Delegate to meeting of Inter American Statistical

Institute 5/22 777Gilman, Laura M., economist, appointment on temporary

basis and salary approved 11/19 1594Goidenweiser, E. A., consultant, services to be con-

tinued until end of 1948, further retention to

be considered in connection with annual bud-

get 10/3 1364


298Pages


Goldenveiser, E. A., (Continued)To assist with Board's work on present legislative

program, compensation and per diem approved 11/26 1672

Gough, Joan M., clerk-typist, salary increased 4/3 506Appointment made permanent 6/24 9714

Green, Anna Grace, clerk, granted leave of absence with-out pay because of illness 6/3 835

Salary increased 11/20 1599Resignation accepted 12/22 1817

Grove, David L., mission to Ecuador approved, instruc-tions re, per diem increased 3/7 341

Economist, advance of funds for trip to Ecuador

approved 3/14 410Delegate to meeting of Inter American Statistical

Institute 5/22 777Request for services in connection with study of

fiscal system of El Salvador, not approved 5/19 744Decoration from Ecuador for services, to be

tendered through State Department, advice re 6/26 986Extension of stay in Ecuador authorized 6/13 909

Expense account in connection with trip toEcuador approved 8/18 1191

Request for services in connection with fiscal re-form program of El Salvador, not possibleto grant 8/4 1132

Statement re work as consultant to Government ofEcuador 8/20 1205

Granted National Order of Merit, with rank ofOfficer, by Government of Ecuador, decorationto be held in custody of State Departmentat present 11/5 1527

To assist Philippine Government in organization ofcentral bank, assignment for three monthsand travel expenses approved 12/19 1808

Advance of funds for official trip to Republic ofPhilippines 12/23 1820

Grunwell, Helen R., Chief Draftsman, salary increased 4/4 518Haberler, Gottfried, consultant, arrangement for

services discontinued 10/3 1364Halvorsen, Ruth J., clerk, salary increased 5/29 825

Hansen, Alvin, consultant, arrangement for services dis-

continued 10/3 1364Hardy, William E., messenger, transfer from Division

of Administrative Services with salary in-crease approved 8/13 1171

Harloff, Mrs. Moynelle E., clerk-stenographer, transferfrom Division of Administrative Services with-out change in salary approved 6/12 904



Hart, Richard F., research assistant, appointment made per-

.299Pages

manent 6/27 990



Hemminger, Tressa B., Secretary, salary increased 11/20 1599

Hempstead, Mrs. Evelyn L., clerk-stenographer, salary

increased 6/24 974Hermberg, Paul, economist, resignation accepted 10/14 1428

Hersey, A. B., economist, salary increased 4/10 542

Hinshaw, Randall W., economist, appointment and salary

approved 7/16 1060

To be assigned to task of working with Herter Com-

mittee in compiling material re determination

of foreign policy 9/26 1333

Hirschman, Albert O., economist, appointment made

permanent 6/27 990


Hodge, Verna L., library assistant, salary increased 2/7 189

Hodson, Viola A., clerk, salary increased 6/24 974

Holthausen, Duncan McC., economist, appointment madepermanent 6/27 990


Hopkins, Ernest J., Economic Specialist, resignation

accepted after discussion at Board meeting 1/27 117

Hurley. A. Regina, clerk-stenographer, appointment made

permanent 6/24 974Salary increased 11/20 1599

IBM equipment, to be leased on continuing basis and re-

sponsibility of operation to be transferred

to Division of Administrative Services 7/15 1057

Ingram, Lois, clerk, appointment on temporary basis and


Jaffy, Florence, economist, salary increased 5/16 736

Johnson, Anne W., clerk, appointment on temporary basis


Jones, Mrs. Monica F., clerk, appointment on temporary


Kane, Dorothy J., clerk-stenographer, appointment on


Kelenson, Mrs. Dora Ann, research assistant, appointment


Kiehn, Otto G., Jr., research assistant, appointment on


Klaman, Saul B., economist, salary increased 5/16 736

Appointment made permanent 6/27 990

Knapp, J. Burke, delegate to meeting of Inter American

Statistical Institute 5/22 777




Knapp, J. Burke: (Continued)

300Pages

Authorized to attend conference of International

Monetary Fund and International Bank for Re-

construction and Development in London and

to visit other countries in Europe, to be

accompanied by another member of staff if

necessary in judgment of Chairman Eccles 6/20 959

Trip to London to attend Meeting of Boards of Gov-

ernors of International Fund and Bank and

to visit central banks in Europe, advice

to FRBank of New York 8/1 1129

Granted per diem of 315 during trip to London and

Western Europe and advance of $750 for

trip 8/27 1217

Assistant Director, salary increase approved after

discussion of services in connection with

National Advisory Council 11/4 1520

Additional payment for expenses in connection with

conference in London approved 12/19 1811

Lacey, Beverly C., clerk-typist, appointment, made per-

manent 6/24 974


Lambert, Virginia, Stenographer, transfer from Office

of Mr. Vardaman without change in salary

approved 4/11

Salary increased 10/29

Levinson, Sylvia research assistant, appointment on

temporary basis and salary approved 6/24

Lichens, Dorothy J., clerk, appointment made perma-

nent , 6/24


Lichtenberg, Caroline, research assistant, appointment

on temporary basis and salary approved '8/14

Loyd, Geraldine, clerk-stenographer, appointment made

permanent 6/24


Resignation accepted 12/3'

5631492

973

9751492

1179

97410941681

Lupton, Helen A., Assistant Chief Draftsman, salary

increased 4/4 518

Lutz, Friedrich A., Consultant, appointment for in-

definite period and daily compensation ,

approved, travel expenses to be paid by

Board 3/6 338

Services to be continued until end of 1948)further retention to be considered in

connection with annual budget 10/3 1364

MacLean, Lucile R., library assistant, appointment

made permanent 6/24 975

Salary increased 11/20 1598'



Maroney, Mary M., economist, granted leave without pay

to accompany sister to International Tradeand Employment Conference at Geneva,

301Pages

Switzerland 3/28 487Marshall Plan for assistance to European countries,

participation of members in work connectedwith approved after discussion 7/11 1042

McCloud, Mrs. Lyndall C., economist, salary increased 7/1 999

McCormick, Mary P., Draftsman, salary increased 4/4 518

McDonald, Mary E., clerk-stenographer, appointment made


McHone, Margaret R., draftsman, appointment; made


McInturff, Helen V., clerk-typist, appointment made


Melanson, Cecil, Draftsman, salary increased 4/4 518

Metzler, Lloyd A., former employee, transportation and

salary approved in connection with checking

of paper on "Exchange Rates and the Inter-

national Monetary Fund" 6/4 846

Miller, Mary Florence, clerk, appointment on temporary


Miller, Merton Howard, economist, appointment on tempo-


Morelle, Wilellyn, economist, salary increased 5/16 736

(Mrs. L. Jay Atkinson), reemployment after return

from maternity leave approved 11/17 1564

Morse, Chandler, to be designated as Board's repre-

sentative to participate in joint U. S. -

Canadian "working party"Resignation as Assistant Director accepted

Appointment as consultant after resignation as

Assistant Director, discussion, memo re to

be rewrittenAppointment, as consultant, compensation, and

traveling expenses approved until end of

6/129/5

10/3

9051250

1362

1948, question of further retention to be

raised in connection with annual budget 10/31 1512

Morse, M. Elva, clerk, appointment on temporary basis


Moss, Milton, economist, salary increased 4/17 600

Murphy, Mary, clerk-typist, salary increased 11/20 1599

Musgrave, Richard A., request for services in connec-

tion with study of fiscal system of El

Salvador, not approvedRequest for services in connection with fiscal re-

form program of El Salvador, not possible

to grant

5/19 744

8/4 1132




Musgrave, Richard A.: (Continued)Chief of Government Finance Section, resignation

accepted at expiration of annual leave

Recommendation re appointment as consultant to be9/26

302Pages

1333

submitted 10/3 1364

Appointment as consultant, compensation, and

traveling expenses approved until end of

1948, question of further retention to be

raised in connecticn with annual budget 10/31 1512

To prepare analysis of statement by Committee for

Economic Policy on "Taxes and the Budget",

traveling expenses and per diem approved 11/10 1540

To prepare report for Board re annual conference

of National Tax Association at Miami, Fla.,

terminal leave to be extended two days,

travel expenses not to be paid by Board 11/13 1550

Neill, John H., Jr., Administrative Assistant, trans-

fer from Division of Bank Operations and


Nelson, Elsie T., Research Assistant, salary increased 11/20 1599

Nikonenko, Mrs. Maria, clerk, resignation accepted 2/4 173

Nixon, Florence Guild, economist, salary increased 2/7 188

Oakes, Eugene, appointment to succeed Mr. Musgrave, dis-

cussion, no objection to outside teaching

activities, Mr. Thomas to negotiate with

Offutt, Mary Gertrude, clerk, appointment on temporary


Olson, Ernest C., economist, appointment on temporary

10/21

1/30

1464

144


Painter, Mary S., economist, resignation accepted 4/4 519

Racz, Mrs. Winofred, clerk, salary increased 2/14 210

Reehling, Ruth H., clerk, salary increased 4/21 613

Reed, Samie, messenger, salary increased 11/20 1599

Reeves, Mrs. Dorothy D., secretary to Mr. Young, granted

leave of absence without pay for six months 10/8 1406

Reil, Katharyne P., economist, salary increased 4/4 518

Rennie, Robert A., economist, study of fiscal system of

El Salvador, possibility of assignment for 5/19 744



Rice, Violet M., resignation accepted upon termination

of military leave 2/26 262

Richards, Louise, clerk-typist, salary increased 11/20 1599

Riley, Wilma N. (Mrs. Fritz Steckerl), draftsman, appoint-

ment on temporary basis and salary approved 7/14 1054

Roberts, Mrs. Mary Jane, economist, salary increased 4/29 654


Robinson, Harvey A., clerk, salary increased 6/24 974

Rogers, Edward D., messenger, transfer to Division of

Administrative Services without change in




303Pages


Rose, Cornelia B., Jr., (Mrs. Laszlo Ecker-Racz), econ-

omist, appointment on temporary basis for

one year and salary approved

Ryhal, Rita I., clerk, appointment on temporary basis

and salary approvedSahm, Grace R., Draftsman, salary increased

Schelling, Nancy, research assistant, salary increased

Resignation accepted

3/13

1/304/44/298/14

397

1445186541179

Schweiger, Irving, economist, appointment made permanent 6/27 990


Sette, Elizabeth B., economist, salary increased 10/29 1492

Shepherd, Ileen C., clerk, salary increased 5/29 825

Sherrard, Alfred, economist, appointment made permanent 6/27 990Sigel, Stanley, economist, appointment on temporary


Smith, Thomas Lee, economist, appointment made permanent 6/27 990

Solomon, Robert, economist, appointment on temporary


South, Dorothy I., economist, appointment made permanent 6/27 990


Stanley, Betty Ann, clerk, salary increased 5/29 825


Stettner, Walter F., economist, salary increased 5/29 824

Loan of services requested by Canadian Government,

but not possible at present, advice to

Mr. T. C. Douglas 11/25 1639

Stohlman, Mae J., clerk-stenographer, appointment made

permanentSalary increased

Stone, Mrs. Ruth D., secretary to Mr. Brown, transfer

from Division of Security Loans without

6/246/24

974974


Sutherland, Alvern H., librarian, salary increased 2/7 189

Tamagna, Frank M., economist, appointment and salary

approved 1/28 138

Taylor, Alice M., clerk, salary increased 4/21 613

Thomas, Woodlief, survey re consumer spending plans

requested by Council of Economic Advisers,

statement re 5/29 818

To be named head of delegation to meeting of Inter

American Statistical Institute on Septem-

ber 6-18 5/22 777

Thompson, Orville K., economist, salary increased 5/29 824

Selection as representative to take courses in use

of mechanical equipment 8/12 1168

Thorne, Wendell E., Administrative Assistant, salary

increased 2/7 188




rgSalary increased 195Townsend, Elva H., clerk, appointment made permanent 6/24

4/30 660

Truitt, June A., clerk-stenographer, appointment onTrueblood, Lorman C., economist, salary increased

304Pages


Tulenko, Joseph G., tabulation planner, appointment on


Extension of appointment for 8 months without


Appointment made permanent and transfer to Division

of Administrative Services without change

in salary approved 7/15 1057

Valentine, Mrs. Franc S., clerk-stenographer, appoint-

ment and salary approved 12/12 1743

Vandoren, Patricia Anne, clerk-stenographer, appoint-

ment on temporary basis and salary

approved 3/5 330


Vicars, Mary M., clerk-stenographer, transfer from

Division of Examinations without change in

increased 9/24 1321salary approved 2/17 216

SalaryWard, Thelma E., clerk, salary increased

Weaver, Mary Frances, clerk, salary increased

Weiner, Louis, economist, appointment on temporary basis

and salary approved in spite of failure to

pass usual physical examination

Wernick, Murray S., economist, salary increased

White, Mary, clerk, salary increased

Wilkinson, Mary R., clerk, appointment made permanent

Salary increased

10/296/24

8/146/136/246/2411/20

1492974

11789089749751599

Wirth, Eleanor, clerk-stenographer, assignment to

American-Philippine Financial Commission

approved, travel expenses and per diem to

be paid by State Department

Extension of official leave for work with American-

Philippine Financial Commission approved

Salary increasedResignation accepted

Wood, Ramsay, economist, salary increased

Wright, Mrs. Dorothy V., clerk-typist, appointment on

temporary basis and salary approved

Young, Ralph A., title changed to Associate Director

and salary increased

Youngdahl, C. Richard, economist, salary increased

1/10

5/226/2412/104/30

2/25

12/196/10

33

7769741730660

259

1807897

Division of Security Loans:Branic, Otto H., messenger, salary increased 4/11 565



Division of Security Loans: (Continued)

Brown, Bonnar, Assistant Director, transfer to Division

of Research and Statistics as Assistant

Director and salary increase approved

Schmidt, Catherine L., Secretary, salary increased

Stone, Ruth D., secretary, salary increased

Secretary to Mr. Brown, transfer to Division of

10/104/114/11

305Pages

1419565565

Research and Statistics without change in


Swindlehurst, Alice, clerk, salary increased 4/11 565


Elevator operators:Bigler, Sandra, salary increased 3/17 414


Glover, Mrs. Hazel M., appointment on tempo'rary basis


Appointment on temporary indefinite basis with no


Lewis, Evelyn, salary increased 3/17 414

Tobler, Nellie Gray, salary increased 1/30 145

Employees separated by reduction in force, report sent to

House Committee on Post Office and Civil

Service 2/26 262

Group life insurance, increase in amount available and

other changes discussed 7/11 1040

Guards:Anderson, E. F., sergeant, retirement effective March

1, noted 2/4 173

Bertol, Louis N., Captain, salary increased 8/27 1218

Cook, Thomas G., salary increased 11/13 1551

Deakins, Thomas R., salary increased 7/30 1113

Faust, Ralph L., resignation accepted 12/17 1784

Florea, Hiram H., appointment on temporary basis and


Hauser, Adam V., salary increased 11/13 1551

Langham, Lee W., sergeant, salary increased 6/13 910

Nichols, Charles R., salary increased 11/13 1551

Reduction in number suggested by Mr. Eccles 1/14 53

Smoot, William E., salary increased 10/9 1414

Tobler, Herlan L., salary increased 4/28 649

Treacy, Norbert C., resignation accepted upon return

from military leave 2/14 211

Unger, B. M., sergeant, salary increased 4/28 649

Laborers:Carter, Robert, salary increased 7/30 1114

Dinkins, Benjamin L., appointment on temporary basis


Hardy, William E., transfer to Division of Research

and Statistics as messenger and increase

in salary approved 8/13 1171



Laborers: (Continued)

306Pages

Johnson, Sven, Foreman, salary increased 10/9 1414

Kennely, Marion, appointment on temporary basis and


Extension of temporary appointment for two months


White, Barry M., resignation accepted 3/3 321

Wright, Cecil, appointment on temporary basis and salary

approved 8/11 1164

Leaks of information re matters under discussion between

Treasury and Board or FOMC, statement to staff

on confidentiality of business of Board 7/2 1013

Loans of employees:

Marshall Plan for assistameto European countries, parti-

cipation of members of Division of Research

and Statistics in work connected with approved

after discussion 7/11 1042

Participation in special projects involving submission

of statement or memorandum as expression of

Board's views or position to require Board

approval 7/11 1042

Stettner, W. F., services requested by Canadian Govern-

ment, but not possible at present, advice to

Mr. T. C. Douglas 11/25 1639

Messengers:Branic, Otto H., salary increased

4/11 565

Brown, Fletcher E., salary increased 6/20 962

Bundy, Herbert William, appointment on temporary basis


Carter, Beverly A., to be transferred to Division of

Administrative Services as mail clerk 12/15 1763

Dyson, Seaton, retirement to be effective August 1,

1947, noted 7/3 1022

Hardy, William E., transfer to Division of Research and

Statistics from Division of Administrative

Services and salary increase approved 8/13 1171

Harris, Melvin, appointment on temporary basis in Office

of Mr. Clayton and salary approved 6/27 990

Piper, Robert L., salary increased 1/28 139

Reed, Samie, salary increased 11/20 1599

Rogers, Edward D., transfer to Division of Administrative

Services from Division of Research and Statis-

tics without change in salary approved 117/23 /B 10595

Salary increased

Services, regulations in connection with reduction of

expenses, copies to be sent to Board members

and senior staff 3/20 428

Number of employees, report sent to Senator Aiken 3/7 351



Nurses:O'Connell, Mrs. Catherine E., substitute nurse,

resignation accepted

WIckline, M. Callie, salary increased

Office of the Chairman:Egbert, Va Lois, secretary, granted sick leave, not to

be charged to sick leave subsequently accruing

Thurston, E. T., to prepare statement on termination of

Regulation W 10/21 1459Office of Mr. Clayton:

Bundy, Herbert William, messenger, appointment on tempo-


Harris, Melvin, messenger, appointment on temporary


Office of Mr. Draper:Deliatorre, Mrs. Mary V., stenographer, transfer from



Dodge, Mrs. Jane Gray, stenographer, transfer to Division

of Bank Operations as clerk-stenographer with

salary increase approved 4/17 600

Office of Mr. Ransom:Washington, Sidney, clerk, detailed to work in Dupli-

cating and Mail Section of Division of Admini-

strative Services when not needed for Mr.

Ransom 3/28 488

Transfer to Division of Administrative Services

as operator, duplicating devices, without

307Pages

1/9 272/6 179

1/3 7

change in salary approved

Office of Mr. Szymczak:

Kinney, Theodosia M. A., stenographer, appointment on

7/1 999



Appointment made permanent 11/10 1:5140

Newcome, Elnyr D., secretary, salary increased 7/11 1051

Office of Mr. Vardaman:Brown, Fletcher E., messenger, salary increased 6/20 962Lambert, Virginia, stenographer, transfer to Division

of Research and Statistics without change in


Thomas, Mrs. Laura K., stenographer, transfer from


change in salary approvedSalary increased

Outside business relations:Annual statement to be submitted re, Personnel Commit-

tee to submit procedure for

7/1612/12

10/21

10611743

1465



Outside business relations: (Continued)

308Pages

Copeland, Morris A., Special Consultant, granted leave

without pay to teach at Johns Hopkins

University, after discussion of Board's

policy re outside teaching connections 7/2 1007

Employees in Group M and above, procedure and form for

annual reports approved 11/24 1632

Pages:Bare, Edith, salary increased 8/27 1218

Boucher, Anna Mae, salary increased 8/27 1218


Duckett, Vivian R., appointment on temporary basis and


Keefe, Mrs. Josephine B., appointment and salary

approved 1/13 45


Kidd, Marjorie, salary increased 4/28 649

Transfer to Secretary's office as file clerk with-

out change in salary approved 6/13 908

Reamey, Dorothy, salary increased 4/28 649

Wiesner, Mrs. Cecile C., appointment on temporary basis


Wike, Mabel Elizabeth, appointment on temporary basis


Positions, full-time with salary rates of $9975 or more,

forms sent to Mr. Baruch, Civil Service

Commission 10/10 1418

Retirements in official staff, problems re successors and

possible changes to be studied by Personnel

Committee and recommendations to be sub-

mitted to Board later 5/13 720

Secretary's Office:Allred, Frances K., file clerk, salary increased 4/3 505

Bates, Cornelia Anne, file clerk, appointment on tempo-



Beale, Loretta D., file clerk, salary increased 4/3 505

Beeson, Adaline R., file clerk, salary increased 4/3 505

Brennan, John C., General Assistant, salary increased 7/11 1051

Brow, Lillie L., file clerk, salary increased 4/3 505

Burton, Frances A., file clerk, salary increased6/13 908

Carpenter, S. R., Secretary, salary increased12/19 1808

Clements, Sylvia I., stenographer, salary increased 2/6 179

Transfer to Division of Personnel Administration as

clerk-stenographer without change in salary

approved 3/21 443

Cook, Helen E., file clerk, salary increased6/13 908

Davis, Mrs. Elsie Q., file clerk, appointment on tempo-




Staff of Board of Governors: (Continued)Secretary's Office: (Continued)

Derr, Mrs. Marion H., file clerk, appointment madepermanent

Salary increasedDevlin, Jeanette Elizabeth, file clerk, appointment

on temporary basis and salary approvedAppointment made permanent

Farrington, Mrs. Pearl E., file clerk, appointment ontemporary basis and salary approved

Appointment made permanentFitzgerald, Mrs. Frances, General Assistant, granted

extension of leave Nithout pay to September1, 1948, at which time she will, retire

Goepfert, Mabel, secretary to Mr. Carpenter, salaryincreased

Grimwood, Gordon B., clerk, salary increasedHaltigan, Helen A., file clerk, extension of leave with-

out pay for three months approvedResignation accepted

Hatch, Cora L., file clerk, salary increasedJeffries, Ardith Elaine, file clerk, appointment on

temporary basis and salary approvedResignation accepted

Jones, M. Elizabeth, Supervisor, File Clerks, salaryincreased

Kelly, Mrs. Dorothea B., file clerk, appointment madepermanent

Resignation acceptedKidd, Marjorie, file clerk, transfer from Division of

Administrative Services without change insalary approved

Leaman, Virginia, clerk-stenographer, transfer fromDivision of Examinations without change insalary approved

List of reading material received to be sent to Boardmembers and material then to be sent uponrequest, procedure suggested by ChairmanEccles approved

McCutchan, Mrs. Marjorie B., file clerk, resignationaccepted

McGarvey, Margaret M., file clerk, resignation acceptedMeiser, E. Katharine, secretary to Mr. Hammond, salary

increasedMercer, Esther M., clerk-stenographer, resignation ac-

ceptedMitchell, Mrs. Madge M., file clerk, resignation ac-

ceptedMoister, Mrs. Margaret Jordan, file clerk, appointment

on temporary basis and salary approvedAppointment made permanent

309Pages

3/3 3209/5 15:50

8/8 115212/1E 17?8

7/1 99812/18 1788

5/8 690

2/7 1889/2J2 1281

4/9 5387/16 10606/13 908

5/29 8249/10 1264

4/3 505

3/3 32010/6 1372

6/13 908

4/21 612

7/11 1044

5/2 6731 /27 129

7/11 1051

4/14 570

4/21 612

6/23 96712/18 1788



Secretary's Office: (Continued)

310Pages

Pagenkopf, Myrtle J., file clerk, salary increased 4/3 505


Pilger, Mildred E., file clerk, salary increased 4/3 505

Pye, Mrs. Hazel H., file clerk, salary increased 7/9 1027

Searcy, Martha Helen, file clerk, appointment on tempo-


Sherman, N. Merritt, Assistant Secretary, salary in-

creased 11/4 1519

Simpson, Hazel Lee, file clerk, resignation accepted 4/21 612

Sullivan, Mary W., file clerk, appointment on temporary


Wasnetsky, Mary, file clerk, appointment on temporary



Watson, Mrs. Mary H., file clerk, to be retained in

active service for 1947, after reaching

retirement age on June 8, 1947 1/8 22

Continuation in active service through June 30,

1948, approved 11/19 1594

Yates, Aline L., Index Clerk, salary increased6/13 908

Separations from service:

Akers, Mrs. Dorothy H., cafeteria helper, approved, re-

imbursement for overdrawa leave to be

obtained 5/20 747

Deskin, Mrs. Attie L., charwoman, appointment terminated9/10 1265

Subversive activities, information on employment or dis-

missal of Board personnel sent to Department

of Justice 1/9 27

Technical Committee to assist Treasury in administration of

section of Tariff Act of 1930, letter from

Mr. Sproul on service of staff on 1/27 135

Telegraph Operators:Ball, L. L., Assistant Supervisor, salary increased 4/1 495

Buckley, Thomas N., reinstatement upon return from

military leave and salary approved 1/27 130

Flagg, M. P., salary increased7/30 1114

Seagle, Mary S., salary increased 4/1 495

Telephone Operators:Griffith, Flora J., Chief Operator, salary increased 12/18 1789

Johnson, Mary E., salary increased 4/28 649

Weikel, Mary A., salary increased1/30 145

Transfer to another office of division to be approved in

advance unless for brief periods, salary to

be charged to office or division where work-

ing for any length of time 3/20 427

Woman receptionist, proposal re not approved1/14 52

Starr, Louis E., veterans housing projects, effectiveness of

S. 408, reply to letter sent to Senator

Tobey 5/2 677


311Pages

State Department:

Decoration from Ecuador to Mr. Grove must be tendered

through 6/26 986

State member banks:

Alabama Exchange Bank, Tuskegee, Alabama, application for

membership approved 5/19 743

Amalgamated Bank of New York, reduction in common capital

stock approved by FRBank of New York, action

ratified by Board 1/24 111

American State Bank, Mackay, Idaho, application for member-

ship approved, no cash dividends to be paid

On common stock for first three years and

fixed assets to be depreciated at maximum

rates allowable for income tax purposes 5/28 803

American Trust Company, San Francisco, California:

Establishment of branch at Alhambra Boulevard and

Broadway Street, Sacramento, California,

approved 1/29 141

Establishment of branch at Geneva Avenue and Rio Verde

Street, San Mateo County, California

approved 3/19 423

Establishment of branch in San Bruno, California,

approved 4/4 519

Establishment of branch in San Pablo, California,

approved 4/25 637

Establishment of branch in Mill Valley, California,

subject to purchase of assets of Mill Valley

Bank, Mill Valley, California, approved 5/12 704

Extension of time to establish branch in Walnut Creek,

California, approved 5/26 798

Establishment of branch in Sunnyvale, California,

approved 6/16 925

Extension of time to establish branch at Alhambra

Boulevard and Broadway Street, Sacramento,

California7/2 1016

Granted extension of time to establish branch in San

Bruno, California 8/14 1182

Granted extension of time to establish branch in

San Pablo, California8/14 1182

Temporary establishment of branch at Geneva Avenue

and Rio Verde Street, San Mateo County,

California, approved in connection with

Grand National Livestock Exposition 10/15 1433

Extension of time granted for establishment of branch

in Sunnyvale, California 10/31 1515

Extension of time granted to establish branch at

Alhambra Boulevard and Broadway Street,

Sacramento, California 11/14 1556


312Pages

State member banks: (Continued)

Annapolis Bank and Trust Company, Annapolis, Md., in-

formation in report of examination desired

by Treasury Intelligence Unit, request to

be submitted in accordance with approved

procedure 2/25 254

Bank of Bluffs, Illinois, application for membership

approved 1/2 4

Bank of Chestnut, Illinois, six months notice waived and

application for immediate withdrawal from

membership approved, termination to coin-

cide with acceptance for insurance by FDIC 12/11 1735

Permission granted to FDIC to examine for continuance

of insurance after withdrawal from member-

ship (See files)

Bank of Commerce, Newark, New Jersey, application for mem-

bership approved, subject to condition re

paid up and unimpaired capital stock, trust

powers not to be exercised without per-

mission of Board 4/30 661

Bank of Commerce and Trusts, Richmond, Virginia, acceptances

up to 100% of capital and surplus, authority

rescinded 4/9 540

Bank of Hartsville, Tennessee, article re value of member-

ship in FRSystem, letter to Miss Hammock,

President and Cashier

Bank of Houston, Missouri, granted extension of time to

accomplish membership

Bank of Leighton, Alabama, application for membership

approved, to be entitled to benefits of de-

posit insurance under provisions of Section

12B of FRAct

Bank of Meeker, Oklahoma, application for membership

approved, losses to be eliminated, manage-

ment procedure to be improved

Bank of Rhame, North Dakota, application for membership

approved, number of directors to be in-

creased to not less than five

Granted extension of time to accomplish membership, no

objection to admission with only three

directors, number to be increased as re-

quired later

Granted extension of time to accomplish membership

Bank of Sheridan, Montana, question of resolving management

satisfactorily, to be held in abeyance for

discussion at Presidents Conference if

agreement not reached at FRBank of

Minneapolis

No objection to admission to membership with present

management, after discussion with FDIC, ex-

tension of time granted to complete

8/28 1229

1/29 141

7/31 1123

3/27 467

9/23 1318

10/21 146912/2 1679

2/20 227

3/4 326


State member banks: (Continued)Bank of Westchester, Yonkers, N. Y., proposed absorption by

County Trust Company, White Plains, N. Y.,

through merger with Washington Irving Trust

Company, Port Chester, N. Y. 7/9 1029

Bankers Trust Company of New York City, eligibility for re-

discount by FRBank of notes of Central Bank

for Cooperatives, permission of Board not

required 3/28 489

Banking quarters, authority of Presidents of FRBanks to

approve proposed investments submitted

under conditions of membership broadened,

advice to FRBanks 2/11 201

Bar Harbor Banking and Trust Company, Bar Harbor, Maine,

penalty for deficiency in reserves waived 11/14 1555

Bastrop Bank & Trust Company, Bastrop, Louisiana, applica-

tion for membership approved 2/6 179

Bell Gardens Bank, Bell Gardens, California, application for

313Pages

membership approved, three months allowed

for accomplishment of membership

Certification to FDIC as member of FRSystem4/75/2

523675

Blackshear Bank, Blackshear, Georgia, application for mem-

bership approved 1/29 140

Boswell State Bank, Boswell, Oklahoma, application for


Bridgeport-City Trust Company, Bridgeport, Conn., penalties

for deficiencies in reserves waived 3/21 444

Bronxville Trust Company, Bronxville, New York, application

for membership approved, subject to charge

off of estimated losses

Citizens and Farmers Trust Company, Adams, N. Y., merger

with Northern New York Trust Company,

Watertown, N. Y., and establishment of

branch in AdamsCitizens Bank of Cape Vincent, New York, application for

membership approvedCitizens Bank, Colquitt, Georgia, application for member-

ship approved, excess balances in nonmember

banks to be reduced to within statutory

limitsCitizens Bank of Darlington, South Carolina, application


off of estimated losses, practice re with-

drawal of savings deposits to conform with

regulationsCitizens Bank of Saline, Michigan, application for member-

ship approved

5/23

3/20

12/15

1/17

1/24

8/28

794

439

1764

86

107

1228

Citizens Bank, Savannah, Tennessee, application for member-

ship approved, additional powers not to be

exercised without permission of Board 3/7 353


314Pages

State member banks: (Continued)Citizens Banking Company, Celina, Ohio, application for mem-

bership approved, savings accountsto be

brought into conformity with law and correc-

tive action re loans in violation of Regula-

tion U to be taken 3/7 352

Citizens State Bank, Anton, Texas, application for membership

approved 8/29 1239

Citizens State Bank, Wausau, Wisconsin, withdrawal from

FRSystem advised by FDIC representative,

letter to FDIC protesting such practices 2/7 186

Citizens State Bank, Ysleta, Texas, application for member-


exercised without permission, three months

given to accomplish membership. 3/27 469

Certification to FDIC as member of FRSystem 5/5 681

City Trust and Savings Bank, Youngstown, Ohio, purchase of

assets and assumption of deposits by Dollar

Savings and Trust Company, establishment of

branch in Campbell, Ohio, approved subject to 7/25 1101

Cleo State Bank, Cleo Springs, Oklahoma, application for

membership approved, subject to condition re

paid-up and unimpaired capital 1/15 64

Colonial Trust Company, Pittsburgh, Penna., no objection to

purchase of assets and assumption of liabi-

lities of Carrick Bank, Pittsburgh 3/4 327

Commerce Guardian Bank, Toledo, Ohio, additional investment

in banking quarters for opening of branch

approved 1/27 132

Application for fiduciary powers approved upon conver-

sion into Commerce National Bank of Toledo,

Ohio 5/6 687

Commercial Bank of Delta, Utah, application for membership

approved 12/26 1834

Commercial Bank of Payson, Utah, application for membership

approved, subject to condition re paid-up

and unimpaired capital stock 12/26 1833

Commercial State Bank, Sinton, Texas, permission granted to

FDIC to examine for continuance of insurance

after withdrawal from membership in FRSystem 8/21 1208

Six months notice waived and application for immediate

withdrawal approved, termination to coincide

with acceptance for insurance by FDIC 10/31 1514

Commonwealth Trust Company of Pittsburgh, Penna., establish-

ment of branch at McKees Rocks, Penna., in

connection with purchase of assets and assump-

tion of deposits of Chartiers Bank, McKees

Rocks, Penna., approved 3/10 359

Community Bank and Trust Company, New Haven, Conn., applica-

tion for membership approved, savings accounts

to be brought into conformity with law, proper

organization for fiduciary business to be se-

cured at once, and compliance with condition

6 waived 12/19 1814Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

State member banks: (Continued)Condition reports:

Call as of December 31, 1946Spring call not to be made

Revised form FR 105 approved for mid-year call

Forms and instructions for next call date sent

Call as of June 30Call as of October 6

315Pages

1/3 73/12 3954/7 526

to FRBanks 6/2 8297/2 101410/8 1405

Connecticut, publication as of September 30 instead of

October 6 approved in accordance with Statelaw

To be available to FDIC for confidential use of Depart-

ment of Agriculture for tabulation of data

10/9 1416

9/16 1276

Connecticut:Condition reports, publication as of September 30 instead

of October 6 approved in accordance withState law 10/9 1416

Consolidation or merger with another institution by acquisi-

tion of assets, simplified and uniform pro-

cedure approvedCorn City State Bank, Deshler, Ohio, application for member-

ship approved

County Trust Company, White Plains, New York, establishment

of eight branches in Westchester County, New

York, approved in connection with proposed

absorption through merger of Washington

3/5 334

3/27 467

Irving Trust Company, Port Chester, N.Y., and

Bank of Westchester, Yonkers, N.Y. 7/9

Cranford Trust Company, Cranford, New Jersey, six months

notice waived and application for immediate

1029

withdrawal approved 5/16 739Permission granted to FDIC to examine for continuance of

insurance after withdrawal from FRSystem 6/23 969

Granted extension of time to accomplish termination of

membership 9/16 1276


membership 11/26 1673Culbertson State Bank of Culbertson, Montana, application

for membership approved, number of directors

to be increased to not less than five 1/24 111

DeKalb State Bank, Doraville, Georgia, certification to FDIC

as member of FRSystem 1/20 88

Dobbs Ferry Bank, Dobbs Ferry, New York, application for mem-

bership approved, corrections to be brought

about in activities of trust department

Dollar Savings and Trust Company, Youngstown, Ohio, estab-

lishment of branch in Campbell, Ohio, ap-

proved subject to purchase of assets and

assumption of deposits of City Trust and

Savings Bank, Youngstown, Ohio

1/7 12

7/25 1101


State member banks: (Continued)Dollar Savings Bank Company, Niles, Ohio, application for

membership approved, subject to condition

re paid-up and unimpaired capital stock


Earnings and dividends reports on form 107, copies of form

sent to FRBanks

Ecorse-Lincoln Park Bank, Ecorse, Michigan, establishment

of branch in hcorse, Michigan, coincident-

ally with removal of head office to Lincoln

Park approved

Endicott Trust Company, Endicott, New York, establishment

of branch in Town of Vestal, New York,

approved 1/10 33

Farmers and Merchants Bank of Long Beach, California, ex-

amination re Long Beach Federal Savings

and Loan Association, transactions determined

not to be illegal, advice to Department of

Justice 2/5 177

Farmers and Merchants State Bank of Rush County, LaCrosse,

Kansas, application for membership approved,

requirements re withdrawal of savings de-

posits to be brought into conformity with

law 3/25 463

Penalties for deficiencies in reserves waived 5/12 703

Farmers and Stockmens Bank, of Valier, Montana, certifica-

tion to FDIC 1/7 13

Federal Trust Company, Newark, New Jersey, additional in-

vestment of $21,000 to acquire land approved 12/3 1683

316Pages

1/2 31/30 148

12/9 1728

5/20 747

Fidelity Bank, Durham, North Carolina, additional invest-

ment in banking premises approved

Extension of time to establish branch on Roxboro Road

in Durham County, N. C., approved

Granted extension of time to establish branch on Roxboro

Road in Durham County, North Carolina

Fidelity coverage, FRBanks requested to cooperate in program

of FDIC and examiners to report on internal

safeguards

4/18

5/19

11/24

11/10

607

743

1634

1541

Fidelity Trust Company, Baltimore, Md., establishment of

branch in Towson, Md., approved in connec-

tion with proposed merger of Bank of Balti-

more County, Towson, Md. 11/28 1677

First State Bank of Greggton, Texas, certification to

FDIC 12/11 1738

Fifth Third Union Trust Company, Cincinnati, Ohio, estab-

lishment of branch in Reading, Ohio,

approved subject to absorption of Reading

Bank, Reading, Ohio 9/30 1349

Service of Mr. H. Lyman Greer as vice-president and as

director of Haydock Fund, Inc., in viola-

tion of section 32 of Banking Act of 1933 10/24 1480


State member banks: (Continued)First-Central Trust Company, Akron, Ohio, application for

fiduciary powers approved upon conversioninto First National Bank of Akron, Ohio

First Savings Bank and Trust Company, Ravenna, Ohio, appli-

cation for fiduciary powers approved

First State Bank of Froid, Montana, application for member-

ship approved, number of directors to be

increased to not less than five, letter to

Schnitzler Corporation re holding company

affiliate status to be transmitted

First State Bank, Gould, Oklahoma, application for member-

ship approved, excess balance on depositwith nonmember bank to be reduced

First State Bank of Green's Bayou, Houston, TeXas, applica-tion for membership approved, bank situ-ated in unincorporated community ofGreen's Bayou outside of Houston

Certification to FDIC as memberFirst State Bank of Greggton, Texas, application for member-

ship approved, time to accomplish limitedto 60 days


First State Bank, Junction, Texas, application for member-ship approved

ligGranted extension of time to accomplish membership 10/28

Certification to FDIC as member 11/13 1552

First State Bank,

First State Bank,

LaMarque, Texas, application for member-


exercised without permission of Board

Premont, Texas, application for membership

approved, power to issue and sell invest-

ment certificates not to be exercised with-

out permission of Board 5/29 825

First Trust & Savings Bank of Kankakee, Illinois, additional

expenditure for remodeling banking premises

approvedFirst Trust and Savings Bank, Paris, Tenn., six months

notice waived and application for immedi-

ate withdrawal from membership approved

Permission granted to FDIC to examine for continuance of

insurance after withdrawal from membership

Granted extension of time to effect withdrawal from

membership in FRSystemContinuance of insurance after withdrawal approved by

FDIC, withdrawal permissible, advice to

FRBank of St. Louis

317Pages

2/27 271

2/27 270

1/24 108

10/31 1513

10/16 143510/23 1476

9/23 131810/28 1489

8/28 1228

11/1)4 1555

2/26 264

4/23 628

7/1 low

9/23 1319


ge8Pas


Gallatin County State Bank, Ridgway, Illinois, application

for membership approved, subject to certain

condition re paid up and unimpaired capital

stock 5/6 685


Grants State Bank, Grants, New Mexico, application for



Hampton Oaks State Bank, Houston, Texas, granted extension

of time to accomplish membership 1/2 4Certification to FDIC as member of FRSystem 2/18 221

Harvard Trust Company, Cambridge, Mass., establishment of

branch in Arlington, Mass., in connection

with proposed absorption of Menotomy Trust

Company, Arlington, approved 2/26 263

Hereford State Bank, Hereford, Texas, application for

membership approved, power to issue and sell

investment certificates not to be exercised

without permission of Board 5/23 795


Industrial Trust Company, Providence, R.I., acquisition of


Ashaway National Bank, Ashaway, R.I., no

objection to 3/5 336

Additional investment for Elmwood, Wickford, and

Apponaug Branches approved 4/24 631

Additional investment to complete building for Elmwood

Branch approved 10/24 1479

Additional investment approved for building in

Pawtucket, R.I., and for consolidation of

two branches there 11/12 1546

Additional investment for improvements at East

Providence branch approved12/30 1843

Jasper County Savings Bank, Newton, Iowa, expenditure for

remodeling banking premises approved

Jeff Davis Bank & Trust Company, Jennings, Louisiana,

application for membership approved

Certification to FDIC as member of FRSystem

2/5

1/273/3

176

131320

Kansas State Bank, Newton, Kansas, application for limited

fiduciary powers approved1/7 14

Liberty County Bank, Chester, Montana, application for

membership approved, subject to increase in

number of directors to not less than five 9/10 1266

Certification to FDIC as member9/23 1319

Livingston State Bank, Livingston, Montana, application

for membership approved8/11 1164

Certification to FDIC as member9/4 1247

Manteno State Bank, Manteno, Illinois, application for




Manufacturers and Traders Trust Company, Buffalo, New York,

granted extension of time to establish

branch at Eggertsville, New York

Manufacturers Bank & Trust Company, St. Louis, Mo., no

objection to expenditures for remodeling

banking house and purchasing parking lot

Granted permission to maintain same reserves as banks

outside of central reserve and reserve

citiesMaryland Trust Company, Baltimore, Maryland, acceptances

up to 100% of capital and surplus,

authority rescinded

McAllen State Bank, McAllen, Texas, errors in published

statement, republication of report not

requiredMenotomy Trust Company, Arlington, Mass., establishment of

branch in Arlington by Harvard Trust Co.,

Cambridge, Mass., in connection with pro-

posed absorption of, approved

Mercantile-Commerce Bank and Trust Company, St. Louis, Mo.,

purchase of capital stock of Mercantile-

Commerce National Bank in St. Louis not

permissible under Banking Act of 1933

Home Bank and Trust Company, Kaasas City, Mo.,

affiliation of Lewis Investment Company,

with terminated

Newark Trust Company, Newark, New Jersey, af-

filiate reports covering J. S. Rippel &

Co., Guaranty Company of New Jersey, and

Securities Company of New Jersey, require-

ments for submission waived

Miami Deposit Bank, Yellow Springs, Ohio, additional expend-

iture in bank premises approved

Monroe State Bank, Monroe, Utah, application for membership

approved, reservation of right to require

Mercantile

Merchants &

30 days written notice before withdrawal

of savings deposits necessary

Montana, issuance of capital debentures to shareholders in

lieu of common capital stock, reply to

FRBank of Minneapolis re

Nassau Union Bank, Glen Cove, New York, application for

membership approved

National Savings and Trust Company, Washington, D. C., in-

crease in investment in bank premises

approved

Nevada Bank of Commerce, Elko, Nevada, approval required

for establishment of branch but not for

removal of head office from Elko to Reno,

advice to FRBank of San Francisco

319Pages

5/8 693

1/21 94

2/14 212

LL/9 539

7/25 1102

2/26 263

8/14 1181

8/1 1129

3/24 450

1/10 34

12/11 1736

7/9 1030

6/16 925

4/11 566

9/26 1335


320Pages


Nevada Bank of Commerce, Reno, Nevada, establishment of branch

in Elko, Nevada, approved in connection with

removal of head office from Elko to Reno 12/3 1684

Northern New York Trust Company, liVatertown, New York,

establishment of branch in Adams, New York,

in connection with proposed merger with

Citizens and Farmers Trust Company, Adams,

New York, approved, further application not

to be made on basis involving reduction of

invested capital, Marine Midland Corporation,

holding Company affiliate, to be advised 3/20 439

Absorption of Citizens and Farmers Trust Company, Adams,

New York, and expansion program, opinion

of Board sent to FDIC 4/3 508

Establishment of branch in Copenhagen, New York, approved

in connection with proposed purchase of


Copenhagen National Bank

Northern Trust Company, Chicwo, Ill:

Retirement system, arrangement for managing fund, term-

ination suggested by Chairman Eccles

Transfer of management of investments of retirement

system to FRBank of New York discussed

Official accounts of Government officers and agencies main-

tained with, information re to be obtained

through FRBanks for Treasury, form to be

prepared by three bank supervisory agencies

and copy to be sent to Mr. Smead

Old Colony Trust Company, Boston, Mass., application of

section 17(c)(5) of Regulation F to three

trusts under a will

Ottoville Bank Company, Ottoville, Ohio, six months notice

waived and application for immediate with-

drawal from membership approved


10/8 1408

10/31 1498

12/5 1697

8/4 1133

3/10 365

6/25 982

of insurance after withdrawal from FRSystem 7/2

Pan American Bank, Miami, Fla., stock held by Sucesion J.

Serrales 10/10

Pan American Trust Co., of New York, resale of shares taken

over by Nacional Financiera and Banco de

1017

1420

6omercio Exterior, information requested as

to status of matter1/22 100

Sale of shares to private investors, advice to FRBank

of New York3/31 493

Sale of shares to private investors, reply to Mr. Novoa 4/16 598

Pennsylvania Company for Banking and Trusts, Philadelphia,

Pa., merger of Common Trust Fund of

Germantown Trust Company into Discretionary

Common Trust Fund of, no objection to 8/8 1155


321Pages


Pennsylvania Company for Insurance on Lives and Granting An-

nuities, Philadelphia, Pa., purchase of


Kensington National Bank of Philadelphia and

merger with Germantown Trust Company,

Philadelphia, no objection to 2/24 246

Peoples Bank of Lakewood Village, California, v. members of

Board, position of member bank upheld by

U. S. District Court of Appeals, case to be

appealed to U. S. Supreme Court 4/15 580

Peoples Bank of Lakewood Village v. Marriner S. Eccles, et

al., petition to Supreme Court to grant

writ to review decision of Court of Appeals

in case requested of Department of Justice

letter to Mr. George T. Washington 5/12 706

Peoples Bank of Lakewood Village case, issuance of writ of

certiorari authorized by Department of

Justice 5/13 719

Peoples-Liberty Bank and Trust Company, Covington, Ky.,

The John R. Coppin Co., not considered

affiliate of 11/28 1677

Peoples Trust Company of Bergen County, Hackensack, New

Jersey, expenditure for acquisition of stock

of Westwood Investment Company, affiliate

holding title to banking premises occupied

by Westwood branch, approved 5/1)4 725

Planters Bank and Trust Company, Hopkinsville, Ky., assump-

tion of deposit liabilities of Bank of

Kirkmansville, Kentucky, no objection to 2/19 224

Portland Trust and Savings Bank, Portland, Oregon, establish-

ment of branch in Park Rose, Multnomah

County, Oregon, approved

4/

59)4

Granted extension of time to establish branch in Park

/126Rose, Oregon 1 16

Provident Savings Bank and Trust Company, Cincinnati, Ohio,

establishment of branch at Sharonville,

Ohio, in connection with proposed absorp-

tion of Sharonville Bank, Sharonville, Ohio,

167)4

approved 4/21 613

Provident Trust Company of Philadelphia, Penna., expenditure

for addition to main office approved 5/6 686

Purchase of International Bank debentures, letter to FRBanks 6/24 979

Reading Bank, Reading, Ohio, establishment of branch by Fifth

Third Union Trust Company, Cincinnati, Ohio,

approved subject to absorption of 9/30 1349

Real Estate mortgages, sale ,.)f, applicability of condition

of membeiship No. 3 5/13 721

Ripley County Bank, Osgood, Indiana, application for fid-

uciary powers approved 8/19 1194


State member banks: (Continued)Safe Deposit and Title Guaranty Company, Kittanning, Penna.,

no objection to purchase of assets and

assumption of deposits of National

Kittanning Bank, Kittanning, Penna.

Savannah Bank & Trust Company of Savannah, Georgia, accept-

ances up to 100% of capital and surplus

authority rescinded

322Pages

2/14

1/23

211

101

Security State Bank, Keota, Iowa, application for fiduciary

powers approved 9/8 1258

Security State Bank, Littlefield, Texas, application for

membership approved, exercise of trust

powers not to be undertaken without

permission of Board 9/29 1337

Certification to FDIC as member 10/9 1416

Security Trust Company, Lexington, Kentucky, change in

corporate powers to permit conduct of

commercial banking business approved 10/31 1514

Security Trust Company of Rochester, New York, application


off of losses, retention and operation of

branches at Fairport, Pittsford, and

Dansville approved 11/20 1600

Southern Arizona Bank and Trust Company, Tucson, Arizona,

no objection to payment of interest on

certificates to Mr. TouEias if desired 3/2)4 454

Springfield Safe Deposit and Trust Company, Springfield,

Mass., establishment of branch in East

Longmeadow, Mass., approved 12/11 1739

State Bank of Albany, New York, establishment of branch in

Village of Menands, Town of Colonie, New

York, approved 8/18 1191

Additional investment for building for new branch in

Village of Menands, Town of Colonie, New

York, approved 9/2 1244

State Bank of Blue Island, Illinois, six months notice

waived and application for immediate with-

drawal from membership approved, permission

granted to FDIC to examine for continuation

of insurance 7/17 1063

State Bank of Escanaba, Michigan, application for fiduciary


State Bank of Milan, Indiana, application for fiduciary


State Bank of Morton, Washington, application for membership

approved, number of directors to be in-

creased to not less than five 12/17 1784

Texas Bank & Trust Company, of Dallas, Texas, application

for membership approved, proposed expendi-

ture for banking quarters approved, addition-

al powers not to be exercised without

permission of Board 11/7 7534


State member banks: (Continued)Toledo Trust Company, Toledo, Ohio, designation of Toledo as

reserve city, letter from Mr. Rohr, Presi-dent, read and discussed at Board meeting 9/26 1329

Trust assets, statistics to be furnished to American BankersAssociation 12/24 1828

Union Bank of Commerce, Cleveland, Ohio, capital require-ments for establishment of branch, replyto Mr. Burmester re legislation concerningnatter 3/25 464

Union Bank, Loogootee, Indiana, no objection to acceptanceof guardianship of minor war veteran, butno other further fiduciary business to beacquired without permission of Board 5/26 798

Union State Bank, Upton, Wyoming, application for membershipapproved, subject to condition re paid-upand unimpaired capital stock 10/9 1414

Union Trust Company of East St. Louis, Ill., application forfiduciary powers upon conversion into UnionNational Bank approved for specific trusts 1/27 133

Union Trust Company, Greensburg, Indiana, penalties for de-ficient reserves maimed 11/7 1535

Union Bank and Trust Company of St. Louis, charges for ship-ments of currency, letter from Mr. Mintonre absorption, advice to FRBank of St. Louisre 1/30 150

Absorption of cost of shipments of currency, further cor-respondence with FRBank of St. Louis reinvestigation of matter 2/4 171

Absorption of costs of shipments of currency, procedureto be followed in advising member banks repractice, advice to FRBank of St. Louis 2/12 204

United States Trust Company of New York, N.Y., method ofreporting reciprocal balances of privatebanks and bankers, changes made in FR 105and FR 414, copies sent to FRBank of NewYork 5/26 797

Wachovia Bank and Trust Company, Winston-Salem, N.C., estab-lishment of two branches in State Collegearea and Hayes Barton area, Raleigh, N.C.,approved 1/22 98

Request to submit semi-monthly reports of deposits withexception of Charlotte, in lieu of weeklyreports, matter to be discussed with Mr.Leach 11/26 1673

Washington Irving Trust Company, Port Chester, N.Y., proposedabsorption by County Trust Company, WhitePlains, N.Y., through merger with Bank ofWestchester, Yonkers, N. Y. 7/9 1029

Waxahachie Bank and Trust Company, Waxahachie, Texas, appli-cation for membership approved 4/7 522

Wheaton Trust and Savings Bank, Wheaton, Illinois, applicationfor fiduciary powers made on behalf ofWheaton National Bank approved 7/1 1000

323Pages



Wilmington Trust Company, Ailmington, Delaware, penalty for

deficiencies in reserves waived

Statistical series of assets and liabilities of all banks to be

compiled jointly by Board, Comptroller of

the Currency and FDICSti mpson, Edward S., Cambridge, Mass., to be advised of reasons

for issuance of general voting permit to

Shawmut Association

Stock, capital:Amalgamated Bank of New York, reduction in common stock ap-

proved by FRBank of New York, action

ratified by Board 1/24 111

Capital requirements for State member banks and for establish-

ment of branches by member banks, discussion

of memo of legal Division re, questions to

be discussed with Comptroller of the Currency

and matter to be considered in near future 11/21 1626

Draft of letter to Comptroller of the Currency to be

prepared re 11/26 1642

Falcon Heights State Bank, St. Paul, Minnesota, application

for membership, action to be deferred until

agreement re adequacy of capital 6/19 943

Federal Deposit Insurance Corporation, stock held by FRBanks,

old certificate to be forwarded to Board

for exchange and issue of new, advice to

FRBanks 1/29 141

New certificates sent to FRBanks and old ones returned

to FDIC 3/7 354S. 1070, to cancel and to repay Treasury and FRBanks,

Board in favor of bill with certain changes

advice to Senator Tobey 4/18 609

Letter to Senator Tobey on S. 1070 to provide for cancel-

lation of 6/13 922

S. 1070, to provide for cancellation of, report in favor

of President's signing sent to Bureau of

the Budget 7/30 1116

Cancellation of, statement to be published in August

issue of FRBulletin 8/11 1165

Stock certificates to be transmitted to Treasury far

presentation to FDIC, advice to FRBanks 9/16 1277

Payments to Treasury under section 13b(e) not to be made

after cancellation by FRBanks, instructions

to FRBanks for 19h7 report on FR 418 12/23 1824

Mercantile-Commerce National Bank in St. Louis, Mo., purchase

of shares by Mercantile-Commerce Bank and

Trust Company, St. Louis, not permissible

under Banking Act of 1933 8/1h 1181

Pan American Trust Co., of New York, resale of shares taken

over by Nacional Financiera and Banco

Nacional de Comercio Exterior, information

requested as to status of matter 1/22 100

324Pages

12/3 1683

6/5 854


Stock, capital: (Continued)

Pan American Trust Co., of New York: (Continued)

Sale of shares to private investors, advice to FRBank

of New York 3/31 493

Sale of shares to private investors, reply to Mr. Novoa 4/16 598

Requirements of member banks, legislation re, Presidents to

be advised of Board's position at joint

meeting 2/27 269

Amendment to FRAct re, discussion at Presidents Con-

ference 2/28 309

Discrimination against member banks re, Board in favor

of legislation to remove 3/7 345Legislation re not possible at this session of Co

ngress 3/7 348

Reply to Congressman Sundstrom re letter ftom Mr.

William J. Field 5/12 708

Legislation to remove discrimination against, recom-

mendation to be included in annual report

and Board to take steps to introduce bill

at next session of Congress 6/6 881

Legislation re to be submitted to Congress in 1948, drafts

and transmittal letters sent to FRBanks

for comments, information in support of

recommendations requested 7/28 1107

Legislation, Presidents in favor of proposed bill to

modify, but opposed to provision requiring

approval of Board for establishment of

intracity branches for State member banks 10/7 1385

Discussion of memo of Legal Division, questions to be

discussed with Comptroller of the Currency

and to be considered in near future 11/21 1626

Draft of letter to Comptroller of the Currency to be

prepared 11/26 1642

Letter to Comptroller of the Currency with draft bill,

views requested 12/5 1709

Stock:Dividend rate on, topic not discussed at Presidents

Confer-

ence 2/28 316

Montana State member banks, issuance of capital debentures

to shareholders in lieu of common capital

stock, reply to FRBank of Minneapolis 7/9 1032

Stock preferred:RFC, retirement by banks, FRBanks requested to coo

perate in 3/17 415

Program to be developed at FRBank of Dallas, acknow-

ledgment of letter re 4/14 570

Program at FRBank of New York, acknowledgment of letter

re 5/29 826

325Pages

Stock Exchanges:Boston, listing of securities by corporations on, repl

y to

letter from Mr. Besse re difficulties 7/7 1025


Stock room:Supplies, Division of Administrative Services authorized

to purchase up to $15,000 worth

Strike legislation, classification of banks in preventive, no

action by Federal Advisory Council

Studies:Banking Studies, printing of 5,000 additional copies and

cost approvedChauffeurs, reduction in number of guards and chauffeurs to

be studiedFinancial needs of industry, discontinuance of cooperative

arrangement with Robert Morris Associates,

advice to Mr. Duning, assistance of

Board in credit analysis to be availableHerter Committee, Board to participate in compilation of

material for determination of foreign

policy, Mr. Thomas or Mr. Gerschenkron

to attend first meeting, after which

Mr. Hinshaw to be assigned to task

Leave policies, of FRBanks, including question of accumu-

lation of annual leave and payment in

event of death or separation from service

for assistance to European countries, parti-

cipation of members of Division of

Research and Statistics in work con-

nected with approved after discussion

of Board employees in special projects

for other Government agencies involving

submission of statement or memorandum

as expression of Board's views or posi-

tion to require Board approval

studies No. 8 on Federal Reserve Policy,publication authorized

of consumer goods, cooperation of FRBanks

with subcommittees requested, Dr. Hardy

to communicate with FRBanks re plans

banks, sponsorship by Banker's associations

or similar groups suggested in reply to

letter from Mr. C. L. Hufsmith re establish-

ment ofloans, no objection to publication,

FRBank of Richmond

Robert Morris Associates, to be continued during 1947

Discontinuance of cooperative arrangement re study of

financial needs of industry, advice to

Mr. Duning, assistance of Board in credit

analysis to be available

Marshall Plan

Participation

Postwar economic

Price level

Profit policy for

Regulation V advice to

326Pages

11/12 1549

3/11 369

1/23 103

1/14 53

11/19 1596

9/26 1333

2/25 257

7/11 1042

7/11 1042

11/26 1672

8/8 1161

4/11 567

4/11 5671/27 124

11/19 1596


Studies: (Continued)Robert Morris Project Schedule, extension approved by Bureau

of the Budget, but to be discontinued after

extension if reporting services by Federal

Trade Commission and SEC is approved by

CongressSmall-sized manufacturing and trade concerns, study in co-

operation with Robert Morris Associates to

be continued in 1947Subversive activities:

Information on employment or dismissal of Board personnel

sent to Department of JusticeSugar Rationing Administration, advice of termination of ration

banking programSundstrom, Frank L., capital requirements, for member banks to

establish branches, reply re letter from

Mr. William J. FieldSupreme Court of United States:

Peoples Bank of Lakewood Village case, Legal Division to

appeal decision of District Court of Appeals

Department of Justice requested to petition writ to re-

view decision of Court of Appeals

Surplus property, Board has none to report, advice to Major

General Robert McG. Littlejohn, WAA

Surveys:All-bank statistical series, Board to join with Comptroller

of the Currency and FDIC to arrange for com-

pilation and publication of single, letter

to Bureau of the Budget re

Tabulation and publication of single series of assets

and liabilities of all operating banks in

U. S., by three Federal banking super-

visory agencies to take place of, press

statement and advice to FRBankstelephone survey of general character of in-

creases requested by Treasury, FRBanks to

give informationhave withdrawn from membership, conversions,

etc., information in connection with proposed

legislation on capital requirements of banks

with branches 7/28

Consumer Finances, Third National Survey to be conducted by

University of Michigan, proposal approved,

advice to Mr. Herbert G. Watkins 8/15

No objection to special tabulations of data by Uni-

versity of Michigan as requested by Institute

of Life Insurance and the Automobile Manu-

facturers Association 6/27 1219

Amendment to Letter Agreement approved, advice to Mr.

Ruthven 11/7 1536

Bank loans,

Banks that

327Pages

3/14 411

1/27 124

1/9 27

7/11 1053

5/12 708

4/15 580

5/12 706

3/7 353

6/5 854

11/7 1535

11/19 1596

1107

1189


Surveys: (Continued)Consumer spending plans, interim survey requested by Co

uncil

of Economic Advisers approved, advice to

328Pages

Chairmn of the Council 5/29 818

Interim survey to be conducted by University of Michigan

for Board, letter to Mr. Briggs re 6A6 987

FRBank of Philadelphia:

Cafeterias, survey of banks and insurance companies made 10/7 1391

FRBanks, regular and special statistical, discussion at

Presidents' Conference, number to be reduced

as much as possible 6/6 883

Liquid assets, mentioned in connection with interim survey

of consumer spending plans requested by

Council of Economic Advisers 5/29 818

Third national survey of finances and spending intentions

of individuals, negotiations with Survey

Research Center of University of Michigan

approved, budget of Division of Research and

Statistics to be increased to cover 7/2 1002

National Bureau of Economic Research, urban real estate

mortgage loans, assistance by FRSystem ap-

proved 7/2 1020

Protective, by FBI, completion of, letters with recommenda-

tions to be sent to FRBanks, advice to FRBanks,

and request for report in connection with

action re 8/4 1134

Retail credit, continuation for 1947 approved 12/15 1752

Robbery, precautions against, to be made by FBI of practices

of FRBanks in handling money and securities,

and educational campaign to be conducted

among member banks, discussion at Presi-

dents' Conference 2/28 302

Sales Finance company credit operations, one-time national

survey of volume to be conducted by Board

in cooperation with FRBanks 11/17 1564

Statistical reports and, overburdening of banks and

business concerns with, discussion at Presi-

dents' Conference of clearance of studies

at policy level, System Research Advisory

Committee to make report on matter 10/7 1401

Supplies and equipment, practices of Federal agencies and

private industry in maintaining inventories,

Mr. Bethea designated as liaison officer

collaborate with Joint Property Accounting

Staff, Bureau of the Budget 9/18 1286

Taxes:Bank holding companies, exemption during period of divest-

ment of securities, letter to Mr. Snyder

on attitude of Treasury 5/22 778


Taxes: (Continued)Consolidation or merger of national and State banks, pro-

posed amendment to remove certain advan-

tages, Mr. Vardaman to advise ABA that

Board would favor legislation that would

also remove discrimination against member

banks re capital requirement ;for banks

operating branches

Franchise tax, Chairman Eccles to discuss question with

TreasuryRestoration of, Presidents to be advised of Board's

position at joint meeting

Restoration proposed for channeling Reserve Bank earn-

ings to Treasury, discussion p.t Presidents'

Conference

Discussion of restoration of

H. R.1, letter to President recomending veto of

Tax reduction bill, letter of disapproval sent to Presi-

dent, advice to Bureau of the Budget

Letter to President in opposition to, mentioned in con-

nection with discussion of proposed Taft-

Hartley Labor Bill

of U. S. Revised Statutes, taxation of national

banks by states, proposed amendment to, no

objection toRegulation W, amendment to provide maturity

of 24 months on financing of new passenger

automobiles, reply to request for

classification under Regulation W as listed

articles, reply to inquiry from RCA

Regulation V, reply to letter from Mr. S. A.

Knight sent to

Section 5219

Teeters, Rex P.,

Television sets,

Thomas, Albert,

Titles:

329Pages

3/7 345

2/4 168

2/27 269

2/28 3103/7 3496/5 849

6/9 895

6/17 928

1/30 152

1/7 19

6/16 926

1/21 95

Townsend, J. Leonard, title changed to Associate General

Counsel and salary increased

Young, Ralph A., title changed to Associate Director of

Division of Research and Statistics and

salary increased

Tobey, Senator Charles W., margin requirements, reply to letter

12/19

12/19

1807

1807

from Mr. Russell G. Longmire sent to 6/1:A 914

Reply to letter from Mr. R. R. Wilson sent to6/13 915

Reply to letter from Mr. W. T. Scott sent to6/13 916

Reply to letter from Mr. Russell G. Longmire on control of

stock market credit 5/6 687

S. 408, bill introduced by, views of Board re2/20 228

Short selling on stock exchange, reply to letter from Mr.

Thomas R. Furman sent to 6/13 913

Toledo Clearing House Association, resolution opposing termina-

tion of reserve city designation of Toledo

Tougias, William, Karitaina, Greece, question of payment of

interest on certificates that expired

during war

11/20 1603

3/24 454


Transamerica Corporation:Annual report to be filed on FR 437, extension of time to

March I granted, but special arrangement

for extension discontinued in 1945 1/24 131

Granted extension of time for filing 12/24 1828

Anti-trust proceeding against, letter to Attorney General

Clark requesting opinion re 2/25 250

Views of Secretary of the Treasury requested concerning

American Tobacco case and entire situation 4/15 582

Investigation to be made to determine decision, Chair-

man Eccles to reply to Mr. Delano re time

of decision 11/17 1561

Investigation to be made to determine decision re,

Mr. Townsend designated to visit San Fran-

cisco and other places on Wet Coast for,

advice to Mr. Farhart 11/24 1634

Investigation to be made to determine decision re,

Mr. Townsend designated to proceed with,

letter to Mr. Delano requesting that deci-

sion on pending applications for branches

by Bank of America and First National

Bank of Portland be deferred 11/24 1635

Assets, readily marketable, information re compliance with

requirements to be requested by FRBank of

San Francisco 11/12 1547

Bank of America N.T. & S.A., applications to establish

branches, Mr. Leonard to prepare material

for use of Mr. Wiggins in discussing mat-

ter with Comptroller 3/14 409

Branch at Manila, Republic of Philippines, order issued

before Commonwealth of Philippines became

a republic, authority for establishment for 3/18 420

Order authorizing establishment of branch at Tokyo,

Japan 6/30 994

Participation in election of Class B director at FRBank

of San Francisco, information to be re-

quested from 9/29 1336

Expansion, monopolistic aspects, investigation recommended

by Mr. Townsend to be made by Legal Divi-

sion, letters to be sent to Attorney Gen-

eral, Comptroller of the Currency, and

Chairman of FDIC, Chairman Eccles to dis-

cuss matter with Under Secretary of the

Treasury Wiggins if desired 10/31 1505

Holding company legislation, passage prior to adjournment

of Congress not likely because of request

to testify before House Banking and Cur-

rency Committee, statement of Chairman

Eccles 7/18 1065

Peoples Bank of Lakewood Village, California, v. members

of Board, position of member bank upheld by

U.S. District Court of Appeals, case to be

appealed to U. S. Supreme Court 4/15 580

330Pages


Travel:Board members, trips outside of the U. S., to be approved

by Board, staterent of Mr. Eccles in con-

nection with proposed trip by Mr. Evans to

South America

Travel bureau business, propriety of national banks entering,

reply to letter from Mr. Edgar Josephson,

Jr.

Transamerica Corporation: (Continued)

Peoples Bank v. Marriner S. Eccles, et al., petition to

Supreme Court to grant writ to review

decision of Court of Appeals requested of

Department of Justice, letter to Mr. George

T. Washington 5/12 706

Voting permit requested to vote stock of First National

Bank of Arizona, Phoenix, Arizona, to be

considered by Board, but further information

in letter requested 10/10 1424

Travel expenses:Amendments to regulations to reduce, proposed tri

ps to be

approved in advance by Personnel Committee 3/20 425

Amendments to regulations approved, vouchers to be supported

by receipts, sentence re sharing of expense

for shared accommodations to be deleted and

air travel approved 11/7 1537

Board of Governors, members and staff, reduction in allow-

ances to be considered 2/7 182

Increase in per diem allowance for non-official personnel,

question to be referred to Personnel Com-

mittee 10/17 1442

Crossel Howard, assigned to American-Philippine Financial

Commission for three months, expenses and

per diem to be paid by State Department 1/7 11

Examiners, FRBank of Minneapolis, for services in examin-

ations of Seattle and Portland branches,

payment of excess amount for travel approved12/12 17145

Exter, John, return from Manila via Hong Kong, Siam, India,

and Europe approved, Board to share ex-

penses with State Department 4/15 572

Return trip from Manila via Pacific and Europe and

expenses authorized h/16 591

Expense account as result of trip td Philippine Islands

approved 8/12 1167

Approved for trip to Republic of Philippines for assis-

tance in organization of central bank 12/19 1809

Advance of funds for official trip to Republic of


FRBanks, schedule of maximum allowances, to be considered

after information obtained from Office of

the Comptroller, FDIC, and RFC re allowances,

and after Board consideration of reduction

in allowances for Board members and staff 2/7 182

331Pages

7/22 1087

7/2 1019


Traveling Expenses: (Continued)

FRBanks: (Continued)Schedule for officers and employees, statement of

policy to be sent to FRBanks after decision

332Pages

on basis for Board and staff 3/14 406

Schedule to be established, matter to be placed on

agenda for Presidents' Conference, letter

to Mr. Sproul 5/8 694

Policy re reimbursement, discussion at Presidents'

Conference, problem to be studied by per-

sonnel officers of Banks and Board's staff

and report submitted 6/6 886

Schedule and reimbursement policy discussed, question

to be referred to Mr. Vardaman 8/7 1143

Schedule and reimbursement policy, draft of letter to

FRBanks to be revised, after discussion with

Presidents and approval of letter by Board,

Board's travel regulations to be amended to

increase per diem for employees to $8 9/26 1328

Schedule and reimbursement, draft of letter to Presidents

discussed, to be circulated among members of

Board for consideration 9/30 1345

Letter to Presidents approved for discussion at Presi-

dents' Conference 10/3 1360

Schedule and reimbursement policy, discussion at Presi-

dents' Conference, Presidents not in favor

of, Board to make decision re 10/7 1395

Schedule for maximum allowances, no action to be taken

until information prepared by examiners

for one year compiled, revised letter to

be prepared for consideration by Board 10/17 1441

Schedule and reimbursement policy, action deferred,

reports on total amount of expenses by

various groups requested 11/24 1633

Goldenweiser, E. A., Consultant, to assist with Board's

work on present legislative program, com-

pensation and per diem approved 11/26 1672

Grove, David L., per diem increased for mission to Ecuador 3/7 342

Advance of funds for trip to Ecuador approved 3/14 410

Expense account in connection with trip to Ecuador

approved 8/18 1191

Approved for trip to Republic of Philippines for assist-

ance in organization of central bank 12/19 1809

Advance of funds for official trip to Republic of


Knapp, J. Burke, granted per diem of $15 during trip to

London and Western Europe and advance of

$750 for trip 8/27 1217

Additional payment for expenses in connection with

conference in London approved 12/19 1811


333Pages

Traveling expenses: (Continued)Lohmann, M. R., consultant, employment on temporary basis

approved, compensation to be on daily basisand traveling expenses to be paid by Board 2/21 236

Lutz, Friedrich A., Consultant, appointment for indefiniteperiod and daily compensation approved,travel expenses to be paid by Board 3/6 338

Metzler, Lloyd A., transportation expenses and salary ap-

proved in connection with checking of paperon "Exchange Rates and the International

Monetary Fund" 6/14 846Morse, Chandler, consultant, appointment and expenses

applicable to Asst. Director of Division

approved 10/31 1512Musgrave, Richard A., consultant, appointment and expenses

applicable to Asst. Director of Division

approved 10/31 1512To prepare analysis of statement by Committee for

Economic Policy on "Taxes and the Budget",traveling expenses and per diem approved 11/10 1540

Overby, Andrew N., per diem payments by FRBank of New Yorkwhile serving as Assistant to Secretary ofthe Treasury, objection by Board, in con-nection with examination report 10/21 1470

Per diem allowance for employees of Board, increase from7.00 to 38.00 approved and changes madein regulations to include items in Govern-ment regulations 10/31 1504

Per diem payments to former Asst. Vice President of FRBank

of New York while serving as assistant toSecretary of the Treasury, not to be dis-cussed at Chairmen's Conference and not to

be taken up with FRBanks 11/26 1671Schofield, G. W., FRBank of New York, payment in connection

with examination of FRBank of Cleveland and

reimbursement to FRBank of New York for

traveling expenses approved 6/25 963Wirth, Eleanor, clerk-stenographer, assignment to American-

Philippine Financial Commission approved,

travel expenses and per diem to be paid by

State Department 1/10 33Travel regulations, Board of Governors:

Amendments to effect reduction in expenses approved, pro-posed trips to be approved in advance byPersonnel Committee, copies of revised regu-lations to be sent to members of Board andSenior Staff 3/20 425


Travel regulations, Board of Governors: (Continued)

Regulations, as amended 3/20 435As further amended, approval of Personnel Committee not

to be required for automobile travel by

employees in Divisions of Examinations,

Bank Operations, and Personnel Administration4/30 665

Treasury bills:Loan value to be established by FRBanks, letter to Mr.

Sproul re, matter to be discussed at Presi-

dents Conference 12/5 1708

To be maturity value, views of Presidents Conference

approved by Board 12/9 1718

Posted rate and repurchase option established by FOMC, dis-

continuance discussed, question to be con-

sidered further by Treasury 4/23 618

Program re, Messrs. Eccles and Sproul to attend meeting at

Treasury to get agreement on 4/11 559Purchase by FRBanks at price to be determined daily, di

s-

cussion at FAC meeting of position of FRBank

of Nem-York in discouraging purchases, further

information to be obtained before considera-

tion of change in procedure for System 9/23 1293

Termination of fixed buying rate and repurchase option on,

to be discussed at FAC meeting with Board 4/16 590

Treasury Department:Absorption of exchange charges by insured nonmember banks,

digest of information reported by FRBanks of

Richmond, Atlanta, and St. Louis, memo to

be prepared and Mr. Clayton to confer with

Mr. Wiggins 7/11 1048

Annapolis Bank and Trust Company, Annapolis, Md., infor-

mation in report of examination desired by

Treasury Intelligence Unit, request to be sub-

mitted in accordance with approved procedure 2/25 254

Authority of FRBanks to make direct purchase of Government

securities from, request for permanent, ad-

vice to Mr. L'Heureux 3/3 321

Bank loans, telegram to FRBanks for information on general

increases in 11/19 1596

Direct purchase of Government securities by FRBanks, bill

to make existing authority permanent, draft

with recommendation for enactment sent to

Chairmen of Senate and House Banking and

Currency Committees 1/10 40

Legislation to make authority permanent, views of FAC

requested 2/11 203

Extension of authority for three years recommended by

FAC, discussion at meeting with Board 3/1] .383

334Pages

Amendment to increase per diem for employees to $8 tobe made upon approval of letter to FRBanks

re travel expenses 9/26 1328


Treasury Department: (Continued)Earnings of FRBanks, payment of portion to, discussion of

various methods at Presidents' Conference 2/28 310

Federal Open Market Committee, policy to be discussed by

Chairman Eccles with 2/4 168

Fiscal agency expenses, greater absorption by FRBanks, Chair-

man Eccles to discuss question with 2/4 168

Fiscal agency operations, transfer of issue and redemption

of war savings bonds to head officers, no

objection to sending of another letter to

FRBanks asking for views, Board to consider

matter further before final instructions

from 4/8 533

Foreign funds control:Treasury Department Regulation, statement to be pub-

lished in February issue of FRBulletin 1/23 103

Releases, statement to be published in FRBullatin for:

February 1/23 103

March 2/27 272

May 4/22 617

January, 1948 12/22 1817

Franchise tax, Chairman Eccles to discuss question with 2/4 168

Gold:First National Bank and Trust Company of New Haven,

Conn., account used for trafficking in,

statement of Treasury and FRBoard to be

brought to attention of holder and no

positive action to be made in support of

gold operations 8/18 1192

International traffic in gold at premium prices, pro-

posed press statement to request American

banks to refrain from facilitating, memo

re sent to Secretary for comments 7/2 1018

International transactions at premium prices, statement

by Treasury and Board requesting Americans

to refrain from encouraging and facilitat-

ing, copy sent to FRBanks for publicity 7/22 1093

Intercity leased line telephone network to serve activi-

ties of Federal Government, Board not in-

terested in proposed service at present,

advice to Mr. David A. Kosh 6/2 834

Interest rate on FRnotes, action not to be taken until

after meeting of Chairman Eccles with

Treasury, press statement to be sent to

Mr. Sproul for suggestions, verifications

of computations to be obtained from FRBanks 4/11 558

Issuance of licenses to commercial banks for loans on

foreign-owned gold, program to be dis-

cussed with 5/20 750

Issue and redemption of savings bonds, transfer from

branches to head office, Mr. Smead to meet

with Mr. Bartelt 3/28 472

335Pages


336Pages

Treasury Department: (Continued)

Margin requirements, to be advised that Board is consider-

ing reduction in 1/14 56

National Advisory Council on Domestic Credit Extension,

draft of bill prepared by, Boar3 opposed to 12/15 1747

National Association of Supervisors of State Banks, repre-

sentatives to be invited to dinner given

by Board for 6/20 952

Official accounts of Government officers and agencies main-

tained with State member banks, information

re to be obtained through FRBanks for,

form to be prepared by three bank super-

visory agencies and copy to be sent to

Mr. Smead

Payment of interest charge on FRnotes from earnings of

FRBanks

Payments under section 11b(e) of FRAct, not to be made by

FRBanks after cancellation of FDIC stock,

advice to FRBank of San Francisco

Instructions to FRBanks for 1947 report on FR418

8/4 1133

10/27 1485

12/2 167912/23 1824

Regulations T and U, amendments to supplements to reduce

margin requirements to 75%, no objection to

Savings bond booklet, cost of printing to be paid by Board 1//761 1687

Savings Bond campaign, cooperation of FRSystem in support

of, letter to Secretary Snyder and informa-

tion to FRBanks 5/29 828

S. 828, to continue authority for direct purchase of secur-

ities by FRBanks, to be brought up in Senate

this week 4/15 572

S. 1176 and S. 1178, enactment opposed by Board, report to

Senator Tobey, copy sent to Under Secretary

of the Treasury 6/13 918

Stock held by FRBanks in FDIC, transmission of new certifi-

cates to FRBanks and return of old ones

to FDIC, advice to 3/7 354

Transamerica Corporation, investigation to be mode re mono-

polistic aspects of expansion, matter to

be discussed by Chairman Eccles with Under

Secretary Wiggins if desired

Wiggins, A. L. M., Under Secretary, to be invited to join

Board members and Presidents for golf and

dinner at Burning Tree Country Club

Treasury financing, Chairman Eccles to attend meeting at Treas-

ury re before leaving for West

Proposals of FOMC re refunding of Treasury securities and

issuing rate on Treasury certificates, to

be accepted by Treasury, statement of

10/31 1511

9/26 1330

4/16 587

Chairman Eccles 10/17 1440


• 337Pages

Truslow, Francis Adams, margin requirements, general purpose Congress

intended by administration of, reply to

letters of inquiry re 6/24 975

Trust funds:Collateral to secure uninvested, to be d

iscussed at meeting

with Presidents 2/27 269

Collateral to secure uninvested, amendments to Regulations

F and H suggested by Presidents Conference,

matter to be considered further 2/28 290

Common:Acquisition of interest in participations

, statement to

be published in August is,sue of FRBulletin 7/23 1096

First National Bank and Trust Company, Bridgeport, Conn.,

inquiry re investment of certain funds in

participations in common trust fund operated

by, contrary to provisions of Regulation F

advice to Mr. Wheeler 8/8 1157

H. R.2315, Board in favor of bill with suggested amend-

ments as applicable to District of Columbia,

advice to Congressman Dirksen 4/11 568

Loans to trustors of revocable living trusts, reply to

inquiry from First National Trust and Savings

Bank of San Diego, Calif., re applica-

bility Of Regulation F 6/19 9h5

Operation as investment trust, statement to be published

in September issue of FRBulletin 8/25 1214

Pennsylvania Company for Banking and Trusts, Philadelphia,

merger of Common Trust Fund of Germantown

Trust Company into Discretionary Common

Trust Fund of, no objection to 8/8 1155

Railroad equipment trust agreement, funds received by member

bank pursuant to, classification as time

deposit under Regulation Q, reply to in-

quiry from FRBank of Richmond 10/7 1375

U. S. - Canadian "working party", Mr. Morse to be designated

as Board's representative to participate

in 6/12 905

University of Michigan:

Consumer spending plans, interim survey to be conducted for

Board, letter to Mr. Briggs 6/26 987

Consumer Finances, Third National Survey to be conducted by,

proposal approved, advice to Mr. Herbert

G. Watkins 8/15 1189

Amendment to Letter Agreement approved, advice to Mr.

Ruthven 11/7 1536

Survey of liquid assets, mentioned in connection with interim

survey of consumer spending plans requested

by Council of Economic Advisers 5/29 . 818

Survey of finances and spending intentions of individuals,

third national, negotiations with Survey

Research Center approved 7/2 1002

Trust assets:Statistics for State member banks to be

furnished to American

Bankers Association 12/24 1828


Vaults:Construction by FRBanks or branches,

special consideration

University of Michigan: (Continued)

Surveys of consumer finances by Board in 1946 and 1947,

objection to special tabulations of data from

as requested by Institute of Life Insurance

and the Automobile Manufacturers Association 6/27 1219

Vacuum Cleaner Manufacturers Association:

Regulation W, elimination of vacuum cleaners from list, reply

to letter from Mr. Kelly 2/26 266

Valdes, V. Manuel, request for services of Messrs. Musgrave

and Grove for study of fiscal system not

approved, reply to 5/19 744

338Pages

to be given to, discussed by Chairman

Eccles in connection with proposals at

Jacksonville, Portland, and Los Angeles

branches10/21 1460

Construction at Portland and Los Angeles Branches, infor-

mation to be obtained from Federal Works

Agency10/27 1486

Veterans:H. R. 4488, bill to amend Servicemen's Rea

djustment Act of

1944, Board not in favor of enactment, ad-

vice to Hon. Rogers12/17 1786

Housing projects, effectiveness of S. 408, reply to letter

from Mr. Louis E. Starr sent to Senator

Tobey5/2 677

Violations:Criminal:

FRBank of New York, discussion of manner of conducting

investigation of recent defalcation, not to

be discussed at Chairmen's Conference and

with

not

to be taken up th FRBanks 26 1671

Regulation Wr:Consumers Home Equipment Company and A.

B. Chereton,

report of Mr. Townsend on appeal in Cincin-

nati 4/8 530

Farm Credit Administration, no objection to adoption of

modified procedure for checking compliance 4/4 521

Louisiana Furniture Company, recent investigation under

consideration by Board 10/16 1437

Ray McCarthy Motor Company, St. Louis, Mo., visits made

re, action to be deferred until clarification

of future status of Regulation 7/3 1023

Sears, Roebuck & Co., Durham, N.C., advertisement re

vacuum cleaners in violation of, matter re-

ferred to FRBank of Richmond, advice to

Mr. Kelly 10/8 1409

Visits:Corbett, H. S., invitation to visit wi

th Board merbers and

to luncheon during trip to Washington 7/22 .1091


Visits to FRBanks:Board members,

FRBank of

Visits to foreignEvans, R. M.,

Von

Knoke, L. banks of

Moore, O.

Sanford, Horace

Nostitz, H. P.,

conduct and statements, discussion of, objec-

tions to Board policies to be voiced at Board

meetings but not on outside

Boston, representatives of Government agenices,

acknowledgment of letter re

countries:authorized to visit South American countries

in connection with agricultural problems and

to call at central banks to strengthen Board's

association with authorities 7/22

W., and Wallich, H. C., visit to central

Latin American countries

Ernest, FRBank of New York, trip to

banks of Venezuela, Colombia,

Rica, Nicaragua, El Salvador,

possibly Mexico approved

L., FRbank of New York, trip to visit

banks of Venezuela, Colombia, Ecuador, Costa-

Rica, Nicaragua, El Salvador, Guatemala, and

possibly Mexico approved 8/1

Board's regulations re security loans and

other matters re stock markets, reply to

letter from

visit centralEcuador, CostaGuatemala, and

3/20

339Pages

437

1/24 113

1087

2/25 260

8/1 1129central

Voting permits:BancOhio Corporation, Columbus, Ohio, issuance of

general

permit to vote stock of First National Bank

of Wilmington, Ohio, subject to certain

condition

Financial Institutions, Inc., Warsaw, New York, issuance of

limited permit to vote stock of Wyoming

County Bank and Trust Company, Warsaw, New

York, approved

First Bank Stock Corporation, Minneapolis, Minn., issuance

of general permit to vote stock of First

National Bank of Cloquet, Minn., approved

First National Bank in Dallas, Texas, issuance of general

permit to vote stock of American National

Bank of Oak Cliff, Dallas, Texas, approved,

subject to certain conditions

First National Securities Company in Dallas, Texas, issuance

of general permit to vote stock of American

National Bank of Oak Cliff, Dallas, Texas,

approved subject to certain conditions

Genesee Corporation, holding company affiliate of American

National Bank of Miami, Florida, permit neces-

sary to vote for consolidation of American

National Bank of Miami and First National

Bank of Miami, Florida

Issuance of general and limited, procedure to be followed,

advice to FRBanks

1o/16

1129

1436

9/5 1252

1/15 65

1/3 8

4/25 637

4/25 638

5/14 726

3/10 .361


Voting Permits: (Continued)

Lists, copies sent to Comptroller of the Currency 11/20 1602

Mellon National Bank and Trust Company, Pittsburgh, Pa.,

granted limited permit to vote stock of

Farmers Deposit National Bank of Pittsburgh,

Pa.

National Shawmut Bank of Boston, Mass., issuance of general

permit to vote stock of three national banks

approved

Republic National Bank of Dallas, Texas, issuance of limited


approved

Republic National Bank of Dallas and Republic National Com-

pany, Dallas, Texas, applications to vote

340Pages

1/13 47

1/10 36

1/10 37

stock in affiliated banks, nbt to be approved

until Republic National Company provides addi-

tional capital funds or makes other arrange-

ments for holding bank stocks now carried

with City funds 8/29 1231

Republic National Company, Dallas, Texas, issuance of limited


approved

Shawmut Association, Boston, Mass., issuance of general per-

mit to vote stock of three national banks

approvedIssuance of general permit, Mr. Edward S. Stimpson to be

advised reTransamerica Corporation, permit reouested to vote stock of

First National Bank of Arizona, Phoenix,

Arizona, to be considered by Board, but fur-

ther information in letter requested

Transamerica Corporation, San Francisco, California, issu-

ance of limited permit to vote stock of

First National Bank of Arizona, Phoenix,

Arizona, approved

United States National Corporation, Portland, Oregon, sur-

render of permit to vote stock of Clark

County National Bank, Vancouver, Wash., not

necessary as taken over by Seattle-First

National Bank of Seattle, Wash.

Vouchers:Examiners, FRBank of Minneapolis, for services in examina

-

tions of Seattle and Portland Branches, pay-

ment of excess amount for travel expenses

approved

Examiners of FRBank of Richmond, for assistance in examina-

tion of FRBank of New York, payment approved

RFC Custodian Bulletin No. 1185 re expense vouchers, instruc-

tions to FRBanks for audit of vouchers by

RFC representatives

Savings Bond Division of Treasury, payment for cost of

printing booklet authorized 11/26 1670

1/10 37

1/10 34

1/14 58

10/10 1424

11/5 1529

9/12 1273

12/12 1745

9/2 1244

6/18 939


Wagner Questionnaire:Matters in connection with legislation to be discussed at

meeting with PresidentsWar Assets Administration:

Surplus property, Board has none to report, advice to

War Department:War loans, attorney's fee incurred by FRBank of Atlanta as

agent in connection with guaranteed loan,

approval of payment requested in letter to

Secretary RoyallWar loans:

Attorney's fee incurred by FRBank of Atlanta as agent for

War Department in connection with guaranteed

loan, approval of payment requested in letter

to Secretary Royall 8/29 1240

Bank of Manhattan Company, application for V-loan for

guarantee by Navy Department of loan to

Pollak Manufacturing Company, production in

U. S. District Court in case of United States

v. Corrigan, et al. authorized, advice to

FRBank of New York

exemption from reserve requirements, no further

legislation needed after termination of Act

of April 13, 1943, advice to Mr. L'Heureux

of FRBank of Cleveland under Regulation V,

letter from Mr. Gidney onV-loan and T-loan programs, prepared by Mr.

Hackley, copies sent to FRBanks on confid-

ential basisapplications for guarantees (FR 581), statement

re changes to be discontinued, advice to

FRBanksno objection to publication, advice to FRBank

of RichmondBooker T., commemorative coins, no objection to

plan of Special Committee for distribution

Arnold, Schwinn & Company, Chicago, Ill., pub-

lication in FRBulletin of article on ex-

tension of instalment credit by banks and

question of nonrecourse paper suggestion con-

sidered inappropriate for Board 10/8 1h09

Falls Clearing House Association, Wichita Falls, Texas,

reimbursement by FRBanks to member banks

of postage and other transportation costs on

cash items, reply to letter enclosing

resolution 9/29 1338

S., absorption of postage and other charges for

certain banks, reply to letter sent to

Congressman Worley

341Pages

2/27 269

3/7 353

8/29 1240

Deposits,

Experience

History of

Reports of

Study re,

Washington,

Wegner,

Wichita

G. H.,

Wilbur, H.

6/2 833

3/3 321

1/20 91

9/4 1247

2/17 217

4/11 567

3/10 367

9/18 1285


Wisconsin:Audit of certified statements submitted for assessment

purposes by insured banks, experimentalprogram by FDIC to be extended to

Withdrawals from membership in FRSystem:Bank of Chestnut, Illinois, six months notice waived and

application for immediate approved, term-

ination to coincide with acceptance forinsurance by FDIC


of insurance after withdrawal (See recordin Files)

Citizens State Bank, Wausau, Wisconsin, withdrawal advised

by FDIC representative, letter to FDIC

protesting such practicesCommercial State Bank, Sinton, Texas, permission granted

to FDIC to examine for continuance of in-

surance after withdrawalSix months notice waived and application for immediate

approved, termination to coincide with

acceptance for insurance by FDIC

Cranford Trust Company, Cranford, New Jersey, six months

notice waived and application for immediate

approved 5/16 739


of insurance after withdrawal 6/23 969


membership 9/16 1276

Granted extension of time to accomplish termination 11/26 1673

FDIC advice re, letter sent to Mr. Han l protesting suchpractices 2/ 7 186

Advice re, letter to Mr. Han, Messrs. Sailor andLeonard to discuss matter 4/ 8 536

First Trust and Savings Bank, Paris, Tenn., six monthsnotice waived and application for immediate

approved 2/26 264

342Pages

11/3 510

4/30 664

7/ 9 1033

10/24 1481

Wiley, Senator Alexander, reply that Administrative Practi-tioners Act is not needed for proceedingsbefore Board

Bills to repeal obsolete provisions of Federal statutes,

study to be made by Legal Division and

advice to be sent toBills to repeal obsolete laws, statement sent re obsolete

provisions of FRActWillis, F. C., margin requirements, reduction to 33-1/3 required

for purchase of grain contracts, replyto suggestion from

Wilson, J. C., ABA., proposed amendment to remove certain taxadvantages re consolidation or conversionof national and State banks.

Wilson, R. R., margin requirements, reply to letter sent toSenator Tobey

3/ 7 345

6/13 915

11/ 5 1531

12/11 1735

12/11

2/ 7 186

8/21 1208

10/31 1514


343Pages

Withdrawals from membership in FRSystem: (Continued)

First Trust and Savings Bank, Paris, Tenn: (Continued)

Continuance of insurance after withdrawal approved by

FDIC, withdrawal permissible, advice to

FRBank of St. Louis 9/23 1319



Granted extension of time to effect withdrawal7/1 1000

Ottoville Bank Company, Ottoville, Ohio, six months notice

waived and application for immediate ap-

provedPermission granted to FDIC to examine for continuance

6/25 982


State Bank of Blue Island, Illinois, six months notice

waived and application for i;mmediate

approved, permission granted to FDIC to

examine for continuation of insurance 7/17 1063

Worley, Hon. Eugene, absorption of postage and other charges

for certain banks, reply to letter from

Mr. Wilbur sent to 9/18 1285


1947_v34_part 1-4 index.pdf

Documents

federal reserve bank

american bank credit

fraser http

louis index

louis key

indexbranch banks

war loansnational banks

louis acquisitions of